Is Bitcoin good for the economy?

[Xembin]

Bitcoin system has prove to the world how real they are in their services and how they have improved in the life of humanity.Many country is waking up their economy through Bitcoin system, show how important Bitcoin is in some nation. Easy to invest in any country of your choice and start making profits if you obey their rules and regulation that govern them.

[RealMalatesta]

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.

We are exaggerating bitcoin too much and it might actually hurt us. What if we do not become the main currency? I mean why would that matter? Do you really think that this would really matter? As long as we are at a level where people are using it like the way they are and some big companies start to accept bitcoin for online shopping, isn't that enough? I would say that it should be enough if you ask me, however people do not really understand it and want bitcoin to be main currency and have like 50 trillion dollar market cap and be hundreds of thousands of dollars to be happy, that doesn't really need to happen to make bitcoin big, it is currently big as it is and that is what should matter to us. In any case I feel like we are doing fine and I am feeling happy no matter what happens, just to have bitcoin in my life.

[aiguy]

we cannot say the exact answer because sometimes it's a good option for governmental level but at the commercial level, it will affect the economy like money laundering

[proscratcher]

So, it's safe to say that Bitcoin propels economic growth throughout the world by providing much easier access to capital and financial services, especially in developing countries. ... That's why today, people are most likely still using Bitcoin to earn some profits on their fiat money rather than conventional exchange.

[mung_nasib]

when the country supports the existence of bitcoin I am sure someone might have a great opportunity to use it as a means of future investment because with very rapid price changes they directly have the opportunity to seek profit and certainly the economy will be increasingly helped.

[JuSayCo]

I think Bitcoin is not hard to earn. Its just easy if you know all the mining strategy and everything about it. The supply may be limited but it can be forked as often mentioned by other people here. And I believe its good for the economy because people got to earn, invest in something that they wanted to and most of all, it offers a lot of convenient transactions that could help our lives more easier especially in this pandemic time. Bitcoin is really a big help to all individuals who knew about it, same goes to the economy as well.

[int03h]

Bitcoin is really good for the economy because people transfer money faster, which means time savings. If blockchain technology is applied to most of the fields of health, education, finance ... then human civilization will be more advanced, saving decades.
That is the value of blockchain, under the rapid development of blockchain I believe that countries will apply blockchain more commonly to their governance systems within the next 5-10 years.

[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.

Well! I will accept this to be through for now because earning bitcoin the way I do, may not be as difficult as going to office working with all energy for hours. With bitcoin I work to earn anywhere in my house without any boss, but you know we still have our online managers to report to. The store of value is real too. Above all this is a digital currency where you handle your wallet yourself. Bitcoin is on no doubt good for the economy because the world is going digital and bitcoin is solving some economical/financial part of it.

[Salauddin1994]

Bitcoin is very good for the economy it is very helpful to improve the economy of the country the price of Bitcoin is going up even though everything has gone down due to the virus Bitcoin investment can improve a country's economy a lot. Although there is a ban on virtual currency transactions in the country the government is interested in blockchain technology. The main technology behind Bitcoin is blockchain. in other monetary systems such as the government and the central bank it is not the case with Bitcoin there is no banking system in bitcoin transactions.

[iyamoxjhian]

Ofcourse it is, especially nowadays that were facing Pandemic. Plus a lot of companies shut down and retrenched people. thats why a lot of people loss their jobs and dont know where to get their source of income.

[Alert31]

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.

Bitcoin can be usefull for the economy if it will adopt totally by one country and allow it to become useful like for online payments and can be use to buy online goods and services freely like how we use our fiat money. Although in my country we already use it to buy loads and pay bills but i think it's not yet enough to say that it was good to the economy. It needs more improvement and development. Maybe after a couple of years,who knows it might happen to become or consider as a secondary to fiat currency.

[hahay]

When Bitcoin gets harder to come by I don't think it's good for the economy, because the crisis will inevitably hit when the main source is even hard to find. In Bitcoin anyone can own it if they have the effort which is basically the same as any other currency. But is Bitcoin easy to accept to become the main source of the economy, because we realize the government will maintain its own currency for many transaction purposes, if Bitcoin is only a store of value I think it will still be easy to accept by many different elements and institutions.

[Wratheye]

It will still affect bitcoin, so there is probably no need to say unequivocally that it is good for the economy.

[geyayy]

Ofcourse it is, especially nowadays that were facing Pandemic. Plus a lot of companies shut down and retrenched people. thats why a lot of people loss their jobs and dont know where to get their source of income.

   I don't see bitcoin is good for the economy in the situation now. Maybe for others, but how about those who are not able to know what bitcoin is and those who don't have the means to have bitcoin, right? Losing jobs is because of the pandemic that even small businesses needed to shut down because they are not having any more profit. They are losing capitals.

[J.Amador]

Yes that is beneficial to our economy because bitcoin help a lot no matter how our economy. I hope  the establishments can receive payment from the bitcoin so it can help big in our economy especially in this situation.

[Sapphire915]

Of course, Bitcoin is good for the economy.
It gives the opportunity to people who do not have high salaries to work from their home and get paid in higher rates, eliminating inequalities between countries and regions of people who leave on different places.

I agree. Growing numbers of individuals working in Crypto world and earning Bitcoins were given the chance to have financial freedom and the benefits of Bitcoins great features that made each people's fund management be easy and reliable. Indeed, it is great for the economy because of the profits we earned here and every awesome benefits it offers.

[worldofcoins]

Yes that is beneficial to our economy because bitcoin help a lot no matter how our economy. I hope  the establishments can receive payment from the bitcoin so it can help big in our economy especially in this situation.

There will be a lot of tax evasion with bitcoin as a currency. It's easy to use a bitcoin mixer service to do so which will in turn reduce the economy of a country or state.
I'm not saying there will be no good factors associated to it as a currency i only pointed out the most lethal one.

[ecnalubma]

I think so, Bitcoin is good for the economy if it is utilized properly for example in remittances if people use Bitcoin via regulated platforms the government will gain taxes from every transactions generated same for the establishments that accepts Bitcoin as payment or regulated exchanges that operates locally or internationally. Unless we do not use third party platforms to convert Bitcoin to cash vice versa, but I think its impossible because people still depend on fiat and banks up to this day or in the future.

[peter0425]

Everything that can help people in much easy way can help economy and Bitcoin is one of those because we had already know what this can help us.
the payments speed and the capacity to transact worldwide in easy way now.

Yes that is beneficial to our economy because bitcoin help a lot no matter how our economy. I hope  the establishments can receive payment from the bitcoin so it can help big in our economy especially in this situation.

this needs adoption before we can use this in daily basis.
depend on your country and depend on your capacity,this will take years before happening or nothing will happen at all.

[wildflower18]

Bitcoin will be good for the economy, in my own opinion, if people use bitcoin in a nice way. Although, in my country some people doesn't know this yet and others lack of knowledge when it comes to crypto currency. If some people will be educated on how this is used it could be really useful. And this is good for the economy if there is massive adoption.