Bitcoin Forum

What will be the impact of Bitcoin on the economy?

Even now it is forcing banks and governments to adapt. So far, what almost all of them have done amounts to calling bitcoin a scam, a fraud or a bubble. However, the coins are still going strong. Some news are coming in from various governments that they want to regulate bitcoin, which means bitcoin is forcing them to make a move, because it is becoming more important. I think the major impact that bitcoin will have is to force institutions to accept it as a legitimate alternative currency.

Bitcoin can affect the world economy even if it does not become a currency that everyone uses or understands. "If Bitcoin becomes widespread, respected, and legitimate, that pressures everyone—all the central banks and banking companies—to bring down those costs in order to stay competitive,

OP,your poll is pointless.You should change your answers.
I think that bitcoin still doesn`t have any impact over the economy.Cryptocurrencies don`t influence the economy,they create another crypto-economy.The blockchain doesn`t decrease the transaction costs,this is the main reason for the lack of mass blockchain adoption.Bitcoin is just another digital asset,it doesn`t change anyhting in the economy.

bitcoin as a currency doesn't have any specific impact on a country's economy if you ask me. but it can have positive effects at the same time. for example it has created lots of new jobs and businesses that never existed before. many shops are increasing their sales by just accepting bitcoin in addition to accepting fiat. you can find their statements online.

bitcoin as an asset can have both negative and positive effects. the swings can cause people lost a lot of money specially since most of them are not familiar with trading, but this is not really a bitcoin related thing. the same people enter stocks market and lost money there too.

Bitcoin has zero negative impact to economy because the supply itself can not change our global economy even though the price is pushing to the ground totally,
on other hand in my opinion it can boost the economy for some country if their citizen use it for their online payment point for their shop.
for example developing country,
most of them have a problem to sell their product in their areas because lack of interest and economy,with it they can advertise their product to other countries around the world and use Bitcoin as a payment method.
for people,the only problem to sell their product due to limit from online payment such as paypa who is forbiding some countries to get access into it and something like that.

Bitcoin will only have a negative impact for investor,
because if the price is down to the ground and many investor suffer because of it,
there'll be a huge loss in their mental and it will effect their interest

No direct impact on a certain country's economy but surely it would be a safe haven for those who want to evade taxes and launder money. Bitcoin right now is the hotbed for amateur tax evaders and money launderers here in our country, and most of them are laundering millions every month and the government seems to be unaware of this.

That sounds scary. Well anyways i am also wondering that maybe some of the countries that bans bitcoin, has the same reason to prevent those illegal activities happening in that specific country, but maybe it is also the other way around. For the OP i don't think bitcoin has a huge impact on the world economy, it is just a currency as far as I am concern, the problem is from the people's mindset on how they describe bitcoin in their own point of view.

If a country adopts bitcoin as one of their currencies or majority of the population of a country uses it in every day transactions then there is a possibility of inflation in that economy. As bitcoin is decentralized and unregulated, people would not have to pay tax (assuming that the government does not impose tax on it at some point) and the population will have more money to spend, leading to an increase in demand of goods and services. On the other hand, firms will manufacture more to meet this demand by hiring more workers which will increase their cost and hence price.

First of all, it is decreasing the value of fiat (possibly) in most people's views as the value of Bitcoins is gaining over them rapidly due to the interest of a lot of extraordinary investors including some who are billionaires. It's already affecting the economy of a lot of countries and have "somehow scared" the governments on losing the game to it because of not being able to trace everybody's finances as Bitcoin has kept its promise and you can't really be traced (unless you decide to). I believe that countries who will accept (adopt) Bitcoins will remain in real benefit for long term and those denying its importance will surely regret.

Bitcoin is still a young currency. Bitcoins popularity is limited to limited countries and even many parts of these countries. It has long way to go to prove itself to the world economies. At least in my country bitcoins existence or disappearance will not affect our economy. Bitcoin is known only to those who are working or anyhow related to financial markets. We have bitcoin exchanges in our country, but our government is planning to ban bitcoin currency due to its decentralised nature. China was the biggest bitcoin miner and trader in volume. China banned bitcoin for security reasons,

I strongly agree with you. Bitcoin still have more room for proving itself to the world economies. Many people are yet to know about it, some are yet to accept it and some are yet to invest in it.
I believe the spectrum of acceptance is still limited and the impact for now is negligible

Some countries have different opinions on this, some of them declared it illegal, and some have no policy or intention to regulate Bitcoin. A lot of governments do not like the idea of tracking identities related to the transactions. So there are many reasons for government to resist the use of Bitcoin than adopt it. I believe there will be a risk to a country if people start depending on Bitcoin rather than their own currency.

I believe there’s inherent risk to the country if its people start depending on the Bitcoin more than national currency. Monetary policy is most important tool to control interest rate, money supply etc. and many economic factors like inflation, unemployment rate depend on this. With complete dependence on Bitcoin all the fate of the country will be on mercy of people all over the world who may not even care about mare existence of your country. Its somewhat similar to situation of Greece and Spain where they cannot mint more Euros or change interest rates as per their countries needs. However supportive European central bank and Euro countries may be, economic independence has been compromised.

The only impact that I can see happening is that everyone and every bank will have to adapt to Bitcoin and Bitcoin is the big new future.

I don't think that there will be any direct impact of bitcoin on any country's economy. Because bitcoin is now getting used worldwide so it will not directly impact the economy of the country. But ya because of bitcoin a lot more businesses will get open.

Already, the Crypto currency has a strong impact on the economy of various states. While it is too early to determine the results of such an impact. However, the Crypto-currency forces states to reckon with it and accept it as a legitimate means of payment.

Bitcoin has a lot of impact on the economy because the advent of Bitcoin and crypto currency in general has increase the money in the hand of people in the economy as a result of the increase in the value of Bitcoin and other altcoins.  As the money in the hand of people in the society increases so also the purchasing power which impact positively the economic activities of the economy.

Shit politicians contained government and fraud banks gonna adopt the bitcoin means that time will be the nightmare for bitcoin. Have you went directly to the bank and inspect about the impact about the bitcoin payment is been legal in the country.
If it is been done all the banks share and it might be shut down soon since there is no any middle man or banks to manage the transaction. That is the power of the bitcoin. Normal consumers will be able to get the more benefit to avoid the waste charges and fees.

The impact of bitcoin on the economy is an improvement in the income value of the population of a country playing bitcoin. Try to compare countries that legitimize bitcoin with no, certainly a country that legalizes bitcoin economic growth better.

It is impossible to say with certainty how bitcoin will affect the economy of one country or another. I think there is an influence on all countries, and every single country has to adjust, someone will win, and someone will lose.

As of now, there is no data yet measuring the impact (whether positive or negative) of Bitcoin to the global economy. Maybe its effect on the local economy can be felt since it is more direct and happening on a personal level. Take for example some members of this forum as they are earning Bitcoin there is a big possibility that a part of what they earned is converted into the local fiat money and that is akin to the entrance of foreign money into the economic system. I am expecting that years from now, we can finally measure the specific influence and pull of Bitcoin in the global economic system. As for now, let's enjoy the ride and hope for the best of Bitcoin especially in 2018.