Is Bitcoin good for the economy?

[wozzek23]

"Payment system" could be one of the worst ways to explain what bitcoin is . Paypal is a payment system, bitcoin is not a payment system, you do not buy 3 paypal and sell it for higher later on . Bitcoin is usually considered a commodity, not like fiat currency but not like paypal neither, it is in between, gold is a lot more like bitcoin. That is why many people called bitcoin e-gold as well. Can you spend gold to buy something? It is possible, if it is a legit gold piece that you can give, I am sure some places would take it, not a lot but not a lot accepts bitcoin neither.

The only difference is, bitcoin is digital, so you can just pay it online and order something. Basically, an evolved and better version of gold instead of better version of dollar like many people think.

[Twentyonepaylots]

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.

I'm not that agree on you, Yes, although there is insignificance of comparing the past halving with the market status right now there is a very clear pattern that can be compared with the past halving occurrence. It did fall for the past 2 weeks but it does not mean that there will be nothing to expect for the next month, remember how low the price went back in 2019 more unlikely to reach again when nearing the halving time. You're right don't expect too much for the price, but expect the greatness it will bring when it spiked. Mass adoption is real mate.

[JoMarrah Iarim Dan]

Do you have the correct source for this quote? I would like see it.

Hard to earn - this is incorrect. It is very easy to earn provided you have money to buy it - that is speaking in terms of owning it. If you talk in terms of employment salary in bitcoin then its somewhat of a niche here and other freelancing sites with bitcoin as payment mode.

I think a bitcoin based economy will never happen completely. It will always be a mixture of fiat and bitcoin because both have their specific and fundamental properties which serve different needs. Of course some people will never accept crypto and so they will make sure that it never reaches or have difficulty in reaching mainstream.

Information are from the wikipedia. " https://en.m.wikipedia.org/wiki/Economics_of_bitcoin " . Yes he did his research but is it almost copied from where he/she read it.

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.

I did not fully trust wikipedia because it can easily edited. I think read more in many different sources which are more trusted so that you'll see yourself different angles regarding crypto and of course your knowledge will widen

[Wintersoldier]

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.

A lot of people who doesn't know more about bitcoin will gonna say bitcoin will not help to improve the economy or it will make it worst because it is full of scam and fraud, but i think bitcoin is good for the economy because a lot of people would be given a chance to have a better income than their regular jobs that they could be a millionaire someday, if they continue to used and invest bitcoin in their daily lives.

[coinfinger]

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.

In some ways I think that it can be good. There are ways that bitcoin can benefit people, but I don’t really know what kind of impact it can have on the economy. Take for example – what exactly does bitcoin do for the people? Bitcoin eliminates the need for middlemen. Now how does eliminating the middlemen affect the economy? The middlemen are the banks and they are the ones that handle fiat transactions.

Since, bitcoin doesn’t allow intermediaries, banks are worried that it will cancel out the need for their services. This kind of situation is causing serious concern and that’s because it’s affecting regulation. I guess there are both good sides and the bad sides.

[deisik]

Since, bitcoin doesn’t allow intermediaries, banks are worried that it will cancel out the need for their services. This kind of situation is causing serious concern and that’s because it’s affecting regulation. I guess there are both good sides and the bad sides

Your whole point is technically not quite correct

Bitcoin removes third party risks, that's true indeed, but it doesn't remove intermediaries. Someone still has to confirm your transaction, and these are miners. Of course they are not like banks. However, in a more general sense, what miners do is essentially the same what banks do. If your fiat transaction could be confirmed by any independent bank out there, the difference would be negligible

[adzino]

Assuming, that everyone around the world has access to crypto currencies and is legal everywhere, then yeah it can bring some good to the economy. Bitcoin can be considered as a global currency. People can easily accept bitcoin from another country within seconds by just sitting on their home without facing any kind of obstructions (assuming the whole world is now crypto friendly). Thus people can have better opportunities to work online and receive payments easily, thus making the economy of the country even better than before.

[Eugenar]

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.

Well, if that thing happens then it would be significant to all of us, bitcoins has so many benefits on us, it is commonly used because of convenience compared to the real money, Bitcoin becomes so prominent all over the country, so I think its price will increase more in the future, but I doubt that it will replace that fiat money even it meets all those criteria of a fiat currency, because how could a person handle this things if he has no cellphones or stable internet, yes there are still existing people who don't have cellphone or do not know how to use cellphone, especially those who live in the provinces. It will be hard for them to adjust if it will happen. There is still some person who is not familiar with technology, so, I doubt the government will let those things happen. But anyways, bitcoin is still good in the economy just make sure that it won't pass its limit.

[kolbalish]

The better the economic ailment of a country, the more developed that country is. So in order to keep the economic condition good, all the marketings and work of the realm have to be done suitably.
Since transactions in Bitcoin are very fast, it can be said that Bitcoin is good for the economy.

[TIDOVEE]

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.

If Bitcoin is hard to earn ,then, is fiat easier? since you have been at home at lockdown you can make your Bitcoin even in your restroom without stepping out of your house, campaign, trading, can be done indoor. Only few people will keep receiving payment during this lockdown because most people will have to go to work to earn their wages or salary.none of this come without Working for it. As regards the limited in supply, well, mining has never stopped.

[suvo05]

In what circumstances you are asking about? Bitcoin is decentralized no one has total control over it. So bitcoin is favorable to the people who like to have their own privacy. And as it is not controlled so it can't do something good for a special class of people only.
But at the same time it is not good for the centralized system like GOV, as they cant track it they can't handle any crime related to it's transaction .

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.

You can just convert your fait to BTC. Not sure what you are reffering as hard to earn, if the Economist in January 2015 said they are hard to earn then now it's harder after the halving this year 

[FlightyPouch]

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.

A lot of people who doesn't know more about bitcoin will gonna say bitcoin will not help to improve the economy or it will make it worst because it is full of scam and fraud, but i think bitcoin is good for the economy because a lot of people would be given a chance to have a better income than their regular jobs that they could be a millionaire someday, if they continue to used and invest bitcoin in their daily lives.

You are saying that bitcoin is like a money-making investment and if that is the case I should be quitting my job now, but I won't. It is true that it can give profit, sometimes a huge profit but it is unreliable with a lot of unexpected movements happening. Most of the time peoole are just holding it and not actually using it.

I guess it is good for a personal economy but in a whole scale? I don't think it makes that difference since here in our country, there are only a few percent of the population using bitcoin.

[Ayiranorea]

Bitcoin is good to the economy, because atleast the black money that's been saved by rich ones will be poured into bitcoin. Atleast this will cause the bitcoin market strengthen and continue its circulation rather than getting accumulated similar to the fiat. Economy is dependent on various factors, with bitcoin there is not much of depending factors as it is speculative and can be manipulated.

[PonZZ]

Bitcoin's qualities you mentioned make it good as a currency. But I'm unable to understand what you mean by asking "is Bitcoin good for the economy?"

[ohyeahhaha122]

Bitcoin will help the economy grow rapidly because of its transaction speed and security but its limitation is the dependence on internet and fiat, although not dependent on the internet, but for transnational transactions, it is complicated and takes a lot of fees. , I think these two currencies will grow in tandem, and bitcoin is part of the fast economic growth.

[Janation]

Bitcoin is good to the economy, because atleast the black money that's been saved by rich ones will be poured into bitcoin. Atleast this will cause the bitcoin market strengthen and continue its circulation rather than getting accumulated similar to the fiat. Economy is dependent on various factors, with bitcoin there is not much of depending factors as it is speculative and can be manipulated.

And how is that good for the economy?

That "black money" being poured by the rich people, is that illegal money? Then you're saying that it is good for Bitcoin to be a way for these people to launder their money? If that became a thing forget Bitcoin being good or helpful in a country, if that is the case I don't think Bitcoin will still be legal in a country.

[iv4n]

I believe that current economy system is deeply corrupted! We need big changes, not just in technical way, we need to change the way we think, if we wish to see better days for all the people in the world we need big changes! Bitcoin alone can't do much, we need entire crypto ecosystem. Bitcoin just opened a new door, and the more you explore you will find that crypto has a lot to offer!
Bottom line is that crypto is the tool, in the end everything depends on us, on people, how we will use that tool and for what we will use it!

[The cure]

Right now we are going through a deep situation which is difficult to escape, we just need to have a positive outlook in life. Bitcoin is good for the economy because it can give us a chance to become successful and earn profit from it while the virus is still there.

[Kong Hey Pakboy]

Bitcoin is definitely good for the economy because it can help people who doesn't have any source of income that it can now help the country to reduce unemployed people. Bitcoin can also help and save our financial system from collapsing, and I think it is already proven this year of 2020 due to the pandemic of coronavirus where all the stocks and banking system are struggling.

[Nhor1011]

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.

Actually ,it just easy to earn bitcoin if you have money to buy it. And if you have money try to join campaign that promoting different projects and pay you with their tokens then exchange it to bitcoin. Very easy. Bitcoin is good for economy if it will just mix to a fiat money because they have different value and features. You know government is very allergic in Decentralized currency ,so it's difficult for them to accept bitcoin as part of the economy.