Bitcoin contribution to World' income

[GoldenLad]

The  worlds government know that bitcoin  is here to solve financial problems ,relief the poor without paying heavy taxes but the greed in them will not allow them to legalized bitcoin. Even without any government approving it is actually contributing to the world's income.

It's not only because of greed that made the government ignore and reluctant to legalize bitcoin. It's because they want to control their citizen's asset. Bitcoin is a decentralized currency that prevents the monitoring of people assets; if the government legalize it, they lose control of this power and also lose control of more people using their local currency. Take a look at China for an example, because of communist nature, their government put a stop in cryptocurrency nature

[Betwrong]

@OP, the estimated calculations you made might be true but to an extend. The thing is, some, if not most of the supply of bitcoin are been held by some major whale investors. So, it's not as if the supply is equally distributed among all holders or investors of bitcoin and this includes some major cryptcurrencies too. So, its fair to say that cryptos contribute to world income but favors some people.

Same goes for the fiat money too. It's a known fact that the top 1 percent of the richest people on Earth owns more than 50% of the world's wealth.

I think there's something wrong in OP's calculations because the 280 trillion USD is not an "income" but the wealth held by 4.8 billion adults across the globe. But nevertheless it's interesting to contemplate on what part of the global wealth is reserved to Bitcoin.

[maarx]

Today i was just thinking about Bitcoin and its total contribution in world's economy. Let's calculate it.
Assume Bitcoin price - 8,925 USD
According to coinDesk Supply of total bitcoin yet = 16,937,088
Total value of bitcoin till now approx -$0.152 Trillion
According https://www.credit'ssuisse.com/corporate/en/research/research-institute/global-wealth-report.html
Total World income is 280 trillion USD
Total bitcoin contribution to world income 0.054%
Here i am just talked about One crypto asset Bitcoin but can you imagine others coin ETH, LTC, DASH etc.

Share your view on it.

Let me begin from my self as only individuals started benefiting out of crypto currencies then countries as whole. My big headache has come down because of bitcoin's earnings. 30 percent of debt is clear now, so obviously the lender is now in good position. This is just an example i said which screens that if the world in other word lets say if every country adapts then the country's economy would grow. Every citizen would earn crypto then, their lifestyle would have a tremendous change as well.

[fiulpro]

Finding about the income that people recieve through Bitcoins will always a maze and thats for sure because you know the Bitcoins is kind of non documented since it's not controlled by the government .
You cannot ever pin point which person earns how much and you cannot go about asking each and everyone out there also ! The total amount of Bitcoins can't be taken as the contribution.

[Blue Bell]

Bitcoin is really a boon to the middle class as it is completely transparent. Otherwise most of the businesses are dominated by rich and powerful who have laws in their favor.

Yes it is the beauty of bitcoin that it can be use by every state of people are in my country bitcoin is more beneficial for middle class then the higher, as high society of people spend their, money to invest in bitcoin but the poor and the low middle class people are getting free income with bitcoin using the signature campaign so bitcoin is reducing the number of unemployed people in my country bitcoin is really good for the betterment of my country and I know soon it will change the poor condition of my country to the well developed one.

[supermine]

Finding about the income that people recieve through Bitcoins will always a maze and thats for sure because you know the Bitcoins is kind of non documented since it's not controlled by the government .
You cannot ever pin point which person earns how much and you cannot go about asking each and everyone out there also ! The total amount of Bitcoins can't be taken as the contribution.

But I don't think it is not making any big part in the world's economy if we compare the currency bitcoin price value,but it can help many people to earn money by investing in early days but it is not going to change anything in the world it is also just a currency controlled by no one.Its value transferred from the fiat money so there is no changes happen in the world's economy after bitcoin is in use.

[Panda Trump]

Today i was just thinking about Bitcoin and its total contribution in world's economy. Let's calculate it.
Assume Bitcoin price - 8,925 USD
According to coinDesk Supply of total bitcoin yet = 16,937,088
Total value of bitcoin till now approx -$0.152 Trillion
According https://www.credit-suisse.com/corporate/en/research/research-institute/global-wealth-report.html
Total World income is 280 trillion USD
Total bitcoin contribution to world income 0.054%
Here i am just talked about One crypto asset Bitcoin but can you imagine others coin ETH, LTC, DASH etc.

Share your view on it.

I think it's kinda wrong to talk about it like "World Income"...

At most, it could be considered as Bitcoin's contribution to the World's total wealth, because we do not make 16 million Bitcoins per year, do we? They simply are there and more are coming.

However, I think it'd also be quite inaccurate to take Bitcoin's market cap as its contribution... We can't use Bitcoins directly, thus we have to sell them. What happens when we sell large amounts of Bitcoin? The price drops.
Therefore, it's not a good comparison. If everyone were to use their Bitcoins, they definitely wouldn't get 150 billion dollars worth of stuff out of it.

So in reality, Bitcoin's share to the total wealth of our blue globe is even smaller than what is depicted here. Yet, we can imagine

[xhoondilan]

I dont think so that is how you are going to calculate the bitcoin contribution of the world income. As you know, every country will only collect there income from individual who is doing trading or investing in different term. It might be daily, weekly, monthly, semi-annually or yearly. But, this income well be sum up it the end of the yearly to be fully calculated and will be divided in different budget of a country to make the economy develop and raise. So in other word, world income is depend on the income per capita or income per house hold and that is after you are going to deduct the expenses of the house from there income.

[vintages]

Same goes for the fiat money too. It's a known fact that the top 1 percent of the richest people on Earth owns more than 50% of the world's wealth.

I think there's something wrong in OP's calculations because the 280 trillion USD is not an "income" but the wealth held by 4.8 billion adults across the globe. But nevertheless it's interesting to contemplate on what part of the global wealth is reserved to Bitcoin.

Yeah, you are right, same goes for the fiat money too. The world is an unfair place and there has never been a time where the distribution of wealth is ever equal. It's just so unfortunate that it will be happening in cryptocurrency too, regardless of the fact that it has a decentralized nature. Probably the OP's calculations are just estimations. Since BTC is not fully  recognized by some countries, then I think  that the global wealth reserved to BTC, for now, will be less.

[malikusama]

I don't know why you are comparing total worth with the total income, these are two different things.

After going through the article i came to know that you misunderstood the article, $280 Trillion is not total income according to the given link, it is total global wealth. BTW i believe 0.054% is still a big achievement for bitcoin and bitcoin users, it will keep on increasing as community is expanding with time.

[nur rochid]

i think for now bitcoin only contribute to some countries that have legalized it, besides bitcoin contribute revenue to individual members. but i think in addition to many new investors also from stock investors who switch to btc

[Bitcoin_Delivery]

i think for now bitcoin only contribute to some countries that have legalized it, besides bitcoin contribute revenue to individual members. but i think in addition to many new investors also from stock investors who switch to btc

However, many countries that do not legalize also many participate. it is difficult to know many people in every country. but certainly now people people already know about cryptocurrency

[ivrynx]

I think this will depend on to which country has it more and if thry are really using it, the value of bitcoin is again gaining strength and from the looks of it, it is again becomi g more of an asset than a currency. If we take a look back, those countries, whose fiat has a low value, started using bitcoin as currency and saved a lot, just like what had happened in europe most countries there are loosing in terms of fiat money and saw bitcoin as a way out of poverty and these are the countries that had legalized bitcoin already, we could also take a look at Valenzuela, there is a reason why they want to have crypto currency in place of the petro dollar.

[Betwrong]

Same goes for the fiat money too. It's a known fact that the top 1 percent of the richest people on Earth owns more than 50% of the world's wealth.

I think there's something wrong in OP's calculations because the 280 trillion USD is not an "income" but the wealth held by 4.8 billion adults across the globe. But nevertheless it's interesting to contemplate on what part of the global wealth is reserved to Bitcoin.

Yeah, you are right, same goes for the fiat money too. The world is an unfair place and there has never been a time where the distribution of wealth is ever equal. It's just so unfortunate that it will be happening in cryptocurrency too, regardless of the fact that it has a decentralized nature.

Actually I think that crypto provides the opportunity to diminish the unfairness and I'm sure that it is helping many people to get rid of the poverty.

Probably the OP's calculations are just estimations. Since BTC is not fully  recognized by some countries, then I think  that the global wealth reserved to BTC, for now, will be less.

What I meant was that the word "income" by definition refers to money received on a regular basis. The 280 trillion USD in the OP can be rather called a "net worth" because it is the cost of the wealth owned by all the people of Earth, it's not their income.

[knightmairesaint]

i think for now bitcoin only contribute to some countries that have legalized it, besides bitcoin contribute revenue to individual members. but i think in addition to many new investors also from stock investors who switch to btc

However, many countries that do not legalize also many participate. it is difficult to know many people in every country. but certainly now people people already know about cryptocurrency

Just like our country,  bitcoin is not legalize but bitcoin earning is very popular in here. There are people who thinks that bitcoin earners are not helping with the country's economy because they have no tax but if we are going to look at it closely,  bitcoin earners are also paying tax.  That is true,  we also contribute by paying taxes through charges and fees especially when we are making transactions and withdrawals.  It may not be directly just like in regular work but still we pay taxes.

[South Park]

Are you serious?? You know the whole economy which we call the fiat is basically standing upon nothing. The whole world economy is standing nothing but debt. I would rather say not to count even btc in terms of fiat. Instead of calculating it in dollars its better if we calculate it in terms of 21 million bitcoins only. Fiat is a pure bubble. Even if you are calculating it in terms of market cap then the whole crypto market accounts for around 3% of the world's white economy.

While I agree with this and I really think that the fiat system will crash someday in the future one of the problems is that people are blind to this and that is why governments and banks can keep the scam going for so long, I do not know if I'm going to see in my life the crash of the fiat system, it's probably going to last a lot longer than what we think and as long as that is the dominant system we need to think in bitcoin also in terms of fiat.

[rxplcgna]

The conclusion that we can draw from these data is that the proportion of encryption in the world economy is still very small, and the community is still in the early stages of development, and I think the community of bitcoin is huge in the future.

[Kiweikoo]

The  worlds government know that bitcoin  is here to solve financial problems ,relief the poor without paying heavy taxes but the greed in them will not allow them to legalized bitcoin. Even without any government approving it is actually contributing to the world's income.

It's not only because of greed that made the government ignore and reluctant to legalize bitcoin. It's because they want to control their citizen's asset. Bitcoin is a decentralized currency that prevents the monitoring of people assets; if the government legalize it, they lose control of this power and also lose control of more people using their local currency. Take a look at China for an example, because of communist nature, their government put a stop in cryptocurrency nature

We all know this thing that bitcoin is the best investment at this very time and that the ones who are investing their money into it are very much satisfied with the way it is performing and that helping them in earning such a huge amount of money.

As far as contributing to the world’s income is concerned, in that case the government of different countries need to play their part and that they need to take some steps to make bitcoin work for them.

[ralle14]

I don't know why you are comparing total worth with the total income, these are two different things.
After going through the article i came to know that you misunderstood the article, $280 Trillion is not total income according to the given link, it is total global wealth. BTW i believe 0.054% is still a big achievement for bitcoin and bitcoin users, it will keep on increasing as community is expanding with time.

OP probably misread the page and was amazed by the numbers, everyone makes mistakes. The percentage should be higher because the total world income shouldn't be close to 280 trillion. The amount of bitcoin in circulation is hard to calculate because not all mined bitcoins are accessible some are burned, lost, etc.

Maybe because people are not using Bitcoin as a salary. Maybe that's the reason why it has a low contribution to world income and not only that we don't have tax. Only if we exchange in fiat.

Salary isn't the same as income because you don't know how much you'll earn from your bitcoin investment due to the price movements. Also it depends on when you'll sell your bitcoins.

[paul gatt]

Bitcoin has a great contribution to the world's income. It will promote the financial participation countries bitcoin. Bitcoin countries will have a very strong financial background. However, the collapse of the bitcoin floor is very likely in these countries.