Topic: The future of Bitcoin and its potential to transform the global economy (Read 282 times)

The facts that Bitcoin can't be controlled and monetary policies or fixed prices can't really be imposed on it both give financial freedom to people and make all sorts of authorities and traditional economic actors (like banks) wary of it. After all, financial control is very common in current politics and economics, and this sort of lack of control is unprecedented.
As for the necessary steps, the AML regulations already exist, education is slowly and sporadically being implemented, and I think blockchain has seen plenty of investments. What I believe is needed is more trust in individuals and a belief in financial freedom (and responsibility that comes with it), as well as more demand for Bitcoin as a payment, so that merchants are motivated to adopt it.

Bitcoin is truly amazing way to change the economic system of world but education about it should gain in order to get benefit. Some countries do not permit investments in Bitcoin so violate the country's regulation is not a good thing.

Getting education about this filed and educating other people about this will be very useful. Through bitcoin the economy of numerous individuals have been transformed into valuable resources of cash.

The future of bitcoin as previous years seems to b full of advantageous platform and everyone can trust it blindly but patience is compulsory to achieve maximum amount of cash as a consequence of investment in Bitcoin.

There have been divers opportunities that has been coming from the adoption of the digital network of bitcoin in the financial economy sectors and we can't mention all the benefits at once because of how big they have come in place, the employment opportunity is one, transaction difficulty is another, international cross boarder charges, trust, security, privacy and many other benefits comes in together with bitcoin since the invention of this digital network into the financial economy system and many people and investments have adopted it because they want that same freedom it offers.

I think there are two aspects here,

(a) blockchain technology - this technology can be taken advantage by every technology, from government to private sector, but it doesn't mean though that they are going to also support bitcoin.

(b) bitcoin itself - it's the grand daddy of crypto, however, do we really need to look at it as the solution for every problems right now? it's not like a magic bean that will grow and "transform" the global economy, I think it's too far fetch, sorry to burst the bubble.

When it comes to regulation, I also don't really like it because it will limit the growth of bitcoin as well as regulation will control us more. That only benefits the government, not bitcoin or us, but we are still living under government control, and regulation is inevitable. Indeed, I'm fine with bitcoin as well, no more regulation or modification is needed for bitcoin to be such a great thing for the government. The task of saving the world economy is not bitcoin's but the government's because they are the biggest beneficiaries.

Yes, well, as I have previously commented in another thread, the potential of its decentralised nature does not mean that there will be a change, as gold is also decentralised and we have gone the other way round. First the currency was gold, then it was replaced by bad but gold-backed currency and then we moved to the fiat system. So, as much as bitcoin is an improved digital gold, I am not very confident that we are going to go the other way.

Quite impossible if you're want Bitcoin to be accepted as legal tender without need control of the government, because when government want to legalize Bitcoin they will regulate Bitcoin and create their own centralized exchange that will kill the decentralization and privacy concern of every Bitcoin holder.

The president need to be someone who have a high privacy concern, then it's might possible as long as not many other functionaries disagree with the president's implementation.

Personally, I am looking forward when BTC can be accepted by a massive number of people globally but for now I am not seeing this to be happening in the next 10 years all because most governments of different nations are not looking into it with kind and approving eyes like what we see in El Salvador. As of now, there is a mixed reviews of the success of Bitcoin in El Salvador which is showing us that it can really take a lot of time before a recognized currency can take a root and be a big part in uplifting people's lives. Now, having said that, there must be an earth-shaking catalyst that can prod people to go for Bitcoin big time...like a global collapse of the economy or a nuclear-powered version of WW2. In the meantime, we should be happy it is not being banned in some countries just like what happened in China years ago.

As you said above, government are the main cause of corruption and illegal activities, if you want to handle and solve that's problem, it's mean you need to kill the government and that's impossible since you're a radical, you will get jailed before you've complete your task.

Rather than risking your life to fix the economy and corrupted government, it's better to work and do anything behind them, even though it's considered as illegal if Bitcoin is banned by them.

I believe that bitcoin can transform the financial or banking sector of the economy of a nation. But bitcoin is not the total solution to the economic problems of nations. Other areas of the economy must be fixed to achieve economic transformation.

Government regulation cannot stop the use of cryptocurrencies for money laundering because even the government has failed to stop the use of fiat for criminal activities. I think the best way to stop these illegal activities is the handle the cause of them. Bitcoin's potential will be hindered by government regulations and the government is even too corrupt to regulate cryptocurrencies.

I think I support your second and third points. People need to know more about the cryptocurrency sector so that they can enjoy some of its advantages. That's why we need more awareness and enlightenment activities. The government also needs to be open to the cryptocurrency industry so that more investment will be attracted to the country. Most nations discourage crypto businesses from investing in their countries due to stringent investment policies.

Bitcoin will not transform global economy, because Bitcoin users, and also all crypto users are very small group of people, if we compare with all active people in the world. For example, only in one country France there are 68 millions people, but total worldwide active Bitcoin wallets are ~1.3 millions only. ( https://capital.com/who-owns-the-most-bitcoins ).

Bitcoin is already transforming global economy. Banks are now failing and institutions are now looking into bitcoin. Although, Bitcoin have transformed many people's life before this time. Now, I can see BTC transforming global economy.

Bitcoin may become the universal currency of exchange in the future but many years will pass before it is adopted globally.  Surely the first to adopt this means of payment will be the poorest countries while the more industrialized ones will try to fight it in every way.

This should be the fourth thread I'm seeing about government regulation in Bitcoin and it just shows how blindly people trust the conventional financial system. Bitcoin was created to be a decentralized system running on consensus rule, any form of government interference or regulations means it is no longer functioning as it was designed to.

A second point to look at is how the conventional financial system is functioning with regulations.

Bitcoin does not need to solve global economy issues. Bitcoin has been pretty okay this past decade or so without government regulation and would keep growing without it.

Favorable Government regulation is the single most important matter which can help bitcoin to fully realize it's potential. If that's not available, nothing else will be able to push bitcoin to take an important stage in global economy.

However, the only challenge here is the decentralised nature of bitcoin. If you are thinking governments will push for a decentralised coin to become a dominant power in global economy, you are living in fool's paradise. Unless the government can control it, a favorable regulation will never take place.

The only point that got my attention is where you mentioned regulation as one of the features for Bitcoin to become a global currency because if you study the topic and subject of regulation it has no relationship with bitcoin and I am afraid regulation will even undermine Bitcoin operations.


Bitcoin is a decentralized currency so its regulation will bring about a dead road for it main purpose, so to a large extent I agree with you on all other points mentioned but regulation is not relevant in this discussion.

Regulations would not stop BTC being used for illegal activities. There are regulations for FIAT, but it is used very much for money laundering and illegal activities, which hasn't and would not stop. Does anyone need a clear regulation on the use of BTC, we know it is a decentralized currency that people who do not want to be censored use, if people use it for illegal activities, it is normal, every currency around the world is also used for illegal activities, but it does not stop its original purpose. I support that criminals should be caught, but they shouldn't destroy every means that an ordinary person can stay private and anonymous because they want to get to criminals.
People have to help themselves to that education, everything is online. Bitcoin is decentralized, and there is no organization that would make this education available. If there are people you want to be educated on BTC use, you can introduce this forum to them as the best place to get that knowledge.
The BTC blockchain is working just fine. And you can support without monetary investments, and by just running a full node and joining to keep the network secure.

I have my own opinion, maybe this Bitcoin will potentially change the global economy in the future. why can i say that? these are all the beginnings for such a huge digital civilization in the future. In the past, people used gold as a transaction tool, at that time there was no such thing as fiat money/paper money, after several centuries, fiat money was finally created, and what happened to gold? yes, gold is still used as a transaction tool, but slowly its use is starting to decrease, and now gold functions as a country's foreign exchange reserve.

And now why do I say btc is in its early stages? the beginnings of btc and gold are very similar. now btc is slowly starting to be used for transactions like gold in ancient times, the goal is to replace fiat money, America and other big countries are not that easy to beat by BTC.

The country will definitely try as hard as possible to make its own digital currency like now, like the digital Yuan, and later America will definitely make their own official digital dollar, now btc will slowly be abandoned as a transaction tool, but used as a digital foreign exchange reserve to back up all of a country's digital money. The price of btc will soar as high as gold in ancient civilizations, when all this happened.

There's something you are missing about this regulation of bitcoin. Let say, if bitcoin is being regulated then the Decentralization Principle is being broken. Bitcoin is a decentralized asset or digital currency that can't be controlled by any agency or Government.
How do you Implements law to control bitcoin if I may asked?
Do you have access to Satoshi Nakamoto? For that is what fully gives bitcoin the power to remain decentralized and no government have control over it. We may talk of Legalization and to be used as a legal tender. Regulations could be effects on exchanger being on a Centralized exchangers which Government and or SEC could have full access to the owners to control the amount of currencies that flows through platform.

I completely agree Bitcoin and other cryptocurrencies have the potential to revolutionize the global economy, but to achieve this, there needs to be a clear regulatory framework to prevent illicit activities such as money laundering and terrorism financing. In addition, educating the public about the safe and secure use of Bitcoin is crucial to ensure its widespread adoption. Bitcoin could become a major player in the global economy, paving the way for a more efficient, secure and decentralized financial system.

Bitcoin potential to revolutionise the global economy in the future

Bitcoin a decentralised digital money that has gained popularity over time its has the potential to significantly disrupt the global economy. As we all know bitcoin is a traditional currency that is not yet widely utilised, but with the expanding popularity of cryptocurrencies and the rise in merchants accepting Bitcoin that why it may be used in the future. As more people learn about it, Bitcoin has the potential to have a huge impact on the global economy of word.
Because of this Bitcoin is a form of digital currency that operates independently of any centralised controller such as a bank or government. This implies that its bitcoin value cannot be manipulated or controlled by anyone.
The Comparsion of traditional currencies it is more independent and stable. Because there are no middlemen engaged in the process and transactions can be performed more quickly and for less money.
The blockchain technology that underpins Bitcoin has a wide range of potential applications beyond financial transactions. It can be applied to create reliable systems for voting, supply chain management and contracts.To fully grasping the potential of Bitcoin and blockchain technology the several steps must be taken. Governments must first develop explicit cryptocurrency use legislation in order to stop money laundering and other illegal activities.
its help individuals understanding how to use Bitcoin and other cryptocurrencies safely and securely additional education is also required.
Conclusio
Due to its decentralised structure and prospective blockchain uses, Bitcoin has the power to drastically alter the world economy.