What will happen to global economy when crypto becomes global currency?

Kprawn

legendary

Activity: 1904

Merit: 1073

The global economy will definitely have to change, because it is currently driven by debt. A lot of large infrastructure funding

are currently funded by "toilet paper" money that are printed from thin air. Wars are funded with the same mechanism, so I

figure that will also have to change. Bitcoin does not allow "printing money from thin air", because it is mined at a fixed rate

and a preconfigured supply. (This cannot be changed or manipulated without majority consensus and most people who can

make that decision would never be incentivised to allow that, because it decrease the value of their own coins) Wink

iTradeBit

jr. member

Activity: 224

Merit: 1

It will start a new era when government toxic control ends Grin

randyboy

member

Activity: 378

Merit: 10

As of now that kind of scenario are not predicted because a lot of currency now are using for easy and fastest transaction that all people wanted and if this will be accepted in future as a main money that uses to all if will be more helpful to us to pay in easy way and not to wait a little longer to receive money from friends and relatives.

hungsanh2512

full member

Activity: 437

Merit: 100

The first decentralized currency in the world today is the form of payment accepted in many countries around the world. As more countries start adopting blockchain technology, Bitcoin becomes the new global currency.

Angi

full member

Activity: 560

Merit: 100

For me It would have a little bit of trouble because cryptocurrency are not yet known by all people but wanted of some to use it globally so there is a chance that all countries it is not quite as sophisticated as the currency is different in each country so if we need to unite all its helpful that we use one currency only. it's just for my own understanding.

CrazeCoinz

member

Activity: 364

Merit: 10

Quote from: Impulseboy on August 22, 2018, 07:30:17 AM

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

I think this will not become a global currency as fiat will still use with many country that still out of reach in this technology. With the opposition of other country to accept or legalize crypto this will still a question for global currency acceptance.

maemunah

sr. member

Activity: 672

Merit: 250

Quote from: logicgate on September 15, 2018, 02:39:47 PM

Quote from: jeronimosuykens on August 26, 2018, 04:17:26 AM

Quote from: r32godzilla on August 23, 2018, 08:09:21 PM

It's very hard for cryptos to become global currency as not all the people would be ready to accept the decentralised cryptos not backed by any of the governments.

I also find it hard to replace cash. If the replacement of the amount of cash thrown away? The amount of cash is too much and it boosts the economy. And these two types of money must always be together. They can not be replaced.

Yes you are right to some extent that money is being use now in the world, as well crypto, we need to decide what is more beneficial for us, we are involving more and more people in this forum which is clear sign that bitcoin currency is going to be more famous and popular than any other currency, we should not think about it as risk but only a source of income.

absolutely right because all this time bitcoin is our place of work to get huge money, so if bitcoin is a global currency, our income and economy are also better and more rapidly growing, of course

ricardobs

hero member

Activity: 1204

Merit: 505

Quote from: Impulseboy on August 22, 2018, 07:30:17 AM

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

And who said that, you? How did you know that is going to happen, are you time traveler? Meehn… the way some people here try to predict rubbish. You just come here and start saying when Bitcoin becomes currency as if you have seen or heardany government’ body talk about making Bitcoin a global currency,who do you think is ready for that?Fiat will always remain our currency cause it already serves for every purpose for which is needed. Bitcoin is good as it is, there is nothing much.

canej

full member

Activity: 278

Merit: 100

If cryptocurrencies will become the global official medium of exchange, it will not be separation of the state, it will be a single.

tabas

hero member

Activity: 2954

Merit: 725

Top Crypto Casino

If I only when that day will happen then I'll expose it to the forum but sadly there's no way to determine when its going to happen. Countries that do adopt bitcoin will have a good economy for sure and I won't go with the opposite side of thinking the bad effect of it.

aleksnutis

member

Activity: 252

Merit: 10

This is unlikely to improve the country's economy, because banks will not be able to receive such commissions as they are now and will not be able to control cash flows. That is why cryptocurrency is still not accepted.

lingwistiko

member

Activity: 322

Merit: 10

╔►[FILIPINO Translator]◄╝

If cryptocurrencies helped improved the economic status of a country as claimed by the countries who embraced the technology, then there will be a significant global economic growth. But that's just so unlikely to happen because those countries who banned cryptos has an irreversible decisions.

ganlianshifu1

member

Activity: 392

Merit: 10

As long as there is a country, cryptocurrency is hard to become a universal currency!
Every country must maintain its own economic order. If the cryptocurrency becomes the global currency, this order will be disrupted and the country's economy will be threatened!

Beegovere

jr. member

Activity: 86

Merit: 1

Quote from: logicgate on September 15, 2018, 02:39:47 PM

Quote from: jeronimosuykens on August 26, 2018, 04:17:26 AM

Quote from: r32godzilla on August 23, 2018, 08:09:21 PM

It's very hard for cryptos to become global currency as not all the people would be ready to accept the decentralised cryptos not backed by any of the governments.

I also find it hard to replace cash. If the replacement of the amount of cash thrown away? The amount of cash is too much and it boosts the economy. And these two types of money must always be together. They can not be replaced.

Yes you are right to some extent that money is being use now in the world, as well crypto, we need to decide what is more beneficial for us, we are involving more and more people in this forum which is clear sign that bitcoin currency is going to be more famous and popular than any other currency, we should not think about it as risk but only a source of income.

I believe that bitcoin will take over the market in the future and we should hope for that. It is right that it is hard but not impossible. Creation of digital currency means that the end of other fiat and paper currency is near to end. May it not possible in our lives but our next generation will see converting the world to digital currency. People will feel ease when they use cryptocurrency as their local currency all over the world.

theyRmose

newbie

Activity: 128

Merit: 0

Quote from: Impulseboy on August 22, 2018, 07:30:17 AM

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

what do you mean by official global currency? What do you mean as a payment currency?
it is impossible, but if indeed bitcin is accepted globally by the whole world, of course there will be taxes on bitcoin, and obviously taxes from bitcoin can help a country's income, and that will help a country's economy a little.

logicgate

sr. member

Activity: 994

Merit: 252

Quote from: jeronimosuykens on August 26, 2018, 04:17:26 AM

Quote from: r32godzilla on August 23, 2018, 08:09:21 PM

It's very hard for cryptos to become global currency as not all the people would be ready to accept the decentralised cryptos not backed by any of the governments.

I also find it hard to replace cash. If the replacement of the amount of cash thrown away? The amount of cash is too much and it boosts the economy. And these two types of money must always be together. They can not be replaced.

Yes you are right to some extent that money is being use now in the world, as well crypto, we need to decide what is more beneficial for us, we are involving more and more people in this forum which is clear sign that bitcoin currency is going to be more famous and popular than any other currency, we should not think about it as risk but only a source of income.

westril688

newbie

Activity: 28

Merit: 0

Quote from: TranTrongit on August 26, 2018, 11:30:14 AM

First of all I want to say that this is sure to never happen. And if that happens I think it will make the economy become turbulent, unstable with price volatility too big. It is best to keep the cryptocurrency parallel to the fiat. Both will support, promote each other to bring the economy to development.

Bitcoin will not be a global money to replace fiat money, because bitcoin only exists in the digital world. While fiat money is in the real world, there is a form and can be seen or held. It can even be damaged. But the function and purpose are the same, as a means of payment. Bitcoin in the future will go hand in hand with fiat money, for local transactions using fiat money, but large transactions and between countries use bitcoin. Between fiat and bitcoin money there is a payment gateway as a processor to convert bitcoin into fiat money.

alval

member

Activity: 280

Merit: 10

truly affect the global economy, I will make it simple based on my logic. there is transition pricing from the old price (using fiat) to new price using cryptocurrency. that condition will create a high demand on certain cryptocurrency that will affect the fiat will rapidly exchange to the new condition which needs more to adaption. when cryptocurrency become global currency made it can be used to pay for everything in all country over the world. it will make differences especially on production expenses which different in each country, inflation is assurance. will it become better or not? nobody known exactly there are potential that can create better condition or there are harm factor can make those become worst.

TranTrongit

member

Activity: 339

Merit: 10

First of all I want to say that this is sure to never happen. And if that happens I think it will make the economy become turbulent, unstable with price volatility too big. It is best to keep the cryptocurrency parallel to the fiat. Both will support, promote each other to bring the economy to development.

Roomshambles

newbie

Activity: 130

Merit: 0

Quote from: Impulseboy on August 22, 2018, 07:30:17 AM

If and when cryptocurrency finally becomes an official global currency, how do you think it will affect the global economy and the economy of each countries? Will it help improve the economy better than fiat or will it still need help from fiat?

Maybe it will be a little shaken because the global economy can be replaced by the crypto currency but it will be very difficult for the crypto currency to replace it because there are still many people who prefer to use the global economy.

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