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

[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.

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[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.