How do cryptocurrencies affect Global Economy? - page 2.

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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.

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I don't know but I think for now it has no or little effect on the global economy I mean if Bitcoin or other crypto assets go down it maybe has no effect on other investment alternatives ex. stock unless they have a correlation with the crypto itself like MicroStrategy or other bitcoin-related companies. Or maybe it has an effect on countries like El Salvador because they have been using Bitcoin as a legal currency there.

and CBDC is basically fiat but using blockchain technology correct me if I am wrong, and has nothing to do with the crypto. maybe people who hear about blockchain technologies first that they think is bitcoin

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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.

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

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.

If you are worried about price volatility, I think it is very reasonable and also very common for everyone. Because not everyone likes excessive price reductions, and vice versa, so this is a normal thing to worry about. As for regulations, I don't think there's anything to worry about because slowly the regulations on Bitcoin will become clearer when there are already several countries that are happy with Bitcoin and some have even adopted it as a legal payment in their country.

So you don't need to worry about this, but you need to be a little worried about the price which is not in a stable condition, but there are also benefits that can be reaped when the price is unstable. One of them is that everyone can buy at a low price and sell at a high price if they are able to monitor it carefully and never miss the two moments (up and down).

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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.

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Quote from: Aanuoluwatofunmi on June 10, 2023, 06:42:25 AM

Quote from: kojektea on May 30, 2023, 12:20:39 PM

crypto is becoming the toughest rival of central banks. but it can still grow green in some countries and until now there are still many developing crypto projects. I think crypto really influences the global economy because many industries are crypto-based now. the main crypto is finance. but they can enter any industry of their liking.

Either the government like it or not cryptocurrency had make a remarkable remembrance in the entire era of fiat and government controlled currency because cryptocurrency is now all over and planning to takeover, the world and global economy system is changing positively in this modern developments we are having, because there will be no need of relying on the government or any central authorities to perform the change we want in the financial economy.

It is not as easy as it may sound, cryptocurrencies or Bitcoin are not ready to take over the fiat financial system that has been around for centuries, I know that authorities and governments find it threatening because people are giving it a lot of importance and are investing a lot of money and using it widely, but they also understand that Bitcoin can't just be used like a fiat currency because it isn't stable.

Imagine having Bitcoin instead of fiat, you have a lot of wealth, you sleep at night and when you wake up, the price of Bitcoin has dropped significantly, and you go from rich to poor in one night. This is just an example, I know Bitcoin won't drop that much in one night.

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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.

And the centralized system is not yet ready to face those concerns when they try to adapt cryptocurrencies to everyday life. The transactions you will make using crypto are much more convenient and less fee worldwide. As you said, crypto involves volatility which can't be used as regular money that people use for any transactions they make in everyday life imagine your 1 coin would be less worth its value before in just a short time right? Plus if people transitioned to adapting crypto rather than fiat money, then it will literally have a huge effect on the economy and fiat would be worthless where most of the country relies on fiat money.

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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.

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.

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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.

Up until now, I haven't formed a viewpoint regarding cryptocurrencies that could potentially replace the prevalence of the most popular FIAT currency today. The institutions behind FIAT possess immense power and influence over governments, directly influencing the doctrines accessible to their respective populations. Their sovereignty in governing the general public is still widely upheld, making it exceedingly challenging for decentralized assets to challenge the well-established system.

Cryptocurrencies are acknowledged as alternative assets, yet they will never disrupt the overall dominance of the USD.

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Quote from: serjent05 on June 10, 2023, 05:04:50 PM

Another known benefit of cryptocurrency is financial inclusion and economic inclusion. This enables the unbanked or people rejected by banks to participate in economic activities. And it also enables the unbanked to interact with financial activities such as fund transfers without the need for intermediaries like banks.

Indeed, crypto currencies provide unprecedented opportunity for the un-banked population or those rejected by traditional financial system, to access the financial services and participate in economic activities. This unbaked population can use alternative means to store, transfer and receive funds without relying on traditional banking system. One of the most appealing aspect of crypto currencies is increased autonomy autonomy and control compared to traditional financial system. This level of autonomy and control is truly the beauty of crypto industry.

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Quote from: Mario Yamasaki on May 30, 2023, 08:23:12 AM

Cryptocurrencies have been proven to provide many benefits, now more and more new rich people from cryptocurrencies, owners of top exchanges such as Binance, Coinbase, Crypto.com, and so on often provide humanitarian assistance around the world, this is because their wealth has skyrocketed every year.

Another known benefit of cryptocurrency is financial inclusion and economic inclusion. This enables the unbanked or people rejected by banks to participate in economic activities. And it also enables the unbanked to interact with financial activities such as fund transfers without the need for intermediaries like banks.

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Quote from: Uruhara on June 10, 2023, 09:39:44 AM

I can't directly see the serious impact of Cryptocurrency on the global economy. But for developed countries that now dominate the global economy, the presence of cryptocurrency might indeed have an impact on them and slightly weaken the dominance they have maintained for a long time. But for developing countries the presence of Cryptocurrency can actually stimulate the growth of a more independent economy and begin to break free from the shackles of economic domination from developed countries. Currently, CBDC has been widely tested and implemented by several countries, but what I mean is not limited to this. But the presence of Bitcoin and other crypto is actually included in it.

The impact of crypto currency in the global economy was not a visible one,but it was survive along with the investment.As we know almost people around the world had their 10-20% of investment into crypto currencies.Most of the money holders of the world had their investments into the crypto currency.Hope you guy’s doesn’t forget the Elon Musk involvement to the cryptocurrency and had their assets into the dogecoin.The meme coin Doge get huge investors due to Elon involvement.

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Quote from: Uruhara on June 10, 2023, 09:39:44 AM

I can't directly see the serious impact of Cryptocurrency on the global economy. But for developed countries that now dominate the global economy, the presence of cryptocurrency might indeed have an impact on them and slightly weaken the dominance they have maintained for a long time. But for developing countries the presence of Cryptocurrency can actually stimulate the growth of a more independent economy and begin to break free from the shackles of economic domination from developed countries. Currently, CBDC has been widely tested and implemented by several countries, but what I mean is not limited to this. But the presence of Bitcoin and other crypto is actually included in it.

How do cryptocurrencies stimulate economic growth for developed countries and break free from the shackles of other great powers? I don't even see any effect at all. Cryptocurrencies are still just a volatile speculative market, if any country adopts it, their economy will be more at risk because of its erratic volatility. In the future, things may change, but for now, cryptocurrencies do not have any contribution or influence on the national economy.

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Quote from: nimogsm on May 30, 2023, 04:15:50 PM

I think the task of the cryptocurrency is not to destroy the global economy, but to be an important part of a large mechanism. In fact, crypto is another way to pay and save your funds simply in the form of electronic money, which is much more convenient than any banking structure and their services. At this stage, I think crypto will get more recognition.

I have also fully acknowledged that cryptocurrencies are actually things whose purpose is to make it easier for everyone to store assets and use them when needed without having to go through the bank, which has a slightly complicated mechanism. Although almost all cryptocurrency users also still use the bank when they need it and I think it's not a problem because the basic advantage that can be felt by all cryptocurrency users is that it is easier to store assets and also when sending them to the market.

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Quote from: coupable on January 05, 2023, 03:41:52 PM

With the exception of China, the rest of those countries that issued their digital version of the currency are going through economic problems, including financial dependence on the great powers. On this basis, they cannot link their CBDC currencies to their local currencies, unlike China, which has the digital yuan as an electronic version of the yuan fiat.
According to some articles, Britain is also in an experimental stage to generalize the use of CBDC, but there is no information about the reason for the delay or the launch date.

It is true that China has been at the forefront of CDBC(Central Bank Digital Currency) development and has made significant progress with its digital Yuan. however, We should keep in mind that development and implementation of digital currency is an independent decision of a sovereign country and it entirely depends on its unique circumstances, priorities, technological readiness, economic condition , public acceptance and regulatory considerations.

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I can't directly see the serious impact of Cryptocurrency on the global economy. But for developed countries that now dominate the global economy, the presence of cryptocurrency might indeed have an impact on them and slightly weaken the dominance they have maintained for a long time. But for developing countries the presence of Cryptocurrency can actually stimulate the growth of a more independent economy and begin to break free from the shackles of economic domination from developed countries. Currently, CBDC has been widely tested and implemented by several countries, but what I mean is not limited to this. But the presence of Bitcoin and other crypto is actually included in it.

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Quote from: Aanuoluwatofunmi on June 10, 2023, 06:42:25 AM

Quote from: kojektea on May 30, 2023, 12:20:39 PM

crypto is becoming the toughest rival of central banks. but it can still grow green in some countries and until now there are still many developing crypto projects. I think crypto really influences the global economy because many industries are crypto-based now. the main crypto is finance. but they can enter any industry of their liking.

Either the government like it or not cryptocurrency had make a remarkable remembrance in the entire era of fiat and government controlled currency because cryptocurrency is now all over and planning to takeover, the world and global economy system is changing positively in this modern developments we are having, because there will be no need of relying on the government or any central authorities to perform the change we want in the financial economy.

Many governments do not like the crypto market and are attacking it for this reason. All will fail because people no longer trust banks and governments. They are not wrong about that either. The global awareness of Bitcoin is increasing day by day. As the number of people who know and use Bitcoin increases, crypto money is firmly taking its place in the global economy.

The answer to the question asked in the title is that cryptocurrencies positively affect the global economy for users.

This positive effect will come to a good level thanks to us crypto users. We will take our place among the architects of this beautiful thing.

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Quote from: kojektea on May 30, 2023, 12:20:39 PM

crypto is becoming the toughest rival of central banks. but it can still grow green in some countries and until now there are still many developing crypto projects. I think crypto really influences the global economy because many industries are crypto-based now. the main crypto is finance. but they can enter any industry of their liking.

Either the government like it or not cryptocurrency had make a remarkable remembrance in the entire era of fiat and government controlled currency because cryptocurrency is now all over and planning to takeover, the world and global economy system is changing positively in this modern developments we are having, because there will be no need of relying on the government or any central authorities to perform the change we want in the financial economy.

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One of the most impact of cryptocurrency to global economy is the decentralization of financial transactions. Wherein individuals and businesses can transact without the need for intermediaries such as banks, which could lead to lower transaction fees and faster processing times. Another way cryptocurrency can affect the global economy is by providing more stable and secure store of value compared to traditional currencies. This could potentially reduce the volatility of currency markets and provide more stable investment option for individuals and businesses. There are also concerns about potential risks about cryptocurrency such as its susceptibility to fraud, money laundering and market manipulation. Cryptocurrency has the potential to revolutionize the global economy.

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Quote from: terencio on May 30, 2023, 11:27:28 AM

Cryptocurrencies could weaken the global financial system by undermining the control of central banks over the money supply. However, cryptocurrencies could also strengthen the global financial system by providing a more efficient and secure way to transfer money.
It is still too early to say definitively whether cryptocurrencies will have a positive or negative impact on the global financial system. However, it is clear that they have the potential to significantly disrupt the status quo.

I think the task of the cryptocurrency is not to destroy the global economy, but to be an important part of a large mechanism. In fact, crypto is another way to pay and save your funds simply in the form of electronic money, which is much more convenient than any banking structure and their services. At this stage, I think crypto will get more recognition.

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