Topic: World economy is now being powered by cryptocurrencies. - page 4. (Read 720 times)

I think you need to realize that we are already achieving this with bitcoin in the global economy and those that have adopted bitcoin were already seing the change in their financial economy, a good example is from seeing how the bitcoin network has yone globally and being well recognized, ever since the introduction of this digital currency, many have valued it impact by adopting it are so many others were still interested in learning about it as they were being informed something newly introduced is changing the whole financial economy to decentralization on digital network

A lot of nonsense. Try to compare the cryptocurrency market capitalisation with other markets. You will see how minuscule the power you thought of.

Managing a wallet is hard for most people and the transaction certainly is not free.

Smart contract vulnerability exists. It did not give a solution to the hack problem.

I'm pretty sure poor countries have more pressing problems than simply what cryptocurrencies can offer and solve.

Again, As I said firstly, it is insignificant in the world's financial activities as of now.

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You see, you spout many absurd things. It is similar to people who perceive many things can be solved by just incorporating a blockchain. Now you just seem considering it with cryptocurrency. A lot of complex problems in the world, financial and economic are not exceptions. Yet you just blindly narrating nonsense.

If banking system is not available on this country, I’m not sure how can they afford crypto either to use for there investment since there’s no way for them  to convert their fiat to crypto currencies vice versa if there’s no bank or other services that will process it unless those people earns their crypto through online job.

I experience to leave on island which there’s no bank, I believe I will be having a hard time when I use crypto in there instead for a bank. Bank is still required or 3rd party services that will process fiat to online.

If am not mistakenly we just have 7 years closer to the said date, and the answer to this question will be answered if cryptocurrency (Bitcoin) will be legalized globally then we can say all financial sector could implore it.
Naturally in the area of hacks, this is one thing unavoidably be it the banking sectors or in the cryptocurrency sphere as a matter of facts they are paying much attention to this aspect of it so that anyone venturing into cryptocurrencies investment and trading would as well take security precaution as its plays very vital role in holding and saving our investment. I think anyone who could managed this aspect of cryptocurrency would actually last long in the industry without having to record any hack or security bridging, which is very much common with nowadays cryptocurrency exchange (CEXs).

There are several things I want to criticize, it's not that I don't agree with bitcoin or crypto, but it still needs improvement so that cryptocurrency is ready for mass adoption throughout the world.


I don't agree with you, Transactions of large amounts of money may make fees look cheap, but in transactions of small money, the fees become very expensive. Especially bitcoins


In my opinion there is a lot of bitcoin or alt theft. Maybe the theft is not by breaking into the bitcoin network, but there are lots of bad malware on the internet, lots of phishing sites that will expose your keys. If your wallet has been hacked then no one can help you, maybe it's better if your bank account is hacked because usually the bank will provide compensation for such problems. Education is needed before bitcoin is implemented en masse
      

I'm not sure about your statement, most countries whose citizens don't use banks will likely be more confused about using crypto. How they buy, exchange and secure wallets. It's much more complicated than a bank account


Those are just a few, what's more important is if there has been a breakthrough in payments using bitcoin at companies that sell basic necessities, because people buy them more often.


I honestly want bitcoin to be a legal alternative currency worldwide, but I don't think it will happen in 2030, maybe at least in 2050 it will probably happen.

While I do believe that the future is crypto, there are just some things that can't be processed in my mind. Like connecting banking and cryptoing.
It's because if we're going to remember some important points about crypto and that is we're the actual ones who should play the bank in our own.

You don't necessarily have to be a trader, to make Money in cryptocurrency nor do you have to be involved in Crypto-currency signature campaign, you can sell you services in the cryptocurrency space, like I no web designers that are working for Crypto-currency projects and are doing well for themselves.

The first thing in making money as an independent person is having a skill that is sorted out for then you can channel it into the crypto-currency space and you would be making money that way .

Not decentralized crypto, but it will be full of CBDC because it's issued by the government and they have full control over their coins.

Well it's not as easy as you say for unemployment to make money through cryptocurrency because not everyone can become a trader. If you refer to this forum, signature campaign is limited and only the high quality poster can join it.

Cryptocurrency is just a payment method, it's all depends on their skill to get a job.

l think cryptocurrency is making its advancement, and gaining more recognition among the people globally, but things are still moving in the up and down pattern. With this, it might take longer than expected to make such achievement, beyond 2030, and no one can guarantee exactly when. All things being equal, cryptocurrency is gradually enhancing.

It is true that crypto currencies and in particular has potential to play a significant role in shaping  financial landscape due to its inherent nature of decentralization and its ability to serve as hedge against inflation. However, it is premature to predict that by 2030, they would be widely adopted as mainstream method of payment. There are several challenges those need to be addressed before such widespread adoption can occur, such as regulatory uncertainty, volatility of crypto currencies,  technological advancement and infrastructures are required to reach remote areas and educating the masses about how to use this technology and proving accessability to all segments of society, which is lengthy and complex process.

Of course, in 2030 we will see cryptocurrencies taking control of various financial sectors, that's because cryptocurrencies are very safe, transparent, and fast. Apart from that, the adoption of cryptocurrencies is something that cannot be avoided even though government regulations on cryptocurrencies often change ^{(depending on their interests)}
cryptocurrency users around the world continue to grow and difficult employment opportunities make many people try hard to find ways to make money from cryptocurrency, simple things like this are what make cryptocurrency increasingly dominate the financial sector.

That's still about 7 years away and will anyone be able to predict what will happen in 7 years in the crypto world? even in one night, everything in the crypto world can change drastically.
And somehow I see it as nonsense to say that the world economy now is powered by cryptocurrencies, even though the scale of the crypto economy is still quite small when compared to the economy of one of the prosperous countries.
Everywhere everyone still uses fiat, even when you have the choice to use Bitcoin, you will prefer to keep it because you think about future profits due to price increases. Even if you want to use Bitcoin, exchanging it to fiat is the main choice because you won't find many shops which accept Bitcoin as a means of payment, so you are like a very optimistic person, and maybe because your community is the one who benefits from airdrops or bounties so you think that the world economy is getting powered from cryptocurrency, because you are the people whose economy is changing because of crypto.

Although the popularity of cryptocurrencies is growing among users, the world economy still depends on the dollar, euro and large global organizations that control global financial markets and banks. In many countries, there is no regulation of cryptocurrencies or laws do not allow companies to develop this area of ​​business. I think that we are still at the very beginning of the development of technologies that can be used in everyday life.

The only way they can both benefit from the crypto banking is imposing tax on the people who are using crypto for financial purposes. With this method, some government can milk their citizens by imposing heavy tax on them which can discourage them from using cryptocurrency. The government always goes for what favours them and that is undeniably the truth about bitcoin not fully adopted into the financial sector of all countries in the world.



We hope so but it still depends wholly on the government of each of the nations that will adopt it fully into their financial sector. As it has been said before, without them having proper regulations of it, they won’t want to adopt its use to their citizens.

Bitcoin is a technology so any country that will want to adopt and implement it would have developed technologically to be optimally enriched with the digital tech and not that by implementing bitcoin a drastic development will quickly erupt in these least developed countries. Moreover it's a people that are technologically inclined that can practically get the best out of bitcoin.

2030 is 7 years ahead and short period to me in thinking that cryptocurrency will pervade almost every financial sector of society because the government are not acting as people that are in the business of giving up their economic power and control anytime soon.

It is not yet time to say that the global economy is driven by cryptocurrencies as the world is just trying to convert everything to this digital currency, but it is true in the near future will count.It is quite a reasonable claim that the world is being run by cryptocurrencies as the entire world's economic situation is now largely dependent on digital currencies.One of the biggest advantages of managing the global economy is that it is a secret system.

The modern world is going to depend on cryptocurrencies much faster than it can be assumed that the world will be after20 30 years Cryptocurrency era where only one management will rule is digital money by electronic money or hide money whatever we call it.
Cryptocurrencies have a few elements to operate based on which we can say the current system that governs the world is the currency viz.First of all there are reasons like independent transaction hacking and improving the banking system of developed and developing countries etc. and this can be easily accepted by people
It is amazingly trying to bring the world together or to bring about a management, but it may have some shortcomings, so it can be realized in advance so realistically aiming to manage the world with progress Actions must be taken forward.
It is a good thing that any developed and prosperous countries now use a fiat currency in case of danger, for example Russia.
In today's world, people want to get everything new, I believe that cryptocurrency will be chosen to improve the banking system of developed and developing countries and get better management and acceptance.
Finally, I can say that at present, not all countries have fully accepted or educated this system, and as a result of a lot of propaganda among people, its acceptance may be more in the future Cryptocurrencies will reign in the days I believe the visionary people in the modern world can see right now that the future holds for cryptocurrencies.Proper promotion and widening of its scope will increase the acceptance of this currency and remove misconceptions among people and this currency will rule the present world now and in the future.Since developed world countries are driven by this currency, it can be assumed that this currency is charting the current trend.

You need to know that cryptocurrency is a financial market, meaning there will be winners and losers, not everyone who invests in crypto will win. Those who invest in cryptocurrency have all changed, but losers have bad changes, so is it correct to say that it is contributing to the improvement of society and the national economy? Just like stock investment, foreign exchange investment, I have not seen anyone say that it improves unless you are serious about paying taxes to the government. And if you still avoid taxes, don't say it's good for the economy. A speculative market, and without practical application, cannot be said to be beneficial to the national economy.

I'll correct it a bit:

1. "Easy and free transactions: ...." is a moot point. For example, we know many examples, for example, with a huge commission on the network or huge transaction delays. For example, with us, PrivatBank and Monobank send money within the network with a delay ... a couple of seconds. With 0 commission. On other networks, the cost of a transaction is at the level of "kopecks". This is reality

2 "As a solution to hacking problems:...." - losing your private key - you lose your funds irreversibly. ALL. FOREVER. This is also a fact. That's how technology works. If your card has been stolen, you can block it in 10 seconds. But many banks have a lot of additional security tools - a dynamic CVV code, confirmation through the application, limits on transactions, ... This cannot be done in Crypto wallets. Funds sent to the wrong wallet - WILL NEVER RETURN.

3. "Benefits of crypto-banking for poor countries:..." - perhaps yes, but there are nuances - this requires at least a basic data transfer infrastructure, and the availability of devices for working with crypto-wallets. On Nokia 3310 you will not be able to manage cryptocurrency.


4. "Importance of crypto in financial activities:..." - it doesn't sound bad, but the legislation, on a large scale, is not ready to accept crypto as a full-fledged currency. Perhaps the situation will change over time. But strict regulation in relation to the crypt is likely to become.

This is an analysis that shows that in a long time fiat will still be around because if you look at the fees for just a $ worth of coffee, sandwich and other little exigencies, you will see that bitcoin will be more preferred for major payments and not for little expenses to run the home. This shows bitcoin and fiat to exist side by side and moreover, bitcoin is more important for privacy payment deviod of third party. I would rather retrain myself from spending such fees for things like daily spending while using fiat to run such.

We know that every coin has two sides, so cryptocurrencies should not be taken for granted as something that contributes to the world exclusively in a good way. A large part of the "crypto industry" is actually a factory of lies and deception that generate huge profits for those at the top of the pyramid, while the rest try to pick up only the crumbs, hoping that they will get lucky with some project that they will invest in at an early stage and that will turn into something extremely profitable.

The OP is simply too optimistic and does not see (or does not want to see) reality, which is unfortunately much different from the illusions he is talking about.

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I think we already had a discussion on this topic and that it is obvious that Bitcoin payments (on-chain) when it comes to microtransactions is really not a practical or cheap way of payment. As an alternative solution there is LN, or even some of the altcoins that have cheap fees (or none at all). In economies where every penny counts, saving a few dollars a day can mean a lot.