Bitcoin Forum
November 22, 2019, 02:11:00 AM *
News: 10th anniversary art contest
 
   Home   Help Search Login Register More  
Pages: « 1 [2] 3 »  All
  Print  
Author Topic: How would an Economy based on BTC look like?  (Read 205 times)
target
Legendary
*
Offline Offline

Activity: 1484
Merit: 1013

CryptoTalk.Org - Get Paid for every Post!


View Profile WWW
November 05, 2019, 07:46:12 AM
 #21

Just as the title states. How do you guys think  a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.

it is very unlikely that in a country they only use bitcoin for the economy would certainly be a problem for children who have not been able to learn about bitcoin of course they cannot use bitcoin to buy snacks and it might also be uncomfortable for some of them if they want dealing with bitcoin because you have to always use cellular data.

In such a case like this, it will be a necessity to educated the children about the future payment system that they will eventually use. It is quite not that easy in the beginning, but if we became used to it, it will not be hard. I am waiting for the invention of an RFID system that will store cryptocurrency such as bitcoin. In such a way that we will not need to worry about spending too much time just for a single daily transaction that we need to execute.

There will probably an app that will exist about easier for kids to make transactions using the centralized coin backed by government while BTC will function like gold reserves today. Or if BTC is really going to be used by individuals just like a country making transactions to another country, we will probably count prices by satoshis. If I have to buy snacks, will use my phone and scan how much satoshis will I send.


 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
.CryptoTalk.org.|.MAKE POSTS AND EARN BTC!.🏆
1574388660
Hero Member
*
Offline Offline

Posts: 1574388660

View Profile Personal Message (Offline)

Ignore
1574388660
Reply with quote  #2

1574388660
Report to moderator
1574388660
Hero Member
*
Offline Offline

Posts: 1574388660

View Profile Personal Message (Offline)

Ignore
1574388660
Reply with quote  #2

1574388660
Report to moderator
1574388660
Hero Member
*
Offline Offline

Posts: 1574388660

View Profile Personal Message (Offline)

Ignore
1574388660
Reply with quote  #2

1574388660
Report to moderator
The Bitcoin Forum is turning 10 years old! Join the community in sharing and exploring the notable posts made over the years.
1574388660
Hero Member
*
Offline Offline

Posts: 1574388660

View Profile Personal Message (Offline)

Ignore
1574388660
Reply with quote  #2

1574388660
Report to moderator
1574388660
Hero Member
*
Offline Offline

Posts: 1574388660

View Profile Personal Message (Offline)

Ignore
1574388660
Reply with quote  #2

1574388660
Report to moderator
slaman29
Sr. Member
****
Offline Offline

Activity: 1022
Merit: 287


Roll with the best at BitDice


View Profile
November 05, 2019, 09:19:51 AM
 #22

Just as the title states. How do you guys think  a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.

You don't understand how economy works. There is no such thing as a BTC only economy. What would its export product be? What would they be able to SELL as a product or a service?

Mining BTC? Miners don't earn enough to run a country. And if all nodes were centralized there, it would remove the value of Bitcoin network. Not everything is a cure with Bitcoin alone...

BitDice[]               ▄▄███▄▄
           ▄▄██▀▀ ▄ ▀▀██▄▄
      ▄▄█ ▀▀  ▄▄█████▄▄  ▀▀ █▄▄
  ▄▄██▀▀     ▀▀ █████ ▀▀     ▀▀██▄▄
██▀▀ ▄▄██▀      ▀███▀      ▀██▄▄ ▀▀██
██  ████▄▄       ███       ▄▄████  ██
██  █▀▀████▄▄  ▄█████▄  ▄▄████▀▀█  ██
██  ▀     ▀▀▀███████████▀▀▀     ▀  ██
             ███████████
██  ▄     ▄▄▄███████████▄▄▄     ▄  ██
██  █▄▄████▀▀  ▀█████▀  ▀▀████▄▄█  ██
██  ████▀▀       ███       ▀▀████  ██
██▄▄ ▀▀██▄      ▄███▄      ▄██▀▀ ▄▄██
  ▀▀██▄▄     ▄▄ █████ ▄▄     ▄▄██▀▀
      ▀▀█ ▄▄  ▀▀█████▀▀  ▄▄ █▀▀
           ▀▀██▄▄ ▀ ▄▄██▀▀
               ▀▀███▀▀
        ▄▄███████▄▄
     ▄███████████████▄
    ████▀▀       ▀▀████
   ████▀           ▀████
   ████             ████
   ████ ▄▄▄▄▄▄▄▄▄▄▄ ████
▄█████████████████████████▄
██████████▀▀▀▀▀▀▀██████████
████                   ████
████                   ████
████                   ████
████                   ████
████                   ████
████▄                 ▄████
████████▄▄▄     ▄▄▄████████
  ▀▀▀█████████████████▀▀▀
        ▀▀▀█████▀▀▀
▄▄████████████████████████████████▄▄
██████████████████████████████████████
█████                            █████
█████                            █████
█████                            █████
█████                            █████
█████                     ▄▄▄▄▄▄▄▄▄▄
█████                   ▄█▀▀▀▀▀▀▀▀▀▀█▄
█████                   ██          ██
█████                   ██          ██
█████                   ██          ██
██████████████████▀▀███ ██          ██
 ████████████████▄  ▄██ ██          ██
   ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ ██          ██
             ██████████ ██          ██
           ▄███████████ ██████▀▀██████
          █████████████  ▀████▄▄████▀
[/]
Linkkoin
Member
**
Offline Offline

Activity: 293
Merit: 47

Online Cryptocurrency Exchange


View Profile WWW
November 05, 2019, 12:59:43 PM
 #23

It would be much closer to what we have had during the time of commonly accepted gold coins.

Back to the old days, even if you had coins forged in different countries - these had been accepted worldwide as they had the more or less commonly accepted value (because of the content of gold).

Of course, depending on the number of factors, the price of one product would have a different cost, but the payment method would be the same.

As well, if we had an economy based on BTC in the way we had gold, then it would not rule out banks.

Banks simply would become closer to what have been centuries ago, unable to "print" BTC out of thin air.

Impossibility of printing currency out of thin air could limit state spendings (which are often nothing but a loan, which will be paid back with another loan - this is how rolling loans works).

Online cryptocurrency exchange
https://linkkoin.com Buy BTC, ETH, XRP, BCH, EOS, LTC, XMR, REP, ETC, ZEC with payment card/Apple Pay
xtraelv
Hero Member
*****
Offline Offline

Activity: 882
Merit: 1502


฿ear ride on the rainbow slide


View Profile
November 05, 2019, 01:20:43 PM
 #24

I believe bitcoin will eventually become a settlement layer. It will be developed further to use sidechains that link back to the value store of bitcoin. Settlement between entities or chains will occur periodically valued in bitcoin.

Symilar to what happened with banks in the past. Funds are transferred between banks by ledger.  Physical transfer occurred later.

A token currency may be Tethered to bitcoin (or tethered to a number of assets - e.g bitcoin, precious metals and land).

Crypto still has a long way to evolve. Exchanges are still falling over, hacks are prominent, transfer is cumbersome and relatively complex (try teaching grandma) , values fluctuate wildly and the code is still a work in progress.

Current phase - surviving legislation.

We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
Thank you to madnessteat for my custom avatar hat.
Bitcoinislife09
Full Member
***
Offline Offline

Activity: 289
Merit: 107


Natural8.com - Making Poker Fun Again


View Profile
November 05, 2019, 01:34:39 PM
 #25

Just as the title states. How do you guys think  a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.

I think a county cannot rely on bitcoin completely due to its volatile nature hence it would be a complete mess up because even to pay a simple bill or purchase it you pay an amount by the time the vendor receives it the value will be increased or decreased. If we have a stable version of bitcoin I mean Bitcoin's stable coin then it work smoothly and this is possible only if a new country is craved out.
Bitcoin is a good asset and good technology that we could use it what it is. Bitcoin is a digital currency or as digital money, we could use to buy things that we ways it is just like a modern type of fiat money that we have today. In my opinion bitcoin have a great effect in our economic growth in our society as we use it as an asset a lot of company also using it as a good source of income also a lot of investors was investing in bitcoin. The economy cannot rely on bitcoin. If the bitcoin was completely implemented maybe the easy way to have an transaction anywhere all over the world.

▼                          NΛTURΛL8       MAKING POKER FUN AGAIN                        ▼
►          $500k Rush & Cash Monthly   |   200% First Deposit   |   $150k Short Deck Hold'em          ◄
▲          [   ● FACEBOOK   ]     Download The App Here     [     ● TWITTER     ]          ▲
bering
Legendary
*
Offline Offline

Activity: 1722
Merit: 1004



View Profile
November 05, 2019, 01:48:47 PM
 #26

My mind is still far from it and i was never thinking will see economy countries based on btc but on my thought unlike fiat money btc have limited of supply and i fear those who have much btc will potential to manipulate and control the price so it can be have effect for the economy from those countries which is caused high of inflation and i think it could be danger

          ▄▄████▄▄
      ▄▄███▀    ▀███▄▄
   ▄████████▄▄▄▄████████▄
  ▀██████████████████████▀
▐█▄▄ ▀▀████▀    ▀████▀▀ ▄▄██
▐█████▄▄ ▀██▄▄▄▄██▀ ▄▄██▀  █
▐██ ▀████▄▄ ▀██▀ ▄▄████  ▄██
▐██  ███████▄  ▄████████████
▐██  █▌▐█ ▀██  ██████▀  ████
▐██  █▌▐█  ██  █████  ▄█████
 ███▄ ▌▐█  ██  ████████████▀
  ▀▀████▄ ▄██  ██▀  ████▀▀
      ▀▀█████  █  ▄██▀▀
         ▀▀██  ██▀▀
.WINDICE.████
██
██
██
██
██
██
██
██
██
██
██
██
████
      ▄████████▀
     ▄████████
    ▄███████▀
   ▄███████▀
  ▄█████████████
 ▄████████████▀
▄███████████▀
     █████▀
    ████▀
   ████
  ███▀
 ██▀
█▀

██
██
██
██
██
██
██
██
██
██
██
██
     ▄▄█████▄   ▄▄▄▄
    ██████████▄███████▄
  ▄████████████████████▌
 ████████████████████████
▐████████████████████████▌
 ▀██████████████████████▀
     ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
     ▄█     ▄█     ▄█
   ▄██▌   ▄██▌   ▄██▌
   ▀▀▀    ▀▀▀    ▀▀▀
       ▄█     ▄█
     ▄██▌   ▄██▌
     ▀▀▀    ▀▀▀

██
██
██
██
██
██
██
██
██
██
██
██
                   ▄█▄
                 ▄█████▄
                █████████▄
       ▄       ██ ████████▌
     ▄███▄    ▐█▌▐█████████
   ▄███████▄   ██ ▀███████▀
 ▄███████████▄  ▀██▄▄████▀
▐█ ▄███████████    ▀▀▀▀
█ █████████████▌      ▄
█▄▀████████████▌    ▄███▄
▐█▄▀███████████    ▐█▐███▌
 ▀██▄▄▀▀█████▀      ▀█▄█▀
   ▀▀▀███▀▀▀
████
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
████


▄▄████████▄▄
▄████████████████▄
▄████████████████████▄
███████████████▀▀  █████
████████████▀▀      ██████
▐████████▀▀   ▄▄     ██████▌
▐████▀▀    ▄█▀▀     ███████▌
▐████████ █▀        ███████▌
████████ █ ▄███▄   ███████
████████████████▄▄██████
▀████████████████████▀
▀████████████████▀
▀▀████████▀▀
iePlay Nowei
[/cente
Asmonist
Sr. Member
****
Offline Offline

Activity: 560
Merit: 250

CryptoTalk.Org - Get Paid for every Post!


View Profile
November 05, 2019, 01:49:54 PM
 #27

Its quite possible but it will take time to fully adopt it in a country. Culture and people's capacity and ability to use and earn btc is a big struggle. It needs more effort, time and financial support to do it. There are several factors and the usual practices that cannot be directly disregarded. Bitcoin-based economy will gonna be struggling for now.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
CryptoTalk.org| 
MAKE POSTS AND EARN BTC!
🏆
todiboa
Jr. Member
*
Offline Offline

Activity: 94
Merit: 2


View Profile
November 05, 2019, 02:02:00 PM
Merited by xtraelv (1)
 #28

Just as the title states. How do you guys think  a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.

The country must be completely democratic because the economy on BTC implies complete decentralization. Have you ever seen completely honest people with power? I have not seen and it’s hard for me to imagine a country based on BTC
Memminger
Sr. Member
****
Offline Offline

Activity: 492
Merit: 250

CryptoTalk.Org - Get Paid for every Post!


View Profile
November 05, 2019, 03:39:31 PM
 #29

Just as the title states. How do you guys think  a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
Having Bitcoin as a single currency in a particular country, I think would not be that beneficial. Bitcoin is much better suitable in doing international transactions or deals which would greatly lessen the cost and hassle of doing so. Fiat still have an important use which they could provide more convenience than using Bitcoin for example where the internet connection aren’t strong and also at times where paying an upfront cash would be the easier deal.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
CryptoTalk.org| 
MAKE POSTS AND EARN BTC!
🏆
Eclipse26
Sr. Member
****
Offline Offline

Activity: 560
Merit: 261

CryptoTalk.Org - Get Paid for every Post!


View Profile
November 05, 2019, 03:47:00 PM
 #30

If the only currency allowed is bitcoin, then I'll assume it's a mess. Why? Because it's decentralized. It's easier for hackers and scammers to earn by stealing other people's money and funds. It's like, they have the privilege. Most will probably just study how to hack than studying more on schools. Everything will base on the technology. And if you're not a techy person, poor you because almost everything will depend on it since the main currency is there.

 
                               . ██████████.
                             .████████████████.
                          .██████████████████████.
                       -█████████████████████████████
                    .██████████████████████████████████.
                 -█████████████████████████████████████████
              -███████████████████████████████████████████████
          .-█████████████████████████████████████████████████████.
       .████████████████████████████████████████████████████████████
      .██████████████████████████████████████████████████████████████.
      .██████████████████████████████████████████████████████████████.
      ..████████████████████████████████████████████████████████████..
      .   .██████████████████████████████████████████████████████.
      .      .████████████████████████████████████████████████.

      .       .██████████████████████████████████████████████
      .    ██████████████████████████████████████████████████████
      .█████████████████████████████████████████████████████████████.
       .███████████████████████████████████████████████████████████
          .█████████████████████████████████████████████████████
             .████████████████████████████████████████████████
                  ████████████████████████████████████████
                     ██████████████████████████████████
                         ██████████████████████████
                            ████████████████████
                              ████████████████
                                  █████████
CryptoTalk.org|  
MAKE POSTS AND EARN BTC!
🏆

Code:
[center][table][tr][td][url=https://cryptotalk.org/topic/21-get-paid-for-every-post/][tt][font=monospace][size=5pt]  [size=1pt][color=#22528A]
                               . ██████████.
                             .████████████████.
                          .██████████████████████.
                       -█████████████████████████████
                    .██████████████████████████████████.
                 -█████████████████████████████████████████
              -███████████████████████████████████████████████
          .-█████████████████████████████████████████████████████.
       .████████████████████████████████████████████████████████████
      .██████████████████████████████████████████████████████████████.
      .██████████████████████████████████████████████████████████████.
      ..████████████████████████████████████████████████████████████..
      .   .██████████████████████████████████████████████████████.
      .      .████████████████████████████████████████████████.[/color]
[color=#213B72]       .       .[color=#22528A]██████████████████████████████████████████████[/color]
      .    ████[color=#22528A]██████████████████████
CLS63
Full Member
***
Offline Offline

Activity: 392
Merit: 100


send and receive money instantly, with no hidden c


View Profile
November 05, 2019, 05:11:26 PM
 #31

Bitcoin would be very helpful for many parts of countries if it would be the only currency in the economy of countries. But there would also be risks of course. For example; Bitcoin could cause countries to have very hard days because of its volatility in its price.

ashmodeus
Hero Member
*****
Offline Offline

Activity: 1232
Merit: 504

CryptoTalk.Org - Get Paid for every Post!


View Profile
November 05, 2019, 05:18:52 PM
 #32

hemm ....
i try to imagine and, let guess, what on my mind ?
its hard , if everything based by btc, how our days life ?
no more police corrupt, it's good , but how we shop everyday ?
did we must waiting about 10-30 minutes every we pay ? since btc need time to confirmation for each transaction.
buy coffee , paying on bus/taxi/train, and manymore
more time will be wasted every day if the economy is based on btc.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
.CryptoTalk.org.|.MAKE POSTS AND EARN BTC!.🏆
Youghoor
Sr. Member
****
Online Online

Activity: 742
Merit: 259

CryptoTalk.Org - Get Paid for every Post!


View Profile
November 05, 2019, 07:25:35 PM
 #33

Personally, I don't really think bitcoin is ready to be used for an economy to be based on. This is mainly because of the unstable nature of its market value in the crypto ecosystem. But in terms of its ecosystem, it will be very easy to monitor every transactions and identify which part of the economy sector having difficulties and challenges. Progress of any project can be easily identified and addressed. Decentralization makes it easier for economists to make policies to address a particular problem or challenge.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
CryptoTalk.org| 
MAKE POSTS AND EARN BTC!
🏆
pakhitheboss
Member
**
Offline Offline

Activity: 574
Merit: 16

★777Coin.com★ Fun BTC Casino!


View Profile
November 05, 2019, 07:50:10 PM
 #34

Well, for one thing, it will be totally transparent. So if a group or a individual is tied to a Bitcoin address, all transactions done with that address would be traceable back to them. Let's take the government for example : The government might allocate a specific Bitcoin address for a specific tender or a project and all the money being paid for that project, would be traced on the Blockchain.

The public will know when payments are done and how much were paid and if there was any irregularities that were paid from that Bitcoin address. < over payments / bribes etc. >   Grin


Well in my opinion totally messed up and controlled by the miners. Bitcoin is not yet ready to take that position it has got flaws and it has got benefits. Bitcoin will not be able to handle the transaction pressure. So it better remains an asset which it has become now until those flaws are taken care of.

WatchMaker
Full Member
***
Offline Offline

Activity: 434
Merit: 100


XCARD.io - Send and Receive Money Instantly!


View Profile
November 05, 2019, 10:16:46 PM
 #35

The bitcoin economy is going to be cashless economy.
Governments all over the world are pushing for the cashless economy.
Yet, the bitcoin has provided the perfect solution for cashless economy globally not just for one country.

Google+
Hero Member
*****
Online Online

Activity: 1204
Merit: 511

CryptoTalk.Org - Get Paid for every Post!


View Profile
November 05, 2019, 10:51:21 PM
 #36

I think condition of the world economy when it has made payments based on bitcoin and many have received payments using bitcoin then long distance transactions will be safer, faster and more efficient, in fact everything can be seen that there are no hidden transactions, everyone will use bitcoin and other cryptocurrency to conduct transactions and can have a good impact on prices at the exchange due to increased demand and usage.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
.CryptoTalk.org.|.MAKE POSTS AND EARN BTC!.🏆
1Referee
Legendary
*
Offline Offline

Activity: 2072
Merit: 1374

Segwit please.


View Profile
November 05, 2019, 11:39:43 PM
 #37

Well in my opinion totally messed up and controlled by the miners.
It depends on what your definition of being controlled by miners is. In a sense, every POW network is controlled by miners because that's the economical security model. If you refer to a few miners controlling the network, then that's not entirely true either because every large pool consists of hundreds/thousands of smaller individual miners.

Bitcoin will not be able to handle the transaction pressure.
That's what Lightning and other layered scaling solutions are for. A lot of the innovation within the ecosystem will be related to Lightning as that is the most logical path to follow. It allows businesses to scale larger themselves because there essentially is little resistance when you don't have to communicate with the main-chain every single time.

In the end, I think people greatly exaggerate the potential rate of adoption of Bitcoin or any other crypto. There is no one single global currency, neither is there one global financial institution. We have various currencies in the world and orders of magnitude more financial services each doing things a little different to attract users. Gold isn't the only precious metal either. It just happens to be the most valuable one.

Finestream
Hero Member
*****
Offline Offline

Activity: 1414
Merit: 517


BITSLER.COM! The best Gambling site NOW*


View Profile
November 05, 2019, 11:43:32 PM
 #38

It will look like a more developed economy, only if bitcoin is fully regulated as well.

I mean we are shifting from centralized to decentralized and everything is done online, I guess it would help to make transactions faster and cheap which gives benefits to people who are working in different countries and has a family in other country, this would also eliminate the sharks in the remittance industry and we will enjoy transacting online just like doing a regular transaction in our daily life, and of course, we are in control of our "real money", not the money that the government are printing which are just only fooling us. But of course, that's just one side of decentralization, sure there's more benefits we will enjoy that I haven't mentioned.

CryptoBry
Sr. Member
****
Offline Offline

Activity: 938
Merit: 345


CryptoTalk.Org - Get Paid for every Post!


View Profile
November 06, 2019, 12:33:11 AM
 #39

Just as the title states. How do you guys think  a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.

I would say that there is an ongoing debate on this and this question would go on because up to now we could not find a good model of a country that already adopted Bitcoin as the official national currency in replacement of its fiat or paper money. We who are supporters of Bitcoin has this tendency to think that Bitcoin can be working for and in all situations but frankly speaking we really do not know what can happen to an economy that is solely adopting Bitcoin as the national money. And since nobody is volunteering, we will always be thinking of what can be, will it be helping or will just make things much worse?

Now, in the first place, will it be a good idea? Or maybe the complexity and variations within the economy can make things really difficult if a country is going to do this? You see, I am answering here with a lot more questions and this is the nature of something that is not yet tried. And i would not even dare suggest that an economy will do this. Maybe we can start with an experimental island where the only money accepted is that of Bitocin so we can see the very dynamics of the economy under a microcosm before we can say that there is a possibility of it working in a bigger scale.

 
                                . ██████████.
                              .████████████████.
                           .██████████████████████.
                        -█████████████████████████████
                     .██████████████████████████████████.
                  -█████████████████████████████████████████
               -███████████████████████████████████████████████
           .-█████████████████████████████████████████████████████.
        .████████████████████████████████████████████████████████████
       .██████████████████████████████████████████████████████████████.
       .██████████████████████████████████████████████████████████████.
       ..████████████████████████████████████████████████████████████..
       .   .██████████████████████████████████████████████████████.
       .      .████████████████████████████████████████████████.

       .       .██████████████████████████████████████████████
       .    ██████████████████████████████████████████████████████
       .█████████████████████████████████████████████████████████████.
        .███████████████████████████████████████████████████████████
           .█████████████████████████████████████████████████████
              .████████████████████████████████████████████████
                   ████████████████████████████████████████
                      ██████████████████████████████████
                          ██████████████████████████
                             ████████████████████
                               ████████████████
                                   █████████
CryptoTalk.org| 
MAKE POSTS AND EARN BTC!
🏆
romero121
Legendary
*
Online Online

Activity: 1638
Merit: 1047


World's Best Fully Featured Cryptocurrency Casino


View Profile
November 06, 2019, 12:58:02 AM
 #40

The entire system will be functional in a much efficient way than the present system. Talking about the economy based on bitcoin only, there might be large level of fluctuation with the economy, but there is growth. This growth is achieved out of the technology backing the bitcoin. When the economy is on bitcoin, everything will be integrated with blockchain technology.

When each and everything is processed through the blockchain without any third party intervention everything will be visible to the common man. This will create a corruption free system, when the corruption is eliminated unlike the market trend or the fluctuation there'll be growth in the economy.




.




  ▄▄▄▄▄▄▄▄▄▄▄▄▄
▄████████▀▀▀▀███▄
███████▀     ████
███████   ███████
█████        ████
███████   ███████
▀██████   ██████▀
  ▀▀▀▀▀   ▀▀▀▀▀

  ▄▄▄▄▄▄▄▄▄▄▄▄▄
▄██▀▀▀▀▀▀▀▀▀▀▀██▄
██    ▄▄▄▄▄ ▀  ██
██   █▀   ▀█   ██
██   █▄   ▄█   ██
██    ▀▀▀▀▀    ██
▀██▄▄▄▄▄▄▄▄▄▄▄██▀
  ▀▀▀▀▀▀▀▀▀▀▀▀▀

            ▄▄▄
█▄▄      ████████▄
 █████▄▄████████▌
▀██████████████▌
  █████████████
  ▀██████████▀
   ▄▄██████▀
    ▀▀▀▀▀

    ██  ██
  ███████████▄
    ██      ▀█
    ██▄▄▄▄▄▄█▀
    ██▀▀▀▀▀▀█▄
    ██      ▄█
  ███████████▀
    ██  ██




               ▄
       ▄  ▄█▄ ▀█▀      ▄
      ▀█▀  ▀   ▄  ▄█▄ ▀█▀
███▄▄▄        ▀█▀  ▀     ▄▄▄███       ▐█▄    ▄█▌   ▐█▌   █▄    ▐█▌   ████████   █████▄     ██    ▄█████▄▄   ▐█████▌
████████▄▄           ▄▄████████       ▐███▄▄███▌   ▐█▌   ███▄  ▐█▌      ██      █▌  ▀██    ██   ▄██▀   ▀▀   ▐█
███████████▄       ▄███████████       ▐█▌▀██▀▐█▌   ▐█▌   ██▀██▄▐█▌      ██      █▌   ▐█▌   ██   ██          ▐█████▌
 ████████████     ████████████        ▐█▌    ▐█▌   ▐█▌   ██  ▀███▌      ██      █▌  ▄██    ██   ▀██▄   ▄▄   ▐█
  ████████████   ████████████         ▐█▌    ▐█▌   ▐█▌   ██    ▀█▌      ██      █████▀     ██    ▀█████▀▀   ▐█████▌
   ▀███████████ ███████████▀
     ▀███████████████████▀
        ▀▀▀█████████▀▀▀
FIND OUT MORE AT MINTDICE.COM
Pages: « 1 [2] 3 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!