Denker
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Activity: 1442
Merit: 1014
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October 23, 2015, 07:28:16 PM |
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Bitcoin instead of it'S local currency isn't correct. The country will continue using swedish crows.Just the digital version of it.This is a nightmare because this means total financial control. Bitcoin however is an option and I hope the government will not change it's opinion about it. |
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sana9821
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October 23, 2015, 08:11:10 PM |
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the more it is popular around the world and the more people accept it the better as it is causing price rises and so on
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apriyani420
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October 23, 2015, 08:37:18 PM |
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well thats cool to know that i guess its always good to have a bigger community as more and more people can get interested in bitcoins
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cutesakura
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October 24, 2015, 08:46:05 AM |
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It's almost a truism to say that membership in the euro exacerbated the Greek crisis. The thinking goes like this: Because Greece doesn't have its own currency, it couldn't increase its competitiveness and boost growth through devaluation. Although devaluation is a valuable instrument, I think most countries and companies would benefit if the world, not just Europe, used a single currency.
Today's fragmented financial world is unfair. On the one hand, there's Denmark with such a glut of currency, local and foreign, that its central bank's key deposit rate is minus 0.75 percent and companies are considering overpaying their taxes because the Tax Ministry pays 1 percent interest on the excess. Then there's Greece, which has had to limit withdrawals from automated teller machines to 60 euros a day because of a severe cash crunch.
Consider the case of Apple, with an enormous cash pile that earns next to nothing. The company had about $160 billion in March 2014 and made $1.795 billion in interest and dividend income that year -- which is less than 1 percent, considering that the company's kept increasing the cash holding. And there are companies, even entire countries, that would kill to be financed at that rate -- but are forced to accept much higher ones, and not necessarily because they are unsafe borrowers, but because they are often dragged down by risk perceptions that have little to do with reality.
Before the 2008 financial crisis, financial globalization -- defined as international capital inflows -- was on the rise, partly because investors underestimated risk. After the mortgage crash, it became clear that rating agencies weren't much help to investors in making such estimates and that local and specialized knowledge was needed to make intelligent decisions. The European debt crisis only confirmed this. Cross-border investment fell off sharply:
Despite all the talk of globalization and its harmful effects, money doesn't wander the world looking for opportunities. Mainly, it stays at home. Even some of the recorded international flows are in fact domestic investment made through offshore havens for tax purposes. No wonder direct investment is the most stable component of cross-border capital movements: Companies and individuals investing in specific projects do their homework on a micro level, so they probably have the best information.
Generally, though, the fiscal regimes, political and macroeconomic risks of countries vary so much that mistakes happen, even when a foreign investor can afford detailed and knowledgeable analysis. The bond guru Michael Hasenstab's investment in Ukrainian bonds for Franklin Templeton is a case in point: The trade was thoroughly analyzed and Hasenstab traveled to Kiev last year to talk to officials and executives, but the country now wants him to accept a 40 percent haircut as part of its International Monetary Fund-led bailout.
To ensure that financial resources are distributed more evenly throughout the world, it would make sense to cut down country-specific risk. Taking monetary policy out of individual countries' hands would go a long way toward that goal. Currency risk would be eliminated -- the same monetary unit would be in use everywhere -- and there would be a uniform interest rate environment. The creditworthiness of specific borrowers would be investors' biggest area of concern. That's still a big unknown, and there would always be enough coups, revolutions, corruption, fraud and mismanagement to throw the best models off kilter. Yet there would be much less to worry about.
Now, the world's 140 or so currencies sometimes make cross-border flows dangerous. Switzerland and Denmark have both suffered from their commitment to their own currencies this year. The ability to devalue is nice, but it's illusory, to a large extent: It helps balance a budget, bring down debt levels and make exports more competitive, but it hits ordinary people with high inflation. Besides, according to a 2010 paper by Stephen Kamin, director of international finance at the Federal Reserve System,
The crisis has also identified an area in which the standard array of central bank tools may have become inadequate in many countries: liquidity provision and the lender-of-last resort function. With the rise in the share of financial transactions undertaken in vehicle currencies such as dollars and euros, the ability to print domestic currency may no longer suffice to address a liquidity crisis. Accordingly, international arrangements for liquidity provision may become increasingly important in the future.
In short, by giving up the right to print their own money, governments stand to lose less and less. And they might even need the discipline imposed by an outside monetary policy aithority. A country dependent on a single natural resource -- say, oil -- is tempted to spend when the price of that resource is high; knowing that devaluation will be unavailable when it falls will make such a country accumulate windfall revenues in a rainy-day fund instead.
If the world used the same currency, the problems inadvertently caused by the euro wouldn't be replicated. German banks were too willing to lend to projects in the European periphery because they felt they could trust members of the same exclusive currency club and because the euro made investing in Europe almost frictionless, an advantage the rest of the world didn't have. The one world, one currency club would make friction disappear.
Of course, there would be the question of who should administer the global central bank. The U.S. would want to -- the dollar is as close to a global currency as we have -- but resistance from other global players would sink the project. This is where something like Bitcoin could come in handy: a decentralized system that works with little human intervention. "Mining" rules could be established to prevent anyone from cornering the market, but the system would self-regulate.
This is naive utopianism, of course. The obstacles to such a project are beyond estimation, as so is the technical complexity. But this pipe-dream is a reminder of how tough and complex the euro project is. Those who hasten to write it off as a failure don't show it enough respect. Sure, there have been setbacks, and some countries may prove unable to keep taking part, but its participants are accumulating data that may one day allow us to figure out how to bring the whole world closer together.
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n2004al
Legendary
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Activity: 1134
Merit: 1000
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October 24, 2015, 01:52:15 PM |
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yes i think it will soon by 2022 replace local currencies of 80-90% countries....will love to see it then  This is another pearl of this forum. Must be read from everyone. The poster believe that bitcoin will replace the local currencies in 80-90% of all the world countries. Not from 81% or 81.7% until 89.8% or 77.6% until 92.3% but fully 80-90%. I made several searches in internet to find some other more comprehensive data about these figures given without doubts by the poster but was unable to find something other. So must be contented only with those. But I found that there are only 51 the countries for which are data about bitcoin. For the remaining (more than 150) nothing. So the last ones, or don't know it at all or are very few those who known and the Authorities don't mind about bitcoin. I though that the poster had in mind exactly the last countries when had write its post. These countries can go directly to bitcoin for as much as don't know it. It will be more easy for these exactly for this reason. But yet there is something that must be wrong in my reasoning. Those are not 80-90% of all countries but less. Which of the others will go with those? I thought two-three hours but then left the thinking because was unable to find the solution. So I would ask the poster if kindly can show us which are the other countries which will join the group of about 150 countries (which for the moment don't know at all or ignore bitcoin) to reach the 80-90% of the countries which will use bitcoin by 2022 (no day before and no day after) as a local currency. I am so curious to learn this. Can't wait that this happen. Maybe the poster can give even the change of bitcoin with the other currencies this year. It is an important year (have three 2) and the poster must have other data about it. Dear StarofBTC! Everything of us make something wrong. It is human thing this. But this post is out of everything. You are part of a signature campaign. Your post is so strange that I cannot tell that you made this post only to be paid. Because is impossible that this kind of post be counted for having reward. I want to ask you only something. Have you thought even one time that this post have your nick and will be read and associated always with your nick? Will be always (if not deleted by you) in your archive of posts and everyone who will read will remain without word? How can touch your mind this thing you have written? How is possible to be so easy to write such thing? Where do you have hear or see this inaudible thing? How is possible to be so irresponsible in writing such things? Maybe I'm doing much bigger that needed this post but are tens and tens the post like this. That cost loss of time and nerves when is read. Then why read such things when have this judgement for those - can ask someone. Because no one know what is written in a post before reading it. Me too. So who want to know new things or learn new things from the others (like me) want to read everything. And this is the why of the read. When are one row it is everything easy. Sometimes even funny. But when are long and incomprehensible it is very difficult to be chewed. I want to end here this long and maybe in vain post. But at least pulled out from my mind my annoyance about this kind of posts. Please be responsible when write. |
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rik3
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October 24, 2015, 03:26:34 PM |
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Bitcoin has becomed a global currency in Australia Bitcoin will save us hundreds of billions of dollars per year in transactions fees.
Bitcoin was designed specifically for the internet, and the result is lower fees, less fraud, and an open payment system with free competition. in the coming years will be transparency, openness, convenience, and price. Thank you
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knowhow
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October 24, 2015, 11:09:19 PM |
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The market online ,is increasing, every month we see new markets,accepting and growing their sales,bitcoin being part of it is just a boost it will take,not all people buy online even when this market is growing.If some people see bitcoin as an investment and well the safe way to avoid others people(contries) to say what you can do or not with your money ,everytime financial problems affects the country and they go into banks to hold the pression .
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cutesakura
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October 25, 2015, 12:39:43 AM |
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If Bitcoin became global currency, it would necessarily limit what bankers and govt could do. It would be much, much more difficult for govt to finance wars, continually expand welfare roles (as opposed to focusing on those who are in most need), subsidize various industries, etc. Bankers would also have more incentive to limit it's lending.
However, overall there isn't any reason to believe that there wouldn't be similar investment vehicles, savings edifices, deposit insurance, etc.
In addition, as someone else mentioned, a fixed currency creates a situation where productivity and population growth (slowly) increases the value of each bitcoin. This encourages savings over debt.
Many disagree about the impact on business, productivity, growth, innovation, etc between an (moderate) inflationary/deflationary environment. But that's a slightly different and deeper conversation. Briefly, many believe that a deflationary environment would not just slow, but actually reverse spending, growth, and investment ("Deflationary death spiral"). They tend to believe that inflation is necessary to encourage spending and growth. Others (myself included) believe that an inflationary environment tends to encourage over-consumption, spending and borrowing over savings - thus leading to more/bad debt and contribute to instable boom/bust economic crashes. Similarly, these believe a deflationary environment would not stifle growth, but would slow it to a stable, more sustainable rate.
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knowhow
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October 25, 2015, 12:42:45 PM |
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Governments take the fees from fiat from everything,as i know there isnt any market that allow you to pay with bitcoins,if that happens they must say they had reveived x ammount of bitcoins to avoid being punished to not share those information.At some countries bitcois holders are taxed already,countries cant do nothing against bitcoin ,they can accept it and put a fee inside it ,otherwise they wont take control since who hold bitcoin is us community and big farmers.
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knowhow
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October 25, 2015, 08:45:37 PM |
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Bitcoin will keep rocking being taxed or not ,since the most of us doesnt hold a huge volume of bitcoin soo we dont need to expose them to government to tax them.It will be a pleasure to see what will happen with the opening of openbazar.
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Amph
Legendary
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Activity: 3206
Merit: 1069
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October 26, 2015, 07:28:28 AM
Last edit: November 01, 2015, 05:30:14 PM by Amph |
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Bitcoin has becomed a global currency in Australia Bitcoin will save us hundreds of billions of dollars per year in transactions fees.
Bitcoin was designed specifically for the internet, and the result is lower fees, less fraud, and an open payment system with free competition. in the coming years will be transparency, openness, convenience, and price. Thank you
global currency mean that it will be accepted in all the world, not just one country, bitcoin can't become global in australia only, that's local adoption i dunno if bitcoin can grow strong only on the net, it surely need to have alarge portion in RL too |
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knowhow
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October 26, 2015, 11:33:56 PM |
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To bitcoin achieve all countrys there is a long jorney on the way,we are making 7 years with bitcoin ,and we just a small community growing daily but how long will take to bitcoin be everywhere?Will be the openbazar that will change the vision that most people has a bitcoin as a kind of virus,pyramide ,scam?
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Dotakels
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November 01, 2015, 02:28:50 PM |
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Bitcoin has becomed a global currency in Australia Bitcoin will save us hundreds of billions of dollars per year in transactions fees.
Bitcoin was designed specifically for the internet, and the result is lower fees, less fraud, and an open payment system with free competition. in the coming years will be transparency, openness, convenience, and price. Thank you
global currency mena that it will be accepted in all the world, not just one country, bitcoin can't become global in australia only, that's local adoption i dunno if bitcoin can grow strong only on the net, it surely need to have alarge portion in RL too yeah and not only to become global currency i think it will be the mainstream, because if we are dreaming that bitcoin will become global currency we can dream that bitcoin become mainstream and most of people in this world are using bitcoin and its a great for the future. |
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zenitzz
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November 01, 2015, 09:29:32 PM |
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no! BitCoin is a commodity, not a currency. The process of generating new BitCoins is even called mining! As for using "money" to "buy" things. That definition makes almost every object in the world money
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RealBitcoin
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November 01, 2015, 10:21:53 PM |
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no! BitCoin is a commodity, not a currency. The process of generating new BitCoins is even called mining! As for using "money" to "buy" things. That definition makes almost every object in the world money
A commodity can also be money isnt it? It just creates more savings, and less spending, which is good for the economy. The keynesian shills tell you the exact opposite, because they are lying. |
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gentlemand
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Activity: 2590
Merit: 3013
Welt Am Draht
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November 01, 2015, 11:22:58 PM |
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I think it's way too early to tell what the world will eventually decide it is. It could be many things to many people and come up with some new definitions that we haven't even begun to conceive of yet too.
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marcus_of_augustus
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Activity: 3920
Merit: 2348
Eadem mutata resurgo
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November 02, 2015, 07:05:52 AM |
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no! BitCoin is a commodity, not a currency. The process of generating new BitCoins is even called mining! As for using "money" to "buy" things. That definition makes almost every object in the world money
They are also like "Blockchain shares" ... bitcoin has elements of all these legacy assets, currency, commodity, bearer shares, time-locked trust funds, limited tradeable data and none of them at all. It is something entirely new because it is a novel technology. You cannot describe it using terms of art from the old paradigm. Why do people persist in the futile attempt of trying to put it into a box of their old framework of thinking. It's bitcoin, something new as an asset, deal with it. |
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Dotakels
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November 02, 2015, 01:35:56 PM |
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I think it's way too early to tell what the world will eventually decide it is. It could be many things to many people and come up with some new definitions that we haven't even begun to conceive of yet too.
yeah so many things to do and rules to be fulfill and its takes a time to completely adopt the bitcoin and we should must solve the problem of each country , the poor people and the non-literacy people. |
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makcik
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November 02, 2015, 04:52:44 PM |
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Bitcoin has become global currency in the world, it's used in many countries now, like in USA, UK, Australia, you can even buy chocolates in UK using btc..
Bitcoins have been accepted globally because of their simplicity, their ease, their security, their originality and security.
Bitcoin was designed specifically for the internet, and the result is lower fees, less fraud, and an open payment system with free competition. in the coming years will be transparency, openness, convenience, and price.
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