Bitcoin has no practical use and could be damaging to the economy!

[crazymelons12]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

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[joniboini]

It's just another generalization fallacy. No need to respond it seriously. One single fact is enough to rebut this.

Pretty sure this is another click bait article from mainstream media.

[The Sceptical Chymist]

I don't even know what EY is, but from reading the article I'm assuming they're some sort of huge accounting firm...?  Anyway, the guy from EY does state that

Most people and companies earn their revenue and spend their money in local currency

And I agree with this, which is why I've always said that bitcoin works much better as an investment than it does as a currency, and that's not going to change unless people start getting their paychecks in bitcoin and items at the grocery store start getting priced in bitcoin.  He also said bitcoin is a currency without a country--that's true, and it's one of the best things about it.  You could send bitcoin from any country to a family starving in Venezuela, and chances are they could figure out a way to use it to eat.  Then again, you could also use PayPal to do the same thing since they can convert currencies on the spot.

Anyway, none of what is said here downplays the popularity of bitcoin.  Even if it never gets adopted as a currency, it'll probably always have a use for people who don't want to use banks (or can't) and want at least some anonymity when buying something online. 

[CryptopreneurBrainboss]

can only give damage to the global economy.

This is where their fear is at, not that it'll spoil the economy generally but it will expose their scammy practice. They're just scared of bitcoin because it has the power to disrupt their businesses and the scam called fiat currency. I bet this was a paid article with an intention to creation FUD to their readers. He speaks about bitcoin been a currency without a country, Is he forgetting about gold or oil  we're in the information ages where the world is now connected you don't have to own anything before you can use them (just like the internet)

[TheCoinGrabber]

How is it damaging to the economy when it's value came from all the fiat used to buy it and it's not even made out of thin air? It's just basically money, just more easy to send across countries.

Just looking at the link, this seems to be a hit piece, especially since we know the Indian gov't is somewhat hostile to bitcoin.

[Kakmakr]

How can a deflationary model be bad for the economy? People are not getting poorer after every inflation increase every year, so they have more disposable income to spend on the economy. The people who are saying this have no clue or they have not lived in a country like Zimbabwe or Venezuela where hyperinflation nearly destroyed their country and their economy. 

A lot of the people are getting some advantage from a system that are based on inflation, so they want to stop Bitcoin with a deflationary model. <People who rent accommodation and use inflation as an excuse to increase rent> 

[Beerwizzard]

One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...

What features of Bitcoin allowed those people to buy a house? Maybe blockchain? Fiat money are so centralized that people refuse to sell property in exchange for it?
The answer is simple: some people just got lucky and became wealthier because they earned some BTC by doing some simple online stuff (it is mostly about India). Money gave then an opportunity to buy a house and not a bitcoin by itself.

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy.

I would be very glad if some Indian genius will show how deflationary economy will work.
BTC is not dangerous for the global economy just because it will not play an important role in monetary supply of any country.

[wuvdoll]

From the current political scenarios happening right now in India, they are not interested in bringing a conclusion about cryptocurrencies and its regulation due to their upcoming elections. Still, the current government is notifying to their judicial people that they are about to finish up their regulations for the case filed by exchange operators on issue of their federal bank closed banking operations for Indian crypto exchanges last June 2018. It is very clear that their government is taking time by delaying things like forming committee to study cryptos but nothing more.

Hey OP, kindly edit the subject line of this topic. It is clearly misleading. At least add something like "Indian guy/analyst say.." or anything relevant to that. Thanks for understating and for your time.

[ralle14]

How can a deflationary model be bad for the economy? People are not getting poorer after every inflation increase every year, so they have more disposable income to spend on the economy. The people who are saying this have no clue or they have not lived in a country like Zimbabwe or Venezuela where hyperinflation nearly destroyed their country and their economy.  

A lot of the people are getting some advantage from a system that are based on inflation, so they want to stop Bitcoin with a deflationary model. <People who rent accommodation and use inflation as an excuse to increase rent>  

They think it's bad because when a certain currency deflates the amount of people that wants to spend will reduce since they expect the value to increase just like with Bitcoin. In general I don't see Bitcoin damaging the economy since it's given a lot of people ways to make money but nothing is perfect there will be losers on the other side including fiat.

One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...

What features of Bitcoin allowed those people to buy a house? Maybe blockchain? Fiat money are so centralized that people refuse to sell property in exchange for it?
The answer is simple: some people just got lucky and became wealthier because they earned some BTC by doing some simple online stuff (it is mostly about India). Money gave then an opportunity to buy a house and not a bitcoin by itself.

Eventually if Bitcoin becomes popular enough we can directly buy a house (in most country) using Bitcoin. Few weeks ago there was a thread or article about people selling their properties for Bitcoin.

[poptok1]

How is it damaging to the economy when it's value came from all the fiat used to buy it and it's not even made out of thin air? It's just basically money, just more easy to send across countries.
Just looking at the link, this seems to be a hit piece, especially since we know the Indian gov't is somewhat hostile to bitcoin.

Classic economy has this argument, that deflationary currency is making market to slow and even to stop developing.
Funny thing is that is was never proven, it's a stupid dogma created by shills of the current banking systems.
As India is without a doubt a developing country, they don't want to stop this process prematurely, however relying on false premisses of market theory makes them hostile towards crypto, because it is deflationary in nature.
Inflation based development is usually very slow and gradual, easy to predict while deflation makes markets to jump, spike in huge leaps up. Ruling class can't allow for the status quo to change at all, that's how.

[Beerwizzard]

Eventually if Bitcoin becomes popular enough we can directly buy a house (in most country) using Bitcoin. Few weeks ago there was a thread or article about people selling their properties for Bitcoin.

It doesn't matter for what currency we can buy a house.
The only thing that matter is that someone became wealthier. And this happened not directly due to any "special features" of Bitcoin.
The general point of OP sounds like: "Earlier I had no money to buy a house and now I have money. Bitcoin is so cool". And this statement is retarded. I am not surprised that is  used mostly by Indians.

[dothebeats]

They fear that the economy 'might' be damaged by bitcoin simply because they know so well that they couldn't control bitcoin in any way unlike what they can do with their precious fiat currencies. While he does make a point in stating that bitcoin doesn't excel so much being used as a currency, I don't think using bitcoin in some transactions would be detrimental to the world's economy per se. It does help some countries from serious hyperinflation issues such as what's currently happening in Venezuela, and I guess it wouldn't stop there too.

[avikz]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Lol! That is a two faced game payed by EY. Few days back EY announced that have created a tool called "CAAT" to help enterprises for cryptocurrency reporting and compliance and now this! I understand EY has a lot of banking clients those who are not happy with bitcoin and cryptos in general. So to balance both boats EY has to post such comments. However, I see that the comment has come from an executive of the company and nothing is updated in their newsroom. So I will consider it as a personal comment rather than considering this as an official statement from EY.

New CAAt tool for crypto reporting and compliance:
https://www.ey.com/us/en/newsroom/news-releases/news-new-ey-caat-technology-facilitates-cryptocurrency-reporting-and-compliance

[Lumi3004]

Another opinion, when bitcoin like this all negative thoughts / ideas come out when fear arises in the mind,
Try if bitcoin is in the position of $ 20,000, everyone says bitcoin, yes, yes, yes, yes.
I take one positive thing from your altiker, positivity is more to take us to the place of glory when bitcoin rises.

[elda34b]

Another opinion, when bitcoin like this all negative thoughts / ideas come out when fear arises in the mind,
Try if bitcoin is in the position of $ 20,000, everyone says bitcoin, yes, yes, yes, yes.
I take one positive thing from your altiker, positivity is more to take us to the place of glory when bitcoin rises.

That's not really true. Haters (publicly showing they hate Bitcoin) is gonna hate it still and calling it a bubble. But what happens behind, nobody really knows. I think it's better if we just leave news or argument like this to die with time unless they have some facts or argument which is worth rebutting.

[ethereumhunter]

I cannot believe that bitcoin is only damaging the economy of the world because I think what Satoshi Nakamoto did is only wants to make a better financial transaction. There must be something behind that article that might give an effect to the market.

I agree with the OP saying, bitcoin help many people who wants to get involved in the crypto world and we cannot deny that. Although the market now still not in good progress, we still have many times to see the cryptocurrency market especially bitcoin to rise again.

[1Referee]

Although the market now still not in good progress, we still have many times to see the cryptocurrency market especially bitcoin to rise again.

For actual use, the current stable range is perfect. Bitcoin being stable right now means that it allows people to comfortably utilize its currency utility. It's amazing when you receive $100 worth of Bitcoin and the next day the value is more or less still the same. This is what Bitcoin needs in order to be money.

Volatility and an increasing market are elements just speculators and investors care about, and they aren't here to actually use Bitcoin. They just wait for the right moment to buy and sell. People in Venezuela looking for an alternative to their rubbish fiat currency for only seek stability and something that works as a currency. Bitcoin. 

[Pab]

Bitcoin is only 10 years old .Bitcoin is still evolving
I think that bitcoin still has good chance to be internet global money
Look gold what is gold practical use .Gold is not so much in use

[n0ne]

Bitcoin is only 10 years old .Bitcoin is still evolving
I think that bitcoin still has good chance to be internet global money
Look gold what is gold practical use .Gold is not so much in use

Agreed, bitcoin is very young with comparison to the gold's history of existence. It is to go long, as of now bitcoin is getting used as a global money with its conversion possibility to any of the currency. Gold has a physical state and the rare availability from mines make it valuable, and bitcoin being technology backed vary from it on the practical usage.

[Naida_BR]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Yes it is damaging THEIR economy and this is why it bothers them.
Bitcoin is here to change this rotted economic model that banks have created. Cryptocurrencies have saved the economic condition of many people as many of them found a way to fund and supplement their current income.

[BrewMaster]

How can a deflationary model be bad for the economy?

it is not just about deflationary model it is mostly FUDing about bitcoin, and it is damaging to economy but the economy of certain groups not generally. specially in India where there is a lot of corruption in their economic systems. as people exit their traps and go into something they can not control called bitcoin it is damaging to their pockets so they lash out like this...

[manfredmann]

It's just another generalization fallacy. No need to respond it seriously. One single fact is enough to rebut this.

Pretty sure this is another click bait article from mainstream media.

for those who are not doing some research may going to fall in this but if one is like you then literally this could not affect one after reading. Yet, knowing that many were still in thier doubts and confusions with the market conditions then for sure many will going to believe in this. This is current market has slowed its market price volatility.

[shield132]

That's ok, take it easy, you can't expect much from people who have zero knowledge or say lies because of their good wealth.
Do they have any arguments? No of course. It's 100% clear that banking system is very bad. They give loans, then we pay back with high feed and this continued endlessly and finally huge amouny of money gets in bank and reduces im society.
Nothing to talk about it, bitcoin offers quick transactions with very low fees, we can protect our privacy, have control on our money and we don't depend on banks.

[coinplus]

Well, a person who says there is no practical use for bitcoin probably is either missed out on making money with bitcoin so they want to see their own efforts as superior because they can't accept the fact that they were wrong or they are super ignorant on the fact that it is already changing lives and not a future thing but a today thing already.

Bitcoin has changed lives of many people including me making financial world more global and more interconnected and people from all around the world could send/receive money so much faster and so much easier thanks to bitcoin which alone is way of practical use for it.

There is also plenty of other stuff like dapps and ICO's that made into reality thanks to crypto currencies and blockchain. When someone as ignorant or evil willed as these talk about bitcoin in bad manner, best case is laugh at their face and move on.

[daarul50]

How bitcoin has no practicality in the economy while they just don't support bitcoin and even legalize bitcoin so people cannot use the practicalities that bitcoin provides. They should talk with a healthy mind so they can feel people who have been helped by the existence of bitcoin especially in terms of the economy.

[mersal]

This world is not depend upon any type of cryptocurrency then how it can be affected by the development of Crypto field and also the development of Bitcoin will very helpful for the economy but the regulation be more stable by the government will be needed here if it was been possible then definitely it will good for all over the world.

[mapanlah]

It's just another generalization fallacy. No need to respond it seriously. One single fact is enough to rebut this.

Pretty sure this is another click bait article from mainstream media.

bitcoin is only an alternative currency, it cannot damage the economy. which can damage the economy are the business actors themselves. this is just news that seeks sensations.

[Coin-Desk]

Nowadays, many practical uses of Bitcoin are noticed. I have seen a lot of people to buy movie tickets with Bitcoin. There are many people who buy Bitcoin daily necessities. Nowadays, many countries accept Bitcoin naturally. And Bitcoin never damages the economy. Rather, Bitcoin reinforces the economy. If Bitcoin had taken all the countries, then the economy would be much more dynamic and stronger. Bitcoin's actual use is increasing day by day. So Bitcoin is not harmful to the economy but rather than so much helpful.

Thank you

[Bonsaiav]

Everyone has a different point of view in giving an assessment, and I don't care about the words of EY's people. Because in my opinion, bitcoin's able to fulfill existing concepts (in finance), for example to describe something unknown, uncertain and excessive risk which's generally prohibited in the financial field. Unfortunately, what is targeted by bitcoin towards maximum use isn't supported by the government, so the practical benefits are far from perfect (less noticeable) in the eyes of the public.

[South Park]

can only give damage to the global economy.

This is where their fear is at, not that it'll spoil the economy generally but it will expose their scammy practice. They're just scared of bitcoin because it has the power to disrupt their businesses and the scam called fiat currency. I bet this was a paid article with an intention to creation FUD to their readers. He speaks about bitcoin been a currency without a country, Is he forgetting about gold or oil  we're in the information ages where the world is now connected you don't have to own anything before you can use them (just like the internet)

Since the governments have a monopoly when it comes to printing currency they never thought they will need to face competition since they could always crush anyone that tried to create one but now they are finding they cannot kill bitcoin and they have to compete for the first time in centuries, and since bitcoin is not a scam then it has a huge competitive advantage over their fiat and when it comes to the free markets the best product will always win so they are afraid bitcoin will destroy their economy based on lies.

[PlusOne88]

There is a possibility that there might be some conflict of interest between this person and bitcoin or it could be that he did have some bad experiences or just probably a bitcoin hater. Anyway he should not be somebody to be of interest though. His claims are his own while we bitcoin lovers have so many experiences that are fruitful and thus negates his ideas.

[Reid]

Well you did entertain it. 
You even shared it.
I just hope everybody here still have that strong wise mind to just ignore those kind of FUD.
Yes, it is called a FUD.
They does this for a reason. They wont waste time doing it for nothing.
It is either to shaken the bitcoin economy or they want to buy in a cheaper price. That is all under that posts.

[Kemarit]

This is just someone's opinion and everyone shouldn't take it seriously. I just wonder why the guy is in India and then totally attacking Bitcoin, is he trying to sway the government to put up a strict regulations or even a total crypto ban? hmm, specially the timing of so called opinion as India is about to release its framework to handle cryptocurrency. He is talking about the negative effect and so far countries that adopted it like Japan hasn't been heard of anything that can have a bad impact on them, financially.

[Kimonoe]

There is a possibility that there might be some conflict of interest between this person and bitcoin or it could be that he did have some bad experiences or just probably a bitcoin hater. Anyway he should not be somebody to be of interest though. His claims are his own while we bitcoin lovers have so many experiences that are fruitful and thus negates his ideas.

I think he is among those who are frustrated or have experienced panic, causing losses. therefore the first must understand correctly, then step. especially by knowing the initial risk will be better

[Supercrypt]

It's just another generalization fallacy. No need to respond it seriously. One single fact is enough to rebut this.

Pretty sure this is another click bait article from mainstream media.

bitcoin is only an alternative currency, it cannot damage the economy. which can damage the economy are the business actors themselves. this is just news that seeks sensations.

Yes, and it is an alternative currency that has proved itself strong.

I really don’t know from what perspective people see it as damaging to economy. As it damaged economy by creating jobs for people at the comfort of their home, As it damaged economy by taking out middle men involved in making transactions slow and expensive, as it damaged the economy by making it easier to transact businesses internationally ?

Someone needs to really redefine the word damage and maybe they will understand it does not fit in here.

[kaya11]

The guy has a point, "Most people and companies earn their revenue and spend their money in local currency" they have said, we all do this. After we've earn we spent it via cashing it out to fiat and using it locally. But I disagree to them when it comes to the tech, we can use this tech to even make our lives easier. The problem is not the tech not the one who uses it. We humans make mistakes and I also believe we change, and for a better reason. a time could come when we utilize this kind of technology for a better reason and not only through earning revenue ans stuffs. Still I won't change my idea about Bitcoin and will still continue to use it even though the guys words hurts me a little.

[Yusuf77]

Another opinion, when bitcoin like this all negative thoughts / ideas come out when fear arises in the mind,
Try if bitcoin is in the position of $ 20,000, everyone says bitcoin, yes, yes, yes, yes.
I take one positive thing from your altiker, positivity is more to take us to the place of glory when bitcoin rises.

the bad development and the good or bad effects of crypto currencies on the economy depends on the intentions and goals of the investors and how to manage the currency

[Best Dreams]

There is a possibility that there might be some conflict of interest between this person and bitcoin or it could be that he did have some bad experiences or just probably a bitcoin hater. Anyway he should not be somebody to be of interest though. His claims are his own while we bitcoin lovers have so many experiences that are fruitful and thus negates his ideas.

I think he is among those who are frustrated or have experienced panic, causing losses. therefore the first must understand correctly, then step. especially by knowing the initial risk will be better

Could be possible because only those could go against who are not well aware of bitcoin importance and value, most of time when a person newly enter the market he gets frustrated with market and makes wired decision of panic selling and all that so this kind of acts are causing bad image in our mind otherwise bitcoin is multipurpose beneficial.

[samcrypto]

There is a possibility that there might be some conflict of interest between this person and bitcoin or it could be that he did have some bad experiences or just probably a bitcoin hater. Anyway he should not be somebody to be of interest though. His claims are his own while we bitcoin lovers have so many experiences that are fruitful and thus negates his ideas.

I think he is among those who are frustrated or have experienced panic, causing losses. therefore the first must understand correctly, then step. especially by knowing the initial risk will be better

Not everyone succeed on this market, he might be one of those who losses big and its his thought. Bitcoin improves the life of many people, it can actually affect the market to grow more. Well, this is just my cent of thoughts, and I still believe that bitcoin will help one economy to grow more.

[1Referee]

Still I won't change my idea about Bitcoin and will still continue to use it even though the guys words hurts me a little.

It shouldn't hurt. In fact, some times I feel sorry for people who are so close minded, because they are the ones losing out, not we. You should feel strengthened that Bitcoin is subjected to so much skepticism. In most cases people are salty about not having bought in sooner. Instead of utilizing the current bear market, they continue to talk about how it can't work.

Little that they know, they will feel even saltier in the next couple of years when we reach new highs. People's main problem is that they think the initial stage of revolution is over, but it's far from over. We barely made it past our first obstacle and the second one is quite literally too distant with how this speculative phase won't just come to an end. Markets need time to mature, so does Bitcoin.

It doesn't happen all that often to see a new shift in technology or money that could change the world. Instead of enjoying it, people fight against it.

[CaVO32]

Still I won't change my idea about Bitcoin and will still continue to use it even though the guys words hurts me a little.

It shouldn't hurt. In fact, some times I feel sorry for people who are so close minded, because they are the ones losing out, not we. You should feel strengthened that Bitcoin is subjected to so much skepticism. In most cases people are salty about not having bought in sooner. Instead of utilizing the current bear market, they continue to talk about how it can't work.

Little that they know, they will feel even saltier in the next couple of years when we reach new highs. People's main problem is that they think the initial stage of revolution is over, but it's far from over. We barely made it past our first obstacle and the second one is quite literally too distant with how this speculative phase won't just come to an end. Markets need time to mature, so does Bitcoin.

It doesn't happen all that often to see a new shift in technology or money that could change the world. Instead of enjoying it, people fight against it.

very well-said. i feel sorry also to people who are being negative towards bitcoin or crypto or blockchain. if only they knew the benefits that they can derived from using cryptocurrencies, i bet they won't be saying any false statements towards this technology. but i believe, they will realize sooner or later about the amazing benefits from this technology and noticed that their perception was totally wrong. but i suggest, if people really don't know the concept behind a particular technology, just make sure that their statements will make sense or they will be perceived as the laughing stock in the community.

[mrdeposit]

Still I won't change my idea about Bitcoin and will still continue to use it even though the guys words hurts me a little.

It shouldn't hurt. In fact, some times I feel sorry for people who are so close minded, because they are the ones losing out, not we. You should feel strengthened that Bitcoin is subjected to so much skepticism. In most cases people are salty about not having bought in sooner. Instead of utilizing the current bear market, they continue to talk about how it can't work.

Little that they know, they will feel even saltier in the next couple of years when we reach new highs. People's main problem is that they think the initial stage of revolution is over, but it's far from over. We barely made it past our first obstacle and the second one is quite literally too distant with how this speculative phase won't just come to an end. Markets need time to mature, so does Bitcoin.

It doesn't happen all that often to see a new shift in technology or money that could change the world. Instead of enjoying it, people fight against it.

very well-said. i feel sorry also to people who are being negative towards bitcoin or crypto or blockchain. if only they knew the benefits that they can derived from using cryptocurrencies, i bet they won't be saying any false statements towards this technology. but i believe, they will realize sooner or later about the amazing benefits from this technology and noticed that their perception was totally wrong. but i suggest, if people really don't know the concept behind a particular technology, just make sure that their statements will make sense or they will be perceived as the laughing stock in the community.

I guess everyone here is knowledgeable about how useful Bitcoin can be. But humanity is not ready for it. Today most people can not understand the meaning of electron money. As the technology progresses, cryptocurrency will find its place and develop.

[LUCKMCFLY]

It is contradictory for an influential person and technology believer to say something like that about bitcoin.

Normally speculators are those who do not take technology into account because they believe in the potential of an action or in this case of bitcoin. The bitcoin not only has a high connotation in the environment of market speculation, immersed takes a large content of technology and progress to humanity, in fact, it is an economy completely free of governments or third parties, depends only on the Supply-Demand , the only weakness, I think that is that it is not backed by any kind of metal, oil, or some kind of liquidity that shows a bit of stability.

Currently, Bitcoin has been compared with Gold, despite the fact that bitcoin was born in 2009, and Gold has years in the market, the achievements of technology are evident through bitcoin, it is normal that there are many enemies that will attack Bitcoin incessantly, but this technology is very well designed, The more you attack the bitcoin, the stronger it will become and the more followers it will take.

[Oceat]

Still I won't change my idea about Bitcoin and will still continue to use it even though the guys words hurts me a little.

It shouldn't hurt. In fact, some times I feel sorry for people who are so close minded, because they are the ones losing out, not we. You should feel strengthened that Bitcoin is subjected to so much skepticism. In most cases people are salty about not having bought in sooner. Instead of utilizing the current bear market, they continue to talk about how it can't work.

Little that they know, they will feel even saltier in the next couple of years when we reach new highs. People's main problem is that they think the initial stage of revolution is over, but it's far from over. We barely made it past our first obstacle and the second one is quite literally too distant with how this speculative phase won't just come to an end. Markets need time to mature, so does Bitcoin.

It doesn't happen all that often to see a new shift in technology or money that could change the world. Instead of enjoying it, people fight against it.

very well-said. i feel sorry also to people who are being negative towards bitcoin or crypto or blockchain. if only they knew the benefits that they can derived from using cryptocurrencies, i bet they won't be saying any false statements towards this technology. but i believe, they will realize sooner or later about the amazing benefits from this technology and noticed that their perception was totally wrong. but i suggest, if people really don't know the concept behind a particular technology, just make sure that their statements will make sense or they will be perceived as the laughing stock in the community.

I guess everyone here is knowledgeable about how useful Bitcoin can be. But humanity is not ready for it. Today most people can not understand the meaning of electron money. As the technology progresses, cryptocurrency will find its place and develop.

What does electron money means, btw?

You should have to consider that most people will not agree or accept the new technology as they were so fed up with their old school style but if some of them happen to educate themselves to learn what is this cryptocurrency. They might change their perspective of how they see this new technology that could actually help them in the long run.

[Moiyah]

The guy stated and emphasize his reasons why he said that.

I don’t see any reason why people should be prohibited from owning them. I see bitcoin as just another ‘foreign’ currency — only one without a country. That being said, I see no practical use for bitcoin or nearly any other cryptocurrency.

His opinion about cryptocurrency is negative because of his observations in India. Though he has some point that it is somewhat be damaging the economy because of misusing it. But for me, it will somehow be the help to the economy. Cryptocurrency can also be an investment, as an online payment method, we can not say it can be a destroyer to the economy because of this useful things.

[Indrawan77]

The one that said bitcoin doesn't got any practical used need to learn more about btc and the history of bitcoin, bitcoin had already make so many good contributions to the economic side by providing more job opportunities, more business opportunities and make people become rich, from the transaction system it gives an easy way to do transaction, a fast, secure and transparent transaction, I think some people still hasn't ready to accept crypto, they prefer traditional things where its tangible and control by the government

[andriarto]

Still I won't change my idea about Bitcoin and will still continue to use it even though the guys words hurts me a little.

It shouldn't hurt. In fact, some times I feel sorry for people who are so close minded, because they are the ones losing out, not we. You should feel strengthened that Bitcoin is subjected to so much skepticism. In most cases people are salty about not having bought in sooner. Instead of utilizing the current bear market, they continue to talk about how it can't work.

Little that they know, they will feel even saltier in the next couple of years when we reach new highs. People's main problem is that they think the initial stage of revolution is over, but it's far from over. We barely made it past our first obstacle and the second one is quite literally too distant with how this speculative phase won't just come to an end. Markets need time to mature, so does Bitcoin.

It doesn't happen all that often to see a new shift in technology or money that could change the world. Instead of enjoying it, people fight against it.

very well-said. i feel sorry also to people who are being negative towards bitcoin or crypto or blockchain. if only they knew the benefits that they can derived from using cryptocurrencies, i bet they won't be saying any false statements towards this technology. but i believe, they will realize sooner or later about the amazing benefits from this technology and noticed that their perception was totally wrong. but i suggest, if people really don't know the concept behind a particular technology, just make sure that their statements will make sense or they will be perceived as the laughing stock in the community.

I guess everyone here is knowledgeable about how useful Bitcoin can be. But humanity is not ready for it. Today most people can not understand the meaning of electron money. As the technology progresses, cryptocurrency will find its place and develop.

What does electron money means, btw?

You should have to consider that most people will not agree or accept the new technology as they were so fed up with their old school style but if some of them happen to educate themselves to learn what is this cryptocurrency. They might change their perspective of how they see this new technology that could actually help them in the long run.

every time there is something new, of course it takes time for adaptation, for those who are still comfortable with the conventional system, of course they will reject it because it can disturb their comfort. but keep in mind the world is always developing, so we must follow it. of course the government will also look for solutions to maintain its economy

[alisafidel58]

What does electron money means, btw?

I think, what he was trying to say was electronic money.

You should have to consider that most people will not agree or accept the new technology as they were so fed up with their old school style

Meaning not using any modern technology like mobile phones and computers??


People are fed up with lies about crypto currency which is vastly used for online scam. These kinds of reason is the sole reason why they dont even consider to use crypto currency.

[tadpole_bitfrog]

 journalists can say anything or fabricate anything to make their news site stand out. that's also why legendary investors never believe the words of the media.
We do not need to prove this article, in fact are saying what needs to be proved. Venezuelans are very happy with buying Bitcoin.

[Janation]

journalists can say anything or fabricate anything to make their news site stand out. that's also why legendary investors never believe the words of the media.
We do not need to prove this article, in fact are saying what needs to be proved. Venezuelans are very happy with buying Bitcoin.

They are "legendary Investors", we don't need to argue with that.

These investors don't need to believe with those journalists or the articles they wrote since they know what they are doing. Why would we call it "legendary investors" if not, right? We all know there are a lot of people bad mouthing Bitcoin not even knowing what it is, it is sad and at the same time funny looking at these people trying hard to take down something that can't be taken down that easily.

[Thanasis]

journalists can say anything or fabricate anything to make their news site stand out. that's also why legendary investors never believe the words of the media.
We do not need to prove this article, in fact are saying what needs to be proved. Venezuelans are very happy with buying Bitcoin.

Not all the people are same,this article was created for the purpose of manipulating the prices,we have the practical usage though since we can send and receive the bitcoin,what we need to expect more from bitcoin?

[Jimmymark]

Bitcoin can no way damage the economy. Bitcoin can help increase global trading markets. This in return increase local economy power. More trade more strong compnay get.

The only damage it will have is can’t tax this coin because it has no back attachment safe transfer. But tax can be done if invoicing trading bills can be attached to all payment.
Easy right.

[Harlot]

When it comes to cryptocurrency news the news will be good or not depending on who you are asking. In this case we are seeing an opinion from a guy coming from a auditing firm which we all know that these individuals have nothing good to say from the industry. They are just here not accepting that there is a new market knocking them up and messing there business. Their opinion is something they know will come out in the news just to mess us up which ideally is working as most of the hodlers here don't have the guts enough to believe in there own investments.

[FlightyPouch]

journalists can say anything or fabricate anything to make their news site stand out. that's also why legendary investors never believe the words of the media.
We do not need to prove this article, in fact are saying what needs to be proved. Venezuelans are very happy with buying Bitcoin.

Not all the people are same,this article was created for the purpose of manipulating the prices,we have the practical usage though since we can send and receive the bitcoin,what we need to expect more from bitcoin?

Not really manipulating the prices but manipulating the people reading their articles. That is the power of media and I don't think the community will ever find a way to stop them since media is just that powerful. It is right that we are the ones using it so we know what should be done and what should we do to them, just ignore.

[imstillthebest]

journalists can say anything or fabricate anything to make their news site stand out. that's also why legendary investors never believe the words of the media.
We do not need to prove this article, in fact are saying what needs to be proved. Venezuelans are very happy with buying Bitcoin.

Not all the people are same,this article was created for the purpose of manipulating the prices,we have the practical usage though since we can send and receive the bitcoin,what we need to expect more from bitcoin?

Not really manipulating the prices but manipulating the people reading their articles. That is the power of media and I don't think the community will ever find a way to stop them since media is just that powerful. It is right that we are the ones using it so we know what should be done and what should we do to them, just ignore.

Keep in mind that not all news/article that you find online is fake because there are still some that are legit and have a real source . we can use those as a reference if we will buy or sell because they do really have an impact on the prices of cryptos  . meanwhile , bitcoin is not useless .  it cant either damage the economy of a country  .  bitcoin completely work opposite  because it only brings an advantage to the people that accepts it .

[logicgate]

What does electron money means, btw?

I think, what he was trying to say was electronic money.

You should have to consider that most people will not agree or accept the new technology as they were so fed up with their old school style

Meaning not using any modern technology like mobile phones and computers??


People are fed up with lies about crypto currency which is vastly used for online scam. These kinds of reason is the sole reason why they dont even consider to use crypto currency.

  Alas people are playing with feeling of others just for the sake of their own benefit and profit, I know people really spread fear among people for scamming, so that why people are worry before investing in crypto currency, but it is not like this, at the same time some countries are using it for daily use to buy I goods, some are earning and some are investing which is helping to make economy higher.

[greeklogos]

Probably it's true that bitcoin doesn't used as currency for sell/buy goods and servises so often like fiat. But what about its trade? I think it's the most traded currency in the world now and that case can be seen as, particular use of bitcoin.

[akram143]

We cannot say completely be  Bitcoin has no use for the economy because we are under estimating the development and the power after Bitcoin uses if it has been possible to make the economy to be more developed and helping for the stability it can be definitely accepted by the government of all over the world because the future will definitely need some changes I think it will be the Bitcoin

[gowobonyok]

hi, you should be more objective. we also see gold, investment assets that are also rarely used but are worth more after being made jewelry. bitcoin is also the same, assets that are currently not used as anything. but in the future, along with technological developments, bitcoin will definitely be formed into something of economic value.

[orions.belt19]

What does electron money means, btw?

I think, what he was trying to say was electronic money.

You should have to consider that most people will not agree or accept the new technology as they were so fed up with their old school style

Meaning not using any modern technology like mobile phones and computers??


People are fed up with lies about crypto currency which is vastly used for online scam. These kinds of reason is the sole reason why they dont even consider to use crypto currency.

People's natural reaction to change is usually negative. This is a natural psychological reaction that happens to anything, not only with crypto. They are quick to reject it even while they haven't even given a chance to get to know it. This may have even happened during the initial introduction of new technology such as smartphones and computers. Many inventions are mostly rejected by the public because of this fear. People don't even consider cryptocurrency because they are scared of something so alien and new to them.

[buwaytress]

People's natural reaction to change is usually negative. This is a natural psychological reaction that happens to anything, not only with crypto. They are quick to reject it even while they haven't even given a chance to get to know it. This may have even happened during the initial introduction of new technology such as smartphones and computers. Many inventions are mostly rejected by the public because of this fear. People don't even consider cryptocurrency because they are scared of something so alien and new to them.

The added fear in the case of Bitcoin is that it's a direct threat to the existing financial system and forms of money that guys like this man at EY (and all of the big 4 accounting/consultancy firms) have relied on for decades for wealth and prosperity.

Look at the past 10 years alone (google) and you'll discover that at the heart of financial crime, fraud and malpractice, lies the ability of these guys to manipulate the system to their ends.

Something they know they couldn't possibly to do Bitcoin.

[JohnBitCo]

Still I won't change my idea about Bitcoin and will still continue to use it even though the guys words hurts me a little.

It shouldn't hurt. In fact, some times I feel sorry for people who are so close minded, because they are the ones losing out, not we. You should feel strengthened that Bitcoin is subjected to so much skepticism. In most cases people are salty about not having bought in sooner. Instead of utilizing the current bear market, they continue to talk about how it can't work.

Little that they know, they will feel even saltier in the next couple of years when we reach new highs. People's main problem is that they think the initial stage of revolution is over, but it's far from over. We barely made it past our first obstacle and the second one is quite literally too distant with how this speculative phase won't just come to an end. Markets need time to mature, so does Bitcoin.

It doesn't happen all that often to see a new shift in technology or money that could change the world. Instead of enjoying it, people fight against it.

very well-said. i feel sorry also to people who are being negative towards bitcoin or crypto or blockchain. if only they knew the benefits that they can derived from using cryptocurrencies, i bet they won't be saying any false statements towards this technology. but i believe, they will realize sooner or later about the amazing benefits from this technology and noticed that their perception was totally wrong. but i suggest, if people really don't know the concept behind a particular technology, just make sure that their statements will make sense or they will be perceived as the laughing stock in the community.

I guess everyone here is knowledgeable about how useful Bitcoin can be. But humanity is not ready for it. Today most people can not understand the meaning of electron money. As the technology progresses, cryptocurrency will find its place and develop.

I think people mind and way of thinking will be changed with the passage of time. This is a transform of money from fiat to digital and such a big change will not be accepted easily.
No one can deny the benefits of crypto currencies, it’s just some people are protraiting it in a wrong way.

[Dodoymabs]

journalists can say anything or fabricate anything to make their news site stand out. that's also why legendary investors never believe the words of the media.
We do not need to prove this article, in fact are saying what needs to be proved. Venezuelans are very happy with buying Bitcoin.

You have a point that journalist just would do anything just to make them somehow popular and I think this is common because it's their job. This would also help the cryptocurrencies be more focused because it will definitely be discussed by some expert. It's their opinion, so let it be and we know already that cryptocurrencies saves a lot of people who believed in it.

[Coyster]

The opposite has to be the case, bitcoin is helping for a better economy, better well being, alleviation of poverty and also education.
Bitcoin is used alongside fiat currencies, which in one way or the other runs the nations economy, bitcoin is just a wonderful digital cash that not only facilitates buying and selling, but also serves as a mode of investment.It offers so much and is anything but damaging

[dat.ho12492]

The opposite has to be the case, bitcoin is helping for a better economy, better well being, alleviation of poverty and also education.
Bitcoin is used alongside fiat currencies, which in one way or the other runs the nations economy, bitcoin is just a wonderful digital cash that not only facilitates buying and selling, but also serves as a mode of investment.It offers so much and is anything but damaging

More precisely, it helps the economies of some individuals become better, talking about poverty reduction, which is not a feature of it, there is no proof of this issue, the evidence that it brings is that individuals with a stable job and through it will receive more income, Bitcoin does not harm the economy. And although bitcoin has yet to show its practical uses, at least it is a symbol of technology behind it, which is being used by many people for real life

[Oasisman]

People's natural reaction to change is usually negative. This is a natural psychological reaction that happens to anything, not only with crypto. They are quick to reject it even while they haven't even given a chance to get to know it. This may have even happened during the initial introduction of new technology such as smartphones and computers. Many inventions are mostly rejected by the public because of this fear. People don't even consider cryptocurrency because they are scared of something so alien and new to them.

The added fear in the case of Bitcoin is that it's a direct threat to the existing financial system and forms of money that guys like this man at EY (and all of the big 4 accounting/consultancy firms) have relied on for decades for wealth and prosperity.

Look at the past 10 years alone (google) and you'll discover that at the heart of financial crime, fraud and malpractice, lies the ability of these guys to manipulate the system to their ends.

Something they know they couldn't possibly to do Bitcoin.

This is what exactly why theres several propaganda to put Bitcoin in a bad light. If you guys watched the movie trailer about cryptocurrency, its title is " Crypto " they tackled about money laundering with Bitcoin through big Russian mafias, and its very Ironic to watch such movie when we all know money laundering frequently happens with the traditional financial system like banks.

[bitgolden]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

In every family or country, there must always be a black sheep, he is just being a black sheep of the system in which his opinion does not matter that much because the block chain technology has been built to defend itself with proofs of its usefulness which are part of what you have experienced in your locality through BTC investment/usage.

I believe that 90% of everyone that has been introduced the cryptocurrency and understands its concept believes in it and what it can do. No matter what he says about Bitcoin, it keeps gaining popularity day after day.

[Oilacris]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

In every family or country, there must always be a black sheep, he is just being a black sheep of the system in which his opinion does not matter that much because the block chain technology has been built to defend itself with proofs of its usefulness which are part of what you have experienced in your locality through BTC investment/usage.

I believe that 90% of everyone that has been introduced the cryptocurrency and understands its concept believes in it and what it can do. No matter what he says about Bitcoin, it keeps gaining popularity day after day.

We cant really avoid that fact when it comes into its true usage or potential that do really gives out benefits entirely and at the same time it do gives the chance to make some earnings too.
The only hard thing is that not all people are not too tech savvy to understand crypto but if you do try to understand it even into the most basic thing you will able to figure it out.

[radjie]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

even though people from EY think that bitcoin is a foreign currency, this is indeed justified because bitcoin is not centralized in one country. but their opinion is very inappropriate if bitcoin is said to be able to damage the global economy, because this is contrary, precisely the users of bitcoin have benefited a lot and can change their economy after getting to know this modern technology

[juragane]

It's just another generalization fallacy. No need to respond it seriously. One single fact is enough to rebut this.

Pretty sure this is another click bait article from mainstream media.

bitcoin is the alternative currency of the future, so it is impossible to damage the economy that happens is that bitcoin is very helpful for traders between countries who find it difficult to make payments, because the country they live in experiences inflation tremendously. so the choice of using bitcoin is very helpful.

[mapanlah]

How can a deflationary model be bad for the economy? People are not getting poorer after every inflation increase every year, so they have more disposable income to spend on the economy. The people who are saying this have no clue or they have not lived in a country like Zimbabwe or Venezuela where hyperinflation nearly destroyed their country and their economy. 

A lot of the people are getting some advantage from a system that are based on inflation, so they want to stop Bitcoin with a deflationary model. <People who rent accommodation and use inflation as an excuse to increase rent> 

there are always some traders who feel lucky from a bad situation such as big inflation. but we all must understand that inflation will destroy the economy of a country and its entrepreneurs. especially if the business imports merchandise, this can destroy everything. then bitcoin is there to be able to be a savior of traders by using alternative currencies they can avoid differences in currency values, because the value of bitcoin is everywhere the same.

[zhekinsp]

How we are using the bitcoin is matters,when we are using it for trading forever then it will be shit coin forever and no real use but when we understand decentralization and what are the benefits of freedom of using our money then it is ine of the beat payment method.

[magneto]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...

Practical use is increasing. Obviously speculation is still bitcoin's main use at the moment, but we're seeing real life usage cases.

You might not be able to appreciate what BTC brings, because you may be in a currently financially stable nation. But once this facade of stability is swept away, you will see why a decentralised system may need to serve as an alternative for at least a period of time. Just look at what happened with the Venezuelan situation.

I can at least somewhat get what they are coming from with "no practical use", but damaging to the economy is just stretching it. To me, bitcoin is no more damaging to a domestic economy than any other forex, or commodity. It is completely independent of the fiat system, and unlike some others, I certainly don't think that bitcoin is necessarily going to pose a threat to banking, although there may be adaptations in the banking industry to BTC and blockchain.

[Betwrong]

Although the market now still not in good progress, we still have many times to see the cryptocurrency market especially bitcoin to rise again.

For actual use, the current stable range is perfect. Bitcoin being stable right now means that it allows people to comfortably utilize its currency utility. It's amazing when you receive $100 worth of Bitcoin and the next day the value is more or less still the same. This is what Bitcoin needs in order to be money.
~

I agree. I think the fluctuations within 1%, that what we have lately, are perfectly acceptable for vendors to deal with BTC. And if the fluctuations were greater than that, I would suggest selling goods that meant to be discounted and thus you can survive even 5% of price drop. Of course no one would complain if price went the other way which can also happen.

[Barbut]

Although the market now still not in good progress, we still have many times to see the cryptocurrency market especially bitcoin to rise again.

For actual use, the current stable range is perfect. Bitcoin being stable right now means that it allows people to comfortably utilize its currency utility. It's amazing when you receive $100 worth of Bitcoin and the next day the value is more or less still the same. This is what Bitcoin needs in order to be money.
~

I agree. I think the fluctuations within 1%, that what we have lately, are perfectly acceptable for vendors to deal with BTC. And if the fluctuations were greater than that, I would suggest selling goods that meant to be discounted and thus you can survive even 5% of price drop. Of course no one would complain if price went the other way which can also happen.

Is it possible to hope for stability and hope for price rise? That comes to my mind every time I see some discussion about bitcoin price fluctuations and hope for some stability, cause only that can start some mass adoption. I dont necessary agree with that, bitcoin came to here without stability. This fluctuation, this potential for grow, buying low and selling high is what attract many people to be here, with their actions they are contribute to crypto ecosystem, we all do. I will go with first comment, I think crypto is in good progress, its the most important.

[Kimonoe]

How we are using the bitcoin is matters,when we are using it for trading forever then it will be shit coin forever and no real use but when we understand decentralization and what are the benefits of freedom of using our money then it is ine of the beat payment method.

right, it will be important if it can be applied to daily life, so that we can feel the benefits of bitcoin. but when the bitcoin struggle is accepted at this time, it is only natural that many are against it

[deisik]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...

At all times you should remember that every coin out there (Bitcoin included) has two sides

For example, you say that some people in your quarters had been saved by Bitcoin and that may very well be true. But you should never forget that there is no free lunch. So if some people were able to increase their purchasing power (which I don't deny), some other people should have lost it as this is what a zero-sum game is all about and this is where Bitcoin truly belongs. In other words, Bitcoin can be devastatingly damaging and the crowds of desperate bagholders are a walking example of just that

Indeed, it could be hypothesized that the flow of purchasing power is from the rich to the poor, but it is rarely the case in real world. On the contrary, it is an established fact that the poor become poorer over time by contrast with the rich who typically become richer, and crypto is no exception here. The bottom line is that while Bitcoin may in fact have helped some, it is equally possible that it has ruined some in the process as well. This is the missing part of the truth which you forget to think of. Think about it next time

[andika2018]

How we are using the bitcoin is matters,when we are using it for trading forever then it will be shit coin forever and no real use but when we understand decentralization and what are the benefits of freedom of using our money then it is ine of the beat payment method.

right, it will be important if it can be applied to daily life, so that we can feel the benefits of bitcoin. but when the bitcoin struggle is accepted at this time, it is only natural that many are against it

Every crypto investor must be want to see mass adoption and use bitcoin in merchant as currency. But i think it take a long time because many country ban bitcoin if used as currency. As digital asset, i am believe bitcoin have big potential in the future because we are now living in digital world

[whirlcoin]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

yes you are right Bitcoin has no practical use but this is the statement that you are putting the current situation but in the future if it was changed then we will definitely accept that between has also been a huge part in this economy to change everything with the help of Crypto field so I think the development of Bitcoin will not be refused by anyone in the future

[Ranly123]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

These guy might not be able to fully understand what usage Bitcoin has. Even without material medium, this has changed a lot of people lives especially during that huge bullrun in 2017. Let's just ignore this guy's ignorance over digital assets and move on with what we believe about Bitcoin.

[Betwrong]

~ I think the fluctuations within 1%, that what we have lately, are perfectly acceptable for vendors to deal with BTC. And if the fluctuations were greater than that, I would suggest selling goods that meant to be discounted and thus you can survive even 5% of price drop. Of course no one would complain if price went the other way which can also happen.

Is it possible to hope for stability and hope for price rise? ~

Yes, it is possible. Since we agreed that fluctuations within 1% are affordable for still regarding BTC as a stable coin, let's see how can it rise being more or less stable at the same time. If we take today's price, $4,000, and increase it by just 1 % each day forward, we are going to have a price that is over $65,000 per 1 Bitcoin by the end of this year. I'm sure no one would call such an increase a small one, although the daily increase would be small enough to be negligible, both for buyers and sellers.

[eagle10]

If bitcoin has no practical use why most of the investors and people  around crypto are using it to send and pay for items and products where cryptocurrencies are accepted and the value are based on fiat. Many people will not support it if they don't get anything from bitcoin in return by keeping and holding it. Bitcoin is the future of money and they are still quite not awake of the reality that now is the future. And the banks, don't just accept the fact that bitcoin can offer no use to them because it is decentralized and they are trying to avoid unknown transactions and any records will be useless to them to track and prosecute those fraudulent individual.

[boyz97]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

These guy might not be able to fully understand what usage Bitcoin has. Even without material medium, this has changed a lot of people lives especially during that huge bullrun in 2017. Let's just ignore this guy's ignorance over digital assets and move on with what we believe about Bitcoin.

maybe this guy didnt understand at all about bitcoin.they just see this as a bubble but didnt understand the technology behind on it.if bitcoin technology , or usually we called it blockchain implemented in any field there are much benefits we can took,

[usorin]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

We all have the right to talk publicly and it can promote his ideas, but in the same time there is a need for logic, judgment and high quality info. Btc ks only the beginning of something new.

[South Park]

People's natural reaction to change is usually negative. This is a natural psychological reaction that happens to anything, not only with crypto. They are quick to reject it even while they haven't even given a chance to get to know it. This may have even happened during the initial introduction of new technology such as smartphones and computers. Many inventions are mostly rejected by the public because of this fear. People don't even consider cryptocurrency because they are scared of something so alien and new to them.

People are always afraid of change even if that change has the potential to be very positive for them, many fear the effects cryptocurrencies will have in the economy and with good reason since government and banks have been scamming us for a long time, but once bitcoin becomes widely used you will only get benefits since no one will be capable of legally taking your bitcoin without your consent, no even the governments with their printing machine will be capable of stealing from you and that is an amazing development if you ask me.

[maxreish]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

[arpon11]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Outside your locality I am one of those guys that has benefited from cryptocurrencies and bitcoin.  I have introduced about 7 guys to cryptocurrencies trading and investments and the 7 of them are doing very well and some are completely living a good life from the profits their make from trading at remitano and localbitcoin . It is find we see that the youth and the unemployed one are making good life from cryptocurrencies market and therefore I disagree with those EY guys that think bitcoin can create damages to the world economic.

[jakelyson]

And bitcoin was invented during the time when the economy was down in 2008. It is a way to get away from inflation that is keeping the poor poor and the rich rich. For me, they are just saying this to sway people from using bitcoin.

[FlightyPouch]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

In my opinion, Bitcoin will never affect or have an effect on a country's economy. I mean Bitcoin is circulating more than 10 years now and I still don't read any articles or sites that say Bitcoin is making damage on a country's economy. It did help a lot of people in the past when the price of it so high. I am not saying that it helped all of them but I know most of them got the profit they want to have.

[Carrelmae10]

..I don't believe that Bitcoin have no practical use and does it could damage economy..those peole saying this words are insane and these are people who just want to destroy and the image of Bitcoin..I don't believe this..because base on experience, I have encountered many people who have change their lives when they do invest in Bitcoin..so far,many users patronizes the use of bitcoin,and as days passed by, Bitcoin believers are increasing continuesly..

[deisik]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

In my opinion, Bitcoin will never affect or have an effect on a country's economy. I mean Bitcoin is circulating more than 10 years now and I still don't read any articles or sites that say Bitcoin is making damage on a country's economy. It did help a lot of people in the past when the price of it so high. I am not saying that it helped all of them but I know most of them got the profit they want to have

Well, we will wait and see

And while we are waiting, some countries have already banned cryptocurrencies. Of course, there could be various reasons behind such bans (i.e. not necessarily a direct negative effect on the local economy) but such bans speak pretty much for themselves. On the other hand, if Bitcoin (for example) was beneficial to the economy, why would a government want to ban it?

[IParn]

It seems to me that Bitcoin has an impact on the economy.  Because as soon as they legalize him, he can supplant Fiat.  I think this will change our lives a lot.

[Kemarit]

It seems to me that Bitcoin has an impact on the economy.  Because as soon as they legalize him, he can supplant Fiat.  I think this will change our lives a lot.

In what way? So does it have a positive impact?

I don't know but so far we have seen the impact on countries like Venezuela and Zimbabwe and used Bitcoin as an hedge because there local currency has lost to much value. Those who countries who said it can damage their economy are usually those governments who doesn't want to give much power or control to their population.

[Fredomago]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

In my opinion, Bitcoin will never affect or have an effect on a country's economy. I mean Bitcoin is circulating more than 10 years now and I still don't read any articles or sites that say Bitcoin is making damage on a country's economy. It did help a lot of people in the past when the price of it so high. I am not saying that it helped all of them but I know most of them got the profit they want to have.

The good side of Bitcoin should also be published and allow many people to read it and understand, Bitcoin can only damage the economy if being used negatively, in some instances it's true that this chain can be used for money laundering or any illegal act where the function of Fiat being replaced by Bitcoin, but in the other side of this argument there's also a lots of positive things that it can bring to us.

[coinplus]

I really do not understand these hectic type of talks about bitcoin, not just bad parts neither, all parts together. In the end if you are saying bitcoin is going to be the savior and going to be a million dollars and what not is not true neither, you gotta believe that bitcoin will be and should be alternative instead. It should be something in between, not something that will die soon or not something that will become the industry standard neither.

I believe bitcoin is already at a level where its comfortably the max we can reach, not in price, price could change but the level of it being used, it won't be as big as banks and so forth but its also not nothing neither that is why I think even if it goes to 100k one day it won't still be big enough to disturb the financial world.

[Adriano2010]

I'm not agree with this, i think bitcoin is more fast than bank transfer and this is great thing and no one can change it, and i also think bitcoin can help a country economy than damage it, if people get money from bitcoin and crypto and they buy more things than before when they not use crypto, this will help an economy.

[hahay]

I'm not agree with this, i think bitcoin is more fast than bank transfer and this is great thing and no one can change it, and i also think bitcoin can help a country economy than damage it, if people get money from bitcoin and crypto and they buy more things than before when they not use crypto, this will help an economy.

If you read the OP, then at least you will know what happened. No one agrees when bitcoin can damage the economy and as the OP has said. Bitcoin plays an important role in helping many people improve and improve their economy. An article is only a reference material and if there are many people who believe easily from only one article, then it is a disease that will make him unaware of the potential of bitcoin itself.

[0t3p0t]

I don't even know what EY is, but from reading the article I'm assuming they're some sort of huge accounting firm...?  Anyway, the guy from EY does state that

Most people and companies earn their revenue and spend their money in local currency

And I agree with this, which is why I've always said that bitcoin works much better as an investment than it does as a currency, and that's not going to change unless people start getting their paychecks in bitcoin and items at the grocery store start getting priced in bitcoin.  He also said bitcoin is a currency without a country--that's true, and it's one of the best things about it.  You could send bitcoin from any country to a family starving in Venezuela, and chances are they could figure out a way to use it to eat.  Then again, you could also use PayPal to do the same thing since they can convert currencies on the spot.

Anyway, none of what is said here downplays the popularity of bitcoin.  Even if it never gets adopted as a currency, it'll probably always have a use for people who don't want to use banks (or can't) and want at least some anonymity when buying something online. 

I agree. What matters here is "convenience" and that is where people decide on how Bitcoin will work for them either as an investment or as a currency. In my case, I personally use both with Bitcoin and it works great. I know that most eople do the same and that won't bring Bitcoin down instead people loves decentralization. Though Bitcoin a revolutionary currency without  a country might give people financial freedom as long as they believe on it.

[Kevin77]

..I don't believe that Bitcoin have no practical use and does it could damage economy..those peole saying this words are insane and these are people who just want to destroy and the image of Bitcoin..I don't believe this..because base on experience, I have encountered many people who have change their lives when they do invest in Bitcoin..so far,many users patronizes the use of bitcoin,and as days passed by, Bitcoin believers are increasing continuesly..

There is a point in life we all make mistake and we have to forgive them, I am sure that those words where in the time past, I once condemned bitcoin too before I had the opportunity to really get the gist about it, and the moment I got someone to explain it better to me and opened my mind from the way I use to see it, I change my position.

Before I accepted BTC, I once saw it as a scam scheme too because of past experience with other projects outside cryptocurrency, I am sure many of them that are still saying that, are yet to fully get the knowledge, which I am very sure that very soon, all these nonsense talk will become the thing of the past once everyone is fully aware of what BTC stands for.

[Pattart]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

Of course, precisely bitcoin helping to build an economy in a country? very funny if bitcoin disrupts economic stability in a country, bitcoin does not play a role in practical politics in one country, instead bitcoin provides economic benefits to its users?

[Pab]

There is now  increase of bitcoin use in Venezuela and Africa
There is one simple reason of that increase
So many people living and working in wealthy countries are sending money to his friends and families to help them
Globalization world became one village.Bitcoin is best tool to send some wealth between continents
Bitcoin is only 10 years old experiencing problems from regulators
But i am sure that bitcoin will be more accepted by merchants in coming years
Bitcoin is not causing bloody wars like gold does for example or diamonds
So i prefer bitcoin than gold

[MFahad]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

Of course, precisely bitcoin helping to build an economy in a country? very funny if bitcoin disrupts economic stability in a country, bitcoin does not play a role in practical politics in one country, instead bitcoin provides economic benefits to its users?

I also think that bitcoin economically wise helping to the people, and bitcoin can build our economy but it is wrong that bitcoin can damaging to the economy, And Secondly bitcoin is not too much popular in worldwide that bitcoin break our economy.

[nur rochid]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

Of course, precisely bitcoin helping to build an economy in a country? very funny if bitcoin disrupts economic stability in a country, bitcoin does not play a role in practical politics in one country, instead bitcoin provides economic benefits to its users?

indeed bitcoin has benefits for its users, but there are still many governments that are considering legalizing it, and one reason is economic stability, maybe because they are not ready

[carlfebz2]

There is now  increase of bitcoin use in Venezuela and Africa
There is one simple reason of that increase
So many people living and working in wealthy countries are sending money to his friends and families to help them
Globalization world became one village.Bitcoin is best tool to send some wealth between continents
Bitcoin is only 10 years old experiencing problems from regulators
But i am sure that bitcoin will be more accepted by merchants in coming years
Bitcoin is not causing bloody wars like gold does for example or diamonds
So i prefer bitcoin than gold

Why would need to compare digital currencies over natural mineral on where this earth produce? We know the value and its volatility between them thats why comparing wont really be a big deal.
Bitcoin do really have revolutionary benefits when it comes to financial system thats why it becomes more popular as the years goes by.Its not really damaging the economy but rather give out
benefits.

[kennen1113]

I'm not agree with this, i think bitcoin is more fast than bank transfer and this is great thing and no one can change it, and i also think bitcoin can help a country economy than damage it, if people get money from bitcoin and crypto and they buy more things than before when they not use crypto, this will help an economy.

If you read the OP, then at least you will know what happened. No one agrees when bitcoin can damage the economy and as the OP has said. Bitcoin plays an important role in helping many people improve and improve their economy. An article is only a reference material and if there are many people who believe easily from only one article, then it is a disease that will make him unaware of the potential of bitcoin itself.

Well, surely no one agrees that bitcoin will harm the economy because since bitcoin appeared, a lot of people have had a better life, even richer with bitcoin, economics is something that participants improve significantly through bitcoin, say bitcoin has a negative effect on the economy, it really is not rational. If talking about the actual use of bitcoin, perhaps economic improvement is the first use, other uses are probably many, many topics in this forum talk about it, hopefully OP should read more

[teosanru]

Practical use?
A country can save billions in remittance fee through bitcoin. It is a currency which is backed by maths, algorithms. It is not centralized. It is a currency of future. There isn't much acceptability yet. But that will definitely change in near future.

[OrangeSeller]

Well, bitcoin is referred to as the digital gold and seen as a store of value, though it can still be used as a method of payment,  and for the fact you don't use it as a method of payment doesn't mean that we don't have people or companies who make use of Crypto as a method of payment, so we should try to avoid this kind of articles that gives half baked information just to talk bad about bitcoin and the Blockchain for a reason best known to them.

[alyssa85]

Practical use?
A country can save billions in remittance fee through bitcoin. It is a currency which is backed by maths, algorithms. It is not centralized. It is a currency of future. There isn't much acceptability yet. But that will definitely change in near future.

Lots of the remittence companies switched to using Stellar Lumens and other alts when the bitcoin fees went nuts in 2017. I don't think any of them have switched back.

[Pattart]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

Of course, precisely bitcoin helping to build an economy in a country? very funny if bitcoin disrupts economic stability in a country, bitcoin does not play a role in practical politics in one country, instead bitcoin provides economic benefits to its users?

I also think that bitcoin economically wise helping to the people, and bitcoin can build our economy but it is wrong that bitcoin can damaging to the economy, And Secondly bitcoin is not too much popular in worldwide that bitcoin break our economy.

That is what we see a lot, giving a positive influence on one's economy, but we do not rule out the possibility of negative influences, we know that crypto investment has risks, and of course there are also some users will get lose, and that could have a negative influence on economics right?

[Golftech]

I couldn't see any damages result to our economy. Bitcoin has nothing to do with the broken economy of a country. And unlike their comment about btc, it is very much useful nowadays. People are not yet familiar with the changes given by this advanced technology. But time will come that   they will realized that bitcoin will be a great help to the economy and

Of course, precisely bitcoin helping to build an economy in a country? very funny if bitcoin disrupts economic stability in a country, bitcoin does not play a role in practical politics in one country, instead bitcoin provides economic benefits to its users?

I also think that bitcoin economically wise helping to the people, and bitcoin can build our economy but it is wrong that bitcoin can damaging to the economy, And Secondly bitcoin is not too much popular in worldwide that bitcoin break our economy.

That is what we see a lot, giving a positive influence on one's economy, but we do not rule out the possibility of negative influences, we know that crypto investment has risks, and of course there are also some users will get lose, and that could have a negative influence on economics right?

There's negative part of it if being used illegally, but in the positive side of this industry, many potential that can help lifting one economy to a much better system especially in financial sides, we can lessen transactions delays and in the part of investment, we can get good amount of profits if we are very involved in this market, mastering the art of trading will bring huge success.

[deisik]

Practical use?
A country can save billions in remittance fee through bitcoin. It is a currency which is backed by maths, algorithms. It is not centralized. It is a currency of future. There isn't much acceptability yet. But that will definitely change in near future.

Lots of the remittence companies switched to using Stellar Lumens and other alts when the bitcoin fees went nuts in 2017. I don't think any of them have switched back

Could you please name a few?

Higher fees of Bitcoin transactions may be well offset by higher volatility of altcoins, especially other than top ones (only Ethereum seems to be no more volatile than Bitcoin itself). Yes, it is possible to hedge against volatility but, first, it incurs extra costs and, second, effective and efficient hedging is only possible with coins which are already more or less stable on their own (though not as stable as Bitcoin, of course)

[Natalim]

That guys might be trying to create some FUD, only stupid one will call bitcoin has no use when the market is growing and big institutions have already recognize its potential. Facebook is a big company, and they are here to adopt crypto, they sees the potential of bitcoin and even if we call crypto but it could also entails to bitcoin since it's the king here.

[shesheboy]

i dont agree on the part that bitcoin has no practical use but i somehow agree on the part that bitcoin could be damaging to the economy . 

bitcoin do have practical use and that is for paying , buying , for investing , trading , etc... 

bitcoin could be damaging to the economy in the form of bitcoin mining where too much heat is released from mining hardware  . bitcoin can also damage the economy if bitcoin is used in a wrong way due to its anonimity feature  where you cant be easily traced if you'v done something wrong  .

[wxa7115]

Practical use?
A country can save billions in remittance fee through bitcoin. It is a currency which is backed by maths, algorithms. It is not centralized. It is a currency of future. There isn't much acceptability yet. But that will definitely change in near future.

I agree, bitcoin was created as a currency that you could easily send all over the world and that is cheap to use and that is a function that is performing really well, it is true there are some issues with scaling the network but if the solution the developers are working on really works then bitcoin will be many times more cheaper to use than any other system to transfer wealth, it will be faster and you can transfer amounts of money that are so small that no other system will allow you to send.

If that is not an indication of what bitcoin will become and how useful it can be then people just do not want to see the benefits of bitcoin and we need to ignore them.

[syamster]

That guys might be trying to create some FUD, only stupid one will call bitcoin has no use when the market is growing and big institutions have already recognize its potential. Facebook is a big company, and they are here to adopt crypto, they sees the potential of bitcoin and even if we call crypto but it could also entails to bitcoin since it's the king here.

The more we can see use of bitcoin is increasing, now it has become the need of the day to have bitcoin in your life, we can buy with bitcoin even if we are home, some countries has legalized it, we can enjoy online shopping and it will help us to have things of our need even if we are at our work place, will not have to travel to the market.

[fasdorcas]

That guys might be trying to create some FUD, only stupid one will call bitcoin has no use when the market is growing and big institutions have already recognize its potential. Facebook is a big company, and they are here to adopt crypto, they sees the potential of bitcoin and even if we call crypto but it could also entails to bitcoin since it's the king here.

We should ignore people like that because they don’t have investment on Bitcoin or they could have been paid probably by whales to create FUD that will cause panic sell for them to acquire more, because I can see we have not passed the accumulation stage.

Bitcoin might not have touched his life or life of anyone surrounding him because of their no participation in it, but for those that BTC has been useful to can testify to how bitcoin has practically help most families and even the economy of their country, and has even generated employment for so many countries through cryptocurrency companies.

[darkr]

i dont agree on the part that bitcoin has no practical use but i somehow agree on the part that bitcoin could be damaging to the economy . 

bitcoin do have practical use and that is for paying , buying , for investing , trading , etc... 

bitcoin could be damaging to the economy in the form of bitcoin mining where too much heat is released from mining hardware  . bitcoin can also damage the economy if bitcoin is used in a wrong way due to its anonimity feature  where you cant be easily traced if you'v done something wrong  .

I do not think that the amount of this heat can bring some damages. It even sounds funny. Bitcoin has a practical use for people that trade it and make money holding it for long as well.

[Osarman]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Same way that your friends have been making a lot of money, that’s how there are other people who are losing their money in cryptocurrency investment. It’s just a matter of luck and maybe skills. And the only way I think Bitcoin can be damaging is through those people who are using for bad purposes. If they can all be stopped, then everything will get fine.

[Romanianz]

i dont agree on the part that bitcoin has no practical use but i somehow agree on the part that bitcoin could be damaging to the economy . 

bitcoin do have practical use and that is for paying , buying , for investing , trading , etc... 

bitcoin could be damaging to the economy in the form of bitcoin mining where too much heat is released from mining hardware  . bitcoin can also damage the economy if bitcoin is used in a wrong way due to its anonimity feature  where you cant be easily traced if you'v done something wrong  .

I do not think that the amount of this heat can bring some damages. It even sounds funny. Bitcoin has a practical use for people that trade it and make money holding it for long as well.

Bitcoin is not only a place to make money, but Bitcoin can also provide new knowledge just like you do exchanges and can teach you to be able to train the patience you have so that you will not be easily affected by anything.

[millgates]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Bitcoin not only help individualy but bitcoin also give a solution for african people for their digital transaction then help the aconomy of africa. There are many people who have problem with digital transaction, I heard many conplaints from paypal, alypay and other digital payment service users. If most of those people are businessman then it is not good for the economy.

[GregH37]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Bitcoin not only help individualy but bitcoin also give a solution for african people for their digital transaction then help the aconomy of africa. There are many people who have problem with digital transaction, I heard many conplaints from paypal, alypay and other digital payment service users. If most of those people are businessman then it is not good for the economy.

That is the truth, not many countries are able to use paypal services generally for their business because they have country ban on them, but bitcoin payment has really lifted  these bans as people can directly transfer funds to one anotherwithout any third party controlling who is entitled to use the services or not.

I think this is one of the reason why china is also I between the line as to supporting crypto or not, they are still trying to weigh in the options and see which one benefits them most because of Alipay, I bet that if cryptocurrency payment is fully adopted, Alipay may lose relevance completely.

[uray]

Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...

I seriously would love to hear those stories and how they got involved in bitcoin and when they invested and their trading strategy to have a huge impact in their life, these things will help everyone and motivate others into the market.
If you look at the GDP of India in the past few years you can see a real slow down from the way things were in the past, it has slowed down tremendously and they keep on sliding, if they could take care of that instead of charging bitcoin just shows their inability to take on the situation.

[Pattart]

i dont agree on the part that bitcoin has no practical use but i somehow agree on the part that bitcoin could be damaging to the economy . 

bitcoin do have practical use and that is for paying , buying , for investing , trading , etc... 

bitcoin could be damaging to the economy in the form of bitcoin mining where too much heat is released from mining hardware  . bitcoin can also damage the economy if bitcoin is used in a wrong way due to its anonimity feature  where you cant be easily traced if you'v done something wrong  .

I do not think that the amount of this heat can bring some damages. It even sounds funny. Bitcoin has a practical use for people that trade it and make money holding it for long as well.

Bitcoin is not only a place to make money, but Bitcoin can also provide new knowledge just like you do exchanges and can teach you to be able to train the patience you have so that you will not be easily affected by anything.

of course, bitcoin is giving economic change to a better direction. although there is a risk of loss, but I think only a small portion.
I think bitcoin is more profitable for many people and the world economy, not worsen it

[emmybd]

Bitcoin has got many practical uses. You can send and receive funds all over the world within minutes without much effort. in my opinion, this is one of the best practical use. Let alone others.

[Finestream]

i dont agree on the part that bitcoin has no practical use but i somehow agree on the part that bitcoin could be damaging to the economy . 

bitcoin do have practical use and that is for paying , buying , for investing , trading , etc... 

bitcoin could be damaging to the economy in the form of bitcoin mining where too much heat is released from mining hardware  . bitcoin can also damage the economy if bitcoin is used in a wrong way due to its anonimity feature  where you cant be easily traced if you'v done something wrong  .

I do not think that the amount of this heat can bring some damages. It even sounds funny. Bitcoin has a practical use for people that trade it and make money holding it for long as well.

Bitcoin is not only a place to make money, but Bitcoin can also provide new knowledge just like you do exchanges and can teach you to be able to train the patience you have so that you will not be easily affected by anything.

Right.Bitcoin is not just all about money making but it becomes a tool too in making people understand how knowledge and perseverance could bring too much success in a person's life especially if you are an investor.I think not only in bitcoin that we have to be more patient but even in all aspects of life,patience is a must.

[wxa7115]

Bitcoin has got many practical uses. You can send and receive funds all over the world within minutes without much effort. in my opinion, this is one of the best practical use. Let alone others.

That is the main function of bitcoin but many are not using bitcoin that way since the amount of people that have adopted bitcoin is still very low but once that changes and people begin to recognize in bitcoin the money of the future I am sure we will begin to use bitcoin more like a currency and less as an investment and while I cannot wait for that day to come I can also recognize that day is still very far away.

I think this because people will only begin to use bitcoin once they realize they have been deceived by their governments with their fiat but I am not really positive they are going to discover this soon.

[Jating]

Bitcoin has got many practical uses. You can send and receive funds all over the world within minutes without much effort. in my opinion, this is one of the best practical use. Let alone others.

Yes, that one obvious use case of bitcoin.

However, there are even bigger picture, like being use to buy items online, or offline. That's what we really wanted to happen. So I don't think in the long run it will damage one's economy. On the contrary, it will flourish because you will be given people options not to used fiat.

And that's what scares most of the bankers though, because they will give their people so much power that one day they might not use fiat anymore. But I doubt it, we still need central banks around the world, because it's one of the pillars of a society.

[Apes]

even though there is no practical use that fits in initial design of making bitcoin in reality. in fact is that bitcoin are more developed with various business models designed by creative developers. various models business transactions developed actually open up users to get various benefits to help the family economy. in my opinion even bitcoin development  is not accordance with the design as long as it continues to expand, it is actually more effective in global growth.

[DigitalCyberius]

Just curious, are you talking about people who just so happened to have had coins before the spike, and to have sold them before the spike burst... or people who actively trade crypto and make their profits from calculated trading decisions? If it's the former, then there's also a lot of people who lost a lot of money when the bubble burst, some even going into debt because they borrowed money to buy BTC in the middle of all the hype.

Just want to make sure we're clear on how these people you mentioned did those things... by being smart investors knowing what they're doing, or just happening to be in the right place at the right time, and getting out at the right time.

Have a good day,
The Cyberius team

[indrakusumaindra]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

well i do think you are completly wrong and also i believe the news are from india which i think the goverment are trying to manipulate their citizens to stay out from bitcoin. Bitcoin definetly have a value and also could become a blockchain, i believe you have heard about microsoft will using bitcoin for identity blockchain. So i dont agree with the statement bitcoin is useless.

[bonker]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

we cannot simply say Bitcoin will not useful in the future there are lots of people make their advantage using their Bitcoin so while the economy of a country is developing it definitely needs the help of Bitcoin in the future that type of situation is also there available for the future in our life.

[fauzan Ichsan]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

we cannot simply say Bitcoin will not useful in the future there are lots of people make their advantage using their Bitcoin so while the economy of a country is developing it definitely needs the help of Bitcoin in the future that type of situation is also there available for the future in our life.

I think the main purpose of bitcoin is for currencies, but many governments forbid it because the system cannot be controlled. in the future, I think that the current development will continue and currently many are using it as an investment

[shesheboy]

I think the main purpose of bitcoin is for currencies

Yes that is the main purpose of bitcoin but bitcoin is mistakenly use as an asset by most users . They dont spend their bitcoins regularly because they think its valueable and they can benefit more if they hodl it for a longer time  .

many governments forbid it because the system cannot be controlled.

Not really . If we take a look at the status of bitcoin , bitcoin itself is already widely accepted by most countries and that also means that alot of governments are now legalizing the use of it . They knew that bitcoin is not controllable but they also knew its benefits that it could improve a persons life and the economy as well  .

[yusupjatigumilar]

Do not be easily affected by a particular article that makes us think negatively about something (in this case bitcoin) maybe if you try to think twice before doing something, it could be bait so we sell the bitcoin that we have in cheap prices while on the other hand the newsmaker buys our bitcoin at a cheap price too, that can be a big advantage.

[Xising]

can only give damage to the global economy.

This is where their fear is at, not that it'll spoil the economy generally but it will expose their scammy practice. They're just scared of bitcoin because it has the power to disrupt their businesses and the scam called fiat currency. I bet this was a paid article with an intention to creation FUD to their readers. He speaks about bitcoin been a currency without a country, Is he forgetting about gold or oil  we're in the information ages where the world is now connected you don't have to own anything before you can use them (just like the internet)

I think many are just not set up in the fact that cryptocurrency, or Bitcoin specifically, can crack the so called norm in the business market as a whole. I mean, if you think about it, cryptocurrency has shown that it has the capacity to compete and be able to be a game-changer in many economies all around the world and those purists that don't want to acknowledge its use can really be affected by it. I beg differ in the statement that Bitcoin has no practical use, because on the contrary, it has different alleys of usage, and people can utilize it in different means.

[Duzter]

Bitcoin with its direct usage has eliminated the intermediaries who commission big out from each and every transaction. This has made a big loss to the banking and other service renders. Upon this people used to term it damaging to the economy, but it directly benefits the user in terms of economic growth. This way I believe it has got practical use same as fiat, but it hasn't reached upto the level.

[uneng]

Bitcoin has already a practical use. People are using it to gamble, to travel, to buy goods, to pay for lodging or to invest, what is the problem? It has all the practical usages that fiat has. What these guys want is to underestimate bitcoin because it's decentralized.
At same time they love crypto currency possibilities and want to create a crypto fiat, to continue ruling the economies through centralization, but benefiting themselves from the advantages of blockchain.

[Artemis3]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...

Yes, the other non Austrian schools of economy, fear deflation and its practically impossible for them to reason a life without inflation. Thus come with outrageous claims like that, when its the exact opposite. Deflation will move the economy from bubbles and crashes to stable and steady growth not based on debt but on savings.

The only thing damaging the global economy are the endless cycles this debt and inflation keeps producing, and fractional reserve banking. All of that must go, and bitcoin is fitting that void, with or without the naysayers.

Jesus Huerta de Soto educational video on The Austrian Business Cycle Theory

[breathlessz]

Bitcoin has already a practical use. People are using it to gamble, to travel, to buy goods, to pay for lodging or to invest, what is the problem? It has all the practical usages that fiat has. What these guys want is to underestimate bitcoin because it's decentralized.
At same time they love crypto currency possibilities and want to create a crypto fiat, to continue ruling the economies through centralization, but benefiting themselves from the advantages of blockchain.

in fact in my country beforehand I already used bitcoin to transact, but because of a ban from the government, then there was a sweeping use of bitcoin to transact. I think it's only a concern that the government is btc

[justspare]

Do not be easily affected by a particular article that makes us think negatively about something (in this case bitcoin) maybe if you try to think twice before doing something, it could be bait so we sell the bitcoin that we have in cheap prices while on the other hand the newsmaker buys our bitcoin at a cheap price too, that can be a big advantage.

Using FUD news to control the market is even becoming obsolete now as most investors, both the old ones and the new ones have learn this tactics being used by whales to accumulate bitcoin and some other cryptocurrency below the market value by causing a panic buy.

Since bitcoin has been finding it hard to break $8000, if it were to be before, most people would have started panic because of these difficulty and start selling off at that point to quickly take profit, but people already know that some whales might be the ones just trying to manipulate the market and stopping bitcoin from increase so more people can start dumping, but yet, the bulls are still active.

[annango]

Bitcoin with its direct usage has eliminated the intermediaries who commission big out from each and every transaction. This has made a big loss to the banking and other service renders. Upon this people used to term it damaging to the economy, but it directly benefits the user in terms of economic growth. This way I believe it has got practical use same as fiat, but it hasn't reached upto the level.

Kind of agree with you guy. To say frankly, it's quite unreasonable for one to consider bitcoin nonpractical use. Maybe he knows nothing about bitcoin and then judge bitcoin like some bad rumour. Obviously, we can realize clearly how benefits that bitcoin can bring to our life, even it's extremely clear. For example, it gives all of us equal chance in order that we can get income from it. With some people, who take advantages of this crypto market and earn a livelihood with trading or investing bitcoin. These days, bitcoin is gaining more popularity in terms of payment in many stores, businesses.. Just some of these things above is enough to prove bitcoin bring a world of practical uses.

[Janation]

Bitcoin has already a practical use. People are using it to gamble, to travel, to buy goods, to pay for lodging or to invest, what is the problem? It has all the practical usages that fiat has. What these guys want is to underestimate bitcoin because it's decentralized.
At same time they love crypto currency possibilities and want to create a crypto fiat, to continue ruling the economies through centralization, but benefiting themselves from the advantages of blockchain.

in fact in my country beforehand I already used bitcoin to transact, but because of a ban from the government, then there was a sweeping use of bitcoin to transact. I think it's only a concern that the government is btc

I think this is not a problem.

You see, there are a lot of countries that banned Bitcoin and people can still use their BTC. Don't get me wrong though, they are not committing a crime, they are using their BTC but not in their country. You can just send BTCs to an exchange that is outside your country's range. Sell it or hold it so you can still use the volatility of BTC to earn some profit.

[SirLancelot]

I like bitcoin because it has helped me a lot of ways, but that doesn't mean that there isn't any bad sides of it, there are bad sides as well. I do know that there are some of us who are using it for a good purpose, but the rate at which some are using it for bad purpose is alarming. Just because of the way it was built, they now feel like they can make use of it in doing whatsoever they want to do which is very bad. And there is no way get them because cryptocurrency is not being regulated, and that's where another problem is because we all don't want cryptocurrency to be regulated.

[idham29]

Bitcoin with its direct usage has eliminated the intermediaries who commission big out from each and every transaction. This has made a big loss to the banking and other service renders. Upon this people used to term it damaging to the economy, but it directly benefits the user in terms of economic growth. This way I believe it has got practical use same as fiat, but it hasn't reached upto the level.

Bitcoin was created with the aim of creating practicality in conducting transactions between users, namely peer to peer. Indeed, for implementation it must use the internet and Android phones or computer devices which are integrated transactions. This is not practical, but with the increasing number of Android phone users I don't think it's a problem.
The most important thing is education about using bitcoin and understanding the rules that accompany it, because each country is different in its application.

[XFlowZion]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

[Che454010]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

Some people have been against bitcoin from the beginning, they have been writing articles and saying all sorts of negative things against bitcoin, but we don't need to pay to much attention to these people, as bitcoin is unstoppable.

[Nellayar]

It's just another generalization fallacy. No need to respond it seriously. One single fact is enough to rebut this.

Pretty sure this is another click bait article from mainstream media.

It is a fallacious belief. Bitcoin will never destruct our economy though our environment is at risk due to the mining rigs that are consuming most of electrical resources. It may be prevented in using solar or wind energy that are renewable. But in over all, fiat is more wasted than in bitcoin because many paper bills are needed to be printed just to circulate in our economy.

[sandra_x]

Those who speak ill of bitcoin may actually know the truth that it far outweighs the feature of all other forms of money holistically but will always take a false stand to protect their selfish interests .Bitcoin is a threat to many economic niches (e g International remittances)as it can achieve better results

[FlightyPouch]

Some people have been against bitcoin from the beginning, they have been writing articles and saying all sorts of negative things against bitcoin, but we don't need to pay to much attention to these people, as bitcoin is unstoppable.

Well, it is fact that there are people who just spread FUDs on the internet to scare people from investing on it, some even say that it is a scam people had been using for a while now to fool people and get or take their money from them. If btc can damage the economy, then there would be a lot of countries that will not accept bitcoin or ban them but still, there are a lot of them accepting btc.

[BellIcon]

I love Bitcoin, but it's not perfect. With the price going up and down, sure some where able to pay their hospital bills, but at the same time there are those who were hurt when it went back down. And simply saying, "They were stupid" is just a way to make one feel better about their loss.

[ImineU]

Well it seems the European Central Bank may agree with topic of this thread.
At least from this article posted by CryptoSlate.

https://cryptoslate.com/european-central-bank-bitcoin-isnt-a-threat-cryptocurrency-not-a-new-asset-class/

I think most people are missing the point. The time for adaptation and integration. It will take a while.
Plus there are those who want to keep the majority in the dark while secretly investing themselves.

Don't get me wrong there is definite room for improvement where cryptocurrency is concerned so time will tell.

[Yakamoto]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

Some people don't like it when there are alternative means of paying for goods and services that either can't be tracked or properly regulated. Bitcoin is the way that people skirt around the standard currencies, and governments are the ones who don't like it. Mostly because they can't guarantee that they're getting their fair share of taxes from it. When you really want to get down to it, those who are already corrupt don't want competition leaking into their market share. As you mention, under-the-table deals and excessive import fees, which could take the form of bribes in some unscrupulous countries, are some of the biggest detractors from economic activity that can be measured, let alone considering the criminal aspects of it. BTC allows for more transparency, especially with the public ledger, but that's probably also why some people are against it. Some prefer their activities being left in the dark.

[Mehr Sher]

Time is the obvious deal here. Nothing is liked in first go. Same was said about social media but now live is just not done without it. So with time you will see people changing their thoughts. It’s nothing unique or new at all. Cryptos are valuable and no one sensible will ever be denying this at all. But yes, it is also wise to pick right options to use it. I know many sites where one can Buy using Cryptos, and it’s trustworthy, so we have to be selective in that term.

[GregH37]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

How can someone say that a coin which has stayed this long and has remain in the top position since inception not useful. We all know that bitcoin is not being manipulated to stay on top, What has kept bitcoin on top is because of its working product and its usefulness.

Bitcoin has served a lot of us well by easing the difficulty in making payment to some of our peers, relatives and merchants. I remember there was a time government banned USD in our country and people could not pay for the school fees of their children overseas, those who found this problem as little were hose that could use bitcoin to transfer fund t r children and there was nothing government could do about this.

[iMark]

Bitcoin has already a practical use. People are using it to gamble, to travel, to buy goods, to pay for lodging or to invest, what is the problem? It has all the practical usages that fiat has. What these guys want is to underestimate bitcoin because it's decentralized.
At same time they love crypto currency possibilities and want to create a crypto fiat, to continue ruling the economies through centralization, but benefiting themselves from the advantages of blockchain.

in fact in my country beforehand I already used bitcoin to transact, but because of a ban from the government, then there was a sweeping use of bitcoin to transact. I think it's only a concern that the government is btc

Agree, I can buy some items online directly with Bitcoin, that is one example of practical use right? actually the use of bitcoin is the same as fiat, it's just that you are still limited options buying in many stores, but that does not mean it eliminates practical use of bitcoin.

[LUCKMCFLY]

Well what happens is that this is a big dilemma, many bitcoin advocates can claim that one economy should not affect the other. We currently live in an economy where everything is handled with FIAT money, and they have control with governments and banks, the only thing that you can not have any control over is the bitcoin deflationary economy.

The first enemy of Bitcoin are banks and governments, for the same reason, they can not have control over this economy, and for that reason is that economists and banks together with governments are not going to have an acceptance of bitcoin , and if we take into account what Satoshi Nakamoto wants or wanted to implement is a totally decentralized economy, where no third party takes control over people and their money.

[legenduim]

I like bitcoin because it has helped me a lot of ways, but that doesn't mean that there isn't any bad sides of it, there are bad sides as well. I do know that there are some of us who are using it for a good purpose, but the rate at which some are using it for bad purpose is alarming. Just because of the way it was built, they now feel like they can make use of it in doing whatsoever they want to do which is very bad. And there is no way get them because cryptocurrency is not being regulated, and that's where another problem is because we all don't want cryptocurrency to be regulated.

First of all, it helped those people, who decided to be enough patient and wait for several years until Bitcoin managed to grow tremendously. I do not think the fact that they made money could damage the economy.

[RealMalatesta]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

Some people don't like it when there are alternative means of paying for goods and services that either can't be tracked or properly regulated. Bitcoin is the way that people skirt around the standard currencies, and governments are the ones who don't like it. Mostly because they can't guarantee that they're getting their fair share of taxes from it. When you really want to get down to it, those who are already corrupt don't want competition leaking into their market share. As you mention, under-the-table deals and excessive import fees, which could take the form of bribes in some unscrupulous countries, are some of the biggest detractors from economic activity that can be measured, let alone considering the criminal aspects of it. BTC allows for more transparency, especially with the public ledger, but that's probably also why some people are against it. Some prefer their activities being left in the dark.

Country like mine who is filled with so much corrupt practices is the type that may never support bitcoin because of the transparency it will bring to its operation.
The corruption happening in the government of some countries is more than 100x of the one going on w the ICO, they are just using ICO scam has an excuse to kill the system, meanwhile they are simply protecting their own personal interest that BTC is capable to overriding.

Some government lives solely on citizens tax and has no other means of income, so how do we expect them to accept or even regulate cryptocurrency. It will really be impossible for some countries.

[bristlefront]

I bet that those who are saying that bitcoins are useless will do the same thing in the future but it is not a bitcoin but another crypto with them fully controlling it. To the author of that article don't be a hypocrite we know that you're of those who regret not buying bitcoin during its early days.

[wahyu wida]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

Some people don't like it when there are alternative means of paying for goods and services that either can't be tracked or properly regulated. Bitcoin is the way that people skirt around the standard currencies, and governments are the ones who don't like it. Mostly because they can't guarantee that they're getting their fair share of taxes from it. When you really want to get down to it, those who are already corrupt don't want competition leaking into their market share. As you mention, under-the-table deals and excessive import fees, which could take the form of bribes in some unscrupulous countries, are some of the biggest detractors from economic activity that can be measured, let alone considering the criminal aspects of it. BTC allows for more transparency, especially with the public ledger, but that's probably also why some people are against it. Some prefer their activities being left in the dark.

Country like mine who is filled with so much corrupt practices is the type that may never support bitcoin because of the transparency it will bring to its operation.
The corruption happening in the government of some countries is more than 100x of the one going on w the ICO, they are just using ICO scam has an excuse to kill the system, meanwhile they are simply protecting their own personal interest that BTC is capable to overriding.

Some government lives solely on citizens tax and has no other means of income, so how do we expect them to accept or even regulate cryptocurrency. It will really be impossible for some countries.

just like in my country, I think the case is similar to yours. but the difference in my country is there are plans for bitcoin to enter the stock market. but not for payment instruments. and for reasons of corruption, until now there has been no realization

[metalglowd]

They fear that the economy 'might' be damaged by bitcoin simply because they know so well that they couldn't control bitcoin in any way unlike what they can do with their precious fiat currencies. While he does make a point in stating that bitcoin doesn't excel so much being used as a currency, I don't think using bitcoin in some transactions would be detrimental to the world's economy per se. It does help some countries from serious hyperinflation issues such as what's currently happening in Venezuela, and I guess it wouldn't stop there too.

maybe what you say is true in your opinion and in my opinion the crypto currency can be used by anyone, anytime, anywhere and that is a factor that can happen to good and bad use of bitcoin or other crypto currencies because of development and good the bad crypto currency depends on the intention and purpose of the investor itself

right, supporters of bitcoin, indeed want to make btc as its initial function as a currency or just want to make money with price manipulation. therefore, by concentrating on the original goal, I think the price will follow itself

Exactly, any price associated with crypto will definitely follow the current real-life economic conditions and not the other way around. the presence or absence of crypto does not have a significant impact on global economic growth. And even many people think that using economics can solve problems about banks and so on. I think that's nonsense.

[wxa7115]

I bet that those who are saying that bitcoins are useless will do the same thing in the future but it is not a bitcoin but another crypto with them fully controlling it. To the author of that article don't be a hypocrite we know that you're of those who regret not buying bitcoin during its early days.

There are two types of people that think it is useless, the first are those that are ignorant about how the economy works, they are the average person that gets his information from the media and never stops to think about what they are saying, those people will eventually come around and change their mind when they see all the benefits that cryptocurrencies can offer to the world.

However the second type is more insidious they know that bitcoin is in fact a great development but they are trying to deceive people to think that is not the case, they do this because if people adopt cryptocurrencies they will lose a great deal of their power and that is something they do not want, but if a government releases their own crypto you can bet they are going to support it.

[LeGaulois]

There are two types of people that think it is useless, the first are those that are ignorant about how the economy works, they are the average person that gets his information from the media and never stops to think about what they are saying, those people will eventually come around and change their mind when they see all the benefits that cryptocurrencies can offer to the world.

I laughed at that one because look at here, you're describing the average user in the Economics section.
Oh my bad, they do use cryptocurrencies  

However the second type is more insidious they know that bitcoin is in fact a great development but they are trying to deceive people to think that is not the case, they do this because if people adopt cryptocurrencies they will lose a great deal of their power and that is something they do not want, but if a government releases their own crypto you can bet they are going to support it.

This one is also a bit funny. So are you saying people were spreading lies for years that Bitcoin isn't great? Because they will 'lose power'?
People have been pushing Bitcoin for a decade now, whatever it's with journalism, open source dev., free resources to learn, free websites and so on. Did you forget that without getting people using it, Bitcoin is worthless? Why do you think we always talk about mass adoption?
Imagine a network where only 21 persons own 1 million bitcoins each, what would be the BTC's value? 0

[DigitalGemToken]

I think bitcoin has practical uses but on the other hand blockchain is not a one size fit all solution that will radically change the entire world.

In terms of tokens, bitcoin is a great inflation hedge that works similar to gold but in a digital sense and with more utility.

Bitcoin is like gold in the sense that the inflation is constant, whereas fiat currencies can be printed and have varying inflation schedules.

Bitcoin has more utility than gold because it can be used as a method of payment. Although slower than visa, it's faster than gold's zero transactions per second.

So bitcoin has use cases.

-------------------------------------------------------------------------------------------------------------------------------
Digital Gem Token - Mainnet 100% Live

A decentralized open source store of value cryptocurrency that is more environmentally friendly and scale able than Bitcoin.

The inflation rate is 0.25% per year and uses the Delegated Proof of Stake consensus mechanism.

Website: https://digitalgem.wixsite.com/home
Block Explorer: http://138.197.133.81:4200/#/
Wallet: Integrated with the Ark.io Wallet
Discord: https://discord.gg/hNcFgb3
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=5149229.msg51287198#msg51287198

[ricardobs]

Well, he's right if you ask me, let's stop being so enthusiastic. As much as we like bitcoin, that doesn't mean it doesn't have its disadvantages as well, it do have a lot of disadvantages that a lot of us tends to overlook most of the time. Bitcoin is good, but I think it should be to a certain level and not given all the permissions like most of us are expecting. The volatility makes it worst, even if people invest in it, they are not going to leave their money in it forever, they are still going to withdraw it and the price will still and that's how it is, going up and down at all times, especially when you least expect it.

[travwill]

Bitcoin and the cryptocurrency market are still too rampant, it is best to use cryptocurrency as an investment and expect good growth in the future. Attempting to transfer the economy to cryptocurrency can be very expensive.

[oseikuf44]

Perception of Bitcoin has no use should be debunk since Bitcoin usage has no negative economic impact . If Paypal has existed many years without any negative impact on the economy, then so is Bitcoin and other cryptocurrency.

[Bagaji]

I believe Bitcoin uses could damage the economy only at the earliest stage when those who have the opportunity to earn Bitcoin with little amount of money to get one or for a service of just for a single click to get one Bitcoin. And if the value of Bitcoin rise like what happened in 2017 and those kind of people are still holding there Bitcoin then one could say it will damage the economy through serious inflation.

[Finestream]

Bitcoin and the cryptocurrency market are still too rampant, it is best to use cryptocurrency as an investment and expect good growth in the future. Attempting to transfer the economy to cryptocurrency can be very expensive.

It might be expensive but we will also get used to it.What we are after is the good result that it will bring to our own economy.For now,while its not yet adopted by the government,bitcoin is still the best investment we have because it will give us huge profits and will make us very profitable compared to other investments that people are mostly engaged.

[salty]

Bitcoin cannot cause any economic damage.If I sell bitcoin, respectively, there is a buyer who can also be from my country.That is, the money remains in the country and not go abroad.

[Yutikas_11920]

Bitcoin cannot cause any economic damage.If I sell bitcoin, respectively, there is a buyer who can also be from my country.That is, the money remains in the country and not go abroad.

I think bitcoin can cause the economy in a country to be damaged because with the presence of bitcoin you can make transactions without having to use local money and that means from other countries it can send a large amount and after that make the economy and conditions of exchange prices in the country destroyed.

[MonaLeeTracy]

I bet that those who are saying that bitcoins are useless will do the same thing in the future but it is not a bitcoin but another crypto with them fully controlling it. To the author of that article don't be a hypocrite we know that you're of those who regret not buying bitcoin during its early days.

technology and all its developments are good and bad depending on the intention and purpose of the investor itself, as well as crypto currencies can be used by anyone at anytime and anywhere all depends on the intention and purpose of the investor itself good and bad results will be obtained

[dat.ho12492]

Bitcoin cannot cause any economic damage.If I sell bitcoin, respectively, there is a buyer who can also be from my country.That is, the money remains in the country and not go abroad.

Similarly, if a person in your country buys bitcoin or they lose during trading, their money will be transferred to foreign countries, and you should remember that the amount that fluctuates in the crypto world every day is not a small number, so the damage in a country's economy is something that will happen. However, as is the case you say, that damage can still be offset when many people can make money through bitcoin as you or many others, summing up everything, the damage will be negligible, sometimes it can also generate good income for many people, that's why many people are continuing to participate in bitcoin right away when it doesn't have too many practical uses

[Dontme]

Tell that to people who already have their life changed for good because of bitcoin. There are many rumors, false accusations, and opinions of what bitcoin is or what effects it could give to the society but as long as many people are benefiting from it, then who cares?

[Adriano2010]

Bitcoin not damage economy, the damage of economy is because of bad decisions of governments and also because of corrupt people. Bitcoin has practical use because is even faster than bank transfer.

[CryptoBry]

Bitcoin not damage economy, the damage of economy is because of bad decisions of governments and also because of corrupt people. Bitcoin has practical use because is even faster than bank transfer.

I fully agree with what you are hinting at. The bad policies and wrong decisions made by those in the control of the economy are the things that can make an economy collapse. We have seen this with some left-leaning governments and we see the bad effects the whole ordeal inflict on the people. As we are witnessing right now in Venezuela, bitcoin has been a big help to some people especially in countering the hyperinflation cutting torn the whole economy and the lack of supplies pervading the whole country. Of course, governments don't see the things we do because they may find it hard to accept the truth.

[Godday]

Bitcoin not damage economy, the damage of economy is because of bad decisions of governments and also because of corrupt people. Bitcoin has practical use because is even faster than bank transfer.

I strongly agree with what you say in your opinion the bad results of crypto currencies depend on the intentions and goals of the investors themselves and the developed and developing countries also legalize the crypto currency the result is certainly good too

[wxxyrqa]

one way or another, there will be no harm from the Bitcoin economy, even though they use it legally or not at all.  If Bitcoin is used as a means of payment, Bitcoin itself will benefit first.  But with regard to the economy of the state, we must take into account the fact that the state fully controls the economy and if someone buys or sells something using Bitcoin, then this will be a well-known fact.  And if the cryptocurrency will have a much higher demand than the fiat currency, then the state will only benefit from this, since all businessmen will pay tax on their income.

[bitcoindusts]

can only give damage to the global economy.

It seems to me that this is a statement of someone bitter of bitcoin’s existence. It threatens the government, banks and other institutions that might be affected if bitcoin will be widely adopted and used. This for sure the reason why this guy to whoever and whatever institution he is connected with why he is crying.   

[betty11]

Anyone that assert or submit that bitcoin has no practical use must have been leaving in space not to have seen how events have been unfolding and how it  has been impacting the Fintech industry. Regardless of hate towards bitcoin, it gets stronger.

[mamahdedeh]

everyone has their own views. many people do not trust bitcoin yet, but we can see that this is inseparable from the role of governments from all over the world who have not yet legalized it, so many people consider bitcoin not to be very functional. I think the biggest problem lies with the country's politics, and people are afraid because there is no legal guarantee to enter the crypto world

[Burogh]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

I think with the presence of bitcoin will not damage the economic system that is already corrupt, in my opinion the Bitcoin system can improve the existing monetary system. With the current system, the government or central bank can print money only with the assurance of trust from the public without having to go through an audit while the bitcoin system is very transparent in terms of transaction data

[Finestream]

We did not heard any country that their economy become in difficult after adapting the Bitcoin currency and anything that might damage the economy are already addressed by creating a strong regulation therefore i suggest that we should ignore them as they might just trying to spread FUD.

Agree with you, It's even the opposite that is happening, countries with damage economy are adopting with bitcoin to save the value of their money, like countries with such a high inflation.

These articles below explains my statement above, and I'm sure there's more if you will search more in google.

https://inflationdata.com/articles/2019/07/15/high-inflation-drives-countries-crypto/
https://news.bitcoin.com/countries-suffering-from-rapid-inflation-show-significant-demand-for-cryptos/

[Driggers95]

everyone has their own views. many people do not trust bitcoin yet, but we can see that this is inseparable from the role of governments from all over the world who have not yet legalized it, so many people consider bitcoin not to be very functional. I think the biggest problem lies with the country's politics, and people are afraid because there is no legal guarantee to enter the crypto world

I'm not too concerned, bitcoin is in everyone's interest, if some people don't trust bitcoin and believe in the information the government provides, Bitcoin will not work for them because they do not use, they can not know the benefits here. I'm really puzzled that many people are always judging subjective bitcoin as being useless and damaging to the economy, if they want to know it clearly, everybody should use, our perception is more accurate than what others say, there are not too many free people to use something with no practical use, this is for sure

[SirLancelot]

Anyone that assert or submit that bitcoin has no practical use must have been leaving in space not to have seen how events have been unfolding and how it  has been impacting the Fintech industry. Regardless of hate towards bitcoin, it gets stronger.

In a football field, not everyone in the field that are players or viewers, some are just bench warmers, they are neither interest in playing foo table are even watching the football, they are just there to warm the bench and that is how we have many people in cryptocurrency market that are not here for anything meaningful, they are not a believer and they are not an investor, but I think because they hate good things that would liberate some people, they come to say all manner of things that will discredit the system, and I think that some of us has really go above that and we know what to believe and then hold on to that which we also believe. Bitcoin has been very useful to me now for years and I never regret ever getting to know the technology of bitcoin.

[wxa7115]

We did not heard any country that their economy become in difficult after adapting the Bitcoin currency and anything that might damage the economy are already addressed by creating a strong regulation therefore i suggest that we should ignore them as they might just trying to spread FUD.

The truth is that governments are worried about bitcoin becoming a real threat to their economies, many do not really believe that it could happen but governments have a monopoly when it comes to printing money and like every other monopoly through history they do not want to lose it, they understand very clearly the dangers of a currency that they do not control, that you can move without their permission and that instead of losing value over time it gains it.

When you compare bitcoin to fiat there is no question about who is better and if the economies of the world begin to fail you can be sure that people will begin to adopt gold and bitcoin as a way to protect themselves and that is why governments are scared of bitcoin and cryptocurrencies in general.

[paynercash]

I do not think so . I invest in BTC because I see its practical use. Previously, each time I sent money to my relatives in another country, I had to complete the procedures for a long time and it took a long time for my relatives to receive it. However, when I learned of BTC, I used it to transfer money quickly and conveniently.

[wxa7115]

Bitcoin is a currency what else practical use is required? What is the practical use of a dollar bill? Do we use it as tissue paper?!!

Correct, bitcoin is a currency and even right now it could be argued it that it is one of the best currencies around the world even if we take into account the volatility that takes place in this market, personally I find that an attractive quality of bitcoin and I like it even more because of it, but for some reason people want bitcoin to do all kind of things that in all honestly it was not designed to do.

And I find your last sentence to be really funny but at the same time it is correct, it is impossible to use bitcoin as toilet paper but in times of great instability where fiat loses almost all of its value people have found all kind of uses for their currency except the one that matters the most, to be able to use their currency as currency.

[bitbunnny]

For me Bitcoin has a practical use in everyday life. Besides investment I use it as a payment method through Bitcoin debit card, so for everyday needs. I guess that is up to each individual what use of Bitcoin suits him the best
Regarding harming economy that is very hard to estimate become nowhere Bitcoin isn't yet formaly introduced into economy and financial system. If you think on fact that people still use it besides these legal financial chanells that might have an effect like unregistered economy but that is so small percentage that actually doesn't have significant influence.

[deisik]

If you think on fact that people still use it besides these legal financial chanells that might have an effect like unregistered economy but that is so small percentage that actually doesn't have significant influence

And it is not given at all that such use necessarily hurts the economy

Indeed, I'm not talking about things like drugs, human trafficking, financial schemes and other nefarious activities involving payment with cryptocurrencies. These have an extremely ruinous effect on society irrespective of the currency used to facilitate them (and while we are at it, the use of cryptocurrencies is in fact quite minuscule compared to fiat use for the same purposes). That definitely goes without saying

On the other hand, though, if someone gets paid in crypto without paying any taxes while still contributing to the common good in general, the net effect for the society stays positive and welcome. Truth be told, it remains to be seen whether this effect would in fact be greater if all due taxes had actually been paid given how irresponsible and inefficient if not outright corrupt a government can be

[shoreno]

in what way  bitcoin can damage the economy ? in the form of mining ? or in the form of illegal use or inapropriate use ?

   i think i am going to agree with that because that is a fact but saying bitcoin has no practical use i think im going to disagree on it. 

obviously bitcoin are a kind of money or currency therfor it is really useful . its only up to the user if how practical he/she used his bitcoins. .

[armarsterling7]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

  Most people who don't understand bitcoin or crypto will find it to be something that will make them break the law. So they always say that crypto will have bad consequences and they will avoid it if we explain them to crypto. So we don't have to argue with those people. Keep doing what we have to do

[Cheesus]

Though the point of view of that article seems right, Bitcoin has not that much use cases but I think it has enough already! The world is talking about Bitcoin, the largest social network Facebook joined in crypto, samsung is taking crypto payment, Opera browser added crypto dApp, a lot of shop takes bitcoin payment, Bakkt added Bitcoin on their board and a lot of good things are happening for bitcoin! As you said, through the Bitcoin, lots of people become stable, some people get rich, some people become whales! Bitcoin is only 10 years old, in practical life, a boy with 10 years old is a kid! Bitcoin and the blockchain has a lot to offer to the world! I hope after a time, Satoshi Nakamoto will wake up and will add lots of new thing in Bitcoin!

[Polar91]

in what way  bitcoin can damage the economy ? in the form of mining ? or in the form of illegal use or inapropriate use ?

   i think i am going to agree with that because that is a fact but saying bitcoin has no practical use i think im going to disagree on it. 

obviously bitcoin are a kind of money or currency therfor it is really useful . its only up to the user if how practical he/she used his bitcoins. .

Indeed. Anything that has a value that is being used either good or bad depends on its users. The major problem isn't because of Bitcoin but rather its users itself. On the other hand generally we can't deny how useful Bitcoin is in revolutionizing our way of transacting online.

[Pab]

What practical use gold have.Gold input cost more than input of bitcoin
You can"t forget that  there is blockchain behind bitcoin .Disruptive technology what will be used by Microsoft even
We have more and more services what allow to pay with bitcoin
And Bitcoin is only 10 years old.Where was internet after first 10 years
If Bitcoin can hurt economy then what kind of economy it is.

[Driggers95]

in what way  bitcoin can damage the economy ? in the form of mining ? or in the form of illegal use or inapropriate use ?

   i think i am going to agree with that because that is a fact but saying bitcoin has no practical use i think im going to disagree on it. 

obviously bitcoin are a kind of money or currency therfor it is really useful . its only up to the user if how practical he/she used his bitcoins. .

Indeed. Anything that has a value that is being used either good or bad depends on its users. The major problem isn't because of Bitcoin but rather its users itself. On the other hand generally we can't deny how useful Bitcoin is in revolutionizing our way of transacting online.

I think the uses and usefulness of bitcoin and how people use it in life, it's not an issue that most people here care about bitcoin, a lot of discussion just shows people care about the value of bitcoin, how much interest in bitcoin can increase, we are also very clear that we only think about how much money we will make from bitcoin, utility or other issues, a little attention is enough. Even bitcoin is destroying the economy, even if we know it, we still can't solve it, as long as it doesn't destroy our economy is enough

[micher143]

What practical use gold have.Gold input cost more than input of bitcoin
You can"t forget that  there is blockchain behind bitcoin .Disruptive technology what will be used by Microsoft even
We have more and more services what allow to pay with bitcoin
And Bitcoin is only 10 years old.Where was internet after first 10 years
If Bitcoin can hurt economy then what kind of economy it is.

Actually bitcoin will hurt the economy, in terms of not recorded spending and actually no tax at all. Bitcoin will delete the middle man which is the banks and government, so yeah, the bitcoin will hurt the economy but it will let people be free in tax that is given to the government. Let's just face it, bitcoin have pros and cons.

[boltz]

We are still in the early years of bitcoin so why get so impatient ? Bitcoin cannot damage the economy on a major scale and so far we must be pleased that bitcoin and blockchain are still here, working and we can use it in so many ways. Companies has start to pay their employees in bitcoin and other cryptocurrencies and if this continues in a 5-10 years ( if bitcoin is still here ) we might see bitcoin moving from investment use to a currency use as for now bitcoin looks like he has a plus for investment and am minus for a currency but in time this will change and all of us will not jump so fast to convert our coins to cash. Its basic economics right here, few supply of bitcoins if we divide them to world population and furthermore a lot of the bitcoins have been lost in the inception days.

[marcuslong]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy. On my thinking this isn't the case if this guy could only see how good the invention was. For me he was just talking non sense. Something that should not be entertained. Imagine how many lives have been saved by bitcoin in my locality. One was able to pay hospitalization, the other have been able to buy for him a house and lot, others have been able to buy a car to get to his job early, and so many other things.. See how people even made bitcoin atms and for just a simple reasoning bitcoin becomes useless and damaging? I think this guy has to wake up...


Read it here..

https://news.bitcoin.com/ey-bitcoin-no-practical-use-india/

The point of your topic is damaging the economy, And it's totally correct if all kind of business is in bitcoin and not regulated by the government. 

And the point of your thread is we the people in bitcoin community gain here. We can earn by trading it, we can earn in many ways. But the economy will not gain from this. And it's no use in our community because they're not gaining from it.

[NewBet]

The practical use of Bitcoin is to make the transaction of money more free and liberating. Instead of letting institutions decide what we do with our money, people will have more control to spend and transact without issues.

[tranduc2101]

That's just an outrageous statement from you because bitcoin is not like you think you're just looking at one side of the thing, it's just the dark side of the wrong people you meet, and the right people support it. bitcoin, why do they have a good idea because they can use it to send to the starving people in difficult places because bitcoin is a national cryptocurrency you can convert to cash and help many people

[Findingnemo]

If you think on fact that people still use it besides these legal financial chanells that might have an effect like unregistered economy but that is so small percentage that actually doesn't have significant influence

And it is not given at all that such use necessarily hurts the economy

Indeed, I'm not talking about things like drugs, human trafficking, financial schemes and other nefarious activities involving payment with cryptocurrencies. These have an extremely ruinous effect on society irrespective of the currency used to facilitate them (and while we are at it, the use of cryptocurrencies is in fact quite minuscule compared to fiat use for the same purposes). That definitely goes without saying

On the other hand, though, if someone gets paid in crypto without paying any taxes while still contributing to the common good in general, the net effect for the society stays positive and welcome. Truth be told, it remains to be seen whether this effect would in fact be greater if all due taxes had actually been paid given how irresponsible and inefficient if not outright corrupt a government can be

More and more taxes makes the politicians more rich not the citizen that is the only reason people don't want to pay taxes,if everything spend for the good cause then people will come front and pay taxes by themselves.Bitcoin didn't have much effect in the ountry's economy for now but in future crypto currencies will have something but for that people need to be taught about what is actually a crypto and what it can done to be.

[cutesgirl]

Bitcoin can help how to increase economic in some country, bitcoin have good way how to make some people can get much profit and help many people want to get money with bitcoin or altcoin investment, but every country have give space for bitcoin to adopt and become legal for transaction.

[tistoni]

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

[deisik]

If you think on fact that people still use it besides these legal financial chanells that might have an effect like unregistered economy but that is so small percentage that actually doesn't have significant influence

And it is not given at all that such use necessarily hurts the economy

Indeed, I'm not talking about things like drugs, human trafficking, financial schemes and other nefarious activities involving payment with cryptocurrencies. These have an extremely ruinous effect on society irrespective of the currency used to facilitate them (and while we are at it, the use of cryptocurrencies is in fact quite minuscule compared to fiat use for the same purposes). That definitely goes without saying

On the other hand, though, if someone gets paid in crypto without paying any taxes while still contributing to the common good in general, the net effect for the society stays positive and welcome. Truth be told, it remains to be seen whether this effect would in fact be greater if all due taxes had actually been paid given how irresponsible and inefficient if not outright corrupt a government can be

More and more taxes makes the politicians more rich not the citizen that is the only reason people don't want to pay taxes,if everything spend for the good cause then people will come front and pay taxes by themselves

Governments are famous for their inefficiency and incompetence

And I'm not even speaking about being outright corrupt which is in fact quite common and widespread as history has proved it so many times (as in "when money talks bullshit walks"). The implication here is that if taxes were not taxes but rather direct payments for services rendered and goods provided, they, first, wouldn't be so high (as there wouldn't be a "third party" and thus no risks of inefficiency and incompetence), and, second, there would be less tax evasion, and for a good reason (actually, for two obvious reasons). People would be encouraged to pay such "taxes" as they would be just regular payments (read, you know what you pay for), and there would be less avenues and loopholes for deliberate tax evasion

[JeffBrad12]

What practical use gold have.Gold input cost more than input of bitcoin
You can"t forget that  there is blockchain behind bitcoin .Disruptive technology what will be used by Microsoft even
We have more and more services what allow to pay with bitcoin
And Bitcoin is only 10 years old.Where was internet after first 10 years
If Bitcoin can hurt economy then what kind of economy it is.

Actually bitcoin will hurt the economy, in terms of not recorded spending and actually no tax at all. Bitcoin will delete the middle man which is the banks and government, so yeah, the bitcoin will hurt the economy but it will let people be free in tax that is given to the government. Let's just face it, bitcoin have pros and cons.

Government can do something about that tax because just like in the US, their government request the cryptocurrency investors and traders to file their tax in cryptocurrency and I think if the other countries can also do that then bitcoin and any other cryptocurrency will not hurt their economy and in fact, it will help them to boost their overall economy.

even if I don't spend money with bitcoin I could still avoid taxes you know when we are reporting or filing our tax we are just being asked about how much money we get and therefore the obligation to pay certain amount of money for taxes will be given to you but the government doesn't really know how much we get aren't they? it's all the self consciousness of the people again. Even if I could avoid taxes but I never would because I just want to contribute to the country by paying taxes and there's nothing wrong with that. Even many countries right now already trying to implement a new way of taxation for people using crypto while also already concluding bitcoin as one of taxes object.

[meliodas]

Bitcoin has a practical use for the people because it can be use as a remittance service because it is faster and it is still cheaper compare to some remittances. I have my friend outside from my country and he is sending me money through bitcoin and it is a lot faster since it just need a few confirmation in the blockchain and it only cost him a few cents to a few dollar to be able to send thousands.

[Findingnemo]

If you think on fact that people still use it besides these legal financial chanells that might have an effect like unregistered economy but that is so small percentage that actually doesn't have significant influence

And it is not given at all that such use necessarily hurts the economy

Indeed, I'm not talking about things like drugs, human trafficking, financial schemes and other nefarious activities involving payment with cryptocurrencies. These have an extremely ruinous effect on society irrespective of the currency used to facilitate them (and while we are at it, the use of cryptocurrencies is in fact quite minuscule compared to fiat use for the same purposes). That definitely goes without saying

On the other hand, though, if someone gets paid in crypto without paying any taxes while still contributing to the common good in general, the net effect for the society stays positive and welcome. Truth be told, it remains to be seen whether this effect would in fact be greater if all due taxes had actually been paid given how irresponsible and inefficient if not outright corrupt a government can be

More and more taxes makes the politicians more rich not the citizen that is the only reason people don't want to pay taxes,if everything spend for the good cause then people will come front and pay taxes by themselves

Governments are famous for their inefficiency and incompetence

And I'm not even speaking about being outright corrupt which is in fact quite common and widespread as history has proved it so many times (as in "when money talks bullshit walks"). The implication here is that if taxes were not taxes but rather direct payments for services rendered and goods provided, they, first, wouldn't be so high (as there wouldn't be a "third party" and thus no risks of inefficiency and incompetence), and, second, there would be less tax evasion, and for a good reason (actually, for two obvious reasons). People would be encouraged to pay such "taxes" as they would be just regular payments (read, you know what you pay for), and there would be less avenues and loopholes for deliberate tax evasion

But people can find loopholes to hide their crypto holdings which could be used for tax evasion in high rate compared to fiat cash flow.Only thing which encourages people to pay their taxes without evading will be good spending of those paid taxes for the payers benefits.

[deisik]

And I'm not even speaking about being outright corrupt which is in fact quite common and widespread as history has proved it so many times (as in "when money talks bullshit walks"). The implication here is that if taxes were not taxes but rather direct payments for services rendered and goods provided, they, first, wouldn't be so high (as there wouldn't be a "third party" and thus no risks of inefficiency and incompetence), and, second, there would be less tax evasion, and for a good reason (actually, for two obvious reasons). People would be encouraged to pay such "taxes" as they would be just regular payments (read, you know what you pay for), and there would be less avenues and loopholes for deliberate tax evasion

But people can find loopholes to hide their crypto holdings which could be used for tax evasion in high rate compared to fiat cash flow.Only thing which encourages people to pay their taxes without evading will be good spending of those paid taxes for the payers benefits

But isn't it what I'm writing about?

I think if people paid directly for services and goods they are supposed to receive in exchange for taxes paid, that would encourage them even more, in fact, in a sort of absolute way. If you don't pay for something, you don't receive it. Simple, isn't it? And it doesn't really matter what type of currency, crypto or fiat, you pay in or choose not to pay as it is just a simple exchange of goods, not some obscure and potentially shady stratagem or scheme involving payment of taxes (extremely prone to abuse as well as corruption)

[ice18]

Bitcoin will not damage the economy it will only solve and save our economy from corruptions and the rotten government systems that brings the poor into more poorer situation its decentralized so it cannot be controlled by any government unlike fiat currency.

[meliodas]

Bitcoin will not damage the economy it will only solve and save our economy from corruptions and the rotten government systems that brings the poor into more poorer situation its decentralized so it cannot be controlled by any government unlike fiat currency.

I also think about that when I was just a newbie in cryptocurrency because I thought that cryptocurrency will help people to become more independent and gain its power but I realized that cryptocurrency will be more in favor to the corrupt people because they already have the power and they can hide their corrupt money in cryptocurrency because of anonymity and decentralization. So I think that cryptocurrency is in the 50/50 of being useful and destructive.

[Irvinn]

Perhaps today, bitcoin is beneficial only in that it is a very good means of accumulation, and also makes it possible to receive good income due to its volatility.  The fact that Bitcoin does not yet have an active practical application in human everyday life, first of all, indicates that there is a scalability problem, but her husband will soon fix it.

[SummerBliss]

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy.

I don't know how deflationary model can leads to damaging economy. These EY guys are either too smart or too fool.
Bitcoin should be viewed as means of remittance based on peer-to-peer model which could be used by any person to do transaction with second person without involving any third party. Non-involvement of third party and self-verification system make Bitcoin much more safer than any other mean of remittance.
The article assumes the situation where Bitcoin will be used as major currency but we Bitcoiners know, we don't want Bitcoin to replace fiat but provide an alternative to give greater degree of privacy and liberty in financial transactions.

[Zeke_23]

Bitcoin is only 10 years old .Bitcoin is still evolving
I think that bitcoin still has good chance to be internet global money
Look gold what is gold practical use .Gold is not so much in use

Agreed, bitcoin is very young with comparison to the gold's history of existence. It is to go long, as of now bitcoin is getting used as a global money with its conversion possibility to any of the currency. Gold has a physical state and the rare availability from mines make it valuable, and bitcoin being technology backed vary from it on the practical usage.

Bitcoin is a digital money which is indeed being used globally, it can be converted in most of the fiat currency. It is not fully used as we can used fiat, just like gold, gold can be converted to fiat which is the reason why gold was one of the best investment we had. But being compared to gold, crypto has more used and it can be more, as long as technokogy evolves, its function will expand more and it might increased its value once it happen.

[ReiMomo]

Well, that's there point of view because they don't earn from bitcoin but if they experience earning money through bitcoin then they won't say that. Bitcoin really helps a lot to the economy because now there are many people that are no longer poor because of bitcoin. They can now be able to buy the things that they want so I do believe that bitcoin plays a big role in the economy.

[sirminesalot]

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

for now it is true what you say in your opinion it all happened because there are still not many countries that recognize crypto as a valid currency or legality of all countries and if the crypto currency is acceptable to all countries it will certainly boost the economy both

[Triffin]

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

for now it is true what you say in your opinion it all happened because there are still not many countries that recognize crypto as a valid currency or legality of all countries and if the crypto currency is acceptable to all countries it will certainly boost the economy both

There  are so many chances for the crypto currencies that it will to boost the economy as usage of crypto is making the life of people is now getting good. We can take part in making investing and buying coins at low price. It’s bad if countries are not accepting it they all should accept it and promote the use of  crypto it can make our economical life so good.

[romero121]

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

for now it is true what you say in your opinion it all happened because there are still not many countries that recognize crypto as a valid currency or legality of all countries and if the crypto currency is acceptable to all countries it will certainly boost the economy both

There  are so many chances for the crypto currencies that it will to boost the economy as usage of crypto is making the life of people is now getting good. We can take part in making investing and buying coins at low price. It’s bad if countries are not accepting it they all should accept it and promote the use of  crypto it can make our economical life so good.

This doesn't look to be a threat to the economy, this has helped with an additional money circulation which boost the economy. Whatever might be, the increase in the circulation gets reflected on the growth. Same as people giving importance to real life investment on securities, bonds, properties, shares, stocks, forex, now the trend has moved to the technology backed cryptocurrency. We can't say blankly that bitcoin doesn't have any practical usage. If it hasn't got any, this could've never reached such a level of growth in ten years of time.

[alyssa85]

Here is an interesting article about why cryptocurrency hasn't been adopted more:

https://dashnews.org/why-buying-coffee-with-bitcoin-wont-get-cryptocurreny-mass-adoption/

Now, using cryptocurrencies such as payments, and particularly Dash, does improve the payment experience from higher security to lower fees, and eventually the superior money and payment system will prove more attractive than legacy options. However, in the interim the difference between the two experiences is simply not great enough to provide a compelling reason to switch, and in many cases can provide disincentives due to the additional effort and costs associated with acquiring and offloading cryptocurrency.

What is needed for cryptocurrencies to build real adoption and regular economic use is to identify strong deficiencies in the current economic system and target them aggressively. These can be any of the situations where the paying experience is poor, from high-chargeback and expensive fee industries such as online gaming and remittances to areas with currency problems such as hyperinflation-plagued nations in South America, Africa and elsewhere. In these areas, there exists a significant enough gap between the experience of paying with fiat currency and legacy systems and using cryptocurrency to warrant a change.

However, a compelling use case alone isn’t enough. An industrious entrepreneur must find a way to turn an opportunity to use this particular tool into an all-in-one product that’s easily accessible to the targeted customer. For example, taking the use case of remittances, a potential user must be able to acquire and send funds via cryptocurrency cheaply and easily, with a one-stop shop approach where they can visit a single vendor and be walked through the entire process without complications. Distilling the rather complicated process of buying, sending, receiving, and selling digital funds all into a neat, easy to understand, and cost-effective user flow is a tricky business, and in particular may require the creation of specific liquidity providers and other tools to facilitate this process. But make no mistake, it’s necessary to make this whole adoption thing work.

In the early days bitcoin was used for gambling - but this has stalled, in part because wallets like the one operated by Coinbase close you down if you transfer your coins to a gambling website.

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Bitcoin can help how to increase economic in some country, bitcoin have good way how to make some people can get much profit and help many people want to get money with bitcoin or altcoin investment, but every country have give space for bitcoin to adopt and become legal for transaction.

I think bitcoin can indeed provide convenience and help traders to make transactions but you should know that bitcoin has a very limited supply and if used by many people the price will not be stable and can damage many people's economies, while for the legality of bitcoin at this time it is still many have not accepted bitcoin as a legitimate payment because indeed bitcoin prices cannot be stable.