Impact of Bitcoin

[Twentyonepaylots]

Today, bitcoin and other cryptocurrency can be converted into other forms of money and deposited into user's accounts in an instant. Most crypto can be transacted anonymously, generally safe to use and difficult for malicious hackers to break.

Here are some impact that I observed, many governments restrict remittances made from other countries or vice versa making the charges too high, with the use of bitcoin and other crypto, it reduced remittances.

More consumers are using bitcoins. Some legitimate businesses and companies have started accepting crypto as a form of payment. Online shoppers, investors, even some banks are using bitcoin regularly.

[Nwada001]

Apart from the transaction charges which bank and other payment system are charging their clients they are also slow in times of executing transactions.
But Bitcoin in an aspect of the payment system has made it possible for holders to make payments seamlessly without undergoing any form of government policy on transaction limits or restrictions to who one can send payments. Bitcoin has impacted in so many ways that make human life easier than I can even imagine.

[sheenshane]

Because that's the goal of Bitcoin based on the Whitepaper written by satoshi.  As an alternative payment system of fiat currency and now it has been widely adopted around the world but only in those selective countries because still there are few countries that restrict Bitcoin under their jurisdiction.

Most crypto can be transacted anonymously, generally safe to use and difficult for malicious hackers to break.

It's possible on a centralized exchange, isn't anonymously but it's pseudonymously.

[Dr.Bitcoin_Strange]

Bitcoin spending is seamless and secure. A bitcoin can be easily transferred between two individuals in an agreed transaction without revealing their identities or requiring the assistance of a third party, but gold transactions do not keep the seller and the buyer anonymous.

Bitcoin saves people the stress of carrying money around when they travel to a country where the use of Bitcoin is generally accepted (free and fair usage).

I just love Bitcoin because I can buy it in chunks if I can't afford 1.

[Vaskiy]

When people starts realising the real purpose for which bitcoin and other cryptocurrencies were innovated, automatically more and more people will move towards it. Even now the un-banked sector around the world contributes a big number. Those people at some point turning towards cryptocurrency will be a big success.

Bitcoin having multiple usage is another key factor for which users can prefer it over other form of investment/traditional usage. It can be used as investment, currency, store of value, transaction medium. Above all, it doesn't require a series of procedure same as we do with banks.

[GreatArkansas]

Here are some impact that I observed, many governments restrict remittances made from other countries or vice versa making the charges too high, with the use of bitcoin and other crypto, it reduced remittances.
(.....)

They have their own reasons for it. The government is just being a government, they are doing what it can to protect its people. That's why there are a lot of people who are against them, especially on some of their decision, let's take for example some regulations about Bitcoin which are not really useful.
They hate decentralization because they can't control it.

[Poker Player]

Today, bitcoin and other cryptocurrency can be converted into other forms of money and deposited into user's accounts in an instant. Most crypto can be transacted anonymously, generally safe to use and difficult for malicious hackers to break.

A shame that a person with the seniority on this forum that you have is talking about converting bitcoin to fiat to pay instead of paying directly with it. And then that in the second sentence you somehow identify bitcoin and cryptocurrencies when they are essentially different is already the last straw.

Bitcoin is having more and more impact on society, just like cryptocurrencies but the latter are just another part of the system while the former at least was devised as an alternative to it. Another thing is that in daily use many people acquire or transfer them through centralized entities.

[jossiel]

I went to the mall a few days ago and was happy to see it shine bright in my sight with only one stall of phones there. It's because it has a logo of bitcoin and said "Bitcoin accepted here".

It's gradually seen with the impact it's making and we'll see more establishments and businesses adopt it.

Whether they are small or big, it doesn't matter. What we like there is that they're acknowledging the use of bitcoin as payment and adopting it as is.

[bittraffic]

Here are some impact that I observed, many governments restrict remittances made from other countries or vice versa making the charges too high, with the use of bitcoin and other crypto, it reduced remittances.
(.....)

They have their own reasons for it. The government is just being a government, they are doing what it can to protect its people. That's why there are a lot of people who are against them, especially on some of their decision, let's take for example some regulations about Bitcoin which are not really useful.
They hate decentralization because they can't control it.

It also affects in the country's economy when people use BTC instead of their local currency.  The Crypto market is not incorporated into the currency exchange that they can see the growth for local currency demand. Coins sent by users going to Latin countries are not seen as remittances. It's usually just the USD upon exchange for a local currency.  If they just keep BTC upon receiving it, it will just be a BTC transaction. No more no less.

[Minor Miner]

A shame that a person with the seniority on this forum that you have is talking about converting bitcoin to fiat to pay instead of paying directly with it.

It depends on the country you live in, if bitcoin in your country is illegal then using bitcoin will be caught and fined. In this case, there is nothing wrong if you convert bitcoins to fiat to use. When you buy a cup of coffee for only $0.50, you can't use bitcoin to pay, it takes quite a long time to confirm the transaction and I think the transaction fee will be higher than paying for the coffee. Bitcoin is not only a means of payment, it can be a currency, property, safe haven… depending on how each person uses it. We are bitcoin investors but don't always use it for payment, use it according to the circumstances. IMO.

[$anounimus$]

The invention of bitcoin has brought more people into the crypto sector, changing their daily lives. The use of virtual currencies thus offers a more secure way to transact with foreign entities or local merchants without having to worry about fraud or theft. This has offered consumers a new alternative to their usual way of making purchases, allowing them to have more control over their spending.

Future generations will definitely be smarter and will ask themselves, how is it possible to send money for free?

Yes, we are all heading into a new era in remittances. The financial crisis is more than just a global recession, it is a catalyst for change and we will all be better off for it.

[so98nn]

The irony is that, bitcoin could actually solve various issues from traditional banking system yet they fear the acceptance of same. Now the fear is because of uncontrolled authority over the use of bitcoin which could put down various government operations. Such as how they will get the taxation and how they will run the nation (if they really do!).

I don’t think there is anything else that’s interfering with their decisions of accepting it. The fear of loosing tax monetary system is alone biggest barrier for them.

However, DUBAI managed to survive with less or zero tax but again that’s rich country with kings who understand humanity. Rest of the world may not be able to follow the path.

[Adbitco]

Banks can only accepts bitcoin if they found it legalized and this should be somethings i think central bank has to authorized rather a commercial bank go into this law this same thing applicable with my country, bank don't accept bitcoin as a means of payment and as a matter of facts when doing transactions we don't mentioned anything crypto related otherwise these accounts would be frozen, we can talk of privates company or individuals like me and you can start doing that secretly without any authorizations from our countries.
Lastly have you took your time to go through the whitepaper of bitcoin? meaning its becoming a dream comes true if not for government not legalizing it in the whole world.

[Ahli38]

The tremendous impact of bitcoin is for those of us who have used it. we must have felt a lot of benefits from bitcoin as bitcoin users and holders. and of course people who now don't know and haven't used bitcoin then they haven't been able to feel the benefits of bitcoin. then I hope they can find out and use it soon. so they can also feel the benefits and conveniences obtained from bitcoin. for the government then of course bitcoin makes them a dilemma. because on the other hand they know that it is very useful but they can't accept it because they the government always wants a centralized system that they can control freely. while bitcoin is out of their control. but I'm sure one day there will be more countries or governments that accept and support the use of bitcoin.

[mk4]

Online shoppers, investors, even some banks are using bitcoin regularly.

While I don't 100% totally doubt this, do you have actual proof of banks using bitcoin regularly? Or do you mean banks offering bitcoin-related services to their customers? Because these 2 are very different things.

[landheer]

Indeed so. and with bitcoin, of course, it has a very positive impact on all, especially those who invest in bitcoin. and with bitcoin, of course, it opens up good opportunities, especially in the economic field, namely by investing in bitcoin. and bitcoin buying and selling transactions are very easy.

[bitzizzix]

Actually safe or not is relative, because bitcoin or other cryptocurrencies are decentralized or not regulated by any institution so the security of crypto assets depends on how they protect them and will be safe if they really take care of them properly.
but many people even want their transactions not controlled by any particular institution, decentralized, peer-to-peer, transparent, anonymous and immutable, many people want it and also feel comfortable using this technology.
and certain companies allow transactions with bitcoin overseas, and it is people like this who need bitcoin because bitcoin is also the most accepted cryptocurrency compared to other cryptocurrencies. And bitcoin is freedom and makes everything simple and easy, and also completely self-controllable.

[famososMuertos]

OP; Unless you are the original source don't forget the references.

Bitcoin is always measured by its influence in breaking traditional schemes (it is already very obvious after so many years), transfers, payment methods, etc. but where it should work without ties, which are the people, is where it has less influence, yes! It is having an informative penetration and people are interested, but the basic process of being an active part, hodl, selling or buying, is still delayed.

[Hyphen(-)]

Today, bitcoin and other cryptocurrency can be converted into other forms of money and deposited into user's accounts in an instant. Most crypto can be transacted anonymously, generally safe to use and difficult for malicious hackers to break.

This is the primary goal of Bitcoin. It was created to provide another source of wealth for its users, which is why it is anonymous; with the help of blockchain technology, all Bitcoin transactions are transparent and fast, which is why you can convert your Bitcoin to FIAT whenever you want and it is very fast; and it has brought a solution to keeping your money with third-party like banks, as you are now your own bank.

Here are some impact that I observed, many governments restrict remittances made from other countries or vice versa making the charges too high, with the use of bitcoin and other crypto, it reduced remittances.

That is the anonymity of Bitcoin Technology; it is unrelated to your location. Privacy is very important, which is why it is necessary to keep your Bitcoin in personal wallets rather than using exchanges that may expose your privacy.

More consumers are using bitcoins. Some legitimate businesses and companies have started accepting crypto as a form of payment. Online shoppers, investors, even some banks are using bitcoin regularly.

They found Bitcoin payment to be simple, and if they can keep the Bitcoin, they will profit when the price of Bitcoin rises. In comparison to FIAT, whose value will remain constant.

[CageMabok]

Today, bitcoin and other cryptocurrency can be converted into other forms of money and deposited into user's accounts in an instant. Most crypto can be transacted anonymously, generally safe to use and difficult for malicious hackers to break.

Here are some impact that I observed, many governments restrict remittances made from other countries or vice versa making the charges too high, with the use of bitcoin and other crypto, it reduced remittances.

Restrictions on sending money from other countries by the government are the basic trigger for big businesses to switch to using other options such as cryptocurrencies and Bitcoin in terms of payments or remittances. Because it makes it easier for business people to make transactions in large numbers so as to make the running of business run more smoothly without being constrained by restrictions on remittances to other countries. And I think online Buyers, investors and banks have taken the very right steps to address this without bothering the state for this.

More consumers are using bitcoins. Some legitimate businesses and companies have started accepting crypto as a form of payment. Online shoppers, investors, even some banks are using bitcoin regularly.

I completely agree that online Buyers, investors and banks use cryptocurrencies and Bitcoins to facilitate and increase the number of their transactions in a day. Because it will also have a good impact on cryptocurrencies and Bitcoin when there are more people who use cryptocurrencies and Bitcoin for important things like you described.