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Author Topic: Bitcoin and Future of Economy!  (Read 2298 times)
shoujiuhaituo7
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June 15, 2018, 08:30:41 AM
 #21

According to my understanding, the biggest obstacle to bitcoin becoming a universal currency is the inability to scale up transactions.

With deflation in place of inflation, bitcoin does not look like a fiat currency for long periods of time.

No one wants to spend the money that grows every year.
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June 15, 2018, 08:38:22 AM
 #22

It may happen, but it takes a long time to be realized, maybe crypto currency becomes an alternative to replace the paper money, but it must be remembered that not everyone in the world can use Bitcoin, especially people who are in the country to three.
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June 15, 2018, 08:49:04 AM
 #23

Now we can see some countries are regulating bitcoin and some government don't like it.Otherwise Bitcoin hasn't a stable price.
So my question is can bitcoin be a main currency of world economy?
If the adoption is massive it is possible and if that happens price will become more stable. The only thing that makes it so volatile is due to low liquidity and prone to price manipulation by big players. Im happy with Bitcoin and cryptos current status, enjoying it as commodity and spend as a currency.


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June 15, 2018, 08:51:29 AM
 #24

Bitcoin as of this moment is getting known all over the world.Who knows someday betcoin well be the one to be substitute instead of money Wink
It is getting known all over the world does not mean it would all of a sudden substitute the main currency of any country. Sure, it could end up being used on a large scale, but over time, I am sure each country will come up with their own centralized digital currencies as we are already beginning to see now and for no reason do I expect that any government will just simply allow decentralization over centralization. Best case scenario that I see playing out is that there would be a co-existence and anything outside that will be so much to expect.

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June 15, 2018, 08:54:13 AM
 #25

Now we can see some countries are regulating bitcoin and some government don't like it.Otherwise Bitcoin hasn't a stable price.
So my question is can bitcoin be a main currency of world economy?
Looking at the developments and rumors about bitcoin at moment, it seems that bitcoin's role to become the world's major currency is unlikely because system and characteristics of bitcoin are reasons the government rejects bitcoin as the world's currency, and I think bitcoin is more likely to be a business asset not to be the world's currency .
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June 15, 2018, 09:59:02 AM
 #26

Bitcoin as of this moment is getting known all over the world.Who knows someday betcoin well be the one to be substitute instead of money Wink
It is getting known all over the world does not mean it would all of a sudden substitute the main currency of any country. Sure, it could end up being used on a large scale, but over time, I am sure each country will come up with their own centralized digital currencies as we are already beginning to see now and for no reason do I expect that any government will just simply allow decentralization over centralization. Best case scenario that I see playing out is that there would be a co-existence and anything outside that will be so much to expect.
there is a possibility that it will be used as a main currency in the future but nothing can prove that or evwn nobody can assure that it will happen. as expected it will be rather used on wild scale purposes according to what you have said but that doesn't mean it will be a replacement for some other currencies. what ever happens still happens, let us just wait for the time to show us that probability.

  
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June 15, 2018, 10:13:33 AM
 #27

It seems to me that bitcoin will never be recognized as the main currency. Now the turnover of cryptocurrencies is very small. it is not a threat to the dollar. But if the popularity of bitcoin will grow at a high rate and pose a threat to the monopoly of the dollar it will be destroyed. Bitcoin will always be in the shadow of the world economy or not at all.
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June 15, 2018, 10:28:38 AM
 #28

It may happen, but it takes a long time to be realized, maybe crypto currency becomes an alternative to replace the paper money, but it must be remembered that not everyone in the world can use Bitcoin, especially people who are in the country to three.

I don't think bitcoin can replace any fiat currency in the world but it can be used as an alternative money for any deals. Currently, many governments are against to use of Bitcoin and other altcoins and some countries are trying to regulate it. Until it gets regulated its prices will be highly volatile with any small news about it. Some people are taking this advantage and making a good money from this highly volatile market but many new traders may be losing money due to panic selling.

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June 15, 2018, 11:11:23 AM
 #29

Yes it is true that the governments of some countries do not like Bitcoin but in most countries Bitcoin is being used and they are controlling it. On your question, I will say that Bitcoin will not be the main currency of the world economy, but Bitcoin will greatly affect the economic direction of different countries of the world. We already know that Bitcoin has influenced the economy of some countries. Smiley
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June 15, 2018, 11:22:48 AM
 #30

Bitcoin and economic future are like bright stars. Bitcoin is a virtual money but in future Bitcoin will be used as virtual currency. And future economic system will reach the peak. Bitcoin is working through different countries and will work more in the future. And for Bitcoin, the financial system is right.
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June 15, 2018, 11:35:59 AM
 #31

Right now it's hard to tell if it will make it to the point of being the main currency for the world. It is possible in time but in order for that to happen I think governments are going to want to regulate it and put restrictions on it so they have more control. People like to think of it as being the next main currency used around the world but its going to take lots of time before that gets close to happening.

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June 15, 2018, 11:41:07 AM
 #32

Now we can see some countries are regulating bitcoin and some government don't like it.Otherwise Bitcoin hasn't a stable price.
So my question is can bitcoin be a main currency of world economy?
Bitcoin can be already used by anywhere in the world even the regulation don't applicable if you already holding some bitcoins,they can hold only when you buy or sell bitcoins in an exchange.But bitcoin can become main curreny of the world only if the people starts to use it as currency nor as an investment.

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June 15, 2018, 11:42:13 AM
 #33

Hm I don't think so. I think it'll just stay as alternative.
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June 15, 2018, 12:10:07 PM
 #34

Until it gets regulated its prices will be highly volatile with any small news about it.
Regulations don't necessarily translate into stability. If you look at how many flashy tech stocks severely fluctuate, it perfectly proves you wrong. In some cases a Tweet or a new 'scandal' will be able to tank their price literally in minutes. It all comes down to the mentality of those who are in these specific markets. Yes, they fluctuate less than crypto, but that's only because of how much more liquid their market is.

Some people are taking this advantage and making a good money from this highly volatile market but many new traders may be losing money due to panic selling.
It's not really our problem to worry about how people can't handle this level of volatility. If you can't handle this market, then don't bother investing in it. It's not that people are being forced to invest in crypto. If you do something based on zero prior research or understanding that ends up being a bad decision for you, then who's fault is it? Wink

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June 15, 2018, 01:21:04 PM
 #35

The basis for criticizing the "high" transaction fees of bitcoin is the belief that it must be a payment system in the first place and a repository of value - the latter. As we saw with the origins of money, this belief puts the cart before the horse. Only when bitcoin becomes a common storehouse of value, will it become a suitable medium for exchange.

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June 15, 2018, 01:21:21 PM
 #36

Now we can see some countries are regulating bitcoin and some government don't like it.Otherwise Bitcoin hasn't a stable price.
So my question is can bitcoin be a main currency of world economy?
The price of bitcoin or crypto can never be stable because crypto has no actual center to regulate or strengthen its market price or so-called decentralization. It's been a while since I've seen a topic like this and bitcoin will never be the world's major currency, if to be a valuable asset or an asset to invest is still very likely.

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June 15, 2018, 01:46:54 PM
 #37

The network effect of bitcoin includes the liquidity of its market, the number of people who own it, the developer community supporting and improving software, and brand awareness. Large investors, including national states, will seek the most liquid market to quickly enter and exit it without affecting the price.

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June 15, 2018, 01:58:32 PM
 #38

I think possible, but its too far from now that it will be our universal currency since other country already banned it and maybe someday they will realize the use of crypto in their country not the bad side of it.

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June 15, 2018, 02:11:24 PM
 #39

Now we can see some countries are regulating bitcoin and some government don't like it.Otherwise Bitcoin hasn't a stable price.
So my question is can bitcoin be a main currency of world economy?

I don’t think Bitcoin is going to be the main currency of the world. The supply is too small and the fees are too high. I do however think it will be a great store of value in the future. Gold is also not a world currency but it is useful in other ways such as a store of value. It’s possible that no decentralized cryptocurrency will be a world currency but it they can still have value and be useful.

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June 15, 2018, 02:39:49 PM
 #40

Now we can see some countries are regulating bitcoin and some government don't like it.Otherwise Bitcoin hasn't a stable price.
So my question is can bitcoin be a main currency of world economy?

I don’t think Bitcoin is going to be the main currency of the world. The supply is too small and the fees are too high. I do however think it will be a great store of value in the future. Gold is also not a world currency but it is useful in other ways such as a store of value. It’s possible that no decentralized cryptocurrency will be a world currency but it they can still have value and be useful.

Bitcoin has 16 decimals which is more that enough for mass adoption. 1 bitcoin is equivalent for 100.000.000 satoshis. There will be 21mln BTC. Even if every bitcoin will cost $100,000 that seems more than enough to serve even small transactions. The transaction cost is pretty high indeed, but the Lighning technology has all chance to abolish that problem.

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