Topic: Is Bitcoin the future of the global economy or just another commodity like Gold? - page 2. (Read 432 times)
May 09, 2020, 03:29:55 AM
btc is not the future of the economy but it was like a gold . future means it has a big responsibility but btc is not too complex enough to handle those . btc has a fixed supply and cant print more money so why you think its like a bank and can replace banks . but you can store money on it although its not safe . laslty it cant provide you loans because btc is not an institution like a bank but its only a kind of currency . there are loan service that offers crypto loans tho
May 09, 2020, 01:49:02 AM
So lately I've been thinking about the global financial economy and the way it works. 
During my BA, I had a course with a professor that played a very high role in the central bank of Israel.
I asked him "Is the bank preferring for the day after the economy will collapse?" the answer he gave me was not clear. I saw him struggling to answer that.
But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.
So my question is, is it really the future of the economy? or just the "new gold"?
During my BA, I had a course with a professor that played a very high role in the central bank of Israel.
I asked him "Is the bank preferring for the day after the economy will collapse?" the answer he gave me was not clear. I saw him struggling to answer that.
But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.
So my question is, is it really the future of the economy? or just the "new gold"?
What do you mean by "the future of the new economy"?
I don't think that any financial asset can be "the future" of a new economy.
The real future of the economy lies in technology innovations like producing cheap and clean electricity or replacing oil.Financial assets(even digital assets like cryptocurrencies) are a just a tool used for wealth re-distribution.Some people lose money on the markets,while others win money.It's zero sum game.
Bitcoin is an alternative to fiat and money printing,but that doesn't mean that it will totally replace fiat money some day.
May 08, 2020, 05:00:42 PM
Digital currencies would more likely be the future but we are lacking assurance that it would be bitcoin that will represent what future would look like, since there are other digital currencies being more widely used by this time. It would mainly depend on how will its futher developments become.
Digital currencies aren't the future, they are the present - online banking and internet payment companies were around for decades. Yes, they use existing fiat currencies, and it's okay, there's no reason to create a brand new currency if you can use the existing and well-adopted one. Of course it doesn't apply to crypto, because you can't really put an existing currency on a decentralized blockchain, all stablecoins will always be centralized.
I'm referring to the cryptocurrencies, not fiat digitally produced currency.
May 08, 2020, 01:06:06 PM
Banks are always there serving to events that are precursor to economic crashes. We have seen it throughout history since the idea of banks were materialized, and there's no denying that banks and the government working together to print money that the economy can churn has always turned out to be bad. Not that I'm saying that banks are always pure evil, but there has to be some sort of reboot or change in the banking system in order for economic crashes to be prevented--or at least cause little damage--in the future.
Cryptocurrencies such as bitcoin serves as a bank for those who doesn't have the means to open their own bank accounts and pay for the initial deposit. It also serves as a hedge against inflation and economic crisis, similar to what is happening currently. It may not be as smooth as what the banking industry does, but it sure helps people get the most out of their hard-earned money--only if they really know the advantages of keeping some of their assets in bitcoin and stash it for the long run.
Cryptocurrencies such as bitcoin serves as a bank for those who doesn't have the means to open their own bank accounts and pay for the initial deposit. It also serves as a hedge against inflation and economic crisis, similar to what is happening currently. It may not be as smooth as what the banking industry does, but it sure helps people get the most out of their hard-earned money--only if they really know the advantages of keeping some of their assets in bitcoin and stash it for the long run.
May 08, 2020, 12:44:46 PM
By the future of the global economy, I' referring to the financial aspect of the economy. Of course, it will not replace real-life commodities.
And Bitcoin is useful, that I agree with. Having 1 unified coin to serve the entire world will make a tremendous change, maybe even change the balance of powers between nations.
And Bitcoin is useful, that I agree with. Having 1 unified coin to serve the entire world will make a tremendous change, maybe even change the balance of powers between nations.
The global economy is currently in a phase of digital transformation and is driving economic digitalization in all sectors. Digital technology and information are used as the main key in the factors of production, consumption, and distribution. Digital digitalization will create added value and efficiency because digital technology triggers innovation and economic growth.
Algorithms and blockchain will be the foundation of the development of AI which means it has a crucial position in the future. For bitcoin will only be an asset or treasure in the future because its nature is contrary to state sovereignty.
May 08, 2020, 10:14:22 AM
Bitcoin can never be a commodity, commodities by definition have some sort of industrial utility, and Bitcoin was created to be digital money. So, you are comparing very different things when you ask about Bitcoin being a future of global economy, because it has nothing to do with definition of Bitcoin.
As for the first part of your question, it's very unlikely that Bitcoin will become "the future of the global economy", the adoption rate is extremely slow, and governments can easily reduce adoption if they will feel threatened by Bitcoin. But this doesn't mean that Bitcoin is losing or that it is useless, millions of people find it useful.
As for the first part of your question, it's very unlikely that Bitcoin will become "the future of the global economy", the adoption rate is extremely slow, and governments can easily reduce adoption if they will feel threatened by Bitcoin. But this doesn't mean that Bitcoin is losing or that it is useless, millions of people find it useful.
By the future of the global economy, I' referring to the financial aspect of the economy. Of course, it will not replace real-life commodities.
And Bitcoin is useful, that I agree with. Having 1 unified coin to serve the entire world will make a tremendous change, maybe even change the balance of powers between nations.
May 08, 2020, 09:54:49 AM
Bitcoin never ends so soon for therefore a few years when Bitcoin has survived it'll go an extended way ahead Bitcoin is that the way forward for the planet economy and Bitcoin is worth quite gold. When the worth of gold goes down the demand for it goes down but the demand for bitcoin doesn't go down. Everyone holds on for the longer term Bitcoin investment not only makes a profit but also helps to enhance a country's economy Bitcoin is prospering round the world.
May 08, 2020, 09:01:51 AM
Bitcoin has the possibility to do so, but for me bicoin is onlya digital assets, it is only an alternative currency for first currency, there are many things that bitcoin can do just like what a standard currency can but I think the volatility of it's characteristics makes it exluded fo being future for the global economy.
Bicoin could go for so many years and maybe in the future, it can be canside as a standard currency all over the world, even though bitcoin starts on 2009 and it is now living for 10-11 years as of now, bitcoij can do more in the future.
Bicoin could go for so many years and maybe in the future, it can be canside as a standard currency all over the world, even though bitcoin starts on 2009 and it is now living for 10-11 years as of now, bitcoij can do more in the future.
May 08, 2020, 08:46:10 AM
Dont doubt this.
They are just afraid to swallow the truth.
It became the love for tradition or those who just don't want any change in their lifestyles.
I understand it. In remote rural areas you could see them still leaning on fiat but you could also see they are now changing using smartphones and computer.
That just means they are also moving and trying to follow with anything that is new.
It could be done, it is just the matter of when.
But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.
It will happen. They are just afraid to swallow the truth.
It became the love for tradition or those who just don't want any change in their lifestyles.
I understand it. In remote rural areas you could see them still leaning on fiat but you could also see they are now changing using smartphones and computer.
That just means they are also moving and trying to follow with anything that is new.
It could be done, it is just the matter of when.
May 08, 2020, 08:43:50 AM
Digital currencies would more likely be the future but we are lacking assurance that it would be bitcoin that will represent what future would look like, since there are other digital currencies being more widely used by this time. It would mainly depend on how will its futher developments become.
Digital currencies aren't the future, they are the present - online banking and internet payment companies were around for decades. Yes, they use existing fiat currencies, and it's okay, there's no reason to create a brand new currency if you can use the existing and well-adopted one. Of course it doesn't apply to crypto, because you can't really put an existing currency on a decentralized blockchain, all stablecoins will always be centralized.
May 08, 2020, 07:54:59 AM
Bitcoin can never be a commodity, commodities by definition have some sort of industrial utility, and Bitcoin was created to be digital money. So, you are comparing very different things when you ask about Bitcoin being a future of global economy, because it has nothing to do with definition of Bitcoin.
As for the first part of your question, it's very unlikely that Bitcoin will become "the future of the global economy", the adoption rate is extremely slow, and governments can easily reduce adoption if they will feel threatened by Bitcoin. But this doesn't mean that Bitcoin is losing or that it is useless, millions of people find it useful.
In the aspect that bitcoin would be the 'future', it is a bit sketchy at this moment despite of the adaptations being made by economies of different countries especially those wherein cryptos are being used nowadays. What makes the vision blurry, is the issues being faced by not only bitcoin but also other cryptos with regards to the market price volatility, decentralizations and other matter we know, slowing down the acceptance of such technology. What gives a possibility is the demand of blockchain related skills by many companies nowadays, given that it has a strong relation with Bitcoin, so I doubt it would only end up as something being traded due to lack of stability in its price, which could either be good or bad in some periods just like with other goods in the market.As for the first part of your question, it's very unlikely that Bitcoin will become "the future of the global economy", the adoption rate is extremely slow, and governments can easily reduce adoption if they will feel threatened by Bitcoin. But this doesn't mean that Bitcoin is losing or that it is useless, millions of people find it useful.
Digital currencies would more likely be the future but we are lacking assurance that it would be bitcoin that will represent what future would look like, since there are other digital currencies being more widely used by this time. It would mainly depend on how will its futher developments become.
May 07, 2020, 08:21:29 AM
Bitcoin is a scarce currency and has a fixed supply volume of 21 million. Therefore, cryptocurrencies will remain the means of speculation and nothing more, until a better economical breakthrough occurs.
Your post makes no sense at all, what does fixed supply has to do with speculation? And do you know that a lot of coins are inflationary, and they are still more speculative than Bitcoin. And what economic breakthrough are you talking about?
Bitcoin is speculative because it's not widely adopted, and there's a lot of uncertainty about how much adoption it will get. Bitcoin's supply is irrelevant to its adoption.
May 05, 2020, 02:22:17 PM
I would like to say Bitcoins is most fitting as a commodity like Gold , yes it does have many similarities to the Fiat and other currencies but at the same time it is not a very good idea to use it for day to day activities , therefore I do think Bitcoins is more or so very fit for being something similar to gold and stocks .
But at the end of the day it is all about the preference of every single person out there, they can choose to use Bitcoins as a Currency or save it up for later . It is all on them.
At the same time the government implications have limited the use of Bitcoins and also the percentage of people comfortable about using it .
Not many people know about it out there , the ones who does they do not get many chances of using Bitcoins , since not all stores and countries are alike .
But at the end of the day it is all about the preference of every single person out there, they can choose to use Bitcoins as a Currency or save it up for later . It is all on them.
At the same time the government implications have limited the use of Bitcoins and also the percentage of people comfortable about using it .
Not many people know about it out there , the ones who does they do not get many chances of using Bitcoins , since not all stores and countries are alike .
May 05, 2020, 02:05:51 PM
So lately I've been thinking about the global financial economy and the way it works.
During my BA, I had a course with a professor that played a very high role in the central bank of Israel.
I asked him "Is the bank preferring for the day after the economy will collapse?" the answer he gave me was not clear. I saw him struggling to answer that.
But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.
So my question is, is it really the future of the economy? or just the "new gold"?
During my BA, I had a course with a professor that played a very high role in the central bank of Israel.
I asked him "Is the bank preferring for the day after the economy will collapse?" the answer he gave me was not clear. I saw him struggling to answer that.
But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.
So my question is, is it really the future of the economy? or just the "new gold"?
Bitcoin is a scarce currency and has a fixed supply volume of 21 million. Therefore, cryptocurrencies will remain the means of speculation and nothing more, until a better economical breakthrough occurs.
May 05, 2020, 02:02:47 PM
Bitcoin can never be a commodity, commodities by definition have some sort of industrial utility, and Bitcoin was created to be digital money.
That's not the definition of a commodity. It doesn't matter why Bitcoin was created. A commodity is simply an economic good that has fungibility. https://en.wikipedia.org/wiki/Commodity
Bitcoin is a commodity. That's why BTC can have futures markets, and it's why the CFTC claims jurisdiction over them.
So my question is, is it really the future of the economy? or just the "new gold"?
That's difficult to say. It's very much a gold-like asset in terms of its hard money characteristics and it's likely to keep being speculated on as such by the markets. Whether central banks will adopt BTC as a reserve asset is another matter.
May 05, 2020, 01:54:45 PM
Loans are also possible when it comes to the cryptocurrency space, you can take loans from platforms such as Nexo.
The difference is that they are not really the ones that will be offering the loan, I think it comes from people and you will have to give your crypto assets as a collateral for the loans you're taking.
There is really not much difference between the way banks give loans and how it's being done in cryptocurrency. Although recently I have been seeing banks that are rolling out some loans without collateral, it's kind of a mini loan where you start from the lower level and keep increasing.
The difference is that they are not really the ones that will be offering the loan, I think it comes from people and you will have to give your crypto assets as a collateral for the loans you're taking.
There is really not much difference between the way banks give loans and how it's being done in cryptocurrency. Although recently I have been seeing banks that are rolling out some loans without collateral, it's kind of a mini loan where you start from the lower level and keep increasing.
May 05, 2020, 01:49:14 PM
Bitcoin is not the cryptocurrency of the future, because Bitcoin has too high fees and very long transfers. Today, almost all cryptocurrencies are ahead of Bitcoin in terms of convenience. So, cryptocurrencies are money of future, but not bitcoin.
May 05, 2020, 01:15:41 PM
Let's see the property of Bitcoin:
* Fixed supply;
* Can be used to transfer from A to B without a trusted 3rd party;
* Secure.
That's about it! The system won't lend you money, so you still need lending services that accept deposits, giving interest for such deposits (because of credit default risk), and giving credit score. Oh, it is essentially a bank.
* Fixed supply;
* Can be used to transfer from A to B without a trusted 3rd party;
* Secure.
That's about it! The system won't lend you money, so you still need lending services that accept deposits, giving interest for such deposits (because of credit default risk), and giving credit score. Oh, it is essentially a bank.
May 05, 2020, 12:30:47 PM
I believe that cryptocurrencies are widely accepted in the future by the following advantages. Firstly, cryptocurrencies contribute to the development of cashless payments like the online shopping application at famous companies in the world such as Amazon or Alibaba. Second, cryptocurrencies will help governments save a lot of money on printing out new money and the cost of replacing damaged or old cash.
May 05, 2020, 12:16:43 PM
So lately I've been thinking about the global financial economy and the way it works.
During my BA, I had a course with a professor that played a very high role in the central bank of Israel.
I asked him "Is the bank preferring for the day after the economy will collapse?" the answer he gave me was not clear. I saw him struggling to answer that.
But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.
So my question is, is it really the future of the economy? or just the "new gold"?
During my BA, I had a course with a professor that played a very high role in the central bank of Israel.
I asked him "Is the bank preferring for the day after the economy will collapse?" the answer he gave me was not clear. I saw him struggling to answer that.
But when I examine Bitcoin and other crypto coins, I see it not as a replacement of money, but just as a replacement of the central bank money printing. Because eventually, we'll all look for a place to keep our money safe (a bank) and someone to give us a loan on occasion.
So my question is, is it really the future of the economy? or just the "new gold"?
"Future of Economy" is too heavy for bitcoin to carry. It doesn't have the power to carry such title and it is absolutely not possible for bitcoin to become the future of economy. Bitcoin simply can't be scaled to that level.
It is great if you see it as an asset/commodity only. It makes it easier for bitcoin to carry and makes sense too!
Jump to: