Bitcoin could destroy economy

[Kong Hey Pakboy]

Bitcoin is just a way for their criminals to launder money. There are other ways, just because of the advantages of Bitcoin, many media have hyped up criminals for money laundering. As a result, everyone has a negative impression of Bitcoin.
Every transaction on the Bitcoin chain will be permanently recorded on the public chain. As long as someone checks. Will definitely find out.

Really, how come I am not yet caught by the AML task force in my country since I am using cryptocurrency too? Generalization in regards to bitcoin as a money laundering tool is the most stupid thing there is, are you so out of touch that you didn't know that it's easier to track money laundering when you're using bitcoin? Just an extensive work on tracking the addresses and you will be able to point out who is laundering the money and who benefits from it. Bitcoin can't destroy the economy, in fact it bolsters the economy since there's more people that will have more money meaning that more economic activity.

[herurist]

Bitcoin is just a way for their criminals to launder money. There are other ways, just because of the advantages of Bitcoin, many media have hyped up criminals for money laundering. As a result, everyone has a negative impression of Bitcoin.
Every transaction on the Bitcoin chain will be permanently recorded on the public chain. As long as someone checks. Will definitely find out.

this is what underlies the government to ban bitcoin, because basically reasons like this will remain as long as there are people who destroy bitcoin in cases like this.
but it is very difficult to change this because the nature of every human being is not the same.
but this can at least be minimized by being positive while we are here and so that bitcoin can change from the perspective of people's eyes. at least bitcoin is not called a money laundering tool

[AicecreaME]

It's the classic old "bitcoin for criminals" argument again.

Knives are used mostly for cutting food but are also used to stab people. Cars are used as means of transportation but are also used as getaway vehicles. Phones are used for communication but are also used for triggering bombs and for cyber crime. Guns are mostly used for self defense but are also used for murder.

And ultimately, the USD and other fiat currencies are also being used to fund terrorists and for other nefarious activities. The list goes on and on and on and on. What's your point?

I agree. Other kinds of currencies can also be used to fund illegal activities, not just bitcoin. Other currencies such as fiat can also be laundered, hence there is a law such as AMLA (anti-money laundering law), that most countries implement. It's a bit exaggerated to say that bitcoin can be the cause of a country's failure. Because foremost, the country's welfare is in the hands of the leader. When the leader is stupid and corrupt, surely the country's economy will go downhill in no time. Meanwhile, if the leader is competent enough to do his job, there would just be minimal problems. And bitcoin would be the last thing they would blame upon their failure because they still have greater power, don't they?

The government collects taxes on the people, companies, projects, and many more. They have many sources of income that are utilized for the betterment of the country. In fact, most countries make money from btc by people exchanging it with fiat it thru platforms that require KYC which are regulated by the government.

[Dhoe]

I don't agree if you say bitcoin can destroy the economy, because when the world economy is in decline due to the influence of the pandemic, bitcoin comes to solve the financial problems of a chaotic society, Bitcoin can provide incentives to global governments to compete for public attention and investment. Because crypto is indiscriminate.
"People have realized that they prefer Bitcoin over fiat currency. Bitcoin facilitates the global economy from an economic point of view because it is a global currency and is not linked to any country..

[suryana]

This is obviously exaggerated.

Even without Bitcoin, money is always flowing in and out of countries. The commercial market has exponentially expanded ever since the advent of the internet. With the online universe catering to almost everyone all over the world, even a 5-year old kid could cause a certain amount of money to transfer from one country to another.

Bitcoin is playing but a very minimal role in this. Large international trades don't use Bitcoin. The largest online stores in the world don't use Bitcoin. Large domestic companies purchasing raw materials from other countries don't use Bitcoin. High rollers don't bring Bitcoin with them to gamble in Las Vegas or Macau or Singapore or Monte Carlo.  

Saya setuju dengan pendapat anda..ini kelebihan . Andai pun ini tentang uang untuk mencairkan nya pun butuh mencairkan lewat bank lokal. Andai pun ini akan terjadi juga akan sangat kecil.Berita seperti inilah yang membuat pemerintah akhirnya melarang banyak hal yang akan terjadi pada kita sendiri yang akan merugikan.

[Ndlongap Ndlongop]

Bitcoin is just a way for their criminals to launder money. There are other ways, just because of the advantages of Bitcoin, many media have hyped up criminals for money laundering. As a result, everyone has a negative impression of Bitcoin.
Every transaction on the Bitcoin chain will be permanently recorded on the public chain. As long as someone checks. Will definitely find out.

I don't think criminals will dare to put their money in crypto, I'm sure they are afraid that if the value of crypto drops the money will run out, they feel safe if they keep it in a bank that has a reputation for keeping money safe and untraceable for example a bank in Switzerland or Panama.

[NeverSop]

The mass money printing machine is the crime that kills the economy of humanity.  Not bitcoin, we need bitcoin to counter that.  It is bitcoin that has helped the economy not be backward in the financial path of banks and governments.

[mrongoz_imut]

I don't agree if you say bitcoin destroys the economy, in my opinion, on the contrary, the emergence of bitcoin can save the world economy, when the world economy is in decline, bitcoin comes to save the economy of the people who are slumped because of the pandemic problem..

[geegaw]

I don't agree if you say bitcoin can destroy the economy, because when the world economy is in decline due to the influence of the pandemic, bitcoin comes to solve the financial problems of a chaotic society, Bitcoin can provide incentives to global governments to compete for public attention and investment. Because crypto is indiscriminate.
"People have realized that they prefer Bitcoin over fiat currency. Bitcoin facilitates the global economy from an economic point of view because it is a global currency and is not linked to any country..

The recession party of the economy has been showing signs since the time when elections, unbalanced policies of countries and the level of consensus among countries are reduced, but these atmospheres didn't break apart all at once, almost by mutual resources, governments are still able to keep their economies intact and show no flaws in their reforms. The pandemic is an unexpected catalyst for exposing sins and mistakes, Bitcoin is only tasked with being the right way but this effort is just dust compared to economic fluctuations, unable to prevent other factors from pushing down the overall economy.

[glendall]

criminal acts  terrorist financing and money laundering,
that's a classic reason and that reason makes bitcoin not legalized in every country
actually money laundering has also been happening since before bitcoin and the government who didn't like bitcoin made that excuse,
Money laundering can be avoided if the government has transparency in the costs of its financial expenditures
governments that say bitcoin is a destroyer of the economy, those whose countries are afraid that if their people have financial freedom and don't need their jobs by trading on crypto exchanges can already meet their needs, and a country's fiat will weaken, if this situation really happens

[oHnK]

criminal acts  terrorist financing and money laundering,
that's a classic reason and that reason makes bitcoin not legalized in every country
actually money laundering has also been happening since before bitcoin and the government who didn't like bitcoin made that excuse,
Money laundering can be avoided if the government has transparency in the costs of its financial expenditures
governments that say bitcoin is a destroyer of the economy, those whose countries are afraid that if their people have financial freedom and don't need their jobs by trading on crypto exchanges can already meet their needs, and a country's fiat will weaken, if this situation really happens

The banning of BTC in many countries is only due to political reasons that are said by the Government. I assume all of that is just their nonsense as regulators. As long as you understand the risks you face in investing in BTC then it is your business, not theirs. There is no need to prohibit, it is enough that public literacy is important and how to manage risk in investing so that people are literate in financial literacy.

[marine4u]

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

Completely wrong with lame comparisons

Bitcoin is absolutely not the reason for being listed in the issue related to money laundering.  How much will it account for in the total market capitalization that bitcoin has compared to tons of corruption, bribery related to banks, governments, etc.  Those numbers are in my opinion thousands of times larger than the reference values ​​related to money laundering

[Sayeds56]

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.

Well said. Bitcoin is a new source of income for middle class as they are earing by investing, trading and mining the Bitcoin. In general it has good impact on economy of any country and in no way it is used to damage the economy.. it is also true that Bitcoin is being used for illegal activities because being decentralized it is impossible to have traceability of transactions but now all major world exchanges are making KYC mandatory for their account holders as well as governments are making new legislations/regulation to monitor such activities.

[mrongos]

Bitcoin is the savior of our economy. I would call it a Reorganization.

I really agree with your review, bitcoin can save the world economy which is down due to the pandemic that hit the world, I also don't agree with the opinion that bitcoin can destroy the world economy, because the proof is bitcoin has been able to make people comfortable and have and make their finances slightly improved..

[BITCOIN4X]

criminal acts  terrorist financing and money laundering,
that's a classic reason and that reason makes bitcoin not legalized in every country

Yes, it is a classic reason from the government, but if that is the main reason then it will be very ambiguous why fiat which was previously widely used in criminal cases such as corruption, terrorist financing, drug trafficking and other illegal activities was not banned until now? The government should think that bitcoin is a currency that has the same function as fiat. Abuse is in the minority while other positive uses are the majority. It doesn't make sense to only think about the negative while the positive are simply forgotten. But now maybe the regulations are better than before. The government is now opening its eyes and starting to think bitcoin is a good prospect in the future that will help modern payment systems.

[Imran232]

..............

You comes with an oldest argument which government tells from its start. Like terrist funding, kidnapping payment, drag dealing its worst example in todays world. And its like a useless example for bitcoin. That's why government also didn't tell that bitcoin use for criminal offence because they know its useless now for banning and people now understand that. But government now gives an excuse like economical crush on share marker if people invest in only crypto then share market will crush. Companies unable to increase company values business might shut down. This are now todays excuse.

[suboo112123]

I don't think so that the BTS could destroy the economy. I feel that BTC is the best method to deal with anyone in the world.

[Rajamuda]

Bitcoin could destroy the economy if more people abuse it, but in reality... that's unlikely to happen, I'm sure Bitcoin will be more inclined to the positive side when it comes to the economy, even into the future I guess.
Day after day Bitcoin has become like a helper for humans, and of course it encourages people's income/economic conditions. It's just that some governments are still worried about some things related to crime, the negative side, etc.

[bryant.coleman]

It is really funny the way fiat fanboys try to spread FUD. The global economy is really under threat. But that threat doesn't come from cryptocurrency. The real threat comes from governments and central banks, which are printing banknotes like there is no tomorrow. 2020-21 was unique. For most of the fiat currencies, the M1 monetary supply went up by 100% or more, aided by the stimulus measures. And everyone knows that this is not a viable situation in the long run. In the United States, the federal debt is rapidly inching towards the $30 trillion level. It's just a matter of time before the total collapse happens.

[Lordshiva]

It is really funny the way fiat fanboys try to spread FUD. The global economy is really under threat. But that threat doesn't come from cryptocurrency. The real threat comes from governments and central banks, which are printing banknotes like there is no tomorrow. 2020-21 was unique. For most of the fiat currencies, the M1 monetary supply went up by 100% or more, aided by the stimulus measures. And everyone knows that this is not a viable situation in the long run. In the United States, the federal debt is rapidly inching towards the $30 trillion level. It's just a matter of time before the total collapse happens.

Yeah exactly the global economy is in threat but it's reason in not bitcoin or any cryptocurrency.
The government want to hide their mistakes and put the blame on something else this time cryptocurrency.