Bitcoin could destroy economy

[izsara]

maybe this is a bit excessive and too raised about this bitcoin. what I can see for now is that the government is strictly prohibiting bitcoin on the grounds of money laundering, terrorist financing etc, but they are willing to impose taxes on crypto. from here alone we already know the ulterior motive. they want to take advantage without risking loss.

[7788bitcoin]

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.

Almost all of the exchanges comply with anti money launder and you need to provide your identity if you are trading and it is impossible to do anything illegal without having a blockchain evidence which shows what you were doing with the coins you were holding, so it is not a wise idea and when you have fiat currency without any evidence trail why would anyone use bitcoin  .

[online73]

Hello everybody. Bitcoin in no way can destroy the economy - it is being destroyed by thieving and unqualified officials and inappropriate laws. Everything is useful and harmful in its own measure. If officials were able to introduce cryptocurrency into the economy, I think that this would give a certain positive impetus.

[arwin100]

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.

Almost all of the exchanges comply with anti money launder and you need to provide your identity if you are trading and it is impossible to do anything illegal without having a blockchain evidence which shows what you were doing with the coins you were holding, so it is not a wise idea and when you have fiat currency without any evidence trail why would anyone use bitcoin  .

Thats why its crazy and dumbest decision if criminals will use the exchange for laundering a large amount of money since they will easily track since there are evidence that can possibly point them and for sure the exchange will ask the identification of account holder so for sure they will avoid this option thats why we see them always use those mixers since they know they are safe for any possible tracking.

[molsewid]

Hello everybody. Bitcoin in no way can destroy the economy - it is being destroyed by thieving and unqualified officials and inappropriate laws. Everything is useful and harmful in its own measure. If officials were able to introduce cryptocurrency into the economy, I think that this would give a certain positive impetus.

I agree, for me bitcoin is in no way can destroy the economy. People would think bitcoin can destroy because of wrong information and understanding. In fact, I can also see bitcoin will be huge help for our economy. The government should do research about it for them to understand it clearly. Then when they know about it well, maybe they can decide to introduce it into the economy.

[Gheka]

Hello everybody. Bitcoin in no way can destroy the economy - it is being destroyed by thieving and unqualified officials and inappropriate laws. Everything is useful and harmful in its own measure. If officials were able to introduce cryptocurrency into the economy, I think that this would give a certain positive impetus.

I agree, for me bitcoin is in no way can destroy the economy. People would think bitcoin can destroy because of wrong information and understanding. In fact, I can also see bitcoin will be huge help for our economy. The government should do research about it for them to understand it clearly. Then when they know about it well, maybe they can decide to introduce it into the economy.

In fact, the government has studied bitcoin relatively many times in the past and when they realize that this is a financial market model, its adoption cannot be overly prioritized due to the nature of finance that is manipulation of value, governments manage this problem but Bitcoin is perhaps one exception that they can not touch. Bitcoin may not destroy the whole economy but moving and burying accounts in the grave is a real story, Bitcoin's financial support is being built on the participant's financial demise

[iv4n]

Hello everybody. Bitcoin in no way can destroy the economy - it is being destroyed by thieving and unqualified officials and inappropriate laws. Everything is useful and harmful in its own measure. If officials were able to introduce cryptocurrency into the economy, I think that this would give a certain positive impetus.

It's adoption I am thinking about... Bitcoin & crypto will overtake the traditional economy! Simply, it's evolution! Crypto is better in every way! People can claim differently, but the future is digital! And crypto is made for the future!
I don't think that Bitcoin or crypto will destroy the global or country economy, crypto will improve it! And that will probably happen slowly, little by little Bitcoin and crypto will overtake everything and everyone!

[Gamerholic]

In my opinion, the point is precisely that the blockchain can heal and save the economy from the crisis. This can be easily analyzed using the example of any country where the activity is legalized. People pay taxes thereby replenish the country's budget, people create jobs and receive money for their work, investments are also attracted and certain social problems are solved. This is a natural way of development of modern society and its economy, because this is essentially the embodiment of civil society. Even if it is still far enough from spreading in all countries, there are isolated islands of common sense and this pleases.

[riiiiising]

In my opinion, the point is precisely that the blockchain can heal and save the economy from the crisis. This can be easily analyzed using the example of any country where the activity is legalized. People pay taxes thereby replenish the country's budget, people create jobs and receive money for their work, investments are also attracted and certain social problems are solved. This is a natural way of development of modern society and its economy, because this is essentially the embodiment of civil society. Even if it is still far enough from spreading in all countries, there are isolated islands of common sense and this pleases.

I was about to write the exact same first sentence of the quote. Bitcoin can save the economy by offering an exit option for citizens who see fiat money being printed en masse which really could destroy the economy. As money is being shifted into Bitcoin, the governments may realize that trend and rather slow down the printing exactly because Bitcoin exists as an exit option which they can't shut down.

[isaac_clarke22]

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Sad that this isn't viewed by those who regulate the economy. I doubt about what you said that "it will overtake the traditional economy". We're getting adoption, yes, however on the other side we're getting bans as well that contradicts what you're saying.
This is like people saying back in 2017 if Bitcoin would even replace paper money we got these days.

[hannahB4]

"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" as at this day this is no longer valid because many government authorities are taking action against it. And why will I need to travel with a huge sum of money am I not afraid of my own safety and even with how the way is going cashless. I don't see any point to which bitcoin could destroy the economy from all your stances.

[SimpleMan]

"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" as at this day this is no longer valid because many government authorities are taking action against it. And why will I need to travel with a huge sum of money am I not afraid of my own safety and even with how the way is going cashless. I don't see any point to which bitcoin could destroy the economy from all your stances.

Bitcoin also allows you to leave a bad economy if you want to without anyone noticing. You could turn your wealth into Bitcoin and go elsewhere. With bank transfers and physical assets you would get a whole lot of trouble at the boarder control. It is like a cage if you have wealth in a badly managed country and you can't leave it because you are not allowed to take your wealth with you.

[dificanovi]

Bitcoin will not destroy the economy because I know bitcoin can benefit people who invest in the long term, but the negative impact of bitcoin is that crime on earth will increase.
Criminal acts can be carried out through bitcoin such as terrorist funding, money laundering and kidnapping for ransom using bitcoin. That is what will happen to bitcoin because bitcoin is decentralized so that it is difficult for the government to know who is the person who has transacted on Bitcoin.

[raji1995naya]

Bitcoin does not harm the economy; rather, bitcoin is the means by which the human economy may be improved. During the financial crisis of 10 years back, bitcoin was present. Bitcoin is one of the currencies used to protect assets during the financial crisis. If someone claims that bitcoin is ruining the economy, they are ignorant of history.

[nightrider]

I think bitcoin can't afford to destroy the economy. Bitcoin is just a digital currency created by computer engineers. Bitcoin is not yet recognized in some countries. It is being closely monitored and controlled by governments. Some countries even restrict the development of bitcoin. So it's unlikely to hurt the economy.

[liao chandra]

I think that's wrong.
Bitcoin could not destroy economy. The fact is that many people have become rich investing in bitcoin, bitcoin helps their economy. Regarding the many criminals who use bitcoin to raise funds, I think that is also the case with fiat / cash.

[MFahad]

maybe this is a bit excessive and too raised about this bitcoin. what I can see for now is that the government is strictly prohibiting bitcoin on the grounds of money laundering, terrorist financing etc, but they are willing to impose taxes on crypto. from here alone we already know the ulterior motive. they want to take advantage without risking loss.

This has been ongoing for last few years but nothing much have changed. Government are unable to pro prohibit crypto and also they are not able to regulate it and put taxes on crypto. However the adoption of bitcoin keeps on increasing despite the fact that it is not legal in many places.

[Rupok365]

That's not easy to say.  However, the price of Bitcoin has increased a lot in the last few years.  Which has become difficult to invest.  In addition, some countries have raised questions about legitimacy.  Seeing that the government cannot control, it thinks that there may be economic problems

[Anifisochka]

I don't agree with you. Bitcoin was born in the financial crisis. It avoids inflation and is conducive to economic stability.

It simplifies the currency exchange between countries and does not need complicated steps.

Even if there is no bitcoin, there will be another kind of currency to achieve this function.

[Mr.sprin]

People should be able to move money over borders as they wish to and not have it restricted by governments.

Bitcoin improves the economy by promoting a more open and fair system of trade that is free from government regulation and consfication. Money laundering shouldn't be a crime as it just means someone is trying to keep their own money, and the most terrorism/war is funded by governments using fiats and involuntary taxation that cryptocurrency can further free us from. The trillion dollar war in the middle east didn't come from Bitcoin, it came from the US governments and governments around Europe directly financing terrorism themselves.

I totally agree with your opinion that the state that funds terrorists comes from state taxes not from crypto so bitcoin cannot be associated with anything like that. positive thinking using bitcoin.