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Author Topic: What kind of economy will it be if bitcoin is a currency?  (Read 411 times)
bitcoinerjawa
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December 14, 2017, 03:49:30 AM
 #41

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 economy will become very easy and retailers will benefit if applying payments using bitcoin, better security because bitcoin is a very transparent currency.
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December 14, 2017, 05:05:21 AM
 #42

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

maybe I agree with this. we have our own currency for every country. but like what AidenCasanova said, if we want to go to another country then we can use cryptocurrency and if we want to spend the coins, we need to exchange to local currency. I think in the future, if cryptocurrency is approved, then there will be the adjustment from cryptocurrency that will be stable as a currency from cryptocurrency to local currency. maybe we need a coin that will be a bridge between cryptocurrency and local currency so we don't have any problem to exchange.

Quietman
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December 14, 2017, 05:28:58 AM
 #43

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..

Maybe it will be possible if the price of bitcoin is already stable. No one would want to spend their money with unstable value. Bitcoin is good for investment. It is profitable. But I dont see it as currency but maybe in the future.
red123
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December 14, 2017, 05:33:43 AM
 #44

It will be hard because bitcoin can compete with fiat. And it can be very hard to people, who don't use crypto
iram1011
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December 14, 2017, 05:47:23 AM
 #45

Bitcoin can't sustain an economy because of it's high volatility. A highly volatile currency is not apt for running businesses or attracting foreign investments. Bitcoin has inbuilt deflation and hence due to limited supply, it hardly gonna get rid of volatility. Moreover, some few are controlling the maximum supply. This is again bad for global economy and governments and banks can't let those few dictate the market. Thus, a Bitcoin as an only global currency is not viable or far from possible.
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December 14, 2017, 05:53:13 AM
 #46

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.
We will have a slower economy when bitcoin will be a currency of a country or worldwide.bitcoin is a good investment but not a good currency now as bitcoin still have many weaknesses. the FEE of transfer is at high cost, the transaction per seconds is very minimal and can only accommodate just 4 every bit.

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December 14, 2017, 05:55:31 AM
 #47

Bitcoin is already a currency then why you asking like that?

Bitcoin is a virtual currency so there is no physical structure for it but still we can use it if bitcoin was accepted as a payment but noe bitcoin is still in early stage soon bitcoin will be accepted as a payment everywhere.But we can use bitcoin everywhere because the value might be very high in the future so we can use it for paying $1 or $2 if you do then transaction fee was more than your purchase.So that's where other crypto currency where come into play.
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December 14, 2017, 06:07:25 AM
 #48

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


Bitcoin is a virtual currency which can be used anyone from any part of the world without a third party involvement for sending and receiving bitcoins, as you have said the price of bitcoins keeps on fluctuating as there is demand for the bitcoin and blockchain technology and more user's are entering the bitcoin network which makes the prices to go even higher, these bitcoins are backed by fiat currencies and I don't think that  there is no need for the founder to come to the light for the bitcoin technology to be considered as a currency, it all depends on the government or the central banking system to consider this technology for the overall development of  the country this bitcoin technology should be implemented all over the world.

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December 14, 2017, 06:16:54 AM
 #49

A world where bitcoin was the main currency will be altogether different right now there isn't a culture of sparing your wage, with a cash with bitcoin that develops all the more rare individuals will keep their bitcoin so we will see a world where there is less consumerism and things are made to last a similar way things were previously and as I would see it that will be beneficial for us and the planet
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December 14, 2017, 06:18:25 AM
 #50

It will be nice.
There is always an advantages and disadvantages.
Advantages for the people who live in the Cities, well developed places. It will be easy and convenient for them.
Disadvantages for the people who live in simple place. It will be hard and more effort to do.
All will be fine in the long run if everybody agrees.

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December 14, 2017, 07:02:06 AM
 #51

I think bitcoin can not be used as a world currency because the price is very fluctuating, and I'm sure there will be a lot of positive effects for users because only with internet connection they can do transaction by itself.
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December 17, 2017, 03:52:18 PM
 #52

Well I think it is a good economy because based on my observation many people have been change their live from rags  to riches because of bitcoin and if you come to think of it if all of us is accessible on it will become a great world because no one will ever suffer the poverty because they have now money that comes from bitcoin that are very useful on their daily lives. Bitcoin is great in a economy because many change their lives because of bitcoin.

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December 17, 2017, 10:22:12 PM
 #53

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.
Bitcoin cannot reach everyone because as we know it has limitations but at the same time it is going to reach a lot more people than most currencies of the world since it does not have frontiers, I will not be surprised if bitcoin became a giant among currencies that will be accepted almost anywhere in a situation similar to what happens to the US dollar.

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