Bitcoin Forum

Since bitcoin made its name in the global business community and it is now the number one cryptocurrency in the world and it is still growing more and more. Whith that said, what are the short term and long term consequences of bitcoin in the global economy? Thank you and have a good day 😊

Short term? With the current price increases in both Bitcoin and the altcoins that go along with it, some people are able to make insane amounts of money (and lose insane amounts of money) due to the daily volatility of Bitocoin.

Long term? That depends on where Bitcoin goes and what ends up happening to it. If it is to go mainstream, it would cripple to the banking industry and many would end up losing their jobs if Bitcoin was to takeover.
If Bitcoin doesn't go mainstream and everything stays where it is now? Then nothing happens, everything stays the way it is now.

That's that.

Thank Sir. But it is most likely to go mainstream so in the long run as you said many could lose their jobs and that's a big consequence. Again, thank you for answering my question 😊

In my oppinion, the benefits that bitcoin give is more than the disadvantages. In a short term bitcoin give many chance for bitcoin day trader to grow their money rapidly, in a long term, bitcoin give the users big chance to grow their wealth if they save it in form of bitcoin.

Thank you sir but the probproblem is there is only 21M bitcoins that are available, if bitcoin it the future of online money transactions in a very very long time it will be a big problem but for now it is not haha thank you very much Sir.

The only consequences of bitcoin that i can see, is that they are going to drain banks money, a lot of banks are going to start their own crypto or just use Ripple's model to create one.

But in the long term.. i dont know, maybe bitcoin is just going to get accepted by most of the population, that would be incredible.

there are not "consequences" in the "global economy" because bitcoin is still pretty small compared to that. and at this level it can not really have that much of an effect that you may think despite it seemingly be big. you always have to think about these in comparison not just on their own when you want to talk about effect of it on something else.

with that said, i think the effects are only on individuals. for example some people invest in bitcoin and because of that they make a lot of money. and at the same time, some others who are not familiar with any kind of investment who also make emotional irrational decisions will lose a lot of money. the balance is restored though.