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

[Jabiii]

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.

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[DaMut]

to be honest your question a bit too hard to understand because there're no 'kind of economy'.
all that we know is what will happen with our global economy if Bitcoin can be use or replace as a main currency aka Fiat globally?
well if we're talking about main currency i am very skeptical about it because if we're looking at its total supply,
plus at the same time people who is using it in their real life,does not that mean satoshi can rule the world with it ?
Bitcoin is good as a digital curreny and i believe it will never can be a main currency or even replace our currency.
it will only bring us a crisis for future.
Bitcoin has a 'great' value just like you said,but it does not mean it'll be good for us.
for example look at 'GOLD',it has a 'great' value but can you use it as a currency ? of course not because it's not suitable.

in brief,
Bitcoin will only be a digital currency that help people to do something,
it will never can be a fiat because we need to think about its physical form,total supply and many others.
crisis will happen if we're forcing it and replacing our own fiat with it because some people hold a lot of Bitcoins in their pocket.

[ReLieD]

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

[sorrysteve1]

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

You hinted on one and probably the biggest difficult bitcoin will face in being an adopted currency, it is not fixed in price, just today we've seen steam stop accepting bitcoin for exactly that reason, a good currency needs to have a stable price.

[bosede1]

I smiled when I gazed at the word convenient in your comment. Many related question has been posted about bitcoin being a currency and the issue still clings on the fact of its volatility. Can't really say the kind of Economy because I didn't see it forthcoming

[aardvark15]

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 cryptocurrencies become more mainstream and easier to use and safe, we are going to see people using cryptocurrencies instead of banks to store their money. Not everyone will do this, but it will have an impact on the banking industry. Banks will have to evolve to keep up and of course some will go out of business.

Another thing that’s going to happen is that businesses will begin to used cryptocurrencies as a method of payment. This will impact the credit card industry which is also the big banks.

We will see other impacts in the way we send money and information around the world. There will be impacts in ways that we haven’t thought of yet.

[stompix]

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

Lol, yeah.

What was the fixed value of this?
https://en.wikipedia.org/wiki/Denarius ?

How is the price of the usd fixed?


Oh , maybe it is fixed against gas or other commodities:



But I know my wage is fixed in $ (euros in my case).



Having really a hard time on this..
What is fixed in the value of the USD?

[Kingofbitcoin12345]

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.

Yup,, hoping the same. But if this happen it will cost our decentralized and unregulated bitcoin to a government controlled and a highly centralized cryptocurrency.. Are we ready for it,, me or all of us for sure will not find it interesting.. I don’t look bitcoin as an asset alone,, I also look at it as a currency because I’m using it directly to buy anything I want but it can’t handle our full society because it is limited and that’s the problem..

[ToyotaFortuner]

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.

yes you are very right, bitcoin is a very good and very safe digital currency, and it is not easy to break the bitcoin, if bitcoin is used in everyday life for legitimate payment means bitcoin will affect the world economy.

[jiamileshuai]

If bitcoin currency can help people to make their jobs is easier, I personally assume that it is good to use bitcoin as a legal currency in many countries or wide world. If we see the system of bitcoin now, I believe it will much positive effects for human. Since each user can access to their account and do transaction by their self, no need other hands. In other side, it is also provides low price of tax or even nothing. People just need internet connection to access their personal accounts.

[poodle63]

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.

Currency from what? It can be called as the digital financial economic. But it might not become a part from the economic itself. This time bitcoin still considered as the commodity rather than a currency.
But a lot of people are not understand about what are you saying mate.

[BartS]

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.

A world where bitcoin was the main currency will be very different at this moment there is not a culture of saving your income, with a currency with bitcoin that grows more scarce people are going to keep their bitcoin so we are going to see a world where there is less consumerism and things are made to last the same way things were in the past and in my opinion that will be good for us and the planet.

[kaya11]

in brief,
Bitcoin will only be a digital currency that help people to do something,
it will never can be a fiat because we need to think about its physical form,total supply and many others.
crisis will happen if we're forcing it and replacing our own fiat with it because some people hold a lot of Bitcoins in their pocket.

Digital currency is a nice thing, maybe in the future, a global currency will exist based on Blockchain that will go mainstream and all fiat will not be needed anymore. We are at the pace of innovation and many things and technology will be invented in later years. The world will be different in a digital way where physical form will not be needed anymore. As to the total supply, maybe the world will agree on dividing the the total supply based on the countries wealth. It'll be hard but who knows, maybe in the future all leaders will come to a point where there will be no more wars. It's just an opinion and purely speculations.

[Nhebu]

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 what you are trying to say is the economic system or model. If bitcoin will implement in the world. For sure, capitalism will be the best economic model in bitcoin. Since it is decentralized, private ownership will suit in order for the economy to grow up. It is good to integrate bitcoin in purchasing items or transacting someone. Bitcoin ease everything.

[ladydark]

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.

[Murloc]

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.

Currency from what? It can be called as the digital financial economic. But it might not become a part from the economic itself. This time bitcoin still considered as the commodity rather than a currency.
But a lot of people are not understand about what are you saying mate.

It is a bit wrong to describe it only as a "digital financial economic". If BTC will be used as a main currency (ofc not at its current condition) then it is important to point out the deflation in the economy. Simply because the population is growing or people are loosing their coins somewhere. I belive that some pro economists can give a big and full description to it.

[warrior333]

Bitcoin can not become the main currency because its circulation is impossible to regulate. Inflation is the mechanism used by the government to the expense of citizens to revive the economy. How this can be done using bitcoins? Bitcoin will always be in the shadow of Fiat, but it would be a significant damper in the event of emergency situations in the economy.

[ss890]

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 have been not so settled economy because of one most important character of the bitcoin, decentralisation.

I mean this is the thing which is keeping bitcoin ATH by attracting more investors into it and they can operate it the way they want. Billionaires are manipulating the market and even on top of this we saw how china behaved in early days. So I believe that it could have been very very unstable market to be used as currency in the real time. Lots of conflict in the trisection could have been their which we see it today also even though it is being used as investment asset only. If it would have currency then it could have never tolerated the instability and thus everything could have been little messy in terms of economic conditions, all the ups and down.

[Sir Cross]

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 cryptocurrencies become more mainstream and easier to use and safe, we are going to see people using cryptocurrencies instead of banks to store their money. Not everyone will do this, but it will have an impact on the banking industry. Banks will have to evolve to keep up and of course some will go out of business.

Another thing that’s going to happen is that businesses will begin to used cryptocurrencies as a method of payment. This will impact the credit card industry which is also the big banks.

We will see other impacts in the way we send money and information around the world. There will be impacts in ways that we haven’t thought of yet.

I imagine the world to be very technologically advanced by the time bitcoin is totally adopted. I guess an impact it would have would be that it may hurt the small enterprises and industries, unless a way were to developed for those to accept bitcoin as a payment system. Just imagine street vendors having to accept bitcoin. It's either their businesses get killed or they survive by adopting.

[Coffee135]

The economy is no. All businesses evolve at the expense of loans. How do you imagine the venture will take out a loan in bitcoins. It is better to close the plant. The economy cannot survive without manual control. Periodically various branches require support. As the government will do if they don't control the number of coins in the economy. This will never happen. It is a utopia.