Topic: World economy is now being powered by cryptocurrencies. - page 3. (Read 720 times)

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.

The irony is that Bitcoin itself is not "hackable" yet hackers find themselves stealing some amount of BTC/crypto that is worth hundreds of millions, if not billions, every single year. The traditional financial sector with reversible transactions are more immune to damage from hacks. I don't prefer reversible transactions or the modern banking system, though it is a bit naive to suggest crypto is a solution to hacks.


Global adoption is going to take more than seven years. 2030 is too hopeful.

But cryptocurrency exchanges, investment funds and processing companies are already controlled by governments. It is not profitable to mine cryptocurrencies on your computer or other equipment at home, so new users buy cryptocurrencies on exchanges and governments know the wallet addresses of their citizens.

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

With the change of time, crypto currency is becoming more popular among people. Many countries around the world are now expressing positive comments towards cryptocurrency. A number of countries have legalized the use of Bitcoin for their citizens. In modern life people want some modernity in transactions also. Earlier people used to use cash mostly but now the amount of cash usage has reduced a lot. During this time, people convert their money into cryptocurrency instead of keeping it in the bank. As the popularity of cryptocurrency increases, it will be seen that cryptocurrency is controlling the economic system of the entire world.

It caught my attention a bit,  why did you ask this? Second, do you think anyone can answer exactly what will happen in the year 2030, even though you know no one has been to the future like the year 2030? Wouldn't it be better to talk about the current happenings around the world in the field of cryptocurrency?

We know that with each passing day, the value of Bitcoin in the market really increases, as has been proven by the time that has passed since it started. Even though there have been various issues, such as large-scale hacking scandals, in this field, other cryptocurrencies besides Bitcoin still exist. So, in short, these current events in the cryptocurrency market will continue to increase its dominance in this industry in the coming years.

Bitcoin will indeed get more users over time because of its increasing popularity among the public, so that the use of Bitcoin can also increase every year. But it's true that on the other hand I also don't think that the use of Bitcoin will be the same as fiat or exceed the fiat that has long existed in society, because it is also influenced by the total number of Bitcoins that are known even though there are still leftovers that have not been mined by everyone.

Bitcoin can indeed be the best option for transactions other than fiat, because several wallets that support Bitcoin have made services for Bitcoin more and more so that it has made it easier for everyone to use it quite comfortably and safely. For example, as you mentioned, people in poor countries can also have wallets to store Bitcoin even though they will not ignore fiat in their lives. Now, from a number of these things I also started to think that in every cycle the price of Bitcoin itself will tend to increase even though it is still accompanied by a price correction in the market.

The points mentioned by the OP are indeed very true and these are indeed facts. Maybe that indicates that the development of the crypto world and the existence of crypto currency are indeed very relevant for everyone. Because there are so many very useful aspects of cryptocurrency. So, now people are looking at cryptocurrency as a solution to a problem, as a way to make money and as an alternative solution to problems for the financial system. Therefore, cryptocurrency names are getting bigger and new enthusiasts are popping up every year. So you could say, the development of crypto currency is currently moving in a positive direction. Because as the OP wrote in the thread, cryptocurrencies have many uses and are very multi-purpose by nature. So sooner or later people will realize this and most likely there will be more and more crypto currency users in the world.

The year 2030, from the current year, is roughly 7 years away. This means that there are 7 years for crypto currency to be able to further develop its wings, so that it can be more attractive to many people. So in my personal opinion, most likely in 2030, the name cryptocurrency will be much bigger than it is now. Because now the era has advanced to an era of greater modernization, and this will definitely make cryptocurrencies even more profitable. So i can conclude that by 2030 cryptocurrencies will most likely dominate the financial sector. Because in 2030 the digital era will definitely be more advanced and bigger than now.

But with a note, that the development of crypto currency does not have big obstacles. Like the many scams, or the stock market crash. Because if that happens, surely the public's view of crypto currency will be a little unfavorable.

i think bitcoin will get more and more users but I don't think that it will used more than fiat. it seems that bitcoin will become the best alternative currency replacing paypal and other remittance service. I agree that bitcoin can help unbanked people in poor country, also those people will get at least two benefits, first they can store their wealth safely in their wallet , second  their wealth will grow as bitcoin price is increase.

You both (sayeds56, eightdots) are totally right, as syed said knowledge is necassary to mitigate the risks involved in crypto and as eightdots said many countries have initiated courses or training to provide more knowledge to people so that they would save themselves from scams and hacks.

I had many discussions on this topic before with lots of friends and on my topic (gere on BTT) and the conclusion was always to be aware of all types of old and new scams. And how one would save themselves from these scams. A little knowledge might not be of some use to you buy once you share it on your status feed then you start getting positive response. Like how your information saved them. The point is knowledge is power and necassary in all field of life.

And dear eightdots, I think it does not matter, either crypto is ban or not in your country if you have the interest to learn something, you can learn them online without any restriction or punishment from governments. No one will stop you or anyone from getting knowledge, while the problem can raise if you start to implement it. This not only goes for crypto while for a every other type of study too.

The network fee problem was getting better since the layer 2 blockchain system introduce, like Lightning Network for Bitcoin and Arbitrum on Ethereum. And I think what OP means by hack proof is that the core blockchain of the crypto is generally hack proof, but of course the Exchange, the Wallet and other supporting infrastructure is very much hackable, but blockchain as the basis for crypto until now is still really hard to be hacked. All that being said, I still also think that crypto in general need to be more scalable for an actual mass adoption, compared to the current Visa/Mastercard or other payment, cryptos are still lacking behind in term of scalability.

I mean cryptocurrencies have high transaction fees if the network has a lot of congestion I mean 1 small transaction could cost you up to 100$ each transaction you could already see the Ethereum network how high its fee is when the NFTs become popular. Bank transactions will cost less and it is more reliable and faster than cryptocurrency transactions for sure because banks are centralized platforms.

Cryptocurrency is prone to hacking we could already see a lot of people getting hacked and its not 100% hack proof even though there where still no one that could crack or hack for example Bitcoin we are still not sure if it is going to stay that way, I mean there was no such thing as safe in the internet everyone is prone to hacking.

There are a lot of positive and negative factors of cryptocurrency in a country but for sure it still needs a lot of adaptation and growth in order to use this kind of technology since it's probably something new to most of the country since there was still no basis on cryptocurrency. We don't know if cryptocurrency is still going to exist after 5 or 10 years, so it's still a risky option, for me I just treat cryptocurrency as a investment and i just investment the money that i can afford to lose.

Are you sure with what you are saying? What evidence do you have that bitcoin's decentralized nature is the reason for governments to adopt bitcoin? And if what you say is true then why have not many countries accepted bitcoin as a currency so far? How will Bitcoin significantly impact the economy of each country when it is just a highly volatile asset? If just accepting bitcoin improves the economy, why aren't governments accepting it? I learned that it is the decentralization of bitcoin that is the barrier that prevents the government from accepting bitcoin.

Indeed, your perspective on cryptocurrencies is valid. Although cryptocurrencies are experiencing rapid growth in popularity, and individuals and institutions are integrating Bitcoin and other crypto currencies in their investment portfolio, but still cryptocurrencies have not yet achieved dominance within the global financial system. However, as their adoption continues to evolve, they are likely to become increasingly mainstream as a method of payment in future.

We are aware that Bitcoin and other cryptocurrencies are frequently the target of hacking attempts, which serves as more evidence of the high stakes nature of this business sector. There are now certain nations that are progressively embracing the idea of Bitcoin because they recognize its potential.

And the decentralized nature of Bitcoin's system is arguably one of the primary factors in its acceptance by most nations. And it will have a significant impact on each nation's economies. Aside from that, the Bitcoin or cryptocurrency realm has greatly aided this industry. And every company that adopts it has a pretty bright future ahead of them.

Cryptocurrency may not be as significant as you think. In the world, it represents only 2.4% (Q4 2019) when compared to traditional currencies that have long been familiar to society. Perhaps if we estimate up to this point, it doesn't exceed 10% when compared to traditional FIAT currencies.

Cryptocurrency indeed has an influence on the global economy, but its impact is not yet substantial. Nonetheless, this is good news, as it means you can now incorporate a significant percentage of cryptocurrency into your life and begin to explore its advantages. By claiming that the economy depends on cryptocurrency, you are becoming increasingly reliant on crypto itself.

Slowly but surely, cryptocurrency will become better known to many people in the future. And its challenging adoption phase will undoubtedly be overcome at some point.

In fact, this applies to all investments. It is necessary to have knowledge before making any investment. For this, the resources we will receive training must be of high quality.

Although governments do not legally accept Bitcoin, they must protect their citizens from any form of fraud. In countries where Bitcoin trading is not prohibited, the state is required to inform its citizens about Bitcoin investment.

In the country where I live, crypto-related trainings are given in many universities. I attended some of these trainings and saw their benefits. Similar studies need to be done all over the world.

Certainly, you have highlighted an important point regrading education and awareness about crypto currencies, which I think is essential for their continued growth and adoption. It is true that scams and hacks act as significant barriers towards widespread acceptance of cryptocurrencies, and many of these unfortunate incidents could have been avoided with proper knowledge and precautions.

In essence, there is no doubt that cryptocurrencies offer exciting opportunities, they also come with inherent risks. It is important to stay well informed and exercise caution to mitigate those risks.

With the feature of blockchain technology, Bitcoin has already answered this question.  Bitcoin is now considered a legal tender by some countries and a mode of payment by many countries.  Bitcoin is also considered by the US as a commodity while China just announced Bitcoin as legal property.  Bitcoin has been used as a payment system by several merchants and even government institutions are now accepting Bitcoin as a mode of payment.

The adoption of Bitcoin in finance industries has been promulgating for years I think it almost covered the financial sector when it was accepted as a payment system.

I think you should not write it as cost-free transactions instead cost-efficient or cost-effective would be better because we know we can not make transaction without paying nay fee cost. But we pay smaller fee even while having a trade or transaction of millions. I am not including the tax factor.

You are right at your point but just a bitter reality, number of hacks are way high when it comes to crypto sphere because most if the newbies are unaware of the simple rules that could save them from scams and hacks but no they have to date some random girl on tg or X or they have to make $10,000 in one night without any investment.

Knowledge before using crypto is must otherwise number of hacks and scam cases will not stop to decrease.