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Author Topic: Will bitcoin effect the current economy system?  (Read 627 times)
sandarajasmine
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January 24, 2018, 05:32:20 PM
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Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?
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January 24, 2018, 05:47:57 PM
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It already affects in some way. There is no economy which doesn't mention bitcoin
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January 24, 2018, 05:52:11 PM
 #3

yes, it will affect the economy alot. Everything has changed since bitcoin was created and you can see how important bitcoin is. THerefore, bitcoin will become one of the most important things in the world economy


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ratnaantiqu3
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January 24, 2018, 06:30:14 PM
 #4

The impact of bitcoin is very influential for low economic actors like me.
How not, my salary in the factory is still higher the result of this bitcoin.
So, this bitcoin really helps my economy.
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January 24, 2018, 06:47:59 PM
 #5

I think the question you should be asking is, if the Block chain technology on which bitcoin is designed, is having any effect on the economy! Bitcoin is currently only seen as a store of value that might increase in value according to speculators.

Blockchain tech on the other hand, can be adapted by any individual or group to create a useful application. Therefore Blockchain is the one really affecting the economy.
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January 24, 2018, 09:09:07 PM
 #6

Yes, definitely it can affect the economy in a positive way, as it does to a country as a whole. Expect a huge growth in the economy that will help lessen poverty if the government will fully support bitcoin or blockchain technology.

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January 24, 2018, 09:24:13 PM
 #7

The direct effects of bitcoin and other cryptocurrencies will be on the financial system. Of course, this is going to have a large impact on the economic system.

Some economists, although perhaps not mainstream ones, would probably argue that if sound money in the form of cryptocurrencies were to replace fiat currencies, the economy would do much better. Notably, the Austrian business cycle theory https://en.wikipedia.org/wiki/Austrian_business_cycle_theory proposes that the familiar boom-and-bust cycles in the economy are actually due to excessive credit expansion. If this is true, an economy based on cryptocurrencies could be more stable than our current economies.

Another important effect is that cryptocurrencies will bring a lot more people into the financial system, people who currently do not have a bank account. This will increase the liquidity of the market and be good for business.
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January 24, 2018, 09:38:04 PM
 #8

Yes bitcoin will effect in the economy system of the country specially on the financial aspect of the people who are engage with it. The growth of population of bitcoin users who tries their journey to somehow make their lives change with the help of bitcoin. As people do have earning a big effect to the economy because they can now buy all the commodities they need in their daily lives, poverty lessen and unemployed people are given a chance to make money by doing bitcoin.

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January 24, 2018, 10:22:20 PM
 #9

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

Somehow, I think it is, if Bitcoin was one of the grrat sources of income of each family , no doubt the economy of one country will raise, the shortage of resources will be fine cause the country can afford whatever will happen to the price of the goods, as well as great education for each students will be funded.

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January 24, 2018, 10:33:33 PM
 #10

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


No, bitcoin by itself no. Tho, as you can see, many countries have started developing their own country crypto, that's pretty good if you ask me. I'd like to see my country develop something like that, even if it's centralized and backed by that country's currency (that crypto would pretty much be a digital copy of the fiat currency).

Bitcoin is in a weird place today, it's becoming less and less of a currency and more of an investment asset (like gold), so it may very well continue on like that,  while some new alt-coins (various ones, depending on the business) taking it's place as a payment system.
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January 24, 2018, 11:01:13 PM
 #11

Cashless economy and digital currency are, no doubt, the future of World Economy. Bitcoin as such can affect the economy or not depend upon its acceptability among the general public as a mode of payment.

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January 24, 2018, 11:11:21 PM
 #12

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

Somehow, I think it is, if Bitcoin was one of the grrat sources of income of each family , no doubt the economy of one country will raise, the shortage of resources will be fine cause the country can afford whatever will happen to the price of the goods, as well as great education for each students will be funded.

Bitcoin can affects one economy specially when they supported this kind of technology. Many people are now using bitcoin and by this they can easily get some profit to use for their daily needs but the government must support its people, creates system to finally educate people with the right information and by this the economy of a country will boom for sure.
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January 24, 2018, 11:11:40 PM
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of course it affects the economy of a country in a good and bad way. For example some countries impose taxes into exchanges and earn extra tax from people by rising their budget.
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January 24, 2018, 11:30:33 PM
 #14

The impact of bitcoin is very influential for low economic actors like me.
How not, my salary in the factory is still higher the result of this bitcoin.
So, this bitcoin really helps my economy.

Op ask about bitcoin effect on the economic system, it's more complex than just your economic condition.
Bitcoin may help some people to earn more as the price rate is higher compared with any other currency, as long as you can earn bitcoin, it's a good way for additional income. But the fact is; most countries do not have a regulation regarding cryptocurrency and some countries have started to learn about bitcoin in order to issue a regulation about it such as happened in South Korea.

One thing for sure, crypto-community become bigger over time and billions of dollars involve in cryptocurrency every day, exchanges may become another gold mine for a country to tax everyone who involved in cryptocurrency for their capital gains.
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January 24, 2018, 11:32:26 PM
 #15

At the moment bitcoin is not affecting any single economy because it doesnt have enough users from any one single country.
If at any point it does get a massive amount it will affect the finances of that country unless they introduce taxation.
Us crypto users in general do not like taxes but in order for a country to function taxes have to be paid.
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January 25, 2018, 04:38:02 AM
 #16

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


No, bitcoin by itself no. Tho, as you can see, many countries have started developing their own country crypto, that's pretty good if you ask me. I'd like to see my country develop something like that, even if it's centralized and backed by that country's currency (that crypto would pretty much be a digital copy of the fiat currency).

Bitcoin is in a weird place today, it's becoming less and less of a currency and more of an investment asset (like gold), so it may very well continue on like that,  while some new alt-coins (various ones, depending on the business) taking it's place as a payment system.
Why would you like to see that? That will just be fiat but in a cryptocurrency form, I know that is going to happen but if that were to happen in my country I know I will never going to use it, why I will exchange my cash that gives me anonymity or my bitcoin that gives me complete control of my wealth for a crypto that is inferior to both bitcoin and cash?
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January 25, 2018, 04:58:55 AM
 #17

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.

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January 25, 2018, 05:19:39 AM
 #18

Since many uses bitcoin as the new cashless method. So does it will effect to each own country's economy?
I think so because bitcoin is a cashless and when you send or receive money for no any charges at all
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January 25, 2018, 05:42:26 AM
 #19

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

Bitcoin is not an illegal way to earn and use . New cashless method is a good way for this generation bitcoin is also like this there is no bad thing in using bitcoin as an onlino money but some countries will not accept bitcoin for some reason soon all confusion will definitely clear and my opinion is bitcoin will not affect any other countries economy .

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January 25, 2018, 06:59:45 AM
 #20

Yes it could affect in two different way, the good way and bad ways it is always has advantage and disadvantages.

The good way is advantages, bitcoin could help people who need financial and bitcoin could reduce also the employment rate like those people in disabilities. Then because they earn more money in bitcoin the consumer rate will be increase.

Second is the bad way the disadvantages, bitcoin is known that has a high price it will affect the employment rate, instead of working in mall or company they would rather to choose here.
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