Bitcoin Forum

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

to be honest your question a bit too hard to understand because there're no 'kind of economy'.
all that we know is what will happen with our global economy if Bitcoin can be use or replace as a main currency aka Fiat globally?
well if we're talking about main currency i am very skeptical about it because if we're looking at its total supply,
plus at the same time people who is using it in their real life,does not that mean satoshi can rule the world with it ?
Bitcoin is good as a digital curreny and i believe it will never can be a main currency or even replace our currency.
it will only bring us a crisis for future.
Bitcoin has a 'great' value just like you said,but it does not mean it'll be good for us.
for example look at 'GOLD',it has a 'great' value but can you use it as a currency ? of course not because it's not suitable.

in brief,
Bitcoin will only be a digital currency that help people to do something,
it will never can be a fiat because we need to think about its physical form,total supply and many others.
crisis will happen if we're forcing it and replacing our own fiat with it because some people hold a lot of Bitcoins in their pocket.

What do you mean. First of all Bitcoin can never become a currency . I'm talking totally about paper currency. Something whose price is not fixed or fluctuates alot cannot become a currency. Moreover the founder himself in unknown and so that might prevent it from being a currency

You hinted on one and probably the biggest difficult bitcoin will face in being an adopted currency, it is not fixed in price, just today we've seen steam stop accepting bitcoin for exactly that reason, a good currency needs to have a stable price.

I smiled when I gazed at the word convenient in your comment. Many related question has been posted about bitcoin being a currency and the issue still clings on the fact of its volatility. Can't really say the kind of Economy because I didn't see it forthcoming

If cryptocurrencies become more mainstream and easier to use and safe, we are going to see people using cryptocurrencies instead of banks to store their money. Not everyone will do this, but it will have an impact on the banking industry. Banks will have to evolve to keep up and of course some will go out of business.

Another thing that’s going to happen is that businesses will begin to used cryptocurrencies as a method of payment. This will impact the credit card industry which is also the big banks.

We will see other impacts in the way we send money and information around the world. There will be impacts in ways that we haven’t thought of yet.

Lol, yeah.

What was the fixed value of this?
https://en.wikipedia.org/wiki/Denarius ?

How is the price of the usd fixed?
https://s2.postimg.org/lk36biwbd/eurusdmonthly.png

Oh , maybe it is fixed against gas or other commodities:

https://s2.postimg.org/f7o11aga1/fotw915.png

But I know my wage is fixed in $ (euros in my case).

https://www.socialeurope.eu/wp-content/uploads/2017/02/fric_graph01a.jpg

Having really a hard time on this..
What is fixed in the value of the USD????

Yup,, hoping the same. But if this happen it will cost our decentralized and unregulated bitcoin to a government controlled and a highly centralized cryptocurrency.. Are we ready for it,, me or all of us for sure will not find it interesting.. I don’t look bitcoin as an asset alone,, I also look at it as a currency because I’m using it directly to buy anything I want but it can’t handle our full society because it is limited and that’s the problem..

yes you are very right, bitcoin is a very good and very safe digital currency, and it is not easy to break the bitcoin, if bitcoin is used in everyday life for legitimate payment means bitcoin will affect the world economy.

If bitcoin currency can help people to make their jobs is easier, I personally assume that it is good to use bitcoin as a legal currency in many countries or wide world. If we see the system of bitcoin now, I believe it will much positive effects for human. Since each user can access to their account and do transaction by their self, no need other hands. In other side, it is also provides low price of tax or even nothing. People just need internet connection to access their personal accounts.

Currency from what? It can be called as the digital financial economic. But it might not become a part from the economic itself. This time bitcoin still considered as the commodity rather than a currency.
But a lot of people are not understand about what are you saying mate.

A world where bitcoin was the main currency will be very different at this moment there is not a culture of saving your income, with a currency with bitcoin that grows more scarce people are going to keep their bitcoin so we are going to see a world where there is less consumerism and things are made to last the same way things were in the past and in my opinion that will be good for us and the planet.

Digital currency is a nice thing, maybe in the future, a global currency will exist based on Blockchain that will go mainstream and all fiat will not be needed anymore. We are at the pace of innovation and many things and technology will be invented in later years. The world will be different in a digital way where physical form will not be needed anymore. As to the total supply, maybe the world will agree on dividing the the total supply based on the countries wealth. It'll be hard but who knows, maybe in the future all leaders will come to a point where there will be no more wars. It's just an opinion and purely speculations.

I think what you are trying to say is the economic system or model. If bitcoin will implement in the world. For sure, capitalism will be the best economic model in bitcoin. Since it is decentralized, private ownership will suit in order for the economy to grow up. It is good to integrate bitcoin in purchasing items or transacting someone. Bitcoin ease everything.

First of all,bitcoin would not be able to become primary currency due to its high volatile price.Even though if it gets famous in future,still it might be used as a secondary currency.In future,banks may suffer due to loss of revenue which they get from transactions.

Bitcoin would help for the progress of a nation's economy by providing new earning opportunities to unemployed people.It has already started to play an important role in countries like nigeria,venezuela where economic crisis has occurred.

It is a bit wrong to describe it only as a "digital financial economic". If BTC will be used as a main currency (ofc not at its current condition) then it is important to point out the deflation in the economy. Simply because the population is growing or people are loosing their coins somewhere. I belive that some pro economists can give a big and full description to it.

Bitcoin can not become the main currency because its circulation is impossible to regulate. Inflation is the mechanism used by the government to the expense of citizens to revive the economy. How this can be done using bitcoins? Bitcoin will always be in the shadow of Fiat, but it would be a significant damper in the event of emergency situations in the economy.

It would have been not so settled economy because of one most important character of the bitcoin, decentralisation.

I mean this is the thing which is keeping bitcoin ATH by attracting more investors into it and they can operate it the way they want. Billionaires are manipulating the market and even on top of this we saw how china behaved in early days. So I believe that it could have been very very unstable market to be used as currency in the real time. Lots of conflict in the trisection could have been their which we see it today also even though it is being used as investment asset only. If it would have currency then it could have never tolerated the instability and thus everything could have been little messy in terms of economic conditions, all the ups and down.

I imagine the world to be very technologically advanced by the time bitcoin is totally adopted. I guess an impact it would have would be that it may hurt the small enterprises and industries, unless a way were to developed for those to accept bitcoin as a payment system. Just imagine street vendors having to accept bitcoin. It's either their businesses get killed or they survive by adopting.

The economy is no. All businesses evolve at the expense of loans. How do you imagine the venture will take out a loan in bitcoins. It is better to close the plant. The economy cannot survive without manual control. Periodically various branches require support. As the government will do if they don't control the number of coins in the economy. This will never happen. It is a utopia.

It would be a utopia economy, if you understand what I mean. Such a scenario can never exist because that would mean everyone would learn how to use the internet. This is highly impossible. There are old dudes or even young people who aren't Internet compliant. Also, there are some underdeveloped countries where electricity is a huge problem. Bitcoin can only remain a currency for a selected few. After all, its supply isn't even much. Just a mere 21million is really too small for the entire world if it were to be used as the only global currency.

Although I know it can never happen, I think that Bitcoin will be used more widely very soon. Cryptobanks will play great role then.

This is the only thing on where I do see that bitcoin would benefit a particular country which it would really give an opportunity for those jobless people on that place where would really lessen up on the unemployment rate and as being said Bitcoin would never become a main currency and even on my dreams this thing wont really happen as long theres government they will really still be the one who rule and make such decision on their country or on their vicinity.

I think your question is 'if any goverment that regulate bitcoin as currency' how will be the economy looks like
Any country or government can create their own crypto currency and regulate withnin the country because they always wants to centralize the currency to rule them. Bitcoin should be like this in order transperent to everyone. It will be good if no country will ban bitcoin in future. That's enough. Fiat will be different and crypto cannot became a fiat. Decentralized will not work under any government.

Bitcoin cannot be controlled and regulated by anyone or even government cannot able to touch the btc economy. Already many governments tried for that no one achieved that here. If they accept the bitcoin as the legal money also regulations will not be used on btc transaction. Everything is anonymous in the blockchain ledger. So they have to accept but cannot expect the tax or anything.

If you mean that bitcoin would be accepted in the economy as a currency and what effect would that have on our economy, then I think it will be an economy where we could use both the digital currency and our local currency at the same time with our own free will.  I mean, we all know that bitcoin can't replace fiat money because there are also many things that bitcoin can't do that fiat does and vice versa. So, this will be good if it will also be accepted as a currency. It will open up many opportunities to bitcoin users.

for this reason bitcoin can't become a currency...the state won't allow anarchy

Isn't Bitcoin considered as a currency right now? Or what you are trying to ask is if will it have an influence overall if Bitcoin is use considerable as a currency? Than if that is the question the answer is that it will improve the economy overall of the country with new kind of money entering into a country you are actually promoting the boost of its GDP as you are giving to its citizens a bigger buying power compared to when they are not earning extra income that came from Bitcoin. And that's not the only way it helps the economy of a country grow, foreigners can also help to if a country is accepting Bitcoin as a mode of payment it is also adding a boost to a country's economy.

Yeah several countries are not having bitcoin and the main internet access so it is hard for them to use bitcoin and make money through it. In my country almost all the cities and local areas are having internet connection and they are enjoying fast and clear internet now, bitcoin is fine and safe currency can be easily use by all people. So it is possible to have bitcoin currency and as regular currency.

Bitcoin gives equal opportunity for earnings this is one of the best feature I love about this digital currency and if bitcoin will become a legal currency I think the econony will boost because this digital currency will not limit the transactions outside different countries and because of that it would be easy to sell different commodities outside our country and so as many investors can come and be part of our market

If bitcoin is use as number one currency we should expect a reset of our world economic and for a change in the way we approached money.  The world is waiting for a digital world and we should expect many changes in the nearby future. If the world embrace digital world then world's power is going to shift from old leaders to a younger class. We would be rule by software and blockchain technology.

Imagine that fiat, gold, credit cards and electronic transactions represent Intel, the corporation known for making CPU's and microprocessors.

Bitcoin would be similar to AMD. There is an intel vs amd abstract shaping up, where free markets and their advantages over government sanctioned monopolies may be invoked. Competition between the two paradigms(bitcoin versus fiat) should drive industry innovation as well as price reduction for consumers, businesses and even governments.

What will be bad is if either bitcoin or fiat is banned. The result would give the remainder something similar to a monopoly and we all known that monopolies drive industry wide stagnation, excessive prices for consumers and other negative circumstances invoked by a centralization(fiat) versus decentralization(crypto) paradigm.

The fact that we do not know who is satoshi nakamoto is not a factor that is going to be important in order to determine whether people are going to adopt bitcoin or not, there are many things for which we do not know their creators and that does not stop people from using those inventions in their everyday lives, just look at the wheel no one knows who invented the wheel and yet if you drive a car you are using that invention almost everyday.

With the current situation in mind, an economy with Bitcoin as wouldn't be feasible for various reasons. The transaction fee being high and lots of unconfirmed transactions on the network indicates signs of slowing down. Carrying out micropayments would become tedious with the amount of fees being paid. If the core made enough adjustments to make everything smooth and feasible, it would be the first step into a crypto economy.

It would be an economy where top 1% of the wealthy people would consist mostly of the bitcoin miners and some whales. in order to use bitcoin as a everyday currency, volatility would have to be significantly lower, fees would have to go way down and number of transactions per second would have to go from 10 to million. So not yet.

The decentralized economy which also mean that no one control people's money in bank like happen today. Probably economic crisis will less happen because no country will able to manipulate bitcoin  price like they manipulate their fiat money today.

i've read post above and i think i have my own opinion here

imagine if we are not use USD as global currency as exchange anymore but we use cryptocurrency as global currency
USD can go home back to the USA
every nation have their own fiat money but when it come to international trade, they must use cryptocurrency
i don't tell must BTC here, maybe BTC or BCH, or something new that every nation can accept that crypto
CMIIW

maybe what you mean bitcoin as a global currency.. so hard to happen because some countries banned bitcoin and some more countries not accept yet bitcoin for some reason.. I think bitcoin are legalized in the some countries it's enough to make bitcoin more popular..

Bitcoin may be called a cryptocurrency but it will not become the official currency use by people because if that time comes then fiat would be eliminated then. An economy run by cryptocurrency is just not right for me because the holders of a big chunk of cryptoccurrency can then rule the economy and it would be the same as what is happening now wherein the rich people have the advantages always. There would be nothing new then. The rich gets richer and the poor gets poorer.

Due to high transaction fee and problem with scaling, it would be hard for people to have transaction immediately because confirmation takes sometime but then sooner or later this problem with bitcoin would be solved. That is why there is a BIP (Bitcoin Improvement Proposal).

Crypto economy  ;D and bitcoin is already used as currency, that's how it all started the whole cryptocurrency. We are already an economy of crypto, worldwide bitcoin economy and that's how others are calling it. That will be a dream come true for every bitcoin holders out there to be in this type of economy and making it to a reality like for a city that's totally supporting bitcoin and we are going there to exchange goods or just meeting up and we'll become a bitcoin society.

the economy will become very easy and retailers will benefit if applying payments using bitcoin, better security because bitcoin is a very transparent currency.

maybe I agree with this. we have our own currency for every country. but like what AidenCasanova said, if we want to go to another country then we can use cryptocurrency and if we want to spend the coins, we need to exchange to local currency. I think in the future, if cryptocurrency is approved, then there will be the adjustment from cryptocurrency that will be stable as a currency from cryptocurrency to local currency. maybe we need a coin that will be a bridge between cryptocurrency and local currency so we don't have any problem to exchange.

Maybe it will be possible if the price of bitcoin is already stable. No one would want to spend their money with unstable value. Bitcoin is good for investment. It is profitable. But I dont see it as currency but maybe in the future.

It will be hard because bitcoin can compete with fiat. And it can be very hard to people, who don't use crypto

Bitcoin can't sustain an economy because of it's high volatility. A highly volatile currency is not apt for running businesses or attracting foreign investments. Bitcoin has inbuilt deflation and hence due to limited supply, it hardly gonna get rid of volatility. Moreover, some few are controlling the maximum supply. This is again bad for global economy and governments and banks can't let those few dictate the market. Thus, a Bitcoin as an only global currency is not viable or far from possible.

We will have a slower economy when bitcoin will be a currency of a country or worldwide.bitcoin is a good investment but not a good currency now as bitcoin still have many weaknesses. the FEE of transfer is at high cost, the transaction per seconds is very minimal and can only accommodate just 4 every bit.

Bitcoin is already a currency then why you asking like that?

Bitcoin is a virtual currency so there is no physical structure for it but still we can use it if bitcoin was accepted as a payment but noe bitcoin is still in early stage soon bitcoin will be accepted as a payment everywhere.But we can use bitcoin everywhere because the value might be very high in the future so we can use it for paying $1 or $2 if you do then transaction fee was more than your purchase.So that's where other crypto currency where come into play.

Bitcoin is a virtual currency which can be used anyone from any part of the world without a third party involvement for sending and receiving bitcoins, as you have said the price of bitcoins keeps on fluctuating as there is demand for the bitcoin and blockchain technology and more user's are entering the bitcoin network which makes the prices to go even higher, these bitcoins are backed by fiat currencies and I don't think that  there is no need for the founder to come to the light for the bitcoin technology to be considered as a currency, it all depends on the government or the central banking system to consider this technology for the overall development of  the country this bitcoin technology should be implemented all over the world.

A world where bitcoin was the main currency will be altogether different right now there isn't a culture of sparing your wage, with a cash with bitcoin that develops all the more rare individuals will keep their bitcoin so we will see a world where there is less consumerism and things are made to last a similar way things were previously and as I would see it that will be beneficial for us and the planet

It will be nice.
There is always an advantages and disadvantages.
Advantages for the people who live in the Cities, well developed places. It will be easy and convenient for them.
Disadvantages for the people who live in simple place. It will be hard and more effort to do.
All will be fine in the long run if everybody agrees.

I think bitcoin can not be used as a world currency because the price is very fluctuating, and I'm sure there will be a lot of positive effects for users because only with internet connection they can do transaction by itself.

Well I think it is a good economy because based on my observation many people have been change their live from rags  to riches because of bitcoin and if you come to think of it if all of us is accessible on it will become a great world because no one will ever suffer the poverty because they have now money that comes from bitcoin that are very useful on their daily lives. Bitcoin is great in a economy because many change their lives because of bitcoin.

Bitcoin cannot reach everyone because as we know it has limitations but at the same time it is going to reach a lot more people than most currencies of the world since it does not have frontiers, I will not be surprised if bitcoin became a giant among currencies that will be accepted almost anywhere in a situation similar to what happens to the US dollar.