Impact of Bitcoin

[yazher]

Yeah you're right, when we decided to help our friend who were suffering from tremendous loss of wealth in the other country, we only gathered small amount of money and the worse part is, the remittance fee almost cut the amount to half. I realized if only he had bitcoins back then, he would have received the full amount of money we gave him. That's why when the exchanges nowadays added p2p option, it's really a big help for anyone who wants to send some money abroad without worrying for the high remittance fees.

[EarnOnVictor]

Your topic shouldn't have been "Impact of Bitcoin" as this doesn't align with the body. Nevertheless, let me reply directly to the body, it's left to any government and anti-Bitcoin to whatever measures they want to mete against Bitcoin users, the coin will always survive as it has been doing. If they like, they should raise charges and sanctions, the true Bitcoiner will survive in the country, they have always found ways to survive. P2P is a very good way to achieve this, but they have to be sure that they are dealing with a trusted party.

Some could even use the P2P with another online payament system before domiciling the fund into their bank accounts.

[maydna]

Bitcoin can handle cross-border limitations that cannot be reached by fiat because users can send large amounts of bitcoins for one transaction and arrive in minutes. Transaction fees for one delivery will also not be too large compared to if we send money in fiat form. But maybe this is what the government and banks don't like because they won't get any fee income from the transaction, so not all countries allow the use of bitcoin as a currency conversion.

And if bitcoin can get more users, including people from the government, maybe it will allow people from the government to realize what the primary use of bitcoin is. But it can happen in the future after all countries experience financial problems, so they will see that only cryptocurrency/bitcoin can solve it.

[Antonas1]

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.

At first I thought that makes none sense, but I found news written in 2020 that there are several banks that accept deposits with bitcoin. In that news, with Wirex (from the UK) you can fund your account using crypto while other banks only provide Bitcoin-related services. I found this information from Know Which Banks Accept Bitcoin, Get The Complete List.

In addition, I found the latest news published by Investopedia on August 16, 2022; U.S. Fed Opens The Door For Crypto Banks To Enter Traditional Banking System.

[Asiska02]

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.

There is no denying the fact that most businesses are turning to bitcoin for everyday savings and transactions. I have also observed a large number of online traders and investors profiting from bitcoin on a daily basis.

But based on my observations thus far, I haven't come across or heard of a bank that regularly accepts the use of bitcoin. I'm just surprised that a centralized exchange system could allow the use and transactions of bitcoin with them. I'm not disputing the possibility that there are any, though. They may still be traceable even though they are not owned by the government like central banks.

[Plaguedeath]

Bitcoin is pseudonymous, not anonymous. But for people who really care with their privacy can use Bitcoin as anonymous currency if they're use it correctly and using a mixing service. Impact of Bitcoin is anyone doesn't need to rely on third parties due to decentralized nature of Bitcoin and Bitcoin protocol is really secure, it almost 0% chance for hacker to hack the protocol. If anyone heard about hacker steal Bitcoin, they're hack the exchanges, not the Bitcoin.

[aylabadia05]

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.

Later we will see thoroughly in every center of the crowd an inscription that reads "Accept Bitcoin payments" or "Bitcoins are accepted here".
Basically, many big companies in the world already understand how Bitcoin transactions work and if big companies implement it, it will be very profitable for them. It's just that they maintain the ego not to use it. It is the same with the governments of countries that are still very strong in defending reasons not to implement it.

The presence of Bitcoin is a problem for banks. Just like the presence of computers that became a problem for newspapers.

[Zaguru12]

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.

Online stores are leaning towards cryptocurrency acceptance for transaction daily because of many factors. Some of it are; to avoid the issue of middleman where sales girl or boy can siphon fund but with bitcoin every transaction can be traced, which reduces the risk of fraud.

It's growing acceptance globally has prompted stores to accept bitcoin as means of payment to lure in more customers

[noormcs5]

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.

Bitcoin has a lot of advantages over fiat currency which you have mentioned. It costs lot less when you need to move money from country to another. The transfer of bitcoin is from one wallet to another and it does not matter where the two wallets are present. It can be with the person residing in same city or in different country.

However, the problem with bitcoin is that it is not yet regulated and most government discourage the usage of bitcoin. Some have made bitcoin transactions illegal. Due to this, many business are hesitate to integrate bitcoin payment in their business.

[Slow death]

in my country in recent years the impact of bitcoin is great, there are many people from my country who bought bitcoin, many people in my country trade bitcoin and mining, for example last year several people from my country told me that they had mined altcoins in 2019 and then they hodl and made a good amount of money and bought a lot of things in the real world so the impact bitcoin is having on people's lives is a big impact and if governments acted in good faith they would start making laws good for allowing banks to deal with bitcoin without creating headaches for people, in my country so far I can only buy recharge for my cell phone, I would be happier if I could buy everything in my country using bitcoin

[tygeade]

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.

Interestingly, that wasn't the reason why bitcoin was created. The idea of bitcoin was to have a currency that would be decentralized and could be used in a way that it’s both unbreakable (nobody could hack into it directly) and would be something that would not be like worlds fiat where it’s totally up to governments on how much valuable it is.

With bitcoin, you would earn and spend a currency just like you would do with fiat, but this time around it’s up to people that use it to make changes on it. This is why it took so much to go to segwit, and this is why it is taking so long to build lightning network as well, because we all have to go there. It's democratic money, and that’s the purpose.

[TheUltraElite]

Online stores are leaning towards cryptocurrency acceptance for transaction daily because of many factors. Some of it are; to avoid the issue of middleman where sales girl or boy can siphon fund but with bitcoin every transaction can be traced, which reduces the risk of fraud.

It's growing acceptance globally has prompted stores to accept bitcoin as means of payment to lure in more customers

Very few stores have done this truly speaking. There are so many niche marketplaces out there and some may have applied for crypto, but they are mostly fiat based. To make an impact on the economy a big e-commerce platform needs to accept crypto or everyday small to medium sized companies need to make the headline about crypto acceptance.

We can only hope for the best here. Even then the impact of crypto is seen clearly with more and more youth population becoming aware of Bitcoin and saving money to buy some.

[The Cryptovator]

Do you know why centralized financial organizations don't like Bitcoin? It's because of the impact that you said in your post. We are able to send money anywhere in the world without any third-party involvement within seconds. This is disliked by a centralized financial organizations like Banks. They won't support it even if Bitcoin made everything easier, because it matters if business and they won't ruin their business. For us, we always take it positively since cryptocurrency made life easier. It has a big impact on financial life.