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Author Topic: Does Bitcoin affect world trade?  (Read 944 times)
isaac_clarke22
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July 18, 2018, 04:39:47 PM
 #21

In this physical world trade, for now, no. But now since it has been digital asset that can be transferred throughout the world that it made it an independent economy having its own world trade. The imports and exports of physical goods weren't being touched by any crypto yet as of now since it is primarily regulated by the government through import taxes.

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July 18, 2018, 04:46:11 PM
 #22

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.

I think OP got the answer with a proof. Bitcoin already used as a trading currency between Russia and Turkey.
I am sure that other countries will follow this lead and use bitcoin as a trading currency in the future. Bitcoin could be the next international currency which will compete with USD and EUR.

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July 18, 2018, 07:32:35 PM
 #23

I doubt if bitcoin could be used for international trades. It is being banned in most countries currently and in such case, how then will it be used for such purpose. Unless it is internationally accepted and accredited for such purpose, But until such, lets not hope so at all.
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July 18, 2018, 08:51:49 PM
 #24

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?

International trade can't be dependent on a volatile currency like bitcoin. The sellers obviously need some currency whose value is backed by a central authority. Don't know about the future, but as of now, bitcoin doesn't qualify to be a currency for international trade.

Same goes for the trades between two countries. For such trades these countries usually choose a strong currency like USD or EUR for trade settlement. So as if now bitcoin doesn't have role in such international trades.

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July 18, 2018, 09:03:06 PM
 #25

Same goes for the trades between two countries. For such trades these countries usually choose a strong currency like USD or EUR for trade settlement. So as if now bitcoin doesn't have role in such international trades.

The problem with fiat currencies is that they depend too much on the situation of any given country, which makes me find gold a way better option if Bitcoin is left out. Gold is a pretty neutral currency that governments don't mind to deal with, and they can use it to hedge their own economy. Russia and China have been buying significant amounts of gold throughout the last years and I don't see it change any time soon. The US dollar is the main currency of the world, but there are so many variables that could work against it that gold is actually a great option. Gold will always hold value, which can't be said about fiat currencies....
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July 18, 2018, 09:19:09 PM
 #26

Now the influence of bitcoin in the world trade is insignificant due to the lack of regulation. Accordingly, those countries that introduce regulation faster than others will benefit from a competitive race.

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July 18, 2018, 09:20:58 PM
 #27

In my opinion,  I don't think that bitcoin can affect partly on the world trade since investors of stock market trading would probably prefer to choose stabe market condition while investing for crypto currency it is very volatile and unpredictable where it has a fast movement trends either up or down.
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July 19, 2018, 12:29:15 AM
 #28

One day Bitcoin will be able to trade between all countries. At the moment that is not the best way to trade between countries because it is very volatile and lack of regulations.
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July 19, 2018, 05:19:10 AM
 #29

in my opinion , that will never happen . see, if they actually did that , it will have serious implications on major trade currencies .For instance , US dollars and american economy in general gets its strength from their currency usage in global trades . once that replaced by bitcoin or any other decentralize crypto currency , governments will lose any privilege in their economy and they won't let that happen.

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July 19, 2018, 06:05:40 AM
 #30

in my opinion , that will never happen . see, if they actually did that , it will have serious implications on major trade currencies .For instance , US dollars and american economy in general gets its strength from their currency usage in global trades . once that replaced by bitcoin or any other decentralize crypto currency , governments will lose any privilege in their economy and they won't let that happen.

Well,  you have a point but yet,  this will still happen, bitcoin will soon affect the World trade and it has started doing so too. Bitcoin is a form  of money,  a digital currency which are been used by two parties on agreement to pay for goods and services and any currency that are accepted by people as a payment method has the power to affect the World trade.  Even though the government may not like this,  they can't control it to some extent.
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July 19, 2018, 06:25:29 AM
 #31

There are cities in the world where btc, ETH and other top-end crypto currencies are a legitimate . In crypto huge money comes in and it's not just that. I think that very soon crypto currencies will be used in international payments.
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July 19, 2018, 06:29:44 AM
 #32

I guess, In the past year when we were did by a Turkish merchant ship.

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July 19, 2018, 06:37:33 AM
 #33

Of course, bitcoin influences world trade and systematically changes the foundations of the global financial sphere. Thus, Bitcoin offers a solution to the problem of inflation. Crypto-currencies are initially deprived of even the possibility of inflation. Their number is limited by the algorithm. Crypto-currencies participate in the economy like other currencies. They affect prices and change the amount of money supply in the country.

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July 19, 2018, 06:54:49 AM
 #34

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?
my opinion related to international trade and the influence of bitcoin, I said there must be trading effect that use bitcoin either as payment rules or as a medium of exchange, my belief in the future of world trading transactions using bitcoin as an alternative payment, security and practical reasons, I think with the existence of bitcoin is no longer the limitations of time space and currency all are multi and not limited by it, may be useful and successful for all of us
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July 19, 2018, 08:20:38 AM
 #35

I guess Bitcoin crypto currencies are created to make transactions faster by cutting the middleman off of the picture. Your money doesn't have to sit in one bank wsiting to be transfered to another then exchanged to the local fiat then you will recieve it. Digital currency just sream line the transaction so you can send money from one wallet to another halfway around the world i an instant.

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July 19, 2018, 08:32:16 AM
 #36

One day Bitcoin will be able to trade between all countries. At the moment that is not the best way to trade between countries because it is very volatile and lack of regulations.


               As of this moment it is not yet fully established and fully accepted by some other countries, mayve because of some complications and some other issues. It is also very risky as of this moment. I don't know if it will be regulated maybe not now but hopefully soon.


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July 19, 2018, 09:10:27 AM
 #37

the most part of the world,s trade is still done and is being completed in flat,given that there are much merchants involved in the ecosystem ,it would have be hard to keep a small part of the materials on the overall trade done with the bitcoin unless it has higher  valued and highly publicised. for me i quest that Bitcoin crypto currency is being created to make transactions more faster by cutting off the middle-man off.
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July 19, 2018, 09:12:30 AM
 #38

We are still a long way off from bitcoin making any significant impact on international trades between countries, the legal barriers are much for now.

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July 19, 2018, 09:18:53 AM
 #39

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 don't get what you are trying to know here. Are you implying on the trades between two constitutional bodies like government to goverent trades in crypto? If so, I don't think there is because some countries are not totally open on cryptocurrency.

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July 19, 2018, 09:26:54 AM
 #40

At present, BTC affects the operation of the banking system all over the world. BTC has made the banking system in the world freeze. stagnation activity. That is why many countries banned BTC.
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