Economic situation around the world and Bitcoin

[Polo7]

World economic situation can dump btc price, unfortunatly. Recession is not good in general

Its not recession anymore!
It was but not anymore!

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[el kaka22]

Even if regulation becomes an easy part of bitcoin adoption, we still need to figure out a better method than just giving a simple card to someone (maybe clicking your pin to a machine as well) and be done with it, maybe we can do QR code scanning or maybe we can have bitcoin cards everywhere, in all aspects of the deal we need something better than credit cards, if we don't provide anything better than why would people use bitcoin.

Plus, the timing is still an issue, you send bitcoin to someone and it takes ages for them to get it compared to bank transactions when you do shopping, if you go buy something with your credit card the moment PoS machine gives you the invoice it means transaction completed and doesn't take longer than 30 seconds, bitcoin transactions still take 10+ minutes no matter how much fee you pay.

[Mahanton]

Even if regulation becomes an easy part of bitcoin adoption, we still need to figure out a better method than just giving a simple card to someone (maybe clicking your pin to a machine as well) and be done with it, maybe we can do QR code scanning or maybe we can have bitcoin cards everywhere, in all aspects of the deal we need something better than credit cards, if we don't provide anything better than why would people use bitcoin.

Plus, the timing is still an issue, you send bitcoin to someone and it takes ages for them to get it compared to bank transactions when you do shopping, if you go buy something with your credit card the moment PoS machine gives you the invoice it means transaction completed and doesn't take longer than 30 seconds, bitcoin transactions still take 10+ minutes no matter how much fee you pay.

These are the main reasons why there are still people who do really prefer out the traditional fiat system due to that purpose.
We cant really deny that Bitcoin system do really have those flaws and lacking.I dont believe that fiat system would be replaced up
anytime soon by crypto even though we are seeing some adoption of it but as long government do still on control then we wont see
the traditional system would fade away but somehow we do see some countries in terms of economic progress being helped up by Bitcoin/Crypto.

[dave111223]

For me, it is a certainty that cryptos will never replace fiat currencies. There will be a parallel economy and the btc will become a currency like USD, EUR etc... with a parity for each pair, but not a substitute currency. And that's good, because the global economy would be shaken up, it wouldn't make any sense.

[Wysi]

For me, it is a certainty that cryptos will never replace fiat currencies. There will be a parallel economy and the btc will become a currency like USD, EUR etc... with a parity for each pair, but not a substitute currency. And that's good, because the global economy would be shaken up, it wouldn't make any sense.

Yes cryptos have it's own use and it can never replace the real fiat currencies and even if we start using crypto instead of real fiat then it will create a chaos which might lead to a disastrous economical recession. Cryptos can be used as a mode of money transfer and other new technologies which gives i upper hand compared with traditional method like money transfer system which takes m\weeks if we do it through any money exchange but it's a matter of seconds through crypto. 

[uray]

Do you think this Economic situation will push More People into Bitcoin?
We know that countries like venezuela, ghana all Ready are Bitcoin adopters.

The problem with these countries is that the political corruption has destroyed their economies completely and the people have no money nor have the job to purchase bitcoin, the important thing we have to understand with these example is that we need to have an investment which is not controlled by the corrupt government and bitcoin is that investment and if people understand that we will see more investment in the market.
 

[shoreno]

For me, it is a certainty that cryptos will never replace fiat currencies. There will be a parallel economy and the btc will become a currency like USD, EUR etc... with a parity for each pair, but not a substitute currency. And that's good, because the global economy would be shaken up, it wouldn't make any sense.

Yes cryptos have it's own use and it can never replace the real fiat currencies and even if we start using crypto instead of real fiat then it will create a chaos which might lead to a disastrous economical recession. Cryptos can be used as a mode of money transfer and other new technologies which gives i upper hand compared with traditional method like money transfer system which takes m\weeks if we do it through any money exchange but it's a matter of seconds through crypto. 

Bitcoin wasn't made for remittance service,it was created for medium of transfer unfortunately many people don't use it for what is was supposed to be used.

May not create much chaos to the people,only will be a problem for the government and they will re-assist to the condition sooner.

bitcoin was not also mean for investment but people invest on it  therfor bitcoin can also be used for remitance and any other use depending on the user  . bitcoin is orginaly created for currency use but until now there are people that use it this way  . using crypto wont also make a chaos as long as the use is appropriate  .  economic situation around the world are different from country to country  , by using cryptos the economy can be improved if its in bad condition

[bitgolden]

For ease of making payments around the world, I think that Bitcoin can help economy grow because we have so many entrepreneurs that likes to do business, especially some of the petty ones which would have really added to the growth of any economy, but because of restrictions on some of these people because of inability to send money across border and the cost of sending money across the border for these transaction is scaring lots of them away.

With the cheaper costs of making payments for goods and services with Bitcoin, it will make lots of people able to go back to business and generate revenue for their country. For assets purpose, I think that Gold is still the most reliable for now as it is more stable than Bitcoin, but in future when Bitcoin eventually becomes stable, I believe that it will pass for digital gold and be more recognized than the normal gold.

[meliodas]

For me, it is a certainty that cryptos will never replace fiat currencies. There will be a parallel economy and the btc will become a currency like USD, EUR etc... with a parity for each pair, but not a substitute currency. And that's good, because the global economy would be shaken up, it wouldn't make any sense.

Yes cryptos have it's own use and it can never replace the real fiat currencies and even if we start using crypto instead of real fiat then it will create a chaos which might lead to a disastrous economical recession. Cryptos can be used as a mode of money transfer and other new technologies which gives i upper hand compared with traditional method like money transfer system which takes m\weeks if we do it through any money exchange but it's a matter of seconds through crypto. 

Bitcoin wasn't made for remittance service,it was created for medium of transfer unfortunately many people don't use it for what is was supposed to be used.

May not create much chaos to the people,only will be a problem for the government and they will re-assist to the condition sooner.

bitcoin was not also mean for investment but people invest on it  therfor bitcoin can also be used for remitance and any other use depending on the user  . bitcoin is orginaly created for currency use but until now there are people that use it this way  . using crypto wont also make a chaos as long as the use is appropriate  .  economic situation around the world are different from country to country  , by using cryptos the economy can be improved if its in bad condition

If we use the bitcoin for other things than what it meant for then sooner or later majority of people will lose interest on it now now maybe after few decades so it should be in the right path to have better crypto future.

It is the choice of the owner of the bitcoin to use their bitcoin on how they wanted to use it. Most of the things that we use our fiat currency are already being imitated by the cryptocurrency and I think that serves a better cryptocurrency future because it is a proof that we can transform from being a paper type of currency to digital currency with the power of cryptocurrency.

[adzino]

People in Venezuela and Ghana have no money to buy bitcoin.Do you think that average person in these and similar countries is able to buy even 0.100 btc a month
Economic situation all over the world depends now on talks about tariffs between USA and China.If talks will fail we will see mega crisis.Now ask yourself if your economic and financial situation uncertain will you put your money what you need to survive in most risky asset.Bitcoin is most risky and most profitable asset in the world

Lol. Really? They don't have "any" money to buy bitcoin? Then how do they buy their regular stuffs like their groceries? How to they pay their bills?
Now I guess you are thinking about them buying one whole bitcoin, right? Why do they have to buy one whole bitcoin? They can always buy fraction of bitcoin and whatever they can afford. They will just convert their fiat to bitcoin. Thats all it. Or they can just introduce their own crypto currency suitable for their economic system. Its not like they must use bitcoin. Altcoins are always an option.

[TrevorS]

In general, it is possible. But you need to understand the following things.
The heads of the most developed countries in the world speak out neutrally-negatively in the direction of bitcoin, which means that most people will not consider it as an asset during the crisis.
But large investors, independent of the opinions of television authorities, may well use Bitcoin as a temporary or permanent refuge.

[Polo7]

In general, it is possible. But you need to understand the following things.
The heads of the most developed countries in the world speak out neutrally-negatively in the direction of bitcoin, which means that most people will not consider it as an asset during the crisis.
But large investors, independent of the opinions of television authorities, may well use Bitcoin as a temporary or permanent refuge.

I think bitcoin is rich people money.

But the final Cryptocurency If there ever will be one world global currency it will be xrp.

[jets567]

I do not think that the push will be universal.  I believe those who are knowledgeable about Bitcoin will be the one who will transfer their fiat currencies into Bitcoin.  Institution won't do that because they are more conservative and always want the less dangerous road to take.  Since Bitcoin is a very risky but high reward commodity, these institution will not gamble in  it.  So I can say not all people will be pushed to Bitcoin because of this economic situation.

You may have a point here, but its the young generations that can push these bitcoin. Millennials, are knowledgeable enough especially this digital assets (not decentralized). Happenings in Hong Kong, those rallies push the bitcoin or crypto trading. They are looking for other option and cryptocurrencies are the favorable choice now. Look also to Venezuela, Africa etc., bitcoin is a viable  option.

Though the issue of volatility is there, some  has no choice.

I totally agree that Millenials could be the main reason for Bitcoin to push in the next coming years as they easily adopt new techonlogies, and I guess that the project owners knows that as well, for example on my country there are some blockchain projects that is conducting events to introduce blockchain and cryptocurrency on different universities because they knew that these students will be the key for cryptocurrency to achieve success in the future.

[jamesndungu1]

Definitely. I believe that the masses are looking for a way out of the current financial systems. Bitcoin is thriving on solving all the challenges that are associated with financial systems around the globe, and with the numerous solutions that the cryptocurrency has to offer, I believe a few years to come the majority of the people will have switched to cryptocurrencies. The decentralization feature is what is attracting so many people to this new digital currency.

[Ryker1]

Definitely. I believe that the masses are looking for a way out of the current financial systems. Bitcoin is thriving on solving all the challenges that are associated with financial systems around the globe, and with the numerous solutions that the cryptocurrency has to offer, I believe a few years to come the majority of the people will have switched to cryptocurrencies. The decentralization feature is what is attracting so many people to this new digital currency.

Well, It will but I feel doubt it takes longer of time. Years or maybe decades. Well, IMO. I really think so, the Economic situation would really push more people into bitcoin because all they wanted is not just to learn but to earn a big profit to support their daily needs as well. If that case many people will be embracing crypto and looking forward to because of the profit that bitcoin had. Indeed, I believed that there is a great innovation that Bitcoin brings from our economic situation and will the next halving will come.

[wxxyrqa]

Definitely. I believe that the masses are looking for a way out of the current financial systems. Bitcoin is thriving on solving all the challenges that are associated with financial systems around the globe, and with the numerous solutions that the cryptocurrency has to offer, I believe a few years to come the majority of the people will have switched to cryptocurrencies. The decentralization feature is what is attracting so many people to this new digital currency.

Well, It will but I feel doubt it takes longer of time. Years or maybe decades. Well, IMO. I really think so, the Economic situation would really push more people into bitcoin because all they wanted is not just to learn but to earn a big profit to support their daily needs as well. If that case many people will be embracing crypto and looking forward to because of the profit that bitcoin had. Indeed, I believed that there is a great innovation that Bitcoin brings from our economic situation and will the next halving will come.

Of course, everything will be exactly as you say, here only the decentralization and anonymity of each cryptocurrency user will have to forget.  Already today, many state governments are starting to resent the fact that criminals and fraudsters use cryptocurrency for their criminal purposes.  For this, in countries, certain structures will control the circulation of cryptocurrency.  But anyway, it is cryptocurrency that is a huge step forward for the whole world of cashless payments.

[doomloop]

World economic situation can dump btc price, unfortunatly. Recession is not good in general

This is not something new for world economy. There were many times when economy has overall done poor. But the great economists are the ones who find ways of tackling decrease in profits in positive ways rather than becoming hopeless like new investors. I am in favor of supporting bitcoin at the moment to help it pump up easily.

[shield132]

At first majority of population has no idea what the hell bitcoin is, even most of them don't know how to use cards and prefer cash despite the fact that they have to count coins and paper money.
Also from the people who knows word bitcoin, only small percent knows what it really is and most people think that it's bullshit, scam, pyramid and etc.
So to sum up, I think we are far away from global bitcoin usage and it's impossible to say at the moment that because of current economic situation, people may move on bitcoin.
P.S. Bitcoin wasn't meant for massive usage too.

[barabarian1]

in my opinion the world economy is still weak due to the trade war that occurred between China and America. and the economic growth of European countries is also weak. I got information from the website https://www.bloomberg.com/news/articles/2019-10-10/what-to-watch-to-see-if-world-economy-is-heading-into-recession. but in my opinion this trade war does not affect the crypto market. the crypto market is relatively stable, there is no significant increase or decrease. so I think investing in cryptocurrency remains safe.

[error08]

Cash is best asset when Economy is Down!

But fed USA and ECB Europe just printed more money, the Frankfurt and even paris Property prices are going up as the real Boom is about to start all over Europe.

Countries like Ghana... Yes its different story

Cash will be the worst during the crisis due to inflation, if a country keeps printing more money, it will be less valuable. To have cash during a crisis isn't a good option as gold will be the number 1 commodity whose value will remain persist. For bitcoin, I'm not sure whether it will spike up during an economic recession or tumbled, we will know if the global recession really happens.