Future of Bitcoin Economics

[deisik]

When we think about the possibilities... there are actually many. I believe that next year the new applications of blockchain technologies will bring bitcoin closer to the mainstream.

Actually this is true however there is always a possibility of bad events around bitcoin like recent bitfinex hack which have dumped the price to more than 20% within one day which shows how volatile is the bitcoin market/ecosystem. It will require lot more development in the field of bitcoin adoption as well as we need more new investors daily to increase market cap.

As the bitcoin grows bigger, the bad events like the Bitfinex hack will grow smaller. The lost coin is just 120k, lower than the MT Gox 800.000.

Whether Bitcoin grows bigger is obviously irrelevant to the effect of hacks like that of Bitfinex (in relative terms). You evidently forget that the number of coins is still ultimately limited to 21M. Strictly speaking, after reaching that limit (in fact, even before that) the number of coins in circulation, i.e. primarily used for trading, will start to diminish (e.g. due to coins lost or stashed for good) with all ensuing consequences. In other words, even lesser amount of stolen bitcoins will have greater effect on the Bitcoin price, quite contrary to what you are claiming...

And in no case you can get away from this simple arithmetic

It may have a huge effect in this coming days or months  but eventually this hack will be forgotten and the bitcoin economy will continue to bloom.  Just what happened in the previous years.  Besides it is not the bitcoin security fault but the security of the site that faulter.   As long as people believe and use bitcoin, development and security is evolving, confirmation issue fixed, Bitcoineconoy will  continue to flourish

You don't get it. Whether this hack is forgotten or not doesn't in the least change the fact that 120,000 bitcoins had been instantaneously withdrawn from circulation (read trading). What is really important here is whether these coins will eventually make a comeback to the supply side chain that feeds the market with coins. If they are gone for good, the major impact of the hack will be perpetual and permanent (i.e. loss of 120K bitcoins)...

And no degree of acceptance or forgettance can change that

[Barbut]

Mass adoption means mass demand, mass demand means price going up.  If we see that in near future that would be great for bitcoin economy. I think community is growing, people are coming all the time, new generations will come soon, that can mean a lot. Kids now are more into gaming and internet then ever before, They learn it and in future bitcoin will have many followers among them.
I believe that bitcoin will adopt even more in global economy, and we can expect to take a big part of money that is going trough the internet. Many casinos accepts bitcoin now, shopes, and steam, other places for buying games. Many more will open in the future, and old one will start to accept bitcoins.

[Maesters1-]

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

 Yes, it can be said to be unpredictable but if we do not commercialize to the people, then bitcoin will not be able to grow and will meet the very end will not want us to hear it, that there will be no more people who want to use bitcoin.

We can have a surmise for future of bitcoin, one thing is trends. Just you can check the trends of number of bitcoin users and number of online shops which accept it, these suggest an increasing adoption.

Maybe we are still a small economy for now but the increasing adoption is a good sign for the success in the future. That is all we need for now to see some improvement as we are betting to see the price increase of bitcoins in the future by investing our money.

yes it is a fact that bitcoin has low economy in present time as compare to the people, but hope that as time pass the users of bitecoin will also increase and so the economy will be getting better, when all the people use bitcoin for trading.

[mirakal]

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

 Yes, it can be said to be unpredictable but if we do not commercialize to the people, then bitcoin will not be able to grow and will meet the very end will not want us to hear it, that there will be no more people who want to use bitcoin.

We can have a surmise for future of bitcoin, one thing is trends. Just you can check the trends of number of bitcoin users and number of online shops which accept it, these suggest an increasing adoption.

Maybe we are still a small economy for now but the increasing adoption is a good sign for the success in the future. That is all we need for now to see some improvement as we are betting to see the price increase of bitcoins in the future by investing our money.

yes it is a fact that bitcoin has low economy in present time as compare to the people, but hope that as time pass the users of bitecoin will also increase and so the economy will be getting better, when all the people use bitcoin for trading.

The truth is we all start with from being small and what matters now is we are seeing a good economy of bitcoin because it continues to progress and more and more people are trusting bitcoin and adopting as well so what we witness now the recent progress of the market is due to the continue adoption.

[Taki]

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

This is the totally true what you said. Every day on the net appear new prediction about bitcoin. The last that I saw was that in August bitcoin will double it's price. Was it like that? NO. So today I just skip that kind of information.

[Adaleon]

What will the future bring us i don't know maybe a big bitcoin world where everybody get payed by coins and pays their bills with coins.
 Noo that's not true paper money will always be the best way to pay something. Banks will never let that disappear. So the economics of bitcoin can grow to a certain extent.

[JeffBrad12]

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

This is the totally true what you said. Every day on the net appear new prediction about bitcoin. The last that I saw was that in August bitcoin will double it's price. Was it like that? NO. So today I just skip that kind of information.

A lot of prediction but just a short prediction and speculation is be equipped with a reliable data and source because I believe too many predict is not equipped by reliable data is just like a joke. and in this time I never dealing with speculation. and just following bitcoin like the running water.

[Indrawan77]

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

It is true that nobody can predict it, it can be dead it can be at the top, its all depend on all of us, if we can bring more people to use bitcoin and increase the reputation then bitcoin will become great in the future, however if we do a damage to bitcoin reputation then bitcoin will fall down and being banned in everywhere

[icecube45]

Yes indeed prediction can not be done accurately, but we can predict with near. The economic progress of the adoption of bitcoin is affected and the number of people using bitcoin. If those two things happen I believe bitcoin will be growing and the economy is getting stronger.

[Kaller]

Yes indeed prediction can not be done accurately, but we can predict with near. The economic progress of the adoption of bitcoin is affected and the number of people using bitcoin. If those two things happen I believe bitcoin will be growing and the economy is getting stronger.

The number of people using the bitcoin has risen a lot in the last few month. The usage of bitcoin has also risen.

[Arcteryx]

Bitcoin is become a global phenomenon and is not letting up anytime soon.
Expect it to surge past many currencies in the economic market and I think I recall seeing that even one country has adopted it as their national currency.
That is a step in the right direction for the future of bitcoin is strong indeed.

[CrimBit]

Bitcoin is become a global phenomenon and is not letting up anytime soon.
Expect it to surge past many currencies in the economic market and I think I recall seeing that even one country has adopted it as their national currency.
That is a step in the right direction for the future of bitcoin is strong indeed.

chinese release his own cryptocurrency, but it's still private testing, public can see the progress of chinese public, and some country now research and learning about encrypted and cryptocurrency, i think in next 10years we will see the nationa cryptocurrency, but i think bitcoin is still number 1 in cryptocurrency

[Kaller]

Bitcoin is become a global phenomenon and is not letting up anytime soon.
Expect it to surge past many currencies in the economic market and I think I recall seeing that even one country has adopted it as their national currency.
That is a step in the right direction for the future of bitcoin is strong indeed.

chinese release his own cryptocurrency, but it's still private testing, public can see the progress of chinese public, and some country now research and learning about encrypted and cryptocurrency, i think in next 10years we will see the nationa cryptocurrency, but i think bitcoin is still number 1 in cryptocurrency

Chinese version of cryptocurrency will be only used in China. Bitcoin will be the global reserve currency.

[Hazir]

Bitcoin is become a global phenomenon and is not letting up anytime soon.
Expect it to surge past many currencies in the economic market and I think I recall seeing that even one country has adopted it as their national currency.
That is a step in the right direction for the future of bitcoin is strong indeed.

chinese release his own cryptocurrency, but it's still private testing, public can see the progress of chinese public, and some country now research and learning about encrypted and cryptocurrency, i think in next 10years we will see the nationa cryptocurrency, but i think bitcoin is still number 1 in cryptocurrency

I would like to see that. Because if they are create their own  digital national cryptocurrency - I imagine it would be something like digital version of yuan.
It won't be public ledger like open cryptos and using private blockchain will be rather detrimental to the security of this project. I can't wait to see how fast their precious private coin will be hacked.

[shinratensei_]

Bitcoin is become a global phenomenon and is not letting up anytime soon.
Expect it to surge past many currencies in the economic market and I think I recall seeing that even one country has adopted it as their national currency.
That is a step in the right direction for the future of bitcoin is strong indeed.

chinese release his own cryptocurrency, but it's still private testing, public can see the progress of chinese public, and some country now research and learning about encrypted and cryptocurrency, i think in next 10years we will see the nationa cryptocurrency, but i think bitcoin is still number 1 in cryptocurrency

I would like to see that. Because if they are create their own  digital national cryptocurrency - I imagine it would be something like the digital version of yuan.
It won't be public ledger like open cryptos and using private blockchain will be rather detrimental to the security of this project. I can't wait to see how fast their precious private coin will be hacked.

It's very bad if every country is having their national cryptocurrency and I can say that is not different with the fiat money there are a many types of the fiat money, maybe more than 100 type of fiat currency... and that is already exit from the purpose of bitcoin for making the digital life is easier, and that's why will better if just there is a one type of cryptocurrency.

[Ryananda]

Prediction simply can not be done accurately, but it could be approach to the data and events. If seen progress from last year bitcoin, bitcoin is growing this year in my opinion ranging from price and adoption. Bitcoin prices are very up considerably compared to last year because many are using bitcoin. I believe in the future of bitcoin will continue to grow as I'm sure there will be more people who will be using bitcoin, but it could happen if bitcoin also continued to progress and development.

[freedomgo]

Bitcoin is become a global phenomenon and is not letting up anytime soon.
Expect it to surge past many currencies in the economic market and I think I recall seeing that even one country has adopted it as their national currency.
That is a step in the right direction for the future of bitcoin is strong indeed.

chinese release his own cryptocurrency, but it's still private testing, public can see the progress of chinese public, and some country now research and learning about encrypted and cryptocurrency, i think in next 10years we will see the nationa cryptocurrency, but i think bitcoin is still number 1 in cryptocurrency

I would like to see that. Because if they are create their own  digital national cryptocurrency - I imagine it would be something like the digital version of yuan.
It won't be public ledger like open cryptos and using private blockchain will be rather detrimental to the security of this project. I can't wait to see how fast their precious private coin will be hacked.

It's very bad if every country is having their national cryptocurrency and I can say that is not different with the fiat money there are a many types of the fiat money, maybe more than 100 type of fiat currency... and that is already exit from the purpose of bitcoin for making the digital life is easier, and that's why will better if just there is a one type of cryptocurrency.

That will remain as a wish because that will not happen, there is no unity among countries and every country has their own interest so it is hard for them to use one currency without sacrificing the economy of the certain country, we only use bitcoin we have one leader in the whole world but that is just a fantasy.

[Noctis Connor]

Future of Bitcoin Economics depends on mass adoption of Bitcoin. No body can predict accurately the true future of Bitcoin.

Bitcoin soon will help our economics grow and bitcoin will be use to pay our expenses in life or daily expenses i would love too to do that soon where market will be accepting bitcoin and yes nobody can predict what would be the future of bitcoin.

[deisik]

Bitcoin is become a global phenomenon and is not letting up anytime soon.
Expect it to surge past many currencies in the economic market and I think I recall seeing that even one country has adopted it as their national currency.
That is a step in the right direction for the future of bitcoin is strong indeed.

chinese release his own cryptocurrency, but it's still private testing, public can see the progress of chinese public, and some country now research and learning about encrypted and cryptocurrency, i think in next 10years we will see the nationa cryptocurrency, but i think bitcoin is still number 1 in cryptocurrency

Chinese version of cryptocurrency will be only used in China. Bitcoin will be the global reserve currency.

Personally, I wouldn't trust any type of cryptocurrency released by the government. Why would they ever want this if they all without exception have fiat which is already mostly digital nowadays with the only essential difference from cryptocurrencies being the way it is emitted. I mean centralized (read government controlled) vs decentralized (read non-government controlled) issuance of new money...

The single reason that I can come up with is that of creating competition for Bitcoin and friends

[X-ray]

Bitcoin is become a global phenomenon and is not letting up anytime soon.
Expect it to surge past many currencies in the economic market and I think I recall seeing that even one country has adopted it as their national currency.
That is a step in the right direction for the future of bitcoin is strong indeed.

chinese release his own cryptocurrency, but it's still private testing, public can see the progress of chinese public, and some country now research and learning about encrypted and cryptocurrency, i think in next 10years we will see the nationa cryptocurrency, but i think bitcoin is still number 1 in cryptocurrency

Chinese version of cryptocurrency will be only used in China. Bitcoin will be the global reserve currency.

you're right if the chinese's cryptocurrency will be only being used for local or in their region but there's still possibility that the cryptocurrency could take over bitcoin,as you see,most of miners are come from china and how if their government forcing them to mining their coin not bitcoin?