Cryptocurrency could benefit the world's economic welfare?

[Evil eye]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

[1714975275]

1714975275

[CoinEraser]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

I think that does not work for the whole world. Only in countries, with people who also own crypto, benefit from it. There are certainly countries in which people have little or no cryptocurrency, since in these countries the internet is barely or not at all available. Such countries do not benefit from crypto. You can also put it another way. The rich get richer, the poor stay poor. I think cryptos too can not do much about it. If it should be different, I would be very happy if the whole world has something of it. 

[kujaroth]

It is possible. It might help in the economy of some other countries depending on how they use cryptocurrency. It would boost the economic standing or the economy of the country but we won't know by how much.

[fiulpro]

It is off course true , the developing countries are in fact scared that someday..there will be too many investors and the cryptocurrency will loose the value and the whole economy of the country will break down, but it fact it's enabling the whole country and it's people to have a wider perspective , and also the international trades are very much fluorishing because of it and by that I don't mean trades by big companies but more like personalized, now anyone literally can afford and set up a business and get the recognition world wide, this is indeed something that I think is a benefit.
You know take an example of stock market which take moeny in the form of dollars first you have to go to forex then convert the local currency into dollars and then go to the stock shares index get yourself verified and even after that whatever you earn comes back to you only after you have done some verifications and then again you will have to convert dollars into normal currency, this is so complicated that most people don't want to get involved.
But with cryptocurrencies it's so early it's like one step process whole dependent on u not anyone else.

[Quinni]

Crypto currency is just a speculative product, which is likely to bring benefits to the world when the market is good. Therefore, encryption is likely to change the world.

[BTC_BTC]

of course, I strongly agree with your opinion on this.
bitcoin can be very useful for the world economy if managed properly, and get support from every government.

[audaciousbeing]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

I am sure a lot of people didn't bother to read more and understand the crypto currency being talked about here just assuming that its bitcoin or the known coins we have come to be aware of in this crypto ecosystem.

Of course crypto currency is going to boost the economy and save a whole lot of costs that is being expended in printing notes at intervals and having to build safe rooms all over to ensure security couple with the cost incurred to move it from one place to another. This would be basically eradicated with the presence of crypto which the paper clearly outlined but the concern there is how would both cash and digital currency co-exist which is something they are yet to figure out and I think that should not be a problem at all as crypto should be rolled out on a phase basis while cash is still being used.

Another area of concern is because the crypto they are talking about is purely state backed crypto and how they want to convince those already aware of bitcoin, ETH and others to adopt that fully is way out of imagination.

[mostkey]

In the near future as it is now only useful for the country and for individuals who have felt the development for the economy as well as for improving the individual economy, the world still has not seen it because there are still many countries that are not yet convinced to adopt cryptocurrency in the present and perhaps for the future it can happen, need the first step to do this all, not much different from the fiat that is limited to the different forms, cryptocurrency provides a great convenience for the user in the transaction, the security of which has proven system of security depends on yourself no interference from others, then it is fitting cryptocurrency must appear in the world because it will have a positive effect on the economy.

[dev9t9ok]

I am sure that this news is very positive for us and the market situation because two greatest countries (USA and Canada) are thinking about using crypto technologies. I think that it is a very positive signal for us that crypto technologies will have the great future. Just imagine what will there be on the crypto market in case of using crypto tehnologies on a country level. I think in this case most part of coins will soar th the new historical highs and I am ready for this scenario by holding ETH and BTC.

[aso118]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Governments all over the world look for means to improve efficiency in benefit delivery. If cryptos can provide a means to do so, then there is no reason why countries wouldn't adopt them. In this particular case, the gains talked about are brought about due to the elimination of cash. I am not sure if that is a desirable (or even possible) thing to do.

[the13thsymphony]

If certain countries does encounter problems in their economy and their economic status the collapsing then its people can definitely turn in to cryptocurrency as it have a different market and can self sustain an individual and seeing many governments would want to get into it is a very good move not only for them bu also for the people in their country and the investors of cryptocurrency and more money will circulate the market.

[mamarried]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Without saying anything about cryptocurrency I can say about blockchain that it is really a comfortable and positive place for a business to get developed in. Most of the small businesses owners are afraid of it but it is temporary.

[avikz]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

This is possible only if the cryptocurrency is accepted as a legal tender in that particular country.  Means, it will be only effectively boost a county's economy if a person can purchase goods and services using cryptocurrency.  Otherwise, it will have no impact on the economy.

In majority of the countries, cryptos are being used as an investment. That will not boost the economy of any country because at the end of the day, investors will have to convert it to fiat to see the profit. To empower the actual economic boost through cryptos, it needs to be a legal tender first!

[ss890]

If we check things in straight forward way then surely crypto currencies can bring up the economic welfare to most of the countries. But unfortunately there is a lot of flaws in the whole system where not all the countries are on the same page and neither most of them agreeing the concept of bitcoin. So the next question is how this can help crypto economic conditions to improve themselves? If there is no use of it or no purpose of it in the real world (in most of the countries) then how can one be so sure that it may create welfare credibility in the world. 

[hugeblack]

I think there is a mistake in understanding the difference between the term of digital currency "Paper money in digital form" and Cryptocurrency "Bitcoin & altcoins."
I noticed that the author of the article referred to the term Cryptocurrency at the beginning of it and then talked about digital money in the rest of the article. Am I wrong?
I agree with them where dealing with the digital system is much better than cash, but if the idea revolves around making central cryptocurrency system and then benefit from the system Blockchain I do not expect there would be any benefit from the integration of the two systems

[Kprawn]

The welfare gains of introducing CBDC are estimated as up to 0.64% for Canada. {This is a very low gain}  

Source : https://www.bankofcanada.ca/wp-content/uploads/2018/07/swp2018-36.pdf

This is the conclusion in summary :

~ Elevated levels of competition may lead banks to improve their services by offering cheaper and/or better products.

~ On the other hand, an increased level of competition may lead banks to invest in (or give loan to) riskier projects, resulting
   in a less stable financial system. Furthermore, banks may increase the interest rate on loans, which in turn can affect the
   real economy.

This was a very good paper and a recommended read, before you read the article. 

[Amanda Green]

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.

[ylnar123]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Of course it's good also for the whole world. Nation's accepting cryptocurrency can benefit through it due to it demand to the public. If people will be properly educated about this new trend of currency, then many would invest in it and economy will have more means of income from it.

[timerland]

I don't think that crypto or bitcoin alone would be able to necessarily increase the welfare of individuals directly by handing them aid or stuff like that, but it could certainly happen in a variety of ways with a global currency like bitcoin.

The most prominent example would be that bitcoin allows for people from less developed countries with cheap labor forces to access employment opportunities worldwide, and therefore, increase their standard of living.

The combination of bitcoin as the payment method/medium of excahnge and the internet allows this to happen, and this can occur throughout the world regardless of borders because of bitcoin's global nature. Bitcoin, in contrast to other payment processors like Paypal, do not restrict access just because you don't have ID or you don't have a valid bank account to attach to your account, which means that it's much more accessible by less developed nations. Besides, you also don't need to pay fees, or deal with exchange rate risk as much.

[sublime5447]

Actually they also have their own digital systems but the journal or the article doesn’t mention about blockchain, cryptocurrency that (which in general) using blockchain is inversely proportional to the centralized bank system, and what needs to be highlighted next is the node problem in each branch that must be qualified to store more data.

[frowsiter]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Crypto currencies are far from what is being imagined in that article here. I think crypto currencies are not capable of doing that because they themselves have no solid support. Leaving behind the whales I can only see weak hands everywhere who use bitcoin and crypto's as medium to earn money and nothing else. As long as it doesnt end up having real use it cant be used for the national development or so called welfares around the globe. That process will get executed later in the time and not just now. This world is yet to understand the best of its characteristic and then we can think about the welfare really.

[davinchi]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

It only says Canada. But how does Bitcoin benefit a country? I don’t really know how, unless maybe when the major investors are coming from that country, they can be the ones bringing in profit to that country or maybe their government planed to start investing in cryptocurrency, or should I say that they want to start mining just like I heard that Russia government were setting up a Bitcoin mining farm. I don’t know how exactly it is going to benefit the economy of any country apart from these things I have mentioned.

[julzcoinbit]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

These can be effective once a particular country accepted cryptocurrency as a legal tender. And every Governments In a country wants to Improve their economy amd If they found potential Into cryptos, there Is no reason why they wouldn't adopt It and used for particular cases.

[magneto]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Is cryptocurrencies, or just bitcoin going to improve the US and Canada's economic welfare or condition all of a sudden? I highly doubt it.

Bitcoin is useful as an international and global currency with no central bank. I don't think that it's true to say that the United States and Canada's economy depended on cryptocurrencies, or that they are going to drastically improve due to it. Same goes for any other country, since bitcoin is completely stateless and there is no central entity controlling it the way fiat is controlled.

Bitcoin does benefit a range of people, regardless of their country or nationalities. For example, unbanked people can be helped greatly as bitcoin provides a means to save. Workers from remote regions can connect with global employment opportunities. etc. etc. It's not just restricted to countries.

[Altf4]

That is very true about cryptocurrency,it would benefits the world economic welfare, especially to the economy that is suffering from economic crisis ,cryptocurrency is of great help to the jobless people.

[d0flaming0]

That is very true about cryptocurrency,it would benefits the world economic welfare, especially to the economy that is suffering from economic crisis ,cryptocurrency is of great help to the jobless people.

well it has some point, but it wouldn't be that easy since implementing such currencies needs to be process and it takes a lot of work to do before it will be finalized, and as usual there are lots of arguments that will happen uponthe process that will make it long before it will be fully regulatef to a certain country and in addition those who will keep on criticizing crypto, that makes it hard.

[Mhd-Bobbi]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

I think that does not work for the whole world. Only in countries, with people who also own crypto, benefit from it. There are certainly countries in which people have little or no cryptocurrency, since in these countries the internet is barely or not at all available. Such countries do not benefit from crypto. You can also put it another way. The rich get richer, the poor stay poor. I think cryptos too can not do much about it. If it should be different, I would be very happy if the whole world has something of it. 

Yes Because there are several countries also prohibit the use of crypto. And I don't think it's possible to help them solve their economic problems. Like my country. Many crypto users in my country. But that cannot change their economic life.

[Quinni]

At least in 2017, people who invest in encryption have made a lot of money, which indeed brings a lot of benefits to investors. We are also very grateful to BTC.

[jhon15]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

According to what I expect is very suitable if the statement about Cryptocurency is really beneficial for everyone, now it can be said that everyone joined Cryptocurency because indeed It is very worthy to be used as a source of income for our economy

[Popov_popov]

If the state is involved in the crypt, this is how much it can earn for its country.

[charlzyeby]

There are some countries with pretty bad economic welfare but a good number of their population may never get access to the internet or cryptocurrencies or even understand the whole idea of cryptocurrencies. How will these countries benefit specifically from cryptos?

[just_Alice]

If the best economic improvements can be made in case when there is only digital currency, but no fiat currency then cash should be removed from world's circulation. If some countries are completely cryptocurrency accommodated while others only have cash money transfer systems it may cause some issues in export/import practice, like what currency should be used, which exchanges and what fees should be paid for transactions, etc. On the other hand - what changes if most of the countries just replace one currency type with another? Anyway, I think it's US and Canada for now because not every country can deal with cryptocurrencies and turn their implementation into economic gain for the government, as with the new system simply some private banks can do manipulations faster, than the government and take over the business.

[mrcash02]

I totally agree that Bitcoin and another digital currencies can benefit individuals welfare from the financial point of view. As you know, Crypto-Currency opens a new world that wasn't disponible before for many people. In this new world the offers are more accessible for you, with zero bureaucracy.

It means everyone can have access to more profitable investments they hadn't before on their countries. It means there are more job offers, new sources of money disponible, new kinds of markets to be explored... In the end, all these points are reverted into economic welfare, as the individual makes a good use of the opportunities.

[bizarro]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

In my opinion the biggest opportunities are held in the hands of people, bitcoin and cryptocurrency is just a tool with help of which we can both destroy or improve the existing economic system but the last word is in our mouth.

[ExtremeFacials.com]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

In hands of wise and young economic experts cryptocurrency is able to create and develop miracles, just like this small village in Japan, who are totally functioning on blockchain and crypto!

[paynercash]

Actually they also have their own digital systems but the journal or the article doesn’t mention about blockchain, cryptocurrency that (which in general) using blockchain is inversely proportional to the centralized bank system, and what needs to be highlighted next is the node problem in each branch that must be qualified to store more data.

The press and the media do not talk about Blockchain really is a disadvantage for those who do not know it. By the blockchain era, brought in many different colors and many applications in life. In the future, I think the machines will work for human beings. The same goes for electronic money that comes with many benefits for the community: profit, online transactions, fast and inexpensive. It will promote the world economy is certain.

[Anamika143]

Is it really true that only Canada and the United States will get financial welfare through Bitcoin? Because many countries are currently using Bitcoin for various purposes. Bitcoin is being used all over the world and every time many countries and people are joining in bitcoin. That is why Bitcoin is a global online currency and it will bring economic well-being around the world.

[redsun114]

Is it really true that only Canada and the United States will get financial welfare through Bitcoin? Because many countries are currently using Bitcoin for various purposes. Bitcoin is being used all over the world and every time many countries and people are joining in bitcoin. That is why Bitcoin is a global online currency and it will bring economic well-being around the world.

Not only to UK or US rather every country or every single person who is involved in bitcoin now, could be able to earn profit from it. We people often start believing over wrong statements and fake news, but sensibility must be shown in this regard. This decision could be valuable addition to your life but on same level it could be destruction for you too.

[pimkobai]

I think it's not only US and Canada could benefit from the cryptocurrency market. I believe this can benefit also other countries in Asia and other parts of Europe and Africa. Cryptocurrency is an opportunity for the people to get involved in the field of mining, investment and joining bounties where many people are participating to earn profit.

[binghope]

Yes, if applying BTC in many areas, it is very useful. If there is a rule that allows BTC to only vibrate within that range, it is great to bring the BTC closer to our lives.

[Priaa165]

This is a solution to the limitations of the conventional financial system that exists today. Even though it can't be used evenly, but I believe this method will become a trend in the next 10 years because in addition to being more flexible, this method is safer for users who really understand the concept.

[googs84]

Give me a break ! Crypto currencies are being put at the place of fiat through such statement but I dont think that anything like that will happen. Come on guys we should be well aware that how crypto currencies are not close enough to the fiat. Its nature and characteristic are too much differential than what is needed by the crypto currencies to be able to have the place of economic welfare. Do you really think that all these news that are being flashed are just typical news and without any backings to them. Believe me.

[DaughterOFbitcoin]

This is a solution to the limitations of the conventional financial system that exists today. Even though it can't be used evenly, but I believe this method will become a trend in the next 10 years because in addition to being more flexible, this method is safer for users who really understand the concept.

For the next few coming years, we will be seeing so amazing trend of bitcoin everywhere. You would be seeing this coin rising in stock market and the business and payment methods and much more would be endorsed with crypto currency. Especially those people who aren’t much interested in bitcoin now, they would be regretting over this decision later.

[Donggou]

Yes, this is a two-sided problem. Although Bitcoin is also a very good place like ICO, ICO is also a disadvantage of Bitcoin because they have some scams. But I think these just take time, and the future cryptocurrency market is wonderful.

[PonyBoy]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

Yes I believe it can start that, but the main point is in our hands that we will be a alowingit to develop in the terms of our involvement, what I mean is that people needs to be involved and to stay positive.

[mackenzie5]

Crypto currency is new form of digital currency with the strong net work systems and can be operated world wide This is connected. with the modern technology. Bitcoin is the first crypto currency with the specific characteristics so bitcoin has attracted by the global investors and  bitcoin popularity has wide spread world wide. Bitcoin was useful for some country's economic crises to overcome the inflation .Bitcoin will not effect any inflation and it can operate parallel to the national currency.

[Rechargers]

In my opinion, if some countries are completely cryptocurrency accommodated while others only have cash money transfer systems it may cause some issues in export/import practice, like what currency should be used, which exchanges and what fees should be paid for transactions, etc. Any thought?

[so98nn]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

One of the key issues here would be the cost of implementation. Most of the developing and third world countries where this welfare is most needed lack the proper infrastructure needed for the wide use of cryptos.

But if these countries do find a way to implement cryptocurrencies economically, it would surely revolutionize their overall consumption and GDP figures.

[junglist.massive]

Crypto can’t be applied to each country, each country has its own economic problems and crypto isn’t the main solution or popular for most countries in the world. If the world needs a digital currency, we have Bitcoin, if you don’t like Bitcoin you can use altcoin

[prokerduit]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

maybe in my opinion the cryptocurrency economy will continue to grow over time. the more countries that legalize cryptocurrency in their countries, the economy will be good.

[EddyGameta]

It is off course true , the developing countries are in fact scared that someday..there will be too many investors and the cryptocurrency will loose the value and the whole economy of the country will break down

Scammers are also a scary thing that the government is trying to prevent its people from being trapped from them, it’s naive but this is the reality, the government is still turning a blind eye to this development era which supposedly welcomed well.

Crypto currency is just a speculative product, which is likely to bring benefits to the world when the market is good.

How deep have you studied about crypto? It’s true, many people use it as a tool for a quick profit, like you are.

[buternasek]

I am very sure that cryptocurrency can be useful for the whole world, just need a little patience. currently the world is trying to adapt to bitcoin. I am sure that in the future, bitcoin will be accepted globally and recognized by the world.

[cahbagus555]

Canada and the United States economic welfare may come through cryptocurrencies. Canada's Central Bank has published such a paper. Only the economic development of these two countries? Or cryptocurrency can bring economic welfare all over the world.

https://www.coindesk.com/central-bank-crypto-could-bring-economic-gains-bank-of-canada-paper/

What do you think about the economic world of cryptocurrencies?

I think, more good news for cryptocurrency community. Cryptocurrency already accepted in several advance country and i think others country will follow. More country recognized cryptocurrency will make market recovery again more faster