Bitcoin Forum

How bitcoins affect or change the global economy?
Since bitcoins shows great promise for a wide range of legitimate applications.

Bitcoin and majority of the digital currencies were legitimate in its activities. Something that affect the global economy is the inflow of fiat into bitcoin and the loss that has been faced by the banking service providers all around the globe. Hope when interlinked functioning gets initiated the impact gets decreased.

The entire crypto market is somewhere around 80 Billion USD. We have a long way to go before it starts to affect the entire world market.

But yes, if smaller countries started using crypto it would affect them faster than USA or CHINA.

You can say bitcoin has small effect in the global economy, it just a medium of exchange, a digital currency which on developing. If we compare with other currencies, than bitcoin has limited usability due to most people use it as trading object instead of being a currency, still far away from what the founder wants about bitcoin. Bitcoin is a bubble I guess, for now it has high exchange rate even though still on early years of development, many people don't want to spend bitcoin because its value increase over time and more profitable to keep than buy something with it, and many other reasons such as fees and only few merchants accept bitcoin payment right now.

Its already tapping the world economy now,  bitcoin attracts a lot investors and companies worldwide and always affect and contribute growth of ones country. Bitcoin nowadays is considered one of the main focus of some companies because they see good future on it.

I agree. This technology is on developing. Maybe digital currency will be practical and globally use in the future. IMO BTC is the pioneer and it's a good started to introduce the world about digital currency.

Blockchain has a wide range of applications. Bitcoin is after all money. It can be used for anything that money can normally be used for.
I think remittances and online payments (say gambling) would have great potential for adopting bitcoin.

One aspect that Bitcoin and other cryptocurrencies have strengthened is 'Crowd Funding'. Crowd Funding is one of the most difficult form of investment to raise requiring high degree of trust but in cryptoz people are fearlessly investing in anonymous projects. Thus cryptocurrencies have facilitated root level investment with more stress on individuals than corporates and overall helping in reducing difference between poors and riches.

Bitcoin just is a factors on the road change old system payment in our life by government and rich company. They interesting with the technology blockchain of cryptocurrency and want own it, control it! Will be soon, the future using blockchain will next target in 2018

Bitcoin & the general Blockchain industry is just a drop in the ocean yet.  Even the skin whitening industry in China alone is worth some 50bn dollars.
We have a long way to go until Bitcoin can really affect the global economy in a macro scale though the right steps are being taken to skyrocket it's value & usability. :)

It has only a value of 35-40 billion dollars in terms of total market capitalization. This amount has nothing to with global economy that is much greater than bitcoin's volume.

bitcoin has very high potential and it is easy to accept it as payment other for anything or any legal/illegal service. people are transferring through banks for a long time. backs are ruling on us from generations and they became stronger by passing the time we literally have no choice expect them. but now we have Bitcoin and other altcoins so I can say we are finally free from banks and can do whatever we want.

At this point zero. It is legally considered a commodity and nothing else. Because of the amount of trading that is done with Bitcoin there is nothing that really makes it outstanding in the Commodities market. Right now it is one of the lowest traded Commodities the entire world and has no effect on the global economy. Not many people knows about the bitcoin yet as compared to whole world population.

You are not right. Bitcoin has a huge impact on the global economy. Just not all understand it. Tiger also seems funny and not harmful, but it is very fast growing and when it becomes an adult tiger can kill anything. Bitcoin is an economic monster which makes only the first steps and that the steps of a giant.

Yes it is changing the global economy. If you are talking about affect. There is no affect. Affect are just on haters not on global economy. So the some changes are given below. First of all you will never need to go somewhere to earn bitcoin. Bitcoin is a powerful currency you can earn it online at home. You should need to make a passport or anything to go somewhere and to earn. This is the huge change.

Crypto is deregulated without sacrificing reliability in ways which strengthens economies and creates business opportunities for many. Red tape, regulations, taxes, fines, fees, paper work, bureaucracy involved with fiat could be said to restrict progress and innovation. The regulation small businesses are subject to can be a hindrance that give big business unfair advantages. Deregulated, decentralized, crypto to an extent does away with all of that which makes it easier (and cheaper) to fund free enterprise under a capitalist system.

This is quite true. In fact, there are many who are saying that for now Bitcoin remains to have no visible impact yet on the global economy. We have to wait for more years and Bitcoin to go mainstream before we can say with definite data if Bitcoin is helping the global economy. However, there is no question that so far Bitcoin has been of big help to many. We need to promote further to make Bitcoin more popular.

bitcoin only digital curency so not big affect to global economy
only big affect can incraese income only bitcoin user, not global economy

I think bitcoin is currently affecting global economy. We can even how bitcoin is reducing unemployment and how it makes transactions easy for all of us. In time to come bitcoin will become mainstream and from there everything will take shape and there will be break away from our old fiat financial system to this great innovation.

As the bitcoin is purely a virtual asset without any physical state, the impact of the bitcoin over the global economy won't be found big. Another reason is that with bitcoin the users were much lower than the fiat users. So to reach similar in usage of fiat, bitcoin need to survive long. When this happens the global economy might get affected.

Bitcoin stimulates the growth of all that is connected with information technologies. In a few years bitcoin could displace the dollar from the Internet, and it will be a serious signal for the U.S. currency.

The potential impact of the digital currency on the central banking should not be taken lightly. The Bank for International Settlements (BIS), jointly owned by the world’s leading central banks, noted in November that bitcoin could interrupt the ability of central banks to exert control over the economy, as well as issuing money.
As of now, many central banks are closely observing developments in the growth of bitcoin. Many others, however, have already responded by sending out proposals for the issuance of a digital version of their fiat currencies. The central banks of Canada and Ecuador are a few among the first to explore such opportunities. In recent years, the influence of Bitcoin has brought change to variety of industries.

Bitcoin can not influence the economy as it is a currency, and not some laws that regulate the economy in a certain direction. The mere existence of a currency does not change the economy.

Bitcoin has a huge impact on the global economy. those investors have recognized the strong points of the Bitcoin, bitcoin attracts a lot investors and companies worldwide

more precisely everyone who knows bitcoin surely will not have any economic or financial difficulties. because bitcoin gives them hope and confidence in the changing value of bitcoin this will certainly be an opportunity for every trader. from here bitcoin indirectly help citizens in a country by raising their economies by way of trading the difference. and take advantage of this is where bitcoin plays a role in helping the citizen economy

I think the best questions is what are the effects of bitcoin in global economy. For me I think it makes our economy more able to rise because as I see bitcoin makes oir economy higher and richer in a sense that it makes some investors invest a higjer amount so that the income or the entering of money in a certain economy is good.

The effect is being felt by awareness in So many jurisdictions. It is yet to be felt much in fiat exhaustion because people are still skeptical about letting all into it but I believe in few years to come, the effect will be tremendous because we are going to have people withdrawing lots of their money to either invest in bitcoin or stored in bitcoin. The effect will be massive.