Bitcoin could destroy economy

[Zilon]

Any form of currency could be use for dubious activities not just bitcoin alone just like any one could get involved in money laundering same way would another get involved in crypto loots but the issue isn't with the currency at all it's the individual who engage in this that should be blamed and not the currency it self been dubious is a personal decision.

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[Zanab247]

There are so many things bitcoin has proved to the world economy during the pandemic that it came to eliminate delay and poor economy. It improves so many countries economy during the lockdown.

[Arvin01]

Bitcoin now has advantages for the economy.
If Bitcoin can destroy the economy, many countries will not set Bitcoin as legal tender.
Some people just don't understand Bitcoin. Think Bitcoin is not good.

[Reatim]

Any form of currency could be use for dubious activities not just bitcoin alone just like any one could get involved in money laundering same way would another get involved in crypto loots but the issue isn't with the currency at all it's the individual who engage in this that should be blamed and not the currency it self been dubious is a personal decision.

Indeed , and even how good it seems look yet currency can destroy economy or even life so while there are chance then do what is necessary .
Bitcoin is created to help people like what Fiat is all about but the probability is always there and what we can have is always the best.

Bitcoin now has advantages for the economy.
If Bitcoin can destroy the economy, many countries will not set Bitcoin as legal tender.
Some people just don't understand Bitcoin. Think Bitcoin is not good.

wrong , economy is not afraid of bitcoin nor the government , but it is the people keeps on putting the pressure towards crypto.

[ranaprime]

I think Bitcoin is not a competitor. It can be said that it is one of the best and most reliable means of service. This has led to huge change in people's financial transactions which has attracted very quickly in the community.

[songchunlai]

Bitcoin will reconstruct the world economy, and everyone will benefit from it.

[Chathusand]

Perhaps this is a little too enthusiastic about bitcoin. For the time being, it appears that the government is firmly outlawing bitcoin on the basis of money laundering, terrorist financing, and other similar concerns, but is willing to levy taxes on cryptocurrency. We can already deduce the ulterior aim from this. They want to profit without risking a loss.

[Sithara007]

Perhaps this is a little too enthusiastic about bitcoin. For the time being, it appears that the government is firmly outlawing bitcoin on the basis of money laundering, terrorist financing, and other similar concerns, but is willing to levy taxes on cryptocurrency. We can already deduce the ulterior aim from this. They want to profit without risking a loss.

Apart from China, which government has recently taken action against Bitcoin? As far as I can see, others are moving towards legalization and regulation. I am residing in India and even here the government has adopted a more conciliatory stance in the recent months (which contradicts their previous hostile attitude towards cryptocurrency). The governments need taxes from the cryptocurrency industry, but at the same time, they are uncomfortable with the idea of giving away their dominance on the general population.

[btc78]

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

this has been the issue eversince but like what answered from the past, even without bitcoin still those illegal doings will exist.

they will do everything using their knowledge and ability to hide their activities.

bitcoin just become controversial because of the popularity and so many users but the thing is no matter what they called bitcoin still the reality speaking that this is also helpful in economy .

[Desmong]

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.

This government are always ready to fight against obstacles tat could limit the use of her current which is a necessity for the economy growth of the country, inviting investors to invest in her economy to increase the use of the country currency. The government has all right reserve to stand against imminent obstacles to the economy but that should not be done in a way that will affect citizens business activities. If the government thinks bitcoin is a threat then let them adopt it.

[criket]

I don't know if the destruction of the economy will destroy the economy. However, Bitcoin is playing a big role in the global market. People all over the world are now investing in this bitcoin platform.We can already see that Bitcoin Bank is now launching Bitcoin ATMs in different countries around the world.But I think the bitcoin economy will play a huge role in the market.

it all depends on the financial management owned by a country. how prepared they are in managing crypto in their country.
I think in a topic like this, the case of El Salvador will be an example. and see how the country manages the country's finances with bitcoin. success or failure we will see in the future.

[ReiMomo]

I don't know if the destruction of the economy will destroy the economy. However, Bitcoin is playing a big role in the global market. People all over the world are now investing in this bitcoin platform.We can already see that Bitcoin Bank is now launching Bitcoin ATMs in different countries around the world.But I think the bitcoin economy will play a huge role in the market.

Bitcoin is like a knife, if we use it for good things it will be useful, but if we ignore it then one day it will hurt us, it is important for countries to immediately make rules that accept bitcoin because the marketcap and the number of bitcoin users can be greater than the economic power of one country.

Its not only with Bitcoin, its with any local currencies. Its up to how they are used. It can be used for legal things or illegal things. Since BITCOIN or another crypto currencies can not tracked, many tend to use it for illegal activities. As long as its legalized or accepted country wide, then yes, there are chances of reducing such activities.

[5thFear]

It is not going to destroy economy but instead it would reshape it, for good. We have been so used to be prisoners of the governments that we think that is the right thing and only possible way. But instead your money should make you incharge, instead of the government. We are moving towards a different alternate way of living our lives and i think Bitcoin has a big role to play in it.

[bitgov]

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

this has been the issue eversince but like what answered from the past, even without bitcoin still those illegal doings will exist.

they will do everything using their knowledge and ability to hide their activities.

bitcoin just become controversial because of the popularity and so many users but the thing is no matter what they called bitcoin still the reality speaking that this is also helpful in economy .

Its like a double edge sword, you can use it in both directions. All such fraudulent activities are happening for centuries. Even today most of such fraudulent activities are done in digitally using USD. You can use BTC to transfer funds to your client instantly in country where he is denied banking facility or other way around, choice is yours. We need to understand that BTC is not only about money laundering, ransomware etc its a financial system in which everyone can join without any filtration.

[jakasantosa]

It is not going to destroy economy but instead it would reshape it, for good. We have been so used to be prisoners of the governments that we think that is the right thing and only possible way. But instead your money should make you incharge, instead of the government. We are moving towards a different alternate way of living our lives and i think Bitcoin has a big role to play in it.

I agree, With Bitcoin at least technological advances in transactions are faster than Fiat money and moreover can reach all over the world without the need for long time and specific addresses.
With Bitcoin, I don't think it will destroy a country's economy, but instead open a country to see technological progress at this time.

[isabellel2]

BTC creates an advantage that transactions are not controlled by anyone if in fact BTC is an easy to use and popular coin held by many investors, but the downside of it is trading. Anonymous and unregulated transactions are easy for bad guys to take advantage of these features. What you mentioned in the problem is not entirely true but everything in the world has advantages and disadvantages even BTC is no exception.

[kawetsriyanto]

Can you tell me, in what country Bitcoin destroys the economy? When you state it destroys the economy, you must give us the proof in real life. Not only based on your theory. In reality, it is even to help many people in the world to have more sources for their income by investing or trading Bitcoin. It is a positive contribution to the economic aspect, supporting people to get more money. How can you claim Bitcoin to destroy the economy? It sounds like you are too paranoid with Bitcoin. Don't be too easy to believe in FUDs of illegal activity using Bitcoin, many of them are just fake news! or something too exaggerated.

[kenskie]

wow I've been trying to research this and asking anywhere, well here it is. This might be lacking something for other members in forum but for me this explanation of why government not suggesting the used of cryptocurrencies is for this reasons, and it could really destroy the nation's economy by bringing & transferring money by using bitcoin to other country.

[maria1110]

What do you mean by destroy?
Printing limitless fiat is good for economy? I don't think so.
From the purpose of use, Bitcoin is money, it can be used same as fiat.
It is the people who use it make all the difference.

[Irenerty]

Both legal currency and bitcoin will be used for illegal activities, depending on the user's use.
Fiat currency is the currency that people have used the longest and is the most familiar, and I think it is still the currency that is most used in criminal activities.
Bitcoin will not destroy the economy. In more than ten years of development, it has brought more equality and fairness to human society and realized economic freedom. It has more value and benefits to people.