Is Bitcoin good for the economy?

[bearexin]

Bro, Bitcoin meets all the criteria of money that you have mentioned here, but still I don’t think it will be a good idea for the government to fully adopt it. It’s not even possible for them to do such a thing because Bitcoin is decentralized. And being decentralized means that there will be lots of disadvantages, I think more than the advantage we are going to gain from it.

For us to have a better economy we need a better government. What we need is a government that puts their country first and serve it, and set their selfish interests aside. Even Bitcoin should become our currency it still won’t change anything, it’s not a magic coin that will make the whole world rich or something. Making the world a better place is a task for we human beings, not technology.

[Free1bitco.in]

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.

This raises the pros and cons. bitcoin can be good for the economy, but it can also be bad for the economy, depending on how the government utilizes the bitcoin. So far, for individuals and organizations, I think bitcoin is very good for now, because I feel it. however this provides an opportunity for those who want to develop a business, and others. but for a country, it can be good, or not.

[deisik]

Bro, Bitcoin meets all the criteria of money that you have mentioned here, but still I don’t think it will be a good idea for the government to fully adopt it

Money is what money does

Put differently, it is not enough to have all the prerequisites and meet all the requirements to be money in practice and real life. In this manner, if Bitcoin is to be considered money in the truest sense of the word, it should be used as money, no more and no less (well, not sure about no more, given the competition in the field)

The sad truth is (whether you like or not), Bitcoin and other cryptocurrencies are not money. At best, they are payment systems and can thus be loosely considered money tokens for fiat currencies. To take one example, when people are paid in bitcoins, they still price their services in dollars. So much for Bitcoin as a fully fledged currency, huh

[criza]

Bitcoin is great for the economy because, people who are interested in investing have the chance to make it possible with other cyrpto currency and mostly Bitcoin. People could invest and even if they have their main job, they could still do it because crypto currencies are easily accessible in the internet and other exchanges online that caters various coins available in the market. With Bitcoin they hold their own asset and investment that means independence or freedom from any regulating body especially the Government.

[verita1]

Bro, Bitcoin meets all the criteria of money that you have mentioned here, but still I don’t think it will be a good idea for the government to fully adopt it

Money is what money does

Put differently, it is not enough to have all the prerequisites and meet all the requirements to be money in practice and real life. In this manner, if Bitcoin is to be considered money in the truest sense of the word, it should be used as money, no more and no less (well, not sure about no more, given the competition in the field)

The sad truth is (whether you like or not), Bitcoin and other cryptocurrencies are not money. At best, they are payment systems and can thus be loosely considered money tokens for fiat currencies. To take one example, when people are paid in bitcoins, they still price their services in dollars. So much for Bitcoin as a fully fledged currency, huh

That's right! As also Bitcoin and crypto holders pay high commissions if they decide to exchange them for fiat and in the worst case at a price lower than the real price.
There is a gap between Bitcoin, cryptocurrencies, and fiat. It is also not easy to win Bitcoin even if some think otherwise.
For example A person without knowledge about Bitcoin. This person could not be easy to win some satoshis.

[hahay]

Bitcoin is great for the economy because, people who are interested in investing have the chance to make it possible with other cyrpto currency and mostly Bitcoin. People could invest and even if they have their main job, they could still do it because crypto currencies are easily accessible in the internet and other exchanges online that caters various coins available in the market. With Bitcoin they hold their own asset and investment that means independence or freedom from any regulating body especially the Government.

Financial freedom becomes something that is indeed a certain attraction for some people, but in doing so we must at least realize whether bitcoin is legal or not, because with legality at least investors will be more comfortable to invest and once again, we can not only be based on freedom of transactions or whatever because indeed, with bitcoin everything will be better because every transaction made at least it will run faster, but we also have to be more careful because good security must be done by ourselves and we cannot depend on other people or even institutions there.

[elisabetheva]

Bitcoin is great for the economy because, people who are interested in investing have the chance to make it possible with other cyrpto currency and mostly Bitcoin. People could invest and even if they have their main job, they could still do it because crypto currencies are easily accessible in the internet and other exchanges online that caters various coins available in the market. With Bitcoin they hold their own asset and investment that means independence or freedom from any regulating body especially the Government.

Agree, that bitcoin can determine for itself and very clearly will boost the economy that holds it or sells and buys. the opportunity to invest in bitcoin is very reliable and can benefit those who can analyze it well. there have been many transactions that have been used for convenience with bitcoin and the pleasure cannot be arranged by anyone even by the government. bitcoin does indeed stand freely for every transaction.

[maxdin]

Bro, Bitcoin meets all the criteria of money that you have mentioned here, but still I don’t think it will be a good idea for the government to fully adopt it. It’s not even possible for them to do such a thing because Bitcoin is decentralized. And being decentralized means that there will be lots of disadvantages, I think more than the advantage we are going to gain from it.

For us to have a better economy we need a better government. What we need is a government that puts their country first and serve it, and set their selfish interests aside. Even Bitcoin should become our currency it still won’t change anything, it’s not a magic coin that will make the whole world rich or something. Making the world a better place is a task for we human beings, not technology.

Partly agree on this position. However I think govs will take an opportunity to adopt crypto by setting up payment methods of crypto with same atms/card terminals AND will make us to pay taxes anyway.

[tvplus006]

Agree, that bitcoin can determine for itself and very clearly will boost the economy that holds it or sells and buys. the opportunity to invest in bitcoin is very reliable and can benefit those who can analyze it well. there have been many transactions that have been used for convenience with bitcoin and the pleasure cannot be arranged by anyone even by the government. bitcoin does indeed stand freely for every transaction.

There must be an alternative for everything. This alternative for banks is bitcoin. Now everyone can choose what to use for the calculation. And while the government can control its citizens through Bank transactions, it can't track bitcoin payments yet.

[Yatsan]

Honestly I must say no, especially if bitcoin will totally outnumbered the Fiat users, our economy is gonna be destroy. Government circulating the money through banks and getting the right amount of tax to people is a good thing considering that, those money are the one that is going to be used to run the country and to upgrade and build new establishments for the people. If all of us use bitcoin, there's no way government can collect tax to us. so I think it will just be fine if those two co-exist and much better if the fiat will be the one that will run the economy, bitcoin will just be there to help fiat.

[Sanugarid]

Bitcoin is great for the economy because, people who are interested in investing have the chance to make it possible with other cyrpto currency and mostly Bitcoin. People could invest and even if they have their main job, they could still do it because crypto currencies are easily accessible in the internet and other exchanges online that caters various coins available in the market. With Bitcoin they hold their own asset and investment that means independence or freedom from any regulating body especially the Government.

For me, bitcoin is good for the economy just like what you have said, because just think of it, when they really knew the goodness of bitcoin and how it is good for investment, they can really earn and can create bigger profits if they are really good doing that, and the results that might happen is that the particular person will change his lifestyle and because of bitcoin investment, he can buy what he wants, doing some investments on some banks or in some businesses physically, that might help the economy, the bigger the income, the bigger tax the government can get when that person spends.

Bitcoin is great for the economy because, people who are interested in investing have the chance to make it possible with other cyrpto currency and mostly Bitcoin. People could invest and even if they have their main job, they could still do it because crypto currencies are easily accessible in the internet and other exchanges online that caters various coins available in the market. With Bitcoin they hold their own asset and investment that means independence or freedom from any regulating body especially the Government.

Financial freedom becomes something that is indeed a certain attraction for some people, but in doing so we must at least realize whether bitcoin is legal or not, because with legality at least investors will be more comfortable to invest and once again, we can not only be based on freedom of transactions or whatever because indeed, with bitcoin everything will be better because every transaction made at least it will run faster, but we also have to be more careful because good security must be done by ourselves and we cannot depend on other people or even institutions there.

But the idea of leaving the main job is depending on the knowledge of the particular person because what if that person is doing long term investment, do that particular person need to check his portfolio every time? No right? It is actually depending if they are doing some long term investment or holding, or short term investment. Because it needs time and effort to do that.

[tbterryboy]

Isn’t Bitcoin already a medium of exchange? The main purpose that it was created was to be used for transactions. And it can as well be used as a store for value, that’s if you want. Anything can be used as a store of value as long it’s valuable. The only problem with Bitcoin is that it is very volatile. But it has been profitable in the last decade. If you stored your value with Bitcoin since 2009 by now you have probably gotten more than what you invested.

So, Bitcoin can almost fit in to the requirements you have stated here, but the only problem I think is making it hard for the government to allow it is because of regulation. Regulation is very important, since they can’t control Bitcoin they don’t see any need for it.

[awik p]

Bitcoin is great for the economy because, people who are interested in investing have the chance to make it possible with other cyrpto currency and mostly Bitcoin. People could invest and even if they have their main job, they could still do it because crypto currencies are easily accessible in the internet and other exchanges online that caters various coins available in the market. With Bitcoin they hold their own asset and investment that means independence or freedom from any regulating body especially the Government.

Agree, that bitcoin can determine for itself and very clearly will boost the economy that holds it or sells and buys. the opportunity to invest in bitcoin is very reliable and can benefit those who can analyze it well. there have been many transactions that have been used for convenience with bitcoin and the pleasure cannot be arranged by anyone even by the government. bitcoin does indeed stand freely for every transaction.

with the advantages of these transactions, of course bitcoin can facilitate community activities. with safer and faster transactions, of course, will improve performance, so productivity increases. besides that we can do business with other countries will be easier in terms of payment, of course this facilitates human activities in this super busy era

[princesspoppy]

Maybe what The Economist meant here by "bitcoin is hard to earn" is that if it will be earned by literally from a job or work (like for example, doing bounty campaigns), yes it will be really hard to earn most especially if you want to earn a whole 1 btc by doing this thing, but if you have the money, you can just by bitcoin but that doesn't really mean you earned it unless you trade it and get some more as a profit. As as for the other two mentioned, yes bitcoin have those potential and it can be used as a currency,but still, some people prefer fiat currencies over bitcoin. It is because it has been used as traditional way of payment and is a lot easier to understand unlike bitcoin.

[deisik]

Isn’t Bitcoin already a medium of exchange?

No, it is not. Being a medium of exchange assumes goods and services are exchanged with the help of something (in this case Bitcoin). But so far the only important type of exchange occurs on exchanges where one wannabe medium of exchange (Bitcoin) is exchanged for another (say, the US dollar)

And yes, Bitcoin was created to be transacted and circulated since that's how a medium of exchange is supposed to work in practice and real life. But the latter doesn't follow from the former. In other words, Bitcoin as a transaction vehicle doesn't automatically make it a medium of exchange. Not all transactions are born equal, so to speak

[ololajulo]

The height of bitcoin is at the bull run where a lot of fund flow into the economy especially from investors taking profit from the market. We could see a lot of cash inflow than outflow, at least money stays in the economy for the time. I remember the response of the media to the bullrun and spending in 2017/2018, Since the fund is flowing from selected few and purchasing capacity increased, there wont be the fear of inflation.

[Google+]

The height of bitcoin is at the bull run where a lot of fund flow into the economy especially from investors taking profit from the market. We could see a lot of cash inflow than outflow, at least money stays in the economy for the time. I remember the response of the media to the bullrun and spending in 2017/2018, Since the fund is flowing from selected few and purchasing capacity increased, there wont be the fear of inflation.

well of course, when the price of bitcoin goes up to be very expensive there will be a lot of media talking about it but I see that halving will happen this year will give a shock to the world, right now the price of bitcoin is falling very deep and after that the bull run will happen again and will shake world economy.

[rodskee]

The height of bitcoin is at the bull run where a lot of fund flow into the economy especially from investors taking profit from the market. We could see a lot of cash inflow than outflow, at least money stays in the economy for the time. I remember the response of the media to the bullrun and spending in 2017/2018, Since the fund is flowing from selected few and purchasing capacity increased, there wont be the fear of inflation.

well of course, when the price of bitcoin goes up to be very expensive there will be a lot of media talking about it but I see that halving will happen this year will give a shock to the world, right now the price of bitcoin is falling very deep and after that the bull run will happen again and will shake world economy.

don't be very sure mate because remember this is the 3rd halving and things may happen beyond our expectations.because look what happened last 2 years when manipulation comes always the issue ,there is a pump happened last year when there is no expectation for that to happen and now from the start of the halving year we made good growth but dumped 2 months before the date given?if i were you?don't expect too much and just wait until the closest time comes or after the halving take effect.

[Vanessamix]

Bitcoin satisfies people's demand and creates competition in the market.
These two effect makes bitcoin profitable for global economy for sure and moreover it is good for users as we all can admit that.

[Subbir]

Bitcoin satisfies people's demand and creates competition in the market.
These two effect makes bitcoin profitable for global economy for sure and moreover it is good for users as we all can admit that.

Yeah, Bitcoin is great for users But also if we will invest in Bitcoin properly then in fact for the Bitcoin economy it helps the economy of each country Before investing in bitcoin to satisfy the requirements of the people, you would like to seem at different places and invest within the market situation.