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Author Topic: What will happen to global economy when crypto becomes global currency?  (Read 1499 times)
cellard
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August 23, 2018, 02:04:21 PM
 #21

Not 'when', but 'if'. This future is not likely to happen. At least, not with the current bitcoin's limitations.
The network capacity is just incomparable with visa and mc. Also, the constant price volatility is a huge stop-factor.

Crypto may take some part in the global economy, but it will not replace bank payments and fiat.
Just like the internet didn't replace usual mail as the means of transferring information.

Bitcoin doesn't need to grow scale wise to cater for every transaction on the planet. It's good enough as it is to act as a settlement network which would be in practice a better gold standard. So people would use second layer solutions like the Lightning Network instead of onchain transactions. This way even poor people in the end of the world could have access to the global economy, and this would be faster, cheaper and more private than any government alternative, so they have an incentive to support it.

At the same time, the elites have an incentive to support Bitcoin because they can afford on-chain transactions for their massive transactions and bypass the nation-states' controls.

In the end no matter what criticism you have about it, both rich and poor have incentives to support BTC, correct me if im wrong.
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August 23, 2018, 07:41:37 PM
 #22

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

My theory will be that all of the human being in the planet will work as one economy and will rely to one currency to be used all over the world and humans will work together as one.
No doubt it will be true because I have found people taking more interest I bitcoin than any other coin, crypto currency has a lot of benefits for us so we just need to recognize it and to use to well on time, sometime we feel market is falling faster but I think instead of losing our hope to sell, it is best to buy more and save, because surely crypto currency is going to be global currency very soon.
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August 23, 2018, 07:43:57 PM
 #23

I think with the use of bitcoin as a global currency, payments between countries will be more efficient because it can be done quickly and costs a little. however, the high volatility of bitcoin prices can cause the economies of unstable countries
Essentially what we need bitcoin is high stability and good price. Issues related to national economies are due to many factors. Not all electronic money has the most impact on the market. Make sure it only happens part of its scope.
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August 23, 2018, 08:45:53 PM
 #24

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?
It depends on what you mean by the official global currency, which will become the crypto currency. It is necessary to proceed from the fact that states will not widely use the decentralized crypto currency in their financial activities. It seems that it is unlikely to be widely used and private business. Decentralized crypto currency is too volatile for this. As a global currency, only citizens can use a decentralized crypto currency.
In this capacity, decentralized crypto currency is unlikely to have a strong impact on the economies of states.

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August 23, 2018, 11:28:39 PM
 #25

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

I don't see it is happening anytime soon or within our lifetime. Cryptos need government regulation and clear legal framework to become local currency first. Out of all countries in the world, only Japan and Germany have adopted them to be used as a legal tender. Rest all countries are still going through a dilemma. They have neither absolutely adopted it nor absolutely banned it! So the chances look really grim for bitcoin or any other crypto to become a global tender in our lifetime.

Even if it happens in the near future, it will be certainly not bitcoin. It will be something similar to the government regulated digital currency whose values will be guaranteed by some of the big economies. I don't see much future of cryptos here in the global level for global trades because the consortium of governments won't let it happen!

I do agree with this. Crypto has a long way to go in terms of replacing the fiat currencies.
But, we are in the stage that crypto money has real fiat value so we can use it for our everyday living.
Though many merchants are already accepting cryptocurrencies as a form of payment, yet, it is still in its early ages.
So, I believe that the global economy would still be the same if ever that scenario will happen, only that, business transactions are faster and are more transparent.

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aoluain
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August 23, 2018, 11:28:56 PM
 #26

Bitcoin is already a global currency but not "officially".
FIAT will also exist in a digital form and both will coexist.
I really cannot see crypto putting an end to FIAT because not everyone is going to accept it,
no government will want to adopt it either because they cannot regulate it.
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August 23, 2018, 11:35:03 PM
 #27

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

First what makes you think that it will be the globe currency at all? I mean the debate is still on that whether we should call the bitcoin as currency or just the asset that we can use for the purpose of store value? I mean with that ambiguous nature of bitcoin how can we expect it to see as global currency at all.
Also if it becomes the one then also it wont help the global economy to move vastly but on smaller scale because its use still would be not very much explored and hence could be more or less to a MNC companies equivalents.
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August 24, 2018, 12:09:21 AM
 #28

It's very hard for cryptos to become global currency as not all the people would be ready to accept the decentralised cryptos not backed by any of the governments.

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August 24, 2018, 12:17:41 AM
 #29

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

What do you mean by "official global currency"? If you're asking what will happen when all the countries in the world will recognize it as a currency, than it will probably never happen.
Technically speaking, Bitcoin was always a global currency, it doesn't even know about borders, all you need is Internet connection. So far it didn't dramatically change the world because it wasn't adopted. So, all the potential effects rely on its adoption, and I believe it won't be huge, maybe 10-15% of population at best. Most common uses will be store of value and shadow economy, and while those things are considered as negative by governments, they will tremendously help people.

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August 24, 2018, 01:32:15 AM
 #30

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?


Actually if Bitcoin become primary the global currency the economy is still the same and additional more potential to be grow because new technology is operated here so no doubt all people were benefited the good service of bitcoin and more progressive is the hand of the people in all over the world. 
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August 24, 2018, 01:37:48 AM
 #31

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

I don’t believe that Bitcoin will be an “official global currency”. I think it will we used globally as a mainstream method of Payton’s store of value, but I think countries will still use their official government currencies. I also think that there will be several other cryptocurrencies that will be used for various purposes as well.
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August 24, 2018, 01:54:59 AM
 #32

In my opinion, I don't see cryptocurrency replacing fiat totally. Rather, I will forecast a global economy where both operate side by side. I mean both crypto and fiat operating alongside each other. Fiat still has a role to play especially considering the fact that the world is not at par on technological development.

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August 24, 2018, 05:05:57 AM
 #33

It will be very odd to see how governments cope with not being to inflate their problems away. I think this would single handedly be the greatest challenge that the world would face with an inflation free (almost inflation free) monetary system. 

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August 24, 2018, 05:32:50 AM
 #34

Bitcoin will become a global currency for sure. It will not affect the global economy. Actually it will boost the global economy.If the cryptocurrency became the world using common FIAT,the transaction will be faster.Upto now we are using online wallet for the transaction in shops.If cryptocurrency became the global currency,all the people use to transfer bitcoin wallet.

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August 24, 2018, 01:43:15 PM
 #35

how do you think it will affect the global economy and the economy of each countries?
what happens in the global economy is as usual, and maybe this is more practical and easy to transact


Will it help improve the economy better than fiat or will it still need help from fiat?
yeah, because this will make it easier to provide wages to workers and if there are still many people who don't understand crypto money then using fiat can still be used
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August 24, 2018, 01:54:11 PM
 #36

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

crypto or bitcoin? banks can come up with their own crypto that would replace fiat with ripple for example.

that may be far fetched idea to some but I don't think it would really effect anything besides people using crypto instead of fiat to make payments. Most of the transactions will be done digitally just like they're done today just more secure. . . we would see side by side market of crypto and fiat before that happens which is already happening.



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August 24, 2018, 03:35:50 PM
 #37

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

crypto or bitcoin? banks can come up with their own crypto that would replace fiat with ripple for example.

that may be far fetched idea to some but I don't think it would really effect anything besides people using crypto instead of fiat to make payments. Most of the transactions will be done digitally just like they're done today just more secure. . . we would see side by side market of crypto and fiat before that happens which is already happening.



Ripple is a bad example because it's premined. The devs are holding a large portion of it in hope that some dumb banks will recognize it and its value will rise making the owners into billionaires. It's a get rich scheme and people can see through it. That's why the project is not moving forward by a lot.
As for making another crypto, what makes you think that people would voluntarily leave fiat and start using bank crypto?
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August 24, 2018, 04:33:57 PM
 #38

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?
I really do not think bitcoin or any other cryptocurrency are going to be officially recognized as a global currency, but its effects are going to be felt regardless of that fact, most likely what it will happen is that governments and banks are going to be weakened by cryptocurrencies and it is even possible that many countries ban them but even with such restrictions in place it will be impossible for governments despite their efforts to contain this new technology.

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August 24, 2018, 05:03:04 PM
 #39

Certainly, Crypto cannot become a global currency with government allowing it, so no need going there. It would still in any way be hand in hand with fiat as that is what the government would be more comfortable with while finding a way to regulate the space.

Nevertheless, with bitcoin hitting a high level of adoption, it should somehow reflect on those who see the need for it and make use of it to help their own economy. With that, I would say that the effect totally depends on how each country and her citizens perceive the usage of cryptocurrencies.

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August 24, 2018, 05:21:45 PM
 #40

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

I don't see any major impact happening as bitcoins is present in almost all global countries, they're coexisting well without causing any impact on each other. If you see even now people are yet choosing fiat over bitcoins, it's cause many people don't understand bitcoins, plus it's limited so it can't help to improve the economy, it can lead to chaos if only few person own it. Bitcoins will always be traded for fiat, so it'll not be able to create any impact without fiat.

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