Say cryptocurrencies take off and people hold more of their savings in crypto instead of bank deposits. Currently everyone's savings is in bank accounts which is being lent out to businesses and hence stimulating the economy. What is going to happen if bank deposits drastically decrease?
On the one hand, maybe it will not have much effect on the economy because since lending will become tighter, businesses will need to justify the loans more (vs. if there is easy access to money) and will create stronger proposals. On the other hand, could it have a detrimental effect on the economy?
Bitcoin won't mess with the banks. Bitcoin is a big bubble & definitely not worth its current value.
Cryptocurrencies in general, however, definitely do have the potential to beat banks. I know a lot of people who are looking for places to put their money and gain a little interest, other than banks. Why? Even the best banks offer only about 0.1% interest, whilst the inflation is far higher than that. Cryptocurrencies stop that inflation and allow us to stop losing money from saving.
Another great feature of Cryptocurrencies is the fact that they are, or will be, ways to transact very quickly, without too high costs and anonymously. All 3 things beat banks, as Banks often:
-Charge fees
-Sometimes take days to transact
-Continuously watch where your money is coming from & going to
Bitcoin, however? Bitcoin is a failure. It was a test and a nice first version of a revolutionary technology, but it's not more than that. It won't have any significant effect on the Economy other than some losing a lot of money and some gaining a lot.
Bitcoin is nothing more than a simple redistribution of wealth.