Topic: World economy is now being powered by cryptocurrencies. (Read 702 times)

Cryptocurrency is not powering the global economy and nothing in this brief essay you wrote shows evidence of that. There are only a handful of public blockchains which would be suitable for global adoption but they all face serious scaling issues. As you mentioned, cryptocurrency can offer many benefits and that is why it has been considered by banks and governments but as time passes it seems like they are more likely to develop their own permissioned, centralized digital currencies. These CBDCs might borrow ideas from cryptocurrency but they have removed everything that makes them appealing like fungibility and censorship resistance.

Maybe we can agree to that statistics since cryptocurrency usage is not widely used by many people and its so rare to see some cryptocurrency users on our places that's why we can conclude for now that crypto does not have any affect on economy. Maybe if there's good changes like government adoption and make it a legal tender just like what El Salvador did then we can say that economy has being powered by cryptocurrency. For now we cannot say that since majority of people still doesn't know about crypto and there's less percentage know about its existence.

According to recent statistics, only 4.5% of the world's population invests in cryptocurrencies, which means that people do not depend on cryptocurrencies and the world economy does not even need to exist of cryptocurrency. We are overestimating the role of cryptocurrency in our real world even though it is undeniable that it is providing life-changing opportunities for many of us.

Correct me if I'm wrong, if I remember correctly, our economy is worth $200 trillion and with a capitalization of just $1 trillion. How can it be said that cryptocurrencies are supporting or making an impact on the world economy?

At the moment, not everyone knows about crypto, but this is very helpful for those who want to earn extra income for themselves, but as time goes by, of course they will teach their generation about how to get and use crypto currency and this will certainly become more Many people know that cryptocurrencies can be accepted in various circles. Of course this requires a long process, but I think one day cryptocurrencies can be used anywhere for shopping.

Of course, as easy as it is in crypto currency transactions, it is not so easy in bank transactions, but in bank transactions you have to face more time and trouble. Transaction fulfillment with low cost is also a great feature. There is no room for fraud in crypto currency transactions, but there is also no room for error, because a wrong transaction can lose your capital, and its recovery is also impossible. So you need to be very careful, while it is possible to rectify such a mistake in the bank.


 It is true that crypto currency is providing a great security option to its investors, but still there are chances of hacking. Exchanges and block chains are often attacked by hackers and there are often reports that hackers have stolen assets from block chains or exchanges. Especially newbies should have enough knowledge about these options and it is very important to learn about these options, because newbies can easily fall victim to hackers. However, the crypto currency industry is trying hard to take better security measures on its part, but on the other hand, hackers are also continuing their efforts, but caution is the best weapon.

 
The banking system has been prevalent in the world since the beginning but not everyone has access to full bank facilities everywhere; Of course, investing in crypto currency is a good option for such people instead of a bank and from here they can earn a good profit. Crypto currency is also easy to access. In crypto currency especially Bitcoin if a country invests in Bitcoin it can be the best decision for its future and Bitcoin can play a very important role in the development of that country,but on the other hand, the banking sector may be affected a lot as capital will shift towards cryptocurrencies.

Perhaps it would be more accurate to say "most people's economies depend on cryptocurrencies" rather than the world economy depending on cryptocurrencies. Because if we compare the world economy with the cryptocurrency market capitalization we are still far from considering that the world economy depends on the crypto market. Moreover, when compared to the current population, it could be said that the percentage of people working in the cryptocurrency sector is not very large - even though it helps the economy of many people, globally the number can be said to be still small.

NFTs are also a new development that has embedded itself into the crypto space so all crypto lovers probably already know about this one and as long as everyone can still make a profit through it, I think no one will forget about it. Because what most people forget about things that have appeared in the crypto space is when they are no longer profitable for many people after there is a better substitute with a concept that is not much different from before.

Well, now new things keep appearing in the crypto space to make things easier for true crypto users, but what is strange is that a small number of people have also lowered their intention to own old things that can still provide benefits for everyone, that is Bitcoin. So I can't stop thinking about people like that who consciously choose something else and sacrifice the Bitcoin they once had. So I think it's a very strange thing because Bitcoin is still far better than anything new, including NFTs.

Cryptocurrencies are nowhere near being on the top level of world economy. Which is a good thing that many people do not realize. While I completely agree that cryptocurrency, especially Bitcoin, is going to become a world economic power and eventually, it will be considered the next generation of money and therefore become legalized in every country in the world as legal tender, and at some point, the one world currency, we are still somewhat off from such a future, that only means that the people who realize the potential of cryptocurrency and invest now, will be the ones with the most profit in the future.

However saying that it has a place at the top of world economics as it is, might not be completely true. (yet)

But fees, bribes, lobbying "gifts", and the like - they take, favoring the dollar, and sometimes the euro

Cryptocurrencies are an interesting TECHNOLOGY, but people need a solution that "here and now" will give them the opportunity to buy villas, yachts, store ABSOLUTELY liquid reserves.... And that's where cryptocurrencies are losing big time.

I am very hopeful for the future of cryptocurrencies but people may move away from crypto due to mediocre decisions by politicians and possible future sanctions. It may be necessary to convince politicians to prevent this. In addition, the crypto market will continue to survive against all bans. To return to the topic, if we want a structure that is fully adopted by governments in 2030, politicians should act on two principles instead of suffocating or eliminating crypto markets with excessive regulations.
One is to ensure that theft and fraud are minimized, as in any financial activity.
The other is to keep the mainstream financial system free from further crypto disruption. While blockchains are clearly designed to avoid regulation, these principles justify regulating the institutions that act as gatekeepers for the crypto world.

Of course we all expected this, i mean Cryptos now are far more popular because its also one of the easiest digital currency that you can own , beside many World Class Artist/Influencer now endorsing Blockchain and Crypto products and projects. And dont forget about NFTs .

Cryptocurrency is famous now and are getting attention day by day because in this era population are increasing and job opportunities are still less therefore people cannot keep calm as inflation has made everything difficult.

People only prefer that field which is advantageous for them and in cryptocurrency bitcoin is a famous coin through which investor become able to continue their way of earning in easy way.

I have saw many people who become wealthy just because of acceptance of cryptocurrency and surely their future will be prosperous too as we know that more people are becoming part of it so more fortunate crypto will be for its users.

It is not easy to test this, but I think it will happen one day. We will see how the situation will be when the bear season comes. Maybe the big price drops that have happened until then won't happen anymore. Maybe the Bitcoin price will stabilize. If Bitcoin is accepted worldwide, maybe this will happen.

Today, the volatility of the Bitcoin price makes it more attractive to invest in Bitcoin. So the examples I gave above may take a long time to materialize, or they may not materialize at all.

You pardon me, but are you saying that freelancers did not have Bank cards, PayPal, Payoneer, Webmoney, .... and other money-making mechanisms? Then tell me how they manage, in the absence of normal payment systems to convert then cryptocurrency into fiat money to pay for food, utilities, buy clothes,... ? ?
For example, I can also add that many people, not understanding the essence of what is happening, invested their savings in crypto, and usually at the peak, when it became a trend and everyone knows, and then, due to volatility, lost their savings. And there are many more of them than those who earned money. the problem is that in the speculative market often - the earnings of some are the loss of money for others.....

We can't say anything positive nor negative about it since we don't test it yet. But let see maybe your speculation might happen since we all know cryptocurrency have big potential to grow, but question is can it sustain the economic growth of the country knowing how big it will crash especially when there's a bear season occur? Maybe for that scenarios they should test out if they plan to have massive adoption to know if there's really a good benefit especially if they want to invest the funds of government to cryptocurrencies.

If the global economy is now powered by cryptocurrency it will help the economy grow but here the government has no control the banking systems are not familiar with crypto. But it is profitable to invest in crypto it is a very popular cryptocurrency bitcoin has dominated the crypto market. It is one of the best cryptocurrencies where investment has a good return potential. Almost every crypto exchange can trade bitcoin and it is the most used cryptocurrency there is no indication that bitcoin will be dethroned in the near future. Whether you or simply want to invest in a single cryptocurrency bitcoin is always a good choice.

Yeah. Peer Electronic Cash System. As Bitcoin grows, the need for banks will fall and It's a payment system, a global payment system. Bitcoin the way it wants. The proof is that if we have a cell phone and adequate internet support, we can send money all over the world easily and can convert their bitcoins into cash anytime and anywhere.

I highly agree, that the proliferation of Bitcoin has opened a new horizon for employment since there are lots of new companies that want to integrate blockchain technology into their system creating demands for developers, programmers, and other secretarial jobs.

Since blockchain technology can maximize the output, and create immutable and modification-resistant data, the process is done in the fastest possible time.  This then can save lots of money with more precise data, reason why many companies are integrating this blockchain technology.

Bitcoin is reducing unemployment since the moment it has proportionated people from every corners in the world new jobs opportunities on the internet they didn't have before through fiat, centralization and its payments systems such as Paypal. The percentage of unemployment decreased since then can be debated, but it's undeniable Bitcoin has contributed, even if in minor scale, positively on this matter, and the tendency is that it's going to contribute more and more.

Examples of employment through BTC are freelancers, crypto casinos operators, exchanges operators, blockchain and crypto developers and marketing promoters, including signature campaigners on this forum.

As consequence, Bitcoin has been providing their daily food, directly or indirectly, although to say Bitcoin can eradicate poverty is indeed an exaggeration.

Those people are either dumb or something, I also can't understand why they can think like that.

Bitcoin is solving poverty, while you need to have money to buy Bitcoin.
Bitcoin is saving the world, while Bitcoin is only a currency, if there's a war you can't use Bitcoin to shoot or kill someone.
Bitcoin is the biggest evolution and will take over economy in this world, while Bitcoin is only a currency, not a product or something else that will make someone able to live.
Bitcoin must be accepted as legal tender, when he's still use Bitcoin as an investment and not use Bitcoin regularly.
The most stupidity I've ever read is, Bitcoin is a religion.