Bitcoin could destroy economy

[peterpanda]

Actually the uses of bitcoin depend on the user of it. User can use it in his own style and it is not problem to bitcoin. We can't blame bitcoin for such kinds of activity. We should concern more about the uses of bitcoin so that we can save our economy.

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[jerrison]

The contrary i think is the case. Bitcon has actually come with loads of measures to better economies of various countries as i see already in  my country, loads of unemployed group of youths have now become gainfully employed and are making a living out of the economy bitcoin has created just  a little above a decade.

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. This include t limit you in bringing lot of money. But what if you are using bitcoin?

Government are unaware of people using bitcoin or maybe aware but has not taking actions in this to avoid making some losses especially in terms of the asset that determine the value of the economy represented by fiat currency.

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.

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

US dollars had been bought through bitcoin and exchange it with dollars. There is a news that the US government had limit the community the use of cryptocurrency because there are some country that are eyeing to use cryptocurrency to extend their purchasing powers of dollars and that US government does not allowed or make it happen. The US asset is somehow being sold by people who buy cryptocurrency and that is why KYC is being implemented and other altcoins project are not accepting US community to invest in their project because they can get penalized by the US government law I guess.

[Sanugarid]

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. This include t limit you in bringing lot of money. But what if you are using bitcoin?

Government are unaware of people using bitcoin or maybe aware but has not taking actions in this to avoid making some losses especially in terms of the asset that determine the value of the economy represented by fiat currency.

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.

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

[/b]

I do agree with your point about BTC is being used in illegal activities such as money laundering and funding terrorists since the government has no authority over bitcoin. The majority of countries that banned BTC points out the decentralized nature of crypto in which transactions are unknown and cannot be tracked by the government. With regards to the economy, we still need to exchange our BTC to the fiat currency legal to that country in order to buy/sell goods. So i don't really get your point about the destruction of economy due to BTC.

[MAK400]

For the time being, I do not see Bitcoin as the opposite of economic development, but in some countries the government and the people think that Bitcoin stands in the way of economic development.  So all those countries are desperate to block Bitcoin in different ways.

[Assface16678]

Actually the uses of bitcoin depend on the user of it. User can use it in his own style and it is not problem to bitcoin. We can't blame bitcoin for such kinds of activity. We should concern more about the uses of bitcoin so that we can save our economy.

If the user hodling bitcoin is ambitious enough, I think that they will be able to do something big and possibly drastic to the economy but for that kind of thing to happen, it will take a lot of money and influence. For me, bitcoin is a good solution in terms of personal finance and I think that starting at an individual scale we can help improve the economy.

[Jacksoon999]

Actually the uses of bitcoin depend on the user of it. User can use it in his own style and it is not problem to bitcoin. We can't blame bitcoin for such kinds of activity. We should concern more about the uses of bitcoin so that we can save our economy.
If the user hodling bitcoin is ambitious enough, I think that they will be able to do something big and possibly drastic to the economy but for that kind of thing to happen, it will take a lot of money and influence. For me, bitcoin is a good solution in terms of personal finance and I think that starting at an individual scale we can help improve the economy.Bitcoin will not ruin the economy but will be seen in front of them to protect the economy

[Myleschetty]

For the time being, I do not see Bitcoin as the opposite of economic development, but in some countries the government and the people think that Bitcoin stands in the way of economic development.  So all those countries are desperate to block Bitcoin in different ways.

You are right the government of some countries believes Bitcoin it negative vibes to their economic development but if we look deep into the political and government scheme of those countries, they are highly corrupted or communist country and they have a negative impression about Bitcoin because they see it as a future threat to their power or govern.

[verita1]

If anyone has the idea like Finance Senator Janet Yellen, of the Joe Biden Presidency that bitcoin and cryptocurrencies are being used for illicit acts, they should know according to this article that:

“Perceived attractiveness of cryptocurrencies for money laundering purposes. . . an estimated 99 per cent of cryptocurrency transactions are performed through centralized exchanges, which can be subject to AML / CFT regulation similar to traditional banks or exchanges. "

https://www.forbes.com/sites/haileylennon/2021/01/19/the-false-narrative-of-bitcoins-role-in-illicit-activity/?sh=2912f563432f

[TribalBob]

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

Bitcoin has always been pointed out to have used ONLY for these criminal acts.

What do you say about fiat? is it an exception for these activities were in fact even bitcoin was launched, these acts have been always there. And they were funded and made done through fiat/cash.

Bitcoin is money and the same as fiat could be used for good and bad. Let's remove this idea that bitcoin was only made solely for these acts.

I agree with you, we have to support the image of bitcoin for the better, not just for bad
even though it used to be before bitcoin come . terrorist,
money laundering, is already there and is worse, in my opinion the reason bitcoin is the trigger for all the US is just afraid that they can't control their country's finances and don't want USDT not to be used by every country in terms of USDT is the world's currency

[Twentyonepaylots]

Will everyone do this eventually? Probably yes. Will this automatically makes me a suspect for funding the terrorists, committing money laundering, or everything you just mentioned? Not really. With proper KYC being needed in multiple crypto wallets nowadays, it's almost impossible for anyone to use their bitcoins for unsafe purposes already. And if your concern is bitcoin destroying the fiat economy, don't worry about it dude. The Fiat Economy is already destroying itself even before the conception of bitcoin.

[btc-room101]

Will everyone do this eventually? Probably yes. Will this automatically makes me a suspect for funding the terrorists, committing money laundering, or everything you just mentioned? Not really. With proper KYC being needed in multiple crypto wallets nowadays, it's almost impossible for anyone to use their bitcoins for unsafe purposes already. And if your concern is bitcoin destroying the fiat economy, don't worry about it dude. The Fiat Economy is already destroying itself even before the conception of bitcoin.

So you sold us out on our 'privacy'

All the while the CIA uses US-DOLLARS to control the worlds oil, cocaine, opium, sex-slavery markets worldwide, CIA not only picks the king-pins, but keeps them inline to use USD

So while 99% of the worlds terrorism, and bad-stuff is ran by the USA-GOV, we crypto-currency people are supposed to lose our 'anonymity' to have assets because crypto might compete with the CIA mafia.

The truth be told of course is that the system, can't tolerate not knowing everything about everybody on earth.

Smart young people will continue to develop real privacy coins, while the old senile farts that sold out Bitcoin to the IRS/FBI will have destroyed Satoshis original mythology

There will always be privacy, just not in BItcoin

[amihada]

The contrary i think is the case. Bitcon has actually come with loads of measures to better economies of various countries as i see already in  my country, loads of unemployed group of youths have now become gainfully employed and are making a living out of the economy bitcoin has created just  a little above a decade.

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. This include t limit you in bringing lot of money. But what if you are using bitcoin?

Government are unaware of people using bitcoin or maybe aware but has not taking actions in this to avoid making some losses especially in terms of the asset that determine the value of the economy represented by fiat currency.

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.

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

US dollars had been bought through bitcoin and exchange it with dollars. There is a news that the US government had limit the community the use of cryptocurrency because there are some country that are eyeing to use cryptocurrency to extend their purchasing powers of dollars and that US government does not allowed or make it happen. The US asset is somehow being sold by people who buy cryptocurrency and that is why KYC is being implemented and other altcoins project are not accepting US community to invest in their project because they can get penalized by the US government law I guess.

It's true that the presence of bitcoin reduces unemployment in some countries. I'm sure the government is unable to reduce unemployment in the country. With bitcoin, people can earn their own living and the unemployment rate can be reduced. This is one extraordinary thing.

[nguyenvl159]

Now bitcoin is the best alternative to fiat. More and more people are using their crypto wallets and ignoring banks.

[electronicash]

* 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.

we earned and bought our BTC through the money we earn from our regular job and savings, which is not the country's assets. whichever government has considered the BTC to be the country's assets will have the right to really confiscate our BTC from us. that's the most terrifying situation much like confiscating GOLD back in the 1930s. that's not going to happen these days. the government should just invest in mining devices just as the Chinese are doing.

[MFahad]

Actually the uses of bitcoin depend on the user of it. User can use it in his own style and it is not problem to bitcoin. We can't blame bitcoin for such kinds of activity. We should concern more about the uses of bitcoin so that we can save our economy.

Considering this on the macro level, the fiat money has already destroyed many countries due to inflation. People work hard day and night to save fiat currencies and people holdings continue to decrease because of this never ending inflation and printing of fiat money. Bitcoin can help to recover the economy and not destroy it further.

[gabriela1999]

I have the opposite thought. Many people have rich from Bitcoin. Bitcoin has helped many people have better life when Covid19 is devastating everything in the world, prolonged unemployment. Many people choose the plan to find Bitcoin and Crypto. And I have seen a lot of young millionaires born from Crypto.

[UKprod]

This topic is gaining more relevance in India too. Recently a committee has given a report to the parliament that states that Bitcoin and other cryptocurrencies are causing a drain of funds from India and need to be regulated in lines with the Foreign exchange regulations in India. Therefore, the committee has suggested an outright ban on the any sort of cryptocurrencies.

[Kayum10029]

The economic development of a country depends a lot on the population of that country and how that population is using the resources of that country.  If the population of that country uses Bitcoin for any immoral or illegal purpose, then the country may suffer economic loss.  But for now, I think Bitcoin does not harm the economy of any country but enriches the economy.

[geegaw]

The economic development of a country depends a lot on the population of that country and how that population is using the resources of that country.  If the population of that country uses Bitcoin for any immoral or illegal purpose, then the country may suffer economic loss.  But for now, I think Bitcoin does not harm the economy of any country but enriches the economy.

In your judgment, you are thinking that bitcoin is being used very popular but reality proves your story to be a mistake, the percentage of the population using bitcoin in each country is still relatively normal and not very widespread, so even if they use bitcoin for illegal purposes or a personal ideal, that cannot change the economy too much of the country. As for economic destruction through bitcoin, perhaps only those who incorrectly invest will be victims, their economy has been pretty bad since seeing bitcoin as a big casino to win.     

[acquafredda]

Bitcoin should really be thanked because of the creation of a whole new industry that is a multi-trillion dollar one! And all the companies involved pay their taxes to the taxmen wherever they are in the world.
So, definitely bitcoin is not destroying the economy but it is make it thrive!