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

[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...

[1714857165]

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[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.