What will happen to global economy when crypto becomes global currency? - page 2.

wuvdoll

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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?

Do you mean like used by everyone and considered to be currency of each nation instead of stuff like dollars and euros ? Because that can't happen anytime, not now, not 10 years, not 100 years from now.

No money can be the official money of any country, they NEED to all have their own money. Even euro zone is having trouble for having one currency because while some try to fix the economy the others are trashing it and creates some type of resentment and anger between countries, look at Greece and Germany for example. Hence I think its IMPOSSIBLE for bitcoins or anything else to become a world currency... ever.

jeronimosuykens

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Quote from: r32godzilla on August 23, 2018, 07:09:21 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.

magneto

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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?

It's very unlikely and pretty much impossible for bitcoin or any other decentralised cryptocurrencies to be declared officially as some sort of official global currency. Governments around the world will simply not be willing to give up their control over their respective economies.

If there was to be a global currency, then it would be centralised, and is essentially fiat currency, except run on a blockchain. That would pretty much be the same as right now, and not change anything in terms of how the basis of the economy operates.

If you're referring to the mass adoption of bitcoin around the world, then I believe that it's possible. Economies around the world wouldn't be affected much, as I think that it's very likely bitcoin will simply be an alternative currency form to fiat, that co-exists with fiat. It wouldn't need the fiat economy to exist.

qumeijia

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It is very hard to get it. Even though Crypto currency now spreads globally and it is used by many people around the world, it is very difficult to be an official digital fiat in in global. In addition, we know that the fundamental and basis of Crypto is decentralized. So, it will be a problem because in side this is no a Central Bank which control and how could be a official fiat if no authority controls crypto. That's my opinions.

Ayaah

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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?

When crypto currency will become globally useful, so that would mean fiat money will become less useful to none. So I think money transactions will be easier and faster. For as long as crypto currency will be regulated that scams are eliminated, crypto currency will have good effect to the humanity.

Karis2018

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Obviously it will even now require the assistance from fiat, crypto can't and shouldn't be the principle cash, it could be hazardous fornthe nation, in light of the fact that the cost could be controlled, I think if crypto turn into a worldwide money it could build the world financial, as should be obvious bitcoin had been help such a significant number of individuals by give more openings for work and more wage, however the administration will require a decent direction so the crypto and fiat could go together

Juggy777

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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 don't see any major impact happening as bitcoins is present in almost all global countries, they're coexisting well without causing any impact on each other. If you see even now people are yet choosing fiat over bitcoins, it's cause many people don't understand bitcoins, plus it's limited so it can't help to improve the economy, it can lead to chaos if only few person own it. Bitcoins will always be traded for fiat, so it'll not be able to create any impact without fiat.

millensharon8

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Certainly, Crypto cannot become a global currency with government allowing it, so no need going there. It would still in any way be hand in hand with fiat as that is what the government would be more comfortable with while finding a way to regulate the space.

Nevertheless, with bitcoin hitting a high level of adoption, it should somehow reflect on those who see the need for it and make use of it to help their own economy. With that, I would say that the effect totally depends on how each country and her citizens perceive the usage of cryptocurrencies.

BartS

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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 really do not think bitcoin or any other cryptocurrency are going to be officially recognized as a global currency, but its effects are going to be felt regardless of that fact, most likely what it will happen is that governments and banks are going to be weakened by cryptocurrencies and it is even possible that many countries ban them but even with such restrictions in place it will be impossible for governments despite their efforts to contain this new technology.

darkangel11

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Quote from: unusualfacts30 on August 24, 2018, 08:54:11 AM

Quote from: Impulseboy on August 22, 2018, 06:30:17 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?

crypto or bitcoin? banks can come up with their own crypto that would replace fiat with ripple for example.

that may be far fetched idea to some but I don't think it would really effect anything besides people using crypto instead of fiat to make payments. Most of the transactions will be done digitally just like they're done today just more secure. . . we would see side by side market of crypto and fiat before that happens which is already happening.

Ripple is a bad example because it's premined. The devs are holding a large portion of it in hope that some dumb banks will recognize it and its value will rise making the owners into billionaires. It's a get rich scheme and people can see through it. That's why the project is not moving forward by a lot.
As for making another crypto, what makes you think that people would voluntarily leave fiat and start using bank crypto?

unusualfacts30

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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?

crypto or bitcoin? banks can come up with their own crypto that would replace fiat with ripple for example.

that may be far fetched idea to some but I don't think it would really effect anything besides people using crypto instead of fiat to make payments. Most of the transactions will be done digitally just like they're done today just more secure. . . we would see side by side market of crypto and fiat before that happens which is already happening.

billygarrison

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Quote from: Impulseboy on August 22, 2018, 06:30:17 AM

how do you think it will affect the global economy and the economy of each countries?

what happens in the global economy is as usual, and maybe this is more practical and easy to transact

Quote from: Impulseboy on August 22, 2018, 06:30:17 AM

Will it help improve the economy better than fiat or will it still need help from fiat?

yeah, because this will make it easier to provide wages to workers and if there are still many people who don't understand crypto money then using fiat can still be used

usekevin

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Bitcoin will become a global currency for sure. It will not affect the global economy. Actually it will boost the global economy.If the cryptocurrency became the world using common FIAT,the transaction will be faster.Upto now we are using online wallet for the transaction in shops.If cryptocurrency became the global currency,all the people use to transfer bitcoin wallet.

camps74

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It will be very odd to see how governments cope with not being to inflate their problems away. I think this would single handedly be the greatest challenge that the world would face with an inflation free (almost inflation free) monetary system.

Daseento

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In my opinion, I don't see cryptocurrency replacing fiat totally. Rather, I will forecast a global economy where both operate side by side. I mean both crypto and fiat operating alongside each other. Fiat still has a role to play especially considering the fact that the world is not at par on technological development.

aardvark15

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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 don’t believe that Bitcoin will be an “official global currency”. I think it will we used globally as a mainstream method of Payton’s store of value, but I think countries will still use their official government currencies. I also think that there will be several other cryptocurrencies that will be used for various purposes as well.

microwave

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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?

Actually if Bitcoin become primary the global currency the economy is still the same and additional more potential to be grow because new technology is operated here so no doubt all people were benefited the good service of bitcoin and more progressive is the hand of the people in all over the world.

hatshepsut93

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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"? If you're asking what will happen when all the countries in the world will recognize it as a currency, than it will probably never happen.
Technically speaking, Bitcoin was always a global currency, it doesn't even know about borders, all you need is Internet connection. So far it didn't dramatically change the world because it wasn't adopted. So, all the potential effects rely on its adoption, and I believe it won't be huge, maybe 10-15% of population at best. Most common uses will be store of value and shadow economy, and while those things are considered as negative by governments, they will tremendously help people.

r32godzilla

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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.

darthmaul

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Quote from: Impulseboy on August 22, 2018, 06:30:17 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?

First what makes you think that it will be the globe currency at all? I mean the debate is still on that whether we should call the bitcoin as currency or just the asset that we can use for the purpose of store value? I mean with that ambiguous nature of bitcoin how can we expect it to see as global currency at all.
Also if it becomes the one then also it wont help the global economy to move vastly but on smaller scale because its use still would be not very much explored and hence could be more or less to a MNC companies equivalents.

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