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Author Topic: How can Bitcoin help build a digital global?  (Read 350 times)
Robertshon
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August 31, 2020, 07:11:26 PM
 #1

I think Bitcoin can for 3 reasons

The first reason:  The most relevant right now Central banks can print trillions of dollars of their local currency With a never-ending supply, according to the laws of supply and demand, this will inherently devalue the country's local currency. Now, this is what we have seen in countries like Venezuela, for example, where buying two loaves of bread now costs more than half of the average monthly salary. This is hyper-inflation. With bitcoin, there is a 21 million limited supply, no more can be printed no more can be created. This means there’s not enough bitcoin for everyone in the world to own just one… increasing its demand and increasing its value. Over the last few weeks, I’ve seen the federal reserve pump trillions of dollars into the US economy, devaluing the dollar over time. Unlike the dollar, bitcoin cannot be created out of thin air. That’s why it’s often people call it digital gold.This is why we’re bullish on bitcoin.

The Second reason: Bitcoin and blockchain technology is putting people on the financial map. Africa and Latin America lack the financial infrastructure when compared to the west 66% of Sub-Saharan Africans are listed as unbanked yet in 2016 there were over 1 billion mobile phone users. Now with mobile phone apps like Exodus the unbanked have access to a digital wallet, that they can use to trade and to do business with the rest of the world, using a currency like bitcoin which knows no borders.

And finally: Bitcoin matters because it is decentralized. It’s built on blockchain technology which we call trustless.This means no one entity owns your coins, Unlike traditional finance where your money is in the custody of one centralized entity, the banks. Banks can often freeze our funds, banks limit the amount of access we have to our funds per day, and many times you have to pay to use your own money. With bitcoin when you use hardware wallets you the individual has absolute sovereignty over your assets.



Nobody can run off with all your money, but you can!



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October 14, 2020, 01:24:17 PM
 #2

I think Bitcoin can for 3 reasons

To add more to your points, you can consider these too:

 Low Transaction Costs


Increased Transparency of Transactions

Hope you found value in this answer.

Maybe you missed something else how bitcoin can help build a digital global.  The price of Bitcoin can double in a short span of time.  There have been many people who suddenly became very rich just because they owned and held bitcoin for the past few years.  The possibility that the price of bitcoin will increase many times is really pushing the digital world and it has become very popular.  Bitcoin has become very interesting and very influential for the development of the digital world.  The ease and speed it offers with price opportunities continue to increase is the reason many people consider bitcoin to be worth investing in.

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October 15, 2020, 02:37:16 PM
 #3

Bitcoin is decentralized and has global liquidity. People use bitcoins more often and the demand for bitcoins keeps increasing in value.
Those who own bitcoins benefit from the price increases and those who use bitcoin benefit because it is cheaper and faster to transfer money internationally than with banks.

Currently, China is testing its digital currency, the EU is preparing a draft to launch a digital currency to be used in tandem with cash. It is clear that since the birth of bitcoin with blockchain technology, it has actually brought a lot of benefits.
Anti-fraud, fast money transfer speed is the advantage that blockchain technology has brought us.





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October 15, 2020, 03:17:58 PM
 #4

I believe that we are already on the verge of a large-scale worldwide implementation of cryptocurrency in human everyday life. And if China and the United States are still at war with each other on the political and economic battlefield, then the European Union has already launched an experiment on the implementation of the digital European currency on October 12. The European Union has a very large payment system, which when using the crypto euro will attract a huge number of users to the cryptocurrency market. But you need to take into account the fact that no matter what national cryptocurrencies are created in different countries, including China, Bitcoin will somehow be an international decentralized cryptocurrency, offering independence to each user.

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October 16, 2020, 09:35:52 AM
 #5

Bitcoin can help create a digital global through blockchain technology the world is improving a lot through blockchain technology and many countries around the world, including China are trying to implement this currency due to which the demand for currencies is increasing and the bitcoin transaction process is done very transparently. Records of each transaction are stored in a blockchain that anyone can view from any part of the world. As a result there is no scope for corruption.
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October 16, 2020, 01:45:47 PM
 #6

Quote
trustless
Huh??
- did you mean trustworthy??

Quote
Nobody can run off with all your money, but you can

This is a funny statement, since most people here are not the ones who will run off with their money , it's something which imposters , criminals do.
The base should always be : stability

Plus I do believe that there are many other things that one can add here , regarding the bitcoins and their usage, helping the economy build globally over the scope of internet.

- economic instability is prime problem now a days , we are going through a pandemic and unfortunately stock markets , governmental system , everything is down Where as bitcoins is somehow stable and providing people with job opportunities, opportunities of inter day trading and long term investments.

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October 16, 2020, 02:14:19 PM
 #7

Bitcoin can help create a digital global through blockchain technology the world is improving a lot through blockchain technology and many countries around the world, including China are trying to implement this currency due to which the demand for currencies is increasing and the bitcoin transaction process is done very transparently. Records of each transaction are stored in a blockchain that anyone can view from any part of the world. As a result there is no scope for corruption.
Nations dispute is formed when there is a single connection amongst nation you can say its
+ power tussle
+ past clashes/wars
+ different reasoning/pattern of-working.
+ cynical moves

Bitcoin may do the title of this post, can it sustain its global unity with the dispute that will come in? Thats where I doubt it.

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Spaffin
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October 16, 2020, 03:38:40 PM
 #8

Bitcoin can help create a digital global through blockchain technology the world is improving a lot through blockchain technology and many countries around the world, including China are trying to implement this currency due to which the demand for currencies is increasing and the bitcoin transaction process is done very transparently. Records of each transaction are stored in a blockchain that anyone can view from any part of the world. As a result there is no scope for corruption.
Nations dispute is formed when there is a single connection amongst nation you can say its
+ power tussle
+ past clashes/wars
+ different reasoning/pattern of-working.
+ cynical moves

Bitcoin may do the title of this post, can it sustain its global unity with the dispute that will come in? Thats where I doubt it.
One way or another, today, in many countries, cryptocurrencies are outside legal jurisdiction, and thus any activity related to cryptocurrency may be subject to criminal prosecution. It is in this way that many countries are trying to influence the cryptocurrency market, but nevertheless, no government will be able to prohibit the circulation of cryptocurrency in their country, because if there is no legal market, then there will be a shadow turnover of the cryptocurrency, and this is somehow connected with a shortage of funds to the State Treasury. Thus, the only way out is to adapt the legislation to the new global trend, given the activity in the cryptocurrency market.

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October 16, 2020, 06:48:33 PM
 #9

How many monetary transactions happen daily? Answer: More than 100 million
How many transactions can be confirmed on Bitcoin Network in a day? Answer: Approximately 300K.

Do you think global economy can be put on Bitcoin Network when it is only capable of confirming less than 0.3% of the total transactions? Not to forget the priority-based fees structure which increases with the increase in the number of transactions.

Bitcoin is a good P2P payment system but not scalable enough to be used on 'Economy Scale'.



Quote
trustless
Huh??
- did you mean trustworthy??

Actually 'trustless' is commonly used in blockchain terminology to represent the fact that you don't have to trust third-party for the authenticity of transactions. You can personally verify each and every record on blockchain. However, I feel it is inappropriate to use the term 'trustless' for this because text-book meaning of trustless is 'non-trustworthy'.

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October 16, 2020, 08:05:08 PM
 #10

A "digital global" what? Have you millennialised another adjective into a noun?

The better question is this: do the above users have even the faintest idea what they're shitposting about?

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October 16, 2020, 08:44:33 PM
 #11

Normally printing money could also mean you do not have a high inflation but it depends on the population as well. If you have 100 million dollars and 100 million people that us 1 dollar per person, if you have 200 million dollars for 200 million people that is still 1 dollar per person, so there is no inflation with that. You could get products from all over the world but you could also sell, there are plenty of stuff that could mean you could print money and still not have huge inflation.

The problem here is the fact that none of that happens currently, it is basically all for nothing and the inflation happens due to absolutely no change at all and no protection at all. We should not be worried about printing money, we should be worried about "why" we print money in the first place.


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October 17, 2020, 06:44:14 AM
 #12

There is no real decentralization anywhere and never has been.
And just try to say about BTC - now Satoshi will come out of his coma and drop the entire market with his wallet, so instead of a bright crypto-future, you will get a bunch of suicides and turning the coin into dust
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October 17, 2020, 10:04:22 AM
 #13

I think we are going to the digital age with the official launch of the digital Yuan that Bitcoin gave rise to and the surrounding circumstances. The rulers of the countries have realized that the financial system and the banking system needed a restructuring to operate more efficiently. Bitcoin and cryptocurrencies have demonstrated the advantages of digital transactions and directed a new way of doing finance.

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October 18, 2020, 03:57:11 PM
 #14

Considering the world is very attached to each other online with all the shops and everything else, and considering logistics world is increasingly becoming individual compared to wholesale I could say that we are going to see a lot more change in crypto as well. Back in the day since online world wasn't a big deal just yet, people bought wholesale items for their shops and sold it on their shops, but at the same time people couldn't buy from other nations that easily and just bought at those shops.

Nowadays people can buy from shops online and that means individuals could buy individual items so logistics changed for that. But that allowed a lot of credit card purchases and not everyone wants that, so crypto could skyrocket to insane levels if it starts to be accepted a lot more in online shops.
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October 19, 2020, 04:30:05 AM
 #15

I think we are going to the digital age with the official launch of the digital Yuan that Bitcoin gave rise to and the surrounding circumstances. The rulers of the countries have realized that the financial system and the banking system needed a restructuring to operate more efficiently. Bitcoin and cryptocurrencies have demonstrated the advantages of digital transactions and directed a new way of doing finance.

we've been in this digital age (https://www.yourdictionary.com/digital-age) since 1970s. so launching this digital yuan is yet just another development in digital currencies. just one significant part in the digital revolution. but it is somehow owed to bitcoin/crypto that we are seeing more and more interest from different governments to launch their own digital currency.
 and because of this pandemic, it gives them more reason to look at cryptocurrencies and how they can benefit the electronic payment system and as much as possible, lessen or avoid direct contact with fiat money.


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October 21, 2020, 11:57:12 AM
 #16

I believe that we are already on the verge of a large-scale worldwide implementation of cryptocurrency in human everyday life. And if China and the United States are still at war with each other on the political and economic battlefield, then the European Union has already launched an experiment on the implementation of the digital European currency on October 12. The European Union has a very large payment system, which when using the crypto euro will attract a huge number of users to the cryptocurrency market. But you need to take into account the fact that no matter what national cryptocurrencies are created in different countries, including China, Bitcoin will somehow be an international decentralized cryptocurrency, offering independence to each user.

I agree with you that the European Union can apply as you say, because have tried to make one currency and are used and able to do so. but it cannot influence all other countries to participate in it because of the different policies adopted by each country. even today there are still countries that do not recognize crypto, how can you force yourself to accept it.

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October 21, 2020, 12:43:15 PM
 #17

I believe that we are already on the verge of a large-scale worldwide implementation of cryptocurrency in human everyday life. And if China and the United States are still at war with each other on the political and economic battlefield, then the European Union has already launched an experiment on the implementation of the digital European currency on October 12. The European Union has a very large payment system, which when using the crypto euro will attract a huge number of users to the cryptocurrency market. But you need to take into account the fact that no matter what national cryptocurrencies are created in different countries, including China, Bitcoin will somehow be an international decentralized cryptocurrency, offering independence to each user.
You make a nice point which is the reason why I supported the movement of Digital national currency creation even though it will be a centralized coin and we cant talk about this issue not giving kudos to the IMF boss which was so knowledgeable to exclude government FUD and stance against crypto and also see crypto as the pathway to safe the world economy. However, I see China an inspiration to others countries in Digital currency creation and I believe the EU are taking much time than expected in the act of creating their own Digital currency but it will be nice if they join so that the US and others can join either.

.
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October 21, 2020, 03:07:47 PM
 #18

Even if a country printed trillions of fiat money but bitcoin is not the same. Bitcoin's price may increase and if you have lots of bitcoin then exchange it to fiat then you'll need lots of money. Since the supply is limited so some people may offer higher price per bitcoin when it is very hard to buy bitcoin.

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October 21, 2020, 03:25:44 PM
 #19

Of course, the main thing will always be related to transactions and also, a limited amount will make the value continue to rise. These two things are at least a greater concern for them coming to the bitcoin market. Perhaps the financial freedom will be put aside if indeed, bitcoin will be focused on helping to build a digital global, because so far even banks themselves continue to transform so that competition regarding this digital era will continue to develop in many sectors and bitcoin itself will always be involved in it.


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yhiaali3
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October 21, 2020, 04:40:07 PM
 #20

Yes, this is true, Bitcoin is the beginning of the end of the era of central banks and a new creation of the age of money that is completely different from the previous era, Bitcoin can easily reach any region in the world without any complications and without restrictions imposed by governments and banks.
I think that the most important advantages of Bitcoin are decentralization and preservation of privacy, in addition to that it has a limited number that no one can increase, which makes it maintain its value and these features are lacking in the current financial system.


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