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

[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.