Economic effects of bitcoins

[keeee]

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?

 Its nice to know that virtual currency  does not affect the exchange rate of the physical currency. In addition it is not ruled by government like banks. Everything is possible to happen sir but we can also many intellegent users in this world of bitcoin who do not ever put their money in this crypto without knowing everything about it.

[MaskMars1]

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?

 Its nice to know that virtual currency  does not affect the exchange rate of the physical currency. In addition it is not ruled by government like banks. Everything is possible to happen sir but we can also many intellegent users in this world of bitcoin who do not ever put their money in this crypto without knowing everything about it.

We still really can not understand what will happen after the first of August and thus this hype for influenced the price of the whole country. Although I do not understand why Bitcoin did not reach this date, it starts to rise again. Has the panic already passed?

[Michhotdog]

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?

 Its nice to know that virtual currency  does not affect the exchange rate of the physical currency. In addition it is not ruled by government like banks. Everything is possible to happen sir but we can also many intellegent users in this world of bitcoin who do not ever put their money in this crypto without knowing everything about it.

We still really can not understand what will happen after the first of August and thus this hype for influenced the price of the whole country. Although I do not understand why Bitcoin did not reach this date, it starts to rise again. Has the panic already passed?

In order to assess the current situation on trade exchanges or, in general, in the world of crypto-currencies, you need to make your own forecasts about your own observations. The fact is that many experts are misleading with their forecasts and conclusions.

[ghostunicorn]

Here are some I found:

-The tax collected by governments decreased a bit. (It's not taxable)
-More people had uncontrolled money which is a problem for crimes and money laundering.
-Economically unlawful attempts rised dramatically.

[eaLiTy]

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?

The first reason that is not possible is because these bitcoin are spread across the world and not in a single platform like bitfinex and no one in the right mind will store their coins in exchanges or web wallets and if you know the basic on how to protect your system then no genius or crooks can hack these coins from anyone and if you cant do that,hope you have heard about offline and paper wallets.

[Omega Weapon]

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?

You are a full member and you don’t even know that even if there are going to be only 21 million coins that not all of those coins have been mined yet, if I remember correctly I think we are in 16.5 million at the moment, so no one can steal 20 million coins because there are not that many coins yet, second not all the coins are in the same wallet, the coins are distributed so someone will need to find a way to break the cryptography in which bitcoin is based and if someone could do that then all the bank accounts of the world would be at stake as well.

[CarnagexD]

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.

It is possible due to the fact that bitcoin is aligned through technology. And when technology is the point or subject is more vulnerable on development. And as long peole support the system of bitcoin further development and improvement will take place to bitcoin. And it can help economical problems because it is a form of currency that has value that may help leads to an upgrade and progress for the economical rate of ones country.

[Yakamoto]

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 they steal 20M Bitcoins then you're looking at basically all accessible Bitcoins being stolen, meaning that there will be next to no demand if all of that gets stolen and their Bitcoins will be worth a lot less than they would be should the market have been moving normally. That's assuming that people would even buy them again if they were stolen and they simply wouldn't use a copy of the blockchain from just before the theft and fork back to that.

[appon12]

Bitcoin is not likely  to be a economic disaster, if hacker's do not hurm.

[rivoke]

Bitcoin supply are limited and the demand will high , ofcourse bitcoin has value over $ 5000 / btc
It's really great for early investor who had bitcoin but in order to get legalize for all world, it still need some time

[craZyLovE0916]

When the market cap reaches $21,000,000,000,000 (that means $1,000,000 per Bitcoin) the effects will be HUGE. For example, gold only has a market cap of $7,000,000,000 which emans Bitcoin will be 3 times more valuable than gold worldwide.

[sampalokmix]

Impact or effects of bitcoin on the economy I think it is good because the value of the virtual currency does not affect the exchange rate of ordinary currency so that more and more people who have bitcoin will be better in a country's economy

Yes it is, and additional money can be count and can be conteibute in country's economic status .i think it may help a lot if government will acquire taxes a little amount will do I think, and honestly putting it in to its right place can imprive public services as well as the establishments.

[faceoff97]

It is impossible to steal the 20M bitcoin because there were less than 17M bitcoin at the moment. Then, if someone is really pushing to steal it he is probably going through a hard time hacking the multiple wallet where coins are evenly distributed. Bitcoin is so establish that anyone can really put their security and assurance with this crypto. Bitfinex was based on a single platform which makef it easily stolen by the theif, while bitcoin has spread in different country and there is really no one who haa full control over it.

[Gozie51]

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.

Nice analysis. Off course, when there is nothing to chase again about bitcoin, it will drastically depreciate and worthless. Meaning, it won't be useful to the hacker. The hacker might probably unveil his veil because of frustration.

[munareal]

Bitcoin is uses a decentralized system of distribution where different computers update the ledger and the hash functions .Blockchain are hacked proof because there are millions of blockchain users which makes it difficult to to corrupt. Each block chain links to the previous. A hacker cannot not steal all of the 20M coins of Bitcoin. Remember they are in different addresses and needs different level of block authorisation before acceptance.

[giletto]

Then the price of bitcoin will become worthless. People will decrease the price of bitcoin so that the stealer will have no chance to spend that amount of bitcoin. However, bitcoin was developed by the genius Satoshi nakamoto so that I believe that there is no person can steal all bitcoin in the world we do not need to worry aboout that issue

[Virtual miner]

Bitcoin is uses a decentralized system of distribution where different computers update the ledger and the hash functions .Blockchain are hacked proof because there are millions of blockchain users which makes it difficult to to corrupt. Each block chain links to the previous. A hacker cannot not steal all of the 20M coins of Bitcoin. Remember they are in different addresses and needs different level of block authorisation before acceptance.

Moreover I think there is always a person step ahead of you. If there is someone who can steal all the 21 million their surely might be one who could protect these 21 millions.

[deisik]

Then the price of bitcoin will become worthless. People will decrease the price of bitcoin so that the stealer will have no chance to spend that amount of bitcoin. However, bitcoin was developed by the genius Satoshi nakamoto so that I believe that there is no person can steal all bitcoin in the world we do not need to worry aboout that issue

Folks will just start using some other coin

Basically, the same will happen if someone grabs all the gold in the world, and everyone and his grandma quickly forget how gold looks and what it is valued for. Indeed, gold looks nice on its own, and its charm is kinda built in all of us (to a certain degree, at least), but if no one hears about gold any more for a few generations, it will likely lose all its appeal, and then the owner of all this gold will have hard time liquidating his heavy hoard of this shiny metal

[malikusama]

It will not going to effect the economy of a state or world because the bitter truth is world economy is not dependent or based on bitcoin. If this could happen then there will be sudden drop in the price of bitcoin and it may crash too because all the community will reject it and the hacker will left behind with worthless bitcoins. The bitcoin community is not dumb that someone can easily stole bitcoins and cash it where ever he/she want.

[Apes]

cant happen somebody stealing 20M bitcoin as clever as the person to steal 20M bitcoin .. satoshi nakamoto who created bitcoin just had said he would not be able to manipulate the mining numbers ...