What does Bitcoin offer the world economy

[cyberpinoy]

Bitcoin was a digital currency created to transact our cash to places anywhere in the world, even in places traditional funds are not found. A lot of people confuse Bitcoin they fell it si a way to replace cash, but what they do not understand is it is not created to replace any currency, it was created as a better way to transact it. For example, A japanese industry needs to purchase a product from Australia in order to manufacture the item they will export. In order for this to happen Japan MUST trade the yen for the Australian dollar in order to make that purchase. Biutcoins was created to eliminate this process. as well as the exchange fes and transaction fees your bank charges to make that happen. You can easily send Bitcoins to the seller who can then trade them or the Australian dollar on the open market and complete the transaction actually faster than your bank can.

Now knowing that one of the first industries threatened by Bitcoin is the Foreign exchange how can Bitcoin effect the world economy. If Bitcoins destroys the need and prominent use as the foreign exchange market this destroys all your market moving banks like Bank of America, JP Morgan, Deutsche bank, Barclays and other big bullion holding or market moving banks. These banks share a profit of over 4 trillion dollars a day using commodities fixes, Currency collusion, and price manipulation to buy and sell currencies for a profit.

If bitcoins were to eliminate that industry what effect would it have on the world economy. It is saving Big importing businmesses hundreds of thousands of dollars a year, but may very well force banks like JPO Morgan and Barclays and other market movers to go bankrupt.

Now why would a big bank like that go bankrupt, we all know how rich people live, they do not look into the future, and if they get in a jam they find a way to buy themselves out, However knowing this, and knowing how much costs they have because they depend on that cut of the 4 trillion a day in profits, what happens when that 4 trillion a day disappears? what can those banks do to make that back? Another bail out? Higher account fees for you and me? Higher interest rates on loans and lower interest rates on MMF and CDs? And when that happens what will we do, Pull our money out of JPs pocket and put it with a no name local bank who doesnt have all those issues.

So you see its not cash per say that is threatened by bitcoin, it is the big market moving and bullion holding banks, Western Union, paypal and places like this that are threatened.

What will this do to our world economy?

 

[KimberlyD]

I have been hearing a lot about bitcoins and my boyfriend has been trying to find ways to mine it. Recently I discovered that Microsoft has picked up bitcoins as a payment system and so I have actually been considering using it as a payment system for my store. It seems to be grow pretty quickly in the past few years as a payment system. Before it was something for tech heads and such to play with. Last I checked the bitcoin value also went up quite a bit to $352.00 a coin.

I think it is about time the world have a single type of currency, I think Bitcoin would be a good exchange for that. It eliminates confusion and problems with currency exchanges that way.

 

[cyberpinoy]

I have been hearing a lot about bitcoins and my boyfriend has been trying to find ways to mine it. Recently I discovered that Microsoft has picked up bitcoins as a payment system and so I have actually been considering using it as a payment system for my store. It seems to be grow pretty quickly in the past few years as a payment system. Before it was something for tech heads and such to play with. Last I checked the bitcoin value also went up quite a bit to $352.00 a coin.

I think it is about time the world have a single type of currency, I think Bitcoin would be a good exchange for that. It eliminates confusion and problems with currency exchanges that way.

There is a lot that goes into a Bitcoin business today. A lot of time and sometimes a lot of money. I have a built a website to help people become more aware of bitcoins and learn how to get some without any out of pocket expenses. There are a lot of ways to mine them, there are even more ways to get your hands on come coins. I try and walk people thru the process in my website. I give people a lot of tools and things they can use to help progress their new Bitcoin business forward. And none of the information on my site costs you anything, heck I dont even have a membership set up its all just free to use information.

 

[missbishi]

In theory, having a universal currency would be great - so convenient and simple. I'm not sure it will ever happen though. Firstly, cyberpinoy is right, this would be a serious threat so several established businesses - an entire industry , in fact. Secondly, a universal currency would really highlight the difference in the cost of goods all over the world. Currently, we might hear, for example, that an item is £40 in the UK and $45 in the US. These numbers alone don't tell you that actually, the US goods are £10 cheaper. Using a single currency would make these differences all the more obvious and could even cause unrest.

 

[Gelsemium]

Crypto currencies are something fascinating to me, but I feel that I still have a lot to learn in this area. I see BC and other coins pretty much like the stock market, but how can we understand it's volatility? That's what puzzles me.

 

[weepforsweep]

There is a set amount of BitCoins, so it won't become worthless. A universal currency is a nice experiment and I hope it becomes a major powerhouse.

 

[mylindaelliott]

I know very little about Bitcoins although I hear about them all the time. I am interested in reading more and learning more about it. I think banks and other financial institutions should be afraid. They have cheated us for so long...

 

[DeltaForce103]

Ecuador plans to introduce their own cryptocurrency, but in the process have banned bitcoin. A decision that is entirely counterproductive to a lot of the advantages and vision behind the cryptocurrency movement. I fear that while the technology may exist, the philosophy behind decisions made in government and central banks have to change to properly leverage it.

 

[cyberpinoy]

I do not want to see Bitcoins become a universal currency, But I would like more places to begin to use it to transfer their local cash to international places. Bitcoins was not set up to replace our cash system, it was actually meant to be used in conjunction with our cash. But so many people see the real threats behind bitcoins protocol and assume it will replace cash.

Ecuador would most likely be banning Bitcoins because they plan to have their own Digital currency. Africa has ran its country on digital currency for a long time already so it is quite beneficial. The reason they are banning bitcoin is because if you have your own countries crypto it is nin competition with Bitcoin. Bitcoin is the most valuable and could be used to manipulate their market or even worse cause it to fail faster than they started it. The crypto markets have no rules no limits and any market can be easily manipulated at any time wiht eough bitcoins backing up your purchasing power. SO I think in order to limit this they maybe trying to ban it and its use, However it wont work because the tradable market is an international industry if people really want to crash their coin they can do it from anywhere in the world.

 

[Gelsemium]

There is a set amount of BitCoins, so it won't become worthless. A universal currency is a nice experiment and I hope it becomes a major powerhouse.

It's not a matter of being worthless, I agree that it won't be worthless, but no one want to lose money, if I am buying bitcoins I am expecting to gain money and not to lose a lot.

 

[cyberpinoy]

It's not a matter of being worthless, I agree that it won't be worthless, but no one want to lose money, if I am buying bitcoins I am expecting to gain money and not to lose a lot.

Buy when the price is under 100 bucks then. you may get lucky and it might even hit 50 to 75 dollars this year. thats when you buy for sure, even at 100 bucks a coin you should be good to make a lot of profit on that. We have a few things happening in Nasdaq right now that could really explode the value of Bitcoins if the people involved play their cards right. So if you are lucky enough that it hits 100 bucks or less thats when you want to buy.

 

[ProShell]

Buy when the price is under 100 bucks then. you may get lucky and it might even hit 50 to 75 dollars this year. thats when you buy for sure, even at 100 bucks a coin you should be good to make a lot of profit on that. We have a few things happening in Nasdaq right now that could really explode the value of Bitcoins if the people involved play their cards right. So if you are lucky enough that it hits 100 bucks or less thats when you want to buy.

I would love it if I could still find someone to sell me BTC for under 100 dollars right now, they are going for well about 280 dollars per coin at spot values these days.

I'm trying to boost the fraction of my holdings in bitcoin, since the falling dollar is going to result in higher BTC face value soon enough.

 

[missbishi]

The price of Bitcoins has stayed low for some time now. Traditionally, it tends to make a quick recovery though. However, we simply cannot predict what will happen next so for now, I'm going to hold off buying any Bitcoins and continue to collect the free ones which are available from various websites.

 

[fire421]

It will create a universal currency that will make it easier to buy from other countries. I see it as good for the economy.

 

[KimberlyD]

It will create a universal currency that will make it easier to buy from other countries. I see it as good for the economy.

Here is the issue behind that.... it will cause economic melt down in some countries. Now I am for world unity and a singular currency throughout the world but if we were to try and do that... poor third world countries would be in a lot of trouble.