Bitcoin and the Future of Money

[Morpheus_Exodus]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

[wez]

I don't really trust it as I used to. Because a lot of currency is already gov owned. However, I do still trust the community and its waves. I hope lots of good things come out of it.

[dzungmobile]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

You asked a very big question and I believe even you did not imagine what you actually want to know.

So, please read these books and clear out your questions.
The bullish case for Bitcoin. It's free on Medium.
The little Bitcoin book. It's not free.

Bitcoin can not change the global economy, it does not have a power to do this and it was not designed for it.

[Morpheus_Exodus]

I don't really trust it as I used to. Because a lot of currency is already gov owned. However, I do still trust the community and its waves. I hope lots of good things come out of it.

I understand your concerns about government-owned currencies and the trust in Bitcoin fluctuating. The community's resilience and innovation are indeed promising. It's exciting to see how Bitcoin and blockchain technology are shaping the future of money. Let's stay optimistic and keep an eye on the positive developments within the crypto community.

[Easteregg69]

I don't really trust it as I used to. Because a lot of currency is already gov owned. However, I do still trust the community and its waves. I hope lots of good things come out of it.

I understand your concerns about government-owned currencies and the trust in Bitcoin fluctuating. The community's resilience and innovation are indeed promising. It's exciting to see how Bitcoin and blockchain technology are shaping the future of money. Let's stay optimistic and keep an eye on the positive developments within the crypto community.

Do some LP on an EVM compatible network if you want a bonus.

BTW. Check the BTC chart. I have a candle hanging mid-air.

[Dunamisx]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

The impact of Bitcoin on a long term effect on your financial economy is for you to have control over your assets, determine which and how to engage it use, remain being decentralized from the effects of government or any other centralized financial institutions, which we talked about having privacy, and at the end, when you hold your asset with you in your personal wallet, you have the right to gain a future profitability from it, instead of holding your asset in fiat and being affected by loss of value over time as a result of inflation.

[Morpheus_Exodus]

Thank you for the book recommendations! I'll definitely check them out to delve deeper into the topic. It's true that Bitcoin's primary design wasn't to overhaul the global economy, but its potential impact and influence on financial systems are intriguing to explore. Looking forward to gaining more insights from these resources.

[Easteregg69]

53k. It's going down. Oh. In EURO.

[Morpheus_Exodus]

Your points highlight the core benefits of Bitcoin and decentralized finance. Control over assets, privacy, and protection from inflation are indeed compelling reasons to explore cryptocurrencies. It's fascinating how Bitcoin offers a different paradigm for financial ownership and management. Exciting times ahead for those embracing this transformative shift in money and assets.

[Riginac111]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

when you are talking of Bitcoin you are talking of a digital currency and we all know quite well that there is different between someone who is banking with bitcoin and someone who is banking with Fiat currency so from my own understanding I believe that bitcoin is more safe than someone who is investing with a Fiat currency because Bitcoin how a decentralized method in which a fiat currency have a centralize method to operate

[Orpichukwu]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

Bitcoin has already sharpened the way most people view and understand world money; they can now differentiate between the way it could be used and how it shouldn't, when you need privacy, which currency you should go for, and when you need total control, which currency you should hold.
 
What I have learned to understand is that Bitcoin now has a place in the financial sector, and it's not there to replace any currency; rather, it's there to be used by those who want to use it, just as local currency usage can't be eliminated; there is always a need for it.

[Cryptomultiplier]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

Speculate no further because this post might just end up in the speculation board and the point you try to emphasize might be become very skewed.
Bitcoin and cryptocurrencies is the future of money no doubt, and the countries that have chosen to adopt it are actually in more control over their macro economy and the future of their trading currency.
It makes sense that a world Bank country like Switzerland, that is Lugano in particular, could adopt cryptocurrency just like El Salvador and use it to facilitate growth and prosperity in their country.
I can't talk about the control that comes in form of government regulations, but one thing is certain and that is that, cryptocurrency will get accepted eventually and would b recognized as a global payment option for transactions across borders.

[BABY SHOES]

Maybe many people still think that bitcoin in the future can affect the global economy including replacing fiat because its value continues to fall due to inflation.

Fiat will remain and this will be the transaction of most people in the world while bitcoin is only an alternative used by people who do not want to be controlled by the government so bitcoin may not change the overall economy but what is clear is that bitcoin will be more popular as an investment.

[Faisal2202]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

More BTC will be in circulation, more Alts will be in circulation, and more money will be in circulation as well. Thus more USD and other fiats will be printed. And the banking system will be making a lot of money as well. Because countries are now accepting BTC and relevant products and imposing huge taxes and fines on crypto users and crypto bad actors respectively. And in this, banks and governments will make a good amount of profit. Overall, banks will only make money while the user will withdraw or deposit fiat to crypto and crypto to fiat.

When banks will make money and when governments will make money then at individual levels of countries a single country's economy will nourish and grow and then one by one countries accepting BTC will increase its adoption and more money will be printed and more money banks and governments will make. Banks will stay there and BTC will not take the place of Banks. As they are highly dependent of each other at the moment.

[Mate2237]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

If bitcoin would stand on it ground for the buying and selling of goods and services with p2p, the future of fiat money for National and the Global level would have been shaking. Even now the way things are going if bitcoin is accepted to be use for shops and other events centers in many communities and countries then the future of fiat currency will be in trouble. I think when bitcoin has been use massively in many stores, there costs of living will reduce because many countries use dollar to increase their products because they are using imported goods and products.

So they use dollar rate to make things costly for their citizens to buy. Though the fiat currency can't be automatically eliminated but it will be reduced drastically and the printing quantity will be reduced as well. And even now too the printing of fiat currency has reduced and why things are still.om the high side is because of the dollar exchange rate because most of the things we buy are imported goods.

[peter0425]

Speculating on the long-term impact of Bitcoin on the future of money, banking, and the global economy.

Bitcoin is the future of money.

We are seeing how currencies would be in a few years time. Of course we’d have to develop it more and there’s a bunch of regulations to go through but I really believe that bitcoin could be someday adapted by many if not everyone.

The blockchain technology will definitely contribute to the banking system and might be incorporated into it. Central banks would have to find their balance between centralized and decentralized.

As per global economy, I am sure that an individual’s economic status can be improved through bitcoin.

[legiteum]

My predictions?

1. The USD will stay around forever as a measurement device. Much of today's wealth worldwide is measured in US Dollars, and I think as things get even more globalized, this will increase. Prices for goods and services, salaries, people's measurement of their own wealth and company's cash flows will be measured in US Dollars.

2. Digital currencies (not blockchain-based) will replace today's cash transactions for "small" things and online content, and these transactions will partially replace credit cards and payment services (PayPal et. al.) as well.

3. Cryptocurrencies like Bitcoin et. al. will remain as high-end meme investment instruments and stores of wealth. Non-blockchain digital currencies will take over the low end of the meme investment market.

4. People's stores of their wealth--today, called, "bank accounts"--will change into seamless, automated, diversified portfolios of investments that convert to either USD or digital currency on the fly. In other words, people will hold less and less sovereign currency because technology will allow them to only trade into those currencies when they absolutely need to for trade, or simply want to as an investment decision. For instance, Europeans won't hold Euros unless they happen to think Euros were a good investment at that moment, just like they'd invest in Bitcoin, Ether, or Legiteum.

5. As of this week, I'm now predicting that CBDCs do not have a place in the future world of money . In the above scenario, where would a CBDC fit in? Why would you need one?

[btc78]

My predictions?

1. The USD will stay around forever as a measurement device. Much of today's wealth worldwide is measured in US Dollars, and I think as things get even more globalized, this will increase. Prices for goods and services, salaries, people's measurement of their own wealth and company's cash flows will be measured in US Dollars.

It will depend on whether the us dollar can maintain or improve their position. Many are trying to make dollar fall in act of dedollarization and other nations are very well intentioned to do this. So if their currency falls, it might not be the global currency anymore.

2. Digital currencies (not blockchain-based) will replace today's cash transactions for "small" things and online content, and these transactions will partially replace credit cards and payment services (PayPal et. al.) as well.

This is already happening. Many people are already cashless but it does not pertain to credit cards or such.

3. Cryptocurrencies like Bitcoin et. al. will remain as high-end meme investment instruments and stores of wealth. Non-blockchain digital currencies will take over the low end of the meme investment market.

What do you mean meme? Bitcoin is far from being a meme investment.

[YUriy1991]

I think it is very clear the direction of movement and economic growth in the future where everything will be digital and BTC is one of them that will become a global currency in the future only currently in the process of traveling there.

All because of the technology, because blockchain and blockchain are accountable and can be used by anyone and anytime. Is OP still in doubt on Bitcoin?

Of course, the price of this asset also fluctuates, but that's normal. Just wait for 2025 if that's not how it happens later.

[legiteum]

My predictions?

1. The USD will stay around forever as a measurement device. Much of today's wealth worldwide is measured in US Dollars, and I think as things get even more globalized, this will increase. Prices for goods and services, salaries, people's measurement of their own wealth and company's cash flows will be measured in US Dollars.

It will depend on whether the us dollar can maintain or improve their position. Many are trying to make dollar fall in act of dedollarization and other nations are very well intentioned to do this. So if their currency falls, it might not be the global currency anymore.

What does it mean to be a "global currency" though? I am talking of its use purely as a measurement device in order to figure out how much money to charge for things, or how much money you "have". Inflation of the USD wouldn't change this. The USD has inflated probably 3x in my lifetime, but I still know what I should personally pay my gardener per hour. I wouldn't know how much Bitcoin unless... I converted the value to USD.

To me, USD is akin to.. the English language as a standard "common tongue" means of communicating.

2. Digital currencies (not blockchain-based) will replace today's cash transactions for "small" things and online content, and these transactions will partially replace credit cards and payment services (PayPal et. al.) as well.

This is already happening. Many people are already cashless but it does not pertain to credit cards or such.
[/quote]

I'm pretty much cashless these days, but I wish I didn't have to use my CCs or PayPal for any purchase under say $100. Right now it's ludicrous that buying something from a vending machine requires an exchange or personal information--and I don't even dare trust the average content charge e.g. for a news story. All of that stuff really needs digital currency that can operate without identity just like cash. No digital currency has crossed over into the mainstream yet (although some of us are working on that ).

3. Cryptocurrencies like Bitcoin et. al. will remain as high-end meme investment instruments and stores of wealth. Non-blockchain digital currencies will take over the low end of the meme investment market.

What do you mean meme? Bitcoin is far from being a meme investment.

I mean an investment people make purely based on the name and how it makes them feel. For most people who invest in Bitcoin, the investment is in the name, "Bitcoin". They don't know what "decentralized" means, and their investment is actually just an entry in some central database at a broker. They are buying the word, "Bitcoin" because they think the word, "Bitcoin" will be worth more in the future.

Bitcoin's actual utility is extremely narrow since it isn't even a very good means of clandestine value transfer because of chain analysis. And it's absolutely unthinkable as a mainstream means of transacting. Most will pay more for Bitcoin than they do for Ether for the same reason they pay more for the same exact shirt with a Gucci logo on it versus a Nike logo versus Fruit of the Loom.