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Author Topic: Cryptocurrency usage will boost economy or make it worst ?  (Read 2090 times)
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January 24, 2020, 06:25:38 PM
 #201

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?
Just by having the fact that no country has ever regulated cryptocurrency massively yet, we can already say that all our assumptions are just theory coming from what we see and most of it are biased. We would usually say that it will give great advantage and a boost to the economy of a certain nation but things may turn out badly soon after the implementation of its regulation. Crypto is a decentralized currency which avoids any form of corruption but if the government would have a hold on it, things may go the way we don't want it to be.
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January 24, 2020, 06:48:50 PM
 #202

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?
Just by having the fact that no country has ever regulated cryptocurrency massively yet, we can already say that all our assumptions are just theory coming from what we see and most of it are biased. We would usually say that it will give great advantage and a boost to the economy of a certain nation but things may turn out badly soon after the implementation of its regulation. Crypto is a decentralized currency which avoids any form of corruption but if the government would have a hold on it, things may go the way we don't want it to be.
If all of the countries and businesses will adopt crypto currencies and will be happy with it then keep in mind that the government will not want to pass any act which will disturb the businesses as if something affect the businesses of any country then it put a bad condition on that country and a disturbance is created for the law makers. They will regulate the crypto but will be in the favor of crypto.
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January 24, 2020, 10:26:48 PM
 #203

As long as Bitcoin and other cryptocurrencies are not regulated and formaly introduced into financial and economy system they can't help economies in any way. And until that happen s businesses will not use crypto on a massive scale.
So, cryptocurrencies can only help individuals and all othe crypto involvment in economy at any way in unregistered and unrecorded and it's actually underground economy.
It can affect the economy in unregulated way also, it provides opportunities for stabilizing your financial status. If more people will adopt this and would become financially secure, that would reduce the rate of inflation that is one of the leading problem of the world. Reduction in inflation would result into the stability of economy, I think people should adopt it to boost their economy.
Agree, although the use of crypto is used individually and with the adoption carried out by business developers so far, and even though it is not recorded but still, the use of crypto will help stabilize the economy and ultimately the use of crypto on a large scale will have an impact on the inflation rate more lower. With us only using cryptocurrency, that is also enough to make the economy good and we should realize that.


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January 25, 2020, 07:46:52 AM
 #204

As long as Bitcoin and other cryptocurrencies are not regulated and formaly introduced into financial and economy system they can't help economies in any way. And until that happen s businesses will not use crypto on a massive scale.
So, cryptocurrencies can only help individuals and all othe crypto involvment in economy at any way in unregistered and unrecorded and it's actually underground economy.
It can affect the economy in unregulated way also, it provides opportunities for stabilizing your financial status. If more people will adopt this and would become financially secure, that would reduce the rate of inflation that is one of the leading problem of the world. Reduction in inflation would result into the stability of economy, I think people should adopt it to boost their economy.
Agree, although the use of crypto is used individually and with the adoption carried out by business developers so far, and even though it is not recorded but still, the use of crypto will help stabilize the economy and ultimately the use of crypto on a large scale will have an impact on the inflation rate more lower. With us only using cryptocurrency, that is also enough to make the economy good and we should realize that.
The use of cryptocurrency will not make the economy stable because the cryptocurrency itself is not even stable so there will be fluctuations in the revenue of a country that will in fact reflect on the economy's performance. The use of cryptocurrency will boost the economy in terms of establishing different systems through blockchain technology.

 
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January 25, 2020, 08:14:31 AM
 #205

The government of our country always wants tax The government does not receive any tax from using crypto If the government is regularly taxed using cryptocurrency it will boost the economy of our country. Virtual currency usage and transactions will be very dynamic Big companies will control this and the government will pay for the improvement.

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January 25, 2020, 08:43:02 AM
 #206

Economy is a very complex thing , which is made even more complicated by the politicians and government officials .
Economy is more or so always welcomes new forms of trade / transactions / e-cash anything .
Because if economy is not flexible and meeting the demand of the new world and being upto date with everything, unfortunately that economy won't survive for too long .
It will ofc boost the economy , convince me otherwise.

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January 25, 2020, 11:44:10 AM
 #207

A cryptocurrency that flexed its new coin supply in tandem with adoption, and reduced new coin supply in correlation with Moore's law, would absorb volatility a lot better than something like Bitcoin. Like, if adoption increased 1%, the supply would increase 1%, so tangible good prices denoted in that crypto would remain stable, even if the fiat prices fluctuated.
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January 25, 2020, 02:50:45 PM
 #208

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?
It will probably gonna boost the economy of a specific country because we all know that cryptocurrency provides a faster transaction. The faster the transaction the faster the movement of the economy that is why if they accept crypto as a part of their transaction, it will for surely gonna have a huge impact to the economy.
Transaction is just one aspect through which economy can boost via usage off crypto currencies. Apart from moving money faster, crypto currencies are capable of boosting the economy of country because their values keep on increasing and with a little investment, one is able to make great profits. The adoption of crypto currencies will also create new business which is going to help government in reducing unemployment rate.
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January 25, 2020, 06:01:37 PM
 #209

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?
In my opinion, it will have a rather bad effect on the economy in general, not in particular with corrupt countries. Because humans are not controlled by the law, we will turn into a more evil and more ambitious person. then people will no longer use fiat money, they will directly use crypto to manipulate like the whales did and will make the decentralized market spark. That is also the consequence that governments around the world do not want, so they have to make quite a lot of laws for crypto.
I do not agree with this statement, people are worried about governments and their inability to get enough funding if cryptocurrencies take off, but we are living in a strange age, governments are bigger than ever and they want to be even bigger, but during most of history governments were small and cryptocurrencies will allow us to get back to those days, the economy will become more efficient as we need to pay less taxes to a smaller government, a big government is a hindrance to the economy and not a boost.


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January 26, 2020, 08:00:23 AM
 #210

What if all those big corporates and businesses starts using crypto as a mode of payment just to avoid tax which will cause a direct loss to the government which uses tax for the betterment of the country. This might not affect corrupt countries as it doesn't matter because tax money goes to politician's coffers but what about developed nations?
Earning and using cryptocurrency will definitely avoid businesses and big corporates from paying taxes that it will have a bad effect to the economy because a country will lose a lot of funds. But i don't think that the government will let big businesses and corporates from not paying taxes because they will still find a way for them to pay taxes.
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January 26, 2020, 03:56:41 PM
 #211

depending on where the crypto currency is used, the crypto currency is decentralized, of course there is nothing to regulate, unlike a country currency like USD, if Bitcoin will replace the spread of the USD then we will see changes in the world economy without the United States

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January 26, 2020, 05:13:17 PM
 #212

I can't imagine that cryptocurrency usage may have such a big influence on the world economy. I consider it as a result of the developed economy. 
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January 26, 2020, 08:24:19 PM
 #213

I can't imagine that cryptocurrency usage may have such a big influence on the world economy. I consider it as a result of the developed economy. 
Cryptos are in the way of being a part of world's economy that is why we are facing regulatory issues on decentralized currencies. But sure cryptos have the potential to reach a place that influences the world's economy if everyone tends to know about cryptos.

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January 26, 2020, 10:39:54 PM
Merited by Zicadis (1)
 #214

The government of our country always wants tax The government does not receive any tax from using crypto If the government is regularly taxed using cryptocurrency it will boost the economy of our country. Virtual currency usage and transactions will be very dynamic Big companies will control this and the government will pay for the improvement.

Indeed the government is not going to support the use of cryptos unless they're getting some sort of tax out of it.
Until and unless there are people ready to accept crypto as their paycheck i doubt there will be any issues.
If there's a regulated Cryptocurrency that can be taxed and their addresses are linked to SSN then there's another payment method for an economy which is a plus point and for sure it's going to boost it.
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January 26, 2020, 10:44:18 PM
 #215

I could be trading people marbles and still be liable to taxes, crypto doesnt exclude the idea of paying tax.   The only connection is the idea to hide the open accounts every business must report, people already do this with FIAT.   Its called cooking the books where they keep a fake book to hand to IRS and a real book where cash deals are used to avoid any paperwork trail.

Not really a crypto problem, like alot of negatives left at the door of crypto it already exists and may even be easier to do in Dollar note form due to the endless liquidity running into trillions.   Crypto records every transaction forever, its actually worse then plain paper to keep secrets fairly sure.

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January 26, 2020, 11:03:54 PM
 #216

The government of our country always wants tax The government does not receive any tax from using crypto If the government is regularly taxed using cryptocurrency it will boost the economy of our country. Virtual currency usage and transactions will be very dynamic Big companies will control this and the government will pay for the improvement.

Indeed the government is not going to support the use of cryptos unless they're getting some sort of tax out of it.
Until and unless there are people ready to accept crypto as their paycheck i doubt there will be any issues.
If there's a regulated Cryptocurrency that can be taxed and their addresses are linked to SSN then there's another payment method for an economy which is a plus point and for sure it's going to boost it.

That's pretty much what the Chinese are looking to implement with the Digital Yuan I believe.

So long as it can be tracked just like regular currency, and linked to an individual just like regular current, I doubt governments will care.

But in the end, it does revolve around tax. If a cryptocurrency enables people to easily dodge tax, you can bet the government wont back it.

If it makes taxation easier, I can't see many governments complaining.
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January 26, 2020, 11:16:38 PM
 #217

I can't imagine that cryptocurrency usage may have such a big influence on the world economy. I consider it as a result of the developed economy. 
Cryptos are in the way of being a part of world's economy that is why we are facing regulatory issues on decentralized currencies. But sure cryptos have the potential to reach a place that influences the world's economy if everyone tends to know about cryptos.

transparency is one thing that blockchain technology is addressing. if there will be transparency in the government, i think there will be less corruption and will boost the economy. aside from the fact that blockchain technology will save huge amount of money in terms of operations. the use of crypto within the operations of any business will smoothen the transactions at a very low cost. so i believe the usage of crypto will help the economy and not make it worst. if only people will know how to truly utilize crypto, they will reap the benefits of using it.
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January 27, 2020, 11:04:34 AM
 #218

We all hope it will boost the economy, we want anything that can boost the economy to boost it because to be fair right now we are in the very weird times of rich being super rich and poor being very poor again. It is not like roman times when public had hard time finding decent food to eat while elites are having excess food and let others fight each other to death Cheesy.

Things are not that bad, we are certainly doing better compared to 300+ years ago however when there is a chance to have people live so so much better thanks to developments, it is sad to see the gap yet again, things were a lot better in wealth gap 50-90 years ago, it is once again worse even if not THAT worse. Yet I think if anything will fix the economy, that will be policies and laws, not crypto.

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January 27, 2020, 12:10:59 PM
Merited by rabs (1)
 #219

I am in favor of cryptocurrency will boost the economy,Both ways directly and indirectly crypotcurrency can be good indicator of the economy.But unfortunately government and central banks consider crypto is bad indicator for the economy.

Cryptocurrency open many opportunities for individuals,investor and traders.Jobless youth can independently earn from the crypto.If government legalize crypto can reduce the unemployment ratio and generate revenue from the crypto transactions.

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February 11, 2020, 05:36:43 PM
 #220

The use of cryptocurrency by large corporations at first will lead to an exponential increase in the growth of cryptocurrencies, because this will be a signal that you need to buy it right now, a signal that the whole world is switching to cryptocurrency, everyone will want to catch the departing train. However, then the price will fall, because the entire cryptocurrency market is extremely speculative.

I do not think that the use of bitcoin will somehow affect the economy, because it is just a currency. The economy is primarily affected by investments and commodity circulation.
If you start using bitcoins and investing them in the country's infrastructure, then this can lead to very positive consequences.

All financial transactions should also be carried out in bitcoin, so you can switch to cryptocurrency and untie it from pricing in the context of fiat.


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