Student Here Trying to better Understand Bitcoin

As I learn about bitcoin I wanted to post some thoughts and ask some questions and tie that to what I am taught in class and hear feedback.

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First of all Bitcoin is able to transfer globally at an incredible speed which is very useful and seems to make companies such as Square and PayPal unnecessary. But I will argue that however PayPal offers protection for fraudulent payments or scams.

Second there is no central authority so it is decentralized. What I am taught in macroeconomics is that a decentralized currency is not necessarily good. In our current world of flexible exchange rate our central banks are able to conduct monetary policy which is necessary during booms or contractions.

A decentralized currency removes this power from the central bank. Also it would limit fiscal policy since governments don't have unlimited currency . So the covid relief bill or banking bailouts would be impossible.

This makes me think that if our economy ever falls in a bad recession that we have no central authority with the tools to be able to fix that.

Thirdly bitcoin claims to be resistant to high inflation. So I imagine a world where there is only bitcoin. So we assume that all bitcoin is mined so almost 21 million and everything is priced in bitcoin and you can't print bitcoin. So since the supply is constrained inflation is not a problem. But in class I am taught that the supply of money no longer affect inflation. Essentially quantity theory is no longer considered valid.

These are some of my thoughts I was wondering if they could be cleared up by the community!