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

[mamahdedeh]

everyone has their own views. many people do not trust bitcoin yet, but we can see that this is inseparable from the role of governments from all over the world who have not yet legalized it, so many people consider bitcoin not to be very functional. I think the biggest problem lies with the country's politics, and people are afraid because there is no legal guarantee to enter the crypto world

[1714860409]

1714860409

[Burogh]

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/

I think with the presence of bitcoin will not damage the economic system that is already corrupt, in my opinion the Bitcoin system can improve the existing monetary system. With the current system, the government or central bank can print money only with the assurance of trust from the public without having to go through an audit while the bitcoin system is very transparent in terms of transaction data

[Finestream]

We did not heard any country that their economy become in difficult after adapting the Bitcoin currency and anything that might damage the economy are already addressed by creating a strong regulation therefore i suggest that we should ignore them as they might just trying to spread FUD.

Agree with you, It's even the opposite that is happening, countries with damage economy are adopting with bitcoin to save the value of their money, like countries with such a high inflation.

These articles below explains my statement above, and I'm sure there's more if you will search more in google.

https://inflationdata.com/articles/2019/07/15/high-inflation-drives-countries-crypto/
https://news.bitcoin.com/countries-suffering-from-rapid-inflation-show-significant-demand-for-cryptos/

[Driggers95]

everyone has their own views. many people do not trust bitcoin yet, but we can see that this is inseparable from the role of governments from all over the world who have not yet legalized it, so many people consider bitcoin not to be very functional. I think the biggest problem lies with the country's politics, and people are afraid because there is no legal guarantee to enter the crypto world

I'm not too concerned, bitcoin is in everyone's interest, if some people don't trust bitcoin and believe in the information the government provides, Bitcoin will not work for them because they do not use, they can not know the benefits here. I'm really puzzled that many people are always judging subjective bitcoin as being useless and damaging to the economy, if they want to know it clearly, everybody should use, our perception is more accurate than what others say, there are not too many free people to use something with no practical use, this is for sure

[SirLancelot]

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.

In a football field, not everyone in the field that are players or viewers, some are just bench warmers, they are neither interest in playing foo table are even watching the football, they are just there to warm the bench and that is how we have many people in cryptocurrency market that are not here for anything meaningful, they are not a believer and they are not an investor, but I think because they hate good things that would liberate some people, they come to say all manner of things that will discredit the system, and I think that some of us has really go above that and we know what to believe and then hold on to that which we also believe. Bitcoin has been very useful to me now for years and I never regret ever getting to know the technology of bitcoin.

[wxa7115]

We did not heard any country that their economy become in difficult after adapting the Bitcoin currency and anything that might damage the economy are already addressed by creating a strong regulation therefore i suggest that we should ignore them as they might just trying to spread FUD.

The truth is that governments are worried about bitcoin becoming a real threat to their economies, many do not really believe that it could happen but governments have a monopoly when it comes to printing money and like every other monopoly through history they do not want to lose it, they understand very clearly the dangers of a currency that they do not control, that you can move without their permission and that instead of losing value over time it gains it.

When you compare bitcoin to fiat there is no question about who is better and if the economies of the world begin to fail you can be sure that people will begin to adopt gold and bitcoin as a way to protect themselves and that is why governments are scared of bitcoin and cryptocurrencies in general.

[paynercash]

I do not think so . I invest in BTC because I see its practical use. Previously, each time I sent money to my relatives in another country, I had to complete the procedures for a long time and it took a long time for my relatives to receive it. However, when I learned of BTC, I used it to transfer money quickly and conveniently.

[wxa7115]

Bitcoin is a currency what else practical use is required? What is the practical use of a dollar bill? Do we use it as tissue paper?!!

Correct, bitcoin is a currency and even right now it could be argued it that it is one of the best currencies around the world even if we take into account the volatility that takes place in this market, personally I find that an attractive quality of bitcoin and I like it even more because of it, but for some reason people want bitcoin to do all kind of things that in all honestly it was not designed to do.

And I find your last sentence to be really funny but at the same time it is correct, it is impossible to use bitcoin as toilet paper but in times of great instability where fiat loses almost all of its value people have found all kind of uses for their currency except the one that matters the most, to be able to use their currency as currency.

[bitbunnny]

For me Bitcoin has a practical use in everyday life. Besides investment I use it as a payment method through Bitcoin debit card, so for everyday needs. I guess that is up to each individual what use of Bitcoin suits him the best
Regarding harming economy that is very hard to estimate become nowhere Bitcoin isn't yet formaly introduced into economy and financial system. If you think on fact that people still use it besides these legal financial chanells that might have an effect like unregistered economy but that is so small percentage that actually doesn't have significant influence.

[deisik]

If you think on fact that people still use it besides these legal financial chanells that might have an effect like unregistered economy but that is so small percentage that actually doesn't have significant influence

And it is not given at all that such use necessarily hurts the economy

Indeed, I'm not talking about things like drugs, human trafficking, financial schemes and other nefarious activities involving payment with cryptocurrencies. These have an extremely ruinous effect on society irrespective of the currency used to facilitate them (and while we are at it, the use of cryptocurrencies is in fact quite minuscule compared to fiat use for the same purposes). That definitely goes without saying

On the other hand, though, if someone gets paid in crypto without paying any taxes while still contributing to the common good in general, the net effect for the society stays positive and welcome. Truth be told, it remains to be seen whether this effect would in fact be greater if all due taxes had actually been paid given how irresponsible and inefficient if not outright corrupt a government can be

[shoreno]

in what way  bitcoin can damage the economy ? in the form of mining ? or in the form of illegal use or inapropriate use ?

   i think i am going to agree with that because that is a fact but saying bitcoin has no practical use i think im going to disagree on it. 

obviously bitcoin are a kind of money or currency therfor it is really useful . its only up to the user if how practical he/she used his bitcoins. .

[armarsterling7]

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/

  Most people who don't understand bitcoin or crypto will find it to be something that will make them break the law. So they always say that crypto will have bad consequences and they will avoid it if we explain them to crypto. So we don't have to argue with those people. Keep doing what we have to do

[Cheesus]

Though the point of view of that article seems right, Bitcoin has not that much use cases but I think it has enough already! The world is talking about Bitcoin, the largest social network Facebook joined in crypto, samsung is taking crypto payment, Opera browser added crypto dApp, a lot of shop takes bitcoin payment, Bakkt added Bitcoin on their board and a lot of good things are happening for bitcoin! As you said, through the Bitcoin, lots of people become stable, some people get rich, some people become whales! Bitcoin is only 10 years old, in practical life, a boy with 10 years old is a kid! Bitcoin and the blockchain has a lot to offer to the world! I hope after a time, Satoshi Nakamoto will wake up and will add lots of new thing in Bitcoin!

[Polar91]

in what way  bitcoin can damage the economy ? in the form of mining ? or in the form of illegal use or inapropriate use ?

   i think i am going to agree with that because that is a fact but saying bitcoin has no practical use i think im going to disagree on it. 

obviously bitcoin are a kind of money or currency therfor it is really useful . its only up to the user if how practical he/she used his bitcoins. .

Indeed. Anything that has a value that is being used either good or bad depends on its users. The major problem isn't because of Bitcoin but rather its users itself. On the other hand generally we can't deny how useful Bitcoin is in revolutionizing our way of transacting online.

[Pab]

What practical use gold have.Gold input cost more than input of bitcoin
You can"t forget that  there is blockchain behind bitcoin .Disruptive technology what will be used by Microsoft even
We have more and more services what allow to pay with bitcoin
And Bitcoin is only 10 years old.Where was internet after first 10 years
If Bitcoin can hurt economy then what kind of economy it is.

[Driggers95]

in what way  bitcoin can damage the economy ? in the form of mining ? or in the form of illegal use or inapropriate use ?

   i think i am going to agree with that because that is a fact but saying bitcoin has no practical use i think im going to disagree on it. 

obviously bitcoin are a kind of money or currency therfor it is really useful . its only up to the user if how practical he/she used his bitcoins. .

Indeed. Anything that has a value that is being used either good or bad depends on its users. The major problem isn't because of Bitcoin but rather its users itself. On the other hand generally we can't deny how useful Bitcoin is in revolutionizing our way of transacting online.

I think the uses and usefulness of bitcoin and how people use it in life, it's not an issue that most people here care about bitcoin, a lot of discussion just shows people care about the value of bitcoin, how much interest in bitcoin can increase, we are also very clear that we only think about how much money we will make from bitcoin, utility or other issues, a little attention is enough. Even bitcoin is destroying the economy, even if we know it, we still can't solve it, as long as it doesn't destroy our economy is enough

[micher143]

What practical use gold have.Gold input cost more than input of bitcoin
You can"t forget that  there is blockchain behind bitcoin .Disruptive technology what will be used by Microsoft even
We have more and more services what allow to pay with bitcoin
And Bitcoin is only 10 years old.Where was internet after first 10 years
If Bitcoin can hurt economy then what kind of economy it is.

Actually bitcoin will hurt the economy, in terms of not recorded spending and actually no tax at all. Bitcoin will delete the middle man which is the banks and government, so yeah, the bitcoin will hurt the economy but it will let people be free in tax that is given to the government. Let's just face it, bitcoin have pros and cons.

[boltz]

We are still in the early years of bitcoin so why get so impatient ? Bitcoin cannot damage the economy on a major scale and so far we must be pleased that bitcoin and blockchain are still here, working and we can use it in so many ways. Companies has start to pay their employees in bitcoin and other cryptocurrencies and if this continues in a 5-10 years ( if bitcoin is still here ) we might see bitcoin moving from investment use to a currency use as for now bitcoin looks like he has a plus for investment and am minus for a currency but in time this will change and all of us will not jump so fast to convert our coins to cash. Its basic economics right here, few supply of bitcoins if we divide them to world population and furthermore a lot of the bitcoins have been lost in the inception days.

[marcuslong]

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/

The point of your topic is damaging the economy, And it's totally correct if all kind of business is in bitcoin and not regulated by the government. 

And the point of your thread is we the people in bitcoin community gain here. We can earn by trading it, we can earn in many ways. But the economy will not gain from this. And it's no use in our community because they're not gaining from it.

[NewBet]

The practical use of Bitcoin is to make the transaction of money more free and liberating. Instead of letting institutions decide what we do with our money, people will have more control to spend and transact without issues.