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

[metalglowd]

They fear that the economy 'might' be damaged by bitcoin simply because they know so well that they couldn't control bitcoin in any way unlike what they can do with their precious fiat currencies. While he does make a point in stating that bitcoin doesn't excel so much being used as a currency, I don't think using bitcoin in some transactions would be detrimental to the world's economy per se. It does help some countries from serious hyperinflation issues such as what's currently happening in Venezuela, and I guess it wouldn't stop there too.

maybe what you say is true in your opinion and in my opinion the crypto currency can be used by anyone, anytime, anywhere and that is a factor that can happen to good and bad use of bitcoin or other crypto currencies because of development and good the bad crypto currency depends on the intention and purpose of the investor itself

right, supporters of bitcoin, indeed want to make btc as its initial function as a currency or just want to make money with price manipulation. therefore, by concentrating on the original goal, I think the price will follow itself

Exactly, any price associated with crypto will definitely follow the current real-life economic conditions and not the other way around. the presence or absence of crypto does not have a significant impact on global economic growth. And even many people think that using economics can solve problems about banks and so on. I think that's nonsense.

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[wxa7115]

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.

There are two types of people that think it is useless, the first are those that are ignorant about how the economy works, they are the average person that gets his information from the media and never stops to think about what they are saying, those people will eventually come around and change their mind when they see all the benefits that cryptocurrencies can offer to the world.

However the second type is more insidious they know that bitcoin is in fact a great development but they are trying to deceive people to think that is not the case, they do this because if people adopt cryptocurrencies they will lose a great deal of their power and that is something they do not want, but if a government releases their own crypto you can bet they are going to support it.

[LeGaulois]

There are two types of people that think it is useless, the first are those that are ignorant about how the economy works, they are the average person that gets his information from the media and never stops to think about what they are saying, those people will eventually come around and change their mind when they see all the benefits that cryptocurrencies can offer to the world.

I laughed at that one because look at here, you're describing the average user in the Economics section.
Oh my bad, they do use cryptocurrencies  

However the second type is more insidious they know that bitcoin is in fact a great development but they are trying to deceive people to think that is not the case, they do this because if people adopt cryptocurrencies they will lose a great deal of their power and that is something they do not want, but if a government releases their own crypto you can bet they are going to support it.

This one is also a bit funny. So are you saying people were spreading lies for years that Bitcoin isn't great? Because they will 'lose power'?
People have been pushing Bitcoin for a decade now, whatever it's with journalism, open source dev., free resources to learn, free websites and so on. Did you forget that without getting people using it, Bitcoin is worthless? Why do you think we always talk about mass adoption?
Imagine a network where only 21 persons own 1 million bitcoins each, what would be the BTC's value? 0

[DigitalGemToken]

I think bitcoin has practical uses but on the other hand blockchain is not a one size fit all solution that will radically change the entire world.

In terms of tokens, bitcoin is a great inflation hedge that works similar to gold but in a digital sense and with more utility.

Bitcoin is like gold in the sense that the inflation is constant, whereas fiat currencies can be printed and have varying inflation schedules.

Bitcoin has more utility than gold because it can be used as a method of payment. Although slower than visa, it's faster than gold's zero transactions per second.

So bitcoin has use cases.

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[ricardobs]

Well, he's right if you ask me, let's stop being so enthusiastic. As much as we like bitcoin, that doesn't mean it doesn't have its disadvantages as well, it do have a lot of disadvantages that a lot of us tends to overlook most of the time. Bitcoin is good, but I think it should be to a certain level and not given all the permissions like most of us are expecting. The volatility makes it worst, even if people invest in it, they are not going to leave their money in it forever, they are still going to withdraw it and the price will still and that's how it is, going up and down at all times, especially when you least expect it.

[travwill]

Bitcoin and the cryptocurrency market are still too rampant, it is best to use cryptocurrency as an investment and expect good growth in the future. Attempting to transfer the economy to cryptocurrency can be very expensive.

[oseikuf44]

Perception of Bitcoin has no use should be debunk since Bitcoin usage has no negative economic impact . If Paypal has existed many years without any negative impact on the economy, then so is Bitcoin and other cryptocurrency.

[Bagaji]

I believe Bitcoin uses could damage the economy only at the earliest stage when those who have the opportunity to earn Bitcoin with little amount of money to get one or for a service of just for a single click to get one Bitcoin. And if the value of Bitcoin rise like what happened in 2017 and those kind of people are still holding there Bitcoin then one could say it will damage the economy through serious inflation.

[Finestream]

Bitcoin and the cryptocurrency market are still too rampant, it is best to use cryptocurrency as an investment and expect good growth in the future. Attempting to transfer the economy to cryptocurrency can be very expensive.

It might be expensive but we will also get used to it.What we are after is the good result that it will bring to our own economy.For now,while its not yet adopted by the government,bitcoin is still the best investment we have because it will give us huge profits and will make us very profitable compared to other investments that people are mostly engaged.

[salty]

Bitcoin cannot cause any economic damage.If I sell bitcoin, respectively, there is a buyer who can also be from my country.That is, the money remains in the country and not go abroad.

[Yutikas_11920]

Bitcoin cannot cause any economic damage.If I sell bitcoin, respectively, there is a buyer who can also be from my country.That is, the money remains in the country and not go abroad.

I think bitcoin can cause the economy in a country to be damaged because with the presence of bitcoin you can make transactions without having to use local money and that means from other countries it can send a large amount and after that make the economy and conditions of exchange prices in the country destroyed.

[MonaLeeTracy]

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.

technology and all its developments are good and bad depending on the intention and purpose of the investor itself, as well as crypto currencies can be used by anyone at anytime and anywhere all depends on the intention and purpose of the investor itself good and bad results will be obtained

[dat.ho12492]

Bitcoin cannot cause any economic damage.If I sell bitcoin, respectively, there is a buyer who can also be from my country.That is, the money remains in the country and not go abroad.

Similarly, if a person in your country buys bitcoin or they lose during trading, their money will be transferred to foreign countries, and you should remember that the amount that fluctuates in the crypto world every day is not a small number, so the damage in a country's economy is something that will happen. However, as is the case you say, that damage can still be offset when many people can make money through bitcoin as you or many others, summing up everything, the damage will be negligible, sometimes it can also generate good income for many people, that's why many people are continuing to participate in bitcoin right away when it doesn't have too many practical uses

[Dontme]

Tell that to people who already have their life changed for good because of bitcoin. There are many rumors, false accusations, and opinions of what bitcoin is or what effects it could give to the society but as long as many people are benefiting from it, then who cares?

[Adriano2010]

Bitcoin not damage economy, the damage of economy is because of bad decisions of governments and also because of corrupt people. Bitcoin has practical use because is even faster than bank transfer.

[CryptoBry]

Bitcoin not damage economy, the damage of economy is because of bad decisions of governments and also because of corrupt people. Bitcoin has practical use because is even faster than bank transfer.

I fully agree with what you are hinting at. The bad policies and wrong decisions made by those in the control of the economy are the things that can make an economy collapse. We have seen this with some left-leaning governments and we see the bad effects the whole ordeal inflict on the people. As we are witnessing right now in Venezuela, bitcoin has been a big help to some people especially in countering the hyperinflation cutting torn the whole economy and the lack of supplies pervading the whole country. Of course, governments don't see the things we do because they may find it hard to accept the truth.

[Godday]

Bitcoin not damage economy, the damage of economy is because of bad decisions of governments and also because of corrupt people. Bitcoin has practical use because is even faster than bank transfer.

I strongly agree with what you say in your opinion the bad results of crypto currencies depend on the intentions and goals of the investors themselves and the developed and developing countries also legalize the crypto currency the result is certainly good too

[wxxyrqa]

one way or another, there will be no harm from the Bitcoin economy, even though they use it legally or not at all.  If Bitcoin is used as a means of payment, Bitcoin itself will benefit first.  But with regard to the economy of the state, we must take into account the fact that the state fully controls the economy and if someone buys or sells something using Bitcoin, then this will be a well-known fact.  And if the cryptocurrency will have a much higher demand than the fiat currency, then the state will only benefit from this, since all businessmen will pay tax on their income.

[bitcoindusts]

can only give damage to the global economy.

It seems to me that this is a statement of someone bitter of bitcoin’s existence. It threatens the government, banks and other institutions that might be affected if bitcoin will be widely adopted and used. This for sure the reason why this guy to whoever and whatever institution he is connected with why he is crying.   

[betty11]

Anyone that assert or submit that bitcoin has no practical use must have been leaving in space not to have seen how events have been unfolding and how it  has been impacting the Fintech industry. Regardless of hate towards bitcoin, it gets stronger.