Bitcoin could destroy economy

[kentrolla]

I believe it could play a part in the future of our economy also big corporate companies will change their business model, Even if BTC crashes it has nothing to do with the economy neither it may impact the countries economy. One thing they need to understand is BTC is a digital currency it's not a fait to worry about countries economy and don't make such stuffs as an agenda.

[1715609512]

1715609512

[1715609512]

1715609512

[1715609512]

1715609512

[1715609512]

1715609512

[1715609512]

1715609512

[Dorodha]

Bitcoin can't destroy the economy Bitcoin investment will help a lot to improve the economy of every country. The current technology is called blockchain which is now seen by the world's leading technologists as the banking technology of the future and some banks in some of the most influential countries are already investing billions of dollars behind this technology. Many more businesses are now using Bitcoin as a currency the idea is that just as credit cards are being used instead of money now in the future money and credit cards will be replaced by bitcoin or some other coinage.

[ultrloa]

Nothing is perfect, all there will be advantages and disadvantages. Cryptocurrencies are new and of course there are flaws that need to be fixed. Why did you only mention the shortage of bitcoin or cryptocurrency? It all depends on the person using it.

Right because for now it's a gamble to adopt it since we don't know yet the outcome but if bitcoins will be successful and the volatility will be controlled which cannot be dump easily for sure it can contribute well to our economy but if we will go to this current rate where we don't know on where we go and suddenly dump for sure the economy will collapsed since the country who adopt will lost a lot of money.

[tanjiran]

Despite all the good things that Bitcoin has done to the world economy, you only mention some past negative things that have been resolved years ago because of some mere misunderstanding. I think OP is just a blast from the past guy who actually didn't the good things about Bitcoin. more or less, we are going into it's next 10 years where things are not like the way we had in the last 10 years. ---

we really have to respond to this wisely. After all, everything has its advantages and disadvantages, and rather than worrying too much, we better make the most of this opportunity. let the government take on its role by maintaining the economic stability of the country, and as good citizens, we must comply with that. I am sure, the government also knows that bitcoin provides many advantages so that it does not completely prohibit it, only limits it to minimize the risk of its misuse for illegal activities.

[Fesatmas]

What's the point though? How. can bitcoin destroys economy when on the contrary it is helping people survived in harsh economic condition such as:

(1) Why are Venezuelans seeking refuge in crypto-currencies?

(2) Zimbabwe’s Battle To Control Currency Inadvertently Boosts Bitcoin Profile

As for the reasons why several countries ban maybe, yeah maybe they think that bitcoin is being used by criminals, however, there are also nations who think otherwise. Besides, those countries that are against bitcoin are those who don't want to lose control of their population. So there are pros/cons, but I believed pros outweigh the cons by ten fold.

it is true, that in fact it returns to the policy of the state authority. I think every particular exchange pays taxes on the government, and that is a good thing for the country's economy. as for countries that prohibit the use of bitcoin due to misuse that does not follow the policies and regulations of that country. Every platform that operates under the auspices of the state government in the economic sector provides rules to allow the exchange legally, if there is an input or annual tax payment to the state.

[pixie85]

I believe it could play a part in the future of our economy also big corporate companies will change their business model, Even if BTC crashes it has nothing to do with the economy neither it may impact the countries economy. One thing they need to understand is BTC is a digital currency it's not a fait to worry about countries economy and don't make such stuffs as an agenda.

but I am sure that an altcoin can destroy the price of bitcoin because altcoins have a very large supply and there is no limit so that it will make the price potential to collapse but it is possible that the world economy will still remain stable because indeed bitcoin cannot have an important influence but still have to be vigilant if want to buy bitcoin.

Are you being sarcastic or is it your real opinion?

An idea that altcoins steal bitcoin's value and that if people continue to buy altcoins they will at some point push their value above Bitcoin is very naive.

In truth altcoins would have never existed without bitcoin and died if bitcoin were to die. Like do you think that if any country bans bitcoin it will not ban altcoins?

[HabBear]

* funding terrorist,
* money laundering,
*kidnap for ransom using bitcoin, and etc,

These are not arguments against Bitcoin, they're arguments against currency. Every currency in the world (primarily the US Dollar) has been used for illegal activity. Eliminating a currency will not eliminate the funding of illegal activity.

Saying that Bitcoin causes terrorism, therefore we shouldn't use bitcoin is like saying cars kill people, therefore we shouldn't drive cars.

* when you buy bitcoin cheap you earn, while others buy bitcoin which is expensive they lose.
* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)
* the use of bitcoin to travel spending outside in the country is more like selling your country asset and that could destroy the economy of that certain country.

Bitcoin gains or losses does not favor the rich more than the poor. Everyone buys bitcoin and different times, with different cost basises.

[Twinkledoe]

* funding terrorist,
* money laundering,
*kidnap for ransom using bitcoin, and etc,

These are not arguments against Bitcoin, they're arguments against currency. Every currency in the world (primarily the US Dollar) has been used for illegal activity. Eliminating a currency will not eliminate the funding of illegal activity.

Saying that Bitcoin causes terrorism, therefore we shouldn't use bitcoin is like saying cars kill people, therefore we shouldn't drive cars.

* when you buy bitcoin cheap you earn, while others buy bitcoin which is expensive they lose.
* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)
* the use of bitcoin to travel spending outside in the country is more like selling your country asset and that could destroy the economy of that certain country.

Bitcoin gains or losses does not favor the rich more than the poor. Everyone buys bitcoin and different times, with different cost basises.

Yes, whether there is bitcoin or not, terrorism and other fraudulent activities exist. So now, crypto is just another option for these people to do some illegal acts. But still, fiat money is the largest contributor to these activities. And you are very right with your logic scenario presented. The media is just highlighting the negative situations where crypto is involved. So many people are thinking that btc is a fraud.

[texgeek]

If fiat currency will be transfer outside the country through bitcoin then it is just like we are selling our asset to other people and that may leave that the countries economy will slowly will going to die. I think this is why the reason that government are requiring known exchanges to do KYC so that they can tract people who are doing this. Besides there are other things that bitcoin could be
getting abuse by the criminals like

* funding terrorist,
* money laundering,
*kidnap for ransom using bitcoin, and etc,

Other than that bitcoin is considered as an asset why?Because Bitcoin is being bought by fiat currency which derive its value like gold. The sad part that I am making some point in my other posts is that

* when you buy bitcoin cheap you earn, while others buy bitcoin which is expensive they lose.
* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)
* the use of bitcoin to travel spending outside in the country is more like selling your country asset and that could destroy the economy of that certain country.

[/b]

BITCOIN, will save Economy!

Criminal things always will be a problem on the society, with bitcoin or without bitcoin. BTC is not a criminal coin, or something like that.. Bitcoin is a "your personal bank", is a your "personal coin", you dont need government or etc, to have some monetary value on your hands,  just a node on a little island running , is enouth to validate yours transactions.

The concept of Blockchain and BTC is bigger than this little details...

To remember, Guns, Drugs, and others things inside the society, is paid with real money , USD, EUR, ... Etc. This stable real coins can detroy economy ? ?

[mangsitin]

bitcoin does not destroy the economy, but bitcoin is the solution to improving the human economy.  bitcoin was present during the crisis in 2007-2009.  bitcoin is one of the currencies to secure assets from the crisis.  If someone says bitcoin is destroying the economy, it's someone who doesn't understand history.

[uneng]

* when you buy bitcoin cheap you earn, while others buy bitcoin which is expensive they lose.
* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)

Well, bitcoin as investment has this disadvantage that might happen in some cases.
But keep in mind bitcoin is a currency, so people will use it to sell their goods/services and receive bitcoin as payment. It can only benefit both sides of the transaction, being them rich or poor.

* the use of bitcoin to travel spending outside in the country is more like selling your country asset and that could destroy the economy of that certain country.

That is not true. Everyone who invests in bitcoin is willing to make profit from that and once they achieve this profit the country where the investor lives will be the mainly benefited as the investor is probably going to spend his money (profit from bitcoin) where he lives. So he is going to boost the local services sector for sure.

[chanler]

You are not allowed to go outside in the country bringing lots of money. It should only be limited on the intention of your visit. This is why government had task authorities to manange some interviews before they will accept your application to travel outside the country.

I just found out if there is a rule like this and does it only apply to certain countries or all countries? Because celebrities or other travelers, politicians, and others when traveling also bring a lot of money and they certainly don't bring cash, right? So maybe this doesn't really matter. What matters is that they convert to the currency of their destination country.

This could be the reason why bitcoin is being ban in other countries because they are protecting their economy against bitcoin.

I don't think that this is one of the reasons for banning the crypto ad is it really BTC can destroy the economy? if it is about governance, yeah it may give influence. But if it is related to the self economy, I think that Bitcoin help us much more. I know many people around me and myself get better life condition after involved in Bitcoin and this crypto world. Moreover in this pandemic, crypto really brings fresh air for me because I am jobless

[Rengga Jati]

* The rich people could earn more in investing bitcoin while poor people could lose more. (vice versa the rich people may lose more and poor people can earn more)

What? Instead, Bitcoin investment allows people with a small amount of money can try to earn money as well. It is much different from the conventional investment, there are complicated requirements and you should have much money to join. Why don't you compare with invest in Forex? You deny the fact that Bitcoin makes everybody able to join even if you are a poor man. You can trade or invest even only have a small amount of money.

* the use of bitcoin to travel spending outside in the country is more like selling your country asset and that could destroy the economy of that certain country.

How can? Is the money I got from trading or investing in Bitcoin basically the money from my country? Or it is the money of my government?
No, the money got from trading or investing in Bitcoin is from all places in this world, it is global. Please open your mind and your eyes!!

[ropyu1978]

Fiat currency can also be used for crime, funding terrorists and other negative things, as well as bitcoin, it can also be used for good and evil, it depends on us who use it, surely we will not be separated from the pros and cons. But I think bitcoin came not to destroy the economy, but to add a new color to managing their money ..

[tyz]

I believe it could play a part in the future of our economy also big corporate companies will change their business model, Even if BTC crashes it has nothing to do with the economy neither it may impact the countries economy. One thing they need to understand is BTC is a digital currency it's not a fait to worry about countries economy and don't make such stuffs as an agenda.

Why should Bitcoin destroy the economy? It might destroy the current economic model, but it will be followed by a new one, just as it always has been. The economy itself will remain and certainly continue to grow, with or without Bitcoin, so the OP's point is meaningless.
Furthermore, I also don't understand why Bitcoin itself should bring about any major changes to the economy, because Bitcoin is not a real currency, but merely a digital asset, just like the analog asset gold or silver.

[Stevcummings]

I believe it could play a part in the future of our economy also big corporate companies will change their business model, Even if BTC crashes it has nothing to do with the economy neither it may impact the countries economy. One thing they need to understand is BTC is a digital currency it's not a fait to worry about countries economy and don't make such stuffs as an agenda.

Why should Bitcoin destroy the economy? It might destroy the current economic model, but it will be followed by a new one, just as it always has been. The economy itself will remain and certainly continue to grow, with or without Bitcoin, so the OP's point is meaningless.
Furthermore, I also don't understand why Bitcoin itself should bring about any major changes to the economy, because Bitcoin is not a real currency, but merely a digital asset, just like the analog asset gold or silver.

Bitcoin has the power to affect the global economy because of some properties that authorized money and these  unique characteristics can promote economic growth and present a game-changing global financial breakthrough. As a decentralized currency, Bitcoin is free from any economic and political issues that often can affect traditional currencies, which will not have any effect on the economy. 

[emmybd]

As it is anonymous, bitcoin could have an adverse impact on our economy. Furthermore, it can't be properly taxed which is very important for any government. Because of this, many governments are against it. And they are planning to launch their own centralized crypto.

[online73]

Hello everybody. Rather, paper-based financial systems will destroy the economy with their own long-obsolete institutions like banks. Bitcoin is clearly not the enemy of the global economy - it's just that today's economists, legislators and rulers of countries need to urgently implement cryptoeconomics at the state level. Those who understand this before will develop at a tremendous pace. There is no need to look for an enemy where he is not.

[tyz]

I believe it could play a part in the future of our economy also big corporate companies will change their business model, Even if BTC crashes it has nothing to do with the economy neither it may impact the countries economy. One thing they need to understand is BTC is a digital currency it's not a fait to worry about countries economy and don't make such stuffs as an agenda.

Why should Bitcoin destroy the economy? It might destroy the current economic model, but it will be followed by a new one, just as it always has been. The economy itself will remain and certainly continue to grow, with or without Bitcoin, so the OP's point is meaningless.
Furthermore, I also don't understand why Bitcoin itself should bring about any major changes to the economy, because Bitcoin is not a real currency, but merely a digital asset, just like the analog asset gold or silver.

Bitcoin has the power to affect the global economy because of some properties that authorized money and these  unique characteristics can promote economic growth and present a game-changing global financial breakthrough. As a decentralized currency, Bitcoin is free from any economic and political issues that often can affect traditional currencies, which will not have any effect on the economy. 

I can follow your train of thought, but you are overlooking the fact that Bitcoin is very inaccessible to the vast majority of people. Not only from a technical point of view, but also by now due to the value of Bitcoin. Either you exchange fiat money for Bitcoin or you have little chance to get Bitcoin the way it was a few years ago, when you could earn Bitcoins simply by doing small tasks or at services. This means that only a few people can do business with Bitcoin.

[wack slacker]

Concerns surrounding Bitcoin's freedom have made KYC even more powerful in countries.
Another reason why Bitcoin, the cryptocurrency, poses a threat to the economy is that the cash flow doesn't flow through government pockets and that means no service costs, no taxes. That could be a huge loss. For big countries, it won't be a hazard as they have so many ways to collect taxes, but the prevalence of cryptocurrencies in small countries is a real risk.