Bitcoin Burning of Money

[mamichula]

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

I believe this is coming from the view that more common people are investing in digital currencies and using it further for other trading purposes. At this rate, fiat could become overvalued all of a sudden and usage of digital payment systems even for micro-trades could become a possibility. This causes a situation where a government's own money starts slipping out of their hands and they can do nothing about it (other than taxing cryptocurrencies which would be chaotic)

I'm a noob at this. Do you mean that people will start to transfer their fiat into cryptos, which the government cannot tax?

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[Bugsbey]

I do not believe bitcoin will now replace fiat money. It is too difficult though. They will be used together. Bitcoin is a digital currency and to be used to other transactions will be converted to cash. So the term "burning money" is impossible.

[THEsnowdonmelody7]

I dont think so because both the currencies are different from different aspects and they are going to co-exist forever

[MondayTraddd]

No the opposite is happening. and it should burn the btcs. Btcs are a hell of threat to fiats and the global people

[romanovst]

There are a lot of lies over bitcoin, i dont understand why does financial assesors or those professionals are trying to spread fud over bitcoin. But anyway, it doesnt make sense, if you are going to withdraw your bitcoin earnings you are going to get paid on fiat, that is logical, and that money doesnt came from air, because someone did use that cash before, it is all a cycle.
Anyway, i am tired of those kind of people who thinks that they have the entire power over everything.

Yes, we have heard different stories related to bitcoins. The first response to this thread that US intelligence agencies might be behind bitcoins might be true in some context. I mean there may be a particular business group or political party behind bitcoins. It is hard to assume that this could be designed and implemented by a single person. Only thing that works against this logic is that bitcoin has survived for last 8 years. I mean it has grown consistently over the last few years and this could not be possible just by manipulation.

[arthur25]

Bitcoin did not made to burn money instead made to let money in active position. Although not all investors who put money on bitcoin become successful some end up in loses because of taking the risk without any idea how risky this business in the world of crypto that always changes.

[unicyclistclapas0]

economists are hell right because they know that the craze of btcs nowadays is more than even fiats so they may end blindly

[marinomario]

bitcoin prices not only burn the finances, but make them surprised by the bitcoin and the technology. not just the price but its superiority until now some countries want to learn about bitcoin system. because they hope to implement a blockchain system, it will make the country's economy better in terms of finance.

[Ayush rana]

Bitcoin is a example of a future currency. Economist saying that Bitcoin is burning money but they should understand this thing that we can't stick to paper money.
Even when the Mobile phone came to the existence the old telephones got diminished. We people need to understand that bitcoin is our new future.

[BlinkLifeHippo]

I think they say truely because bitcoins are really sinking the fiats by slowly taking over it globally