The current situation is where a decentralised currency would fail

I see a lot of people mentioning that the current global pandemic, which results in the government printing money to pump into the economy, is what bitcoin was intended for. It’s not false that you can use bitcoin as a hedge against the resulting fiat inflation the government’s actions cause, but the current situation also makes it very clear why a decentralised currency would fail to serve the people during something like a global pandemic.If we would not interfere with the economy right now, businesses would go bankrupt very fast. People would not get paid anymore and would be unable to buy food and basic necessities. The whole system would come crashing down resulting in absolute mayhem which would mean even more deaths. But because fiat is centralised, we can prevent this from happening. The side effect is inflation which sucks a bit for people with savings, but since a global pandemic affects everyone, we all lose a bit here.If we would have transitioned from fiat to a decentralised currency by now, we would not have had the option to save our precious system and have the foresight that things will be normal again if this blows over. A global pandemic combined with a decentralised currency system would result in utter disaster. It is where our ideals would fail terribly.Decentralisation is needed/beneficial in a lot of areas, but I think the past few weeks have taught us it won’t be able to replace the monetary system due to possible situations like this.

Submitted March 19, 2020 at 04:32PM