Bitcoin Forum

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

Obviously were having only two options to follow, one of those would be that economy will be totally crashed and we're all gonna die, and the second one that it will highly improved our economy state.

I don't think there'd be much difference compared to where it is right now. For one, I see cryptocurrencies co-existing with major fiat currencies but not to the point that they will completely replace the monetary system of the world. There are a lot of things which make fiat the best currency for every country knowing that it can easily be manipulated depending on the economic state of a certain country.  This cannot be done by any cryptocurrencies, but given the interest by corporations and countries on using their own digital currency, we're not far from digitizing money as we know it. It will still be the same world, same economy, but less of the physical money and more on the digital side of things.

Yes i do agree on your statement. It is just more digital money exist than physical money and the world would go far on technology.

then between countries one to another, can no longer use the benefits of imports and imports. because they're all under the same global currency, bitcoin. surely all countries in the world, will not approve it.

I think it will still need from fiat because not all the people use and know about cryptocurrency. But i think if cryptocurrency will become a global currency it will be less hassle to travel and buy things in other countries because if they accept crypto you will need to just carry your phone in your pocket.

The world will still need local, governmental fiat currencies. You need some sort of inflationary money to enable and reflect localized growth.

Without inflation, credit becomes near impossible.

Without credit, future-oriented investments become near impossible.

Without future-oriented investments, economic growth becomes near impossible.

Despite all the flak it gets, credit and inflation serve a very important role. That is the ability to borrow from the future to generate wealth in the present. Obviously goes awry sometimes, but you should get the idea.

So while I see cryptocurrencies having the potential of being globally accepted like fiat currencies, potentially decreasing the need for exchanging into a foreign currency, I don't see them replacing fiat currencies.

Why do you think that it will be happen like boom and we have crypto everywhere? It is a long term process if it be realized somewhere in the future

It's hard to think about the questions: what happens if ...
I don't think that in the foreseeable future, crypto currencies have any chances to take away a piece of cake from fiat money, but they will definitely play their role in the economy. They will make the economy better.

Not 'when', but 'if'. This future is not likely to happen. At least, not with the current bitcoin's limitations.
The network capacity is just incomparable with visa and mc. Also, the constant price volatility is a huge stop-factor.

Crypto may take some part in the global economy, but it will not replace bank payments and fiat.
Just like the internet didn't replace usual mail as the means of transferring information.

The possibility to see crypto become a global currency is almost ZERO, but if it is really happen in the future and crypto is still fluctuate as its nature then it may bring good effect as well as bad effect for the economy of a country. It will bring good effect if the price is going up and bring bad effect when the price going down unexpectedly. With this case, people in this world are forced to be trader if crypto become global currency unless every country has their own crypto represents their own fiat currency which has more stable price that wont affect economy too much.

I don't see it is happening anytime soon or within our lifetime. Cryptos need government regulation and clear legal framework to become local currency first. Out of all countries in the world, only Japan and Germany have adopted them to be used as a legal tender. Rest all countries are still going through a dilemma. They have neither absolutely adopted it nor absolutely banned it! So the chances look really grim for bitcoin or any other crypto to become a global tender in our lifetime.

Even if it happens in the near future, it will be certainly not bitcoin. It will be something similar to the government regulated digital currency whose values will be guaranteed by some of the big economies. I don't see much future of cryptos here in the global level for global trades because the consortium of governments won't let it happen!

I think with the use of bitcoin as a global currency, payments between countries will be more efficient because it can be done quickly and costs a little. however, the high volatility of bitcoin prices can cause the economies of unstable countries

I'm at an expert so I am choosing for myself a strategy of waiting and anticipating because I will eventually see what would be happening with the world economy and only thing that I need to do is to react properly.

My theory will be that all of the human being in the planet will work as one economy and will rely to one currency to be used all over the world and humans will work together as one.

The effect is certain, let alone a change of that magnitude by changing the system from banking to digital today with the weakening of the exchange rate against the dollar, the impact will be felt, but I doubt crypto money can run alone without flat money because of many factors such as culture, habits, living standards such as lack of inequality of technology, poverty, lack of education are some of the constraints in which btc cannot be used fully but there must be flat money to cover all these shortcomings

Of course it will still need the help from fiat, crypto can't and shouldn't be the main currency, it could be dangerous fornthe country, because the price could be manipulated, I think if crypto become a global currency it could increase the world economic, as we can see bitcoin had been help so many people by provide more job opportunities and more income, but the government will need a good regulation so the crypto and fiat could go together

What happens is that we can all make transactions easily but for the country I think it is not good because crypto is not stable and to become a global currency it still requires a long process.

Cryptocurrency would certainly become a part of the global economy and would aid finance and sending of funds. This would become possible in the nearest future due to the fact that cryptocurrency is gaining popularity these days. When it becomes part of the global economy it would aid transactions and funds transfer, they would become very fast and easy leading to a better global economy.

This will probably cause unbalance in the distribution of wealth since majority of the early adopters would have had many bitcoins accumulated until that point. It would cause more problems since the rich will become richer and the poor will become poorer.

Bitcoin doesn't need to grow scale wise to cater for every transaction on the planet. It's good enough as it is to act as a settlement network which would be in practice a better gold standard. So people would use second layer solutions like the Lightning Network instead of onchain transactions. This way even poor people in the end of the world could have access to the global economy, and this would be faster, cheaper and more private than any government alternative, so they have an incentive to support it.

At the same time, the elites have an incentive to support Bitcoin because they can afford on-chain transactions for their massive transactions and bypass the nation-states' controls.

In the end no matter what criticism you have about it, both rich and poor have incentives to support BTC, correct me if im wrong.

No doubt it will be true because I have found people taking more interest I bitcoin than any other coin, crypto currency has a lot of benefits for us so we just need to recognize it and to use to well on time, sometime we feel market is falling faster but I think instead of losing our hope to sell, it is best to buy more and save, because surely crypto currency is going to be global currency very soon.

Essentially what we need bitcoin is high stability and good price. Issues related to national economies are due to many factors. Not all electronic money has the most impact on the market. Make sure it only happens part of its scope.

It depends on what you mean by the official global currency, which will become the crypto currency. It is necessary to proceed from the fact that states will not widely use the decentralized crypto currency in their financial activities. It seems that it is unlikely to be widely used and private business. Decentralized crypto currency is too volatile for this. As a global currency, only citizens can use a decentralized crypto currency.
In this capacity, decentralized crypto currency is unlikely to have a strong impact on the economies of states.

I do agree with this. Crypto has a long way to go in terms of replacing the fiat currencies.
But, we are in the stage that crypto money has real fiat value so we can use it for our everyday living.
Though many merchants are already accepting cryptocurrencies as a form of payment, yet, it is still in its early ages.
So, I believe that the global economy would still be the same if ever that scenario will happen, only that, business transactions are faster and are more transparent.

Bitcoin is already a global currency but not "officially".
FIAT will also exist in a digital form and both will coexist.
I really cannot see crypto putting an end to FIAT because not everyone is going to accept it,
no government will want to adopt it either because they cannot regulate it.

First what makes you think that it will be the globe currency at all? I mean the debate is still on that whether we should call the bitcoin as currency or just the asset that we can use for the purpose of store value? I mean with that ambiguous nature of bitcoin how can we expect it to see as global currency at all.
Also if it becomes the one then also it wont help the global economy to move vastly but on smaller scale because its use still would be not very much explored and hence could be more or less to a MNC companies equivalents.

It's very hard for cryptos to become global currency as not all the people would be ready to accept the decentralised cryptos not backed by any of the governments.

What do you mean by "official global currency"? If you're asking what will happen when all the countries in the world will recognize it as a currency, than it will probably never happen.
Technically speaking, Bitcoin was always a global currency, it doesn't even know about borders, all you need is Internet connection. So far it didn't dramatically change the world because it wasn't adopted. So, all the potential effects rely on its adoption, and I believe it won't be huge, maybe 10-15% of population at best. Most common uses will be store of value and shadow economy, and while those things are considered as negative by governments, they will tremendously help people.

Actually if Bitcoin become primary the global currency the economy is still the same and additional more potential to be grow because new technology is operated here so no doubt all people were benefited the good service of bitcoin and more progressive is the hand of the people in all over the world. 

I don’t believe that Bitcoin will be an “official global currency”. I think it will we used globally as a mainstream method of Payton’s store of value, but I think countries will still use their official government currencies. I also think that there will be several other cryptocurrencies that will be used for various purposes as well.

In my opinion, I don't see cryptocurrency replacing fiat totally. Rather, I will forecast a global economy where both operate side by side. I mean both crypto and fiat operating alongside each other. Fiat still has a role to play especially considering the fact that the world is not at par on technological development.

It will be very odd to see how governments cope with not being to inflate their problems away. I think this would single handedly be the greatest challenge that the world would face with an inflation free (almost inflation free) monetary system. 

Bitcoin will become a global currency for sure. It will not affect the global economy. Actually it will boost the global economy.If the cryptocurrency became the world using common FIAT,the transaction will be faster.Upto now we are using online wallet for the transaction in shops.If cryptocurrency became the global currency,all the people use to transfer bitcoin wallet.

what happens in the global economy is as usual, and maybe this is more practical and easy to transact


yeah, because this will make it easier to provide wages to workers and if there are still many people who don't understand crypto money then using fiat can still be used

crypto or bitcoin? banks can come up with their own crypto that would replace fiat with ripple for example.

that may be far fetched idea to some but I don't think it would really effect anything besides people using crypto instead of fiat to make payments. Most of the transactions will be done digitally just like they're done today just more secure. . . we would see side by side market of crypto and fiat before that happens which is already happening.

Ripple is a bad example because it's premined. The devs are holding a large portion of it in hope that some dumb banks will recognize it and its value will rise making the owners into billionaires. It's a get rich scheme and people can see through it. That's why the project is not moving forward by a lot.
As for making another crypto, what makes you think that people would voluntarily leave fiat and start using bank crypto?

I really do not think bitcoin or any other cryptocurrency are going to be officially recognized as a global currency, but its effects are going to be felt regardless of that fact, most likely what it will happen is that governments and banks are going to be weakened by cryptocurrencies and it is even possible that many countries ban them but even with such restrictions in place it will be impossible for governments despite their efforts to contain this new technology.

Certainly, Crypto cannot become a global currency with government allowing it, so no need going there. It would still in any way be hand in hand with fiat as that is what the government would be more comfortable with while finding a way to regulate the space.

Nevertheless, with bitcoin hitting a high level of adoption, it should somehow reflect on those who see the need for it and make use of it to help their own economy. With that, I would say that the effect totally depends on how each country and her citizens perceive the usage of cryptocurrencies.

I don't see any major impact happening as bitcoins is present in almost all global countries, they're coexisting well without causing any impact on each other. If you see even now people are yet choosing fiat over bitcoins, it's cause many people don't understand bitcoins, plus it's limited so it can't help to improve the economy, it can lead to chaos if only few person own it. Bitcoins will always be traded for fiat, so it'll not be able to create any impact without fiat.

Obviously it will even now require the assistance from fiat, crypto can't and shouldn't be the principle cash, it could be hazardous fornthe nation, in light of the fact that the cost could be controlled, I think if crypto turn into a worldwide money it could build the world financial, as should be obvious bitcoin had been help such a significant number of individuals by give more openings for work and more wage, however the administration will require a decent direction so the crypto and fiat could go together

When crypto currency will become globally useful,  so that would mean fiat money will become less useful to none.  So I think money transactions will be easier and faster.  For as long as crypto currency will be regulated that scams are eliminated, crypto currency will have good effect to the humanity.

It is very hard to get it. Even though Crypto currency now spreads globally and it is used by many people around the world, it is very difficult to be an official digital fiat in in global. In addition, we know that the fundamental and basis of Crypto is decentralized. So, it will be a problem because in side this is no a Central Bank which control and how could be a official fiat if no authority controls crypto. That's my opinions. 

It's very unlikely and pretty much impossible for bitcoin or any other decentralised cryptocurrencies to be declared officially as some sort of official global currency. Governments around the world will simply not be willing to give up their control over their respective economies.

If there was to be a global currency, then it would be centralised, and is essentially fiat currency, except run on a blockchain. That would pretty much be the same as right now, and not change anything in terms of how the basis of the economy operates.

If you're referring to the mass adoption of bitcoin around the world, then I believe that it's possible. Economies around the world wouldn't be affected much, as I think that it's very likely bitcoin will simply be an alternative currency form to fiat, that co-exists with fiat. It wouldn't need the fiat economy to exist.

I also find it hard to replace cash. If the replacement of the amount of cash thrown away? The amount of cash is too much and it boosts the economy. And these two types of money must always be together. They can not be replaced.

Do you mean like used by everyone and considered to be currency of each nation instead of stuff like dollars and euros ? Because that can't happen anytime, not now, not 10 years, not 100 years from now.

No money can be the official money of any country, they NEED to all have their own money. Even euro zone is having trouble for having one currency because while some try to fix the economy the others are trashing it and creates some type of resentment and anger between countries, look at Greece and Germany for example. Hence I think its IMPOSSIBLE for bitcoins or anything else to become a world currency... ever.

Maybe it will be a little shaken because the global economy can be replaced by the crypto currency but it will be very difficult for the crypto currency to replace it because there are still many people who prefer to use the global economy.

First of all I want to say that this is sure to never happen. And if that happens I think it will make the economy become turbulent, unstable with price volatility too big. It is best to keep the cryptocurrency parallel to the fiat. Both will support, promote each other to bring the economy to development.

truly affect the global economy, I will make it simple based on my logic. there is transition pricing from the old price (using fiat) to new price using cryptocurrency. that condition will create a high demand on certain cryptocurrency that will affect the fiat will rapidly exchange to the new condition which needs more to adaption. when cryptocurrency become global currency made it can be used to pay for everything in all country over the world. it will make differences especially on production expenses which different in each country, inflation is assurance. will it become better or not? nobody known exactly there are potential that can create better condition or there are harm factor can make those become worst.

Bitcoin will not be a global money to replace fiat money, because bitcoin only exists in the digital world. While fiat money is in the real world, there is a form and can be seen or held. It can even be damaged. But the function and purpose are the same, as a means of payment. Bitcoin in the future will go hand in hand with fiat money, for local transactions using fiat money, but large transactions and between countries use bitcoin. Between fiat and bitcoin money there is a payment gateway as a processor to convert bitcoin into fiat money.

  Yes you are right to some extent that money is being use now in the world, as well crypto, we need to decide what is more beneficial for us, we are involving more and more people in this forum which is clear sign that bitcoin currency is going to be more famous and popular than any other currency, we should not think about it as risk but only a source of income.

what do you mean by official global currency? What do you mean as a payment currency?
it is impossible, but if indeed bitcin is accepted globally by the whole world, of course there will be taxes on bitcoin, and obviously taxes from bitcoin can help a country's income, and that will help a country's economy a little.

I believe that bitcoin will take over the market in the future and we should hope for that. It is right that it is hard but not impossible. Creation of digital currency means that the end of other fiat and paper currency is near to end. May it not possible in our lives but our next generation will see converting the world to digital currency. People will feel ease when they use cryptocurrency as their local currency all over the world.

As long as there is a country, cryptocurrency is hard to become a universal currency!
Every country must maintain its own economic order. If the cryptocurrency becomes the global currency, this order will be disrupted and the country's economy will be threatened!

If cryptocurrencies helped improved the economic status of a country as claimed by the countries who embraced the technology, then there will be a significant global economic growth. But that's just so unlikely to happen because those countries who banned cryptos has an irreversible decisions.

This is unlikely to improve the country's economy, because banks will not be able to receive such commissions as they are now and will not be able to control cash flows. That is why cryptocurrency is still not accepted.

If I only when that day will happen then I'll expose it to the forum but sadly there's no way to determine when its going to happen. Countries that do adopt bitcoin will have a good economy for sure and I won't go with the opposite side of thinking the bad effect of it.

If cryptocurrencies will become the global official medium of exchange, it will not be separation of the state, it will be a single.

And who said that, you? How did you know that is going to happen, are you time traveler? Meehn… the way some people here try to predict rubbish. You just come here and start saying when Bitcoin becomes currency as if you have seen or heardany government’ body talk about making Bitcoin a global currency,who do you think is ready for that?Fiat will always remain our currency cause it already serves for every purpose for which is needed. Bitcoin is good as it is, there is nothing much.

absolutely right because all this time bitcoin is our place of work to get huge money, so if bitcoin is a global currency, our income and economy are also better and more rapidly growing, of course

I think this will not become a global currency as fiat will still use with many country that still out of reach in this technology. With the opposition of other country to accept or legalize crypto this will still a question for global currency acceptance.

For me It would have a little bit of trouble because cryptocurrency are not yet known by all people but wanted of some to use it globally so there is a chance that all countries it is not quite as sophisticated as the currency is different in each country so if we need to unite all its helpful that we use one currency only. it's just for my own understanding.

The first decentralized currency in the world today is the form of payment accepted in many countries around the world. As more countries start adopting blockchain technology, Bitcoin becomes the new global currency.

As of now that kind of scenario are not predicted because a lot of currency now are using for easy and fastest transaction that all people wanted and if this will be accepted in future as a main money that uses to all if will be more helpful to us to pay in easy way and not to wait a little longer to receive money from friends and relatives.

It will start a new era when government  toxic control ends ;D

The global economy will definitely have to change, because it is currently driven by debt. A lot of large infrastructure funding

are currently funded by "toilet paper" money that are printed from thin air. Wars are funded with the same mechanism, so I

figure that will also have to change. Bitcoin does not allow "printing money from thin air", because it is mined at a fixed rate

and a preconfigured supply. (This cannot be changed or manipulated without majority consensus and most people who can

make that decision would never be incentivised to allow that, because it decrease the value of their own coins)  ;)