effect of bitcoin on institutions and global economy

[kryptqnick]

I don't think that Bitcoin can become a primary means of payment (unless we account for off-chain solutions, that is) due to the limitations of Blockchain, namely the scalability issue. So if this happens, I think that centralized services, including governmental custodial wallets like the one in El Salvador, will be a part of it. In that case, I think banks will continue existing as well, as some will prefer the older institutions to the newer ones, and fiat currencies will probably remain as well and simply be used alongside Bitcoin (sort of like in the EU in countries that have their own local fiat you can often pay both in local fiat and in EUR). Traditional institutions will become less powerful but may maintain relative stability and perhaps even prosper, creating new relationships with crypto projects. As for wealth, those who are already wealthy always have a better chance of becoming even wealthier than those that aren't, and since investing in Bitcoin requires having money you can dedicate to investments, that won't change much. But of course, some new people will benefit and some will rise higher than they would have under normal circumstances.

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[Frankolala]

Bitcoin was designed to be an alternative payment method in which people can use to buy and pay for their goods. It will be impossible for bitcoin to be adopted globally and used in replace of fiat due to the volatile nature of bitcoin.

The economy state will be alarming and weak because the economy will not be stable at all. It takes a long term investment for bitcoiners to benefit from their investment due to the fact of bitcoin life cycle. Government will only use the currency which they can regulate and control so that they can be in charge of citizens financial life and to control the citizens. If they allow bitcoin to replace fiat globally it will be impossible for them to be in charge of the economy.

[Bananington]

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?

Traditional financial institutions are threatened because their business is at stake. Imagine how the print media for newspapers must have felt when the internet created opportunity for blogs to take over, Imagine how the post office must have felt too when the telephones were invented and commercialized for use. That is the exact same way that these financial institutions feel because they know that bitcoin and the technology behind it has the potential to have a negative effect on them by kicking them out of business. Formerly, the traditional financial institutions competed with themselves, now all of them together are in a battle against bitcoins that threatens them all.

[Gallar]

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?

Of course there will be some changes, because for some people bitcoin is still foreign to their ears. So there will definitely be debates for and against, because it's common for debates to arise when there's something new.
the government will not be too bothered about having to print money again, because bitcoin is digital money, and also decentralization, so the government only runs and makes rules about taxes and the like.

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.

indeed working in government mostly must have a degree and knowledge in the field that will be occupied. Things like that are natural and commonplace in any place in any country, because usually the government also looks at the person and sees his abilities first before appointing him as an employee in the government.
but what I know is that if the ability is qualified and indeed a genius, the title is secondary, because it cannot be denied, there are many people who are geniuses but do not have degrees. and the government there saw the potential.
an example of a job that I know is in the field of government of the country where I live that emphasizes ability is a computer network defense system.

but that doesn't mean investing in bitcoin or crypto is an easy thing. indeed investing in bitcoin or crypto there is no requirement that you have to use a diploma or degree, but still investing in bitcoin or crypto must also have good skills, because if you carelessly invest you can experience losses.

[Spaceman1000$]

The global adoption of Bitcoin will generally affect the global market in a positive way, but however how can this narrative be driven, because Bitcoin is a decentralised currency, that is not controlled by official authorities, so I believe government will be skeptical adopting Bitcoin generally since they are always bent on controlling the financial aspects of our livelihoods.

But then I if the IMF and other government across the globe, agrees for the adoption , I believe there will be some level of agreement that will be reached that will be for the good of the citizenry.

[Marvell1]

Bitcoin was designed to be an alternative payment method in which people can use to buy and pay for their goods. It will be impossible for bitcoin to be adopted globally and used in replace of fiat due to the volatile nature of bitcoin.

The economy state will be alarming and weak because the economy will not be stable at all. It takes a long term investment for bitcoiners to benefit from their investment due to the fact of bitcoin life cycle. Government will only use the currency which they can regulate and control so that they can be in charge of citizens financial life and to control the citizens. If they allow bitcoin to replace fiat globally it will be impossible for them to be in charge of the economy.

Once bitcoin gets bigger, the volatility of bitcoin will also get smaller, bitcoin may still be as stable as the gold one day. Or when there is more regulation, I still think the volatility of bitcoin will be gone, and that's why I don't like regulation. But I don't think that's the reason it was not chosen to replace fiat, the main reason is that it is decentralized and not created or controlled by the government. As long as they rule the world and rule us, they will still choose fiat as currency to control us.

Decentralization will bring more fairness to the world, but excessive decentralization will also make the world more chaotic because it is not regulated and managed correctly.

[S A KHAIR]

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?

Even if bitcoin is accepted globally, it is still not the world's main currency and cannot replace fiat, so it won't have too big of an impact on the world economy. If it becomes an existing alternative to fiat, it will only bring convenience to us, it cannot change or make the world better. But if it were seen as a scarce asset like gold, that would be different and have a much more positive impact on the world.