What kind of economy will it be if bitcoin is a currency?

[Mpamaegbu]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

It would be a utopia economy, if you understand what I mean. Such a scenario can never exist because that would mean everyone would learn how to use the internet. This is highly impossible. There are old dudes or even young people who aren't Internet compliant. Also, there are some underdeveloped countries where electricity is a huge problem. Bitcoin can only remain a currency for a selected few. After all, its supply isn't even much. Just a mere 21million is really too small for the entire world if it were to be used as the only global currency.

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[readygoaw]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

Although I know it can never happen, I think that Bitcoin will be used more widely very soon. Cryptobanks will play great role then.

[Zadicar]

First of all,bitcoin would not be able to become primary currency due to its high volatile price.Even though if it gets famous in future,still it might be used as a secondary currency.In future,banks may suffer due to loss of revenue which they get from transactions.

Bitcoin would help for the progress of a nation's economy by providing new earning opportunities to unemployed people.It has already started to play an important role in countries like nigeria,venezuela where economic crisis has occurred.

This is the only thing on where I do see that bitcoin would benefit a particular country which it would really give an opportunity for those jobless people on that place where would really lessen up on the unemployment rate and as being said Bitcoin would never become a main currency and even on my dreams this thing wont really happen as long theres government they will really still be the one who rule and make such decision on their country or on their vicinity.

[KaliLinux]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

I think your question is 'if any goverment that regulate bitcoin as currency' how will be the economy looks like
Any country or government can create their own crypto currency and regulate withnin the country because they always wants to centralize the currency to rule them. Bitcoin should be like this in order transperent to everyone. It will be good if no country will ban bitcoin in future. That's enough. Fiat will be different and crypto cannot became a fiat. Decentralized will not work under any government.

[solarion]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

I think your question is 'if any goverment that regulate bitcoin as currency' how will be the economy looks like
Any country or government can create their own crypto currency and regulate withnin the country because they always wants to centralize the currency to rule them. Bitcoin should be like this in order transperent to everyone. It will be good if no country will ban bitcoin in future. That's enough. Fiat will be different and crypto cannot became a fiat. Decentralized will not work under any government.

Bitcoin cannot be controlled and regulated by anyone or even government cannot able to touch the btc economy. Already many governments tried for that no one achieved that here. If they accept the bitcoin as the legal money also regulations will not be used on btc transaction. Everything is anonymous in the blockchain ledger. So they have to accept but cannot expect the tax or anything.

[speem28]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

If you mean that bitcoin would be accepted in the economy as a currency and what effect would that have on our economy, then I think it will be an economy where we could use both the digital currency and our local currency at the same time with our own free will.  I mean, we all know that bitcoin can't replace fiat money because there are also many things that bitcoin can't do that fiat does and vice versa. So, this will be good if it will also be accepted as a currency. It will open up many opportunities to bitcoin users.

[Naoko]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

I think your question is 'if any goverment that regulate bitcoin as currency' how will be the economy looks like
Any country or government can create their own crypto currency and regulate withnin the country because they always wants to centralize the currency to rule them. Bitcoin should be like this in order transperent to everyone. It will be good if no country will ban bitcoin in future. That's enough. Fiat will be different and crypto cannot became a fiat. Decentralized will not work under any government.

Bitcoin cannot be controlled and regulated by anyone or even government cannot able to touch the btc economy. Already many governments tried for that no one achieved that here. If they accept the bitcoin as the legal money also regulations will not be used on btc transaction. Everything is anonymous in the blockchain ledger. So they have to accept but cannot expect the tax or anything.

for this reason bitcoin can't become a currency...the state won't allow anarchy

[Theb]

Isn't Bitcoin considered as a currency right now? Or what you are trying to ask is if will it have an influence overall if Bitcoin is use considerable as a currency? Than if that is the question the answer is that it will improve the economy overall of the country with new kind of money entering into a country you are actually promoting the boost of its GDP as you are giving to its citizens a bigger buying power compared to when they are not earning extra income that came from Bitcoin. And that's not the only way it helps the economy of a country grow, foreigners can also help to if a country is accepting Bitcoin as a mode of payment it is also adding a boost to a country's economy.

[futuret]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

It would be a utopia economy, if you understand what I mean. Such a scenario can never exist because that would mean everyone would learn how to use the internet. This is highly impossible. There are old dudes or even young people who aren't Internet compliant. Also, there are some underdeveloped countries where electricity is a huge problem. Bitcoin can only remain a currency for a selected few. After all, its supply isn't even much. Just a mere 21million is really too small for the entire world if it were to be used as the only global currency.

Yeah several countries are not having bitcoin and the main internet access so it is hard for them to use bitcoin and make money through it. In my country almost all the cities and local areas are having internet connection and they are enjoying fast and clear internet now, bitcoin is fine and safe currency can be easily use by all people. So it is possible to have bitcoin currency and as regular currency.

[sofi@]

Bitcoin gives equal opportunity for earnings this is one of the best feature I love about this digital currency and if bitcoin will become a legal currency I think the econony will boost because this digital currency will not limit the transactions outside different countries and because of that it would be easy to sell different commodities outside our country and so as many investors can come and be part of our market

[arpon11]

If bitcoin is use as number one currency we should expect a reset of our world economic and for a change in the way we approached money.  The world is waiting for a digital world and we should expect many changes in the nearby future. If the world embrace digital world then world's power is going to shift from old leaders to a younger class. We would be rule by software and blockchain technology.

[Hydrogen]

Imagine that fiat, gold, credit cards and electronic transactions represent Intel, the corporation known for making CPU's and microprocessors.

Bitcoin would be similar to AMD. There is an intel vs amd abstract shaping up, where free markets and their advantages over government sanctioned monopolies may be invoked. Competition between the two paradigms(bitcoin versus fiat) should drive industry innovation as well as price reduction for consumers, businesses and even governments.

What will be bad is if either bitcoin or fiat is banned. The result would give the remainder something similar to a monopoly and we all known that monopolies drive industry wide stagnation, excessive prices for consumers and other negative circumstances invoked by a centralization(fiat) versus decentralization(crypto) paradigm.

[BartS]

What do you mean. First of all Bitcoin can never become a currency . I'm talking totally about paper currency. Something whose price is not fixed or fluctuates alot cannot become a currency. Moreover the founder himself in unknown and so that might prevent it from being a currency

The fact that we do not know who is satoshi nakamoto is not a factor that is going to be important in order to determine whether people are going to adopt bitcoin or not, there are many things for which we do not know their creators and that does not stop people from using those inventions in their everyday lives, just look at the wheel no one knows who invented the wheel and yet if you drive a car you are using that invention almost everyday.

[13abyknight]

With the current situation in mind, an economy with Bitcoin as wouldn't be feasible for various reasons. The transaction fee being high and lots of unconfirmed transactions on the network indicates signs of slowing down. Carrying out micropayments would become tedious with the amount of fees being paid. If the core made enough adjustments to make everything smooth and feasible, it would be the first step into a crypto economy.

[salihno71]

It would be an economy where top 1% of the wealthy people would consist mostly of the bitcoin miners and some whales. in order to use bitcoin as a everyday currency, volatility would have to be significantly lower, fees would have to go way down and number of transactions per second would have to go from 10 to million. So not yet.

[millgates]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

The decentralized economy which also mean that no one control people's money in bank like happen today. Probably economic crisis will less happen because no country will able to manipulate bitcoin  price like they manipulate their fiat money today.

[AidenCasanova]

i've read post above and i think i have my own opinion here

imagine if we are not use USD as global currency as exchange anymore but we use cryptocurrency as global currency
USD can go home back to the USA
every nation have their own fiat money but when it come to international trade, they must use cryptocurrency
i don't tell must BTC here, maybe BTC or BCH, or something new that every nation can accept that crypto
CMIIW

[dewi91]

maybe what you mean bitcoin as a global currency.. so hard to happen because some countries banned bitcoin and some more countries not accept yet bitcoin for some reason.. I think bitcoin are legalized in the some countries it's enough to make bitcoin more popular..

[jamids]

Bitcoin may be called a cryptocurrency but it will not become the official currency use by people because if that time comes then fiat would be eliminated then. An economy run by cryptocurrency is just not right for me because the holders of a big chunk of cryptoccurrency can then rule the economy and it would be the same as what is happening now wherein the rich people have the advantages always. There would be nothing new then. The rich gets richer and the poor gets poorer.

Due to high transaction fee and problem with scaling, it would be hard for people to have transaction immediately because confirmation takes sometime but then sooner or later this problem with bitcoin would be solved. That is why there is a BIP (Bitcoin Improvement Proposal).

[batang_bitcoin]

For me it would be a good economy because it has great value and bitcoin is more convenient to use. How about you what do you think? Share your thougths.

Crypto economy  and bitcoin is already used as currency, that's how it all started the whole cryptocurrency. We are already an economy of crypto, worldwide bitcoin economy and that's how others are calling it. That will be a dream come true for every bitcoin holders out there to be in this type of economy and making it to a reality like for a city that's totally supporting bitcoin and we are going there to exchange goods or just meeting up and we'll become a bitcoin society.