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

[annango]

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.

Kind of agree with you guy. To say frankly, it's quite unreasonable for one to consider bitcoin nonpractical use. Maybe he knows nothing about bitcoin and then judge bitcoin like some bad rumour. Obviously, we can realize clearly how benefits that bitcoin can bring to our life, even it's extremely clear. For example, it gives all of us equal chance in order that we can get income from it. With some people, who take advantages of this crypto market and earn a livelihood with trading or investing bitcoin. These days, bitcoin is gaining more popularity in terms of payment in many stores, businesses.. Just some of these things above is enough to prove bitcoin bring a world of practical uses.

[Janation]

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

I think this is not a problem.

You see, there are a lot of countries that banned Bitcoin and people can still use their BTC. Don't get me wrong though, they are not committing a crime, they are using their BTC but not in their country. You can just send BTCs to an exchange that is outside your country's range. Sell it or hold it so you can still use the volatility of BTC to earn some profit.

[SirLancelot]

I like bitcoin because it has helped me a lot of ways, but that doesn't mean that there isn't any bad sides of it, there are bad sides as well. I do know that there are some of us who are using it for a good purpose, but the rate at which some are using it for bad purpose is alarming. Just because of the way it was built, they now feel like they can make use of it in doing whatsoever they want to do which is very bad. And there is no way get them because cryptocurrency is not being regulated, and that's where another problem is because we all don't want cryptocurrency to be regulated.

[idham29]

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.

Bitcoin was created with the aim of creating practicality in conducting transactions between users, namely peer to peer. Indeed, for implementation it must use the internet and Android phones or computer devices which are integrated transactions. This is not practical, but with the increasing number of Android phone users I don't think it's a problem.
The most important thing is education about using bitcoin and understanding the rules that accompany it, because each country is different in its application.

[XFlowZion]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

[Che454010]

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/

Some people have been against bitcoin from the beginning, they have been writing articles and saying all sorts of negative things against bitcoin, but we don't need to pay to much attention to these people, as bitcoin is unstoppable.

[Nellayar]

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.

It is a fallacious belief. Bitcoin will never destruct our economy though our environment is at risk due to the mining rigs that are consuming most of electrical resources. It may be prevented in using solar or wind energy that are renewable. But in over all, fiat is more wasted than in bitcoin because many paper bills are needed to be printed just to circulate in our economy.

[sandra_x]

Those who speak ill of bitcoin may actually know the truth that it far outweighs the feature of all other forms of money holistically but will always take a false stand to protect their selfish interests .Bitcoin is a threat to many economic niches (e g International remittances)as it can achieve better results

[FlightyPouch]

Some people have been against bitcoin from the beginning, they have been writing articles and saying all sorts of negative things against bitcoin, but we don't need to pay to much attention to these people, as bitcoin is unstoppable.

Well, it is fact that there are people who just spread FUDs on the internet to scare people from investing on it, some even say that it is a scam people had been using for a while now to fool people and get or take their money from them. If btc can damage the economy, then there would be a lot of countries that will not accept bitcoin or ban them but still, there are a lot of them accepting btc.

[BellIcon]

I love Bitcoin, but it's not perfect. With the price going up and down, sure some where able to pay their hospital bills, but at the same time there are those who were hurt when it went back down. And simply saying, "They were stupid" is just a way to make one feel better about their loss.

[ImineU]

Well it seems the European Central Bank may agree with topic of this thread.
At least from this article posted by CryptoSlate.

https://cryptoslate.com/european-central-bank-bitcoin-isnt-a-threat-cryptocurrency-not-a-new-asset-class/

I think most people are missing the point. The time for adaptation and integration. It will take a while.
Plus there are those who want to keep the majority in the dark while secretly investing themselves.

Don't get me wrong there is definite room for improvement where cryptocurrency is concerned so time will tell.

[Yakamoto]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

Some people don't like it when there are alternative means of paying for goods and services that either can't be tracked or properly regulated. Bitcoin is the way that people skirt around the standard currencies, and governments are the ones who don't like it. Mostly because they can't guarantee that they're getting their fair share of taxes from it. When you really want to get down to it, those who are already corrupt don't want competition leaking into their market share. As you mention, under-the-table deals and excessive import fees, which could take the form of bribes in some unscrupulous countries, are some of the biggest detractors from economic activity that can be measured, let alone considering the criminal aspects of it. BTC allows for more transparency, especially with the public ledger, but that's probably also why some people are against it. Some prefer their activities being left in the dark.

[Mehr Sher]

Time is the obvious deal here. Nothing is liked in first go. Same was said about social media but now live is just not done without it. So with time you will see people changing their thoughts. It’s nothing unique or new at all. Cryptos are valuable and no one sensible will ever be denying this at all. But yes, it is also wise to pick right options to use it. I know many sites where one can Buy using Cryptos, and it’s trustworthy, so we have to be selective in that term.

[GregH37]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

How can someone say that a coin which has stayed this long and has remain in the top position since inception not useful. We all know that bitcoin is not being manipulated to stay on top, What has kept bitcoin on top is because of its working product and its usefulness.

Bitcoin has served a lot of us well by easing the difficulty in making payment to some of our peers, relatives and merchants. I remember there was a time government banned USD in our country and people could not pay for the school fees of their children overseas, those who found this problem as little were hose that could use bitcoin to transfer fund t r children and there was nothing government could do about this.

[iMark]

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

Agree, I can buy some items online directly with Bitcoin, that is one example of practical use right? actually the use of bitcoin is the same as fiat, it's just that you are still limited options buying in many stores, but that does not mean it eliminates practical use of bitcoin.

[LUCKMCFLY]

Well what happens is that this is a big dilemma, many bitcoin advocates can claim that one economy should not affect the other. We currently live in an economy where everything is handled with FIAT money, and they have control with governments and banks, the only thing that you can not have any control over is the bitcoin deflationary economy.

The first enemy of Bitcoin are banks and governments, for the same reason, they can not have control over this economy, and for that reason is that economists and banks together with governments are not going to have an acceptance of bitcoin , and if we take into account what Satoshi Nakamoto wants or wanted to implement is a totally decentralized economy, where no third party takes control over people and their money.

[legenduim]

I like bitcoin because it has helped me a lot of ways, but that doesn't mean that there isn't any bad sides of it, there are bad sides as well. I do know that there are some of us who are using it for a good purpose, but the rate at which some are using it for bad purpose is alarming. Just because of the way it was built, they now feel like they can make use of it in doing whatsoever they want to do which is very bad. And there is no way get them because cryptocurrency is not being regulated, and that's where another problem is because we all don't want cryptocurrency to be regulated.

First of all, it helped those people, who decided to be enough patient and wait for several years until Bitcoin managed to grow tremendously. I do not think the fact that they made money could damage the economy.

[RealMalatesta]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

Some people don't like it when there are alternative means of paying for goods and services that either can't be tracked or properly regulated. Bitcoin is the way that people skirt around the standard currencies, and governments are the ones who don't like it. Mostly because they can't guarantee that they're getting their fair share of taxes from it. When you really want to get down to it, those who are already corrupt don't want competition leaking into their market share. As you mention, under-the-table deals and excessive import fees, which could take the form of bribes in some unscrupulous countries, are some of the biggest detractors from economic activity that can be measured, let alone considering the criminal aspects of it. BTC allows for more transparency, especially with the public ledger, but that's probably also why some people are against it. Some prefer their activities being left in the dark.

Country like mine who is filled with so much corrupt practices is the type that may never support bitcoin because of the transparency it will bring to its operation.
The corruption happening in the government of some countries is more than 100x of the one going on w the ICO, they are just using ICO scam has an excuse to kill the system, meanwhile they are simply protecting their own personal interest that BTC is capable to overriding.

Some government lives solely on citizens tax and has no other means of income, so how do we expect them to accept or even regulate cryptocurrency. It will really be impossible for some countries.

[bristlefront]

I bet that those who are saying that bitcoins are useless will do the same thing in the future but it is not a bitcoin but another crypto with them fully controlling it. To the author of that article don't be a hypocrite we know that you're of those who regret not buying bitcoin during its early days.

[wahyu wida]

This is just a pure black propaganda. Bitcoin is very useful and it was proved many times that is has its convenience more than fiat. Those who damage the economy are those people who make under the table deals and officials like customs that ask too much money just to import goods. If only they start using btc then that damage would not happen again.

Some people don't like it when there are alternative means of paying for goods and services that either can't be tracked or properly regulated. Bitcoin is the way that people skirt around the standard currencies, and governments are the ones who don't like it. Mostly because they can't guarantee that they're getting their fair share of taxes from it. When you really want to get down to it, those who are already corrupt don't want competition leaking into their market share. As you mention, under-the-table deals and excessive import fees, which could take the form of bribes in some unscrupulous countries, are some of the biggest detractors from economic activity that can be measured, let alone considering the criminal aspects of it. BTC allows for more transparency, especially with the public ledger, but that's probably also why some people are against it. Some prefer their activities being left in the dark.

Country like mine who is filled with so much corrupt practices is the type that may never support bitcoin because of the transparency it will bring to its operation.
The corruption happening in the government of some countries is more than 100x of the one going on w the ICO, they are just using ICO scam has an excuse to kill the system, meanwhile they are simply protecting their own personal interest that BTC is capable to overriding.

Some government lives solely on citizens tax and has no other means of income, so how do we expect them to accept or even regulate cryptocurrency. It will really be impossible for some countries.

just like in my country, I think the case is similar to yours. but the difference in my country is there are plans for bitcoin to enter the stock market. but not for payment instruments. and for reasons of corruption, until now there has been no realization