Topic: World economy is now being powered by cryptocurrencies. - page 5. (Read 702 times)

OP, I have the feeling that you have used AI to produce this generic text. Is the website linked in this post yours?
Cost-free transactions? When where crypto transactions cost-free?
Solution to hacking problems? Crypto wallets can be hacked and drained. It has been proven before. Have you ever used Metamask wallet?
This "crypto helps people in poor countries" BS argument has always made me laugh. How could crypto help someone, who doesn't have enough money to buy crypto? How could crypto help someone, who doesn't have a computer and internet?
Big companies investing in crypto? Can you mention a few? I don't know about any major corporations currently investing in crypto.

OP is being too optimistic about Bitcoin, I would too but realistically all these points are still starting and not extensive.

I mean you don't see your local grocer with bitcoin QR codes in every corner yet in every country or many countries. This will take time and that is what we should strive to bring rather than be in a bubble about Bitcoin.

Not sure what you mean in the second point. Getting hacked while using a crypto wallet is devastating and has happened through many sources in many well reputed companies.

2030 seems like a round figure, but I am no hurry I would give bitcoin more time.

Actually cryptocurrency is one of the currencies that have much firm and I believe that cryptocurrency have many ways of its operations of the way people campaigns about bitcoin and it get influenced, the world economy is now powered with cryptocurrencies, I will not be astonished when I hear that because I know from the onset that bitcoin as it own have the power to overtake other currencies as future goes on, because its faster in transaction and its an asset you can invest to, some of the civilised government or countries use Bitcoin to accelerate some of their financial problems by investing in bitcoin with proper monitoring of the market.

2030 is more than 5 years. But even today in the neighborhood I can find someone who knows about cryptocurrency just like the guy who plants veges nearby, he has idea about crypto and have tried XRP.

Basically what is popular today will also be just as casual as buying something from the shop. Crypto will be adopted over time. And prices will also jump up as more are going to be holding.

It is already everywhere in finance. Almost every broker firm I know enabled crypto trading on their platforms.

https://grayscale.com/products/

Grayscale has a trust fund for btc and many alts. You can nowadays have an exposure to crypto without even having a crypto exchange account or mining crypto. Obviously by 2030, there will be even better and more advanced products. A few ETF's are on their way to get an approval from the SEC as I am writing this post.

This is what happen when someone is only understand about the theory than practical.

I live in a country where the minimum wage is $400 and I will break down my daily spending. Let's say every Bitcoin transaction cost for $0.5 every transaction, in the morning I need to buy a cup of coffee for $0.75 and a sandwich for $1, in the afternoon I need to buy fried rice for $1.5, then in the evening I need to buy cookies and bread for $1.5, I also visit a gas station to buy fuel for $5.

This mean my daily spend is $0.75 + $1 + $1.5 + $1.5 + $5 = $9.75, this what the cost if I pay using cash or digital cash.

If I pay with Bitcoin, then my daily spend would be $9.75 + ($0.5 x 5) = $12.25

Which one is cheaper, using cash or Bitcoin for daily spending?

This is what I hope for the next halving because people will be interested if they see a significant increase and this will make them curious, causing their interest in Bitcoin.
However, I believe that as time goes by, Bitcoin can help the economy of a country or individual due to its continued growth, especially for those who are familiar with the digital era. And there are still many people who don't understand Bitcoin, don't even know it at all, especially in rural areas.
Because, this still takes quite a long time, unless supported by the government. And it's only a matter of time.

Maybe not yet. The economies of most countries are not yet dependent on crypto. They still operate as usual and depend on government regulations, which are always changing. But if we talk about the future, especially for 2030, it can happen provided there is awareness from many people, especially the government, to start using crypto.

But if people, including those in the government, still rule out crypto presence and don't want to join in, we will still be where we are today. Crypto prices may still rise and fall, but the number of people joining may not have increased significantly.

People need something to start joining in crypto, like a sudden increase in Bitcoin price to $50k or even creating a new ATH immediately. They will only realize that crypto, especially Bitcoin, can soar very high. That's where they started thinking about using crypto. But for support, it will be bigger in the future.

Although the OP has written a well-written post on the subject, I do not agree with what he says. In an environment of rising rates, economies in general are not very bullish, and we cannot say that cryptocurrencies play an important role in the economies of most countries.


LMAO

The fact is that the cryptocurrency industry is relatively important in some countries, and will grow in the future. But today we should not exaggerate it.

Overall, the cryptocurrency industry has huge potential and if we exploit and focus on developing it seriously, it will play an important role in the future economy. But I agree with your realistic assessment, currently cryptocurrency is just a speculative market so it is not entirely correct to say that it will have a positive impact on the economy. Apart from bitcoin, which can become a means of payment, the rest of the market is purely speculative, with no real applications or use cases. So, to be fair, cryptocurrencies haven't brought much impact to the national economy, let alone the world.

CBDCs were created because of the existence of crypto. The government is creating something similar to attract more and my observation was based on my experience in my country. The sole reason why the government of my country created CBDC is to encourage people to abandon crypto for the central bank digital currency. There were campaigns in the media about the benefits of CBDCs and the risks of using cryptocurrencies.

None is better because they are both centralized. Some altcoins are totally under the control of individuals.

Total market cap of cryptocurrency market is still very small compares to market cap of NYSE or NASDAQ.

Comparison of the New York Stock Exchange (NYSE) and Nasdaq from January 2018 to July 2023, by market capitalization of listed companies
In July 2023
- NYSE $24.97 T
- NASDAQ $22.21 T.
Cryptocurrency market cap is $1.04 T and it is actually smaller because of many scam altcoins.

CBDCs are created for many purposes, not only to challenge cryptocurrency industry. Most important CBDCs help governments to observe and tax their citizens better.

They are centralized like altcoins but worse as totally in hands and controls of governments. They can freeze your CBDCs anytime even in your accounts.

The decentralized nature of Bitcoin gives everybody equal and free access to its network from any part of the world. With robust mobile and internet connectivity, India has one of the fastest-growing Fintech industries in the world. Yet about  22% of Indians are unbanked as of 2021 and a recent report put the number at 190 million people. Cryptocurrency indeed can be a banking option for them to save and also make some transactions.

But it would be wrong to assume that cryptocurrency is the solution to all their economic problems. Cryptocurrency alone can not make an underdeveloped nation develop. We should understand that cryptos are alternative currencies and investments but not a quick-fix economic development tool.

Currently, cryptocurrency is a big player in the global financial system since it is used either directly or indirectly in many parts of the world. To challenge the progress of the crypto industry many central banks have introduced CBDCs. These CBDCs have similar qualities to altcoins due to their centralized nature, but none can be decentralized like Bitcoin. So for anyone to enjoy the true benefit of privacy and security Bitcoin is the only option. With the recent improvement in bitcoin awareness and adoption, by 2030 more nations, corporations, and individuals will embrace the technology but I doubt if it will spread to everywhere in the world. Most nations might still be lagging due to stringent laws and infrastructural deficits.

IMHO, that's still not that much of years for the development in terms of adoption. That's still considered as a short time but we don't know what will actually happen.
What we're just sure about with cryptos is that they're growing faster, especially with the main thing in this space which is Bitcoin. We might be getting the idea right now that many companies in the financial sector are have their share already on it. Some may go crazy as the others that's been known to be investing millions to billions. It is what it is but 7 years from now on, there could be a huge growth that we have never expected and the market will grow vastly and I'm optimistic with it which it goes with two halvings by that time.

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.

I don't think the world economy is depending on cryptocurrency for now. The world economy is on own it own looking at how bitcoin is going to be. The world is still afraid of cryptocurrency specifically bitcoin because of it decentralized nature and it value in the stock market. They are afraid that bitcoin might take over the economic system of the world and when that happens, it will affect their personal interests.

Cryptocurrency has elevated plenty lower class people to middle class. And cryptocurrency is a threat to the fiat economy because of the bitcoin protocol and bitcoin network. Because the world leaders can not have access to the network to control the technology to favour themselves.

2030 is very near to think of the economy having complete dependence on cryptocurrencies. The possibility depends much on the adoption taking place around the world. In some part of the world it is possible to see good support and increased usage. This will surely have a difference in contribution between different zones. Bitcoin is easy and cost free transaction system, but when are they used. When sanction imposed over Russia, the country people used cryptocurrencies. This is considered an alternate than a real fashion.

Depends on where you live and what kind of transfer (not transactions as you don't transact banks!), if it's the same bank or national bank the banks win, if it's a transfer outside the country BTC wins, if there are large personal sums moving out of the country, you wouldn't want to be using banks at all.


In theory, it is possible, not "hacking" but different types of attacks, also you shouldn't generalize, some shitcoins blockchains that are heavily centralized or rely on just a bunch of nodes are just as susceptible to attacks as banks, remember the DAO hack, the ETC attack and let's not even mention all the shitcoins that die each week because of bad programming.


If you go by personal cases then it's impossible to create a bulletproof system, soon for later even with the most secure design somebody will make a mistake, but that will not be the fault of the protocol itself, in Luke's case it was his own setup that was faulty, just as you won't be able to blame the bitcoin blockchain or code for a bug in Electrum.

The World economy was purely depend on the cryptocurrency now,the reason behind this was many people now earning using the cryptocurrency.Some people earning from the cryptocurrency trading,some people by using their social media account and earning some tokens.Some also earning from the forum campaign payment,by many ways people earning crypto currency.The same money was used by the people for using the services in their country.So they are paying the certain part of earning money for TDS and some for the service received from the society.

Crypto surely had its ups from the past and we're now proud enough to say that it's got its own economy now, but on that note I wouldn't be so hasty as to say that the whole world is now being powered by cryptocurrencies, especially since crypto is still massively dependent on its speculative nature for survival. I say that at best, we have gotten from being a measly asset that is dismissed by many to a trillion-dollar industry that's able to change the lives of many people around the world in one way or another. It's great enough as it is and we're sure to experience even more amazing things in the future. But let's stay grounded for now and remain humble despite the constant successes, we're still at the few laps of the bear season after all and we're not even sure how long this will go for.