Is Bitcoin good for the economy?

[beerlover]

Limitations are good for the economy, the more deregulations happen the worse these companies get, there are some "economic liberals" in the world who think that liberal ideas of freedom and so forth apply to economy where a company can do as shady things as they can but that should be allowed because that is "liberal", that kinda already happened with China deals for example, the whole world started to make things produce in China and that powered China amazingly while keeping the people in our nations poor since all the jobs went to china whereas companies still made profit because they could make it cheap, instead of actually hiring people in our nations and allowing them to earn while making things more expensive but also quite accessible since there is not jobs everywhere.

Bitcoin could prevent that by removing all regulation problems and allowing people to use decentralized money without governments interference at all.

[AniviaBtc]

Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify". Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin has some way to go to meet all these criteria.

Still boils down as to how people are going to used their bitcoin, do they want it to become a store of value? Or when merchants started to accepting Bitcoin as payment scheme, will people going to used it?

So this kind of arguments/counter arguments are moot in my opinion, as Bitcoin or crypto are really challenging the way old economic systems are being viewed upon, IMHO.

As I read some articles about mass adoption about bitcoin, most people are having a good feedback about it. We can't deny that bitcoin really is a good digital currency and altcoins are just an alternative.

Probably, the answer to you question is YES. In the country that accepted bitcoin as a currency, some merchants or markets are accepting bitcoin as a mode of payment in some transactions. Although bitcoin is very volatile, some traders are there just to store bitcoin until it increases its price again.

As the demand about bitcoin increases, it is more likely to give a big impact to the economy. Bitcoin is the most used cryptocurrency and I know that a lot of people are guaranteed to promote bitcoin in some part of the world to improve mass adoption. By that, economy of that country will improve and undergoes development.

[deisik]

That's why I really wonder why some government (not ours, fortunately) really hate crypto. How sad that they just see the bad side and disregarding the bright side

Maybe that's because they are of a different opinion?

If we proceed from the assumption (which looks more like a fact to me) that all cryptocurrencies apart from Dogecoin, to a certain degree (yeah, you read it right, Dogecoin), are a zero-sum game, you increasing you wellbeing via Bitcoin comes at a cost, more specifically at someone else's cost or expense

Which means the net effect for the economy is not necessarily good or positive overall since if there are winners like you and those like you, there should also be losers, a sine qua non for a zero-sum game. And for them cryptocurrencies might have been quite a disaster. This is the other, not so bright side of the crypto economy

[charlesmichel1]

The main advantage of Bitcoin is fast transactions. It will let the economy to gain its potential and evolve. Being hard to earn is also among the pros because it makes Bitcoin valuable and accepted.

[Ucy]

Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify". Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin has some way to go to meet all these criteria.

One of the best transaction today is with the use of cryptocurrency because many people want to use the crypto or the bitcoin because it is faster to have a transaction and today there are a lot of people want to make bitcoin as the primary or secondary payment to the bills, services and other things with the support of crypto. As a person does not want to lose their money with the use of cryptocurrency we want to adopt the use of it but still, there are some country does not accept with the use of bitcoin or crypto as a payment still the adaptation of the bitcoin to the economy are still not supported to improve the economy.

Some usually say that Bitcoin or other decentralized cryptocurrencies don't have too many useful purposes. I bet when crypto becomes very useful some will scream that it's taking over the world and destroying their currencies.
Well, I think it should exist side by side with national currencies. If people decide to go for what is "really" safe and good for them, it will be immoral & unjust to prevent them from doing so.

[Janation]

The main advantage of Bitcoin is fast transactions. It will let the economy to gain its potential and evolve. Being hard to earn is also among the pros because it makes Bitcoin valuable and accepted.

Despite that fast transactions, people don't usually use Bitcoin.

Also, I think it will not make the economy develop or evolve but with the help of blockchain technology, it might be of help in a way for the country. It is valuable but that doesn't really matter since as long as a small population is using it in the country, it will not matter at all.

[Williams_Leo]

The main advantage of Bitcoin is fast transactions. It will let the economy to gain its potential and evolve. Being hard to earn is also among the pros because it makes Bitcoin valuable and accepted.

Despite that fast transactions, people don't usually use Bitcoin.

Also, I think it will not make the economy develop or evolve but with the help of blockchain technology, it might be of help in a way for the country. It is valuable but that doesn't really matter since as long as a small population is using it in the country, it will not matter at all.

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

[alexsandria]

Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify". Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin has some way to go to meet all these criteria.

How come that has some way to go in order to meet all of those criteria? I believe that began is already hard to earn and has only a limited in supply of the market also it is hard to verify so the last criteria is only the one that is having a hard time for the bitcoin in order to beyond currency all over the world. If the economy is define money as a store of value then bitcoin is also a store value in which you need to store bitcoin in some wallet or exchangers to have a amount of it otherwise bitcoin is really good for the economy because there is already some countries that are accepting bitcoin and they are all having a good economy and their economic growth is increasing.

[Janation]

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that.

[fiulpro]

What is the sole most important thing in the economy?
*People
Bitcoins and other cryptocurrencies are :-
*Providing jobs for them
*Giving them an option to save money away from banking Monopoly
*It's easy to buy and keep , no need of excessive documentation
*It's bringing revenue , no matter how small

I do think it is good for economy.

[deisik]

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that

That remains to be seen

It could be argued that merchants are not accepting Bitcoin because of the lack of demand for their goods or services paid and priced in this cryptocurrency. In other words, it is not merchants that are not willing to accept Bitcoin but rather consumers not particularly inclined to pay with it (read, you may be confusing cause and effect here)

And that also explains the insane levels of volatility we see. If Bitcoin were used to facilitate the exchange of goods, i.e. used as a payment option and not a vehicle for speculation, volatility would go away. but it does look and feel like a vicious circle of sorts, I agree

[Blackdeath]

What is the sole most important thing in the economy?
*People
Bitcoins and other cryptocurrencies are :-
*Providing jobs for them
*Giving them an option to save money away from banking Monopoly
*It's easy to buy and keep , no need of excessive documentation
*It's bringing revenue , no matter how small

I do think it is good for economy.

Bitcoin is really good for the economy because it can lessen unemployed people in a country, so that they can pay their debts and provide all of their basic needs and pay their bills, that is why i can't understand why governments in other countries don't trust cryptocurrency to be legalized.

[shoreno]

if its hard to earn and has a limited supply then why its considered good for the economy ? what about fiats and other currencies  , they have unlimited supply although they are still hard to earn  . you need to work for them to earn them just like bitcoin  . and what can bitcoin do to the economy to be call it good  when bitcoin is only an online currency   . good for the economy is something that is helping the economy grow or develop like a government that isnt corrupt that dont hoard the money of the nation and a government that can provide jobs  to all people     .

[Janation]

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that

It could be argued that merchants are not accepting Bitcoin because of the lack of demand for their goods or services paid and priced in this cryptocurrency. In other words, it is not merchants that are not willing to accept Bitcoin but rather consumers not particularly inclined to pay with it

That makes sense though the problem is that these consumers do not know what it is.

For example in our country, they do not know what Bitcoin and cryptocurrencies is but when we talk about scams they could pitch the name Bitcoin but they never know what that is. They thought it is something like a company that starts these pyramiding scams. I guess if it became mainstream, that would be the time that Bitcoin would be used by consumers and merchants would consider accepting them.

[TheUltraElite]

Despite that fast transactions, people don't usually use Bitcoin.

I dont think fast transactions and usage have a direct correlation when you bring in the adoption and knowledge about the method in the first place. There are many people who dont know that bitcoin exists, even if they do know that, they still dont know where to buy it or where to spend it. We are among a niche few who know and use bitcoin but adoption becomes a deciding factor at one time.

Also, I think it will not make the economy develop or evolve but with the help of blockchain technology, it might be of help in a way for the country. It is valuable but that doesn't really matter since as long as a small population is using it in the country, it will not matter at all.

Well blockchain technology is being used by different tech companies for various purposes and they open up new avenues of thoughts no ventured before or more services for the commoners.

[ethereumhunter]

I think even if bitcoin is good for the economy, it still hard for bitcoin to be accepted in the country because they need approval from the government, and so far, some governments still not accept bitcoin. We don't know how good bitcoin for the economy but one thing that we know that the transaction will be fast, secure because there is no third party that can interfere with the process. People can see the transaction process in the blockchain, but they don't know what the transaction will be made. It will be exciting to know more about how bitcoin will help the economy, but I am sure that bitcoin can improve people's finances.

[black_widow]

I think that an action is important for the economy of a country or a region. For example, the economy of one country is low due to the fact that the inhabitants of this country have no desire to do something to increase it (or the inhabitants of the country want to do something, but the government doesn't want to make concessions because illiterate management and strategy in general). And the other country, which is nearby, is well organized, and its citizens work in different sectors, because of this there is a large amount of money in the country, so the economy is at a good level. Bitcoin, as a currency, affects the economy, only indirectly, as far as I understand.

[deisik]

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that

It could be argued that merchants are not accepting Bitcoin because of the lack of demand for their goods or services paid and priced in this cryptocurrency. In other words, it is not merchants that are not willing to accept Bitcoin but rather consumers not particularly inclined to pay with it

That makes sense though the problem is that these consumers do not know what it is

Well, that's not what I meant

I was actually referring to people who are not only well aware of Bitcoin but who can also pay with it (in simple terms, Bitcoin holders). These folks are deliberately not paying with cryptocurrencies because they don't think it a rational economic behavior, choosing to pay with fiat instead. You can lead a horse to water, but you can't make him drink

Further, given how many cryptocurrency payment processors are out there nowadays (e.g. BitPay and similar providers), adding a cryptocurrency payment option is not a rocket science either, so the problem doubtlessly lies with the consumers, not their merchants

[Xampeuu]

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that

It could be argued that merchants are not accepting Bitcoin because of the lack of demand for their goods or services paid and priced in this cryptocurrency. In other words, it is not merchants that are not willing to accept Bitcoin but rather consumers not particularly inclined to pay with it

That makes sense though the problem is that these consumers do not know what it is.

For example in our country, they do not know what Bitcoin and cryptocurrencies is but when we talk about scams they could pitch the name Bitcoin but they never know what that is. They thought it is something like a company that starts these pyramiding scams. I guess if it became mainstream, that would be the time that Bitcoin would be used by consumers and merchants would consider accepting them.

especially for those who don't know bitcoin and because their friends have had success in bitcoin then they invest in bitcoin, in the end they lose, so negative news about bitcoin is spread, even though they lack knowledge about bitcoin. this has worsened the image of bitcoin and resulted in a dump, but for some people it is an opportunity to make money

[Twentyonepaylots]

The main advantage of Bitcoin is fast transactions. It will let the economy to gain its potential and evolve. Being hard to earn is also among the pros because it makes Bitcoin valuable and accepted.

Despite that fast transactions, people don't usually use Bitcoin.

Also, I think it will not make the economy develop or evolve but with the help of blockchain technology, it might be of help in a way for the country. It is valuable but that doesn't really matter since as long as a small population is using it in the country, it will not matter at all.

on a national scale, bitcoin's decentralised nature is both a boon and abne for the economy. It's good that it's decentralised as it can span miles and miles to reach people and transact which is otherwise impossible with our centralised remittances. But the fact that it is decentralised means that it can't do anything with the country's economy. It can't help it grow, it can't help it to it's destruction too. It's kind of on a neutral standpoint. Just there for you to use if you want to and there for you to abuse it's profinatibility if you have to. So no, bitcoin's not gonna affect your exonomy or anyone's economy at the end of the day. It's both good ad bad