Bitcoin could destroy economy

[Marvell1]

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.

Its true that they are hiding their mistakes, but they don't blame bitcoin and cryptocurrencies. Bitcoin, is basically indestructible to the world economy. Bitcoin is very small compared to other industries, cryptocurrency participants are still not large if the world population is included and bitcoin's influence is not large enough to affect the global economy.

[Ruvi2000sew]

I don't think there's any likelihood of that happening. You claim that Bitcoin is used for money laundering and other similar activities. These kinds of actions, however, are also carried out by fiat. And if governments enact legislation to address this, they will be able to effectively prevent these activities. And, as long as governments enact regulations and levy a tax on Bitcoin earnings, they will not suffer any financial losses.

[chichigirl]

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.

I don't think so, it will not destroy the economy but instread it will help us to transfer funds at the very convenient way.. Bitcoin is a currency, the government has no control over BTC but BTC wilk not definetly destroy the economy.

[oktana]

All the acts you mentioned, were they not in existence before Bitcoin was created? Or did Bitcoin bring them? I heard you mention stuffs like funding terrorist, money laundering, etc. Before now were these acts not there? Let them stop making excuses like this. Maybe they can find something better to cook and feed the people, and not accusing Bitcoin like it doesn't have enough advantages for users.

[dreamer81]

Once bitcoin becomes standard in every citizens life, we are going to see governments ban it and try to stop it. China allready did because they are not a democratic country.

The monetary policy that all countries are running, is a way to control the people. Lets just face it. even if you work your whole life, and save all the money you earn, you will never become free (rich). Bitcoin solves this, but what happens when the entired country's population doesn't have to work? Then nobody can pay for the governments salary.

[rosemariefrancis]

I don’t think anything is ever going to happen. I agree that bitcoin has become quite a big name in recent days but it is not that big that it can destroy a complete economy. There are so many other factors that might contribute to the destruction.

[suboo112123]

I don't think so that BTC destroy the economy. It's true that BTC is the King of the current financial world so if governments of every country will accept the BTC then they will be strong with the finances. This is only my opinion.

[velosepur]

We cant clearly say yes or no. Many factors impacts to economy. Integration of btc could happen maybe but it would not destroy economy I  think.

[MKings]

Bitcoin is better for the economy.
Can effectively reduce inflation.
Many countries have now considered whether to use Bitcoin as legal tender to reduce their own country’s inflation.

[Kittygalore]

I don’t think anything is ever going to happen. I agree that bitcoin has become quite a big name in recent days but it is not that big that it can destroy a complete economy. There are so many other factors that might contribute to the destruction.

There's always the possibility so it's not completely a fiction that bitcoin's going to destroy the economy, remember that it's an unusual investment tool so it's likely that its not going to do so but I am on your side, it's just that I want people to see that there's endless possibilities, be it worse or better.

[Sir Legend]

We cant clearly say yes or no. Many factors impacts to economy. Integration of btc could happen maybe but it would not destroy economy I  think.

The best way for a government that is willing to accept crypto is to provide clear regulations, as long as there are no clear regulations then crypto will look scary, the fact is that the crypto community continues to increase so it becomes a good opportunity to improve the country's economy.

[dark1234]

whether this is an issue or an argument by some economists who actually don't like bitcoin but for the members it is still

[velosepur]

We cant clearly say yes or no. Many factors impacts to economy. Integration of btc could happen maybe but it would not destroy economy I  think.

The best way for a government that is willing to accept crypto is to provide clear regulations, as long as there are no clear regulations then crypto will look scary, the fact is that the crypto community continues to increase so it becomes a good opportunity to improve the country's economy.

Sure, that can be key approach how to regulate usage, but not easy to put propper rules how will crypto be implemented as part of money flow in country economy. Lets see Ecuador and other starters of btc implementation.

[Rana590]

whether this is an issue or an argument by some economists who actually don't like bitcoin but for the members it is still

I don't believe that bitcoin will destroy the economy. It can help economy to grow more. In this digital world, we should think differently and implement different digital methods. Bitcoin is well known crypto currency which has a lot of features. It can help to grow economy in right way.

[geegaw]

I think it's just a lie to say that bitcoin can destroy the economy, as we know at this time the economic collapse in several countries also had other causes such as covid19 that hit the world it also made several countries experience economic paralysis in various sectors, so I think The economic collapse of a country is not caused by bitcoin alone

The paralysis from Covid also only delays contracts and relationships, but after all, the breath of the economy is still very stable and shows no signs of being completely destroyed, the era of too many ups and downs will be compensated by more favorable policies, the government will always be behind the economy and become a talented control artist. When comparing bitcoin with Covid, perhaps bitcoin is not so bad and dark, it shows that bitcoin has never liked economic destruction, from nature to users, both of these factors integrate with the economy and cultivate more relationship

[19Nov16]

I think it's just a lie to say that bitcoin can destroy the economy, as we know at this time the economic collapse in several countries also had other causes such as covid19 that hit the world it also made several countries experience economic paralysis in various sectors, so I think The economic collapse of a country is not caused by bitcoin alone

Right, economic destruction is usually due to a political crisis such as war, when there is a war inflation can reach hundreds of percent and the value of money will drop, this is what makes the economy crumble, there is always a fear of people who hate bitcoin so all the reasons they say even though it has never been proven .

[Ibrahim60]

whether this is an issue or an argument by some economists who actually don't like bitcoin but for the members it is still

I don't believe that bitcoin will destroy the economy. It can help economy to grow more. In this digital world, we should think differently and implement different digital methods. Bitcoin is well known crypto currency which has a lot of features. It can help to grow economy in right way.

Yes, Bitcoin is a well know and most popular cryptocurrency. But Bitcoin have some negativity also. For those negativity government don't make Bitcoin legal in his country. By Bitcoin criminal use to buy illegal things, by those illegal things they can fall impact on economy by making illegal work. Also some people laundering black money one country to another by Bitcoin. Because no one can trace its transaction. This type of illegal work can make bad effect in economy.

[Mr.sprin]

only those who judge negatively about bitcoin they only see the bad side in their mind bitcoin can be free of transactions to do illegal business like buying guns and drug deals then they make bitcoin trouble destroy the economy and they make acceptable excuses to the public for people to rate bitcoin highly bad. but for those who want to accept bitcoin they can take a lot of profit with bitcoin investment because they believe bitcoin is very good for long-term storage.

[ChiBitCTy]

If you're using bitcoin to transfer money for illegal actives, buying drugs offline, using it as ransom, terrorist activities, etc etc, then you are a rookie, have no idea what you're doing and give yourself a good chance at being caught.  Let's not forget that it is easier to track bitcoin then it is cold hard cash (notes and coins).  If you want to properly use cryptocurrency to do these illegal activities, use Monero.

[dark1234]

whether this is an issue or an argument by some economists who actually don't like bitcoin but for the members it is still

I don't believe that bitcoin will destroy the economy. It can help economy to grow more. In this digital world, we should think differently and implement different digital methods. Bitcoin is well known crypto currency which has a lot of features. It can help to grow economy in right way.

the economy will continue to run even with bitcoin the economy is more transparent in transactions. Eventually all transactions will be completed on the blockchain, including property rights, stock purchases, car ownership rights, and other monetary and currency instruments. Network effects one to six culminate in this final network effect. traditional currencies, in this case need to beat bitcoin if this continues so some economists do economic issues that exclude bitcoin