Topic: World economy is now being powered by cryptocurrencies. - page 2. (Read 787 times)
Cryptocurrency is very popular now. Almost all people are now turning to cryptocurrency for its advantages. Investing in it is very profitable. The transaction fee is very low. Its benefits are so many that it cannot be overstated. Like you said people who are not familiar with the banking system can easily invest in crypto. It is possible to get many benefits by trading properly. Yes I think in 2030 almost every country in the world will be running cryptocurrency. Because no country can deny its benefits at the end of the day.
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They are bitcoin enthusiasts but have a blank mind when it comes to financial and economic knowledge. What's more funny is that many people still think that bitcoin can reduce unemployment, eradicate poverty or that bitcoin will provide our daily food...
, so much ridiculous exaggeration for bitcoin. Even recently someone said that if the government accepts bitcoin it will bring peace, I really don't know where they got that knowledge from when investing in bitcoin.
We ourselves have not been able to improve our economy by relying on bitcoin, so how can we come up with those stupid ideas and criticize the government just because they don't accept bitcoin?
They are bitcoin enthusiasts but have a blank mind when it comes to financial and economic knowledge. What's more funny is that many people still think that bitcoin can reduce unemployment, eradicate poverty or that bitcoin will provide our daily food...
, so much ridiculous exaggeration for bitcoin. Even recently someone said that if the government accepts bitcoin it will bring peace, I really don't know where they got that knowledge from when investing in bitcoin.We ourselves have not been able to improve our economy by relying on bitcoin, so how can we come up with those stupid ideas and criticize the government just because they don't accept bitcoin?
It's called "blind faith" or "obsession with an idea." It's a bit like the tulip bulb story in the Netherlands back in the day. When at first they were paid fabulous money for them, and everyone decided - this is the salvation for everyone, all of them will soon become "kings with their castles", the main thing to buy tulip bulbs. In today's situation, of course, this is not the best example, but it is similar - everyone thoughtlessly believed in the power of the "tulip bulb" of modernity - in cryptocurrencies and decentralized non-inflationary solutions, and convinced themselves that they will save the world
.The problem is that many of the apologists of "crypto happiness" do not quite understand how the state and the financial system of the state are organized. Unfortunately, the lack of education is a very global problem....
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
Bitcoin blockchain is a technology and there are thousands of people working on the bitcoin blockchain, all it takes is a concensus and a new order is created. There is nothing so static in life, there is room for improvements especially when it concerns a young technology. Bitcoin is barely a decade and yet there are many changes that are positive. Even there is a negative hard fork, this means that the size of the blockchain can be increased and many other updates will be implemented in bitcoin. Anything that will not cost bitcoin its decentralized nature will be adopted, even if it is a refined PoS. 
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
.... and most importantly the impact on the financial system of the world. Who seriously thinks that some 1 trillion dollars of crypto market capitalization can affect the world economy ?
Many people even think that it is supporting and positively impacting the world economy. With a capitalization of $1 trillion, it is only 1/3 of Apple's capitalization and only 1 year of the US military's annual defense spending. Cryptocurrency is still too small in terms of macro influence, too many people have illusions about its power.
@Unbunplease, although bitcoin is old and outdated when compared to other blockchains but one thing you should remember, it is still the most secure blockchain by far, no one can hack or meddle with it. But whether its use worldwide is good or bad for the bitcoin network, is still a question worth thinking about.
Absolutely agree with you ! Moreover - there are quite a few people who really believe that blockchain TECHNOLOGY in the form of bitcoin or altcoins can save the economies of countries in trouble
They do not understand how the monetary system of any state, the financial system and the banking sector, which the state will always support, works.
But the funny thing is that we all know bitcoin is more than 10 years old. And if the apologists of the fairy tale "bitcoin will save the world" to ask a question - give an example of the real use of bitcoin or any other cryptocurrency, in any state, as a result of which the economy of the country has improved, and the standard of living of the population of the country - improved, then in response you do not. In response, I heard anything but a minimal example from real life
They are bitcoin enthusiasts but have a blank mind when it comes to financial and economic knowledge. What's more funny is that many people still think that bitcoin can reduce unemployment, eradicate poverty or that bitcoin will provide our daily food...
, so much ridiculous exaggeration for bitcoin. Even recently someone said that if the government accepts bitcoin it will bring peace, I really don't know where they got that knowledge from when investing in bitcoin.We ourselves have not been able to improve our economy by relying on bitcoin, so how can we come up with those stupid ideas and criticize the government just because they don't accept bitcoin?
In fact, in my opinion, cryptocurrencies were originally launched to pave the way for the introduction of CBDC. People got used to the ease and speed of settlements, smart contacts, wallets and other aspects of cryptocurrencies. Now it has become much easier to attract people to CBDC settlement.
I don’t believe in conspiracy theories and other theories. But after getting acquainted with CBDC, I said - the blockchain and the free community of the crypto world gave birth to a MONSTER called CBDC!
I am sure that without 15 years of experience in the development of blockchain technology and related technologies (smart contracts, etc.), the emergence of a CBDC would not have been possible. The state always has an advantage - it is a regulator. But having understood the potential risks, cryptocurrencies are now under pressure from “regulators,” and the state has adopted experience and is using good technology to prepare a new, almost ideal tool for total control of its citizens.
In fact, in my opinion, cryptocurrencies were originally launched to pave the way for the introduction of CBDC. People got used to the ease and speed of settlements, smart contacts, wallets and other aspects of cryptocurrencies. Now it has become much easier to attract people to CBDC settlement.
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
.... and most importantly the impact on the financial system of the world. Who seriously thinks that some 1 trillion dollars of crypto market capitalization can affect the world economy ?
Many people even think that it is supporting and positively impacting the world economy. With a capitalization of $1 trillion, it is only 1/3 of Apple's capitalization and only 1 year of the US military's annual defense spending. Cryptocurrency is still too small in terms of macro influence, too many people have illusions about its power.
@Unbunplease, although bitcoin is old and outdated when compared to other blockchains but one thing you should remember, it is still the most secure blockchain by far, no one can hack or meddle with it. But whether its use worldwide is good or bad for the bitcoin network, is still a question worth thinking about.
Absolutely agree with you ! Moreover - there are quite a few people who really believe that blockchain TECHNOLOGY in the form of bitcoin or altcoins can save the economies of countries in trouble
They do not understand how the monetary system of any state, the financial system and the banking sector, which the state will always support, works.
But the funny thing is that we all know bitcoin is more than 10 years old. And if the apologists of the fairy tale "bitcoin will save the world" to ask a question - give an example of the real use of bitcoin or any other cryptocurrency, in any state, as a result of which the economy of the country has improved, and the standard of living of the population of the country - improved, then in response you do not. In response, I heard anything but a minimal example from real life
Cryptocurrency does not help many people richer, does not help a nation richer.
It mostoy help scam founder, developer teams and scam influencers richer. Many newbies, investors lost money in cryptocurrency.
They even buy bitcoin, that looks a good decision, but stored bitcoin on centralized exchanges and lost coins to scam exits, bankruptcies or scams from close source custodial wallets.
It mostoy help scam founder, developer teams and scam influencers richer. Many newbies, investors lost money in cryptocurrency.
They even buy bitcoin, that looks a good decision, but stored bitcoin on centralized exchanges and lost coins to scam exits, bankruptcies or scams from close source custodial wallets.
It's quite an exaggeration to say that currently the world economy is powered by cryptocurrencies, many things must be fixed in cryptocurrency to make it a power of the world economy including regulation and adoption (we have yet to see cryptocurrency used around the world). apart from regulation and adoption, there are still many scammers who are in cryptocurrency which also makes investor confidence in cryptocurrency decrease, Maybe in the next few decades the world economy will be powered by cryptocurrency.
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
You may have noticed that Bitcoin's popularity has only grown steadily. That is, if today 1000 users are using Bitcoin, tomorrow 1010 users have used Bitcoin, that is, the popularity of Bitcoin has gradually increased, but suddenly, a large number of people have not started using Bitcoin. In the coming days there is a possibility that a large number of people will adopt bitcoin but I think that in the future people will gradually adopt bitcoin as in the past people will gradually adopt it so that even if a large number of people use bitcoin gradually its blockchain will be fine.
The problem you mentioned with transaction fees is currently non-existent as Bitcoin transaction fees are now back to normal. From a place where Bitcoin's transaction fees were very high even a few days ago, today's transaction fees are very normal.
The same question arises when the network becomes congested, and there isn't a single individual in the world who has come up with a solution. Some time ago, during the Dust Attack on the Bitcoin network, all users complained about high transaction fees and lengthy transaction times. This, of course, poses a hurdle for everyone as Bitcoin gains mass adoption among the general public. Improvisation is sorely needed, whether it's now or when the network is being used by a large number of people. The question that looms is: who can control the transaction speed to make it more user-friendly?
I'm saddened to see everyone abandoning Bitcoin and switching to altcoins that offer more features. Wouldn't it be less problematic if everyone used the Lightning Network to make Bitcoin more affordable to use?
Do you have use lightning network in the first place? you can't just expect people will adopt lightning network when you're not even use it.I'm saddened to see everyone abandoning Bitcoin and switching to altcoins that offer more features. Wouldn't it be less problematic if everyone used the Lightning Network to make Bitcoin more affordable to use?
It's not easy to use lightning network and it's not cheap if you're not regularly make transaction since open a new channel you need to pay fee for the miner. Since lightning network isn't friendly use and only cheap for many transactions, why not they just choose altcoins with cheap fees?
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
The same question arises when the network becomes congested, and there isn't a single individual in the world who has come up with a solution. Some time ago, during the Dust Attack on the Bitcoin network, all users complained about high transaction fees and lengthy transaction times. This, of course, poses a hurdle for everyone as Bitcoin gains mass adoption among the general public. Improvisation is sorely needed, whether it's now or when the network is being used by a large number of people. The question that looms is: who can control the transaction speed to make it more user-friendly?I'm saddened to see everyone abandoning Bitcoin and switching to altcoins that offer more features. Wouldn't it be less problematic if everyone used the Lightning Network to make Bitcoin more affordable to use?
Well, I can't deny that my financial life has changed after I found out about and got involved in crypto. At least I have more sectors for my investment purposes. And I can also get some profits from transactions in crypto. Even sometimes I have profits from crypto trading. And this has added to my income apart from the business that I am currently running.
We never know what will happen in 2030 but talking about the level of adoption then I think by then there will be more crypto adoption in various countries. Because today's younger generation is definitely increasingly aware of and getting involved in crypto. And several countries have also started to be more open and support the education of their citizens to become more familiar with crypto.
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
.... and most importantly the impact on the financial system of the world. Who seriously thinks that some 1 trillion dollars of crypto market capitalization can affect the world economy ?
Many people even think that it is supporting and positively impacting the world economy. With a capitalization of $1 trillion, it is only 1/3 of Apple's capitalization and only 1 year of the US military's annual defense spending. Cryptocurrency is still too small in terms of macro influence, too many people have illusions about its power.
@Unbunplease, although bitcoin is old and outdated when compared to other blockchains but one thing you should remember, it is still the most secure blockchain by far, no one can hack or meddle with it. But whether its use worldwide is good or bad for the bitcoin network, is still a question worth thinking about.
Cryptocurrency market value may be around a trillion dollars at most but not considerable compared to the market value of the economies so we exist but not in a way as you exaggregate, They have not yet reached a scale where they can significantly impact or rival the market value of well-established global economies. But I am sure there will be a day when it comes bitcoin becomes inevitable from the economy which may co-exist with the traditional system or overshadow it and take its place.
If you understand how things work you'll realize that it's impossible for the World to be powered by True Cryptocurrencies. They are not fiat currencies which are under the control of World governments.
For the World to be powered by cryptocurrencies, the cryptos have to be controlled by World governments or system. And once a cryptocurrency is captured and controlled by the world it no longer qualifies to be called cryptocurrency.. . It becomes false cryptocurrency or fiat currency because it has been hijacked and turned into something else that is contrary to the ideals of true cryptocurrency. The problem with fiat is that its power is centralized and can be easily abused while Cryptocurrency power is decentralized and abused is checked by everyone or holders of the powers.
In regards to the question you asked at the end of your post, the simple answer to that is no true cryptocurrency will be allowed to power the world or its financial sector. It has to be currency they control or they won't allow it. Ofcourse there are plans by World powers to control Bitcoin before using it or adopt it first in hopes that it will be hijacked and turned into fiat currency in the future but that won't work out for them. Another way they could handle things when they find it hard to capture Bitcoin is to Clone/Create bitcoin-like centralized chain or sidechain they control then call it Bitcoin and get majority to use it
I would say one day people could overthrow their own governments, and I do not mean a rebellion that picks another leader, that has never worked so far, I mean something that changes the whole system. People will be in charge or the rulers and democracy would be done the way it should be. Whatever that people wants, will be given, I mean the majority of course. Nobody will force rules down peoples throats.For the World to be powered by cryptocurrencies, the cryptos have to be controlled by World governments or system. And once a cryptocurrency is captured and controlled by the world it no longer qualifies to be called cryptocurrency.. . It becomes false cryptocurrency or fiat currency because it has been hijacked and turned into something else that is contrary to the ideals of true cryptocurrency. The problem with fiat is that its power is centralized and can be easily abused while Cryptocurrency power is decentralized and abused is checked by everyone or holders of the powers.
In regards to the question you asked at the end of your post, the simple answer to that is no true cryptocurrency will be allowed to power the world or its financial sector. It has to be currency they control or they won't allow it. Ofcourse there are plans by World powers to control Bitcoin before using it or adopt it first in hopes that it will be hijacked and turned into fiat currency in the future but that won't work out for them. Another way they could handle things when they find it hard to capture Bitcoin is to Clone/Create bitcoin-like centralized chain or sidechain they control then call it Bitcoin and get majority to use it
I know that it sounds like impossible and also chaotic, but I do believe that one day people will stop thinking that it's fine to elect one or the other, and realize that this is a public service position that shouldn't have this much power and elect a whole new system. In that case, crypto could be used.
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
That's a great description!
- we are starting to realize that blockchain is not money, it is technology.
- a technology that is far from being used on a mass scale !
.... and most importantly the impact on the financial system of the world. Who seriously thinks that some 1 trillion dollars of crypto market capitalization can affect the world economy ?
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
Technology can be developed and updated, and Bitcoin is no exemption on this. If you look at the Bitcoin history, Bitcoin is constantly being updated, see the segwit and taproot upgrades.
If you think that Bitcoin technology is not moving forward, you are very wrong. It may be slow but it is for networks security since it needs a lot of testing and needed consensus for any major update to be implemented which may take years on the process.
Aside from that we already have the Lightning Network to handle the possible congestion problem in the on-chain transaction when adoption is greatly happening.
Cryptocurrency does not help many people richer, does not help a nation richer.
It mostoy help scam founder, developer teams and scam influencers richer. Many newbies, investors lost money in cryptocurrency.
They even buy bitcoin, that looks a good decision, but stored bitcoin on centralized exchanges and lost coins to scam exits, bankruptcies or scams from close source custodial wallets.
It does help people to become richer. By the word richer, it does not mean that people are now millionaire. Can't you see the demand of cryptos? They won't grow like that if people are not benefiting with them. A nation can also benefit with it. It can be through tax and transaction fees. The only problem is many governments are too unknowledgeable to not adopt it.It mostoy help scam founder, developer teams and scam influencers richer. Many newbies, investors lost money in cryptocurrency.
They even buy bitcoin, that looks a good decision, but stored bitcoin on centralized exchanges and lost coins to scam exits, bankruptcies or scams from close source custodial wallets.
There are scam cryptos and if you blindly invest on them, that is the time you are only helping the people behind it. Anyone can lose money in cryptos not just the noobs but if an experience user lose, it can be a natural one or not because they invest on a scam project. There might be other reason on why a user can put Bitcoin on a CEX. It can be that they are earning a reward on it. If not then indeed, that it's better to store it in a wallet that we fully control.
I think by 2030 bitcoin will be known by every financial company, but will it be "used" by them all? I am not sure about that. I understand the need to see it grow that big, but sometimes that doesn't happen and we just have to accept that faith. I get that it is going to be tough and we are going to end up being a little different on that subject, but as long as we have it working then we should be fine with it.
I get that humanity requires some changes because the current fiat system is not doing that well and we need to make it work somehow, but as long as it exists in this period then we are going to be doing fine with it. I hope that it gets to a point where it could be considered a powerful return for us.
This would be very possible to happen, especially considering the current conditions, the movement of bitcoin is increasingly accelerating, especially after Covid, it is indeed possible for something like that to happen where mass adoption arrives.I get that humanity requires some changes because the current fiat system is not doing that well and we need to make it work somehow, but as long as it exists in this period then we are going to be doing fine with it. I hope that it gets to a point where it could be considered a powerful return for us.
Even if in the end this just goes back to commodities, as long as there are no detrimental regulations from the government, I think it can still be done and it is possible for several countries to make bitcoin a means of payment, just like El Salvador is doing now.
But that is hope and now it is still early at that stage and we must continue to try to do so that renewable technology like bitcoin continues to be in the same condition and develops over time because it requires extra effort from us as users and people who believe in bitcoin that bitcoin is not something scary and threatening.
The whole question is, will the bitcoin blockchain survive if millions of people start using bitcoin at the same time? The technology is outdated, the size of the blockchain is huge, transaction fees are another problem. Widespread adoption of bitcoin is not a good thing, no matter how many people claim it is.
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