Bitcoin could destroy economy

[cryptomaniac_xxx]

Why is Bitcoin associated with crime while Bitcoin only appeared in this century 2009, with identities detected in all local and international banks, inappropriate and unreasonable to me Bitcoin is declared to support evil, that's ridiculous propaganda.

Maybe it is because how many illegal things its possible to do using bitcoin. Over the years, criminals are also evolving on how they use bitcoin. Here in our country, it is often used by illegal companies who offers a huge return of money when you invest to them. After a month, they disappear without a trace leaving people with a bad impression about bitcoin.

Bitcoin though is not pseudo anonymous per se, so they can't really hide their identifies if criminals is thinking that, yeah there are mixers and other tools to obfuscate, but still authorities can follow and track you. And as for the argument of the OP, we have heard this many times already and has been used like old tune that it doesn't make any sense at all. So its the people that making bitcoin a bad name and not bitcoin wasn't design like this in the first place.

[AniviaBtc]

* 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.

No matter what you said about bitcoin, Fiat is still the most used currency in criminal acts that are recorded in history. It is much more used by criminals, hackers, and scammers especially that it is the most used in many transactions compared to bitcoin that only circulates in a digital world. Bitcoin can be also used in a criminal act but it is much lesser compared to fiat that can happen in any places and circumstances.

Right now, bitcoin is already used in a lot of aspects and it can be used for economic growth, but a lot of people are using it in a wrong way.

[stompix]

No matter what you said about bitcoin, Fiat is still the most used currency in criminal acts that are recorded in history. It is much more used by criminals, hackers, and scammers especially that it is the most used in many transactions compared to bitcoin that only circulates in a digital world.

How many people bought food today with fiat? How many people bought food today with bitcoin?
How many car crashes have been today involving VW cars and how many with Saab ?

Just stop with those comparisons, yeah, bitcoin is better, because is not crappy as fiat and just because of that it will also be used by criminals. And just think for a second, if bitcoin does replace fiat in the end, does it mean crime will stop? No, they will all move from fiat to bitcoin, I just don't understand this denial.

Since the end of the 19th century which coincided with World War I, terrorism has existed, with substantial funds, and also with money laundering which is often carried out by the authorities, as well as the kidnappings that have occurred.

Terrorism has existed for far longer if we take the by the book definitions since the 18th century, but otherwise, it's a common occurrence in the last two millennia. But, anyhow, the end of the 19th century didn't coincide with ww1, you're off by 18 years .

[Boov]

* 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.

No matter what you said about bitcoin, Fiat is still the most used currency in criminal acts that are recorded in history. It is much more used by criminals, hackers, and scammers especially that it is the most used in many transactions compared to bitcoin that only circulates in a digital world. Bitcoin can be also used in a criminal act but it is much lesser compared to fiat that can happen in any places and circumstances.

Right now, bitcoin is already used in a lot of aspects and it can be used for economic growth, but a lot of people are using it in a wrong way.

Definitely so true fiat currency were so used by criminal acts, funding terrorist, deugs and so other crime. Having a thought that maybe bitcoin could be also used as a fund in terrorist was not so impossible, hence it can accessed by mean of technology and those criminals has already upgraded software so who would've thought that this might not be possible right. Well for me anything is possible due to technology.

[achach]

No. Bitcoin will be the light that will change the economy, not destroy it.

[Alert31]

I think both bitcoin and fiat currency were so used by the criminal on their illegal activities or businesses. But I think bitcoin can help and Can't destroy economy. Terrorist and criminals already exist for a long time and nothing will change even though they will use bitcoin.

[thesmallgod]

Ones the government can trace everyone to their corresponding bitcoin address, then it means the essence through which crypto is created is being defeated. The idea of using KYC to know who and who is using crypto is not right and this is the reason many people will not support that. bitcoin has been critized by the government for influencing money laundery, mode of Ransome payment etc. but the fact remains that fiat currencies are being used too for the same purposes. I do not think bitcoin can destroy any country economy because here in my country, the advent of crypto has created much opportunity than the government

[CODE200]

Why is Bitcoin associated with crime while Bitcoin only appeared in this century 2009, with identities detected in all local and international banks, inappropriate and unreasonable to me Bitcoin is declared to support evil, that's ridiculous propaganda.

Maybe it is because how many illegal things its possible to do using bitcoin. Over the years, criminals are also evolving on how they use bitcoin. Here in our country, it is often used by illegal companies who offers a huge return of money when you invest to them. After a month, they disappear without a trace leaving people with a bad impression about bitcoin.

crimes are unending as long as there are bad people in existence. It is not because of Bitcoin but those who are committing crimes. Since it is a currency, ofcourse one could do anything to it if it is on his possession. Likewise with fiat it is just a matter of the criminal's preference whether to use cryptos or just stick with fiat whenever they will do their "thing". To what extenton how bitcoin will provide support to the evil doings if it is something being manipulated or used?

[cabron]

All country's economies today are almost destroyed but its not because of BTC. Its because of Covid19. Almost all country's currency today is also paired by binance (P2P) to BTC. If Bitcoin could destroy the economy then binance took part in destroying them. But that is Not really true, we all know the reason why some countries ban BTC, and its all because its not their currency, its decentralized.

[kentrolla]

I don't understand how people are calculating that BTC will affect the economy of the country, BTC has nothing to do with the economy also it has gone through major crashes and recovered as well.

Countries economy is purely based on the supply of productivity, goods and services if I am not wrong. Well this technology gives opportunity to everyone for a better future, just make use of it.

[wack slacker]

I do not accept blaming Bitcoin for illegal activity as most illegal activities use US dollars or other national currencies. Banks help money laundering criminals billions of dollars and deserve condemnation.
Bitcoin has blockchain technology so it is not as simple as the traditional banking system. We can put Bitcoin in regulation and make Bitcoin legal.
Bitcoin has worldwide liquidity, and that gives bitcoin holders the advantage of making payments without any difficulties. Bitcoin helps its owners avoid economic fluctuations such as currency collapses, wars, terrorism ... I think Bitcoin has more benefits to the economy than harm.

[Silberman]

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.

I was thinking the same, what does anyone here gain by helping destroy the economy when governments are already doing a pretty good job at it? Many millions of jobs were lost because of the pandemic and now we know the reaction of the governments was exaggerated, was bitcoin at fault for this? No, fiat currency is going through inflation as governments began printing money to resolve some of the problems they have created, is bitcoin at fault? No, the stock market is overvalued and now investors are looking for other assets that could have more upside and they are finding in this market what they were looking for, is bitcoin at fault? No, I could keep doing this all day but I think I have proved my point.

[abderrazak belkhir]

We can say the governments and the banks make the rules of the game. But bitcoin came as a new player to the field with its own rules, a group of rules made by the community in a fair way for all.

Bitcoin doesn't come to destroy the economy, it comes to change the rules and give to people a new opportunity to manage their money.

I agree with you
There is no better way to manage your money than bitcoin
People can do whatever they want with their money and as fast as they want

[Chris Barth]

Yes, bitcoin could destroy economy. However, none of what you said is a point to support that. You say that bitcoin could be abused in the case where criminals are involved. But you shouldn't forget that before the year 2009, they've been thieves, kidnappers, and all sort of fraudsters. Bitcoin isn't bringing them cause they have always been there. Let's just get something clear; bitcoin is damn essential in the today's world. Presently in the country where I'm from, the banks won't let you spend much from "your account". There's this monthly spending limit and to go above it, you'll have to write a letter... Long story short, with bitcoin, if I do have 10 bitcoin, I can choose to spend it immediately. Whenever, however, wherever. But the bank won't allow such. It's a good thing to see that some people are really accepting bitcoin in their stores. Reducing the rate at which people convert crypto to fiat. 

[asriloni]

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

That could not be the reason and those reasons to ban bitcoin actually non-sense for now.
So many billionaires have already invested their money into the bitcoin. This time bitcoin is much more suitable to be considered as a way for the financial instrument.

So far, I rarely saw any money laundering case that uses bitcoin started from Q1 - Q4 of this year or it's almost never happened again. Bitcoin was economic freedom. Those countries who have been banning bitcoin just worried if they can't manage to defend their crappy centralized traditional economic system against the revolution of the financial system that happened gradually that's started from bitcoin.

Bitcoin has nothing to do with any actions that have performed by its owner/users.

[senya-com]

Bitcoin will not destroy economy! In context of optimistic scenario - it will bring social and financial equality. As for pessimistic - we need to remember that even world wars didn't destroy economy!

[dificanovi]

I do not see bitcoin can destroy the economy, in fact I see bitcoin can help the economy of less fortunate people.  My brother alone has benefited from bitcoin, he has bought a house from investing in bitcoin, so don't ever mistake bitcoin for destroying the economy.

[Twinkledoe]

I do not see bitcoin can destroy the economy, in fact I see bitcoin can help the economy of less fortunate people.  My brother alone has benefited from bitcoin, he has bought a house from investing in bitcoin, so don't ever mistake bitcoin for destroying the economy.

Maybe the OP is looking at a different angle. I do agree, that bitcoin or crypto have been helping a lot of people to generate their income in many ways. Here, there is no rich or poor, everyone is equal. And if you have the skills and other talents, you can earn crypto in various ways. This forum alone gives a lot of job opportunities to everyone around the globe, either you are a bounty hunter, programmer, developer, miner, or just simple crypto trader or user. So this shows that bitcoin is not destroying the economy but instead helping the economy that span across the globe.

[FlightyPouch]

Maybe in the area of people not using fiat and just using bitcoin is what you're thinking but I don't think that would happen. People will continue to use fiat and bitcoin and the fact that we are still seeing the price of bitcoin into USD means we are sti far from that.

[yazher]

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. Big-time companies are making their own effort to invest or to turn some of their assets into bitcoin because they know the result is a higher percentage positive in the next 10 years and despite this kind of this rubbish you are talking about, they will pursue their desire to invest on bitcoin.