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Author Topic: Does Bitcoin affect world trade?  (Read 912 times)
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May 08, 2018, 10:23:56 PM
 #1

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?



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May 08, 2018, 10:37:52 PM
 #2

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?

What do you mean between two countries? On a institutional level, backed by the government? If so, then I'm not aware of anything like that, and in some countries, government members are actually "forbidden" of trading bitcoin, because they could be accused of inside trading, since they can have a great impact on its price with regulation.

If you are talking about trades between citizens from different countries, then I think there are a lot of those already, and bitcoin excels in that area.

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May 08, 2018, 11:00:04 PM
 #3

I am not a professional trader nor an economist but I do love this topic. Allow me to share my opinion on this. I my stand I do think it will affect the world trade. Since we are dealing with money. The investors in bitcoin might be the same investors who worked in the world trade and instead of buying at the trade maybe they spend there money on bitcoins instead.
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May 08, 2018, 11:06:10 PM
 #4

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?
It is unlikely that countries are going to use bitcoin to settle trades among them, that will basically be an endorsement to bitcoin and in a way they will be recognizing as well that they do not trust each other with their currencies and they prefer to choose a decentralized currency instead, so I really think that we are not going to see such a thing in our lifetimes.

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May 09, 2018, 04:58:53 AM
 #5

trade between two countries? what do you mean? we all know that every government, almost in some other countries, prohibits the existence of bitcoins or those associated with cryptocurrency. how the two countries can trade, if one of those countries prohibits the existence of bitcoin. that would not be possible, man!
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May 09, 2018, 09:29:32 AM
 #6

Of course.

Bitcoin is intended to be used worldwide, and it does not take into account borders. It would definitely save everyone time and money if BTC was used to settle trade balances, since bitcoin is a truly global currency. Of course, it does need two parties mutually agreeing to the terms of accepting bitcoin as a payment, and right now adoption rates are probably too low for this to happen on a consistent basis.

But definitely don't discount the idea of Bitcoin being used worldwide to settle trades in the future, after all, it's one of the things that BTC was built for in the beginning.

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May 09, 2018, 09:36:38 AM
 #7

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?

No, I haven't heard bitcoin being involved and traded by two countries. But maybe we can see that in the future though. Take for example Japan or South Korea, they have the biggest market so far so its possible that they can used bitcoin to do international trade, specially along the Asian region. Imagine that kind of scenario, I mean what will be the price of bitcoin that time? Will it bring this kind of trade significant impact of the price? Remains to be seen.

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May 09, 2018, 01:40:49 PM
 #8

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?

I heard that venezuela is trying to trade with india but it is with their petrodolar crypto, and i doubt it will be sucesfull
I havent heard of any trades with bitcoin

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May 09, 2018, 02:24:00 PM
 #9

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?

Actually yes!

https://www.bloomberg.com/news/articles/2018-01-23/first-cryptocurrency-freight-deal-takes-russian-wheat-to-turkey

While more of an outlier, Bitcoin has been used to pay for 3,000 tonnes of wheat being shipped from Russia to Turkey earlier this year.

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May 09, 2018, 03:35:26 PM
 #10

Of course.

Bitcoin is intended to be used worldwide, and it does not take into account borders. It would definitely save everyone time and money if BTC was used to settle trade balances, since bitcoin is a truly global currency. Of course, it does need two parties mutually agreeing to the terms of accepting bitcoin as a payment, and right now adoption rates are probably too low for this to happen on a consistent basis.

But definitely don't discount the idea of Bitcoin being used worldwide to settle trades in the future, after all, it's one of the things that BTC was built for in the beginning.
Bitcoin is becoming popular only because of the facilities that people are expecting from bitcoin, in fact in future people are suppose to be more busy and may be find it hard to visit market for buying, therefore i think that they will like to use crypto currency, through which will will be able to get anything on their door step in no time. To me i think that it may not effect the world trade too much. but will surely bring positive change.

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May 09, 2018, 05:12:17 PM
 #11

The way I see it the internstional market does not affect the cryptocurrency industry as they have different factors that affect them. For example if the prices of gas goes down or up the prices of cryptocurrency is not affected unless it is related in the oil industry. Also the international market is centralized while the cryptocurrency is decentralized.

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May 09, 2018, 05:30:29 PM
 #12

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?
At the moment, no. In the future? Yes. I know this poser is more futuristic than realistic at the moment. It's a possibility that won't take longer than necessary to happen, especially seeing how the countries at the recent G20 meeting aligned. Soon there could be trades between countries paid in bitcoon.

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May 09, 2018, 06:00:53 PM
 #13

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?
Lot of people from two different countries are using bitcoin for trading purpose but I don't think any governments officially used bitcoin for buying.But it may happen in future in between if the two countries made bitcoin legal in their countries.

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July 18, 2018, 01:16:33 PM
 #14

I think bitcoin (or its variant) that would have a very important role to play in international trade, once we are past this friend or foe phase with governments, financial institution and regulators that we are going through.When economists, bankers and the regulators can agree on the importance of a worldwide cryptocurrency like Bitcoin - trade will change.
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July 18, 2018, 01:31:35 PM
 #15

At present, BTC has a great influence on the global economic situation. At present, financial companies and banks of countries are worried about the growth of BTC. They are trying to compete but in my opinion banks will freeze for electronic money.
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July 18, 2018, 01:42:35 PM
 #16

What do you mean trade by two countries?. Would you like to expand your question?
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July 18, 2018, 01:50:23 PM
 #17

There are already trading between 2 countries and between many countries but they use the instrument for payment is USD. I guess your question is use Bitcoin as instrument instead USD. I think it's so difficult and people need more time to develope Blockchain technology to apply it for payment. I also think that Bitcoin can't be used for payment but altcoins which base on Bitcoin Platform is possible although I very like Bitcoin. I think Bitcoin have some disadvantage that we can't to fix it. Smiley
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July 18, 2018, 02:03:36 PM
 #18

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?


If Bitcoin become legalized and available to all businesses and recognized of course by each country no reason why Bitcoin doesn't help the economy in every country through local trade and international trade.

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July 18, 2018, 02:11:26 PM
 #19

Yes, though by a small fraction. Most of the world's trades are still done and completed in fiat. Given that there aren't that much merchants involved in the ecosystem, it'll be hard to keep tabs on the overall trades done with bitcoin unless it's high-valued and highly publicized. Bitcoin is supposed to be used as an efficient currency capable of being sent and received even across borders, so it will be safe to assume that trades from across countries are happening day-to-day, just not that noticeable compared to what fiat has been making for several decades.

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July 18, 2018, 04:13:52 PM
 #20

Is there a role for Bitcoin in international trade? Have you heard of a trade between two countries?
And will it be in the future?
Not for now, before governments of the world begin to use bitcoin we need to start at the smallest level, the individual leve, and right now there are not many people using bitcoin for their everyday lives, most people use bitcoin as a store of value and that is why they hold and the rest use bitcoin as an speculative asset and not as a currency, so that will have to change before there is any chance bitcoin is used by governments.
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