effect of bitcoin on institutions and global economy

[cafter]

how would the wideespread adoption of Bitcoin as a primary means of payment and store of value affect the global economy, including the stability of traditional financial institutions,
the role of governments in monetary policies, and distribution of wealth and power among different groups in society?

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[CarnagexD]

I think it will completely change how people will live their day to day lives. Imagine adopting bitcoin and everything around you adapts, it'll will be inevitable to change your lifestyle as well. In financial institutions, I think one by one people will adopt Bitcoin as a means of payment and there'll be more competition in the banking industry. Some, especially businessmen, may choose to use Bitcoin exclusively which can lead to a decrease in demand for banks. Since Bitcoin is decentralized and if it will remain decentralized, it will not be controlled by the government but it could have implications for the role of governments in controlling the demand and supply. In the end if bitcoin will become a worldwide currency, it has to work hand on hand with the government and the latter has to adapt with the cryptocurrencies' policies to ensure stability. And I find this ironic, government adapting to the crypto's policies, the same reason why I don't think wealth and power will be distributed appropriately. Those who have invested and started in Bitcoin early could become extremely wealthy, while those who have little or no knowledge about it at all may be left behind. It will also be difficult to implement equity since taxes and rules can't be imposed as needed because there'll be limitations.

Tho it is very notable that Bitcoin will have a major effect in all the factors stated, it cannot completely replace the traditional systems that we have. Little by little people will adapt and it'll take hundred of studies to actually learn how to utilize Bitcoin in the global economy.

[cafter]

[a thought] i was paying my electricity bill and my bank server was down at night. this happens to me many times becuase i mostly free on night to pay bills and all .
and i thought of bitcoin, the bitcoin is never down to make payments (of course easy for who accepts bitcoin as payments)

[AnonBitCoiner]

People are more familiar with bitcoin and almost everyone wants to make investment in Bitcoin. The adoption of bitcoin will have greater impact on economic system because the people are not interested in private job due to their less income and those who are government employs make investment in Bitcoin and they do it for living a happy life.

The salaries are not so high  to fulfil daily uses therefore Bitcoin's investment is the only way to make huge money for having a satisfied life. For government job education is necessary and a piece of degree can decide your ability to do job but in trading you do not have to show such things therefore all those who are jobless wants to become a part of cryptocurrency.

[Crypto_H]

how would the wideespread adoption of Bitcoin as a primary means of payment and store of value affect the global economy, including the stability of traditional financial institutions,
the role of governments in monetary policies, and distribution of wealth and power among different groups in society?

The widespread adoption of Bitcoin as a primary means of payment and store of value could have a significant impact on the global economy in several ways:

Traditional financial institutions: The adoption of Bitcoin could disrupt traditional financial institutions, such as banks and payment processors, by reducing their role in financial transactions. This could lead to a decline in their profitability and potentially affect their stability.

Role of governments: The adoption of Bitcoin could also challenge the role of governments in monetary policies. Governments have traditionally controlled the supply of money and the ability to print new currency. However, with Bitcoin, the supply is fixed, and there is no central authority that can control its issuance. This could limit the ability of governments to influence the economy through monetary policies.

Distribution of wealth and power: The widespread adoption of Bitcoin could potentially impact the distribution of wealth and power in society. Bitcoin is a decentralized currency, and its adoption could lead to a shift in financial power away from traditional institutions and toward individuals and groups who hold large amounts of Bitcoin.

Overall, the widespread adoption of Bitcoin as a primary means of payment and store of value could lead to significant changes in the global economy. While it has the potential to improve efficiency and reduce the influence of traditional financial institutions and governments, it could also impact the distribution of wealth and power in society. It is difficult to predict the exact consequences, but it is clear that the adoption of Bitcoin will have significant implications for the future of the global economy.

[so98nn]

It depends on how global adoption happens. What I mean is, whether adoption is through the Government or whether it is just through distributed public ledger around the world without any governing body. The later I really mean a bitcoin which Satoshi imagined.

If it is through government then we are done. They will already start exploiting it for political purposes and not for the sake of public easiness. On the other hand if it is without any governing body then we will set government on fire and can just earn, spend and repeat as much as we want. Thought it’s just theory but global adoption is still far from happening. We not even close to billion users.

[Jating]

[a thought] i was paying my electricity bill and my bank server was down at night. this happens to me many times becuase i mostly free on night to pay bills and all .
and i thought of bitcoin, the bitcoin is never down to make payments (of course easy for who accepts bitcoin as payments)

Been paying my bills using my bitcoin, not all the time, but if I see that it is more beneficial then I used it as a form of money, although not direct p2p as the electric company will have to used a 3rd party, but still though it's good to see bitcoin being used as what it is design initially by Satoshi, as a payment scheme.

As store of value? we already have government doing it right now. And even Elon Musk and his company Tesla has put it as a reserved although they have to sell at least 75% of it and reported to have lost money. So gonna be hard for some institutions to used it a hedge unless they will have to understand the economics if it, bear and bull market and other factors.

[lionheart78]

how would the wideespread adoption of Bitcoin as a primary means of payment and store of value affect the global economy, including the stability of traditional financial institutions,
the role of governments in monetary policies, and distribution of wealth and power among different groups in society?

Widespread adoption of Bitcoin as the primary means of payment and store of value will affect the global economy by giving opportunity to the unbanked and underbanked the opportunity to participate in a global economy.

With Bitcoin as the primary means of payment, it will reduce the authority of traditional institutions as intermediaries on the transaction.  It may cause a huge loss to these establishments.

Obviously, the government has to accept Bitcoin as a mode of payment if not a legal tender, that way Bitcoin can be recognized by many merchants and stores, it will bring new potential income to the governent as new start ups arise taking advantage of Bitcoin as payment.

With regard to the distribution of wealth, I do not think it will change, the distribution will still remain imbalanced, with more wealth to those people who are pioneers or early birds, and obviously those who have the wealth has the power.  So I think it is just a change of hands when it comes to wealth and power but the system will stay the same.

[pgbit]

how would the wideespread adoption of Bitcoin as a primary means of payment and store of value affect the global economy, including the stability of traditional financial institutions,
the role of governments in monetary policies, and distribution of wealth and power among different groups in society?

The widespread adoption of Bitcoin as a primary means of payment and store of value would have a profound impact on the global economy. It would create instability in traditional financial institutions as it would erode their monopoly on currency and payments. Governments would be forced to reconsider their monetary policies, as their ability to control the money supply and manipulate exchange rates would be drastically reduced. Furthermore, the distribution of wealth and power among different groups in society could be drastically altered, as Bitcoin’s decentralized nature would make it more difficult to regulate and control. With the increased volatility of Bitcoin, it could be possible for some groups to gain a disproportionate advantage over others, depending on their access to technology, resources, and knowledge.

[hd49728]

how would the wideespread adoption of Bitcoin as a primary means of payment and store of value affect the global economy, including the stability of traditional financial institutions,
the role of governments in monetary policies, and distribution of wealth and power among different groups in society?

Bitcoin was not created to help governments. It was created to help people have financial freedom with their own keys. With Bitcoin private keys, they have their own banks and their coins won't be seized by governments or banks if they don't commit crimes.

Governments have to solve their problems from their economic designs, policies and Bitcoin can not engage with them.

Fortunately, Bitcoin can help to redistribute wealth in society. With more people get rich by Bitcoin, we are witness wealth distribution wave globally.

[fuguebtc]

how would the wideespread adoption of Bitcoin as a primary means of payment and store of value affect the global economy, including the stability of traditional financial institutions,
the role of governments in monetary policies, and distribution of wealth and power among different groups in society?

The widespread adoption of Bitcoin as a primary means of payment and store of value would have a profound impact on the global economy. It would create instability in traditional financial institutions as it would erode their monopoly on currency and payments. Governments would be forced to reconsider their monetary policies, as their ability to control the money supply and manipulate exchange rates would be drastically reduced. Furthermore, the distribution of wealth and power among different groups in society could be drastically altered, as Bitcoin’s decentralized nature would make it more difficult to regulate and control. With the increased volatility of Bitcoin, it could be possible for some groups to gain a disproportionate advantage over others, depending on their access to technology, resources, and knowledge.

If bitcoin is widely adopted as a means of payment and store of value, it will seriously affect traditional financial institutions as well as the power of the government, as you say. Then I believe we will never see that happen, the government will do its best to stop bitcoin and make it never popular.

For me, bitcoin is an alternative, it cannot replace the current banking and fiat system. So widespread adoption of bitcoin will not have any serious consequences for our government or our economy. On the contrary, there will be more positive effects.

[Solosanz]

how would the wideespread adoption of Bitcoin as a primary means of payment and store of value affect the global economy, including the stability of traditional financial institutions,
the role of governments in monetary policies, and distribution of wealth and power among different groups in society?

Bitcoin price won't stable, since the supply is limited and people are use Bitcoin as a primary means of payment, it should make the price of Bitcoin keep increasing.

The role of governments about this case, they will ask every Bitcoin user's to use their centralized exchange in order to easily track everyone profit and wealth to collect tax.

Government will not give away free Bitcoin to poor people, distribution of wealth isn't a problem, but the job demands are their problem.

[pooya87]

It depends on bitcoin's volatility. As long as bitcoin price remains volatile it is not the best option for mass adoption because it remains a currency and the ups and downs its value has hurts its usage. But assuming with mass adoption comes stability then bitcoin is THE best option to be used because it is the only existing form of "money" that is far superior to the fiat that is currency and has inflation as its main characteristic (ie. lacks store of value characteristic) while bitcoin does not.

[DoverDoane]

I think it will completely change how people will live their day to day lives. Imagine adopting bitcoin and everything around you adapts, it'll will be inevitable to change your lifestyle as well. In financial institutions, I think one by one people will adopt Bitcoin as a means of payment and there'll be more competition in the banking industry. Some, especially businessmen, may choose to use Bitcoin exclusively which can lead to a decrease in demand for banks. Since Bitcoin is decentralized and if it will remain decentralized, it will not be controlled by the government but it could have implications for the role of governments in controlling the demand and supply. In the end if bitcoin will become a worldwide currency, it has to work hand on hand with the government and the latter has to adapt with the cryptocurrencies' policies to ensure stability. And I find this ironic, government adapting to the crypto's policies, the same reason why I don't think wealth and power will be distributed appropriately. Those who have invested and started in Bitcoin early could become extremely wealthy, while those who have little or no knowledge about it at all may be left behind. It will also be difficult to implement equity since taxes and rules can't be imposed as needed because there'll be limitations.

Tho it is very notable that Bitcoin will have a major effect in all the factors stated, it cannot completely replace the traditional systems that we have. Little by little people will adapt and it'll take hundred of studies to actually learn how to utilize Bitcoin in the global economy.

Like the beginning of the first appearance of bitcoint, there are many new issues circulating about it, because it is still relatively new and afraid of things like security and vulnerable identity data when transacting with bitcoint, then over time and market demand for bitcoint is increasing and investment vehicles are becoming more because of bitcoint, the government stepped in to provide related regulations, and now bitcoint plays a big role in changing the world economy.

[adzino]

If Bitcoin becomes the go-to way to pay for stuff and store value, it would shake things up big time. Banks and traditional financial institutions would have to step up their game or risk becoming irrelevant. You can be almost sure that they are going to have some hard times. If banks become irrelevant, governments would have to rethink how they handle monetary policies, since Bitcoin isn't controlled by any government and it is almost impossible to control it directly. On the upside, Bitcoin could help out people who don't have access to traditional financial services, which could in turn help in global economic development.

[YUriy1991]

When looked at as a whole, the impact of Bitcoin on the global economy is still uncertain and will depend on various factors including the level of adoption, regulation, and technological development.

The widespread adoption of Bitcoin as the primary tender and store of value could have a significant impact on the global economy. My view is that it also has the potential to undermine traditional financial institutions and undermine the government's role in monetary policy, shifting the distribution of wealth and power among different groups in society.

However, the exact impact will depend on various factors such as the speed and reach of adoption, government regulations, and the development of supporting infrastructure. I think it is important for policy makers, businesses and individuals to consider these potential impacts carefully as they navigate the rapidly evolving digital currency landscape.

[tabas]

As a store of value and related to global economy as it contributes a lot. You saw those banking institutions that have seen on the news telling their problems and potential collapse? That's one of the reasons why bitcoin is here, there will be no third party that will touch and hold your asset and it's only you that shall hold it unless you're allowing people to hold your private keys but that's a very unlikely situation.
Money from those institutions is likely to go into the bitcoin economy, thus the demand will increase and so the price too. This is why it's being feared by those economies that are in the verge of having a problem or a crisis. It is because that money from them might really go and flow into bitcoin. Because looking at most assets today, this is one of the most liquid and best assets that one can depend on.

[ilovealtcoins]

You are asking about the future, and this question is going to be difficult to answer. We still don't know what the future of bitcoin will look like, so predicting its effect on the world economy is impossible. If bitcoin is banned outright, it will have no effect. So more data is needed to make predictions about this.

[robattfield]

Obviously if this happens it will affect the stability of traditional financial institutions. These organizations will need to adapt to new technology and will face competition from legacy developers. I think the widespread adoption of Bitcoin as a primary means of payment and store of value will have a major impact on the global economy and traditional financial institutions. First, Bitcoin is seen as an advanced and potential technology that has the potential to change the way payments and value are stored. If widely adopted, Bitcoin can help reduce transaction costs and times, and improve transaction safety and accuracy.

[uneng]

This is simply not possible for real, because the economies of the countries would become too volatile due to working around bitcoin. Therefore, susceptible to foreigner manipulation by rival nations which could manipulate financial attacks (pumps and dumps) much more efficiently than they try doing right now.

That is part of the consequence of using a currency of decentralized nature and it can't be reverted. Governments using bitcoin globally as official currency would turn our traditional economies a big mess, probably leading to more conflicts and chaos than we have right now in the world.