Topic: effect of bitcoin on institutions and global economy - page 2. (Read 232 times)

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.

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.

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.

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.

[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)

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.

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?