Will bitcoin effect the current economy system?

[seroja17]

virtual currency such as Bitcoin could pose a risk to financial stability in the UK if adopted on a wide scale. This warning is presented in a report on potential economic issues, arising from the spread of digital currency.Bitcoin is essentially no risk because the scheme of its use is still small. But according to the Bank of England, it can change if Bitcoin grows significantly.
"The Bank continues to monitor the digital currency and the risks incurred.If some people make transactions exclusively using digital currency, then the ability of the Bank to influence the needs of this group can be disrupted

[shezu007]

 I think bitcoin will make the current economy system crash, and will give a new economy system to the user. because bitcoin is a totally changed business from the current economy system, bitcoin provide very good facilities to users that can not before provided by the current system to the user; like easy transfer of the coin all over the world and high security of every user not special user only.

[Kate Beckett]

It already does. Bitcoin became the most popular currency in the world. Many countries need to decide right now what to do with Bitcoin - ban it or allow it. They have to find an optimal way to save their control to the economy. Bitcoin also helps to erase unemployment. I think it is good to the economy systems.

[Greenkarki]

Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources.

Here what does bitcoin effect? The backbone for every move here is money. If bitcoin is considered or used as a replacement of local currency into economy system, obviously everyone is going to be benefited. It has already prooved every business man and nomral bitcoin users. And this is the reason, a new crypto currency is created launching a new project and service almost everyday. Since new altcoins (crypto currencies) gain values reaching and benefiting every citizens of any countries, the respected coin value increases. The eco system itself would become strong and empowered with  many wealthy persons investing and trading the goods around. The motivation behind creating the crypto currency bitcoin, would have been to have growth in current economy.

[sandarajasmine]

Lot of people are talking about the economic effects of bitcoin, but they forget that the main impact will be at political level:
it the system really become decentralized, a lot of institutions will become obsolete; this change will start a revolution so big that nobody can really predict its consequences.

In order to make financial institutions and the government with its on debt based system obsolete, we need the average joes to cooperate when it comes to initiating a revolution. It's the mass that can make the real difference here, and as long as this mass keeps allowing the government to dictate their life and treat them as a cash cow by having them pay tax endlessly over the same amount of money, nothing will change. Great first step for people is to stop being so fiat centric. Another important step is that people should understand and appreciate how much financial freedom Bitcoin offers to the outside world. At this point in time, the extreme majority of the digital payments we conduct, and value we store in a digital manner, require approval of centralized entities being the banks, MasterCard, Visa, PayPal, Skrill, etc. We need to cut these greedy and obsolete services out entirely. Bitcoin allows you to do exactly that.

Totally correct, bitcoin and block chain offers services where we do not need third party, like we do in banking system. With that we would not have to pay some taxes fees, and we could save that money for something else.

It will take time before people fully understand what bitcoin is and how it benefits us all. That is all part of that revolution you guys speak of. Revolution begun when bitcoin joined this world, and it is up to all of us to support it if we want to see it survive. Some people (like people in those institutions that will become obsolete) will fight and will do almost anything to see bitcoin fails, because it is not in their interest to have something they can not control. As long as people support bitcoin and use it, it will survive and will continue its path of changing the world.

Awesome! Thank you, I have gained more knowledge from you guys.

[DaftAjax]

Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?

For now, I think it won't. Since we are still using the physical currency, and not to mention it is still relevant. Although we are already engaging in the digital method even before Bitcoin. But since Bitcoin is decentralized, the digital currency have gone through a revolutionary.

Many things have change instantly when the cryptocurrency popped out, and change the digital world in an immersive way. Even larger transactions are being processed, and on top of that, many people and businesses are currently being familiarized and accepts Bitcoin as their medium.

With all of that, still its not enough to aid the a county overall, we need to adapt it fully and utilized to its optimized potential in order for it to be of help to any country.

[Strongball]

Yes I believe it will or it already has. The issue governments have with it is relative proof
that it is working it's magic. With it's decentralized structure and anonymity feature, it
garnered people's support thus raising concerns to governments who has no direct control
over it. But governments are surely noticing this and soon that interference and intervention
we all predicted will happen and that will determine the severity of bitcoin's effect. Anything
that involves money on a bigger scale of market will always affect the economy and with
the government as well.

[mrcash02]

Yes I believe it will or it already has. The issue governments have with it is relative proof
that it is working it's magic. With it's decentralized structure and anonymity feature, it
garnered people's support thus raising concerns to governments who has no direct control
over it. But governments are surely noticing this and soon that interference and intervention
we all predicted will happen and that will determine the severity of bitcoin's effect. Anything
that involves money on a bigger scale of market will always affect the economy and with
the government as well.

I would say it's already happening, yes. Some people were looking for a new way to make deals, and then Bitcoin attended to their needs, with its features. Then, more people started having interest on it, increasing the demand, consequently increasing the price, turning Bitcoin into a very profitable investment, boosted by the fact more developers created their own projects based on Bitcoin's technology.

It generated a big impact on individual's economies at first point (not the country). But what is the country than a lot of individuals? If the citizen's economy is doing well, the country's economy is doing well. But for some reason the governments aren't happy... Maybe because now they occupy a secondary role in the history? Maybe because when the individual becomes stronger, the statal machine loses power?

So surely many governments will try to stop Bitcoin or decrease its strength. The Crypto's enthusiasts just need to be prepared to make their wishes be heared when the time comes...

[avoroch]

Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?

I dont beleave that bitcoin will change payment sistem. But USDT or others alternatives of real money may be will change it

[Dragon5]

It probably will, but governments are still reluctant to give it a go. And who is willing to challenge lawless government regulators? They will oppose everything that reduces their power. The political risks of resistance can outweigh the potential rewards.

[ladydark]

Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?

Yes it would affect the country's economy in two ways.First it would help improve the standard of living of more people.By this way,it would lead to economic progress of the country.

Other way more people who are tax evaders would easily use bitcoin for such purpose.

[xaviervilla]

Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?

to be honest op, i really do not think that a lot of people nowadays are using bitcoins as a cashless method to buy things. most of the people who have bitcoins only use this currency as a form of asset. an investment and an investment tool to be used to make investment in other coins or tokens out there that are currently present.

so now, will bitcoins and crypto currencies really affect any country's economy?
well, i absolutely think it will. in fact, it already does. although it isn't that big yet for us to notice it easier, it really is affecting our economies. this is because a lot of people are using bitcoins already, and some of these people are already having thousands if not millions of profits. this is why i think crypto currencies really do affect our economies.

[wewe123]

As of now that not all are familiar with bitcoin it has less effect to the economy system, but from time to time when people are familiar with bitcoin and each family members patronize the bitcoin currency then it will effect the economy of certain country.

[Darknight31]

I would agree that bitcoin has an effect to the current economy system in a certain country where it can give
great opportunities to earn income especially for the unemployed people. If the government will have full support to bitcoin, it could surely lessen the poverty rate and people may gain income from bitcoin.

I will agree thag bitcoin has effects to the economy system of each user's country. In a way that when people gets the opportunity to earn through bitcoin, even with a job or without a job, then people will have the chance to have something to spend in the real world and the economy will rise because of that.

[Ahiaba]

Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?

Yes of course, Bitcoin has both positive and negative effect on an economy just like money supply has effect on the economy of a country so also is Bitcoin on the economy. In a situation where there is a ban by the government it will affect investors and ita existence will go a long way in improving the economic activities of such countries.

[Sled]

It will affect the current economy system of our world but it will change for the better for sure because bitcoin will give chance to the people to have a great system which they can use to transfer money or do some transaction with a lower fee but a faster process and it will also give the different countries the chance to make an investment with an expectation of big returns.

[richardsNY]

At this point in time, the extreme majority of the digital payments we conduct, and value we store in a digital manner, require approval of centralized entities being the banks, MasterCard, Visa, PayPal, Skrill, etc.

If I think about it, you have just pointed out something that is very important to understand for everyone. I haven't even been thinking in that way, and now I do, it just shows how much we depend on these financial services, and that it will only get worse with how digital the world becomes day by day. I however don't know whether or not we'll be able to stop this process, because people don't seem to realize how much of a serious problem this is. People are happy as long as they have the convenience and usability of these financial services working for them, and everything that happens outside their regular usage won't interest them. In other words, people don't see the problem.

[stephanirain]

Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?

Bitcoin would absolutely has a effect to the current economy system, there will be a good effects than bad effects like people who doesn't have any source of income at all can be given a chanve to have one by that it can reduce unemployed people in a country. While the bad effect is governments starting to ban bitcoin that will reduce bitcoins price as well.

[lucario21]

Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?

For those country that already legalized bitcoin maybe but not that much while in terms of global economic growth i don't think so because i heard on tv that no central bank accept bitcoin right now in currency exchange.

[chrisculanag]

Bitcoin always effect in the economy , there are bad and good effect . The bad is BITCOIN is not taxable means government can`t produce tax
for the development of the country , if government accepting bitcoin and got a taxes to all the user of it . The country's financial resources can further enhance for the brighter generation . For me i take a good effect but i dont know what is good effect for the economy . Maybe good if government accepting bitcoin as partner for all the transaction online .