Bitcoin Forum

Today, bitcoin and other cryptocurrency can be converted into other forms of money and deposited into user's accounts in an instant. Most crypto can be transacted anonymously, generally safe to use and difficult for malicious hackers to break.

Here are some impact that I observed, many governments restrict remittances made from other countries or vice versa making the charges too high, with the use of bitcoin and other crypto, it reduced remittances.

More consumers are using bitcoins. Some legitimate businesses and companies have started accepting crypto as a form of payment. Online shoppers, investors, even some banks are using bitcoin regularly.

Apart from the transaction charges which bank and other payment system are charging their clients they are also slow in times of executing transactions.
But Bitcoin in an aspect of the payment system has made it possible for holders to make payments seamlessly without undergoing any form of government policy on transaction limits or restrictions to who one can send payments. Bitcoin has impacted in so many ways that make human life easier than I can even imagine.

Because that's the goal of Bitcoin based on the Whitepaper written by satoshi.  As an alternative payment system of fiat currency and now it has been widely adopted around the world but only in those selective countries because still there are few countries that restrict Bitcoin under their jurisdiction.

It's possible on a centralized exchange, isn't anonymously but it's pseudonymously.

Bitcoin spending is seamless and secure. A bitcoin can be easily transferred between two individuals in an agreed transaction without revealing their identities or requiring the assistance of a third party, but gold transactions do not keep the seller and the buyer anonymous.

Bitcoin saves people the stress of carrying money around when they travel to a country where the use of Bitcoin is generally accepted (free and fair usage).

I just love Bitcoin because I can buy it in chunks if I can't afford 1.

When people starts realising the real purpose for which bitcoin and other cryptocurrencies were innovated, automatically more and more people will move towards it. Even now the un-banked sector around the world contributes a big number. Those people at some point turning towards cryptocurrency will be a big success.

Bitcoin having multiple usage is another key factor for which users can prefer it over other form of investment/traditional usage. It can be used as investment, currency, store of value, transaction medium. Above all, it doesn't require a series of procedure same as we do with banks.

They have their own reasons for it. The government is just being a government, they are doing what it can to protect its people. That's why there are a lot of people who are against them, especially on some of their decision, let's take for example some regulations about Bitcoin which are not really useful.
They hate decentralization because they can't control it.

A shame that a person with the seniority on this forum that you have is talking about converting bitcoin to fiat to pay instead of paying directly with it. And then that in the second sentence you somehow identify bitcoin and cryptocurrencies when they are essentially different is already the last straw.

Bitcoin is having more and more impact on society, just like cryptocurrencies but the latter are just another part of the system while the former at least was devised as an alternative to it. Another thing is that in daily use many people acquire or transfer them through centralized entities.

I went to the mall a few days ago and was happy to see it shine bright in my sight with only one stall of phones there. It's because it has a logo of bitcoin and said "Bitcoin accepted here".

It's gradually seen with the impact it's making and we'll see more establishments and businesses adopt it.

Whether they are small or big, it doesn't matter. What we like there is that they're acknowledging the use of bitcoin as payment and adopting it as is.

It also affects in the country's economy when people use BTC instead of their local currency.  The Crypto market is not incorporated into the currency exchange that they can see the growth for local currency demand. Coins sent by users going to Latin countries are not seen as remittances. It's usually just the USD upon exchange for a local currency.  If they just keep BTC upon receiving it, it will just be a BTC transaction. No more no less.

It depends on the country you live in, if bitcoin in your country is illegal then using bitcoin will be caught and fined. In this case, there is nothing wrong if you convert bitcoins to fiat to use. When you buy a cup of coffee for only $0.50, you can't use bitcoin to pay, it takes quite a long time to confirm the transaction and I think the transaction fee will be higher than paying for the coffee. Bitcoin is not only a means of payment, it can be a currency, property, safe haven… depending on how each person uses it. We are bitcoin investors but don't always use it for payment, use it according to the circumstances. IMO.

The invention of bitcoin has brought more people into the crypto sector, changing their daily lives. The use of virtual currencies thus offers a more secure way to transact with foreign entities or local merchants without having to worry about fraud or theft. This has offered consumers a new alternative to their usual way of making purchases, allowing them to have more control over their spending.

Future generations will definitely be smarter and will ask themselves, how is it possible to send money for free?

Yes, we are all heading into a new era in remittances. The financial crisis is more than just a global recession, it is a catalyst for change and we will all be better off for it.

The irony is that, bitcoin could actually solve various issues from traditional banking system yet they fear the acceptance of same. Now the fear is because of uncontrolled authority over the use of bitcoin which could put down various government operations. Such as how they will get the taxation and how they will run the nation (if they really do!).

I don’t think there is anything else that’s interfering with their decisions of accepting it. The fear of loosing tax monetary system is alone biggest barrier for them.

However, DUBAI managed to survive with less or zero tax but again that’s rich country with kings who understand humanity. Rest of the world may not be able to follow the path.

Banks can only accepts bitcoin if they found it legalized and this should be somethings i think central bank has to authorized rather a commercial bank go into this law this same thing applicable with my country, bank don't accept bitcoin as a means of payment and as a matter of facts when doing transactions we don't mentioned anything crypto related otherwise these accounts would be frozen, we can talk of privates company or individuals like me and you can start doing that secretly without any authorizations from our countries.
Lastly have you took your time to go through the whitepaper of bitcoin? meaning its becoming a dream comes true if not for government not legalizing it in the whole world.

The tremendous impact of bitcoin is for those of us who have used it. we must have felt a lot of benefits from bitcoin as bitcoin users and holders. and of course people who now don't know and haven't used bitcoin then they haven't been able to feel the benefits of bitcoin. then I hope they can find out and use it soon. so they can also feel the benefits and conveniences obtained from bitcoin. for the government then of course bitcoin makes them a dilemma. because on the other hand they know that it is very useful but they can't accept it because they the government always wants a centralized system that they can control freely. while bitcoin is out of their control. but I'm sure one day there will be more countries or governments that accept and support the use of bitcoin.

While I don't 100% totally doubt this, do you have actual proof of banks using bitcoin regularly? Or do you mean banks offering bitcoin-related services to their customers? Because these 2 are very different things.

Indeed so. and with bitcoin, of course, it has a very positive impact on all, especially those who invest in bitcoin. and with bitcoin, of course, it opens up good opportunities, especially in the economic field, namely by investing in bitcoin. and bitcoin buying and selling transactions are very easy.

Actually safe or not is relative, because bitcoin or other cryptocurrencies are decentralized or not regulated by any institution so the security of crypto assets depends on how they protect them and will be safe if they really take care of them properly.
but many people even want their transactions not controlled by any particular institution, decentralized, peer-to-peer, transparent, anonymous and immutable, many people want it and also feel comfortable using this technology.
and certain companies allow transactions with bitcoin overseas, and it is people like this who need bitcoin because bitcoin is also the most accepted cryptocurrency compared to other cryptocurrencies. And bitcoin is freedom and makes everything simple and easy, and also completely self-controllable.

Bitcoin is always measured by its influence in breaking traditional schemes (it is already very obvious after so many years), transfers, payment methods, etc. but where it should work without ties, which are the people, is where it has less influence, yes! It is having an informative penetration and people are interested, but the basic process of being an active part, hodl, selling or buying, is still delayed.

This is the primary goal of Bitcoin. It was created to provide another source of wealth for its users, which is why it is anonymous; with the help of blockchain technology, all Bitcoin transactions are transparent and fast, which is why you can convert your Bitcoin to FIAT whenever you want and it is very fast; and it has brought a solution to keeping your money with third-party like banks, as you are now your own bank.


That is the anonymity of Bitcoin Technology; it is unrelated to your location. Privacy is very important, which is why it is necessary to keep your Bitcoin in personal wallets rather than using exchanges that may expose your privacy.


They found Bitcoin payment to be simple, and if they can keep the Bitcoin, they will profit when the price of Bitcoin rises. In comparison to FIAT, whose value will remain constant.

Restrictions on sending money from other countries by the government are the basic trigger for big businesses to switch to using other options such as cryptocurrencies and Bitcoin in terms of payments or remittances. Because it makes it easier for business people to make transactions in large numbers so as to make the running of business run more smoothly without being constrained by restrictions on remittances to other countries. And I think online Buyers, investors and banks have taken the very right steps to address this without bothering the state for this.

I completely agree that online Buyers, investors and banks use cryptocurrencies and Bitcoins to facilitate and increase the number of their transactions in a day. Because it will also have a good impact on cryptocurrencies and Bitcoin when there are more people who use cryptocurrencies and Bitcoin for important things like you described.

Yeah you're right, when we decided to help our friend who were suffering from tremendous loss of wealth in the other country, we only gathered small amount of money and the worse part is, the remittance fee almost cut the amount to half. I realized if only he had bitcoins back then, he would have received the full amount of money we gave him. That's why when the exchanges nowadays added p2p option, it's really a big help for anyone who wants to send some money abroad without worrying for the high remittance fees.

Your topic shouldn't have been "Impact of Bitcoin" as this doesn't align with the body. Nevertheless, let me reply directly to the body, it's left to any government and anti-Bitcoin to whatever measures they want to mete against Bitcoin users, the coin will always survive as it has been doing. If they like, they should raise charges and sanctions, the true Bitcoiner will survive in the country, they have always found ways to survive. P2P is a very good way to achieve this, but they have to be sure that they are dealing with a trusted party.

Some could even use the P2P with another online payament system before domiciling the fund into their bank accounts.

Bitcoin can handle cross-border limitations that cannot be reached by fiat because users can send large amounts of bitcoins for one transaction and arrive in minutes. Transaction fees for one delivery will also not be too large compared to if we send money in fiat form. But maybe this is what the government and banks don't like because they won't get any fee income from the transaction, so not all countries allow the use of bitcoin as a currency conversion.

And if bitcoin can get more users, including people from the government, maybe it will allow people from the government to realize what the primary use of bitcoin is. But it can happen in the future after all countries experience financial problems, so they will see that only cryptocurrency/bitcoin can solve it.

At first I thought that makes none sense, but I found news written in 2020 that there are several banks that accept deposits with bitcoin. In that news, with Wirex (from the UK) you can fund your account using crypto while other banks only provide Bitcoin-related services. I found this information from Know Which Banks Accept Bitcoin, Get The Complete List (https://www.banks.com/articles/investing/cryptocurrency/banks-that-accept-bitcoin/).

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In addition, I found the latest news published by Investopedia on August 16, 2022; U.S. Fed Opens The Door For Crypto Banks To Enter Traditional Banking System (https://www.investopedia.com/crypto-banks-gets-access-to-banking-6499447).

There is no denying the fact that most businesses are turning to bitcoin for everyday savings and transactions. I have also observed a large number of online traders and investors profiting from bitcoin on a daily basis.

But based on my observations thus far, I haven't come across or heard of a bank that regularly accepts the use of bitcoin. I'm just surprised that a centralized exchange system could allow the use and transactions of bitcoin with them. I'm not disputing the possibility that there are any, though. They may still be traceable even though they are not owned by the government like central banks.

Bitcoin is pseudonymous, not anonymous. But for people who really care with their privacy can use Bitcoin as anonymous currency if they're use it correctly and using a mixing service. Impact of Bitcoin is anyone doesn't need to rely on third parties due to decentralized nature of Bitcoin and Bitcoin protocol is really secure, it almost 0% chance for hacker to hack the protocol. If anyone heard about hacker steal Bitcoin, they're hack the exchanges, not the Bitcoin.

Later we will see thoroughly in every center of the crowd an inscription that reads "Accept Bitcoin payments" or "Bitcoins are accepted here".
Basically, many big companies in the world already understand how Bitcoin transactions work and if big companies implement it, it will be very profitable for them. It's just that they maintain the ego not to use it. It is the same with the governments of countries that are still very strong in defending reasons not to implement it.

The presence of Bitcoin is a problem for banks. Just like the presence of computers that became a problem for newspapers.

Online stores are leaning towards cryptocurrency acceptance for transaction daily because of many factors. Some of it are; to avoid the issue of middleman where sales girl or boy can siphon fund but with bitcoin every transaction can be traced, which reduces the risk of fraud.

It's growing acceptance globally has prompted stores to accept bitcoin as means of payment to lure in more customers

Bitcoin has a lot of advantages over fiat currency which you have mentioned. It costs lot less when you need to move money from country to another. The transfer of bitcoin is from one wallet to another and it does not matter where the two wallets are present. It can be with the person residing in same city or in different country.

However, the problem with bitcoin is that it is not yet regulated and most government discourage the usage of bitcoin. Some have made bitcoin transactions illegal. Due to this, many business are hesitate to integrate bitcoin payment in their business.

in my country in recent years the impact of bitcoin is great, there are many people from my country who bought bitcoin, many people in my country trade bitcoin and mining, for example last year several people from my country told me that they had mined altcoins in 2019 and then they hodl and made a good amount of money and bought a lot of things in the real world so the impact bitcoin is having on people's lives is a big impact and if governments acted in good faith they would start making laws good for allowing banks to deal with bitcoin without creating headaches for people, in my country so far I can only buy recharge for my cell phone, I would be happier if I could buy everything in my country using bitcoin

Interestingly, that wasn't the reason why bitcoin was created. The idea of bitcoin was to have a currency that would be decentralized and could be used in a way that it’s both unbreakable (nobody could hack into it directly) and would be something that would not be like worlds fiat where it’s totally up to governments on how much valuable it is.

With bitcoin, you would earn and spend a currency just like you would do with fiat, but this time around it’s up to people that use it to make changes on it. This is why it took so much to go to segwit, and this is why it is taking so long to build lightning network as well, because we all have to go there. It's democratic money, and that’s the purpose.

Very few stores have done this truly speaking. There are so many niche marketplaces out there and some may have applied for crypto, but they are mostly fiat based. To make an impact on the economy a big e-commerce platform needs to accept crypto or everyday small to medium sized companies need to make the headline about crypto acceptance.

We can only hope for the best here. Even then the impact of crypto is seen clearly with more and more youth population becoming aware of Bitcoin and saving money to buy some.

Do you know why centralized financial organizations don't like Bitcoin? It's because of the impact that you said in your post. We are able to send money anywhere in the world without any third-party involvement within seconds. This is disliked by a centralized financial organizations like Banks. They won't support it even if Bitcoin made everything easier, because it matters if business and they won't ruin their business. For us, we always take it positively since cryptocurrency made life easier. It has a big impact on financial life.