Economic effects of bitcoins | Bitcointalksearch.org

THErapist

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Quote from: deisik on June 16, 2017, 07:19:06 AM

Quote from: Gohs on August 07, 2016, 11:44:07 AM

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

That's unlikely though not completely impossible

But you should first ask yourself whether Bitcoin is actually going to become the only currency used by the whole world. That's highly unlikely on its own. Even if we hypothetically assume that ("just for fun"), it would be more about cracking Bitcoin cryptography rather than stealing bitcoins like it happened at Bitfinex. This is certainly possible but the question itself is like what would happen if someone found a "kill switch" of sorts to power off the whole Earth. Obviously, people would quickly switch to direct barter (start using candles)

Bitcoin serves as an alternative source of income for those who are jobless. And I think that is really a big help. People can buy and sell bitcoin and earn a large amount of profit. People can now control their wealth with nothing more than the power of bitcoin.

Ahiaba

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Quote from: Gohs on August 07, 2016, 11:44:07 AM

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

Definitely it will affect the market value of Bitcoin downwards and invirably the economy at large but other altcoins will use that advantages of Bitcoin decline to appreciate because more will start accepting altcoins in place of Bitcoin.

bitcoinmaniac52

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Presale is live!

A lot of people who were poor before are now worth a fortune. You can buy and sell whatever you want if you invested into Bitcoin early enough. I am talking about 2009-2013 when it was under $20. Even an average poor person could be rich now.

ricardobs

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Quote from: BlackPanda on November 20, 2017, 04:02:25 AM

We have directly felt the impact of Bitcoin's power. It is also felt in the economic sector, now the economy of many people in the world is increasing and many people who previously had a bad economy and ultimately get a remarkable level of income. Many people in developing countries have previously been unemployed and at the moment they can work with Bitcoin. This is a proof of the magnitude of Bitcoin's impact on the economic system worldwide. Bitcoin has the power and will also show its existence to the development of digital currency in the world.

Bitcoin can affect the Economy of a country in several ways, both in the good ways and the bad. The good ways I believe it will affect the economy is by creating a good investment platform for the people to invest and earn profit. Next is by providing some little job opportunities with big earnings. That’s all I know it can do…for now.

changcloy

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i think if everybody adapt the world of bitcoin which is not impossible because today we are very into technology and bitcoin is not that hard to access...if ever that will happen i think bitcoin holders should be more careful to their own account they should not let anyone know their password because just through internet hackers can easily hack everybody's account.

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Quote from: Gohs on August 07, 2016, 11:44:07 AM

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

That's highly unlikely. I think there are no geniuses that can hack decentralised blockchain now

Nahl

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whole world adopt bitcoin looks impossible to me but if this is happened bitcoin will so expensive and if all of bitcoin stolen and only belong to some people then i can't imagine the disaster would they made because they can able to manipulate and rule some countries

Jedie22

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Quote from: shesheboy on November 06, 2017, 07:08:45 PM

Quote from: khaled0111 on November 06, 2017, 05:50:29 PM

No one can steal all bitcoins if such thing is possible it would be done in the past. Such thing will never happen and if someone find a way to do something like that i think he will be intelligent enough to know that stealing all bitcoins is not a good thing because they will have no value: who will buy something that can be stolen at any time?B Bitcoin is based on trust, more trust means more value.

i dont think so, bitcoin is digital currency therefore it is online so it is still prone to attacks by hackers and viruses if you are careless about using it. ive seen many reports that their bitcoins had been steal to thier actuall wallet because of phising , so i guess it can also happen to you and all of us who uses bitcoin. stealling bitcoins is a good thing for them because they can sell them to earn a profit effortlessly.

Every things in the cyberworld has its own disadvantage, even how secured it is. I know bitcoin is highly secured and how reliable it is and I believed its capability but scammers and hackers or any computer experts are possible to do something in order to downfall the bitcoin. The security of bitcoin were already anticipated those bad people and doing something better to there security. Also, as the bitcoin being part of our society, it really helps people to earn as extra income and gives progress in our country and our economy as well.

BlackPanda

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We have directly felt the impact of Bitcoin's power. It is also felt in the economic sector, now the economy of many people in the world is increasing and many people who previously had a bad economy and ultimately get a remarkable level of income. Many people in developing countries have previously been unemployed and at the moment they can work with Bitcoin. This is a proof of the magnitude of Bitcoin's impact on the economic system worldwide. Bitcoin has the power and will also show its existence to the development of digital currency in the world.

wuvdoll

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Quote from: Agostosmori on November 06, 2017, 07:16:24 PM

Quote from: Barnabe on August 07, 2016, 11:59:58 AM

This could be possible, but if no one has done it until now, there is little chance they manage to do it in a few years. As bitcoin becomes more and more popular, industries will use it too. But if they have to trust bitcoin, they will probably pay a lot of money to review all the code (to see if their investment is safe).

But if someone cracks it anyway, we should expect a rollback.

Rollback will certainly be out out of the question, as BTC value are based on the demand of the folks that use it, but if something like this happened BTC will certainly crash because no one would trust the technology anymore, thus the hacker/s will not gain anything of value than piss a lot of people.

The worst a hacker would do is to crack your wallet and that is if you leave it vulnerable. Shits happen, no doubt and you are in control of your wallet except if you are using a centralized exchange which we all should know by now that you should not do if you want to be in charge of your money.

Anything that has to do with online or offline required the individual to understand how to level up security and stay safe in case of invaders, so, it is absolutely in everyone's hands.

aencarnaci

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Quote from: mifanmuzny on November 11, 2017, 02:07:18 PM

Economy is blooming with bitcoins implemented for the infrastructure system

Bitcoin has undoubtedly very positive effects on the economy of a country. There are many developed countries whose economy is getting better just because their people are highly involved with bitcoin. Bitcoin has also played significant role in changing the lifestyles of people in a better way and the prosperity of citizens is ultimately the prosperity of the country.

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Bitcoin supply is limited and therefore the price will go higher.

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Quote from: Gohs on August 07, 2016, 11:44:07 AM

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

The economic effect of bitcoin is very good, because unconsciously bitcoin can improve the economy of a country. It shows that bitcoin has a positive impact on the economy. As long as we are still in the internet world, then the hack will always exist. You need to anticipate it before it happens to you.

Ctn

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Quote from: Gohs on August 07, 2016, 11:44:07 AM

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

Nothing that genius will be caught in seconds of matter because bitcoin still stays on the internet and he can be tracked down from the addresses that he use. I mean the whole world will watch the transaction being transferred from the hacked server to one wallet or whatever he might be using at the time of hack.

Thats the first thing where he will be getting billions of eye witnesses, (LOLZ) and then where he will put that much of money? Probably he might start transferring the money to fiat and send the money to bank? So there we are we can watch that wallet and track down the person with KYC docs that he provided to the wallet.

IF the wallet is anonymous then we can track down the bank and obviously bank will cease the money as whole world watch the money flow into them. Done your hacker is hacks now!

Not that easy pal!

waynechong1995

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What's your context about stealing? do you mean the genius in mined away all the coins ? I think it wouldn't be possible technically as the blockchain network is built upon blocks and hacking would requires some super-alien computer power to resolve the everything. Btw it's stupid and what's the point to own the entire supply as nobody could buy or sell anymore, the biggest threat is of course somebody that have access into exchange's owner wallets and transacted all of them to their address, if that's so nobody can recover and it's just a total lost.

KaliLinux

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Quote from: Gohs on August 07, 2016, 11:44:07 AM

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

It impossible to stole 20M bitcoins. If so he will not be a genius may be a man to destroy its value.
The effects on the economy is totally depends on the specific government that legalize bitcoin which will leads to new adoptions across the new peoples to bitcoin.
I dont think so the government will ecourage this anymore as long as the Banks gets impacted.

Who knows That genius may be in this thread to get a better idea. LOL Grin

LyQaN

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whole world accepting bitcoin is great for cryptocurrencies, but as you say all of them are mined and stolen by one person,then ultimately bitcoin is going to get crash,because no one will be there to exchange it or buy it or sell it ,simply because a news like its being stolen and is not secured will spread and no one will be ready to buy it ,and even no one gonna accept it too,so having so much coins also will left the genious with nothing

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Quote from: Razick on November 06, 2017, 07:10:32 PM

Quote from: megynacuna on November 06, 2017, 06:55:12 PM

Quote from: peterthegreat on November 06, 2017, 06:17:58 PM

The economic effect of Bitcoin will be one of decentralization. Everything is centralized nowadays when it comes to systems that the current economy uses to transact in. Commerce is controlled right now, but Bitcoin is borderless and has no owners so this gives people the power as the current financial system is doomed and everyone is moving into crypto where BTC reigns supreme.

Exactly, decentralization is one major economic effect that bitcoin users can adopt in their respective lives because that has gotten the governments and the central banks hooked because they can't control and regulate how money inflows should be which has always favoured them against the citizenry.

Do you think Bitcoin will always stay decentralized? There are plenty of things that were decentralized in history and became centralized out of almost sheer necessity. Anyway, some banks are getting into crypto and blockchain technology at this very moment, including mine.

This is one reason why there would always be a fork in situations like this, so bitcoin staying decentralized or not is not even an issue to debate, cause I believe it will and even if there is a necessity for that, most users and some devs will not agree which would obviously lead to chain split and then we end up seeing which eventually wins.

It is not like we do not have centralized cryptocurrency for now; after all, XRP and USDT are some good examples. So, worst that would happen is the government of any country creating their own centralized cryptocurrency.

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Quote from: carlisle1 on November 15, 2017, 04:27:04 AM

Quote from: Gohs on August 07, 2016, 11:44:07 AM

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

then what would be problem?that stolen bitcoin will remain in circulation..its a problem of that site theyre bitcoin has stolen.but the community will continue living and growing.youre the one who mentioned that bitcoin is internet.so it will remain in internet,just like a bank being robbered.only the bank and partly depositors will be affected,but not all the banks and specially not all the people

Well i agree on that i believe that bitcoin is no negative effect to the economy and maybe it well only affect to the bank .I beleive that bitcoin can really make a huge income and it is really helpful to the people that need an extra income and i believe because of that simple way of gaining money the economy will get rise up high no doubtbon it .

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Quote from: Gohs on August 07, 2016, 11:44:07 AM

I was just thinking that since Bitcoins is 100% on the internet, what would happen if the whole world adopts it and 20M bitcoins gets stolen by a genius similar to what happened to Bitfinex?

then what would be problem?that stolen bitcoin will remain in circulation..its a problem of that site theyre bitcoin has stolen.but the community will continue living and growing.youre the one who mentioned that bitcoin is internet.so it will remain in internet,just like a bank being robbered.only the bank and partly depositors will be affected,but not all the banks and specially not all the people

Topic: Economic effects of bitcoins (Read 2735 times)