Bitcoin has no practical use and could be damaging to 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.

[1714017086]

1714017086

[1714017086]

1714017086

[1714017086]

1714017086

[1714017086]

1714017086

[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.