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Topic: Economic situation around the world and Bitcoin - page 6. (Read 947 times)

full member
Activity: 1750
Merit: 118
For me, it is a certainty that cryptos will never replace fiat currencies. There will be a parallel economy and the btc will become a currency like USD, EUR etc... with a parity for each pair, but not a substitute currency. And that's good, because the global economy would be shaken up, it wouldn't make any sense.

Yes cryptos have it's own use and it can never replace the real fiat currencies and even if we start using crypto instead of real fiat then it will create a chaos which might lead to a disastrous economical recession. Cryptos can be used as a mode of money transfer and other new technologies which gives i upper hand compared with traditional method like money transfer system which takes m\weeks if we do it through any money exchange but it's a matter of seconds through crypto. 
Bitcoin wasn't made for remittance service,it was created for medium of transfer unfortunately many people don't use it for what is was supposed to be used.

May not create much chaos to the people,only will be a problem for the government and they will re-assist to the condition sooner.

bitcoin was not also mean for investment but people invest on it  therfor bitcoin can also be used for remitance and any other use depending on the user  . bitcoin is orginaly created for currency use but until now there are people that use it this way  . using crypto wont also make a chaos as long as the use is appropriate  .  economic situation around the world are different from country to country  , by using cryptos the economy can be improved if its in bad condition
sr. member
Activity: 742
Merit: 251
The gold market will indeed happen but before that happens I think the world economy and by various countries will adopt Bitcoin as a digital currency for online payments.We know that currently the world economic turmoil is underway, between China and USA they are fighting to become the No. 1 in the world.
Whoever becomes the super power, those who are really into bitcoin are simply concerned with profit rather everyone who is around the world doing business, needs profit. Crypto currencies are such a concept that has changed people thinking about saving and investment. This digital currency has potential of getting piled up with local currency for business.
hero member
Activity: 1400
Merit: 505
Do you think this Economic situation will push More People into Bitcoin?
We know that countries like venezuela, ghana all Ready are Bitcoin adopters.
The problem with these countries is that the political corruption has destroyed their economies completely and the people have no money nor have the job to purchase bitcoin, the important thing we have to understand with these example is that we need to have an investment which is not controlled by the corrupt government and bitcoin is that investment and if people understand that we will see more investment in the market.
 
sr. member
Activity: 1638
Merit: 261
For me, it is a certainty that cryptos will never replace fiat currencies. There will be a parallel economy and the btc will become a currency like USD, EUR etc... with a parity for each pair, but not a substitute currency. And that's good, because the global economy would be shaken up, it wouldn't make any sense.

Yes cryptos have it's own use and it can never replace the real fiat currencies and even if we start using crypto instead of real fiat then it will create a chaos which might lead to a disastrous economical recession. Cryptos can be used as a mode of money transfer and other new technologies which gives i upper hand compared with traditional method like money transfer system which takes m\weeks if we do it through any money exchange but it's a matter of seconds through crypto. 
legendary
Activity: 1190
Merit: 1001
For me, it is a certainty that cryptos will never replace fiat currencies. There will be a parallel economy and the btc will become a currency like USD, EUR etc... with a parity for each pair, but not a substitute currency. And that's good, because the global economy would be shaken up, it wouldn't make any sense.
full member
Activity: 882
Merit: 126
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Do you think this Economic situation will push More People into Bitcoin?


We know that countries like venezuela, ghana all Ready are Bitcoin adopters.

China USA  trading?  Do you think that has impact too?


Coz i think the gold market is about pop the bubble soon
Comparing those countries are not fair to be honest,and there is no reason for country like USA to move to bitcoin from now unless all their citizen think that way.Trade war has no influence to the adoption of cryptos.

There is no reason for the USA to move to Bitcoin because it is treated as an enemy of what makes the country USA. If they move to Bitcoin, Wall Street will fall, the US dollar will be worthless, and the country will be in debacle. The powerful will suddenly turn equal to everyone. They will not allow that to happen.

Trade wars could pull down the value of the currencies involved and that would make everything uncertain. Somehow, that may benefit Bitcoin if the rich will treat Bitcoin as a hedge to avoid getting caught in the war.
Still government didn't made cryptos illegal there so they want to make benefits from crypto usage by having high tax and also they were aware of not allowing crypto payments in many places,they even barred crypto gambling sites for this reason in my opinion.
hero member
Activity: 2730
Merit: 632
Even if regulation becomes an easy part of bitcoin adoption, we still need to figure out a better method than just giving a simple card to someone (maybe clicking your pin to a machine as well) and be done with it, maybe we can do QR code scanning or maybe we can have bitcoin cards everywhere, in all aspects of the deal we need something better than credit cards, if we don't provide anything better than why would people use bitcoin.

Plus, the timing is still an issue, you send bitcoin to someone and it takes ages for them to get it compared to bank transactions when you do shopping, if you go buy something with your credit card the moment PoS machine gives you the invoice it means transaction completed and doesn't take longer than 30 seconds, bitcoin transactions still take 10+ minutes no matter how much fee you pay.


These are the main reasons why there are still people who do really prefer out the traditional fiat system due to that purpose.
We cant really deny that Bitcoin system do really have those flaws and lacking.I dont believe that fiat system would be replaced up
anytime soon by crypto even though we are seeing some adoption of it but as long government do still on control then we wont see
the traditional system would fade away but somehow we do see some countries in terms of economic progress being helped up by Bitcoin/Crypto.
legendary
Activity: 3654
Merit: 1165
www.Crypto.Games: Multiple coins, multiple games
Even if regulation becomes an easy part of bitcoin adoption, we still need to figure out a better method than just giving a simple card to someone (maybe clicking your pin to a machine as well) and be done with it, maybe we can do QR code scanning or maybe we can have bitcoin cards everywhere, in all aspects of the deal we need something better than credit cards, if we don't provide anything better than why would people use bitcoin.

Plus, the timing is still an issue, you send bitcoin to someone and it takes ages for them to get it compared to bank transactions when you do shopping, if you go buy something with your credit card the moment PoS machine gives you the invoice it means transaction completed and doesn't take longer than 30 seconds, bitcoin transactions still take 10+ minutes no matter how much fee you pay.
jr. member
Activity: 392
Merit: 7
World economic situation can dump btc price, unfortunatly. Recession is not good in general


Its not recession anymore!
It was but not anymore!
jr. member
Activity: 129
Merit: 1
World economic situation can dump btc price, unfortunatly. Recession is not good in general
member
Activity: 630
Merit: 20
Do you think this Economic situation will push More People into Bitcoin?

Yeah, because of vast technology and knowledge of many people about crytpocurrency,  I think many more business will join the world of digital trading and exchanges. We consider the btc as gold of internet, the difference between a real gold is the value is continuously declining, other states incessantly printing fiat money that makes currency devalue by the central banks which also affects the economic situation of one country.
I just hope in the near future they will create application which protects the btc to hackers and scammers (I know there are insurance offering in crypto, but I mean almost 100% security) so that more people join the crypto circulation and feel their money is safe and sound.
legendary
Activity: 1652
Merit: 1088
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Developed countries are unlikely to adopt bitcoin since their currency is still doing well, why would they adapt another currency?

The only situation that would persuade someone from a developed country to adopt bitcoin is something like the eurozone crisis.

People forget that it was the crisis in 2013 that pushed bitcoin into the mainstream (they were confiscating people's savings in Cyprus banks to save the banking system and instigated horrendous capital controls so people couldn't get their money out.

Since then, the eurozone countries have passed a "bail-in" law where people's savings are confiscated to bail out banks. This is in contrast with Anglosphere countries where the govt is expected to do the bailout.

Lots of the eurozone banks are weak, and if there is another crisis watch for lots of bail-ins, lots of people having their savings confiscated and renewed interest in bitcoin and crypto.

IMO the eurozone is the weak point in the developed world.
hero member
Activity: 3052
Merit: 606
Bitcoin is a better option IMO, I know gold is stable and recommended by top investors but we are in a digital era now, people are aware already that internet is a big factor and its already part of our daily life. With bitcoin and crypto as our holdings, we will be able to access it anytime and do what we want to do, as long as we keep it in our own wallet which we hold the key, it's a sign that we own something or part of the total supply and makes things very transparent on our side unlike the usual type of investment where we don't really hold it or completely own it.
legendary
Activity: 2674
Merit: 1048
The gold market will indeed happen but before that happens I think the world economy and by various countries will adopt Bitcoin as a digital currency for online payments.We know that currently the world economic turmoil is underway, between China and USA they are fighting to become the No. 1 in the world.

Not that easy, dude, the problem of bitcoin adoption so far is regulation, bitcoin adoption is limited by regulations of each country causing a lack of equitable knowledge of crypto currencies. Not only that, understanding of gold and bitcoin in economic crisis is still unclear especially on bitcoin so most of them would prefer gold.

The biggest impetus of bitcoin is on investors, especially ICO / IEO investors. When ICO was still popular in 2017, bitcoin was able to reach ATH. At the moment I do not know very well whether,  economic situation will side with gold or bitcoin, if there is a bad FUD against bitcoin then I am sure this holder will run to gold.
Gold will always become the most realistic safe haven of storing value whenever the world economics showing unusual activity or an unclear situation like we had right now. Honestly It must be bitcoin or any other cryptocurrency on top on that ... but since google claimed that they have a supercomputer which could solve / crack the powerful encryption in cryptocurrency few weeks ago.

Things went wrong ... cryptocurrency market crashed free fall down to $7,000 from $10,000 because of Google claim! People even leave their wallet empty and move it to gold or just cash them out.

The situation will remain like this all day at least until the end of this year, not much you can do but with the market swing ... you might could take some advantage to trade and get some profit out of it.
sr. member
Activity: 756
Merit: 251
Do you think this Economic situation will push More People into Bitcoin?


We know that countries like venezuela, ghana all Ready are Bitcoin adopters.

China USA  trading?  Do you think that has impact too?


Coz i think the gold market is about pop the bubble soon
Comparing those countries are not fair to be honest,and there is no reason for country like USA to move to bitcoin from now unless all their citizen think that way.Trade war has no influence to the adoption of cryptos.

There is no reason for the USA to move to Bitcoin because it is treated as an enemy of what makes the country USA. If they move to Bitcoin, Wall Street will fall, the US dollar will be worthless, and the country will be in debacle. The powerful will suddenly turn equal to everyone. They will not allow that to happen.

Trade wars could pull down the value of the currencies involved and that would make everything uncertain. Somehow, that may benefit Bitcoin if the rich will treat Bitcoin as a hedge to avoid getting caught in the war.
hero member
Activity: 2954
Merit: 796
Both can be a better solution in every economic problems, but it will depends on their resistance for risk and timeline needed. Having gold is a good asset but still depends in the country of how much they will buy and sells it, depends on their capability to utilize this resources. Unlike in bitcoin as often give more chance to fast transactions and volatility we will just need to acquire some and wait for a time were it will arise or simply do trading that can give us profit if well trained. Both choices need a help from their country as their economic situation isn't that good, adapting and acquiring both will be hard , it will be in their personal skills how they can buy and use it to help to influence their government for a better economic solution.
full member
Activity: 882
Merit: 126
★777Coin.com★ Fun BTC Casino!
Do you think this Economic situation will push More People into Bitcoin?


We know that countries like venezuela, ghana all Ready are Bitcoin adopters.

China USA  trading?  Do you think that has impact too?


Coz i think the gold market is about pop the bubble soon
Comparing those countries are not fair to be honest,and there is no reason for country like USA to move to bitcoin from now unless all their citizen think that way.Trade war has no influence to the adoption of cryptos.
sr. member
Activity: 658
Merit: 268
bullsvsbears.io
Venezuela might be trying to find ways on how to solve their economic problems that's why they're adopting bitcoin. Though I don't have an idea if it was successful on not. Venezuela's money are losing its value because of inflation, I bet they don't really care about their money so their looking for something new that has still value.

Developed countries are unlikely to adopt bitcoin since their currency is still doing well, why would they adapt another currency?
hero member
Activity: 756
Merit: 507

Not that easy, dude, the problem of bitcoin adoption so far is regulation, bitcoin adoption is limited by regulations of each country causing a lack of equitable knowledge of crypto currencies. Not only that, understanding of gold and bitcoin in economic crisis is still unclear especially on bitcoin so most of them would prefer gold.

The biggest impetus of bitcoin is on investors, especially ICO / IEO investors. When ICO was still popular in 2017, bitcoin was able to reach ATH. At the moment I do not know very well whether,  economic situation will side with gold or bitcoin, if there is a bad FUD against bitcoin then I am sure this holder will run to gold.

I think the main moving power for investing in bitcoin is an expectation to gain high profit,  that is why investing into ICO was so popular in 2017 and quite a lot of ICO were scam because of hype. After regulators added some rules to regulate this, a lot of ICO scum died.
Poor people have dream to become reach in a magic way, that is why taking into accout, that crypto could return high profit in a short given time - sometimes it could work out.
hero member
Activity: 2702
Merit: 672
I don't request loans~
Do you think this Economic situation will push More People into Bitcoin?


We know that countries like venezuela, ghana all Ready are Bitcoin adopters.

China USA  trading?  Do you think that has impact too?


Coz i think the gold market is about pop the bubble soon
It's too early. The countries that are currently adopting coins could buy them regularly which could change the market prices but those countries with poor economic backgrounds would have difficulties integrating themselves into the cryptoworld since they lack the funds to participate in the trade. If gold popped, those countries would lose a huge part or their financial ability. Of course, investing in crypto could still get large gains, but time is needed for it to produce results.
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