Is Bitcoin the future of the global economy or just another commodity like Gold?

[fiulpro]

I would like to say Bitcoins is most fitting as a commodity like Gold , yes it does have many similarities to the Fiat and other currencies but at the same time it is not a very good idea to use it for day to day activities , therefore I do think Bitcoins is more or so very fit for being something similar to gold and stocks .
But at the end of the day it is all about the preference of every single person out there, they can choose to use Bitcoins as a Currency or save it up for later . It is all on them.
At the same time the government implications have limited the use of Bitcoins and also the percentage of people comfortable about using it .
Not many people know about it out there , the ones who does they do not get many chances of using Bitcoins , since not all stores and countries are alike .

[hatshepsut93]

Bitcoin is a scarce currency and has a fixed supply volume of 21 million. Therefore, cryptocurrencies will remain the means of speculation and nothing more, until a better economical breakthrough occurs.

Your post makes no sense at all, what does fixed supply has to do with speculation? And do you know that a lot of coins are inflationary, and they are still more speculative than Bitcoin. And what economic breakthrough are you talking about?

Bitcoin is speculative because it's not widely adopted, and there's a lot of uncertainty about how much adoption it will get. Bitcoin's supply is irrelevant to its adoption.

[Yatsan]

Bitcoin can never be a commodity, commodities by definition have some sort of industrial utility, and Bitcoin was created to be digital money. So, you are comparing very different things when you ask about Bitcoin being a future of global economy, because it has nothing to do with definition of Bitcoin.

As for the first part of your question, it's very unlikely that Bitcoin will become "the future of the global economy", the adoption rate is extremely slow, and governments can easily reduce adoption if they will feel threatened by Bitcoin. But this doesn't mean that Bitcoin is losing or that it is useless, millions of people find it useful.

In the aspect that bitcoin would be the 'future', it is a bit sketchy at this moment despite of the adaptations being made by economies of different countries especially those wherein cryptos are being used nowadays. What makes the vision blurry, is the issues being faced by not only bitcoin but also other cryptos with regards to the market price volatility, decentralizations and other matter we know, slowing down the acceptance of such technology. What gives a possibility is the demand of blockchain related skills by many companies nowadays, given that it has a strong relation with Bitcoin, so I doubt it would only end up as something being traded due to lack of stability in its price, which could either be good or bad in some periods just like with other goods in the market.

Digital currencies would more likely be the future but we are lacking assurance that it would be bitcoin that will represent what future would look like, since there are other digital currencies being more widely used by this time. It would mainly depend on how will its futher developments become.

[hatshepsut93]

Digital currencies would more likely be the future but we are lacking assurance that it would be bitcoin that will represent what future would look like, since there are other digital currencies being more widely used by this time. It would mainly depend on how will its futher developments become.

Digital currencies aren't the future, they are the present - online banking and internet payment companies were around for decades. Yes, they use existing fiat currencies, and it's okay, there's no reason to create a brand new currency if you can use the existing and well-adopted one. Of course it doesn't apply to crypto, because you can't really put an existing currency on a decentralized blockchain, all stablecoins will always be centralized.

[Reid]

Dont doubt this.

But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.

It will happen.
They are just afraid to swallow the truth.
It became the love for tradition or those who just don't want any change in their lifestyles.
I understand it. In remote rural areas you could see them still leaning on fiat but you could also see they are now changing using smartphones and computer.
That just means they are also moving and trying to follow with anything that is new.
It could be done, it is just the matter of when.

[KrisAlex18]

Bitcoin has the possibility to do so, but for me bicoin is onlya digital assets, it is only an alternative currency for first currency, there are many things that bitcoin can do just like what a standard currency can but I think the volatility of it's characteristics makes it exluded fo being future for the global economy.

Bicoin could go for so many years and maybe in the future, it can be canside as a standard currency all over the world, even though bitcoin starts on 2009 and it is now living for 10-11 years as of now, bitcoij can do more in the future.

[Subbir]

Bitcoin never ends so soon for therefore a few years when Bitcoin has survived it'll go an extended way ahead Bitcoin is that the way forward for the planet economy and Bitcoin is worth quite gold. When the worth of gold goes down the demand for it goes down but the demand for bitcoin doesn't go down. Everyone holds on for the longer term Bitcoin investment not only makes a profit but also helps to enhance a country's economy Bitcoin is prospering round the world.

[efiminzer]

Bitcoin can never be a commodity, commodities by definition have some sort of industrial utility, and Bitcoin was created to be digital money. So, you are comparing very different things when you ask about Bitcoin being a future of global economy, because it has nothing to do with definition of Bitcoin.

As for the first part of your question, it's very unlikely that Bitcoin will become "the future of the global economy", the adoption rate is extremely slow, and governments can easily reduce adoption if they will feel threatened by Bitcoin. But this doesn't mean that Bitcoin is losing or that it is useless, millions of people find it useful.

By the future of the global economy, I' referring to the financial aspect of the economy. Of course, it will not replace real-life commodities.

And Bitcoin is useful, that I agree with. Having 1 unified coin to serve the entire world will make a tremendous change, maybe even change the balance of powers between nations.

[abhiseshakana]

By the future of the global economy, I' referring to the financial aspect of the economy. Of course, it will not replace real-life commodities.

And Bitcoin is useful, that I agree with. Having 1 unified coin to serve the entire world will make a tremendous change, maybe even change the balance of powers between nations.

The global economy is currently in a phase of digital transformation and is driving economic digitalization in all sectors. Digital technology and information are used as the main key in the factors of production, consumption, and distribution. Digital digitalization will create added value and efficiency because digital technology triggers innovation and economic growth.

Algorithms and blockchain will be the foundation of the development of AI which means it has a crucial position in the future. For bitcoin will only be an asset or treasure in the future because its nature is contrary to state sovereignty.

[dothebeats]

Banks are always there serving to events that are precursor to economic crashes. We have seen it throughout history since the idea of banks were materialized, and there's no denying that banks and the government working together to print money that the economy can churn has always turned out to be bad. Not that I'm saying that banks are always pure evil, but there has to be some sort of reboot or change in the banking system in order for economic crashes to be prevented--or at least cause little damage--in the future.

Cryptocurrencies such as bitcoin serves as a bank for those who doesn't have the means to open their own bank accounts and pay for the initial deposit. It also serves as a hedge against inflation and economic crisis, similar to what is happening currently. It may not be as smooth as what the banking industry does, but it sure helps people get the most out of their hard-earned money--only if they really know the advantages of keeping some of their assets in bitcoin and stash it for the long run.

[efiminzer]

Digital currencies would more likely be the future but we are lacking assurance that it would be bitcoin that will represent what future would look like, since there are other digital currencies being more widely used by this time. It would mainly depend on how will its futher developments become.

Digital currencies aren't the future, they are the present - online banking and internet payment companies were around for decades. Yes, they use existing fiat currencies, and it's okay, there's no reason to create a brand new currency if you can use the existing and well-adopted one. Of course it doesn't apply to crypto, because you can't really put an existing currency on a decentralized blockchain, all stablecoins will always be centralized.

I'm referring to the cryptocurrencies, not fiat digitally produced currency.

[davis196]

So lately I've been thinking about the global financial economy and the way it works. 

During my BA, I had a course with a professor that played a very high role in the central bank of Israel.
I asked him "Is the bank preferring for the day after the economy will collapse?" the answer he gave me was not clear. I saw him struggling to answer that.

But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.

So my question is, is it really the future of the economy? or just the "new gold"? 

What do you mean by "the future of the new economy"?
I don't think that any financial asset can be "the future" of a new economy.
The real future of the economy lies in technology innovations like producing cheap and clean electricity or replacing oil.Financial assets(even digital assets like cryptocurrencies) are a just a tool used for wealth re-distribution.Some people lose money on the markets,while others win money.It's zero sum game.
Bitcoin is an alternative to fiat and money printing,but that doesn't mean that it will totally replace fiat money some day.

[shoreno]

 btc is not the future of the economy but it was like a gold  .  future means it has a big responsibility but btc is not too complex enough to handle those   .  btc has a fixed supply and cant print more money so why you think its like a bank and can replace banks   .  but you can store money on it although its not safe  . laslty it cant provide you loans because btc is not an institution like a bank  but its only a kind of currency  .  there are loan service that offers crypto loans tho

[el kaka22]

I see it as something in between and one or another, there is a middle ground. For example if you look at money right now, like dollar or euro so forth it is still a bit of "investment" for other nations, if you live in a country that uses its own fiat and is not using dollar or euro, and if you are not a nation that is doing well, "buying dollar" could be considered a way of investment as well, because your fiat will become less valuable against dollar. That is what I see bitcoin like, sure this analogy doesn't work for people in USA or Europe but it works for other people.

You are basically "investing into money" and that is rare thing and not really a proper investment idea normally but it could still be done, so if you live in let's say in Colombia, you can invest and buy dollars but also do the same for bitcoin as well.

[Intisar555]

I think it's a nice comodity

[Rafael_Carrero]

There is no the only one correct answer. Because I'd say that Bitcoin is a commodity, or store of value because of its high volatility which makes it not a perfect medium of exchange. But Venezuela's currency crisis demonstrated that Bitcoin was an innovative solution.

[Wexnident]

It depends on how the world goes about it tbh and isn't really a question answerable right now. Right now it just stands as something similar to gold in a sense of it being a commodity. Gold never became something like fiat cause of it being a hard asset, one of which is very difficult to diffuse to smaller entities, and fiat being a reproduced item has that ability. BTC may be limited in supply but it can be infinitely divided into smaller units which is satoshi after all, making it have the ability to be spread in the world for a long time. It still depends on how banks and governments are able to attack the issue of cryptocurrencies though. On another hand, once digital currencies are pretty much finalized and adapted to the world, fiat should probably be gone or be rarely used as much as compared to now I think.

[Latviand]

Bitcoin can never be a commodity, commodities by definition have some sort of industrial utility, and Bitcoin was created to be digital money. So, you are comparing very different things when you ask about Bitcoin being a future of global economy, because it has nothing to do with definition of Bitcoin.

As for the first part of your question, it's very unlikely that Bitcoin will become "the future of the global economy", the adoption rate is extremely slow, and governments can easily reduce adoption if they will feel threatened by Bitcoin. But this doesn't mean that Bitcoin is losing or that it is useless, millions of people find it useful.

Bitcoin is somehow can be a commodity because it is a raw material that can be mined though or in a digital form. Don't be so literal when it comes to treating raw material as physical thing, sometimes there are things that can be treated as a raw material digitally. Bitcoin can be a future of global economy once it achieve a mass adoption that we are all rooting for.

 It is not that hard to attain that position because there are governments that still don't want to use bitcoin in their community. If they don't feel any comfort and confident in using cryptocurrency in their economy then, they will not use it to prevent downward movement in their economy. I just don't get it why people are judging bitcoin without even trying it.

[mahilchii]

Well BTC can be considered as a most powerful asset but it is not a commodity, there is no doubt digital money like crypto is going to be the future.

People need a change on their savings and they are opting for crypto currency instead of banks, share markets etc I am pretty confident that crypto is going to boom the entire globe, those who Invest in this crypto are millionaires tomorrow..

[abhiseshakana]

Banks are always there serving to events that are precursor to economic crashes. We have seen it throughout history since the idea of banks were materialized, and there's no denying that banks and the government working together to print money that the economy can churn has always turned out to be bad. Not that I'm saying that banks are always pure evil, but there has to be some sort of reboot or change in the banking system in order for economic crashes to be prevented--or at least cause little damage--in the future.

Cryptocurrencies such as bitcoin serves as a bank for those who doesn't have the means to open their own bank accounts and pay for the initial deposit. It also serves as a hedge against inflation and economic crisis, similar to what is happening currently. It may not be as smooth as what the banking industry does, but it sure helps people get the most out of their hard-earned money--only if they really know the advantages of keeping some of their assets in bitcoin and stash it for the long run.

Banking is good but Bank is evil. We as individuals can contribute to changing the imbalance in world economic conditions by stopping the movement of saving money in banks. This movement will encourage banks to transform from margin oriented to service-oriented.

The practice of bank interest is prohibited in the economy in the real sector to avoid the accumulation of assets in a group of people, which allows the exploitation of the economy, both exploitation between actors, and exploitation of the system to economic actors. The absence of the practice of bank interest prevents disruption in the real economy such as inflation and declining macroeconomic productivity and encourages the creation of fair, stable, and sustainable economic activities through productive profit sharing systems.

In the contemporary economy, the existence of bank interest changes the function of money as greasing the transaction into a commodity loaded with the practice of speculation and debt on the monetary market. The inhibition of the synergy of the real and monetary sectors causes an imbalance in the economic structure, due to the ease of obtaining profits from the practice of fixed and predetermined returns, the monetary sector absorbs most of the money in circulation, which results in a decline in the performance of the real sector and the economy. The interest system causes inequality of business interaction, exploitation, and mislocation of resources and false economic development.

Current facts, the application of bank interest causes trading on the money market and capital per day amounting to a quarter of transactions in the real sector for a year, often a financial crisis, there is a large voting power for developed countries in world financial institutions such as WTO, world bank, IDB and IMF. Also, the amount of debt for developing countries is even greater.