Economic effects of bitcoins

[Razick]

The economic effect of Bitcoin will be one of decentralization. Everything is centralized nowadays when it comes to systems that the current economy uses to transact in. Commerce is controlled right now, but Bitcoin is borderless and has no owners so this gives people the power as the current financial system is doomed and everyone is moving into crypto where BTC reigns supreme.

Exactly, decentralization is one major economic effect that bitcoin users can adopt in their respective lives because that has gotten the governments and the central banks hooked because they can't control and regulate how money inflows should be which has always favoured them against the citizenry.

Do you think Bitcoin will always stay decentralized? There are plenty of things that were decentralized in history and became centralized out of almost sheer necessity. Anyway, some banks are getting into crypto and blockchain technology at this very moment, including mine.

[Agostosmori]

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.

Rollback will certainly be out out of the question, as BTC value are based on the demand of the folks that use it, but if something like this happened BTC will certainly crash because no one would trust the technology anymore, thus the hacker/s will not gain anything of value than piss a lot of people.

[Seansky]

Exactly, decentralization is one major economic effect that bitcoin users can adopt in their respective lives because that has gotten the governments and the central banks hooked because they can't control and regulate how money inflows should be which has always favoured them against the citizenry.

Because of decentralization, some governments want to not legalize bitcoin which is hindering cryptos from aiding in economical state of a country but it is also the factor that will cause a devastating effect for the common good. By using bitcoin and cryptocurrencies, citizens who don't bring physical money as well as merchants doesn't need middlemen(which is commonly credit card) in order to get in a successful transaction.

[Razick]

Exactly, decentralization is one major economic effect that bitcoin users can adopt in their respective lives because that has gotten the governments and the central banks hooked because they can't control and regulate how money inflows should be which has always favoured them against the citizenry.

Because of decentralization, some governments want to not legalize bitcoin which is hindering cryptos from aiding in economical state of a country but it is also the factor that will cause a devastating effect for the common good. By using bitcoin and cryptocurrencies, citizens who don't bring physical money as well as merchants doesn't need middlemen(which is commonly credit card) in order to get in a successful transaction.

Governments also need a way to track and trace spending, which cryptocurrency makes impossible to do. Bitcoin itself is only pseudo-anonymous - good enough right now as resources are not available to track everyone, but in the future only currencies such as Monero will be guaranteed safe from such tracking.

[shalnark]

Exactly, decentralization is one major economic effect that bitcoin users can adopt in their respective lives because that has gotten the governments and the central banks hooked because they can't control and regulate how money inflows should be which has always favoured them against the citizenry.

Because of decentralization, some governments want to not legalize bitcoin which is hindering cryptos from aiding in economical state of a country but it is also the factor that will cause a devastating effect for the common good. By using bitcoin and cryptocurrencies, citizens who don't bring physical money as well as merchants doesn't need middlemen(which is commonly credit card) in order to get in a successful transaction.

I agree decentralization of bitcoin has good enough reason to failed tracking the bitcoin in our community by the government. For now bitcoin have good effect to our economy because thru help of this program more jobless people were found a work. Status of some average peoples are incredibly increasing because of crypto currency.

[tbterryboy]

Bitcoin give us extra income here so in economics they give our country to become rich its also good for transaction and to save our moneh here in hard wallet i think bitcoin is need by any person in any country because this give us much conveniece for our good work here and to have many ideas to earn

For sure there is an impact and a hard influence for bitcoin on the economy of a country. When one community is assessed, the individuals living in there are responsible for the least results of that community. So as when you talk about bitcoin, it has given so much chances to everyone to work and earn. Like, for all idles there are jobs if they want to do. So it have impact.

[sinta23]

Exactly, decentralization is one major economic effect that bitcoin users can adopt in their respective lives because that has gotten the governments and the central banks hooked because they can't control and regulate how money inflows should be which has always favoured them against the citizenry.

Because of decentralization, some governments want to not legalize bitcoin which is hindering cryptos from aiding in economical state of a country but it is also the factor that will cause a devastating effect for the common good. By using bitcoin and cryptocurrencies, citizens who don't bring physical money as well as merchants doesn't need middlemen(which is commonly credit card) in order to get in a successful transaction.

I agree decentralization of bitcoin has good enough reason to failed tracking the bitcoin in our community by the government. For now bitcoin have good effect to our economy because thru help of this program more jobless people were found a work. Status of some average peoples are incredibly increasing because of crypto currency.

the effects of the bitcoin of the economy today are still good, but we also do not know in the future how the development of bitcoin. because the government has also been in action to track bitcoin users as well, maybe when it is traced, then the government will not legalize bitcoin or otherwise we never know.

[mifanmuzny]

Economy is blooming with bitcoins implemented for the infrastructure system

[fianaindriati]

Bitcoin give us extra income here so in economics they give our country to become rich its also good for transaction and to save our moneh here in hard wallet i think bitcoin is need by any person in any country because this give us much conveniece for our good work here and to have many ideas to earn

For sure there is an impact and a hard influence for bitcoin on the economy of a country. When one community is assessed, the individuals living in there are responsible for the least results of that community. So as when you talk about bitcoin, it has given so much chances to everyone to work and earn. Like, for all idles there are jobs if they want to do. So it have impact.

as far as I know every thing we do must have risks or impact. because in doing something that makes us successful it must be a hitch, so we tested like that we also have to be strong in living it.
such as bitcoin that has been running but still there are continuing problems faced.

[carlisle1]

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 what would be problem?that stolen bitcoin will remain in circulation..its a problem of that site theyre bitcoin has stolen.but the community will continue living and growing.youre the one who mentioned that bitcoin is internet.so it will remain in internet,just like a bank being robbered.only the bank and partly depositors will be affected,but not all the banks and specially not all the people

[Ronaldcoin2017]

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 what would be problem?that stolen bitcoin will remain in circulation..its a problem of that site theyre bitcoin has stolen.but the community will continue living and growing.youre the one who mentioned that bitcoin is internet.so it will remain in internet,just like a bank being robbered.only the bank and partly depositors will be affected,but not all the banks and specially not all the people

Well i agree on that i believe that bitcoin is no negative effect to the economy and maybe it well only affect to the bank .I beleive that bitcoin can really make a huge income and it is really helpful to the people that need an extra income and i believe because of that simple way of gaining money the economy will get rise up high no doubtbon it .

[el kaka22]

The economic effect of Bitcoin will be one of decentralization. Everything is centralized nowadays when it comes to systems that the current economy uses to transact in. Commerce is controlled right now, but Bitcoin is borderless and has no owners so this gives people the power as the current financial system is doomed and everyone is moving into crypto where BTC reigns supreme.

Exactly, decentralization is one major economic effect that bitcoin users can adopt in their respective lives because that has gotten the governments and the central banks hooked because they can't control and regulate how money inflows should be which has always favoured them against the citizenry.

Do you think Bitcoin will always stay decentralized? There are plenty of things that were decentralized in history and became centralized out of almost sheer necessity. Anyway, some banks are getting into crypto and blockchain technology at this very moment, including mine.

This is one reason why there would always be a fork in situations like this, so bitcoin staying decentralized or not is not even an issue to debate, cause I believe it will and even if there is a necessity for that, most users and some devs will not agree which would obviously lead to chain split and then we end up seeing which eventually wins.

It is not like we do not have centralized cryptocurrency for now; after all, XRP and USDT are some good examples. So, worst that would happen is the government of any country creating their own centralized cryptocurrency.

[LyQaN]

whole world accepting bitcoin is great for cryptocurrencies, but as you say all of them are mined and stolen by one person,then ultimately bitcoin is going to get crash,because no one will be there to exchange it or buy it or sell it ,simply because a news like its being stolen and is not secured will spread and no one will be ready to buy it ,and even no one gonna accept it too,so having so much coins also will left the genious with nothing

[KaliLinux]

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 impossible to stole 20M bitcoins. If so he will not be a genius may be a man to destroy its value.
The effects on the economy is totally depends on the specific government that legalize bitcoin which will leads to new adoptions across the new peoples to bitcoin.
I dont think so the government will ecourage this anymore as long as the Banks gets impacted.

Who knows That genius may be in this thread to get a better idea. LOL

[waynechong1995]

What's your context about stealing? do you mean the genius in mined away all the coins ? I think it wouldn't be possible technically as the blockchain network is built upon blocks and hacking would requires some super-alien computer power to resolve the everything. Btw it's stupid and what's the point to own the entire supply as nobody could buy or sell anymore, the biggest threat is of course somebody that have access into exchange's owner wallets and transacted all of them to their address, if that's so nobody can recover and it's just a total lost.

[Ctn]

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?

Nothing that genius will be caught in seconds of matter because bitcoin still stays on the internet and he can be tracked down from the addresses that he use. I mean the whole world will watch the transaction being transferred from the hacked server to one wallet or whatever he might be using at the time of hack.


Thats the first thing where he will be getting billions of eye witnesses, (LOLZ) and then where he will put that much of money? Probably he might start transferring the money to fiat and send the money to bank? So there we are we can watch that wallet and track down the person with KYC docs that he provided to the wallet.


IF the wallet is anonymous then we can track down the bank and obviously bank will cease the money as whole world watch the money flow into them. Done your hacker is hacks now!


Not that easy pal!

[kodtycoon]

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 economic effect of bitcoin is very good, because unconsciously bitcoin can improve the economy of a country. It shows that bitcoin has a positive impact on the economy. As long as we are still in the internet world, then the hack will always exist. You need to anticipate it before it happens to you.

[h4yfans]

Bitcoin supply is limited and therefore the price will go higher.

[aencarnaci]

Economy is blooming with bitcoins implemented for the infrastructure system

Bitcoin has undoubtedly very positive effects on the economy of a country. There are many developed countries whose economy is getting better just because their people are highly involved with bitcoin. Bitcoin has also played significant role in changing the lifestyles of people in a better way and the prosperity of citizens is ultimately the prosperity of the country.

[wuvdoll]

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.

Rollback will certainly be out out of the question, as BTC value are based on the demand of the folks that use it, but if something like this happened BTC will certainly crash because no one would trust the technology anymore, thus the hacker/s will not gain anything of value than piss a lot of people.

The worst a hacker would do is to crack your wallet and that is if you leave it vulnerable. Shits happen, no doubt and you are in control of your wallet except if you are using a centralized exchange which we all should know by now that you should not do if you want to be in charge of your money.

Anything that has to do with online or offline required the individual to understand how to level up security and stay safe in case of invaders, so, it is absolutely in everyone's hands.