Covid economic impact - How can Bitcoin help to boost global economy?

[Kakmakr]

So by now every country in the world has been hit by financial difficulties and an increase in unemployment. Most countries are trying to print more toilet paper fiat money to boost the economy, but that is only a temporary remedy for a much larger problem. (It is a lot like putting a finger in a hole in a dam)

How can Bitcoin help to reduce unemployment and also to boost the global economy? If we find the answer to this question, we will have found a reason for people to rather use Bitcoin than cash. (Do not list Bitcoin's ability to act as a Safe haven against inflation, because that is not guaranteed)

Let's brainstorm a bit and see how Bitcoin can make a real difference, when it is really needed.  

[avikz]

I don't believe a cryptocurrency like bitcoin can solve the economic crisis the world is facing nowadays. The problem is much much bigger for a cryptocurrency to solve. Bitcoin is just a "store of value" (at least to me) and nothing else. So it is outside the scope and utility of bitcoin.

The entire market is suffering from decrease in buyer's confidence. People are not buying or buying less so factories are producing less and since factories are producing less, they are firing people to streamline their expenses with the demand.

Bitcoin doesn't fit here to become a problem solver.

[plvbob0070]

Bitcoin is not always an answer to every economic problem we encounter. Yes, the current pandemic has affected millions of employees and lost their jobs but I don't think we can always push bitcoin in finding a solution for this. Personally, this pandemic also affected my family since my father temporarily had no job during the hard lockdown but I found different opportunities here in crypto that helped my family financially even if my father has no job. It helps me, and for sure most of us here too, but I don't think everyone who lost their jobs can find jobs or income here or something to reduce unemployment.

[jrrsparkles]

As you said currency is not going to be a solution to the employment issues which also applies to the bitcoin as well because which itself a currency designed to work decentralized.What can boost the economy is bringing more employment opportunities, cutting down the unnecessary expenses of our tax money even reducing tax rate will greatly help in the longer run.

[fiulpro]

So by now every country in the world has been hit by financial difficulties and an increase in unemployment. Most countries are trying to print more toilet paper fiat money to boost the economy, but that is only a temporary remedy for a much larger problem. (It is a lot like putting a finger in a hole in a dam)

How can Bitcoin help to reduce unemployment and also to boost the global economy? If we find the answer to this question, we will have found a reason for people to rather use Bitcoin than cash. (Do not list Bitcoin's ability to act as a Safe haven against inflation, because that is not guaranteed)

Let's brainstorm a bit and see how Bitcoin can make a real difference, when it is really needed.  

I want to share my personal experience here :

I am studying which is like from 8-16 , then I work two part time jobs to make ends meet since due to coronavirus every family is facing difficulties. But with cryptocurrencies like Bitcoins, Students do have a way to work part time , at the same time signature campaigns are an amazing opportunity.

People are earning here from Twitter, from Facebook plus getting paid timely.

You can every easily expand your business internationally taking care of your privacy too.

It is safer and more convenient to transfer money internationally through Bitcoins. The fee is actually less when doing a wire transfer through banks.

_*_

Printing money is never the solution , I do believe countries like the US they can do that , they can print and distribute it to other people but not developing and underdeveloped countries.

For the developed countries they can take the loss till a certain point but after that the price will fall drastically like a bursting bubble.

Solution is : *Making the essential things at the specified locations, leaving the import/export aside and become self reliable*

[traderethereum]

It's hard to reduce unemployment in many places because people need to have skills to work from the internet to get paid in bitcoin.
If they don't have any skills and only use the free method, I am not sure that they can survive and continue to work from what they do.
We can only encourage them to use their skills, and search for the website such as fiver, blogger, and another type of works, and I think they will have more opportunity to make money, so they can get paid in fiat and not just in bitcoin.
The important thing is they can try to do something using the internet, and no matter if the payment is in fiat or bitcoin, they can make money.

[Ucy]

Maintain and improve the good features of Bitcoin and have people from all over world build and use sustainable economies/ecosystems on top of the network without unnecessary government controls and restrictions.

In regards to Bitcoin protection against inflation not being guaranteed, I think it can be guaranteed. We have seen it with recent tokens how supplies can be easily controlled within the system to keep the price of token up overall... though I think the price increase should be moderate. The deflationary feature should work well if communities have full control of supplies and can prevent people from supressing prices externally...and as long as the ecosystems are very useful, thriving and sustainable,

[Yatsan]

Reliance into cryptocurrency at times like this won't be a definite solution to boost up the local and global economy for most of the people that have loss their jobs are skilled workers that totally relies on the work they do on a daily basis to sustain their living needs and expenses. It would be hard to push through cryptocurrency as a solution to resolve the problem for there are countries where Bitcoin is not allowed and the challenge of acceptance and adaptability is still in there. Also, the economic status of the country does not certainly relies on the financial capability and capacity for there are also other factors concerned why the economic status of a country boost or go down.

The only possible things that can totally boost up the economy is when people get back into work which is not that possible to make happen because of the pandemic but with the new normal setup, slowly people are getting back to work and some are even finding ways to earn a living using the modern technology and finding opportunities at this time of crisis.

[Kakmakr]

I think one of the things that Crypto currencies and Bitcoin can do, is to create job opportunities that can be done from the comfort and safety of people's homes. People are also scared to go to shopping malls and outdoors, so for businesses to reach them with their advertising is more difficult now.... and TV ads are too expensive for most smaller companies. 

The move to digital media and the Internet was boosted by this pandemic and I think businesses will have to adapt or they will have to close their doors.

I would like to see more projects where global "micro payment" come into play and you get people from poor 3rd world countries.. working for micro payments online. (It can be capped to counter bots or misuse.) 

[oHnK]

I dont think Bitcoin can solve economic problems now. A great crisis is in sight.  We will not be able to make bitcoin an alternative to save the economy.  Bitcoin price movements are still a puzzle, what makes bitcoin prices can rise in an instant.  How can we expect bitcoin to be the savior of the current economic crisis.

[Darker45]

Well, at least to my mind, Bitcoin does not create jobs. Bitcoin's role is not to reduce unemployment. Neither could Bitcoin significantly boost global economy. I am referring to Bitcoin itself.

Indirectly, however, the existence of Bitcoin could at least facilitate large global transactions fast, cheap, and easy. Furthermore, Bitcoin mining hardware manufacturing companies and assembly plants are also contributing a little to employment. Bitcoin-related companies are also contributing to government revenue. This is to mention a few.

Perhaps we could also consider the rising value of Bitcoin as an economic factor that would somehow provide BTC owners a stronger purchasing capacity.

[yhiaali3]

You have referred to the main point of the paper money problem, which is printing more paper money, which causes inflation and increases the problem instead of solving it, while Bitcoin is exactly the opposite, where the halving of Bitcoin occurs every four years, which leads to a decrease in the amount of Bitcoin (this is the opposite of pumping paper money Completely), and of course this will increase the value of Bitcoin, which in this case is similar to gold in terms of scarcity.
So I think that these countries should embrace Bitcoin instead of working towards increasing the printing of worthless paper money.

[Wexnident]

Nope, Bitcoin can't boost the global economy. Growth on economy pretty much affected by how much growth in productivity a country obtains, and Bitcoin? It's a medium, I doubt it could affect that. As for introducing job opportunities, it would rely on people actually using Bitcoin to create jobs, and other than signature campaigns, airdrops, etc., I doubt there's actually an official job that would open up due to Bitcoin (except, of course, the developmental aspects of crypto, which would honestly require a lot of skill, so I doubt a large majority could even participate in it).

It isn't like Bitcoin is a commodity so I doubt it could even participate in actually increasing the productivity of a country, nor would it actually affect the global economic issues of a country. Indirectly though it could help, but it has little effect on the economy, mostly because employment for specialized development of Bitcoin requires specialized personnel, thereby making employment only for those select few. Most of the jobs that could actually boost the global economy are those in the infrastructure department, but I doubt Bitcoin could take part there.

[Hydrogen]

Boosting global economies implies finding better methods of problem solving. Are there problems people currently face, which bitcoin could better solve in contrast to fiat currency? The answer has always been a resounding yes. The problem has usually been disseminating information to make the public more aware of how they can personally benefit and thrive through crypto currencies.

ICOs did a good job of approaching celebrities like Mike Tyson to run bitcoin ATMs and rapper TI to help with crypto business promotion. But there hasn't yet been an ambassador of crypto with a compelling story to capture peoples imaginations and get them excited about crypto and the opportunities it provides, as of yet.

the paper money problem

Correct!

3% inflation means the value of a fiat currency declines by approximately 3% annually. Bitcoin's long term trend is one of appreciating value, where its value increases over time. 5% annual percentage yield on a savings account might seem like a good deal to most. Bitcoin has the potential to smash those gains, especially after a halving occurs.

[dwinrs]

maybe bitcoin can help the economy but not for the global but for individuals, here we can generate bitcoins in many ways either from airdrops, bounty hunters, and mining

[amishmanish]

The world economy is too big and bitcoin usage too small for it to have any meaningful impact on the global economy yet. There are too many moving parts in the economy. A lot depends on tbe political climate too. When the first views on the positive effects of bitcoin were put forward, it involved a switchover to the bitcoin standard. It also involves using something like bitcoin for transparent govt expenditure to remove obvious bottlenecks like corruption.

Such a paradigm change will take time amid opposition from banks and those on the top. The existing system is much too gratifying to them and they won't let it change. Bitcoin and cryptocurrencies are yet only a spark. It'll take the work and belief of millions like us in our communities and countries. We have to just keep going and keep making bitcoin a part of our individual and surrounding economies.

[hatshepsut93]

Let's brainstorm a bit and see how Bitcoin can make a real difference, when it is really needed.  

There's nothing to brainstorm here, we have 10 years of experience that Bitcoin has no significant effect on the global economy, and it doesn't even affect local economies either, and while we all can sit here and fantasize how tomorrow everyone will ditch banks and adopt Bitcoin and it will become really important, there's almost no chance of it actually happening.

[crwth]

If you think about it, we all know Bitcoin can be considered as another investment, and this factor affects global economic investments. As more people understand what Bitcoin could do, this investment shift could be economically sound by boosting other assets. This could lead as a hedge against inflation (sorry OP, it's not guaranteed, but it's a part of how Bitcoin could help.

It also affects global trade, making it easy to pay from Asia to America. It could improve the state of relationships between people, and maybe the government will follow this.

As long as there is a positive impact on the use of Bitcoin, it could help improve and boost the economy.

If the ECONOMY is equal to the PEOPLE (ECONOMY = PEOPLE), then Bitcoin is boosting the ECONOMY with all its features and application towards the world.

[sunsilk]

Those people that are jobless now but managed to save through bitcoin before the rainy days which we're dealing with today, did it correctly. They have money to use which they can get from their pockets because bitcoin's value has grown if ever they've bought it at the lowest price.

Bitcoin's help as a store of value for individuals like us has a big impact because, we're not like the others who have nothing to spend on and didn't cared of investments or store of value that they can take before the pandemic hits.

[Salauddin1994]

While many countries around the world have been affected by the effects of the epidemic investing in bitcoin could help boost the global economy this will greatly increase the demand for bitcoin and it will not take long for the economy to recover. The governments of many countries around the world are struggling to keep up with the changing nature of money due to the effects of the virus so most asian countries are supporting bitcoin to fight the economic downturn caused by the corona.