Topic: How would an Economy based on BTC look like? (Read 514 times)
if the economy fully depends on the Bitcoin then it might be a volatile condition for this economy, because of having price volatility, most people will also hold Bitcoin for earning more money and in this way, the economy will face a huge crisis both demand and supply purpose, so it will not a good indicator for any economy, without proper regulation, you can't handle Bitcoin and any decentralized platform, but with the help Bitcoin, an economy could get benefitted for the international trade if another country also adopt Bitcoin, but it's really difficult to control the price and syndicate. so the Bitcoin-based economy is not good enough according to my observation.
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
With cryptocurrency in general (i.e. all the coins we have) it would look much the same as now, except rather than use a credit or debit card, you would use a QR code to pay with the cryptocurrency of your choice.
If bitcoin was the only cryptpcurrency and indeed the only currency in existence, we'd be in a deflationary recession as everybody would be hoarding the scarce currency and nobody spending. We have been spared that fate because a) fiat is in abundance and b) other cryptocurrencies are in abundance.
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
an economy based on BTC will only be successful if bitcoin is stable. but I don't see bitcoin becoming stable. it would just reck a country's economyif they try to base their economy to BTC. it would be better for a country to just create their own digital currency (like what china are doing right now)
it would still have the same effect in international trade (like what tsaroz said) and other things a stable bitcoin can provide except decentralization and volatility.
Bitcoin would be much more helpful in international trade. And it would be difficult for a single country to adopt bitcoin to fullest while others are reluctant to. Bitcoin should be adopted in equal pace globally. Use of bitcoin is just a single country may be manipulated by influx or outflux of currency outside of the country making the market unstable.
Adopting bitcoin for legal currency in one country will make easy for every transaction, but most thing with adopt bitcoin is get transparent payment for every transaction kind. Public know where government use their money transaction and how much input and output of bitcoin transaction every day, with bitcoin adopt can help many industries get profit when bitcoin moment on the top price. 
The entire system will be functional in a much efficient way than the present system. Talking about the economy based on bitcoin only, there might be large level of fluctuation with the economy, but there is growth. This growth is achieved out of the technology backing the bitcoin. When the economy is on bitcoin, everything will be integrated with blockchain technology.
When each and everything is processed through the blockchain without any third party intervention everything will be visible to the common man. This will create a corruption free system, when the corruption is eliminated unlike the market trend or the fluctuation there'll be growth in the economy.
When each and everything is processed through the blockchain without any third party intervention everything will be visible to the common man. This will create a corruption free system, when the corruption is eliminated unlike the market trend or the fluctuation there'll be growth in the economy.
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
I would say that there is an ongoing debate on this and this question would go on because up to now we could not find a good model of a country that already adopted Bitcoin as the official national currency in replacement of its fiat or paper money. We who are supporters of Bitcoin has this tendency to think that Bitcoin can be working for and in all situations but frankly speaking we really do not know what can happen to an economy that is solely adopting Bitcoin as the national money. And since nobody is volunteering, we will always be thinking of what can be, will it be helping or will just make things much worse?
Now, in the first place, will it be a good idea? Or maybe the complexity and variations within the economy can make things really difficult if a country is going to do this? You see, I am answering here with a lot more questions and this is the nature of something that is not yet tried. And i would not even dare suggest that an economy will do this. Maybe we can start with an experimental island where the only money accepted is that of Bitocin so we can see the very dynamics of the economy under a microcosm before we can say that there is a possibility of it working in a bigger scale.
It will look like a more developed economy, only if bitcoin is fully regulated as well.
I mean we are shifting from centralized to decentralized and everything is done online, I guess it would help to make transactions faster and cheap which gives benefits to people who are working in different countries and has a family in other country, this would also eliminate the sharks in the remittance industry and we will enjoy transacting online just like doing a regular transaction in our daily life, and of course, we are in control of our "real money", not the money that the government are printing which are just only fooling us. But of course, that's just one side of decentralization, sure there's more benefits we will enjoy that I haven't mentioned.
I mean we are shifting from centralized to decentralized and everything is done online, I guess it would help to make transactions faster and cheap which gives benefits to people who are working in different countries and has a family in other country, this would also eliminate the sharks in the remittance industry and we will enjoy transacting online just like doing a regular transaction in our daily life, and of course, we are in control of our "real money", not the money that the government are printing which are just only fooling us. But of course, that's just one side of decentralization, sure there's more benefits we will enjoy that I haven't mentioned.
Well in my opinion totally messed up and controlled by the miners.
It depends on what your definition of being controlled by miners is. In a sense, every POW network is controlled by miners because that's the economical security model. If you refer to a few miners controlling the network, then that's not entirely true either because every large pool consists of hundreds/thousands of smaller individual miners.Bitcoin will not be able to handle the transaction pressure.
That's what Lightning and other layered scaling solutions are for. A lot of the innovation within the ecosystem will be related to Lightning as that is the most logical path to follow. It allows businesses to scale larger themselves because there essentially is little resistance when you don't have to communicate with the main-chain every single time.In the end, I think people greatly exaggerate the potential rate of adoption of Bitcoin or any other crypto. There is no one single global currency, neither is there one global financial institution. We have various currencies in the world and orders of magnitude more financial services each doing things a little different to attract users. Gold isn't the only precious metal either. It just happens to be the most valuable one.
I think condition of the world economy when it has made payments based on bitcoin and many have received payments using bitcoin then long distance transactions will be safer, faster and more efficient, in fact everything can be seen that there are no hidden transactions, everyone will use bitcoin and other cryptocurrency to conduct transactions and can have a good impact on prices at the exchange due to increased demand and usage.
The bitcoin economy is going to be cashless economy.
Governments all over the world are pushing for the cashless economy.
Yet, the bitcoin has provided the perfect solution for cashless economy globally not just for one country.
Governments all over the world are pushing for the cashless economy.
Yet, the bitcoin has provided the perfect solution for cashless economy globally not just for one country.
Well, for one thing, it will be totally transparent. So if a group or a individual is tied to a Bitcoin address, all transactions done with that address would be traceable back to them. Let's take the government for example : The government might allocate a specific Bitcoin address for a specific tender or a project and all the money being paid for that project, would be traced on the Blockchain.
The public will know when payments are done and how much were paid and if there was any irregularities that were paid from that Bitcoin address. < over payments / bribes etc. >
The public will know when payments are done and how much were paid and if there was any irregularities that were paid from that Bitcoin address. < over payments / bribes etc. >
Well in my opinion totally messed up and controlled by the miners. Bitcoin is not yet ready to take that position it has got flaws and it has got benefits. Bitcoin will not be able to handle the transaction pressure. So it better remains an asset which it has become now until those flaws are taken care of.
Personally, I don't really think bitcoin is ready to be used for an economy to be based on. This is mainly because of the unstable nature of its market value in the crypto ecosystem. But in terms of its ecosystem, it will be very easy to monitor every transactions and identify which part of the economy sector having difficulties and challenges. Progress of any project can be easily identified and addressed. Decentralization makes it easier for economists to make policies to address a particular problem or challenge.
hemm ....
i try to imagine and, let guess, what on my mind ?
its hard , if everything based by btc, how our days life ?
no more police corrupt, it's good , but how we shop everyday ?
did we must waiting about 10-30 minutes every we pay ? since btc need time to confirmation for each transaction.
buy coffee , paying on bus/taxi/train, and manymore
more time will be wasted every day if the economy is based on btc.
i try to imagine and, let guess, what on my mind ?
its hard , if everything based by btc, how our days life ?
no more police corrupt, it's good , but how we shop everyday ?
did we must waiting about 10-30 minutes every we pay ? since btc need time to confirmation for each transaction.
buy coffee , paying on bus/taxi/train, and manymore
more time will be wasted every day if the economy is based on btc.
Bitcoin would be very helpful for many parts of countries if it would be the only currency in the economy of countries. But there would also be risks of course. For example; Bitcoin could cause countries to have very hard days because of its volatility in its price.
If the only currency allowed is bitcoin, then I'll assume it's a mess. Why? Because it's decentralized. It's easier for hackers and scammers to earn by stealing other people's money and funds. It's like, they have the privilege. Most will probably just study how to hack than studying more on schools. Everything will base on the technology. And if you're not a techy person, poor you because almost everything will depend on it since the main currency is there.
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
Having Bitcoin as a single currency in a particular country, I think would not be that beneficial. Bitcoin is much better suitable in doing international transactions or deals which would greatly lessen the cost and hassle of doing so. Fiat still have an important use which they could provide more convenience than using Bitcoin for example where the internet connection aren’t strong and also at times where paying an upfront cash would be the easier deal. Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
The country must be completely democratic because the economy on BTC implies complete decentralization. Have you ever seen completely honest people with power? I have not seen and it’s hard for me to imagine a country based on BTC
Its quite possible but it will take time to fully adopt it in a country. Culture and people's capacity and ability to use and earn btc is a big struggle. It needs more effort, time and financial support to do it. There are several factors and the usual practices that cannot be directly disregarded. Bitcoin-based economy will gonna be struggling for now.
My mind is still far from it and i was never thinking will see economy countries based on btc but on my thought unlike fiat money btc have limited of supply and i fear those who have much btc will potential to manipulate and control the price so it can be have effect for the economy from those countries which is caused high of inflation and i think it could be danger
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
I think a county cannot rely on bitcoin completely due to its volatile nature hence it would be a complete mess up because even to pay a simple bill or purchase it you pay an amount by the time the vendor receives it the value will be increased or decreased. If we have a stable version of bitcoin I mean Bitcoin's stable coin then it work smoothly and this is possible only if a new country is craved out.
I believe bitcoin will eventually become a settlement layer. It will be developed further to use sidechains that link back to the value store of bitcoin. Settlement between entities or chains will occur periodically valued in bitcoin.
Symilar to what happened with banks in the past. Funds are transferred between banks by ledger. Physical transfer occurred later.
A token currency may be Tethered to bitcoin (or tethered to a number of assets - e.g bitcoin, precious metals and land).
Crypto still has a long way to evolve. Exchanges are still falling over, hacks are prominent, transfer is cumbersome and relatively complex (try teaching grandma) , values fluctuate wildly and the code is still a work in progress.
Current phase - surviving legislation.
Symilar to what happened with banks in the past. Funds are transferred between banks by ledger. Physical transfer occurred later.
A token currency may be Tethered to bitcoin (or tethered to a number of assets - e.g bitcoin, precious metals and land).
Crypto still has a long way to evolve. Exchanges are still falling over, hacks are prominent, transfer is cumbersome and relatively complex (try teaching grandma) , values fluctuate wildly and the code is still a work in progress.
Current phase - surviving legislation.
It would be much closer to what we have had during the time of commonly accepted gold coins.
Back to the old days, even if you had coins forged in different countries - these had been accepted worldwide as they had the more or less commonly accepted value (because of the content of gold).
Of course, depending on the number of factors, the price of one product would have a different cost, but the payment method would be the same.
As well, if we had an economy based on BTC in the way we had gold, then it would not rule out banks.
Banks simply would become closer to what have been centuries ago, unable to "print" BTC out of thin air.
Impossibility of printing currency out of thin air could limit state spendings (which are often nothing but a loan, which will be paid back with another loan - this is how rolling loans works).
Back to the old days, even if you had coins forged in different countries - these had been accepted worldwide as they had the more or less commonly accepted value (because of the content of gold).
Of course, depending on the number of factors, the price of one product would have a different cost, but the payment method would be the same.
As well, if we had an economy based on BTC in the way we had gold, then it would not rule out banks.
Banks simply would become closer to what have been centuries ago, unable to "print" BTC out of thin air.
Impossibility of printing currency out of thin air could limit state spendings (which are often nothing but a loan, which will be paid back with another loan - this is how rolling loans works).
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
You don't understand how economy works. There is no such thing as a BTC only economy. What would its export product be? What would they be able to SELL as a product or a service?
Mining BTC? Miners don't earn enough to run a country. And if all nodes were centralized there, it would remove the value of Bitcoin network. Not everything is a cure with Bitcoin alone...
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
it is very unlikely that in a country they only use bitcoin for the economy would certainly be a problem for children who have not been able to learn about bitcoin of course they cannot use bitcoin to buy snacks and it might also be uncomfortable for some of them if they want dealing with bitcoin because you have to always use cellular data.
In such a case like this, it will be a necessity to educated the children about the future payment system that they will eventually use. It is quite not that easy in the beginning, but if we became used to it, it will not be hard. I am waiting for the invention of an RFID system that will store cryptocurrency such as bitcoin. In such a way that we will not need to worry about spending too much time just for a single daily transaction that we need to execute.
There will probably an app that will exist about easier for kids to make transactions using the centralized coin backed by government while BTC will function like gold reserves today. Or if BTC is really going to be used by individuals just like a country making transactions to another country, we will probably count prices by satoshis. If I have to buy snacks, will use my phone and scan how much satoshis will I send.
Well, for one thing, it will be totally transparent. So if a group or a individual is tied to a Bitcoin address, all transactions done with that address would be traceable back to them. Let's take the government for example : The government might allocate a specific Bitcoin address for a specific tender or a project and all the money being paid for that project, would be traced on the Blockchain.
The public will know when payments are done and how much were paid and if there was any irregularities that were paid from that Bitcoin address. < over payments / bribes etc. >
The public will know when payments are done and how much were paid and if there was any irregularities that were paid from that Bitcoin address. < over payments / bribes etc. >
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
it is very unlikely that in a country they only use bitcoin for the economy would certainly be a problem for children who have not been able to learn about bitcoin of course they cannot use bitcoin to buy snacks and it might also be uncomfortable for some of them if they want dealing with bitcoin because you have to always use cellular data.
In such a case like this, it will be a necessity to educated the children about the future payment system that they will eventually use. It is quite not that easy in the beginning, but if we became used to it, it will not be hard. I am waiting for the invention of an RFID system that will store cryptocurrency such as bitcoin. In such a way that we will not need to worry about spending too much time just for a single daily transaction that we need to execute.
This is hard to describe because no country has used Bitcoin in their economies, most of them forbit it. I doubt there will be countries that want to use Bitcoin in their economy, the volatile will be the main reason to not use BTC. The complexity to adopted will make government not considering to use it.
From a non-biased perspective, it will be in shambles and not enough bitcoin would go around the economy as anyone would be urged to hold as it incentivizes the people more rather than spend their precious bitcoins. The economy would literally try to save itself from itself, and would not be functional in the long run as the money supply would be low to go around.
I believe that is the future! 2040 will be the first country to adopt BTC as a currency.
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
I think a county cannot rely on bitcoin completely due to its volatile nature hence it would be a complete mess up because even to pay a simple bill or purchase it you pay an amount by the time the vendor receives it the value will be increased or decreased. If we have a stable version of bitcoin I mean Bitcoin's stable coin then it work smoothly and this is possible only if a new country is craved out.
Firstly we have to bear in mind that an economy balanced on bitcoin would somehow be regulated so things would not be a complete mess the way it would normally do if anybody could just do what they like, anyways I think a country depending solely on Bitcoin as their currency would thrive because of faster and transparent transactions, your time would be much more productive when you dont have to visit my banks anytime any of your transaction fails, no more waiting a long time to send money internationally or having to stand in a queue to do it in a bank.
While it's convenient, let's not forget the downside, Bitcoin presently do not have the scalability to handle that much transactions and there would be lots of backlogs if it were to be implemented and the price isn't the most stable in the world.
While it's convenient, let's not forget the downside, Bitcoin presently do not have the scalability to handle that much transactions and there would be lots of backlogs if it were to be implemented and the price isn't the most stable in the world.
I realized I don't think I asked the question as I wanted. In this scenario the country doesn't switch to the coin, the currency is just BTC, built upon BTC, and will continue to rely only on BTC, not some foreign currency like USD or Euro. What I'm thinking is just a new country. Like the idea of Esperanto land.
If as a new country and it to peg it currency to Bitcoin, then they should expect their economy to be a complete mess. Bitcoin is known for instability in price. Best idea is to accept it as one of payment means and not as general currency.
Surely and definitely it would be fast based transactions were all of breakdowns are clearly available to all, no hidden agendas and charges, such as that. No more worries of your company's money being stolen, transparent. That could also lead to government agencies who collect taxes in the advantage as some of the entrepreneurs here are somewhat giving false informations of the income tax returns.
But int the end it depends on how a will country treat it, in the case of 3rd world countries like where I live, maybe it will be difficult to utilize. Just portraying it in my mind is unimaginable. I will give me country for at least 10 years time, aside from that if the leaders are corrupt, then it would be very impossible to have a bitcoin society running on here. It would be great if the leaders are supportive of the new technologies like this, hopefully they would.
But int the end it depends on how a will country treat it, in the case of 3rd world countries like where I live, maybe it will be difficult to utilize. Just portraying it in my mind is unimaginable. I will give me country for at least 10 years time, aside from that if the leaders are corrupt, then it would be very impossible to have a bitcoin society running on here. It would be great if the leaders are supportive of the new technologies like this, hopefully they would.
I realized I don't think I asked the question as I wanted. In this scenario the country doesn't switch to the coin, the currency is just BTC, built upon BTC, and will continue to rely only on BTC, not some foreign currency like USD or Euro. What I'm thinking is just a new country. Like the idea of Esperanto land.
Asgardia .. it's a nation that formed off the earth could be the first doing that . Any country in this earth wouldn't be able to fully using bitcoin as the main currency ... as the main financial system, it would takes really long time to make it happened. I heard also Venezuela trying to do this as their financial crisis getting worse, now I didn't hear much anymore about this. Anybody have a clue? Or it's simply totally failed ..
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
it is very unlikely that in a country they only use bitcoin for the economy it will certainly be a problem for children who have not been able to learn about bitcoin of course they cannot use bitcoin to buy snacks and may also be uncomfortable for some of their communities if they want dealing with bitcoin because you have to always use cellular data.
It's fun to think about, but I don't think it'll ever be a good idea/thing to happen, bitcoin is much too unstable as main currency, and even though banks are sometimes assholes, using fiat to buy stuff is always going to be more popular then spending 20 cents to send a 5 dollar transaction (excluding lightning network ofc).
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
it is very unlikely that in a country they only use bitcoin for the economy would certainly be a problem for children who have not been able to learn about bitcoin of course they cannot use bitcoin to buy snacks and it might also be uncomfortable for some of them if they want dealing with bitcoin because you have to always use cellular data.
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
Eradication of fiat money and infuse only bitcoin will not have great economic effects on a country right at this moment! If it's a small country of few millions, then probably it wouldn't have much impact, but if it's a densely populated country like India and China, the result will be disastrous! It's hard to scale up for bitcoin to cater the need of few billions of people!
Secondly, the volatility is another risk factor for bitcoin to be accepted asa sole currency for any country! Frankly speaking, bitcoin isn't built to become a mainstream currency within a centralized environment! We are good as a parallel currency in a parallel economy, not mainstream!
I realized I don't think I asked the question as I wanted. In this scenario the country doesn't switch to the coin, the currency is just BTC, built upon BTC, and will continue to rely only on BTC, not some foreign currency like USD or Euro. What I'm thinking is just a new country. Like the idea of Esperanto land.
it depends on "when" you are talking about this hypothetical scenario.
right now and probably for another decade bitcoin is volatile so if a country were to use bitcoin its economy would get wrecked as price shoots up and drops with bubbles and crashes. the "value" of the country's currency should remain moderately stable otherwise nobody can do anything.
Bitcoin is very volatile and while there is high volatility it can not become like fiat money. People need to be confident in a stable exchange rate of the currency using which they are calculated with each other. Perhaps the role of digital money would be more suitable USDT and similar stable coin.
Until BTC isn't as volatile as today, it's not viable and I don't think would happen. A digital currency based on blockchain and decentralized, and is stable, is more acceptable than Bitcoin. Bitcoin is more of an asset, like your shares of a conpany in a stock market. But nevertheless, that cyberpunk future is possible, but I personally think that there'll be a better technology, much better than blockchain that we can't think of yet, since that time is too far away from now, given the poverty and current technology.
I realized I don't think I asked the question as I wanted. In this scenario the country doesn't switch to the coin, the currency is just BTC, built upon BTC, and will continue to rely only on BTC, not some foreign currency like USD or Euro. What I'm thinking is just a new country. Like the idea of Esperanto land.
It would be interesting, asf.
It depends, would it be a market economy (an economy without the government being involved and no regulations from them) because it would be extremely difficult to regulate an economy built on a decentralized coin.
We wouldn't be tethering stuff to USD if it was our main coin. We would make calcuations and transactions based on bitcoin since USD wouldn't exist in this scenario.
Banks would obviously just not exist.
It depends, would it be a market economy (an economy without the government being involved and no regulations from them) because it would be extremely difficult to regulate an economy built on a decentralized coin.
We wouldn't be tethering stuff to USD if it was our main coin. We would make calcuations and transactions based on bitcoin since USD wouldn't exist in this scenario.
Banks would obviously just not exist.
Bitcoin would be much more helpful in international trade. And it would be difficult for a single country to adopt bitcoin to fullest while others are reluctant to. Bitcoin should be adopted in equal pace globally. Use of bitcoin is just a single country may be manipulated by influx or outflux of currency outside of the country making the market unstable.
Just as the title states. How do you guys think a country with its only economy being BTC look like? Would it look like how western countries are of today, some Cyberpunk future, or maybe just completely mess up? Honestly, I think it'd look something like the current state of western countries, as if the only currency allowed is BTC, then in theory it should always balance out and be flexible.
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