Bitcoin could destroy economy

[Sithara007]

What do you mean by destroy?
Printing limitless fiat is good for economy? I don't think so.

Probably that's what the OP meant. Printing unlimited amounts of money is essential to the survival of the fiat economy. And as the OP has stated, Bitcoin has the potential to disrupt, or even destroy this system. The current system of fiat economy is not viable in the long term. It will collapse under its own weight in the long-term future. Federal debt now stands at 150%-200% of the GDP for many of the countries. So even without the entry of Bitcoin, the future outlook for fiat economy looks poor IMO.

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[BuNga_cute]

This issue has been discussed for a long time, but until now the economy is still holding up well with the presence of bitcoin. and bitcoin has no effect. it seems like an issue raised for bitcoin and without any basis. if bitcoin does not have the power to destroy bitcoin.

The allegation that Bitcoin will destroy the economy is not proven, but what happens is the opposite. Which since the presence of Bitcoin has helped
many people with the economy, Bitcoin can be a source of income. There are even some people who managed to become rich after deciding to
invest in Bitcoin. If Bitcoin can destroy the economy, it is impossible for El Salvador to legalize Bitcoin as a legal tender. If someone says Bitcoin will
destroy the economy, it means that person does not understand Bitcoin. Or the person is a Bitcoin hater, and make Bitcoin look bad in the eyes of
the public.

[blckhawk]

bitcoin can not topple the world economy, because bitcoin is also indirectly dependent on the world economy. and bitcoin is only like a stock that is tradeable for services and products. and only as you buy that stock that only will its price go up so if no one buys bitcoin or uses bitcoin then the price of bitcoin will go down.

[LyJones]

What you are talking about is just the shortcomings of Bitcoin. Have you not seen the advantages of Bitcoin at all? If Bitcoin is really bad, will so many countries make Bitcoin legal tender and legalize Bitcoin?
The country bans Bitcoin because they cannot control Bitcoin. There are also many countries that initially banned Bitcoin and later allowed the use of Bitcoin. Don't be influenced by some negative news.

[kawetsriyanto]

if bitcoin does not have the power to destroy bitcoin.

Bitcoin to destroy Bitcoin? 
I think you made a mistake writing this statement. You are better to revise this, looks nonsense to me.
How can Bitcoin destroy Bitcoin? It is something impossible to do. 

The country bans Bitcoin because they cannot control Bitcoin.

Who bans Bitcoin isn't a country but the government. And the reasons can be varied, not only because they cannot control it. For some governments, Bitcoin cannot be accepted as a payment tool because it is volatile. So, they assume Bitcoin possibly bring negative impacts to their society. But for other governments, it is no problem at all. Especially for a digital asset, the volatility even can make society gain bigger profits.

[Wendy Simth]

Economic development is not determined by bitcoin. Bitcoin didn't destroy anything. The economic collapse has something to do with the government's own policies, not anything else.

[Wendy Simth]

Economic development is not determined by bitcoin. Bitcoin didn't destroy anything. The economic collapse has something to do with the government's own policies, not anything else.

[A BLackPearl]

Bitcoin has been developed for more than a decade, and Bitcoin can destroy the economy will not allow for use. Many countries now have legalized Bitcoin. You can pay at Bitcoin when you are allowed to use encrypted currency. Bitcoin did not destroy the economy, which brought new economy.

[add1ct3dd]

What you are talking about is just the shortcomings of Bitcoin. Have you not seen the advantages of Bitcoin at all? If Bitcoin is really bad, will so many countries make Bitcoin legal tender and legalize Bitcoin?
The country bans Bitcoin because they cannot control Bitcoin. There are also many countries that initially banned Bitcoin and later allowed the use of Bitcoin. Don't be influenced by some negative news.

We have this debate for very long time because most of the hatters still arguing about this but are not checking all data which is still available before bitcoin it's never been good and clean we have money laundering we have terrorism, and we have all criminal activities before this as well.

Just because of this we are sure Bitcoin is never going to hurt any country or economy, It's going to destroy by their own policies and system which is helping corrupt and criminal mind peoples. After bitcoin, we have some better and cashless transactions with good speed and security, which is great improvement.

[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.

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.

Obviously it’s never wise to bet on this unpredictable asset a 100% of your capital. Anything can happen, I just wanted to say that I am not seeing it happening anytime soon.

[carrigan]

I don't think Bitcoin can destroy the economy. All back to the person or community who use it. Like fiat, Bitcoin can be used for good or bad depending on the user. Even all things if misused are also not good, not just Bitcoin. Don't look at things only from one side, but try to look at things from the other side. What looks bad is not necessarily as bad as you think and vice versa. Therefore I do not agree if Bitcoin is considered an economic destroyer because there is a positive side that I see from it.

[GatotKaca]

I don't think Bitcoin can destroy the economy. All back to the person or community who use it. Like fiat, Bitcoin can be used for good or bad depending on the user. Even all things if misused are also not good, not just Bitcoin. Don't look at things only from one side, but try to look at things from the other side. What looks bad is not necessarily as bad as you think and vice versa. Therefore I do not agree if Bitcoin is considered an economic destroyer because there is a positive side that I see from it.

all things that are utilized of course have an impact. including bitcoins. maybe indirectly people think bitcoin adopted by a country for transaction tools could destroy the economy of its people when the value of bitcoin is in a bad correction.
but on the other hand, I think there will be more people involved in bitcoin adoption when the market is down. and it will create an economic pattern of the community that is oriented towards long-term strengthening.
but all still have to get support from the users themselves. including fiat which is still not completely avoidable.

[Ryder Kudrow]

Bitcoin will not disrupt the economy. From the past few years, we can see that Bitcoin has brought huge profits to investors, and it has made long-term investors more profitable. Bitcoin brings positive help to the economy, provides users with the opportunity to manage funds freely, and helps us achieve wealth and freedom of thought.
Bitcoin's decentralization is not controlled by the government and its number is fixed and limited, which can effectively alleviate the problem of economic expansion and is conducive to economic stability.

[zanezane]

~

Bitcoin will take a long time to destroy because the government cannot control bitcoin, the government will never keep bitcoin as money in the public sector so bitcoin will not destroy the economy of any country. Bitcoin investment can help boost the country's economy.

Dummy, I'm not talking about bitcoin being destroyed by the government, if you've read it a bit slower it's the other way around, why would I say something senseless like bitcoin being destroyed by the government.

[Chato1977]

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.

It is irritating every time i read something that differentiate Bitcoin as tools for illegal activities while Fiat is keeping safe.
Fiat is the very main tools that syndicate are using it is just recently Bitcoin becomes more popular that it is used also as medium but this does not necessarily mean that Fiat
 is better than Bitcoin because it is not.

I don't think Bitcoin can destroy the economy. All back to the person or community who use it. Like fiat, Bitcoin can be used for good or bad depending on the user. Even all things if misused are also not good, not just Bitcoin. Don't look at things only from one side, but try to look at things from the other side. What looks bad is not necessarily as bad as you think and vice versa. Therefore I do not agree if Bitcoin is considered an economic destroyer because there is a positive side that I see from it.

People of greed attitude will destroy the economy and that is not bitcoin at all.

[KaliLinux]

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.

Frankly speaking, I don't see any argument here against Bitcoin except usual speculations. You said,
"There are other things that bitcoin could be getting abuse by the criminals like"

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

So Bitcoin has been in existence for about 20 years and before that, we know vividly now that,
 
*terrorists were been funded then, with what? of cause, not bitcoin
*monies were been laundered and definitely not with Bitcoin
*Ransoms were also been paid for kidnap and that too was definitely not with Bitcoin.

In fact, I can categorically tell you that if you have been following news around the world and you have been paying attention to Nigeria, you should know that, this is like the hottest location with one of the highest rates of Kidnapin now and none of the ransoms that have been paid thus far are with Bitcoin, all still with Fiat.

[BaeSuzy]

I don't think Bitcoin can destroy the economy. All back to the person or community who use it. Like fiat, Bitcoin can be used for good or bad depending on the user. Even all things if misused are also not good, not just Bitcoin. Don't look at things only from one side, but try to look at things from the other side. What looks bad is not necessarily as bad as you think and vice versa. Therefore I do not agree if Bitcoin is considered an economic destroyer because there is a positive side that I see from it.

Yeah its true, Bitcoin needs a fiat value to be worth anything at this point. Bitcoin won't destroy the economy. It will work alongside it and Bitcoin will help the economy develop, definitely not destroy it.

[Artemis3]

Obsolete rules are obsolete. You cannot apply the rules for a national currency to a global currency. The money isn't moving, only you are. The money is in all the world at the same time, those old rules cannot be enforced anymore.

This is what the next generation of politicians need to grasp, because without a few exceptions like gold, there have not been true global currencies before. Sure, the old gold coins of another country were not technically valid everywhere, but you could at least melt it. Can't do that to modern fiat can you? Its just paper at best, digital zeroes at worst, backed purely by promises and nothing else.

So go after the individual and find where did the money came from, but leave the money itself alone. It is not your jurisdiction anymore, its not your country sovereign right to ruin it like in the past. Bitcoin is not yours or your little country, it belongs to the world.

[iyamoxjhian]

I don't think it can destroy ones economy unless the ruler and official of the government thinks it that way. So far, there were few influential people, most of them are government officials, celebrities, influential are using bitcoin. Maybe they believe that based in their own experiences,  it helps to reduce poverty and unemployment but can not be adopt for legalization as it will break or oppose the rules for money value, implementation and decentralizations of different country especially in out central banks.