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Author Topic: The Cryptocurrency Market and How it Influences Our Economy?  (Read 143 times)
GangNamSK
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July 24, 2018, 09:07:07 PM
 #21

The cryptocurrency market doesn't influence the economy,because it`s just too small.
It has to be more 1 trillion USD worth in trading volume and market caps,in order to have any significant inlfuence over the world economy.There`s no such term as "economic income".What do you want to say with this term?
I think so. It affects our economy in creating jobs for everyone. They find the ability to make money in whatever way they think.
Electronic money will reduce dependence on banks and money transfers.
Trading with electronic money is very easy to access and convenient.
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July 25, 2018, 03:24:38 AM
 #22

Until now, the surge in cryptocurrency markets has been a sideshow to the financial markets or the real economy. Prices have gone up a lot for bitcoin and other cryptocurrencies.

1. Increase economic income by cryptocurrency?
2. The Cryptocurrency Market and How it Influences Our Economy?
-----------
What do you think?

World Top 5 Economies:

USA $20,400 Billions, China $14,000 Billions, Japan $5,100 Billions, Germany $4,200 Billions, UK $2,940 Billions
Total: $46640 Billions

Cryptocurrency MarketCap: $300 Billions (This is also fictitious data and real spread is too less than this.) 

So when we compare two, Worldwide Crypto Economy doesn't even contribute 1% of the Top 5 Economies. It is still too soon to predict any impact of cryptos on World Economy. In reality, cryptos are still not contributing anything to World except income alternatives to few thousands people and crowdfunding to few hundreds of project. On the same note, the most disruptive technology of 21st century 'Blockchain' is still underdeveloped and future is also not looking any good when most of the countries are against cryptocurrencies & blockchain. Even the insiders aren't much concerned about developing it, they are just aiming to make money and spamming blockchain rather than contributing anything to it.

I very like answer of you. The data and needable
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July 25, 2018, 03:29:12 AM
 #23

Over the last year, network congestion and skyrocketing fees have alienated businesses that used to have BTC as their payment method of choice. As a result, merchants who used to accept purely BTC were forced to add other cryptocurrencies to their payment options, with some completely dropping BTC altogether. In fact, even the black market on the dark net—one of Bitcoin’s earliest fans, have ditched BTC in favor of more functional cryptocurrencies, like Dash and Litecoin.
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July 25, 2018, 03:31:59 AM
 #24

Over the last year, network congestion and skyrocketing fees have alienated businesses that used to have BTC as their payment method of choice. As a result, merchants who used to accept purely BTC were forced to add other cryptocurrencies to their payment options, with some completely dropping BTC altogether. In fact, even the black market on the dark net—one of Bitcoin’s earliest fans, have ditched BTC in favor of more functional cryptocurrencies, like Dash and Litecoin.

Bitcoin does have its obvious limits. And it is this lack of flexibility that had users wanting more, and pushed Ethereum into birth in the first place, with more new blockchains emerging shortly after. Stellar, Ripple, Dash—the list of newer blockchains goes on and will continue to grow longer as private blockchains add even more to the mix.
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July 25, 2018, 03:34:40 AM
 #25

Until now, the surge in cryptocurrency markets has been a sideshow to the financial markets or the real economy. Prices have gone up a lot for bitcoin and other cryptocurrencies.

1. Increase economic income by cryptocurrency?
2. The Cryptocurrency Market and How it Influences Our Economy?
-----------
What do you think?
Four Cryptocurrency Future Scenarios
What are these possibilities?

1. The Federal Reserve could issue its own digital currency, as some global central banks are exploring.
2. Large companies such as Amazon, Walmart and Starbucks might issue digital coins that inspire trust and gain wide acceptance.
3. Retail giants, by accepting payments in the currency, could elevate Bitcoin, Ethereum or another cryptocurrency above the others vying to offer safety, soundness and utility.
4. Finally, if  trust is lost in government-backed, or fiat, currencies, a cryptocurrency future could come about by default. That may be a risk not only in places like Venezuela, but in the U.S., where federal deficits are spiraling.
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July 25, 2018, 03:53:54 AM
 #26

Over the last year, network congestion and skyrocketing fees have alienated businesses that used to have BTC as their payment method of choice. As a result, merchants who used to accept purely BTC were forced to add other cryptocurrencies to their payment options, with some completely dropping BTC altogether. In fact, even the black market on the dark net—one of Bitcoin’s earliest fans, have ditched BTC in favor of more functional cryptocurrencies, like Dash and Litecoin.

Bitcoin does have its obvious limits. And it is this lack of flexibility that had users wanting more, and pushed Ethereum into birth in the first place, with more new blockchains emerging shortly after. Stellar, Ripple, Dash—the list of newer blockchains goes on and will continue to grow longer as private blockchains add even more to the mix.

This is absolutely true, but I guess all people want to change something in blockchain and other people only want to gain a lot of money from it by making many useless coins.
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July 25, 2018, 04:01:09 AM
 #27

Think of it like this: If a futures contract costs more than Bitcoin, you could buy Bitcoin, and sell a future contract at the same time, then, when the contract is up, you deliver the bitcoin for the agreed upon price and therefore profiting on the difference. This is called “cash and carry” arbitrage.
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July 25, 2018, 04:03:02 AM
 #28

Over the last year, network congestion and skyrocketing fees have alienated businesses that used to have BTC as their payment method of choice. As a result, merchants who used to accept purely BTC were forced to add other cryptocurrencies to their payment options, with some completely dropping BTC altogether. In fact, even the black market on the dark net—one of Bitcoin’s earliest fans, have ditched BTC in favor of more functional cryptocurrencies, like Dash and Litecoin.

Bitcoin does have its obvious limits. And it is this lack of flexibility that had users wanting more, and pushed Ethereum into birth in the first place, with more new blockchains emerging shortly after. Stellar, Ripple, Dash—the list of newer blockchains goes on and will continue to grow longer as private blockchains add even more to the mix.

This is absolutely true, but I guess all people want to change something in blockchain and other people only want to gain a lot of money from it by making many useless coins.

I agree with think of you!
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July 25, 2018, 08:01:07 PM
 #29


I liked this answer very much. It has all the data that is needed to compare the reality of the crypto currencies. After reading this answer I am really feeling very tiny in the crypto space and it tells us that this is nothing as compared to the worlds biggest countries and their economies. You can not even compare the market of crypto currencies here, lolz. If we want to see any effect of the crypto currencies over the national or global level then it needs to make bigger movement here, they need to be invested 100x more than the current rate and might just take another decade or so.


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July 25, 2018, 10:24:04 PM
 #30

I think that crypto technologies will not increase the world economy sufficiently in the near future because crypto technologies are just technologies and they do not produce a new production. Using crypto technologies countries and businessman can decrease its expensions and improve business processes. And another important thing that crypto technologies are not currently wide used and it need to spend some time until they will become wide used.
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July 25, 2018, 11:12:13 PM
 #31

1. Increase economic income by cryptocurrency?
2. The Cryptocurrency Market and How it Influences Our Economy?
The questions you ask are highly debatable and is of normatic nature. By Normatic, I mean, the statements are based on opinions and not facts. It may or may not be true.

1. You cannot actually determine the increase, it cannot be calculated at all. Because you'd have to report your earnings from crypto, and most of them don't and most of them lie. And each country has its own intake on crypto, so no use.

2. Its an interesting question, crypto has influenced a lot of people, in a good and bad way. Almost 80-90%(personal opinion, is subject to be totally false) of the people think crypto is an asset. Assets don't influence economies in a direct way. Economies don't take crypto seriously, so in paper crypto does nothing. But in reality, its totally different. More than 300,000,000,000$(market cap of crypto) have been put into the world economy, and that is no small amount. So I guess you have an answer.


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July 25, 2018, 11:21:15 PM
 #32

Blockchain and bitcoin are suitable for every industry. I am working in the field of insurance and finance and I am waiting till blockchain will change everything. I hope it will happen soon. I have found one project Socratus. It is an insurance ecosystem which provides a digital platform with instant claim payment products for insurance companies. It is designed to help insurance companies to save their money and get their business on a new level. For instance, they can help the insurance company to lower expenses from 15% to 25% on claims handling and operational expenses. Basically, they work with different kinds of insurances such as e-commerce, cyber insurance, personal accident and etc. Moreover, they are powered by Smart-contracts & Socratus Oracles. I think this is really cool and it seems like an innovative and demanded project. I hope I helped.
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July 25, 2018, 11:47:46 PM
 #33

The cryptocurrency market doesn't influence the economy,because it`s just too small.
It has to be more 1 trillion USD worth in trading volume and market caps,in order to have any significant inlfuence over the world economy.There`s no such term as "economic income".What do you want to say with this term?
I think so. It affects our economy in creating jobs for everyone. They find the ability to make money in whatever way they think.
Electronic money will reduce dependence on banks and money transfers.
Trading with electronic money is very easy to access and convenient.
Yes.Since only few of the people in the world have known how to make money from bitcoin,then i don't think that it will totally affect our economy.Maybe in our own life's economy it had made a big growth,but when it comes to the world's economy,bitcoin is still just a very small factor.But maybe in the near future,it can already be the biggest asset for its economic growth if bitcoin will be exposed positively to all the nation.

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July 26, 2018, 02:59:51 AM
 #34

I think in the near future,it can already be the biggest asset for its economic growth if bitcoin will be exposed positively to all the nation. Bitcoin will change life everyone
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July 26, 2018, 03:58:51 AM
 #35

There was news on CCN that the first physical exchange of BTC between two parties after expiry of a BTC futures contract was done for the first time. I think thas a start in building a road for BTC to become intertwined with a country's economy.


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July 26, 2018, 06:45:40 AM
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The cryptocurrency always affects us on two sides, it can have a positive impact on the economy thanks to the capital mobilization programs for business and hence the economy will grow.
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July 27, 2018, 01:22:24 PM
 #37

Until now, the surge in cryptocurrency markets has been a sideshow to the financial markets or the real economy. Prices have gone up a lot for bitcoin and other cryptocurrencies.

1. Increase economic income by cryptocurrency?
2. The Cryptocurrency Market and How it Influences Our Economy?
-----------
What do you think?
Yeah I don't say that whole world is reacting on things that are going on here on cryptocurrencies market, I know that some of the countries are considering bitcoin as serious stuff, but yes there are many countries who think that bitcoin will pass soon.

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July 27, 2018, 03:42:12 PM
 #38

The cryptocurrency market doesn't influence the economy,because it`s just too small.
It has to be more 1 trillion USD worth in trading volume and market caps,in order to have any significant inlfuence over the world economy.There`s no such term as "economic income".What do you want to say with this term?
I think so. It affects our economy in creating jobs for everyone. They find the ability to make money in whatever way they think.
Electronic money will reduce dependence on banks and money transfers.
Trading with electronic money is very easy to access and convenient.

Cryptocurrency market is actually influencing different people in the corporate world to invest and the prices in the market that keeps on increasing makes different people to purchase cryptocurrency.

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July 27, 2018, 04:49:07 PM
 #39

For me we are not able to see any big changes YET but in future we will feel how crypto change our lifes and economy in our country if this part of it will be still developing that fast.

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July 27, 2018, 06:04:50 PM
 #40

Blockchain technology which is the core technology behind cryptocurrency is undoubtedly described as a major disruptor of the global business process. However, it does seem like a lot more attention is being paid to cryptocurrencies than to blockchain technology.
The global economy primarily relies on the US Dollar. This is the summary of the dominance of the United States in global economic. It is for this reason that any upheavals in the US financial market always sends shockwaves around the world.
With the emergence of Bitcoin and all the over 1,000 cryptocoins, financial transactions are being decentralized on a massive scale.
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