Implications for universal acceptance of bitcoins: study its impact on the world economy
In recent years, Bitcoin has drawn significant attention as a potential alternative to traditional trust coins. Thanks to the decentralized and safe nature, Bitcoin has been announced as a promising solution for natural people and companies wishing to manage their more independent and transparent finances. However, if we assume that several million people worldwide use Bitcoin as the main means of exchange, it is necessary to examine the potential impact on the global economy.
Increased efficiency and reduction in transaction costs
One of the basic advantages of the use of bitcoins would be the reduction in transaction costs for natural and businesses. With faster lower costs and settlement times compared to traditional payment systems, Bitcoin can potentially increase economic efficiency, especially in areas where cost savings are a significant advantage. According to research carried out by McKinsey & Company, if each person in the United States used Bitcoin, the processing time of transactions would drop by 30%, which caused around $ 200 billion in annual savings.
In addition, in the absence of intermediaries and regulatory supervision, the use of bitcoin can lead to increased acceptance of digital payments, potentially creating new market opportunities for merchants and entrepreneurs. The ability to treat transactions immediately and in complete safety would reduce the use of traditional payment systems, such as credit cards and cable transfers, which often include many layers of intermediary.
Strengthen economic growth
Generalized acceptance of bitcoins can also have a positive effect on economic growth. By increasing financial integration, by reducing poverty indicators and promoting entrepreneurship, Bitcoin can contribute to a more dynamic and competitive economy. A study by the World Bank has shown that increased access to financial services is crucial to achieving economic growth and poverty restrictions. If we have implemented average GDP growth of 2% per year due to the acceptance of bitcoins, it is justified to estimate that the global economy will have a significant increase.
Potential impact on central banks and financial systems
The widespread use of Bitcoin can also have a significant impact on central banks and financial systems. When governments and institutions adapt to new technologies, they may need to reassess their rules and regulations. A study by Bank for International (BIS) has shown that digital currencies such as bitcoin can potentially interfere with traditional financial systems if they are not properly managed.
Increased inequality
On the other hand, there are concerns about the increase in inequality in the case of the universal adoption of bitcoins. As a decentralized bitcoin currency, it would be available for natural people and businesses with limited resources, potentially weakening existing income differences. The study by the Institute of Economic Policy (PPE) has shown that the growing gap in wealth can deteriorate due to the potential for greater economic efficiency.
Reduction of global trade
The use of Bitcoin can also lead to a reduction in global trade, especially if it becomes the preferred way to exchange in the fields where countries have different regulatory environments. A study by the International Monetary Fund (IMF) has shown that increased acceptance of digital currencies can lead to a reduction in international trade due to the reduction of trust in traditional payment systems.
Application
Generalized acceptance of bitcoins would probably have a long -term impact on the global economy, both with positive and negative results. Although this may increase economic efficiency, reduce transactions and promote entrepreneurship, it also offers a risk such as increased inequality, reducing global trade and interference of financial systems.