Economic effects of bitcoins

[Bitcoincole]

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 ...

Well, bitcoin has a big effect to the economy of my country because the earned that came from bitcoin is directly added to the collection of money of the government. Were they benefited  taxable item that was purchase by the pro earner like me.

[benjamin11]

Bitcoin is very popular now, and a lot of people are now engaging themselves into it. Sooner or later businesses and other economic platforms will use it whether in payment, transaction, or investment. For me it will be a great progress. But also, since bitcoin is virtual, there's always a possibility of hacking. But if the industry will use it, I'm sure they will develop a strong security so it will not be vulnerable to hackers.

[Lancusters]

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 ...

Gold will always attract people. This is a rare metal and a lot of people want to differ from others. They will wear your gold jewelry for. The material shape distinguishes this metal from bitcoin. How can you steal bitcoins 20m if they will be released the 21st? It is unreal. If you want you can find any coin. I think to ever be created by the developers of cyber police who will make stealing coins is impossible.

[konco_kenthel]

I myself may only be able to give the best prayer for the future of bitcoin Because of the prospects today have shown that bitcoin is able to provide great opportunities for investors in obtaining huge profits.But if a problem arises like automatic theft will give a bit of a challenge for him to continue running the business every time.To be more careful every act.

[Carmen01]

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

[peterthegreat]

The economic effect of bitcoins on the world is one that has to do with power. The power around the world is extremely centralized right now. Bitcoin is decentralized and therefore the more people that turn their FIAT money into BTC, the more power we can take away from the ones that control our money right now. It shouldn't be a group of people controlling money it should be all of us.

[Lieldoryn]

The economic effect of bitcoins on the world is one that has to do with power. The power around the world is extremely centralized right now. Bitcoin is decentralized and therefore the more people that turn their FIAT money into BTC, the more power we can take away from the ones that control our money right now. It shouldn't be a group of people controlling money it should be all of us.

Unfortunately, this is impossible. In the bitcoin community there are a lot of different people. Everyone has their own interests. They cannot be combined by one goal. All are only interested in income. A specific example is a fork of the bitcoin in November. What prevented the miners and developers to negotiate? No, each pursues its own interests, and nobody cares what will happen to bitcoin.

[LennyKo]

I totally agree with Lieldoryn. This is a sad but true fact - the decentralized nature of bitcoin still allows for richer users to influence more. The wealthy ones buy out more bitcoins and have more voting power. So nothing hinders big players and corporations to establish their rules. Something has to change, it will change, but for now that's the sad truth.

[Bagaji]

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?

I don't think such a thing will happen since the 20 millions Bitcoin are not in the same wallet or exchange. But I believe it will be possible when you talk about thousands of Bitcoin and not as you rightly mentioned 20m above.  And if it eventually happen, they themself will loss a lot too because it cost them to hack and Bitcoin value will decline.

[sindikat]

The economic consequences of bitcoin can be enormous but we see that people can convert bitcoin into a bubble. Decentralization does not exclude joint action. There is a discussion of the miners and developers, but no one is interested in the views of users. Instead of creating conditions for the use of bitcoin as a currency it was turned into a stock exchange asset inflated by speculative capital.

[sofi@]

I don't think even a genius can hacked all bitcoin in the market because doing so will require him to get into the system of almost hundreds of wallet used world wide that's good thing about bitcoin although it can only be access thru internet still it is placed in different online wallets which I think is a good control. Witg regards to economic factor just in case bitcoin will be the main currency I think this will help the economy since no more taxes will be imposed and it will also allows transactions outside the countries

[batang_bitcoin]

It is not 100% mined yet as the total number of bitcoin's supply are 16 Million and there's more to come per halving. I don't someone genius will be able to stolen majority of the bitcoins that people are holding or that's circulating in the market. Even the burned bitcoins will not be recovered as all of them are lost forever, a very impossible thing with an open mind.

[Happy Miner]

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, the money will not disappear without a trace. Someone will spend it and in the end everything will return to the beginning.

[bitcad4u]

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, the money will not disappear without a trace. Someone will spend it and in the end everything will return to the beginning.

Bitcoin is a digital currency system and it is good to know that all online transaction process of moving are controled, from one of the best currency and it's fully support by internet so economic are not affect to Bitcoin system.

[betMaster]

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 can't underestimate bitcoin's security or how hard and complex it is to override the smart contracts that define bitcoin itself , it's transactions and it's uses . So unless that person doesn't have access to at least 51% of bitcoin's overall value , he really can't change anything or hack anything in it . And the problem isn't really if some guy hacks into it , the 1st step to the whole thing is the world accepting it and recognizing bitcoin as a official payment method which isn't likely to happen in my opinion (at least for the following 10 years ) , since there's a lot to correct and make stable in bitcoin's features especially the fluctuation . Only then governments and markets will fully accept bitcoin , and this is for holders the ultimate dream .

[khaled0111]

No one can steal all bitcoins if such thing is possible it would be done in the past. Such thing will never happen and if someone find a way to do something like that i think he will be intelligent enough to know that stealing all bitcoins is not a good thing because they will have no value: who will buy something that can be stolen at any time?B Bitcoin is based on trust, more trust means more value.

[patt0]

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?

I don't really think that would be possible at all. The only possibility for it to happen, is if someone or a group of people manage to find some king of exploit in the bitcoin code, or on the blockchain, and with so many eyes on it I really think its impossible for that to happen. Anyway, if it did happen I don't think he would be able to do anything with it. At the exact moment some exploit is found bitcoin would lose it's value, so that brilliant mind would have gotten his hands on a useless coin.

[peterthegreat]

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.

[megynacuna]

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.

[shesheboy]

No one can steal all bitcoins if such thing is possible it would be done in the past. Such thing will never happen and if someone find a way to do something like that i think he will be intelligent enough to know that stealing all bitcoins is not a good thing because they will have no value: who will buy something that can be stolen at any time?B Bitcoin is based on trust, more trust means more value.

i dont think so, bitcoin is digital currency therefore it is online so it is still prone to attacks by hackers and viruses if you are careless about using it. ive seen many reports that their bitcoins had been steal to thier actuall wallet because of phising , so i guess it can also happen to you and all of us who uses bitcoin. stealling bitcoins is a good thing for them because they can sell them to earn a profit effortlessly.