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Author Topic: You Think Bitcoin Save Your Economy  (Read 569 times)
worldtraveller321
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April 06, 2021, 04:28:44 PM
 #1

With the recent situation with the pandemic going on. Has created many economic challenges for all.
Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?

This be in the form of trading. Use of the currency? creation of? education. etc

What are your thoughts on this. Could this cryptocurrency help people give some new direction?

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April 06, 2021, 04:33:59 PM
 #2

Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?
No, I do not think Bitcoin or any other cryptocurrency could have a significant effect on an economy.

This be in the form of trading. Use of the currency? creation of? education. etc
None of these is enough to effect an economy on a national scale, cryptocurrencies for now are for mostly personal use, public companies are gradually beginning to join the queue, but until it is fully embraced by governments, it cannot influence the state of an economy.

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April 06, 2021, 04:46:06 PM
 #3

I think what @Upgrade00 said is true, for a global scale it doesn't have a significant impact. and will only have an impact on individual crypto users who already held it before the pandemic came. as for most people who end up flocking to save their assets during a pandemic and store them in bitcoin, it is temporary. because we have to know, between longtime crypto users either during the pandemic or before the pandemic, and they are still surviving.
for those who only know that bitcoin is a savior of assets in times of crisis, that doesn't sound very good. maybe for a while it will be very effective, but gradually they will return to a situation where everything has been exchanged into their respective fiat currencies.

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April 06, 2021, 04:50:29 PM
 #4

Many countries are investing into crypto currency for example China which has a digital currency. I believe in a way this could help boost their economy most especially if it appreciates above certain leading fiat currency scattered around the would like other crypto currencies are doing at the moment.

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April 06, 2021, 05:06:47 PM
 #5

Definitely Bitcoin can save economy of country, if a country is serious into it, just take a look of certain countries that embraced cryptocurrency, they are most digital and developing country now, and take a look of those countries that  abandoned or restrict cryptocurrency, just compare them and check the differences, so it's obvious that cryptocurrency can equally bring a country who invest in it into life when their are shortages of economy and when crisis happen, it will be easier for such country to recover their lost within short time after crisis, so in all ramifications cryptocurrency will enhance elevation of country economy if it's really plan well  by their finance minister or ministry.

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April 06, 2021, 05:34:16 PM
 #6

With the recent situation with the pandemic going on. Has created many economic challenges for all.
Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?

This be in the form of trading. Use of the currency? creation of? education. etc

What are your thoughts on this. Could this cryptocurrency help people give some new direction?
The economy of a certain country does not fully rely only on money and currency, it can also be about its natural resources and manpower. Even though bitcoin is currently the strongest cryptocurrency at the moment, I don't think the time is not yet ripe for it to be able to survive or lift up the economy of a whole country. Also, we should take consideration of its purpose. We should know what is the real purpose of bitcoin and many would surely argue because we define its purpose differently. Good governance and abolishment of corrupt government officials, proper trading from inside and outside the country and avoiding to abuse natural resources could be one of the best way to save the economy of a country.

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April 06, 2021, 05:43:59 PM
 #7

What are your thoughts on this. Could this cryptocurrency help people give some new direction?

That is a good question. One of the things I believe Bitcoin is good for is for businesses and national economy. There's so much fraud in the economy now. The business sector has been completely and totally devastated by fraud and rip-offs of all kinds. What Bitcoin can do is to provide a safer, more reliable way to exchange value in the economy, which is absolutely essential in business and in commerce. I think that that will unleash some very good business opportunities.
But I also believe that if you're trying to have something that resembles a currency, you're going to have to go through the government, and then, of course, you're going to have to take into account regulation by the banks and everything else.

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April 06, 2021, 05:48:16 PM
 #8

With the recent situation with the pandemic going on. Has created many economic challenges for all.
Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?

This be in the form of trading. Use of the currency? creation of? education. etc

What are your thoughts on this. Could this cryptocurrency help people give some new direction?

It actually can help people have a better economic condition. Especially in the countries of which the chief monetary unit is not valuable, people are searching for alternative ways to earn more money and improve their condition. And they find cryptocurrencies here. Now, there are so many people who are investing in cryptos to make a nice profit and increase their savings.

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April 06, 2021, 05:57:37 PM
 #9

Only those who were able to hold and gains a lot this current bullish. Unlike me who failed to invest when the Bitcoin dumps. Though I'm glad tons of people were able to gain a lot from this, for its a win win situation for all of us. Bitcoin is now being recognize better than ever around the world. Market starting to acknowledge and adapt to it.

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April 06, 2021, 06:02:54 PM
 #10

Whether Bitcoin can save an economy depends on how the government uses it.  I can see potentials but as long as the government does not know the importance of emerging technology in a country's economy, Bitcoin can only remain as an option.  It is only a tool but the decision and actions to save the economy depend on the people in the government. Mostly Bitcoin economic usefulness still remains in the personal level, I do hope to see the economic influence of BTC to grow up to a national and eventually worldwide scale.
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April 06, 2021, 06:30:39 PM
 #11

With the recent situation with the pandemic going on. Has created many economic challenges for all.
Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?

This be in the form of trading. Use of the currency? creation of? education. etc

What are your thoughts on this. Could this cryptocurrency help people give some new direction?

Bitcoin was never created to save the economy. Rather it was created to provide the common people with financial freedom as opposed to the current centralized financial system. So it can definitely provide financial freedom to an individual who is involved into it but it can't help the entire economy to overcome its challenges. An individual can definitely earn money from trading, mining (extremely difficult for an individual) or whatever activity that person may see fit.

Bitcoin adoption has not yet reached to that height where it can benefit the economy as a whole. With the current situation with mining, it seems unlikely as well. It can provide new direction to those people who have adopted this, but not to all! Don't think bitcoin as a magic wand to solve all problems! Because it is not!

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April 06, 2021, 07:51:21 PM
 #12

With the recent situation with the pandemic going on. Has created many economic challenges for all.
Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?

This be in the form of trading. Use of the currency? creation of? education. etc

What are your thoughts on this. Could this cryptocurrency help people give some new direction?

If you mean the economy of a country rather than a person, then I don't think Bitcoin can. Maybe it can until a point but when the price decreases sharply, it will affect very deeply the country in which it is used as the chief monetary unit.

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April 06, 2021, 07:56:04 PM
 #13

This pandemic has been going for 1 year already, and it's pretty clear that Bitcoin doesn't have any macro impact on dealing with economic problems caused by it. If you think about it, people with no money simply can't invest anything in Bitcoin, and they don't have even half a year to wait for profit, and even if they had a little bit of money, putting it in such a risky investment isn't an objectively smart move. This is why amount of people who used stimulus checks to buy Bitcoin is negligible.

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April 06, 2021, 07:58:31 PM
 #14

With the recent situation with the pandemic going on. Has created many economic challenges for all.
Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?

This be in the form of trading. Use of the currency? creation of? education. etc

What are your thoughts on this. Could this cryptocurrency help people give some new direction?
No it won't. What makes you think bitcoin can help recover/save the Economy? In form of trading? Like how? How does trading even help drive the economy forward? Crypto currencies are just a form of currency which can be used for making transactions (and currently in a very limited form due to various issues and government policies/regulations). To save or progress the economy we need growth in productivity, increased capital and so on. If we invest everything in bitcoin and keep holding it, we won't be causing any economic growth!

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April 06, 2021, 08:00:31 PM
 #15

With the recent situation with the pandemic going on. Has created many economic challenges for all.
Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?

This be in the form of trading. Use of the currency? creation of? education. etc

What are your thoughts on this. Could this cryptocurrency help people give some new direction?
If people understand the concept of bitcoin and its interaction, they can use bitcoin to improve the economy. However, bitcoin is on its early stage and people only want to be rich with bitcoin instead of learning or obtaining any knowledge from it. Thus, application for melioration is unlikely to happen in the next 5 years. In the future, we can see more implementation of bitcoin in the financial world and I believe by utilizing bitcoin in a larger scale, it can reshape our world and make it a better place. Our world has already covered by the internet and it is enough for any individual to connect themselves to blockchain

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April 06, 2021, 08:10:53 PM
 #16

Do you think Bitcoin and other cryptocurrency could really help people bring back their economy?
No, I do not think Bitcoin or any other cryptocurrency could have a significant effect on an economy.


You didn't give any brief on the reason that cryptocurrency won't help the economy or is not already helping the economy. Remember whether not we agree, this area of digital economy is creating new normal for the people, many aspect of jobs and support is open to the youths through it. Many are trading, hodling and doing so many more with it. In return, it create increase of GDP in the economy even though it may not be direct but it sustains the people and fiat through cryptocurrency flow into the economy.


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mindrust
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April 06, 2021, 08:11:04 PM
 #17

Currencies have nothing to do with the economy itself. It is the bad FED policies and low interest rates that killed the economy. They cannot afford to raise the rates anymore because it would bankrupt the zombie corps. In fact, now they even want to go negative. (Europe already do it.)

Crypto may provide a temporary shelter but I doubt it will last forever.




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online73
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April 06, 2021, 08:43:23 PM
 #18

Hello everybody. I am not an economist and I cannot judge in economic terms, but the fact that cryptocurrency can take on a certain part of economic problems - I am sure of this. But the problem is that the economic leverage is with the government - and my government is not good at Bitcoin. The only hope is that Bitcoin will improve my economic situation. Good luck everyone.
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April 06, 2021, 08:49:05 PM
 #19

countries economies will always be managed by their government currency.

bitcoins purpose is not to replace a countries currency. its not meant to 'save the countries economy'

its meant as an alternative..

its like how corporations have shell companies in tax havens..
bitcoin is an individuals own tax haven.

its about taking your value or wealth OUT of the economy to protect it from the economy.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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April 06, 2021, 08:59:35 PM
 #20

In my case living in a country with high inflation, bitcoin is like a lifeline, of course it is a respite for me, so much so that I have researched many ways to make my trades better by always looking for Bitcoin, I have some coins in Hodl of shitcoins , I hope that when they have something of value quickly change them to Bitcoin.

The economic conditions for some northern countries and for Europe, the purchase of Bitcoin can be very easy and almost without decapitalization, for South American countries it is really strong to buy at least a fraction of 0.001BTC, when the local currency has suffered some devaluations.
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