There's something I've been trying to do ever since I got into Bitcoin back in 2017, and that's try and imagine a world where there is no more fiat and everything runs on Bitcoin.
We in the Bitcoin Cash community believe that global adoption of peer to peer electronic cash will change the world for the better. We talk about things like banking the unbanked, getting rid of middle men, and spreading economic freedom. And while I want to believe all of that can be made possible with Bitcoin Cash, I have yet to see exactly what that future might look like.
The other day I tweeted about this same subject saying I wished someone would write an article describing what the future would look like if Bitcoin Cash was the only currency people used. The best answer I got was in reference to the famous reddit post by the "time-traveler from the future." In the post, the writer envisions a world where the value of Bitcoin gets so high that even owning just .01 Bitcoin is enough to last a lifetime. He talks about people being tortured for their private keys, and how most people have become enslaved by a small elite.
I know the post was written mostly as a joke, but it does make me wonder what the future might really be like. Here are some questions I have:
Will the process of converting from fiat to Bitcoin happen all of a sudden, or will it take generations?
My guess is it's going to take generations, but if it happens suddenly, I can indeed see us having huge whales that have concentrated a large percentage of all the coins like in the Reddit post. If it's slow and gradual, there will probably be much better coin distribution. I'm betting on slow and gradual.
What about loans? In a Bitcoin economy, banks will probably be willing to lend you coins to buy a house, but at what kind of interest rate? What about for a car, or any other good that depreciates in value over time? That might not be worth the risk.
What will our spending habits be like knowing that our money only goes up in value the longer we hold it? If you're living paycheck to paycheck, but you know that if you can just manage to not spend your coins, anything you earn today will be worth a little more in the future, how will that change your psychology?
Maybe it will give people more hope for their future. Maybe people will be smarter with their money, and find relief in the knowledge that they can give their children a better life simply by sacrificing a little in the present. Luxury goods will only be for those who can truly afford them, because they must be able to afford it for not just what the coin is worth today, but what it'll be worth in the future.
How will companies handle their coins? Will the be willing to invest it into R&D or will they think just hodling is enough?
Anyway, I know I'm not even scratching the surface, but I really hope that someone smarter will write something to show people what such a future might look like. Because I'm thinking that's what's missing in this movement. Nocoiners seem to lack imagination, so the sooner we can spoon feed them what Bitcoin can make possible, the sooner they buy into it.
That's it for now. There isn't much behind the paywall, but if you like my writing, unlock this post to show your support. Thanks for reading.