How do cryptocurrencies affect Global Economy?

Argoo

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Quote from: Wimex on August 11, 2023, 12:37:26 PM

I have a thought that we are likely to see a co-existence between government-issued digital currencies, decentralized cryptocurrencies and the traditional financial system in the future. I have been seeing that governments and financial institutions are working to find a balance between technological innovation and the regulation necessary to ensure financial stability... I hope that happens.

In any case, cryptocurrency has already firmly taken its place as an alternative to the existing state financial system. It is not as susceptible to inflation as regular fiat and is relatively anonymous.

States are supporting the digitalization of their financial system by creating a variety of CBDCs, and are seeking a balance to maintain a certain amount of individual privacy when using them. But it is unlikely that they will succeed. As a rule, there are no restrictions on the government to establish the identity of any user of their currency, in whatever form it may be.

A positive point is the very fact of the existence and circulation of decentralized cryptocurrency in states. People now have the right to choose, and everything else will continue to improve for a long time.

MissNonFall9

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Cryptocurrencies are playing a huge role in solving the problems of using and exchanging physical money in today's world. As the currency of each country is different and currency management and use are different so if cryptocurrency gets global acceptance then the people of the world will be freed from all these problems of currency exchange. Which will save you from spending any extra money. Although not all countries of the world have accepted the use of cryptocurrency its use is increasing rapidly and shortly cryptocurrency will be the only currency. Because cryptocurrency is very powerful in terms of technology and is very easy to use. So it will play a very important role in the global economy.

harapan

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Quote from: Merit.s on January 05, 2023, 03:54:40 PM

CBCD is been created by government of a country to minimize fiat currency which is depreciating gradually. It does not have any effect on the global economy and it is not also a decentralized currency. No matter the way it is presented to the citizens it still remains centralized. So if a country creates its own digital currency and link it to gold or oil barrel price it still will not change anything.

Cryptocurrencies are much helpful for developing countries since they can increase their economic and social status.It all started with bitcoin,and now so many other cryptocurrencies has been added or existing.This new innovation of cryptocurrencies has renewed the economic standard of countries that uses bitcoin.Just like El Salvador,that country doesn't seem to have a problem adopting or making bitcoin a legal tender.

The Cryptocurrency network is backed by distributed ledger technology,called the blockchain network.It eliminates the risk of fraud and corruption,because of the decentralized financial system as no individual can manipulate it.The crypto-based network is moving towards Progress despite the predictions and critics.

Cryptocurrency is a new and speculative technology so embrace it,upgrade yourself,buy cryptocurrencies, study them, invest in them, trade them.This is 21st century,and technologies like bitcoin has done more good than harm to us.

Wimex

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Although cryptocurrencies have gained popularity and have influenced financial technological innovation, so far they have not managed to significantly weaken the global financial system. It is true that some nations have adopted cryptocurrencies for specific purposes such as you mention “the Petro in Venezuela”, but its adoption and effect on the world economy remain limited... Why? Because cryptocurrencies are often considered high-risk and volatile assets by many people. So the widespread adoption of government-issued cryptocurrencies could bring changes to the financial system, but these changes would not necessarily weaken mainstream economies. Instead if weakened, the implementation of digital currencies could improve the efficiency of transactions and regulatory oversight.

I have a thought that we are likely to see a co-existence between government-issued digital currencies, decentralized cryptocurrencies and the traditional financial system in the future. I have been seeing that governments and financial institutions are working to find a balance between technological innovation and the regulation necessary to ensure financial stability... I hope that happens.

go-shiba

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Cryptocurrency is a form of digital money that uses cryptography to secure transactions and control the creation of new units. As a result, it is the first decentralized digital currency, and has been disrupting the global economy by providing a secure, borderless, and decentralized financial system. Cryptocurrency has enabled people to transact with each other without the need for an intermediary, such as a bank or government. This has opened up new opportunities for global commerce, with individuals and businesses being able to send and receive money without worrying about fees, exchange rates, or government interference. Furthermore, cryptocurrency has made it possible to store value without relying on traditional banking systems, making it a viable alternative to fiat currencies.

coupable

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Quote from: |MINER| on June 16, 2023, 12:40:49 PM

Currently, the total market cap of crypto currency is around 1.07 trillion US dollars. And a few times ago in November 2021, its total market cap crossed over the $3 trillion. So it is understood that it is holding a huge amount of market. And the more the trade volume I think the more the impact on the economy is natural. So sometimes big crypto currency adopters of big countries can have some influence on other countries or the whole market for holding more amount. But I think it doesn't last long, still I think it's possible to eliminate it, to start global adoption instead of adopting it among less numerous people.

Surely, the adoption of cryptocurrencies on a global scale may have positive effects on the economy, but we should take on consideration that this should be achieved with caution. In simple words to explain, it should be noted that the use of cryptocurrencies carries some risks, such as the risks of fraud, hacking and market manipulation. So this is why the necessary measures must be taken to protect users and investors. We can't also deny the fact that cryptocurrencies are still in the development and experimentation phase, which leads to the conclusion that a robust and secure infrastructure must be developed to support a global adoption. The challenge is not that easy imo .

|MINER|

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Currently, the total market cap of crypto currency is around 1.07 trillion US dollars. And a few times ago in November 2021, its total market cap crossed over the $3 trillion. So it is understood that it is holding a huge amount of market. And the more the trade volume I think the more the impact on the economy is natural. So sometimes big crypto currency adopters of big countries can have some influence on other countries or the whole market for holding more amount. But I think it doesn't last long, still I think it's possible to eliminate it, to start global adoption instead of adopting it among less numerous people.

Paul Pogba

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The growing marketcap of cryptocurrencies proves that many people are getting into cryptocurrencies, in many countries there are reports saying that the increase in users is very significant, this is what makes cryptocurrencies an investment that can make people successful and rich, of course we have to be selective in choosing cryptocurrencies because when it is available more than 25k cryptocurrencies.

Uruhara

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Quote from: slapper on June 14, 2023, 12:38:17 PM

Quote from: Uruhara on June 12, 2023, 04:32:28 PM

Quote from: nesty on June 12, 2023, 08:17:45 AM

.........

well everything has positive points and negative points in it. But for now the impact of cryptocurrencies on the global economy may still not look that big. Because as we know Crypto adoption has not even been evenly distributed. Even the adoption of bitcoin as a legal means of payment has also only been legalized by a few countries such as El Salvador and the Central African Republic if I remember correctly.

But in the future when people know more about what a centralized system is and what a decentralized system is and when the majority of people start to have a high interest in crypto then indirectly at that time crypto will really have an impact on the global economy. either from a positive or negative side.

Indeed, cryptocurrencies could redefine economic landscapes, particularly in global transactions. But can we judge if it's for better or worse? Isn't such ambiguity at the heart of a vibrant, evolving economy?

Though adoption is regionally biased, isn't this true for all early innovations? The internet or mobile tech serves as examples! Early adopters, like El Salvador or the Central African Republic, lead the way for cryptocurrencies.

With the growth of awareness around decentralized systems, so too will their uptake. We're stepping into a digital assets era. It's risky, but isn't every new domain? Let's welcome it, armed with prudence and stringent regulations!

So true. and actually those who are taking a step earlier like El Salvador are the ones who have the courage to innovate. although the economic conditions in their country also pushed the adoption of bitcoin. Because for now El Salvador still depends on the dollar because their own local currency has not been used for a long time. So bringing Bitcoin to their country may also have opened the eyes of some countries that have the same conditions as El Salvador. So then the Central African Republic also followed suit. and several other countries which are also still studying like Panama or others I forget.

well we have to welcome well and enthusiastically. and also be careful. every new thing that pops up is always on the lookout for but over time everyone will start to accept it equally. like the internet in the past. And all things certainly always have a positive and negative side. we just have to make good use of it and avoid its downside.

slapper

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Quote from: Uruhara on June 12, 2023, 04:32:28 PM

Quote from: nesty on June 12, 2023, 08:17:45 AM

Cryptocurrencies have the potential to impact the global economy, they can provide a more efficient and secure means of conducting transactions, particularly across countries. This could lead to increased trade and investment as well as reduced transaction costs. Cryptocurrencies also pose a number of risks to the global economy. The volatility can make them a risky investment, and their lack of regulation can leave investors vulnerable to fraud and other forms of fraud. The rise of cryptocurrencies could threaten the stability of traditional financial institutions, particularly if they become widely adopted as an alternative to fiat currencies. The impact of crypto currencies to global economy remains uncertain. They also pose significant risks that must be carefully mananged in order to ensure their long term viability.

well everything has positive points and negative points in it. But for now the impact of cryptocurrencies on the global economy may still not look that big. Because as we know Crypto adoption has not even been evenly distributed. Even the adoption of bitcoin as a legal means of payment has also only been legalized by a few countries such as El Salvador and the Central African Republic if I remember correctly.

But in the future when people know more about what a centralized system is and what a decentralized system is and when the majority of people start to have a high interest in crypto then indirectly at that time crypto will really have an impact on the global economy. either from a positive or negative side.

Indeed, cryptocurrencies could redefine economic landscapes, particularly in global transactions. But can we judge if it's for better or worse? Isn't such ambiguity at the heart of a vibrant, evolving economy?

Though adoption is regionally biased, isn't this true for all early innovations? The internet or mobile tech serves as examples! Early adopters, like El Salvador or the Central African Republic, lead the way for cryptocurrencies.

With the growth of awareness around decentralized systems, so too will their uptake. We're stepping into a digital assets era. It's risky, but isn't every new domain? Let's welcome it, armed with prudence and stringent regulations!

dezoel

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Quote from: Litzki1990 on June 11, 2023, 03:49:35 AM

Every country's government system wants to control money. Because bank transactions other than Bitcoin are controlled by the central bank, the central bank is the regulator of all the economies of the country that does not have the facility of Bitcoin transactions, but if a country has the facility of Bitcoin transactions, then the money that will be converted to Bitcoin will not be controlled by the government. This is probably why Bitcoin has not yet become an alternative currency worldwide. And because different criminals commit different crimes through Bitcoin, the governments of different countries take negative decisions about accepting this currency in their countries.

You are talking like the journalists from back in the days when Bitcoin was first getting popular who used to keep calling Bitcoin a criminal currency that is used to fund criminals and different illegal activities worldwide, some people still think the same way about it, and some governments use that as an excuse to not allow the usage of Bitcoin and cryptocurrencies within their countries and to keep their people away from it.

Do you think that normal money cannot be used for criminal activities? There are always two sides to anything, one is positive and the other one is negative, now it depends on you how you use it, but you cannot call a thing negative or positive only because it has both qualities, it's you who is either positive or negative because you use it that way.

royalfestus

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One of the reasons people demand that Bitcoin maintains a market cap in the trillions, even during bear markets, is to minimize the extent of market dips. Currently, Bitcoin's market cap remains relatively low compared to commodities such as crude oil, natural gas, and various others.

Uruhara

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Quote from: nesty on June 12, 2023, 08:17:45 AM

Cryptocurrencies have the potential to impact the global economy, they can provide a more efficient and secure means of conducting transactions, particularly across countries. This could lead to increased trade and investment as well as reduced transaction costs. Cryptocurrencies also pose a number of risks to the global economy. The volatility can make them a risky investment, and their lack of regulation can leave investors vulnerable to fraud and other forms of fraud. The rise of cryptocurrencies could threaten the stability of traditional financial institutions, particularly if they become widely adopted as an alternative to fiat currencies. The impact of crypto currencies to global economy remains uncertain. They also pose significant risks that must be carefully mananged in order to ensure their long term viability.

well everything has positive points and negative points in it. But for now the impact of cryptocurrencies on the global economy may still not look that big. Because as we know Crypto adoption has not even been evenly distributed. Even the adoption of bitcoin as a legal means of payment has also only been legalized by a few countries such as El Salvador and the Central African Republic if I remember correctly.

But in the future when people know more about what a centralized system is and what a decentralized system is and when the majority of people start to have a high interest in crypto then indirectly at that time crypto will really have an impact on the global economy. either from a positive or negative side.

coupable

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Quote from: Renampun on June 12, 2023, 01:48:34 AM

Quote from: coupable on January 05, 2023, 09:40:08 AM

...
Is it true that cryptocurrencies will weaken the global financial system? That system which is managed by countries with the strongest economies with their currencies that has gained wide acceptance to be traded in financial markets all over the world.
...

will crypto weaken the global economy? the answer is no, because crypto's influence on the global financial system can be considered not too big. In fact, cryptocurrency will complement the global financial system by providing a faster, anonymous and secure payment system compared to what is offered by central banks, and this will be an option for those who want to make transactions internationally but don't want the hassle.

so there is no strong basis for saying that cryptocurrencies will be able to weaken the global financial system, because even though the crypto market is quite large, it cannot weaken the global financial system as a whole, unless everyone switches to cryptocurrencies where the possibility for that is small.

When I asked that question, it was on the grounds that it could reach the size that could authorize it to influence the global economy. And when I say that it can weaken it, I mean that it is able to offer better alternatives capable of building a strong economy to replace the old system.
With regard to the current situation, it is certain that cryptocurrencies are not of sufficient stature and size to carry out such effects, but it does not negate the fears of central financial institutions that have become more hostile to this technology and do not hesitate to set up ambushes to trap it in order to cause its popularity to decline. What is happening today with some platforms in US courts actually proves that the task is never easy.

nesty

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Cryptocurrencies have the potential to impact the global economy, they can provide a more efficient and secure means of conducting transactions, particularly across countries. This could lead to increased trade and investment as well as reduced transaction costs. Cryptocurrencies also pose a number of risks to the global economy. The volatility can make them a risky investment, and their lack of regulation can leave investors vulnerable to fraud and other forms of fraud. The rise of cryptocurrencies could threaten the stability of traditional financial institutions, particularly if they become widely adopted as an alternative to fiat currencies. The impact of crypto currencies to global economy remains uncertain. They also pose significant risks that must be carefully mananged in order to ensure their long term viability.

posi

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Quote from: RewFrew on June 11, 2023, 12:38:59 PM

Quote from: posi on June 11, 2023, 05:56:20 AM

Quote from: RewFrew on June 11, 2023, 04:07:33 AM

Now a days Cryptocurrency affecting Global Economy. Many countries accepting bitcoin and many digital currency. Recently LSalvader accepted vitcoin as a legal currency. Beside LSelvader USA, Canada, France, Denmark, Germany declared Bitcoin as a legal currency. So day by day Cryptocurrency Being Popular. For this reason Bitcoin and another cryptocurrency using various sectors. Its usability increasing day by day. For covid situation created world economic crisis for thats situation people come back from finical Bank transaction. Many people dependent on cryptocurrency. They investing on crypto.

Overall we can tell now a days cryptocurrency is big Fact for global economy. So it is proved that cryptocurrency affecting on global economy there has no doubt.

If I say bitcoin is increasingly popular because people have more and more needs to invest and make money online, I agree. But to say it has an impact on the economy of the country or the world is an exaggeration, and there is no proof for that. Almost everywhere sees bitcoin or cryptocurrencies as a financial market, mainly for speculation without any intrinsic value. How could it affect the world economy? Considering its capitalization is even smaller than that of a company like Google, so its impact is negligible. They only bring benefits and influence at the individual level, but it is nothing for the global economy.

Many Many countries are accepting Cryptocurrency mainly Bitcoin so i think it has some impact obviously. Moreover you can see today's marketcap $1.06T it is huge. How this Big amount out of Global economy? How do we avoid this massive economy from Global economy? All side consideration i think cryptocurrencies affect Global Economy. Each persons thinking are different. It is only my opinion. Maybe your opinion is right but i tell my Opinion. Thankyou.

Just thinking and predicting is not enough, we need proof for that. The world economy is worth more than 100 trillion, but the whole crypto market is only 1 trillion, of which bitcoin is just over 400 billion. What impact do you think it will have? I am also an investor in bitcoin, but I need reality and facts, not exaggerations and illusions, it is of no use to us. We should accept reality and support each other so that bitcoin and the community grow stronger and make a significant impact on the world.

Renampun

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Quote from: coupable on January 05, 2023, 09:40:08 AM

...
Is it true that cryptocurrencies will weaken the global financial system? That system which is managed by countries with the strongest economies with their currencies that has gained wide acceptance to be traded in financial markets all over the world.
...

will crypto weaken the global economy? the answer is no, because crypto's influence on the global financial system can be considered not too big. In fact, cryptocurrency will complement the global financial system by providing a faster, anonymous and secure payment system compared to what is offered by central banks, and this will be an option for those who want to make transactions internationally but don't want the hassle.

so there is no strong basis for saying that cryptocurrencies will be able to weaken the global financial system, because even though the crypto market is quite large, it cannot weaken the global financial system as a whole, unless everyone switches to cryptocurrencies where the possibility for that is small.

YUriy1991

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Quote from: Litzki1990 on June 11, 2023, 03:49:35 AM

Every country's government system wants to control money. Because bank transactions other than Bitcoin are controlled by the central bank, the central bank is the regulator of all the economies of the country that does not have the facility of Bitcoin transactions, but if a country has the facility of Bitcoin transactions, then the money that will be converted to Bitcoin will not be controlled by the government. This is probably why Bitcoin has not yet become an alternative currency worldwide. And because different criminals commit different crimes through Bitcoin, the governments of different countries take negative decisions about accepting this currency in their countries.

Indeed, It's a bit of a tricky situation, my friend. Some people like the idea of a currency that is not controlled by a government. They see it as a way to break away from the traditional system. But others are worried about the consequences and potential chaos that might come with it. That is why different countries are taking different approaches to cryptocurrencies. Some embraced them, while others kept their distance. that's what i noticed at the moment.

coupable

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Quote from: Freddie Boyer on June 11, 2023, 12:18:29 AM

Quote from: coupable on January 05, 2023, 09:40:08 AM

Is it true that cryptocurrencies will weaken the global financial system? That system which is managed by countries with the strongest economies with their currencies that has gained wide acceptance to be traded in financial markets all over the world.

Cryptocurrencies, like Bitcoin, have the potential to bring both benefits and challenges to the global financial system. Some people believe that cryptocurrencies could offer more inclusivity and faster cross-border transactions. However, there are concerns about their price volatility, lack of regulation, and potential risks to financial stability. It's an evolving area that requires careful consideration and monitoring.

According to the recent targeting of active platforms in the United States and trials based on suspicion without even providing sufficient evidence, it is becoming increasingly difficult for cryptocurrencies to maintain their position as a potential savior from the crises of the global financial system and from them to positively affect the economy.
It is likely that many countries will follow the example of the United States in the context of a policy of tightening procedures before allowing these platforms to erect, and therefore companies that were intending to start accepting crypto payments will reconsider those intentions, and in the best cases, they will impose strict procedures as well.

RewFrew

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Quote from: posi on June 11, 2023, 05:56:20 AM

Quote from: RewFrew on June 11, 2023, 04:07:33 AM

Now a days Cryptocurrency affecting Global Economy. Many countries accepting bitcoin and many digital currency. Recently LSalvader accepted vitcoin as a legal currency. Beside LSelvader USA, Canada, France, Denmark, Germany declared Bitcoin as a legal currency. So day by day Cryptocurrency Being Popular. For this reason Bitcoin and another cryptocurrency using various sectors. Its usability increasing day by day. For covid situation created world economic crisis for thats situation people come back from finical Bank transaction. Many people dependent on cryptocurrency. They investing on crypto.

Overall we can tell now a days cryptocurrency is big Fact for global economy. So it is proved that cryptocurrency affecting on global economy there has no doubt.

If I say bitcoin is increasingly popular because people have more and more needs to invest and make money online, I agree. But to say it has an impact on the economy of the country or the world is an exaggeration, and there is no proof for that. Almost everywhere sees bitcoin or cryptocurrencies as a financial market, mainly for speculation without any intrinsic value. How could it affect the world economy? Considering its capitalization is even smaller than that of a company like Google, so its impact is negligible. They only bring benefits and influence at the individual level, but it is nothing for the global economy.

Many Many countries are accepting Cryptocurrency mainly Bitcoin so i think it has some impact obviously. Moreover you can see today's marketcap $1.06T it is huge. How this Big amount out of Global economy? How do we avoid this massive economy from Global economy? All side consideration i think cryptocurrencies affect Global Economy. Each persons thinking are different. It is only my opinion. Maybe your opinion is right but i tell my Opinion. Thankyou.

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