Bitcoin could destroy economy

[JaeJae1730]

Bitcoin will not destroy an economy. Rather It Helps.

Why There's So many People getting richer using crypto as thier investment? The fact that bitcoin can benefit The Short or  Long term Holders.

Otherwise It helps a lot , Not only to the people who believe to the power and freedom of bitcoin.

[samsul1234]

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.

hello sir, what you are saying is very precise, I agree with what you are talking about, so I just understand bitcoin is banned in various countries for reasons that are VALID, recently Iran Delang banned Bitcoin from entering the country I think for the reason of payment electricity is very high and the price of bitcoin is decreasing, I think the current government will think twice about entering bitcoin into its country, maybe bitcoin has not been set up with a lot of speculation that this is not as stable as this might cause losses to certain countries

[ropyu1978]

why do you dare to say that bitcoin destroys the economy `` wasnt bitcoin born when the world economy crashed` ` even bitcoin helps our finance, government can't give us jobs but bitcoin can give us income, what's wrong with bitcoin that you accuse bitcoin like that' ' in fact
R
It is the greedy officials who have destroyed the world economy, because of the lust and lecherous thoughts of the people in government, which have eaten the people's money.
don't blame bitcoin, but just blame the officials for stealing people's money ..

[judas]

Bitcoin to destroy economy?  Nah, I don't see that there is any chance for it. You say that Bitcoin is used for money laundering etc. . But these kind of things are carried out with fiat also. And if governments make a regulation about this, they can prevent these activities at a really high rate. And as long as governments make regulations and impose a tax on Bitcoin earnings, they will not get any damage in terms of income also.

[angrynerd88]

Bitcoin could be a most prominent development of 21st centuary,It has Pros and Cons.If yong generation and jobless individuals can win from the sources of Bitcoin another side it can be utilized for dark cash as well but GOVERNMENT is responsole for all.If government need lawful utilize of BITCOIN at that point must legalize it and set the rules for its users.If a nation take that into consideration and make a arrangement to overcome it, at that point there's conceivable chances of economy to move forward. Each and each government depend on the tax assessment, but in return of collecting the charges government doesn't do the needful to the community. Usually where individuals search for ways to elude tax collection.

[Zanab247]

Economy is older than bitcoin which it cannot destroy economy. During the pandemic when other currencies were loosing value because of the covid-19 virus that was spreading in some countries. Those that lost their job during pandemic later found their self in bitcoin investment that is helping them to improve in the community.

[husnija]

Economy is older than bitcoin which it cannot destroy economy. During the pandemic when other currencies were loosing value because of the covid-19 virus that was spreading in some countries. Those that lost their job during pandemic later found their self in bitcoin investment that is helping them to improve in the community.

there are people who are helped economically by investing in bitcoin, but we can talk bitcoin is also prone to abuse
this allows state officials to cheat, besides taking away the rights of the people they are taking advantage

[(o)(o)ilikeboobs(o)(o)]

Thanks to Bitcoin, crypto-related jobs have increased over the past 10 years. It can also be compared with the advent of the internet that changed the world.

If Bitcoin fuels criminal activities consider how banks have abetted criminals over the years.
Currencies created by governments are worse than Bitcoin as they serve criminal activities in all countries all over the world.

[Shasha80]

Thanks to Bitcoin, crypto-related jobs have increased over the past 10 years. It can also be compared with the advent of the internet that changed the world.

Bitcoin shouldn't destroy the economy, but it helps the economy of many people. With the very rapid development of crypto, there are many
opportunities to make money in the crypto world. I personally feel it by investing in Bitcoin in 5 years, my wealth has increased, because the price of
Bitcoin continues to rise. So if someone says Bitcoin is destroying the economy, it's like he's not doing the research properly.

[dimox]

thats why some country ban it.
but, im not sure all off people know about bitcoin. i mean, if people use this coin, big demand, and bitcoin price will grow multiple time, and all of them invest in, equality, no poor, this can make economy in red state. but, now, not all people know about it, and many of them still lost their coin.

[MFahad]

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.

There can be no currency which can replace bitcoin at the moment. All other altcoins are somewhat centralized and no one is pure decentralized as bitcoin. Governments may argue that bitcoin is not good for the econmony because if bitcoin is adopted gov. will lose control over the financial systems.

[mrongoz22]

I do not agree with your words, you said bitcoin can destroy the economy, long before bitcoin came the world economy was destroyed, you should not blame bitcoin, but you have to blame the performance of the government which has spent trillions of state money, because of their own interests ''
the government cannot provide jobs for its people, but bitcoin is able to provide income for its users ...

[pinggoki]

I don't think that the bitcoin can really destroy the economy because as long as the government is banning the bitcoin in a certain country the economic growth will not affect it because we all know that the economic growth of a certain country depends on the number of people who are earning very well and the number of people who have a decent jobs.

[the rise]

Bitcoin may have been used in bad things, such as illegal trading, illegal selling of goods, illicit transactions. But it's different now. Maybe some of it still exists. but we have to be wise to use it, we as people who invest from bitcoin are more interested in the technology that bitcoin has than thinking about the negative side of bitcoin because bitcoin gave birth to technology that never existed before.

[sapnu]

Since bitcoin is a decentralized currency and the government controls how the economy could progress, once bitcoin enters the game a lot will surely change. Things would be different as taxes gets excluded and as everyone favors bitcoin due to the financial independence it will give them. Maybe that is one of the main reason why most countries are still against the use of bitcoin. It could make a huge impact on a certain country's economy or even the whole world's economy.

[the rise]

That's because bitcoin is one technology not a business. I don't call bitcoin a business. in reality bitcoin is a volatile currency. If based on that, then bitcoin could be a tool for gambling and other negative things, Different people who invest in bitcoin and follow its development. Perhaps some people who try to damage bitcoin will actually damage their business, because nowadays bitcoin has a large community that fully supports.

[Mr.sprin]

no one can control bitcoin, bitcoin price is unstable. It can go up and down at any time. I think if a country adopting bitcoin is the wrong choice, I believe that country's economy will be destroyed.

[(o)(o)ilikeboobs(o)(o)]

Thanks to Bitcoin, crypto-related jobs have increased over the past 10 years. It can also be compared with the advent of the internet that changed the world.

Bitcoin shouldn't destroy the economy, but it helps the economy of many people. With the very rapid development of crypto, there are many
opportunities to make money in the crypto world. I personally feel it by investing in Bitcoin in 5 years, my wealth has increased, because the price of
Bitcoin continues to rise. So if someone says Bitcoin is destroying the economy, it's like he's not doing the research properly.

Bitcoin is becoming humanity's new store of value and is recognized by prominent institutional investors and individuals. Thanks to the advent of blockchain and Bitcoin, we have other crypto projects that we call altcoins.

Altcoins are not only money, but it is also a form of technology and software, so it can be said that their application exists. We have seen real-world crypto use cases beyond payments like gaming, data management, data storage, NFT, etc.

[suzanne5223]

Thanks to Bitcoin, crypto-related jobs have increased over the past 10 years. It can also be compared with the advent of the internet that changed the world.

Bitcoin shouldn't destroy the economy, but it helps the economy of many people. With the very rapid development of crypto, there are many
opportunities to make money in the crypto world. I personally feel it by investing in Bitcoin in 5 years, my wealth has increased, because the price of
Bitcoin continues to rise. So if someone says Bitcoin is destroying the economy, it's like he's not doing the research properly.

Only naive or selfish individual which Bitcoin somehow give some people that work under her financial freedom will have the impression that Bitcoin destroys the economy and if all their claim was right people and the institutional investors won't have seen Bitcoin as an option when fiat currency has no interest.

[Golftech]

Bitcoin may have been used in bad things, such as illegal trading, illegal selling of goods, illicit transactions. But it's different now. Maybe some of it still exists. but we have to be wise to use it, we as people who invest from bitcoin are more interested in the technology that bitcoin has than thinking about the negative side of bitcoin because bitcoin gave birth to technology that never existed before.

It's a different story now, bitcoin is no longer for those who only use it as a tool or channel to illegal things,

there are institutions now who work and adopt this system as a good channel for payment transactions

though it's still not wise to use it as main currency as it had decentralized nature, using it without any control

simply allows people not to pay taxes.