Bitcoin Forum

You are not allowed to go outside in the country bringing lots of money. It should only be limited on the intention of your visit. This is why government had task authorities to manange some interviews before they will accept your application to travel outside the country. This include t limit you in bringing lot of money. But what if you are using bitcoin?

Government are unaware of people using bitcoin or maybe aware but has not taking actions in this to avoid making some losses especially in terms of the asset that determine the value of the economy represented by fiat currency.

If fiat currency will be transfer outside the country through bitcoin then it is just like we are selling our asset to other people and that may leave that the countries economy will slowly will going to die. I think this is why the reason that government are requiring known exchanges to do KYC so that they can tract people who are doing this. Besides there are other things that bitcoin could be
getting abuse by the criminals like

* funding terrorist,
* money laundering,
*kidnap for ransom using bitcoin, and etc,

Other than that bitcoin is considered as an asset why?Because Bitcoin is being bought by fiat currency which derive its value like gold. The sad part that I am making some point in my other posts is that

* when you buy bitcoin cheap you earn, while others buy bitcoin which is expensive they lose.
* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)
* the use of bitcoin to travel spending outside in the country is more like selling your country asset and that could destroy the economy of that certain country.

This could be the reason why bitcoin is being ban in other countries because they are protecting their economy against bitcoin.

US dollars had been bought through bitcoin and exchange it with dollars. There is a news that the US government had limit the community the use of cryptocurrency because there are some country that are eyeing to use cryptocurrency to extend their purchasing powers of dollars and that US government does not allowed or make it happen. The US asset is somehow being sold by people who buy cryptocurrency and that is why KYC is being implemented and other altcoins project are not accepting US community to invest in their project because they can get penalized by the US government law I guess.

What's the point though? How. can bitcoin destroys economy when on the contrary it is helping people survived in harsh economic condition such as:

(1) Why are Venezuelans seeking refuge in crypto-currencies? (https://www.bbc.com/news/business-47553048)

(2) Zimbabwe’s Battle To Control Currency Inadvertently Boosts Bitcoin Profile  (https://news.bitcoin.com/zimbabwes-battle-to-control-currency-inadvertently-boosts-bitcoin-profile/)

As for the reasons why several countries ban maybe, yeah maybe they think that bitcoin is being used by criminals, however, there are also nations who think otherwise. Besides, those countries that are against bitcoin are those who don't want to lose control of their population. So there are pros/cons, but I believed pros outweigh the cons by ten fold.

Bitcoin has always been pointed out to have used ONLY for these criminal acts.

What do you say about fiat? is it an exception for these activities were in fact even bitcoin was launched, these acts have been always there. And they were funded and made done through fiat/cash.

Bitcoin is money and the same as fiat could be used for good and bad. Let's remove this idea that bitcoin was only made solely for these acts.

People should be able to move money over borders as they wish to and not have it restricted by governments.

Bitcoin improves the economy by promoting a more open and fair system of trade that is free from government regulation and consfication. Money laundering shouldn't be a crime as it just means someone is trying to keep their own money, and the most terrorism/war is funded by governments using fiats and involuntary taxation that cryptocurrency can further free us from. The trillion dollar war in the middle east didn't come from Bitcoin, it came from the US governments and governments around Europe directly financing terrorism themselves.

This is obviously exaggerated.

Even without Bitcoin, money is always flowing in and out of countries. The commercial market has exponentially expanded ever since the advent of the internet. With the online universe catering to almost everyone all over the world, even a 5-year old kid could cause a certain amount of money to transfer from one country to another.

Bitcoin is playing but a very minimal role in this. Large international trades don't use Bitcoin. The largest online stores in the world don't use Bitcoin. Large domestic companies purchasing raw materials from other countries don't use Bitcoin. High rollers don't bring Bitcoin with them to gamble in Las Vegas or Macau or Singapore or Monte Carlo.  

You can move money across the borders although there is a certain amount that is allowed. I think having a fixed amount to be moved across borders is reasonable enough because this can be a cause for wide scale money laundering.

I think money laundering should be a crime, that is one twisted way of saying that you do not want to pay your taxes. The reason that money laundering is illegal is because government's lifeline is the taxes that is payed by the people. The so called war has been going on even before the inception of bitcoin, I think using the reason that bitcoin did not fund this war does not prove anything.

Money laundering shouldn't be a crime because it does not have any victims. Taxation is a form of theft and used to fund wars and all types of human rights abuses. That war has been going on before Bitcoin was my point, that it isn't Bitcoin that is the main funder of terrorism or crime, it's the governments around the world.

Bitcoin is just a small part compared to the other parameters that contribute to the economy of a country. There is more money getting laundered and used on hawala transactions. If a country take that into account and create a solution to overcome it, then there is possible chances of economy to move forward.

Each and every government depend on the taxation, but in return of collecting the taxes government doesn't do the needful to the community. This is where people look for ways to escape taxation. Any country economy can gat affected, if there happens improper and corrupt governance. Even the country's facing the worse money inflation is out of the improper governance. Bitcoin destroying the economy is unacceptable.

It's the classic old "bitcoin for criminals" argument again.

Knives are used mostly for cutting food but are also used to stab people. Cars are used as means of transportation but are also used as getaway vehicles. Phones are used for communication but are also used for triggering bombs and for cyber crime. Guns are mostly used for self defense but are also used for murder.

And ultimately, the USD and other fiat currencies are also being used to fund terrorists and for other nefarious activities. The list goes on and on and on and on. What's your point?

I am new in the forum and I am only analyzing things here with bitcoin? You may think that this discussion may be old but what about to us the newcomers? I think there is no need to reply off topic by presenting other data which is irrelevant to the discussion about bitcoin destroying economy. I had edited my post highlighting the US government on why they had restricted their community to invest in cryptocurrency for other reason that include scam but it is more than that because they are likely selling their dollars to other countries and that will dollars being represented by fiat currency as the value of their economy will give chance others to extend their purchasing power to obtain dollars. isn't it destroying US economy?

No. How can bitcoin destroyed the economy where in fact it helped a lot of people especially during this strange time? Maybe, I can say that it will make the economy grow. More and more people are earning in crypto world and once bitcoin and other digital currencies were converted into fiat/physical money, we can use it to our daily spending, buying all the life necessities and will be able to support our local vendors and other industries in the country.
However, bitcoins easiest ways of transmitting funds are often used by criminals to implement their evil deeds and we can't really avoid it. I guess, its just the perk of being highly digitalized world, everything can be done with just one tap of our own hands together with the smart gadgets that surrounded us. But, despite this advantages and disadvantages of bitcoin, we can't really deny the great benefits, profits and easiest ways of managing finances and payments through it.

We can say the governments and the banks make the rules of the game. But bitcoin came as a new player to the field with its own rules, a group of rules made by the community in a fair way for all.

Bitcoin doesn't come to destroy the economy, it comes to change the rules and give to people a new opportunity to manage their money.

It is heavily heavily recommended here and everywhere else to do research first before creating criticism.

How was my reply off-topic though. It's literally a counter-argument to your "criminals" statements.

"There is a news that the US government had limit the community the use of cryptocurrency because there are some country that are eyeing to use cryptocurrency to extend their purchasing powers of dollars and that US government does not allowed or make it happen."

You might want to give us sources to this so we know what you're specifically talking about.

The first reason why it's not allowed to bring a lot of cash is to restrict money laundering. That is also a reason that there is no bigger denomination of bills within different countries. This depends on the value of the country's currency as well. You answered this already. I'm just making another point about what they are doing to prevent it.

You cannot fully impact your country of origin's economy unless you have the majority of it. It's not going to be beneficial for the country and exchange your current money, too, unless you have big stacks again. The same goes for any other kind of asset. If you are talking about small amounts, it isn't imperative. It's not the main reason it's being banned, but it could be a part of it. The majority is still that those countries that do not influence Bitcoin don't like the idea to have their citizens using this non-taxable thing if not declared.

I'm not sure how Bitcoin could destroy the economy with your reasons, but what I can see is that it's improving the financial aspect when Bitcoin was born. It influenced cashless transactions all over the world with a click and made it easier. It's the start of a great improvement.

Long ago the three factors above had been done, before Bitcoin was created in 2009.

Since the end of the 19th century which coincided with World War I, terrorism has existed, with substantial funds, and also with money laundering which is often carried out by the authorities, as well as the kidnappings that have occurred.
It's all done in secret and in secret.

Why is Bitcoin associated with crime while Bitcoin only appeared in this century 2009, with identities detected in all local and international banks, inappropriate and unreasonable to me Bitcoin is declared to support evil, that's ridiculous propaganda.

this is total nonsense.
anybody should be free to do with their own money as they choose. if a country is so worried about money exiting its boarders then they should try to change their country and create the incentive to keep the money inside and also attract foreign investment. by placing restrictions they will be erasing the problem instead of solving it.

as for your "abuse cases", don't worry bitcoin is not used for any of them since fiat is dominating in that area since it provides both ease of use and a lot higher anonymity. there is also gigantic US banks that help them launder their money in trillions of dollars so the criminals have no incentive to look for alternatives!

This issue is very ambiguous, the only one that could destroy the economy is the radical democrat of the US who, in his desire to achieve his new world order, have led the US in crisis and all governments to implement the old PROBLEM REACTION SOLUTION the BTC alone It is a means in which we shield ourselves and it is clear that anything can be used for good and for evil, that is known as free will, so if things go well as Qanon says we should not worry but if the state deep returns to power we will continue armored so if baiden wins better it is time to take the btc to cold wallet

All the criminals you have stated above using bitcoin can also happen using fiat currency, I have seen many topics about it and they are exaggerating the cryptocurrency in good ways and bad ways well in fact both fiat currency and cryptocurrency can do the same thing, they seem explaining it like the only cryptocurrency can be.
What's the point with comparing both rich and poor people if both can do the same thing, no matter how rich or poor you are you may earn and lose your money from investing
 

Maybe it is because how many illegal things its possible to do using bitcoin. Over the years, criminals are also evolving on how they use bitcoin. Here in our country, it is often used by illegal companies who offers a huge return of money when you invest to them. After a month, they disappear without a trace leaving people with a bad impression about bitcoin.

This rule is only about cash.You can send fiat money without big limits in other ways.Bank transfers aren't limited by the governments.Services like Western Union and Moneygram exist.


Fiat has been used for funding such activities way more than Bitcoin.


The same applies to any financial asset.In financial markets the profit of one trader is the loss of another trader.That's how financial markets work.Cryptocurrency markets aren't different.

Dude,I'm sorry to say that,but your opinions are ignorant.Educate yourself more,before posting BS on the forum.

 

Bitcoin though is not pseudo anonymous per se, so they can't really hide their identifies if criminals is thinking that, yeah there are mixers and other tools to obfuscate, but still authorities can follow and track you. And as for the argument of the OP, we have heard this many times already and has been used like old tune that it doesn't make any sense at all. So its the people that making bitcoin a bad name and not bitcoin wasn't design like this in the first place.

No matter what you said about bitcoin, Fiat is still the most used currency in criminal acts that are recorded in history. It is much more used by criminals, hackers, and scammers especially that it is the most used in many transactions compared to bitcoin that only circulates in a digital world. Bitcoin can be also used in a criminal act but it is much lesser compared to fiat that can happen in any places and circumstances.

Right now, bitcoin is already used in a lot of aspects and it can be used for economic growth, but a lot of people are using it in a wrong way.

How many people bought food today with fiat? How many people bought food today with bitcoin?
How many car crashes have been today involving VW cars and how many with Saab ?

Just stop with those comparisons, yeah, bitcoin is better, because is not crappy as fiat and just because of that it will also be used by criminals. And just think for a second, if bitcoin does replace fiat in the end, does it mean crime will stop? No, they will all move from fiat to bitcoin, I just don't understand this denial.


Terrorism has existed for far longer if we take the by the book definitions since the 18th century, but otherwise, it's a common occurrence in the last two millennia. But, anyhow, the end of the 19th century didn't coincide with ww1, you're off by 18 years :).

Definitely so true fiat currency were so used by criminal acts, funding terrorist, deugs and so other crime. Having a thought that maybe bitcoin could be also used as a fund in terrorist was not so impossible, hence it can accessed by mean of technology and those criminals has already upgraded software so who would've thought that this might not be possible right. Well for me anything is possible due to technology.

No. Bitcoin will be the light that will change the economy, not destroy it.

I think both bitcoin and fiat currency were so used by the criminal on their illegal activities or businesses. But I think bitcoin can help and Can't destroy economy. Terrorist and criminals already exist for a long time and nothing will change even though they will use bitcoin.

Ones the government can trace everyone to their corresponding bitcoin address, then it means the essence through which crypto is created is being defeated. The idea of using KYC to know who and who is using crypto is not right and this is the reason many people will not support that. bitcoin has been critized by the government for influencing money laundery, mode of Ransome payment etc. but the fact remains that fiat currencies are being used too for the same purposes. I do not think bitcoin can destroy any country economy because here in my country, the advent of crypto has created much opportunity than the government

crimes are unending as long as there are bad people in existence. It is not because of Bitcoin but those who are committing crimes. Since it is a currency, ofcourse one could do anything to it if it is on his possession. Likewise with fiat it is just a matter of the criminal's preference whether to use cryptos or just stick with fiat whenever they will do their "thing". To what extenton how bitcoin will provide support to the evil doings if it is something being manipulated or used?

All country's economies today are almost destroyed but its not because of BTC. Its because of Covid19. Almost all country's currency today is also paired by binance (P2P) to BTC. If Bitcoin could destroy the economy then binance took part in destroying them. But that is Not really true, we all know the reason why some countries ban BTC, and its all because its not their currency, its decentralized.

I don't understand how people are calculating that BTC will affect the economy of the country, BTC has nothing to do with the economy also it has gone through major crashes and recovered as well.

Countries economy is purely based on the supply of productivity, goods and services if I am not wrong. Well this technology gives opportunity to everyone for a better future, just make use of it.

I do not accept blaming Bitcoin for illegal activity as most illegal activities use US dollars or other national currencies. Banks help money laundering criminals billions of dollars and deserve condemnation.
Bitcoin has blockchain technology so it is not as simple as the traditional banking system. We can put Bitcoin in regulation and make Bitcoin legal.
Bitcoin has worldwide liquidity, and that gives bitcoin holders the advantage of making payments without any difficulties. Bitcoin helps its owners avoid economic fluctuations such as currency collapses, wars, terrorism ... I think Bitcoin has more benefits to the economy than harm.

I was thinking the same, what does anyone here gain by helping destroy the economy when governments are already doing a pretty good job at it? Many millions of jobs were lost because of the pandemic and now we know the reaction of the governments was exaggerated, was bitcoin at fault for this? No, fiat currency is going through inflation as governments began printing money to resolve some of the problems they have created, is bitcoin at fault? No, the stock market is overvalued and now investors are looking for other assets that could have more upside and they are finding in this market what they were looking for, is bitcoin at fault? No, I could keep doing this all day but I think I have proved my point.

I agree with you
There is no better way to manage your money than bitcoin
People can do whatever they want with their money and as fast as they want

Yes, bitcoin could destroy economy. However, none of what you said is a point to support that. You say that bitcoin could be abused in the case where criminals are involved. But you shouldn't forget that before the year 2009, they've been thieves, kidnappers, and all sort of fraudsters. Bitcoin isn't bringing them cause they have always been there. Let's just get something clear; bitcoin is damn essential in the today's world. Presently in the country where I'm from, the banks won't let you spend much from "your account". There's this monthly spending limit and to go above it, you'll have to write a letter... Long story short, with bitcoin, if I do have 10 bitcoin, I can choose to spend it immediately. Whenever, however, wherever. But the bank won't allow such. It's a good thing to see that some people are really accepting bitcoin in their stores. Reducing the rate at which people convert crypto to fiat. 

That could not be the reason and those reasons to ban bitcoin actually non-sense for now.
So many billionaires have already invested their money into the bitcoin. This time bitcoin is much more suitable to be considered as a way for the financial instrument.

So far, I rarely saw any money laundering case that uses bitcoin started from Q1 - Q4 of this year or it's almost never happened again. Bitcoin was economic freedom. Those countries who have been banning bitcoin just worried if they can't manage to defend their crappy centralized traditional economic system against the revolution of the financial system that happened gradually that's started from bitcoin.

Bitcoin has nothing to do with any actions that have performed by its owner/users.

Bitcoin will not destroy economy! In context of optimistic scenario - it will bring social and financial equality. As for pessimistic - we need to remember that even world wars didn't destroy economy!

I do not see bitcoin can destroy the economy, in fact I see bitcoin can help the economy of less fortunate people.  My brother alone has benefited from bitcoin, he has bought a house from investing in bitcoin, so don't ever mistake bitcoin for destroying the economy.

Maybe the OP is looking at a different angle. I do agree, that bitcoin or crypto have been helping a lot of people to generate their income in many ways. Here, there is no rich or poor, everyone is equal. And if you have the skills and other talents, you can earn crypto in various ways. This forum alone gives a lot of job opportunities to everyone around the globe, either you are a bounty hunter, programmer, developer, miner, or just simple crypto trader or user. So this shows that bitcoin is not destroying the economy but instead helping the economy that span across the globe.

Maybe in the area of people not using fiat and just using bitcoin is what you're thinking but I don't think that would happen. People will continue to use fiat and bitcoin and the fact that we are still seeing the price of bitcoin into USD means we are sti far from that.

Despite all the good things that Bitcoin has done to the world economy, you only mention some past negative things that have been resolved years ago because of some mere misunderstanding. I think OP is just a blast from the past guy who actually didn't the good things about Bitcoin. more or less, we are going into it's next 10 years where things are not like the way we had in the last 10 years. Big-time companies are making their own effort to invest or to turn some of their assets into bitcoin because they know the result is a higher percentage positive in the next 10 years and despite this kind of this rubbish you are talking about, they will pursue their desire to invest on bitcoin.

I believe it could play a part in the future of our economy also big corporate companies will change their business model, Even if BTC crashes it has nothing to do with the economy neither it may impact the countries economy. One thing they need to understand is BTC is a digital currency it's not a fait to worry about countries economy and don't make such stuffs as an agenda.

Bitcoin can't destroy the economy Bitcoin investment will help a lot to improve the economy of every country. The current technology is called blockchain which is now seen by the world's leading technologists as the banking technology of the future and some banks in some of the most influential countries are already investing billions of dollars behind this technology. Many more businesses are now using Bitcoin as a currency the idea is that just as credit cards are being used instead of money now in the future money and credit cards will be replaced by bitcoin or some other coinage.

Right because for now it's a gamble to adopt it since we don't know yet the outcome but if bitcoins will be successful and the volatility will be controlled which cannot be dump easily for sure it can contribute well to our economy but if we will go to this current rate where we don't know on where we go and suddenly dump for sure the economy will collapsed since the country who adopt will lost a lot of money.

we really have to respond to this wisely. After all, everything has its advantages and disadvantages, and rather than worrying too much, we better make the most of this opportunity. let the government take on its role by maintaining the economic stability of the country, and as good citizens, we must comply with that. I am sure, the government also knows that bitcoin provides many advantages so that it does not completely prohibit it, only limits it to minimize the risk of its misuse for illegal activities.

it is true, that in fact it returns to the policy of the state authority. I think every particular exchange pays taxes on the government, and that is a good thing for the country's economy. as for countries that prohibit the use of bitcoin due to misuse that does not follow the policies and regulations of that country. Every platform that operates under the auspices of the state government in the economic sector provides rules to allow the exchange legally, if there is an input or annual tax payment to the state.

Are you being sarcastic or is it your real opinion?

An idea that altcoins steal bitcoin's value and that if people continue to buy altcoins they will at some point push their value above Bitcoin is very naive.

In truth altcoins would have never existed without bitcoin and died if bitcoin were to die. Like do you think that if any country bans bitcoin it will not ban altcoins?

These are not arguments against Bitcoin, they're arguments against currency. Every currency in the world (primarily the US Dollar) has been used for illegal activity. Eliminating a currency will not eliminate the funding of illegal activity.

Saying that Bitcoin causes terrorism, therefore we shouldn't use bitcoin is like saying cars kill people, therefore we shouldn't drive cars.


Bitcoin gains or losses does not favor the rich more than the poor. Everyone buys bitcoin and different times, with different cost basises.

Yes, whether there is bitcoin or not, terrorism and other fraudulent activities exist. So now, crypto is just another option for these people to do some illegal acts. But still, fiat money is the largest contributor to these activities. And you are very right with your logic scenario presented. The media is just highlighting the negative situations where crypto is involved. So many people are thinking that btc is a fraud.

BITCOIN, will save Economy!

Criminal things always will be a problem on the society, with bitcoin or without bitcoin. BTC is not a criminal coin, or something like that.. Bitcoin is a "your personal bank", is a your "personal coin", you dont need government or etc, to have some monetary value on your hands,  just a node on a little island running , is enouth to validate yours transactions.

The concept of Blockchain and BTC is bigger than this little details...

To remember, Guns, Drugs, and others things inside the society, is paid with real money , USD, EUR, ... Etc. This stable real coins can detroy economy ? ?

;)

bitcoin does not destroy the economy, but bitcoin is the solution to improving the human economy.  bitcoin was present during the crisis in 2007-2009.  bitcoin is one of the currencies to secure assets from the crisis.  If someone says bitcoin is destroying the economy, it's someone who doesn't understand history.

Well, bitcoin as investment has this disadvantage that might happen in some cases.
But keep in mind bitcoin is a currency, so people will use it to sell their goods/services and receive bitcoin as payment. It can only benefit both sides of the transaction, being them rich or poor.

That is not true. Everyone who invests in bitcoin is willing to make profit from that and once they achieve this profit the country where the investor lives will be the mainly benefited as the investor is probably going to spend his money (profit from bitcoin) where he lives. So he is going to boost the local services sector for sure.

I just found out if there is a rule like this and does it only apply to certain countries or all countries? Because celebrities or other travelers, politicians, and others when traveling also bring a lot of money and they certainly don't bring cash, right? So maybe this doesn't really matter. What matters is that they convert to the currency of their destination country.

I don't think that this is one of the reasons for banning the crypto ad is it really BTC can destroy the economy? if it is about governance, yeah it may give influence. But if it is related to the self economy, I think that Bitcoin help us much more. I know many people around me and myself get better life condition after involved in Bitcoin and this crypto world. Moreover in this pandemic, crypto really brings fresh air for me because I am jobless

What? Instead, Bitcoin investment allows people with a small amount of money can try to earn money as well. It is much different from the conventional investment, there are complicated requirements and you should have much money to join. Why don't you compare with invest in Forex? You deny the fact that Bitcoin makes everybody able to join even if you are a poor man. You can trade or invest even only have a small amount of money.

How can? Is the money I got from trading or investing in Bitcoin basically the money from my country? Or it is the money of my government?
No, the money got from trading or investing in Bitcoin is from all places in this world, it is global. Please open your mind and your eyes!!

Fiat currency can also be used for crime, funding terrorists and other negative things, as well as bitcoin, it can also be used for good and evil, it depends on us who use it, surely we will not be separated from the pros and cons. But I think bitcoin came not to destroy the economy, but to add a new color to managing their money ..

Why should Bitcoin destroy the economy? It might destroy the current economic model, but it will be followed by a new one, just as it always has been. The economy itself will remain and certainly continue to grow, with or without Bitcoin, so the OP's point is meaningless.
Furthermore, I also don't understand why Bitcoin itself should bring about any major changes to the economy, because Bitcoin is not a real currency, but merely a digital asset, just like the analog asset gold or silver.

Bitcoin has the power to affect the global economy because of some properties that authorized money and these  unique characteristics can promote economic growth and present a game-changing global financial breakthrough. As a decentralized currency, Bitcoin is free from any economic and political issues that often can affect traditional currencies, which will not have any effect on the economy. 

As it is anonymous, bitcoin could have an adverse impact on our economy. Furthermore, it can't be properly taxed which is very important for any government. Because of this, many governments are against it. And they are planning to launch their own centralized crypto.

Hello everybody. Rather, paper-based financial systems will destroy the economy with their own long-obsolete institutions like banks. Bitcoin is clearly not the enemy of the global economy - it's just that today's economists, legislators and rulers of countries need to urgently implement cryptoeconomics at the state level. Those who understand this before will develop at a tremendous pace. There is no need to look for an enemy where he is not.

I can follow your train of thought, but you are overlooking the fact that Bitcoin is very inaccessible to the vast majority of people. Not only from a technical point of view, but also by now due to the value of Bitcoin. Either you exchange fiat money for Bitcoin or you have little chance to get Bitcoin the way it was a few years ago, when you could earn Bitcoins simply by doing small tasks or at services. This means that only a few people can do business with Bitcoin.

Concerns surrounding Bitcoin's freedom have made KYC even more powerful in countries.
Another reason why Bitcoin, the cryptocurrency, poses a threat to the economy is that the cash flow doesn't flow through government pockets and that means no service costs, no taxes. That could be a huge loss. For big countries, it won't be a hazard as they have so many ways to collect taxes, but the prevalence of cryptocurrencies in small countries is a real risk.

Actually the uses of bitcoin depend on the user of it. User can use it in his own style and it is not problem to bitcoin. We can't blame bitcoin for such kinds of activity. We should concern more about the uses of bitcoin so that we can save our economy.

The contrary i think is the case. Bitcon has actually come with loads of measures to better economies of various countries as i see already in  my country, loads of unemployed group of youths have now become gainfully employed and are making a living out of the economy bitcoin has created just  a little above a decade.

I do agree with your point about BTC is being used in illegal activities such as money laundering and funding terrorists since the government has no authority over bitcoin. The majority of countries that banned BTC points out the decentralized nature of crypto in which transactions are unknown and cannot be tracked by the government. With regards to the economy, we still need to exchange our BTC to the fiat currency legal to that country in order to buy/sell goods. So i don't really get your point about the destruction of economy due to BTC.

For the time being, I do not see Bitcoin as the opposite of economic development, but in some countries the government and the people think that Bitcoin stands in the way of economic development.  So all those countries are desperate to block Bitcoin in different ways.

If the user hodling bitcoin is ambitious enough, I think that they will be able to do something big and possibly drastic to the economy but for that kind of thing to happen, it will take a lot of money and influence. For me, bitcoin is a good solution in terms of personal finance and I think that starting at an individual scale we can help improve the economy.

Actually the uses of bitcoin depend on the user of it. User can use it in his own style and it is not problem to bitcoin. We can't blame bitcoin for such kinds of activity. We should concern more about the uses of bitcoin so that we can save our economy.
If the user hodling bitcoin is ambitious enough, I think that they will be able to do something big and possibly drastic to the economy but for that kind of thing to happen, it will take a lot of money and influence. For me, bitcoin is a good solution in terms of personal finance and I think that starting at an individual scale we can help improve the economy.Bitcoin will not ruin the economy but will be seen in front of them to protect the economy

You are right the government of some countries believes Bitcoin it negative vibes to their economic development but if we look deep into the political and government scheme of those countries, they are highly corrupted or communist country and they have a negative impression about Bitcoin because they see it as a future threat to their power or govern.

If anyone has the idea like Finance Senator Janet Yellen, of the Joe Biden Presidency that bitcoin and cryptocurrencies are being used for illicit acts, they should know according to this article that:

I agree with you, we have to support the image of bitcoin for the better, not just for bad
even though it used to be before bitcoin come . terrorist,
money laundering, is already there and is worse, in my opinion the reason bitcoin is the trigger for all the US is just afraid that they can't control their country's finances and don't want USDT not to be used by every country in terms of USDT is the world's currency

Will everyone do this eventually? Probably yes. Will this automatically makes me a suspect for funding the terrorists, committing money laundering, or everything you just mentioned? Not really. With proper KYC being needed in multiple crypto wallets nowadays, it's almost impossible for anyone to use their bitcoins for unsafe purposes already. And if your concern is bitcoin destroying the fiat economy, don't worry about it dude. The Fiat Economy is already destroying itself even before the conception of bitcoin.

So you sold us out on our 'privacy'

All the while the CIA uses US-DOLLARS to control the worlds oil, cocaine, opium, sex-slavery markets worldwide, CIA not only picks the king-pins, but keeps them inline to use USD

So while 99% of the worlds terrorism, and bad-stuff is ran by the USA-GOV, we crypto-currency people are supposed to lose our 'anonymity' to have assets because crypto might compete with the CIA mafia.

The truth be told of course is that the system, can't tolerate not knowing everything about everybody on earth.

Smart young people will continue to develop real privacy coins, while the old senile farts that sold out Bitcoin to the IRS/FBI will have destroyed Satoshis original mythology

There will always be privacy, just not in BItcoin

It's true that the presence of bitcoin reduces unemployment in some countries. I'm sure the government is unable to reduce unemployment in the country. With bitcoin, people can earn their own living and the unemployment rate can be reduced. This is one extraordinary thing.

Now bitcoin is the best alternative to fiat. More and more people are using their crypto wallets and ignoring banks.

we earned and bought our BTC through the money we earn from our regular job and savings, which is not the country's assets. whichever government has considered the BTC to be the country's assets will have the right to really confiscate our BTC from us. that's the most terrifying situation much like confiscating GOLD back in the 1930s. that's not going to happen these days. the government should just invest in mining devices just as the Chinese are doing.

Considering this on the macro level, the fiat money has already destroyed many countries due to inflation. People work hard day and night to save fiat currencies and people holdings continue to decrease because of this never ending inflation and printing of fiat money. Bitcoin can help to recover the economy and not destroy it further.

I have the opposite thought. Many people have rich from Bitcoin. Bitcoin has helped many people have better life when Covid19 is devastating everything in the world, prolonged unemployment. Many people choose the plan to find Bitcoin and Crypto. And I have seen a lot of young millionaires born from Crypto.

This topic is gaining more relevance in India too. Recently a committee has given a report to the parliament that states that Bitcoin and other cryptocurrencies are causing a drain of funds from India and need to be regulated in lines with the Foreign exchange regulations in India. Therefore, the committee has suggested an outright ban on the any sort of cryptocurrencies.

The economic development of a country depends a lot on the population of that country and how that population is using the resources of that country.  If the population of that country uses Bitcoin for any immoral or illegal purpose, then the country may suffer economic loss.  But for now, I think Bitcoin does not harm the economy of any country but enriches the economy.

In your judgment, you are thinking that bitcoin is being used very popular but reality proves your story to be a mistake, the percentage of the population using bitcoin in each country is still relatively normal and not very widespread, so even if they use bitcoin for illegal purposes or a personal ideal, that cannot change the economy too much of the country. As for economic destruction through bitcoin, perhaps only those who incorrectly invest will be victims, their economy has been pretty bad since seeing bitcoin as a big casino to win.     

Bitcoin should really be thanked because of the creation of a whole new industry that is a multi-trillion dollar one! And all the companies involved pay their taxes to the taxmen wherever they are in the world.
So, definitely bitcoin is not destroying the economy but it is make it thrive!

maybe this is a bit excessive and too raised about this bitcoin. what I can see for now is that the government is strictly prohibiting bitcoin on the grounds of money laundering, terrorist financing etc, but they are willing to impose taxes on crypto. from here alone we already know the ulterior motive. they want to take advantage without risking loss.

Almost all of the exchanges comply with anti money launder and you need to provide your identity if you are trading and it is impossible to do anything illegal without having a blockchain evidence which shows what you were doing with the coins you were holding, so it is not a wise idea and when you have fiat currency without any evidence trail why would anyone use bitcoin  ;D.

Hello everybody. Bitcoin in no way can destroy the economy - it is being destroyed by thieving and unqualified officials and inappropriate laws. Everything is useful and harmful in its own measure. If officials were able to introduce cryptocurrency into the economy, I think that this would give a certain positive impetus.

Thats why its crazy and dumbest decision if criminals will use the exchange for laundering a large amount of money since they will easily track since there are evidence that can possibly point them and for sure the exchange will ask the identification of account holder so for sure they will avoid this option thats why we see them always use those mixers since they know they are safe for any possible tracking.

I agree, for me bitcoin is in no way can destroy the economy. People would think bitcoin can destroy because of wrong information and understanding. In fact, I can also see bitcoin will be huge help for our economy. The government should do research about it for them to understand it clearly. Then when they know about it well, maybe they can decide to introduce it into the economy.

In fact, the government has studied bitcoin relatively many times in the past and when they realize that this is a financial market model, its adoption cannot be overly prioritized due to the nature of finance that is manipulation of value, governments manage this problem but Bitcoin is perhaps one exception that they can not touch. Bitcoin may not destroy the whole economy but moving and burying accounts in the grave is a real story, Bitcoin's financial support is being built on the participant's financial demise

It's adoption I am thinking about... Bitcoin & crypto will overtake the traditional economy! Simply, it's evolution! Crypto is better in every way! People can claim differently, but the future is digital! And crypto is made for the future!
I don't think that Bitcoin or crypto will destroy the global or country economy, crypto will improve it! And that will probably happen slowly, little by little Bitcoin and crypto will overtake everything and everyone!

In my opinion, the point is precisely that the blockchain can heal and save the economy from the crisis. This can be easily analyzed using the example of any country where the activity is legalized. People pay taxes thereby replenish the country's budget, people create jobs and receive money for their work, investments are also attracted and certain social problems are solved. This is a natural way of development of modern society and its economy, because this is essentially the embodiment of civil society. Even if it is still far enough from spreading in all countries, there are isolated islands of common sense and this pleases.

I was about to write the exact same first sentence of the quote. Bitcoin can save the economy by offering an exit option for citizens who see fiat money being printed en masse which really could destroy the economy. As money is being shifted into Bitcoin, the governments may realize that trend and rather slow down the printing exactly because Bitcoin exists as an exit option which they can't shut down.

Sad that this isn't viewed by those who regulate the economy. I doubt about what you said that "it will overtake the traditional economy". We're getting adoption, yes, however on the other side we're getting bans as well that contradicts what you're saying.
This is like people saying back in 2017 if Bitcoin would even replace paper money we got these days.

"Government are unaware of people using bitcoin or maybe aware but has not taking actions in this to avoid making some losses especially in terms of the asset that determine the value of the economy represented by fiat currency" as at this day this is no longer valid because many government authorities are taking action against it. And why will I need to travel with a huge sum of money am I not afraid of my own safety and even with how the way is going cashless. I don't see any point to which bitcoin could destroy the economy from all your stances.

Bitcoin also allows you to leave a bad economy if you want to without anyone noticing. You could turn your wealth into Bitcoin and go elsewhere. With bank transfers and physical assets you would get a whole lot of trouble at the boarder control. It is like a cage if you have wealth in a badly managed country and you can't leave it because you are not allowed to take your wealth with you.

Bitcoin will not destroy the economy because I know bitcoin can benefit people who invest in the long term, but the negative impact of bitcoin is that crime on earth will increase.
Criminal acts can be carried out through bitcoin such as terrorist funding, money laundering and kidnapping for ransom using bitcoin. That is what will happen to bitcoin because bitcoin is decentralized so that it is difficult for the government to know who is the person who has transacted on Bitcoin.

Bitcoin does not harm the economy; rather, bitcoin is the means by which the human economy may be improved. During the financial crisis of 10 years back, bitcoin was present. Bitcoin is one of the currencies used to protect assets during the financial crisis. If someone claims that bitcoin is ruining the economy, they are ignorant of history.

I think bitcoin can't afford to destroy the economy. Bitcoin is just a digital currency created by computer engineers. Bitcoin is not yet recognized in some countries. It is being closely monitored and controlled by governments. Some countries even restrict the development of bitcoin. So it's unlikely to hurt the economy.

I think that's wrong.
Bitcoin could not destroy economy. The fact is that many people have become rich investing in bitcoin, bitcoin helps their economy. Regarding the many criminals who use bitcoin to raise funds, I think that is also the case with fiat / cash.

This has been ongoing for last few years but nothing much have changed. Government are unable to pro prohibit crypto and also they are not able to regulate it and put taxes on crypto. However the adoption of bitcoin keeps on increasing despite the fact that it is not legal in many places.

That's not easy to say.  However, the price of Bitcoin has increased a lot in the last few years.  Which has become difficult to invest.  In addition, some countries have raised questions about legitimacy.  Seeing that the government cannot control, it thinks that there may be economic problems

I don't agree with you. Bitcoin was born in the financial crisis. It avoids inflation and is conducive to economic stability.

It simplifies the currency exchange between countries and does not need complicated steps.

Even if there is no bitcoin, there will be another kind of currency to achieve this function.

I totally agree with your opinion that the state that funds terrorists comes from state taxes not from crypto so bitcoin cannot be associated with anything like that. positive thinking using bitcoin.

Bitcoin will not destroy an economy. Rather It Helps.

Why There's So many People getting richer using crypto as thier investment? The fact that bitcoin can benefit The Short or  Long term Holders.

Otherwise It helps a lot , Not only to the people who believe to the power and freedom of bitcoin.

hello sir, what you are saying is very precise, I agree with what you are talking about, so I just understand bitcoin is banned in various countries for reasons that are VALID, recently Iran Delang banned Bitcoin from entering the country I think for the reason of payment electricity is very high and the price of bitcoin is decreasing, I think the current government will think twice about entering bitcoin into its country, maybe bitcoin has not been set up with a lot of speculation that this is not as stable as this might cause losses to certain countries

why do you dare to say that bitcoin destroys the economy `` wasnt bitcoin born when the world economy crashed` ` even bitcoin helps our finance, government can't give us jobs but bitcoin can give us income, what's wrong with bitcoin that you accuse bitcoin like that' ' in fact
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It is the greedy officials who have destroyed the world economy, because of the lust and lecherous thoughts of the people in government, which have eaten the people's money.
don't blame bitcoin, but just blame the officials for stealing people's money ..

Bitcoin to destroy economy?  Nah, I don't see that there is any chance for it. You say that Bitcoin is used for money laundering etc. . But these kind of things are carried out with fiat also. And if governments make a regulation about this, they can prevent these activities at a really high rate. And as long as governments make regulations and impose a tax on Bitcoin earnings, they will not get any damage in terms of income also.

Bitcoin could be a most prominent development of 21st centuary,It has Pros and Cons.If yong generation and jobless individuals can win from the sources of Bitcoin another side it can be utilized for dark cash as well but GOVERNMENT is responsole for all.If government need lawful utilize of BITCOIN at that point must legalize it and set the rules for its users.If a nation take that into consideration and make a arrangement to overcome it, at that point there's conceivable chances of economy to move forward. Each and each government depend on the tax assessment, but in return of collecting the charges government doesn't do the needful to the community. Usually where individuals search for ways to elude tax collection.

Economy is older than bitcoin which it cannot destroy economy. During the pandemic when other currencies were loosing value because of the covid-19 virus that was spreading in some countries. Those that lost their job during pandemic later found their self in bitcoin investment that is helping them to improve in the community.

there are people who are helped economically by investing in bitcoin, but we can talk bitcoin is also prone to abuse
this allows state officials to cheat, besides taking away the rights of the people they are taking advantage

Thanks to Bitcoin, crypto-related jobs have increased over the past 10 years. It can also be compared with the advent of the internet that changed the world.

If Bitcoin fuels criminal activities consider how banks have abetted criminals over the years.
Currencies created by governments are worse than Bitcoin as they serve criminal activities in all countries all over the world.

Bitcoin shouldn't destroy the economy, but it helps the economy of many people. With the very rapid development of crypto, there are many
opportunities to make money in the crypto world. I personally feel it by investing in Bitcoin in 5 years, my wealth has increased, because the price of
Bitcoin continues to rise. So if someone says Bitcoin is destroying the economy, it's like he's not doing the research properly.

thats why some country ban it.
but, im not sure all off people know about bitcoin. i mean, if people use this coin, big demand, and bitcoin price will grow multiple time, and all of them invest in, equality, no poor, this can make economy in red state. but, now, not all people know about it, and many of them still lost their coin.

There can be no currency which can replace bitcoin at the moment. All other altcoins are somewhat centralized and no one is pure decentralized as bitcoin. Governments may argue that bitcoin is not good for the econmony because if bitcoin is adopted gov. will lose control over the financial systems.

I do not agree with your words, you said bitcoin can destroy the economy, long before bitcoin came the world economy was destroyed, you should not blame bitcoin, but you have to blame the performance of the government which has spent trillions of state money, because of their own interests ''
the government cannot provide jobs for its people, but bitcoin is able to provide income for its users ...

I don't think that the bitcoin can really destroy the economy because as long as the government is banning the bitcoin in a certain country the economic growth will not affect it because we all know that the economic growth of a certain country depends on the number of people who are earning very well and the number of people who have a decent jobs.

Bitcoin may have been used in bad things, such as illegal trading, illegal selling of goods, illicit transactions. But it's different now. Maybe some of it still exists. but we have to be wise to use it, we as people who invest from bitcoin are more interested in the technology that bitcoin has than thinking about the negative side of bitcoin because bitcoin gave birth to technology that never existed before.

Since bitcoin is a decentralized currency and the government controls how the economy could progress, once bitcoin enters the game a lot will surely change. Things would be different as taxes gets excluded and as everyone favors bitcoin due to the financial independence it will give them. Maybe that is one of the main reason why most countries are still against the use of bitcoin. It could make a huge impact on a certain country's economy or even the whole world's economy.

That's because bitcoin is one technology not a business. I don't call bitcoin a business. in reality bitcoin is a volatile currency. If based on that, then bitcoin could be a tool for gambling and other negative things, Different people who invest in bitcoin and follow its development. Perhaps some people who try to damage bitcoin will actually damage their business, because nowadays bitcoin has a large community that fully supports.

no one can control bitcoin, bitcoin price is unstable. It can go up and down at any time. I think if a country adopting bitcoin is the wrong choice, I believe that country's economy will be destroyed.

Bitcoin is becoming humanity's new store of value and is recognized by prominent institutional investors and individuals. Thanks to the advent of blockchain and Bitcoin, we have other crypto projects that we call altcoins.

Altcoins are not only money, but it is also a form of technology and software, so it can be said that their application exists. We have seen real-world crypto use cases beyond payments like gaming, data management, data storage, NFT, etc.

Only naive or selfish individual which Bitcoin somehow give some people that work under her financial freedom will have the impression that Bitcoin destroys the economy and if all their claim was right people and the institutional investors won't have seen Bitcoin as an option when fiat currency has no interest.

It's a different story now, bitcoin is no longer for those who only use it as a tool or channel to illegal things,

there are institutions now who work and adopt this system as a good channel for payment transactions

though it's still not wise to use it as main currency as it had decentralized nature, using it without any control

simply allows people not to pay taxes.

Government adopting bitcoin doesn't necessarily means that it will destroy it's economy, they are too big for bitcoin to be destroyed, unless they put all their government money in bitcoin and it crashed then probably that is the time that bitcoin is going to be destroyed.

The adoption of Bitcoin is still in the stage of introducing bitcoin. several companies that use bitcoin as another payment option certainly have a good effect on the development of bitcoin. However, in some countries there are still no clear regulations. The price of bitcoin cannot be controlled by those of us who only have a little money, but for whales with a lot of money they can manipulate the market.

Bitcoin will take a long time to destroy because the government cannot control bitcoin, the government will never keep bitcoin as money in the public sector so bitcoin will not destroy the economy of any country. Bitcoin investment can help boost the country's economy.

Bitcoin is indeed more influential than the market, but it will not destroy our economy. It will inject some vitality into our economy, provide some new vitality and new technology, which is very beneficial to our market. of.

- Before the government announces issues of a large nature, a series of sessions and deliberations will be passed and most of all I see only one against using bitcoin, some countries may be applying but even if the government encourages, people can choose to refuse, there is no more land where there are too many spectators watching bitcoin show its ability, bitcoin becomes too gentle boy and can't cause big economic damage. Maybe some bad effects of bitcoin still exist but countries always have such problems, the government will purge such potential threats in a peaceful and unnoticed manner

on what basis do you say bitcoin destroys the economy, if your reason is because of the problem of terrorist financing, and a lot of crime in bitcoin, you are wrong, isn't it in fiat currency the same thing happens often, bitcoin has a lot to help our finances, at a time when the economy Everyone started collapsed, bitcoin that came to give us hope, to bounce back from adversity ...

why will adopt it if it can destroy their economy ?
 But they adopt it because they think they can get benefits with it . btc price have crashed many times but did btc got destroyed ? No because it wasn't the btc fault why they lose  .
They can't blame btc and want it to destroy but it was their fault of putting money in btc .

I am not saying bitcoin is destroyed, I am just explaining that if the government adopts bitcoin, the country's economy will be destroyed because the price of bitcoin can drop drastically in the blink of an eye if that happens then the government can panic and the economy in the country is out of control so the economy will definitely be destroyed.

You are right mate, no one can control bitcoin, as long as bitcoin is not controlled by the government, I think bitcoin will be safe, and will not affect the world economy, but if the government has taken over bitcoin, most likely the world economy will fall.

 Although Bitcoin is not ideal recently, there are still some other cryptocurrencies that continue to rise! I am a speculator, I am only interested in making money! If you are also interested, we can discuss it. :)

too much in my opinion, if there is someone who says that bitcoin will destroy the economy. I think they just think because the nature of bitcoin is anonymous, and they feel bitcoin will be used by irresponsible people. most such arguments are said by people who cannot profit from bitcoin. for example, a government that cannot collect taxes and a government that thinks bitcoin will be easy to use for criminal activities. I don't think bitcoin will destroy the economy, but people like that can destroy bitcoin. My hope is that they can let bitcoin run peacefully with the local currency, and welcome a better economy in the future.

I agree with you guys , no one can control bitcoin because its only a cryptocurrencies that controlled by crypto users and some whales or richest person that want to earn more profit. If government try to controlled this crypto by putting some taxes is very bad to us. Thats why bitcoin cannot destroy economy but can control us if government want. The one that i think good is bitcoin can be partner in many transaction that can very useful this time. But we dont know when its happen. Bitcoin can be a good partner not a destroyer.

I think Bitcoin will not destroy the economy. In the long run, Bitcoin can inject vitality into the financial market, thereby promoting the further development of the market and making the financial market more dynamic.

you are right I think that's a classic reason, without bitcoin also all the crimes mentioned above existed long before bitcoin was present,
bitcoin helps the real economy and helps a lot of people especially during the pandemic, Maybe I can say that bitcoin makes the economy grow. More and more people are earning in the crypto world and once bitcoin and other digital currencies are converted into fiat money, we can use them for our daily expenses, buying all the necessities of life

Terrorist-money-laundering-corruption-in the name of Bitcoin is stale-not basic.

On the other hand, Bitcoin is one of the digital currencies that can boost the world's economic growth- believe it or not, that's what's happening right now.
Thousands of government parliaments are involved in the world of crypto-the reason for destroying the economy is a ridiculous reason- lay minds, dead ends, undeveloped and stodgy.

Bitcoin is creating thousands of jobs worldwide. Bitcoin helps many people get rich with their applications. When the world is accepting Bitcoin, it is no longer a threat, it is a solution. I think that fiat money itself is double-sided when it comes to overprinting and inflation. Bitcoin is the opposite of FIAT and is a currency whose value is always increasing

To my opinion the fear that some have thinking that Bitcoin might destroy economy isn't realistic. Bitcoin is not a real threat to any economy of any country in the world. Instead of such negative view on Bitcoin relevant authorities should think about the benefit of Bitcoin to the global economy and how to integrate it for the benefit of all.
Despite all possible bad sides and differences compared to fiat I think that sinergy is possible.

We cannot say that Bitcoin can do any harm to the economy, rather that Bitcoin is benefiting the economy in the form of taxation. And the crypto currency has also given people jobs. In future it given many benifits to economy. Bitcoin is not destroying economy it is benificial for economy.

Bitcoin can never have a bad effect on the economy, because Bitcoin plays the biggest role in keeping a country's economic wheel in motion. A large part of the unemployment problem in a country is online

Bitcoin is just a way for their criminals to launder money. There are other ways, just because of the advantages of Bitcoin, many media have hyped up criminals for money laundering. As a result, everyone has a negative impression of Bitcoin.
Every transaction on the Bitcoin chain will be permanently recorded on the public chain. As long as someone checks. Will definitely find out.

Really, how come I am not yet caught by the AML task force in my country since I am using cryptocurrency too? Generalization in regards to bitcoin as a money laundering tool is the most stupid thing there is, are you so out of touch that you didn't know that it's easier to track money laundering when you're using bitcoin? Just an extensive work on tracking the addresses and you will be able to point out who is laundering the money and who benefits from it. Bitcoin can't destroy the economy, in fact it bolsters the economy since there's more people that will have more money meaning that more economic activity.

this is what underlies the government to ban bitcoin, because basically reasons like this will remain as long as there are people who destroy bitcoin in cases like this.
but it is very difficult to change this because the nature of every human being is not the same.
but this can at least be minimized by being positive while we are here and so that bitcoin can change from the perspective of people's eyes. at least bitcoin is not called a money laundering tool

I agree. Other kinds of currencies can also be used to fund illegal activities, not just bitcoin. Other currencies such as fiat can also be laundered, hence there is a law such as AMLA (anti-money laundering law), that most countries implement. It's a bit exaggerated to say that bitcoin can be the cause of a country's failure. Because foremost, the country's welfare is in the hands of the leader. When the leader is stupid and corrupt, surely the country's economy will go downhill in no time. Meanwhile, if the leader is competent enough to do his job, there would just be minimal problems. And bitcoin would be the last thing they would blame upon their failure because they still have greater power, don't they?

The government collects taxes on the people, companies, projects, and many more. They have many sources of income that are utilized for the betterment of the country. In fact, most countries make money from btc by people exchanging it with fiat it thru platforms that require KYC which are regulated by the government.

I don't agree if you say bitcoin can destroy the economy, because when the world economy is in decline due to the influence of the pandemic, bitcoin comes to solve the financial problems of a chaotic society, Bitcoin can provide incentives to global governments to compete for public attention and investment. Because crypto is indiscriminate.
"People have realized that they prefer Bitcoin over fiat currency. Bitcoin facilitates the global economy from an economic point of view because it is a global currency and is not linked to any country..

Saya setuju dengan pendapat anda..ini kelebihan . Andai pun ini tentang uang untuk mencairkan nya pun butuh mencairkan lewat bank lokal. Andai pun ini akan terjadi juga akan sangat kecil.Berita seperti inilah yang membuat pemerintah akhirnya melarang banyak hal yang akan terjadi pada kita sendiri yang akan merugikan.

I don't think criminals will dare to put their money in crypto, I'm sure they are afraid that if the value of crypto drops the money will run out, they feel safe if they keep it in a bank that has a reputation for keeping money safe and untraceable for example a bank in Switzerland or Panama.

The mass money printing machine is the crime that kills the economy of humanity.  Not bitcoin, we need bitcoin to counter that.  It is bitcoin that has helped the economy not be backward in the financial path of banks and governments.

I don't agree if you say bitcoin destroys the economy, in my opinion, on the contrary, the emergence of bitcoin can save the world economy, when the world economy is in decline, bitcoin comes to save the economy of the people who are slumped because of the pandemic problem..

The recession party of the economy has been showing signs since the time when elections, unbalanced policies of countries and the level of consensus among countries are reduced, but these atmospheres didn't break apart all at once, almost by mutual resources, governments are still able to keep their economies intact and show no flaws in their reforms. The pandemic is an unexpected catalyst for exposing sins and mistakes, Bitcoin is only tasked with being the right way but this effort is just dust compared to economic fluctuations, unable to prevent other factors from pushing down the overall economy.

criminal acts  terrorist financing and money laundering,
that's a classic reason and that reason makes bitcoin not legalized in every country
actually money laundering has also been happening since before bitcoin and the government who didn't like bitcoin made that excuse,
Money laundering can be avoided if the government has transparency in the costs of its financial expenditures
governments that say bitcoin is a destroyer of the economy, those whose countries are afraid that if their people have financial freedom and don't need their jobs by trading on crypto exchanges can already meet their needs, and a country's fiat will weaken, if this situation really happens

The banning of BTC in many countries is only due to political reasons that are said by the Government. I assume all of that is just their nonsense as regulators. As long as you understand the risks you face in investing in BTC then it is your business, not theirs. There is no need to prohibit, it is enough that public literacy is important and how to manage risk in investing so that people are literate in financial literacy.

Completely wrong with lame comparisons

Bitcoin is absolutely not the reason for being listed in the issue related to money laundering.  How much will it account for in the total market capitalization that bitcoin has compared to tons of corruption, bribery related to banks, governments, etc.  Those numbers are in my opinion thousands of times larger than the reference values ​​related to money laundering

Well said. Bitcoin is a new source of income for middle class as they are earing by investing, trading and mining the Bitcoin. In general it has good impact on economy of any country and in no way it is used to damage the economy.. it is also true that Bitcoin is being used for illegal activities because being decentralized it is impossible to have traceability of transactions but now all major world exchanges are making KYC mandatory for their account holders as well as governments are making new legislations/regulation to monitor such activities.

I really agree with your review, bitcoin can save the world economy which is down due to the pandemic that hit the world, I also don't agree with the opinion that bitcoin can destroy the world economy, because the proof is bitcoin has been able to make people comfortable and have and make their finances slightly improved..

Yes, it is a classic reason from the government, but if that is the main reason then it will be very ambiguous why fiat which was previously widely used in criminal cases such as corruption, terrorist financing, drug trafficking and other illegal activities was not banned until now? The government should think that bitcoin is a currency that has the same function as fiat. Abuse is in the minority while other positive uses are the majority. It doesn't make sense to only think about the negative while the positive are simply forgotten. But now maybe the regulations are better than before. The government is now opening its eyes and starting to think bitcoin is a good prospect in the future that will help modern payment systems.

You comes with an oldest argument which government tells from its start. Like terrist funding, kidnapping payment, drag dealing its worst example in todays world. And its like a useless example for bitcoin. That's why government also didn't tell that bitcoin use for criminal offence because they know its useless now for banning and people now understand that. But government now gives an excuse like economical crush on share marker if people invest in only crypto then share market will crush. Companies unable to increase company values business might shut down. This are now todays excuse.

I don't think so that the BTS could destroy the economy. I feel that BTC is the best method to deal with anyone in the world.

Bitcoin could destroy the economy if more people abuse it, but in reality... that's unlikely to happen, I'm sure Bitcoin will be more inclined to the positive side when it comes to the economy, even into the future I guess.
Day after day Bitcoin has become like a helper for humans, and of course it encourages people's income/economic conditions. It's just that some governments are still worried about some things related to crime, the negative side, etc.

It is really funny the way fiat fanboys try to spread FUD. The global economy is really under threat. But that threat doesn't come from cryptocurrency. The real threat comes from governments and central banks, which are printing banknotes like there is no tomorrow. 2020-21 was unique. For most of the fiat currencies, the M1 monetary supply went up by 100% or more, aided by the stimulus measures. And everyone knows that this is not a viable situation in the long run. In the United States, the federal debt is rapidly inching towards the $30 trillion level. It's just a matter of time before the total collapse happens.

Yeah exactly the global economy is in threat but it's reason in not bitcoin or any cryptocurrency.
The government want to hide their mistakes and put the blame on something else this time cryptocurrency.

Its true that they are hiding their mistakes, but they don't blame bitcoin and cryptocurrencies. Bitcoin, is basically indestructible to the world economy. Bitcoin is very small compared to other industries, cryptocurrency participants are still not large if the world population is included and bitcoin's influence is not large enough to affect the global economy.

I don't think there's any likelihood of that happening. You claim that Bitcoin is used for money laundering and other similar activities. These kinds of actions, however, are also carried out by fiat. And if governments enact legislation to address this, they will be able to effectively prevent these activities. And, as long as governments enact regulations and levy a tax on Bitcoin earnings, they will not suffer any financial losses.

I don't think so, it will not destroy the economy but instread it will help us to transfer funds at the very convenient way.. Bitcoin is a currency, the government has no control over BTC but BTC wilk not definetly destroy the economy.

All the acts you mentioned, were they not in existence before Bitcoin was created? Or did Bitcoin bring them? I heard you mention stuffs like funding terrorist, money laundering, etc. Before now were these acts not there? Let them stop making excuses like this. Maybe they can find something better to cook and feed the people, and not accusing Bitcoin like it doesn't have enough advantages for users.

Once bitcoin becomes standard in every citizens life, we are going to see governments ban it and try to stop it. China allready did because they are not a democratic country.

The monetary policy that all countries are running, is a way to control the people. Lets just face it. even if you work your whole life, and save all the money you earn, you will never become free (rich). Bitcoin solves this, but what happens when the entired country's population doesn't have to work? Then nobody can pay for the governments salary.

I don’t think anything is ever going to happen. I agree that bitcoin has become quite a big name in recent days but it is not that big that it can destroy a complete economy. There are so many other factors that might contribute to the destruction.

I don't think so that BTC destroy the economy. It's true that BTC is the King of the current financial world so if governments of every country will accept the BTC then they will be strong with the finances. This is only my opinion.

We cant clearly say yes or no. Many factors impacts to economy. Integration of btc could happen maybe but it would not destroy economy I  think.

Bitcoin is better for the economy.
Can effectively reduce inflation.
Many countries have now considered whether to use Bitcoin as legal tender to reduce their own country’s inflation.

There's always the possibility so it's not completely a fiction that bitcoin's going to destroy the economy, remember that it's an unusual investment tool so it's likely that its not going to do so but I am on your side, it's just that I want people to see that there's endless possibilities, be it worse or better.

The best way for a government that is willing to accept crypto is to provide clear regulations, as long as there are no clear regulations then crypto will look scary, the fact is that the crypto community continues to increase so it becomes a good opportunity to improve the country's economy.

whether this is an issue or an argument by some economists who actually don't like bitcoin but for the members it is still

Sure, that can be key approach how to regulate usage, but not easy to put propper rules how will crypto be implemented as part of money flow in country economy. Lets see Ecuador and other starters of btc implementation.

I don't believe that bitcoin will destroy the economy. It can help economy to grow more. In this digital world, we should think differently and implement different digital methods. Bitcoin is well known crypto currency which has a lot of features. It can help to grow economy in right way.

The paralysis from Covid also only delays contracts and relationships, but after all, the breath of the economy is still very stable and shows no signs of being completely destroyed, the era of too many ups and downs will be compensated by more favorable policies, the government will always be behind the economy and become a talented control artist. When comparing bitcoin with Covid, perhaps bitcoin is not so bad and dark, it shows that bitcoin has never liked economic destruction, from nature to users, both of these factors integrate with the economy and cultivate more relationship

Right, economic destruction is usually due to a political crisis such as war, when there is a war inflation can reach hundreds of percent and the value of money will drop, this is what makes the economy crumble, there is always a fear of people who hate bitcoin so all the reasons they say even though it has never been proven .

Yes, Bitcoin is a well know and most popular cryptocurrency. But Bitcoin have some negativity also. For those negativity government don't make Bitcoin legal in his country. By Bitcoin criminal use to buy illegal things, by those illegal things they can fall impact on economy by making illegal work. Also some people laundering black money one country to another by Bitcoin. Because no one can trace its transaction. This type of illegal work can make bad effect in economy.

only those who judge negatively about bitcoin they only see the bad side in their mind bitcoin can be free of transactions to do illegal business like buying guns and drug deals then they make bitcoin trouble destroy the economy and they make acceptable excuses to the public for people to rate bitcoin highly bad. but for those who want to accept bitcoin they can take a lot of profit with bitcoin investment because they believe bitcoin is very good for long-term storage.

If you're using bitcoin to transfer money for illegal actives, buying drugs offline, using it as ransom, terrorist activities, etc etc, then you are a rookie, have no idea what you're doing and give yourself a good chance at being caught.  Let's not forget that it is easier to track bitcoin then it is cold hard cash (notes and coins).  If you want to properly use cryptocurrency to do these illegal activities, use Monero.

the economy will continue to run even with bitcoin the economy is more transparent in transactions. Eventually all transactions will be completed on the blockchain, including property rights, stock purchases, car ownership rights, and other monetary and currency instruments. Network effects one to six culminate in this final network effect. traditional currencies, in this case need to beat bitcoin if this continues so some economists do economic issues that exclude bitcoin

Any form of currency could be use for dubious activities not just bitcoin alone just like any one could get involved in money laundering same way would another get involved in crypto loots but the issue isn't with the currency at all it's the individual who engage in this that should be blamed and not the currency it self been dubious is a personal decision.

There are so many things bitcoin has proved to the world economy during the pandemic that it came to eliminate delay and poor economy. It improves so many countries economy during the lockdown.

Bitcoin now has advantages for the economy.
If Bitcoin can destroy the economy, many countries will not set Bitcoin as legal tender.
Some people just don't understand Bitcoin. Think Bitcoin is not good.

Indeed , and even how good it seems look yet currency can destroy economy or even life so while there are chance then do what is necessary .
Bitcoin is created to help people like what Fiat is all about but the probability is always there and what we can have is always the best.
wrong , economy is not afraid of bitcoin nor the government , but it is the people keeps on putting the pressure towards crypto.

I think Bitcoin is not a competitor. It can be said that it is one of the best and most reliable means of service. This has led to huge change in people's financial transactions which has attracted very quickly in the community.

Bitcoin will reconstruct the world economy, and everyone will benefit from it.

Perhaps this is a little too enthusiastic about bitcoin. For the time being, it appears that the government is firmly outlawing bitcoin on the basis of money laundering, terrorist financing, and other similar concerns, but is willing to levy taxes on cryptocurrency. We can already deduce the ulterior aim from this. They want to profit without risking a loss.

Apart from China, which government has recently taken action against Bitcoin? As far as I can see, others are moving towards legalization and regulation. I am residing in India and even here the government has adopted a more conciliatory stance in the recent months (which contradicts their previous hostile attitude towards cryptocurrency). The governments need taxes from the cryptocurrency industry, but at the same time, they are uncomfortable with the idea of giving away their dominance on the general population.

this has been the issue eversince but like what answered from the past, even without bitcoin still those illegal doings will exist.

they will do everything using their knowledge and ability to hide their activities.

bitcoin just become controversial because of the popularity and so many users but the thing is no matter what they called bitcoin still the reality speaking that this is also helpful in economy .

This government are always ready to fight against obstacles tat could limit the use of her current which is a necessity for the economy growth of the country, inviting investors to invest in her economy to increase the use of the country currency. The government has all right reserve to stand against imminent obstacles to the economy but that should not be done in a way that will affect citizens business activities. If the government thinks bitcoin is a threat then let them adopt it.

it all depends on the financial management owned by a country. how prepared they are in managing crypto in their country.
I think in a topic like this, the case of El Salvador will be an example. and see how the country manages the country's finances with bitcoin. success or failure we will see in the future.

Its not only with Bitcoin, its with any local currencies. Its up to how they are used. It can be used for legal things or illegal things. Since BITCOIN or another crypto currencies can not tracked, many tend to use it for illegal activities. As long as its legalized or accepted country wide, then yes, there are chances of reducing such activities.

It is not going to destroy economy but instead it would reshape it, for good. We have been so used to be prisoners of the governments that we think that is the right thing and only possible way. But instead your money should make you incharge, instead of the government. We are moving towards a different alternate way of living our lives and i think Bitcoin has a big role to play in it.

Its like a double edge sword, you can use it in both directions. All such fraudulent activities are happening for centuries. Even today most of such fraudulent activities are done in digitally using USD. You can use BTC to transfer funds to your client instantly in country where he is denied banking facility or other way around, choice is yours. We need to understand that BTC is not only about money laundering, ransomware etc its a financial system in which everyone can join without any filtration.

I agree, With Bitcoin at least technological advances in transactions are faster than Fiat money and moreover can reach all over the world without the need for long time and specific addresses.
With Bitcoin, I don't think it will destroy a country's economy, but instead open a country to see technological progress at this time.

BTC creates an advantage that transactions are not controlled by anyone if in fact BTC is an easy to use and popular coin held by many investors, but the downside of it is trading. Anonymous and unregulated transactions are easy for bad guys to take advantage of these features. What you mentioned in the problem is not entirely true but everything in the world has advantages and disadvantages even BTC is no exception.

Can you tell me, in what country Bitcoin destroys the economy? When you state it destroys the economy, you must give us the proof in real life. Not only based on your theory. In reality, it is even to help many people in the world to have more sources for their income by investing or trading Bitcoin. It is a positive contribution to the economic aspect, supporting people to get more money. How can you claim Bitcoin to destroy the economy? It sounds like you are too paranoid with Bitcoin. Don't be too easy to believe in FUDs of illegal activity using Bitcoin, many of them are just fake news! or something too exaggerated.

wow I've been trying to research this and asking anywhere, well here it is. This might be lacking something for other members in forum but for me this explanation of why government not suggesting the used of cryptocurrencies is for this reasons, and it could really destroy the nation's economy by bringing & transferring money by using bitcoin to other country.

What do you mean by destroy?
Printing limitless fiat is good for economy? I don't think so.
From the purpose of use, Bitcoin is money, it can be used same as fiat.
It is the people who use it make all the difference.

Both legal currency and bitcoin will be used for illegal activities, depending on the user's use.
Fiat currency is the currency that people have used the longest and is the most familiar, and I think it is still the currency that is most used in criminal activities.
Bitcoin will not destroy the economy. In more than ten years of development, it has brought more equality and fairness to human society and realized economic freedom. It has more value and benefits to people.

Probably that's what the OP meant. Printing unlimited amounts of money is essential to the survival of the fiat economy. And as the OP has stated, Bitcoin has the potential to disrupt, or even destroy this system. The current system of fiat economy is not viable in the long term. It will collapse under its own weight in the long-term future. Federal debt now stands at 150%-200% of the GDP for many of the countries. So even without the entry of Bitcoin, the future outlook for fiat economy looks poor IMO.

The allegation that Bitcoin will destroy the economy is not proven, but what happens is the opposite. Which since the presence of Bitcoin has helped
many people with the economy, Bitcoin can be a source of income. There are even some people who managed to become rich after deciding to
invest in Bitcoin. If Bitcoin can destroy the economy, it is impossible for El Salvador to legalize Bitcoin as a legal tender. If someone says Bitcoin will
destroy the economy, it means that person does not understand Bitcoin. Or the person is a Bitcoin hater, and make Bitcoin look bad in the eyes of
the public.

bitcoin can not topple the world economy, because bitcoin is also indirectly dependent on the world economy. and bitcoin is only like a stock that is tradeable for services and products. and only as you buy that stock that only will its price go up so if no one buys bitcoin or uses bitcoin then the price of bitcoin will go down.

What you are talking about is just the shortcomings of Bitcoin. Have you not seen the advantages of Bitcoin at all? If Bitcoin is really bad, will so many countries make Bitcoin legal tender and legalize Bitcoin?
The country bans Bitcoin because they cannot control Bitcoin. There are also many countries that initially banned Bitcoin and later allowed the use of Bitcoin. Don't be influenced by some negative news.

Bitcoin to destroy Bitcoin?  :D
I think you made a mistake writing this statement. You are better to revise this, looks nonsense to me.
How can Bitcoin destroy Bitcoin? It is something impossible to do.  :P

Who bans Bitcoin isn't a country but the government. And the reasons can be varied, not only because they cannot control it. For some governments, Bitcoin cannot be accepted as a payment tool because it is volatile. So, they assume Bitcoin possibly bring negative impacts to their society. But for other governments, it is no problem at all. Especially for a digital asset, the volatility even can make society gain bigger profits.

Economic development is not determined by bitcoin. Bitcoin didn't destroy anything. The economic collapse has something to do with the government's own policies, not anything else.

Economic development is not determined by bitcoin. Bitcoin didn't destroy anything. The economic collapse has something to do with the government's own policies, not anything else.

Bitcoin has been developed for more than a decade, and Bitcoin can destroy the economy will not allow for use. Many countries now have legalized Bitcoin. You can pay at Bitcoin when you are allowed to use encrypted currency. Bitcoin did not destroy the economy, which brought new economy.

We have this debate for very long time because most of the hatters still arguing about this but are not checking all data which is still available before bitcoin it's never been good and clean we have money laundering we have terrorism, and we have all criminal activities before this as well.

Just because of this we are sure Bitcoin is never going to hurt any country or economy, It's going to destroy by their own policies and system which is helping corrupt and criminal mind peoples. After bitcoin, we have some better and cashless transactions with good speed and security, which is great improvement.

Obviously it’s never wise to bet on this unpredictable asset a 100% of your capital. Anything can happen, I just wanted to say that I am not seeing it happening anytime soon.

I don't think Bitcoin can destroy the economy. All back to the person or community who use it. Like fiat, Bitcoin can be used for good or bad depending on the user. Even all things if misused are also not good, not just Bitcoin. Don't look at things only from one side, but try to look at things from the other side. What looks bad is not necessarily as bad as you think and vice versa. Therefore I do not agree if Bitcoin is considered an economic destroyer because there is a positive side that I see from it.

all things that are utilized of course have an impact. including bitcoins. maybe indirectly people think bitcoin adopted by a country for transaction tools could destroy the economy of its people when the value of bitcoin is in a bad correction.
but on the other hand, I think there will be more people involved in bitcoin adoption when the market is down. and it will create an economic pattern of the community that is oriented towards long-term strengthening.
but all still have to get support from the users themselves. including fiat which is still not completely avoidable.

Bitcoin will not disrupt the economy. From the past few years, we can see that Bitcoin has brought huge profits to investors, and it has made long-term investors more profitable. Bitcoin brings positive help to the economy, provides users with the opportunity to manage funds freely, and helps us achieve wealth and freedom of thought.
Bitcoin's decentralization is not controlled by the government and its number is fixed and limited, which can effectively alleviate the problem of economic expansion and is conducive to economic stability.

Dummy, I'm not talking about bitcoin being destroyed by the government, if you've read it a bit slower it's the other way around, why would I say something senseless like bitcoin being destroyed by the government.

It is irritating every time i read something that differentiate Bitcoin as tools for illegal activities while Fiat is keeping safe.
Fiat is the very main tools that syndicate are using it is just recently Bitcoin becomes more popular that it is used also as medium but this does not necessarily mean that Fiat
 is better than Bitcoin because it is not.
People of greed attitude will destroy the economy and that is not bitcoin at all.

Frankly speaking, I don't see any argument here against Bitcoin except usual speculations. You said,
"There are other things that bitcoin could be getting abuse by the criminals like"

* funding terrorists,
* money laundering,
*kidnap for ransom using bitcoin, and etc,

So Bitcoin has been in existence for about 20 years and before that, we know vividly now that,
 
*terrorists were been funded then, with what? of cause, not bitcoin
*monies were been laundered and definitely not with Bitcoin
*Ransoms were also been paid for kidnap and that too was definitely not with Bitcoin.

In fact, I can categorically tell you that if you have been following news around the world and you have been paying attention to Nigeria, you should know that, this is like the hottest location with one of the highest rates of Kidnapin now and none of the ransoms that have been paid thus far are with Bitcoin, all still with Fiat.

Yeah its true, Bitcoin needs a fiat value to be worth anything at this point. Bitcoin won't destroy the economy. It will work alongside it and Bitcoin will help the economy develop, definitely not destroy it.

Obsolete rules are obsolete. You cannot apply the rules for a national currency to a global currency. The money isn't moving, only you are. The money is in all the world at the same time, those old rules cannot be enforced anymore.

This is what the next generation of politicians need to grasp, because without a few exceptions like gold, there have not been true global currencies before. Sure, the old gold coins of another country were not technically valid everywhere, but you could at least melt it. Can't do that to modern fiat can you? Its just paper at best, digital zeroes at worst, backed purely by promises and nothing else.

So go after the individual and find where did the money came from, but leave the money itself alone. It is not your jurisdiction anymore, its not your country sovereign right to ruin it like in the past. Bitcoin is not yours or your little country, it belongs to the world.

I don't think it can destroy ones economy unless the ruler and official of the government thinks it that way. So far, there were few influential people, most of them are government officials, celebrities, influential are using bitcoin. Maybe they believe that based in their own experiences,  it helps to reduce poverty and unemployment but can not be adopt for legalization as it will break or oppose the rules for money value, implementation and decentralizations of different country especially in out central banks.