Jump to content
Betwrong

Can there be Bitcoin-based economy in the future?

Recommended Posts

As it is known, the current economic system wouldn't survive if there were no inflation. It is believed that the fact that the value of your money decreases over time encourages spending and investment, and that's how the whole thing works. If people were holding their money thinking that in the future they would be able to buy more with it than they can today, current economy would collapse. No new buildings would be built, no new technologies would be developed and so on, because all of that depends on people's spending and investing.

Exactly for this reason some people say that there can't be Bitcoin-based economy in the future. Although there are 12.5 BTC has been minted every 10 minutes currently, this amount is not sufficient enough to ensure the decreasing of BTC value over time, not to mention that the amount of newly minted coins will decrease to 6.25 per 10 minutes in February 2020, and will be decreasing more and more in the future.

But is it so? I mean, we know from our own experience that although it is very likely that Bitcoin will be over $50k in several years, or maybe even in a year, we are still spending our BTC for whatever reasons when the price is below $10k. So, maybe inflation is not that necessary, and there can be a good working economy with Bitcoin as its main currency, despite the fact that BTC is a deflationary currency?

Share this post


Link to post
Share on other sites

I think that it is difficult to base the economy on the fact that bitcoin it is not supported by anything. Although in our world everything is possible.

Share this post


Link to post
Share on other sites

Many economies currently, as I write this are using bitcoin as a form of payment. It is mostly economies with unstable politics, and high levels of unrest. I see much more potential though if more people adopt it.

Share this post


Link to post
Share on other sites

Revolution has occurred. Institutional investors started buying crypto currencies. Banks and governments realize that this discovery has the potential to attract their control. Cryptocurrency changes the world. Step by step you can stand aside and observe or you can be a part of history in making it.

"If the trend continues, the average person will not be able to buy one bitcoin intact in 2 years. When the global economy expands and markets show signs of recession, the world will turn to Bitcoin as a hedge against fiat turmoil and escape from capital controls. Bitcoin is the solution, and cryptocurrency as a whole will never go away, it will grow in usage and acceptance when it is ripe.

Share this post


Link to post
Share on other sites

Well possibly not sure but there is a slight chance that there can be a bitcoin based economy and that would be very very cool and i would like to live in that economy. 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×