Bitcoin is the New Economy, we are only at the very beginning

[jennygamilo]

so we can not call that bitcoin is a new economy because not all people use bitcoin and yet even say that many people know the technology we can not even eliminate with people who do not know how to use this, another bitcoin can not run a whole country because no dollar is available from abroad and the dollar needs yoon because the world market accepts just an opinion

[Falmera]

The Cryptographic Winds of Change
by Bharath Rao

A little over a hundred years ago, the claim that a metal tube with stationary wings could fly halfway around the world would have been called a fraud by many. Yet the Wright brothers took the first step to make this seemingly impossible idea a reality.

Several weeks ago, Jamie Dimon made a big splash and ruffled some feathers by pronouncing Bitcoin “a fraud.” The reality, however, is that Bitcoin has an immense value proposition: Indeed, cryptocurrency will revolutionize the world order as much as, if not more than, air travel did nearly a century ago.

There are a number of passionate opinions on the cryptocurrency ecosystem. Bitcoin in particular has been dismissed as a fraud and a Ponzi scheme, while at the same time lauded as the greatest financial invention in the last century. Its past association with dark markets and the high volatility of the exchange rates intrigues and mystifies the general public as to the nature and possibilities of cryptocurrencies, as well as the risks.

While Bitcoin’s value has been volatile, in general it has risen steadily. Bitcoin old timers know that there are a lot of people who hold most of their wealth strictly in crypto. When there is weakness in price, they look at it as an opportunity to convert more of their holdings away from fiat.

The legacy market participants struggle to understand why this is so. What gives confidence to bitcoin holders to ride out a 70% down move without breaking a sweat? Why do most people in crypto prefer to invest in the wild west of ICOs instead of the regulated stable legacy markets?

The answer is simply that the crypto-economy has a far greater value proposition than any legacy market. The ability of a third party to delay, censor, or monitor your transactions is a risk, and removal of any risk is an automatic increase in confidence. Risk is also a form of cost and the crypto ecosystem by that definition is always cheaper, safer, and more efficient.

Anyone who understands this value proposition understands the value differential between the legacy and crypto ecosystem is not just large, but precipitously large, which results in an unprecedented economic pressure that will rapidly move capital from legacy systems to cryptosystem. For now, this is slowed by the rather cumbersome UX of using crypto. Once that’s addressed, the dam will break.

Builders of economic systems in crypto have been the winners since 2009 in fortune and their stature among their peers. The early adopters of this new economy will continue to reap rich rewards as it further develops and matures.

http://paymentsjournal.com/cryptographic-winds-change/

It will be possible when all people around the globe is using bitcoin as a currency. Though the other countries have an advance technology today but there are still countries left behind. One example is the internet. Accept it or not, there are still places which does not have a signal for internet. While in some advance countries they have free internet the others do not have and find it hard for a slow internet connections.

[pyosar]

I also think that people simply can not understand new technologies until they are applied in everyday life. All the new technologies caused ridicule of the majority of people, but now we use all these technologies, and those who laughed behind the times.

[Roomshambles]

of course bitcoin is a new economy that will be increasingly used in the future. hence from that we know bitcoin first about bitcoin very benefited because already know how the bitcoin work.

[Anait]

Bitcoin is entirely new from the traditional system that we're following right now. When the cryptocurrency is used around, slowly we can experience good through it in terms of profiting.

[Rath_]

I also think that people simply can not understand new technologies until they are applied in everyday life. All the new technologies caused ridicule of the majority of people, but now we use all these technologies, and those who laughed behind the times.

Not really. The Internet and smartphones are a good example. Many (elderly) people don't understand how to use these two things even though it's considered as basic knowledge these days. Some people don't understand banking and despite that, they are still using banks. The same thing will be with Bitcoin. There will be people who will use its full potential but there will also be people expecting a working product which would have to work without any problems and any issue would be Bitcoin's fault, not theirs.

[ValerieBTC]

I also think that people simply can not understand new technologies until they are applied in everyday life. All the new technologies caused ridicule of the majority of people, but now we use all these technologies, and those who laughed behind the times.

For this best option and best practice is to get hands on that thing. Plus, first learn better what these things are and what are they for. Because we have seen such huge accidents and miseries that happened just because people adopt new technologies and they were totally unaware of their importance and use. So that is just goodwill that people are trending towards technology.

[wahyu wida]

I also think that people simply can not understand new technologies until they are applied in everyday life. All the new technologies caused ridicule of the majority of people, but now we use all these technologies, and those who laughed behind the times.

Not really. The Internet and smartphones are a good example. Many (elderly) people don't understand how to use these two things even though it's considered as basic knowledge these days. Some people don't understand banking and despite that, they are still using banks. The same thing will be with Bitcoin. There will be people who will use its full potential but there will also be people expecting a working product which would have to work without any problems and any issue would be Bitcoin's fault, not theirs.

i think even though it is old people can learn even slowly. and use on the core only, over time must also be familiar. we know many people with age above 50 years, active using social media.

[gambitcoin53]

When we say economy there is a producer who produced the goods or stuff and consumer that consumed it.  In bitcoin it could not be called as an economy because we only consumed no one could produced. There is only an exchange of rate, selling and buying. We can used bitcoin in reloading, paying our bills and other.

really? and what can you say about mining? well, it is true that bitcoin is not yet considered as the new economic vehicle that will soon be commercialized, not yet, but there will come a time that this dilemma will come to reality, from the year bitcoin has started up to present, we can see that it came a long way in regards to being just a digital currency, and the struggles from being banned versus being adapted is exponentially being diversified and developed. and the future is clear that bitcoin will continue to improve and adapted to major financial transactions.

[Bountyl]

yes, a new economy, but great regret, the great powers do not think so and do not take the laws necessary for this. There will not be a single revolution for bitcoin until it is recognized in the world literally by all.

[Ranly123]

yes, a new economy, but great regret, the great powers do not think so and do not take the laws necessary for this. There will not be a single revolution for bitcoin until it is recognized in the world literally by all.

I think you got it wrong, Bitcoin s better off without the power of the authority. Being anonymous in our transactions makes Bitcoin a unique way of payment with a volatility in which risk is hard to get by. What's more interesting is, even without the support of the government Bitcoin still exist and made an ATH that gold did not have.

[squog]

That is very optimistic but not far from the truth. Yes Bitcoin and crypto currency is a new way to exchange for goods and services. But to say that it is the new economy and saying it will replace Fiat is absurd. Fiat has been with since the dawn of time. Taking it down will take millennias to be done. I just hope crypto and fiat will play nice.

[weblouartisan]

so we can not call that bitcoin is a new economy because not all people use bitcoin and yet even say that many people know the technology we can not even eliminate with people who do not know how to use this, another bitcoin can not run a whole country because no dollar is available from abroad and the dollar needs yoon because the world market accepts just an opinion

Yes bitcoins is the new economy, government can use cryptocurrency to improve their own economy by creating mining hardwares and allowing their own people to use cryptocurrency just like what japan is doing right now.

[PIR]

We may not predict what is  coming in the future of bitcoin it may  or may not be the world currency but one things is sure... these cryptocurrency will take us somewhere that is beyond our human comprehension  as far as new technology is concern and it slowly taking us there without even realizing it.

[kive2k]

I also think, and often write about it. I'm sure that the future is behind bitcoin and crypto currency in general, and now we are seeing a certain transition period.

[yoseph]

That is very optimistic but not far from the truth. Yes Bitcoin and crypto currency is a new way to exchange for goods and services. But to say that it is the new economy and saying it will replace Fiat is absurd. Fiat has been with since the dawn of time. Taking it down will take millennias to be done. I just hope crypto and fiat will play nice.

OP clearly doesn't understand the concept of an economy because if what he said is true, then Gold would have an economy of it's own a long time ago.Bitcoin will forever remain a market and the high number of people who uses it will not change that fact.

[smartemo]

it is actually a flatform about transaction which would be buy any kind of product by bitcoin.it is a good theme to utilize money how to lead and purchase.but it is not worth it.many years ago gold was a flatform to purchase product.then it is now paper like money.thats why this will not be gonna happen.

[V. J. Meyer]

We may not predict what is  coming in the future of bitcoin it may  or may not be the world currency but one things is sure... these cryptocurrency will take us somewhere that is beyond our human comprehension  as far as new technology is concern and it slowly taking us there without even realizing it.

The real cryptocurrency market has opened up many opportunities for many investors as well as the world financial market. The strong development of the cryptocurrency market shows that this is indeed the new trend of the world and it will grow strongly in the future.

[katerinaliisa]

I completely agree that there is a future for Bitcoin and crypto-currencies. This process will proceed gradually. Only time is needed.

[Gramna]

Personally, I don't think that Bitcoin is the new economy, it is an technological innovation that has started to change a lot in the world economy but then I don't think it is right to call it an economy. I think it is better if we just call it the Era of Bitcoin, where in Bitcoin has a great influence on the changes that happened, and these changes are all for the better. With the we are only at the beginning part, I definitely agree with that, we are on the early stages, where in not everyone knows and truly understands what Bitcoin is, its purpose, how it works and how it can change lives. So spreading the word, being a great example and teachers about it would be a great help not just to the crypto currency industry but to the world.