Bitcoin Forum

So by now every country in the world has been hit by financial difficulties and an increase in unemployment. Most countries are trying to print more toilet paper fiat money to boost the economy, but that is only a temporary remedy for a much larger problem. (It is a lot like putting a finger in a hole in a dam)

How can Bitcoin help to reduce unemployment and also to boost the global economy? If we find the answer to this question, we will have found a reason for people to rather use Bitcoin than cash. (Do not list Bitcoin's ability to act as a Safe haven against inflation, because that is not guaranteed)

Let's brainstorm a bit and see how Bitcoin can make a real difference, when it is really needed.  ;)

I don't believe a cryptocurrency like bitcoin can solve the economic crisis the world is facing nowadays. The problem is much much bigger for a cryptocurrency to solve. Bitcoin is just a "store of value" (at least to me) and nothing else. So it is outside the scope and utility of bitcoin.

The entire market is suffering from decrease in buyer's confidence. People are not buying or buying less so factories are producing less and since factories are producing less, they are firing people to streamline their expenses with the demand.

Bitcoin doesn't fit here to become a problem solver.

Bitcoin is not always an answer to every economic problem we encounter. Yes, the current pandemic has affected millions of employees and lost their jobs but I don't think we can always push bitcoin in finding a solution for this. Personally, this pandemic also affected my family since my father temporarily had no job during the hard lockdown but I found different opportunities here in crypto that helped my family financially even if my father has no job. It helps me, and for sure most of us here too, but I don't think everyone who lost their jobs can find jobs or income here or something to reduce unemployment.

As you said currency is not going to be a solution to the employment issues which also applies to the bitcoin as well because which itself a currency designed to work decentralized.What can boost the economy is bringing more employment opportunities, cutting down the unnecessary expenses of our tax money even reducing tax rate will greatly help in the longer run.

I want to share my personal experience here :

I am studying which is like from 8-16 , then I work two part time jobs to make ends meet since due to coronavirus every family is facing difficulties. But with cryptocurrencies like Bitcoins, Students do have a way to work part time , at the same time signature campaigns are an amazing opportunity.

People are earning here from Twitter, from Facebook plus getting paid timely.

You can every easily expand your business internationally taking care of your privacy too.

It is safer and more convenient to transfer money internationally through Bitcoins. The fee is actually less when doing a wire transfer through banks.

_*_

Printing money is never the solution , I do believe countries like the US they can do that , they can print and distribute it to other people but not developing and underdeveloped countries.

For the developed countries they can take the loss till a certain point but after that the price will fall drastically like a bursting bubble.

Solution is : *Making the essential things at the specified locations, leaving the import/export aside and become self reliable*

It's hard to reduce unemployment in many places because people need to have skills to work from the internet to get paid in bitcoin.
If they don't have any skills and only use the free method, I am not sure that they can survive and continue to work from what they do.
We can only encourage them to use their skills, and search for the website such as fiver, blogger, and another type of works, and I think they will have more opportunity to make money, so they can get paid in fiat and not just in bitcoin.
The important thing is they can try to do something using the internet, and no matter if the payment is in fiat or bitcoin, they can make money.

Maintain and improve the good features of Bitcoin and have people from all over world build and use sustainable economies/ecosystems on top of the network without unnecessary government controls and restrictions.

In regards to Bitcoin protection against inflation not being guaranteed, I think it can be guaranteed. We have seen it with recent tokens how supplies can be easily controlled within the system to keep the price of token up overall... though I think the price increase should be moderate. The deflationary feature should work well if communities have full control of supplies and can prevent people from supressing prices externally...and as long as the ecosystems are very useful, thriving and sustainable,

Reliance into cryptocurrency at times like this won't be a definite solution to boost up the local and global economy for most of the people that have loss their jobs are skilled workers that totally relies on the work they do on a daily basis to sustain their living needs and expenses. It would be hard to push through cryptocurrency as a solution to resolve the problem for there are countries where Bitcoin is not allowed and the challenge of acceptance and adaptability is still in there. Also, the economic status of the country does not certainly relies on the financial capability and capacity for there are also other factors concerned why the economic status of a country boost or go down.

The only possible things that can totally boost up the economy is when people get back into work which is not that possible to make happen because of the pandemic but with the new normal setup, slowly people are getting back to work and some are even finding ways to earn a living using the modern technology and finding opportunities at this time of crisis.

I think one of the things that Crypto currencies and Bitcoin can do, is to create job opportunities that can be done from the comfort and safety of people's homes. People are also scared to go to shopping malls and outdoors, so for businesses to reach them with their advertising is more difficult now.... and TV ads are too expensive for most smaller companies.  ;)

The move to digital media and the Internet was boosted by this pandemic and I think businesses will have to adapt or they will have to close their doors.

I would like to see more projects where global "micro payment" come into play and you get people from poor 3rd world countries.. working for micro payments online. (It can be capped to counter bots or misuse.)  ;)

I dont think Bitcoin can solve economic problems now. A great crisis is in sight.  We will not be able to make bitcoin an alternative to save the economy.  Bitcoin price movements are still a puzzle, what makes bitcoin prices can rise in an instant.  How can we expect bitcoin to be the savior of the current economic crisis.

Well, at least to my mind, Bitcoin does not create jobs. Bitcoin's role is not to reduce unemployment. Neither could Bitcoin significantly boost global economy. I am referring to Bitcoin itself.

Indirectly, however, the existence of Bitcoin could at least facilitate large global transactions fast, cheap, and easy. Furthermore, Bitcoin mining hardware manufacturing companies and assembly plants are also contributing a little to employment. Bitcoin-related companies are also contributing to government revenue. This is to mention a few.

Perhaps we could also consider the rising value of Bitcoin as an economic factor that would somehow provide BTC owners a stronger purchasing capacity.

You have referred to the main point of the paper money problem, which is printing more paper money, which causes inflation and increases the problem instead of solving it, while Bitcoin is exactly the opposite, where the halving of Bitcoin occurs every four years, which leads to a decrease in the amount of Bitcoin (this is the opposite of pumping paper money Completely), and of course this will increase the value of Bitcoin, which in this case is similar to gold in terms of scarcity.
So I think that these countries should embrace Bitcoin instead of working towards increasing the printing of worthless paper money.

Nope, Bitcoin can't boost the global economy. Growth on economy pretty much affected by how much growth in productivity a country obtains, and Bitcoin? It's a medium, I doubt it could affect that. As for introducing job opportunities, it would rely on people actually using Bitcoin to create jobs, and other than signature campaigns, airdrops, etc., I doubt there's actually an official job that would open up due to Bitcoin (except, of course, the developmental aspects of crypto, which would honestly require a lot of skill, so I doubt a large majority could even participate in it).

It isn't like Bitcoin is a commodity so I doubt it could even participate in actually increasing the productivity of a country, nor would it actually affect the global economic issues of a country. Indirectly though it could help, but it has little effect on the economy, mostly because employment for specialized development of Bitcoin requires specialized personnel, thereby making employment only for those select few. Most of the jobs that could actually boost the global economy are those in the infrastructure department, but I doubt Bitcoin could take part there.

Boosting global economies implies finding better methods of problem solving. Are there problems people currently face, which bitcoin could better solve in contrast to fiat currency? The answer has always been a resounding yes. The problem has usually been disseminating information to make the public more aware of how they can personally benefit and thrive through crypto currencies.

ICOs did a good job of approaching celebrities like Mike Tyson to run bitcoin ATMs and rapper TI to help with crypto business promotion. But there hasn't yet been an ambassador of crypto with a compelling story to capture peoples imaginations and get them excited about crypto and the opportunities it provides, as of yet.




Correct!

3% inflation means the value of a fiat currency declines by approximately 3% annually. Bitcoin's long term trend is one of appreciating value, where its value increases over time. 5% annual percentage yield on a savings account might seem like a good deal to most. Bitcoin has the potential to smash those gains, especially after a halving occurs.

maybe bitcoin can help the economy but not for the global but for individuals, here we can generate bitcoins in many ways either from airdrops, bounty hunters, and mining :)

The world economy is too big and bitcoin usage too small for it to have any meaningful impact on the global economy yet. There are too many moving parts in the economy. A lot depends on tbe political climate too. When the first views on the positive effects of bitcoin were put forward, it involved a switchover to the bitcoin standard. It also involves using something like bitcoin for transparent govt expenditure to remove obvious bottlenecks like corruption.

Such a paradigm change will take time amid opposition from banks and those on the top. The existing system is much too gratifying to them and they won't let it change. Bitcoin and cryptocurrencies are yet only a spark. It'll take the work and belief of millions like us in our communities and countries. We have to just keep going and keep making bitcoin a part of our individual and surrounding economies.

There's nothing to brainstorm here, we have 10 years of experience that Bitcoin has no significant effect on the global economy, and it doesn't even affect local economies either, and while we all can sit here and fantasize how tomorrow everyone will ditch banks and adopt Bitcoin and it will become really important, there's almost no chance of it actually happening.

If you think about it, we all know Bitcoin can be considered as another investment, and this factor affects global economic investments. As more people understand what Bitcoin could do, this investment shift could be economically sound by boosting other assets. This could lead as a hedge against inflation (sorry OP, it's not guaranteed, but it's a part of how Bitcoin could help.

It also affects global trade, making it easy to pay from Asia to America. It could improve the state of relationships between people, and maybe the government will follow this.

As long as there is a positive impact on the use of Bitcoin, it could help improve and boost the economy.

If the ECONOMY is equal to the PEOPLE (ECONOMY = PEOPLE), then Bitcoin is boosting the ECONOMY with all its features and application towards the world.

Those people that are jobless now but managed to save through bitcoin before the rainy days which we're dealing with today, did it correctly. They have money to use which they can get from their pockets because bitcoin's value has grown if ever they've bought it at the lowest price.

Bitcoin's help as a store of value for individuals like us has a big impact because, we're not like the others who have nothing to spend on and didn't cared of investments or store of value that they can take before the pandemic hits.

While many countries around the world have been affected by the effects of the epidemic investing in bitcoin could help boost the global economy this will greatly increase the demand for bitcoin and it will not take long for the economy to recover. The governments of many countries around the world are struggling to keep up with the changing nature of money due to the effects of the virus so most asian countries are supporting bitcoin to fight the economic downturn caused by the corona.

I think bitcoin is difficult to boost the global economy right now, but bitcoin can boost someone's economy financially by doing something related to crypto. People can try to search for jobs to get money, and then they can save that money in bitcoin form. If they can do that every month, they will have much bitcoin (depend on how much money they save in bitcoin). And when bitcoin price increases high, they can sell their bitcoin to make more money in fiat to help them have money.

People can see job opportunities on the internet, whether paid using fiat or crypto, but they need to compete with other people, which I think the competitions will be tough for them. If people can easily use the internet, they will find jobs and apply for that job, but they need to have skills.

Perhaps, the company that has a network on the internet could reopen recruitment for those people, and that company can try to use crypto to pay them. If that can be done, I think that can lead the other company to use crypto, and people will know that crypto/bitcoin can boost their economic life.

The pandemic has influenced the fact that more and more people appear who are ready to save, not spend. Keeping savings in BTC becomes the most rational action. Of course, due to the volatility of bitcoin, mass storage is not yet very popular, but as bitcoin adapts, we increasingly see that people choose it.

Exactly the same way of keeping savings could be used by banks. Although many countries do not accept Bitcoin, investing in it could significantly save the economy. Bitcoin is an asset that can bring good profits, thereby ensuring the development of not only the crypto industry but also the economy itself.

Bitcoin can't directly end the economic crisis because bitcoin is just a tool in the market and economy. Don't expect too much and rely on bitcoin too much because that will probably disappoint you. Although bitcoin is already famous and have a lot of user, it is not guaranteed that bitcoin can do anything. Remember that bitcoin is still under development and working on its own to become the best cryptocurrency. Bitcoin can somehow help global economy when it becomes totally adopted by most of the countries in the world.

that is because btc isnt properly accepted globally but helping to boost some country still helps and still be fine than struggling on thier own because we all know that every country has been damage and almost all resources have been used up except maybe to cryptos  .

this answer was close to the question of the op  . youd better say people search for jobs that pays in bitcoin and its okay if they convert that bitcoin to cash so that they have something to spend  or they can also save the bitcoin that they get  .

It's hard to tell that a cryptocurrency can help to boost a global economy because there's diversity. Bitcoin as an asset is good for an individual because we can get profit by trading or investment but in a larger category such as the national economy, it can't especially when the country didn't adopt the use of cryptocurrency, so what more in the global economy?

Some countries are still doubting the potential and features of cryptocurrency and most of the countries are banning it. So how can a bitcoin help to boost the global economy if there's no adaptation happened in the first place?

Just like many before have take time to point out, I do not think bitcoin can change the economy of a nation.
Although it is a known fact that bitcoin can help improve the living condition of individuals through trading and participating in signature and bounty campaigns, its effect on the economy as a whole is too insignificant to count. Only a small percentage of a country's population, especially now that bitcoin is still illegal in most countries, are involved with bitcoin and this leaves the larger majority who have to struggle without the advantage of bitcoin.
I, however, do think that if bitcoin attain mass adoption then maybe its effect on the economy will be significant enough to count

If we would better think about it, we have already experienced lots of global economic crisis before while Bitcoin is already existing and as what we have experienced and witnessed, the existence of Bitcoin have nothing to do to boost up the global economy for the reliance on it won't solve the present problem. There are lots of factors affecting why a certain economy experiences a down fall whether it is local or global and as for now, different sectors are affected because of the pandemic which we can see that the stock market have suffered and the crypto market have been affected just a little but not directly and not for too long. If Bitcoin can help boost up the global economy, then at first hand of its existence then there must already a seen improvement but there is non so I think at this global economic crisis brought by the existence of the pandemic, Bitcoin cannot do anything about it.

I am among those who have successfully used Bitcoin to increase my finances. Because Bitcoin can indeed be relied on as a source of
income in a situation like now that is happening in an economic crisis everywhere. Even some countries have very high numbers of
unemployed. For the short term, I strongly agree with the government's move by printing money, in order to boost the economy.
But if for the long term the risks and impacts will be bad. So Bitcoin can be a solution to help boost the global economy. We can trading
Bitcoin to make money, but Bitcoin trading is not easy. So from now on, start learning more about Bitcoin and how to trade Bitcoin safely.

I want to say that Bitcoin could help us reestablish the economy, maybe not everyone considers it but at least some good part.

If it has been useful for our community with it we have gained some benefit. Now is the time to be ambassadors for Bitcoin where we live. We will have many challenges such as that people have confidence and learn to use them in their finances.

Think for a moment about the exchange platforms, they are designing rewards programs for us to leave our bitcoin or any crypto on them. They are realizing that Bitcoin is so valuable that it can boost our crypto economy and what we need is to gain more space because if we do not do it with the support of Bitcoin there will be another that will.

I am still sure that the crypto will contribute to the countries or people at the same time because many people still don't aware of bitcoin, and many countries don't know what bitcoin can do to their countries. Sooner or later, the country will realize the bitcoin potential to the country because bitcoin can give the people a new opportunity to have a source of income.


The main problem is people need to find money, and no matter if people can get pays in bitcoin or money, that can solve their problem financially. If people can have the money in many ways, they can also invest some money in bitcoin, so they have the potential to make a profit in the future. That will help people who are aware of the new thing that can allow them to have a better life.

Covid's economic influence has brought the world down a lot it will take a long time for the economy to recover. bitcoin investments can be recovered very easily crypto can help the economy recover from the current crisis. many countries around the world view Bitcoin illegally it would be best to support Bitcoin. As the economy improves many will find a source of employment and will be able to cope with the financial crisis.

The only way that we can actually utilize bitcoin would be to actually help each other in a barter sort of way using bitcoin as payment option instead of fiat. How? There are parts of the world who have one thing and not the other, another part of the world has the thing other missing but not the thing they have, they will exchange it, regular economy at its finest right?

Well, if you think about it as large companies, you can be sure that this is done anyway, nations send their companies products to other nations and this has been done for decades (and even centuries with breaks) uninterrupted.

However you do not have small one person talent bartering anymore, which bitcoin could be very helpful. With the one person talent bartering, you could actually help each other out a lot.

Even though bitcoin has not been widely adopted and its penetration is still at the level of the global community, it cannot be denied that bitcoin opens up opportunities and can be relied upon as a source of income for many people. Bitcoin is one of the promising investment options in times of crisis like now. But bitcoin has not been able to boost the global economy, because de facto, bitcoin is in the global economic system, but de yure, many countries do not accept bitcoin.

So that the economic booster effect is not significant. The creators of the global economy will maintain the existing system and will only break the system and rebuild it according to their wishes, but everything remains under their control namely with a digital fiat system.

Printing money must be followed by the development and development of the industrial sector so that the economy can rotate, not printing money to increase demand through direct cash assistance.

maybe a country that says bitcoin is illegal doesn't believe in bitcoin, it could be considered bitcoin is just a fraud

There is just a few percent for bitcoin's users in every country and I believe for those who knows bitcoin before this crisis came they will keep comfortable until now, I mean they will not get a bad impact. They can still earn money through trading or investing, as a little case myself, I don't know what will happen if I never know bitcoin before.

The virus has given a big impact to my country, there are a lot of companies who just closed and dismissed all their employment and become a horrible situation, and I one of the victim. I just unemployment and need money to meet my family life, there will be a useless thing if I look for a job again, so at that situation I can't imagine how my family lives. But it just different when I know bitcoin, I have no fear of facing an economic crisis because I can buy everything that I need. it would be different if most people know bitcoin, we will survive without help from the goverment.

It made a worst attack which was not expected.Even now the corona had his impact on economy by the mean of unemployment.Many people was suffering a lot,some people getting huge many for the product by making sense of product is hard to get.The loser is poor people,the losing their money by buying products at high price.

The WEF announced the need for global stakeholders to take action against 'The Great Reset.' (https://cointelegraph.com/news/what-role-will-crypto-play-during-the-great-reset)
 (https://cointelegraph.com/news/what-role-will-crypto-play-during-the-great-reset) Bitcoin and alternative crypto solutions are key drivers.

Crypto will play a major role once this DeFi wave settles down and people are back focused on providing a means for adoption and education. This opportunity remains eminent over the last few years and as fiat continues to collapse, crypto is the next-best solution to a cashless society. Think of how many people were online shopping and food delivery during quarantine. I would assume a majority of global populations (guilty).

Bitcoin is a great resort to financial freedom as well as a lot of other utilities this industry has created. As long as the industry keeps building and regulators help push adoption further, there is a bright future ahead. 2020 has been harsh but if there's one thing I've learned about this community, people are always optimistic about the next day, week, and especially year.

I think it will be difficult for bitcoin to find solution to global economy.
Bitcoin is a decentralized digital which is not control by the government, which there are still some country who don't allow bitcoin and other cryptocurrencies in their country.
It is this pandemic that make so many people to know that bitcoin is a cool money that someone can use it to invest and use it to  do other business stuff.

Some people don't still believe that bitcoin is real to assist people economy and make their economy grow again as before. the only way bitcoin can find solution to global economy is when bitcoin and cryptocurrency is be control by the government which it will be difficult for such to happen.

Bitcoin and cryptocurrencies could definitely help economic growth, especially in developing countries, because it could provide much easier access in the capital and financial services, and it would help them to earn profits. By earning profits, they could convert it into fiat, which could help reduce unemployed people in a country. But while we are in the middle of the pandemic, it will take longer for us to recover our economy due to inflation.

The truth is that your question doesn’t make any sense, if you reasoned it properly before posting this you would have known that Bitcoin cannot boost economy of any country. There are ways to boost our economy and it doesn’t have anything to do with bitcoin.,

Even if a country should change their currency to Bitcoin and start making use of it in every way, it’s not going to make them the best country in the world, they will still have a bad economy as long as they don’t do the things they are supposed to do to make their economy to be better, like providing job opportunities, lowering interest rates, increasing real wages and other things that matters.

Bitcoin is not an answer to the problems we are facing today particularly unemployment. Although this crypto market can offer lots of opportunties to earn online, but if the people won't be able to cope up with these internet jobs because they are used with their own jobs, then they can't still survive from this current struggles. People should learn to widen and improve their abilities and skills so they can work and earn an income whether online or offline.

Online earning opportunities are for those who have good skills. Without skills it is difficult to get any online job or work. However through bitcoin the payments can be made easily worldwide and many new internet online jobs have been opened but it can only be beneficial for those who have skills and are expert in their professions.

With Bitcoin it is very easy to get income from the internet, because now there are so many online job offers with Bitcoin payments.
Maybe this is why many people say Bitcoin can help the global economy. Besides that, we only do day trading with Bitcoin and can
get income from it, so we can buy daily necessities. So I'm including those who agree with the opinion that Bitcoin can help the global
economy.

Crypto itself may not be really the solution to this but the blockchain part of it could actually be a solution that people are not looking at.

The difference is with bitcoin you have a whole another economy and you need to build a huge infrastructure on it, right now bitcoin and ethereum has HUGE fee's for example and miners are making a killing but that's about it.

Compare that to for example having regular economy but a blockchain that can show what government is spending money on and where the money comes from, that way people would see that regular poor people pay bulk of the taxes yet the big companies are getting the bulk of the help for some reason and that way with blockchain everyone would be enlightened about how to fix things around, how huge profitable companies should pay taxes and how poor people should get more help and that would fix everything in global economy as well.

I agree on this. Bitcoin is not always the solution for every problem. The wrong concept and mindset that people have towards Bitcoin usage make it a lot more complicated that they are expecting too much from Bitcoin expecting it to be always the key or answer to the problem when there are always other alternative ways to resolve the situation. People nowadays are being reliant and dependent on what Bitcoin can do making it and treating it to be the solution for the problem.

The existence of Bitcoin even before did not boost up the global economy which means it is not the answer or solution. Actually the answer relies on our hands as people to make things work together with our governments to create job opportunities and work things out to make a movement on boosting our local and global economy.