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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
I'm learning more about Bitcoin and have tried researching this to no avail. As a hypothetical, lets say Bitcoin replaces fiat currency. In that world, a government would just tax us in Bitcoin, no? If so, they the government could not create currency on their own if an emergency strikes. Lets say more people are out of work for a long period and need more financial help than the government has Bitcoin for, what if a hurricane hits and the relief funds can't cover the cost, what if a state has an emergency and they don't have enough to help, etc... Currently, governments can print more in the short term to address that. Unfortunately they are not responsible during non-crisis times, but that's another discussion. I'm just wondering if any thought was given to how Bitcoin would handle such scenarios in these situations where it seems that fiat currency is flexible enough to handle such issues.
What would a Bitcoin economy look like in a crisis and how could it be 'fixed' during or after a crisis?
I have difficulty understanding this part. The US government is wildly printing money now, which almost always happens during economic crisis. This way stocks don't fall too low, government has more money to spend to help businesses not go bankrupt or to give money to those that need it in these difficult times or pay off loans/debts (I think that is the purpose at least, but I understand that the way this is handled in reality is very different). How would the economy look and which direction would it go if the government/banks did not have the ability to print money? There are reasons to do it apparently and if the government does not have enough reserves in a Bitcoin economy, how would it handle an economic crisis? Very curious on everyone's thoughts or ideas on this.
Mark Cuban has a valid point... A bitcoin economy (fixed supply) will result in alot of inefficiencies - whale hoarding, low spending and lots of people (who do not have bitcoin) aliened out etc. How to fix this?
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