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

[tranduc2101]

That's just an outrageous statement from you because bitcoin is not like you think you're just looking at one side of the thing, it's just the dark side of the wrong people you meet, and the right people support it. bitcoin, why do they have a good idea because they can use it to send to the starving people in difficult places because bitcoin is a national cryptocurrency you can convert to cash and help many people

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[Findingnemo]

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

More and more taxes makes the politicians more rich not the citizen that is the only reason people don't want to pay taxes,if everything spend for the good cause then people will come front and pay taxes by themselves.Bitcoin didn't have much effect in the ountry's economy for now but in future crypto currencies will have something but for that people need to be taught about what is actually a crypto and what it can done to be.

[cutesgirl]

Bitcoin can help how to increase economic in some country, bitcoin have good way how to make some people can get much profit and help many people want to get money with bitcoin or altcoin investment, but every country have give space for bitcoin to adopt and become legal for transaction.

[tistoni]

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

[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

More and more taxes makes the politicians more rich not the citizen that is the only reason people don't want to pay taxes,if everything spend for the good cause then people will come front and pay taxes by themselves

Governments are famous for their inefficiency and incompetence

And I'm not even speaking about being outright corrupt which is in fact quite common and widespread as history has proved it so many times (as in "when money talks bullshit walks"). The implication here is that if taxes were not taxes but rather direct payments for services rendered and goods provided, they, first, wouldn't be so high (as there wouldn't be a "third party" and thus no risks of inefficiency and incompetence), and, second, there would be less tax evasion, and for a good reason (actually, for two obvious reasons). People would be encouraged to pay such "taxes" as they would be just regular payments (read, you know what you pay for), and there would be less avenues and loopholes for deliberate tax evasion

[JeffBrad12]

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.

Government can do something about that tax because just like in the US, their government request the cryptocurrency investors and traders to file their tax in cryptocurrency and I think if the other countries can also do that then bitcoin and any other cryptocurrency will not hurt their economy and in fact, it will help them to boost their overall economy.

even if I don't spend money with bitcoin I could still avoid taxes you know when we are reporting or filing our tax we are just being asked about how much money we get and therefore the obligation to pay certain amount of money for taxes will be given to you but the government doesn't really know how much we get aren't they? it's all the self consciousness of the people again. Even if I could avoid taxes but I never would because I just want to contribute to the country by paying taxes and there's nothing wrong with that. Even many countries right now already trying to implement a new way of taxation for people using crypto while also already concluding bitcoin as one of taxes object.

[meliodas]

Bitcoin has a practical use for the people because it can be use as a remittance service because it is faster and it is still cheaper compare to some remittances. I have my friend outside from my country and he is sending me money through bitcoin and it is a lot faster since it just need a few confirmation in the blockchain and it only cost him a few cents to a few dollar to be able to send thousands.

[Findingnemo]

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

More and more taxes makes the politicians more rich not the citizen that is the only reason people don't want to pay taxes,if everything spend for the good cause then people will come front and pay taxes by themselves

Governments are famous for their inefficiency and incompetence

And I'm not even speaking about being outright corrupt which is in fact quite common and widespread as history has proved it so many times (as in "when money talks bullshit walks"). The implication here is that if taxes were not taxes but rather direct payments for services rendered and goods provided, they, first, wouldn't be so high (as there wouldn't be a "third party" and thus no risks of inefficiency and incompetence), and, second, there would be less tax evasion, and for a good reason (actually, for two obvious reasons). People would be encouraged to pay such "taxes" as they would be just regular payments (read, you know what you pay for), and there would be less avenues and loopholes for deliberate tax evasion

But people can find loopholes to hide their crypto holdings which could be used for tax evasion in high rate compared to fiat cash flow.Only thing which encourages people to pay their taxes without evading will be good spending of those paid taxes for the payers benefits.

[deisik]

And I'm not even speaking about being outright corrupt which is in fact quite common and widespread as history has proved it so many times (as in "when money talks bullshit walks"). The implication here is that if taxes were not taxes but rather direct payments for services rendered and goods provided, they, first, wouldn't be so high (as there wouldn't be a "third party" and thus no risks of inefficiency and incompetence), and, second, there would be less tax evasion, and for a good reason (actually, for two obvious reasons). People would be encouraged to pay such "taxes" as they would be just regular payments (read, you know what you pay for), and there would be less avenues and loopholes for deliberate tax evasion

But people can find loopholes to hide their crypto holdings which could be used for tax evasion in high rate compared to fiat cash flow.Only thing which encourages people to pay their taxes without evading will be good spending of those paid taxes for the payers benefits

But isn't it what I'm writing about?

I think if people paid directly for services and goods they are supposed to receive in exchange for taxes paid, that would encourage them even more, in fact, in a sort of absolute way. If you don't pay for something, you don't receive it. Simple, isn't it? And it doesn't really matter what type of currency, crypto or fiat, you pay in or choose not to pay as it is just a simple exchange of goods, not some obscure and potentially shady stratagem or scheme involving payment of taxes (extremely prone to abuse as well as corruption)

[ice18]

Bitcoin will not damage the economy it will only solve and save our economy from corruptions and the rotten government systems that brings the poor into more poorer situation its decentralized so it cannot be controlled by any government unlike fiat currency.

[meliodas]

Bitcoin will not damage the economy it will only solve and save our economy from corruptions and the rotten government systems that brings the poor into more poorer situation its decentralized so it cannot be controlled by any government unlike fiat currency.

I also think about that when I was just a newbie in cryptocurrency because I thought that cryptocurrency will help people to become more independent and gain its power but I realized that cryptocurrency will be more in favor to the corrupt people because they already have the power and they can hide their corrupt money in cryptocurrency because of anonymity and decentralization. So I think that cryptocurrency is in the 50/50 of being useful and destructive.

[Irvinn]

Perhaps today, bitcoin is beneficial only in that it is a very good means of accumulation, and also makes it possible to receive good income due to its volatility.  The fact that Bitcoin does not yet have an active practical application in human everyday life, first of all, indicates that there is a scalability problem, but her husband will soon fix it.

[SummerBliss]

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.

I don't know how deflationary model can leads to damaging economy. These EY guys are either too smart or too fool.
Bitcoin should be viewed as means of remittance based on peer-to-peer model which could be used by any person to do transaction with second person without involving any third party. Non-involvement of third party and self-verification system make Bitcoin much more safer than any other mean of remittance.
The article assumes the situation where Bitcoin will be used as major currency but we Bitcoiners know, we don't want Bitcoin to replace fiat but provide an alternative to give greater degree of privacy and liberty in financial transactions.

[Zeke_23]

Bitcoin is only 10 years old .Bitcoin is still evolving
I think that bitcoin still has good chance to be internet global money
Look gold what is gold practical use .Gold is not so much in use

Agreed, bitcoin is very young with comparison to the gold's history of existence. It is to go long, as of now bitcoin is getting used as a global money with its conversion possibility to any of the currency. Gold has a physical state and the rare availability from mines make it valuable, and bitcoin being technology backed vary from it on the practical usage.

Bitcoin is a digital money which is indeed being used globally, it can be converted in most of the fiat currency. It is not fully used as we can used fiat, just like gold, gold can be converted to fiat which is the reason why gold was one of the best investment we had. But being compared to gold, crypto has more used and it can be more, as long as technokogy evolves, its function will expand more and it might increased its value once it happen.

[ReiMomo]

Well, that's there point of view because they don't earn from bitcoin but if they experience earning money through bitcoin then they won't say that. Bitcoin really helps a lot to the economy because now there are many people that are no longer poor because of bitcoin. They can now be able to buy the things that they want so I do believe that bitcoin plays a big role in the economy.

[sirminesalot]

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

for now it is true what you say in your opinion it all happened because there are still not many countries that recognize crypto as a valid currency or legality of all countries and if the crypto currency is acceptable to all countries it will certainly boost the economy both

[Triffin]

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

for now it is true what you say in your opinion it all happened because there are still not many countries that recognize crypto as a valid currency or legality of all countries and if the crypto currency is acceptable to all countries it will certainly boost the economy both

There  are so many chances for the crypto currencies that it will to boost the economy as usage of crypto is making the life of people is now getting good. We can take part in making investing and buying coins at low price. It’s bad if countries are not accepting it they all should accept it and promote the use of  crypto it can make our economical life so good.

[romero121]

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

for now it is true what you say in your opinion it all happened because there are still not many countries that recognize crypto as a valid currency or legality of all countries and if the crypto currency is acceptable to all countries it will certainly boost the economy both

There  are so many chances for the crypto currencies that it will to boost the economy as usage of crypto is making the life of people is now getting good. We can take part in making investing and buying coins at low price. It’s bad if countries are not accepting it they all should accept it and promote the use of  crypto it can make our economical life so good.

This doesn't look to be a threat to the economy, this has helped with an additional money circulation which boost the economy. Whatever might be, the increase in the circulation gets reflected on the growth. Same as people giving importance to real life investment on securities, bonds, properties, shares, stocks, forex, now the trend has moved to the technology backed cryptocurrency. We can't say blankly that bitcoin doesn't have any practical usage. If it hasn't got any, this could've never reached such a level of growth in ten years of time.

[alyssa85]

Here is an interesting article about why cryptocurrency hasn't been adopted more:

https://dashnews.org/why-buying-coffee-with-bitcoin-wont-get-cryptocurreny-mass-adoption/

Now, using cryptocurrencies such as payments, and particularly Dash, does improve the payment experience from higher security to lower fees, and eventually the superior money and payment system will prove more attractive than legacy options. However, in the interim the difference between the two experiences is simply not great enough to provide a compelling reason to switch, and in many cases can provide disincentives due to the additional effort and costs associated with acquiring and offloading cryptocurrency.

What is needed for cryptocurrencies to build real adoption and regular economic use is to identify strong deficiencies in the current economic system and target them aggressively. These can be any of the situations where the paying experience is poor, from high-chargeback and expensive fee industries such as online gaming and remittances to areas with currency problems such as hyperinflation-plagued nations in South America, Africa and elsewhere. In these areas, there exists a significant enough gap between the experience of paying with fiat currency and legacy systems and using cryptocurrency to warrant a change.

However, a compelling use case alone isn’t enough. An industrious entrepreneur must find a way to turn an opportunity to use this particular tool into an all-in-one product that’s easily accessible to the targeted customer. For example, taking the use case of remittances, a potential user must be able to acquire and send funds via cryptocurrency cheaply and easily, with a one-stop shop approach where they can visit a single vendor and be walked through the entire process without complications. Distilling the rather complicated process of buying, sending, receiving, and selling digital funds all into a neat, easy to understand, and cost-effective user flow is a tricky business, and in particular may require the creation of specific liquidity providers and other tools to facilitate this process. But make no mistake, it’s necessary to make this whole adoption thing work.

In the early days bitcoin was used for gambling - but this has stalled, in part because wallets like the one operated by Coinbase close you down if you transfer your coins to a gambling website.

[Google+]

Bitcoin can help how to increase economic in some country, bitcoin have good way how to make some people can get much profit and help many people want to get money with bitcoin or altcoin investment, but every country have give space for bitcoin to adopt and become legal for transaction.

I think bitcoin can indeed provide convenience and help traders to make transactions but you should know that bitcoin has a very limited supply and if used by many people the price will not be stable and can damage many people's economies, while for the legality of bitcoin at this time it is still many have not accepted bitcoin as a legitimate payment because indeed bitcoin prices cannot be stable.