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

[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.

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[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?