Economic effects of bitcoins

[omonuyak]

If the whole world adopt bitcoin as a means of payment and storing of values. Op you should not be afraid of some stolen 20millions dollars worth of bitcoin as that could not affect price by then. If you follow the history of criminality in all over the world did not affect price, because of the fund is still in circulation.

[ktabb]

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

They would instantly lose 100% of their value and people would start using something else. Nobody would trust Bitcoin anymore if that happened. Crypto itself would probably suffer irreparable harm and it would take decades before anyone trusted any crypto again.

[DRaGoN RaNTaRo]

what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

Since this is a hypothetical question the answer is simple,bitfinex is an exchange and the hacker was able to get control of the private keys and so they could steal the coins away,the so called 20 millions wont be sitting at a single wallet and so it is not possible.

[matuson]

If the whole world adopt bitcoin as a means of payment and storing of values. Op you should not be afraid of some stolen 20millions dollars worth of bitcoin as that could not affect price by then. If you follow the history of criminality in all over the world did not affect price, because of the fund is still in circulation.

The world does not recognize bitcoin. Americans will never admit that the dollar has lost its investment attractiveness. While bitcoin is not at war with the dollar we can safely invest in it, but as soon as the Americans feel the danger, the fate of bitcoin will be in question.

[deisik]

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

That's unlikely though not completely impossible

But you should first ask yourself whether Bitcoin is actually going to become the only currency used by the whole world. That's highly unlikely on its own. Even if we hypothetically assume that ("just for fun"), it would be more about cracking Bitcoin cryptography rather than stealing bitcoins like it happened at Bitfinex. This is certainly possible but the question itself is like what would happen if someone found a "kill switch" of sorts to power off the whole Earth. Obviously, people would quickly switch to direct barter (start using candles)

[louisedem]

Since bitcoin is not yet popularized worldwide through commercials and advertisements I think it small percentage of helping economy will be considered, because it has no tax, no registration fees and so on , and the only thing that I know is, it adds foreign currency because for you to get the expected amount kf your money you always need to convert it, they will transfer the money by different currency conforms in the place you were living.

[bitbunnny]

Bitcoin can't have the significan impact on economy anywhere in the world. For that it should officialy become part of financial and economic system and fully recgonized and regulated. This is not very likely at current stage and generaly it would cause consequences for which system is not ready yet. At the moment the.influence can't also be measurable.

[skorupi17]

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

This scenario is very impossible. There are many people who are having Bitcoin now. They keep it in an exchange, an online wallet, a cold wallet. or any other type of wallets. Since there is only 21 million Bitcoin will exist in this world, let us say that the 20M you say is all of the Bitcoins out there excluding the forever lost Bitcoins. So if the 20M BTC will be stolen by a "genius" then he must hack all types of wallet and grab all of the coins. This is very impossible to accomplish unless all of them will be in a single wallet (which is impossible also to happen).

[Reid]

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

Then that wont be valuable anymore.
Imagine one human being having 20 million pieces of the Monalisa.
Are you still going to buy that?
It was similar with bitcoin. The more people who wants it the more price it gets and be expensive.
Without that demand then one item will have lesser value.
It must be something that people are thriving to get even just a piece of it.

[Quadast]

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

Then that wont be valuable anymore.
Imagine one human being having 20 million pieces of the Monalisa.
Are you still going to buy that?
It was similar with bitcoin. The more people who wants it the more price it gets and be expensive.
Without that demand then one item will have lesser value.
It must be something that people are thriving to get even just a piece of it.

Then you to protect yourself, just you drive your coins to other purses. You do not need to use the exchanger wallets for a long time. Even the exchange must have your coins at a minimum. And even more so today before August 1, you need to protect yourself even more.

[iyan33]

Bitcoin has been able to improve economy of its users in various countries, currently there are many people who use bitcoin as their expected source of income, a big change in the economy of bitcoin users can be felt after rapid increase of bitcoin prices.

[Kill Joy]

Could theoretically be possible, but will it happen? Definitely not.

[xuan87]

Let's say if all of the people in this world already using Bitcoin and 20m Bitcoin got stolen then the price will fall down a lot, the price is based on the supply and demand by holding 20m maybe is going to caused the price going up, but there won't be any transactions volume and it can caused the price to fall down quickly

[rhodelmabanal]

This could be possible, but if no one has done it until now, there is little chance they manage to do it in a few years. As bitcoin becomes more and more popular, industries will use it too. But if they have to trust bitcoin, they will probably pay a lot of money to review all the code (to see if their investment is safe).

But if someone cracks it anyway, we should expect a rollback.

Bitcoin for me hits the big impact on the social economy today the best is that was the way to secure and has less chance to lose money. We could use it to online transactions.

[Zemangat]

It will probably happen. Someone steals a lot of bitcoin. Because it is bitcoin is digital. People will invest bitcoin if everyone knows bitcoin and what are the benefits of bitcoin. I think they will invest all their money to bitcoin. It's just that they need the internet to do it

[syaripudin]

At the moment I can only say the economic impact that has occurred to me. And I feel that bitcoin can help my economy. Because by following bitcoin I can get additional income. But I am not talking for the global level. It's just the impact I feel. When we talk to the global level about bitcoin will certainly be different. This needs to be highly technical directed. Because when everyone uses bitcoin what impact will be felt. I think that's not necessarily good either. So i say this needs good technical. So that no party can take advantage of the profits through an incorrect path

[darthmaul]

If more and more industries start to adopt the bitcoin then remember the heavy investment will also upgrade bitcoin in terms of security. The code is simple and can be cracked by smart IT guy. But the question is why would he do that? Don't you question that he will loose the assets too when bitcoin collapses in its own faulty technology and making that IT guy worthless too. No one will try to crack the bitcoin code in first place, because if anyone will do that then the system will shut completely and bitcoin would result in zero value. However, bitcoin is continually upgraded in terms of tech stuff and I'm sure devs are taking care of security part as well.

[webtricks]

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

If whole world adopts Bitcoin then portion of its total supply will lie in 7 Billions different wallets averaging 0.003 BTC in each wallet. A person can be genius enough to hack one site and database but not 7 billion different accounts on different wallets.

Let's say if all of the people in this world already using Bitcoin and 20m Bitcoin got stolen then the price will fall down a lot, the price is based on the supply and demand by holding 20m maybe is going to caused the price going up, but there won't be any transactions volume and it can caused the price to fall down quickly

Don't talk rubbish. If 95.2% of total Bitcoins get scammed, who in the hell would care about price and holding.
Rather if that scammer tries to sell on any exchange, he could easily get caught. Its not 1000-2000 Bitcoins but 20m Bitcoins when whole world using it.

[beerlover]

This could be possible, but if no one has done it until now, there is little chance they manage to do it in a few years. As bitcoin becomes more and more popular, industries will use it too. But if they have to trust bitcoin, they will probably pay a lot of money to review all the code (to see if their investment is safe).

But if someone cracks it anyway, we should expect a rollback.

Bitcoin for me hits the big impact on the social economy today the best is that was the way to secure and has less chance to lose money. We could use it to online transactions.

I think you want to say that it is good to invest in bitcoin which have a lesser chance to lose money and can be easily used in online based payment transaction.
I guess before coming to bitcoin currency investment you should make it sure that it is secure investment until you are in long term. In short term it can be much risky than anything because you never know when the price can drop up to 300 dollars in a day.

[qwertyup23]

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

It is very possible that a genius may hack majority of bitcoin.  But that act alon will make all his effort in vain in hacking the majority of bitcoin.  Reason is that, bitcoin will automatically fall in price until to the point of being worthles.  Support will be taken away because it shows that bitcoin is a failure.

If the whole world adapts and accepts bitcoin as a payment, government intervention would inevitable. This means that security and regularity will be more guarded and secured and potential threats like these would always be taken into consideration. Also if that where to happen, I can see that the price of bitcoins will drop due to its nature being hackable. The only threat that I see today is the high volatility of the price but that is to be expected.