Effects of Crypto and Bitcoin on the Economy

[Bitcoinislife09]

A cryptocurrency become popular in many countries in the past years, one of the reason is the spike of the market price of Bitcoin which become a trend. There are a lot of people that wanted to invest on it because of the profit on cryptocurrency especially on Bitcoin where a lot of people believed. There are also cryptocurrency that become popular like Ethereum, Dogecoin, XRP etc. But what is the effects of cryptocurrency on the Economy?

The cryptocurrency like Bitcoin gives us investment opportunity, With the spread and trend of cryptocurrency, many of us have invested in it because it can potentially provide us with high profits, even though it comes with significant risks. Having this opportunity has allowed many of us to earn, and as a result, our capacity to establish businesses that can contribute to the country's economic growth has grown.



In the cryptocurrency industry, only a few people have enough knowledge about it, and professionals with skills and knowledge in blockchain technology, programming, etc. are needed. The Cryptocurrency has created jobs in our country. Many crypto-related businesses have emerged in a lot of country, such as exchanges, which many investors use and surely hired professionals. If the spread of crypto continues to grow in a lot country, it can provide many more job opportunities.



Because of crypto a lot of people become familiar at knowledgeable when it comes to Saving . Crypto helps a lot of people, because a lot of people learn how to manage their financial, including the transitions of using traditional banks. A lot of use change our perspective when it comes centralized platforms like banks. That helps us invest for our future.



Cryptocurrency helps us a lot because of the fast and secure transactions, instead of using the traditional fiat currency. It helps a lot because we can make a fast transaction where ever we are using cryptocurrency.


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Epekto ng Crypto at Bitcoin sa Ekonomiya ng bansa

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[Zaguru12]

The evolution of Cryptocurrency or let me say bitcoin has actually made everyone see the importance of having control over one’s finance. It is one of the best asset for investment as it is a store of value and gives an ROI. But this is only secure when the investment is on bitcoin and not other Alticoins.

Cryptocurrency has several impact on the economy but the best of them is the cross border transactions. Before the arrival of bitcoin it was not easy to send funds from one countries currency to another, this process is usually slow down by the commercial bank’s policy. But with bitcoin it is easier to send funds directly to someone in another country and this has made business transactions easier.

This topic also has been discussed for umpteenth time in this forum, you could search for them to look at the discussions there

[knowngunman]

Nice thread despite that you only focus on the positive effects while negative effects can also not be overlooked. Crypto is really playing a vital role in today's world economy particularly in my own country. It's sad that majority of our youths engage in one crime or the other such as internet fraud popularly known as yahoo.

The coming of crypto has drastically reduced the number of idle youths who now engage themselves in form of crypto related business like trading, investing, crypto vendor and the likes. Crypto is serving the purpose of providing job that the government has failed to provide for the youths yet its still not grants free access to crypto.

[Forever101]

Nice thread despite that you only focus on the positive effects while negative effects can also not be overlooked. Crypto is really playing a vital role in today's world economy particularly in my own country. It's sad that majority of our youths engage in one crime or the other such as internet fraud popularly known as yahoo.

The coming of crypto has drastically reduced the number of idle youths who now engage themselves in form of crypto related business like trading, investing, crypto vendor and the likes. Crypto is serving the purpose of providing job that the government has failed to provide for the youths yet its still not grants free access to crypto.

You have said it all my brother, the truth is that many young people in our country lack patience to wait for the time to make money, greediness has taken over where everyone need quick money for selfish and indecent life. The government have their blame on one side however, the young people are be blamed if they neglect the great opportunity in cryptocurrency and start looking for quick money without working

As the op have mentioned, Cryptocurrency has affected the world economy as many person have moved their money from banks to Non custodial wallet and cold wallet. With the Cryptocurrency positive side, the volatility is major threat to people who are too rmotional.

[bayu7adi]

In the cryptocurrency industry, only a few people have enough knowledge about it, and professionals with skills and knowledge in blockchain technology, programming, etc. are needed. The Cryptocurrency has created jobs in our country. Many crypto-related businesses have emerged in a lot of country, such as exchanges, which many investors use and surely hired professionals. If the spread of crypto continues to grow in a lot country, it can provide many more job opportunities.

~~~

Cryptocurrency helps us a lot because of the fast and secure transactions, instead of using the traditional fiat currency. It helps a lot because we can make a fast transaction where ever we are using cryptocurrency.

The distribution of knowledge about cryptocurrency in the world is still very uneven and limited due to government policies. In each country, there is a different level of public adoption depending on government policies.

Regarding jobs, few people actually understand cryptocurrency, even if they have been involved in the crypto world for several years. Nowadays, many people are making money from cryptocurrency, which is called opening up job opportunities. However, for some people, their actual job is a regular job that only requires ordinary skills.

The concept of fast transactions when using cryptocurrency to buy goods is very relative. In some cases, the availability of infrastructure is the main obstacle to this. This is different from credit cards, which are already quite popular. However, I prefer to pay using cryptocurrency, especially LTC and sometimes BTC for purchasing virtual goods such as RDP, VPS, or gambling services.

[Hispo]

I continue to stand and defend my personal point of view that the impact of Bitcoin is highly dependent on the context of each nation.
Argentina, Venezuela and Nigerian are examples of countries where Bitcoin and other altcoins have increased in adoption and volume, because the traditional banking and financial instruments have failed or are very weak in the pursue to provide to their people with reliable means of managing money and secure value.

The impact in countries with strong and stable economies are not so obvious, people there still have or think to have reliable banks, centralized wallets and currencies.

Bitcoin in the end, besides being a decentralized currency is also a safeguard against reckless governance, which Venezuela, Argentina and Nigeria have in common.

[tabas]

There's no doubt that the impact of Bitcoin and other cryptos in one's economy has been really big. We can just start out with the start of the pandemic and people who have thought that Bitcoin has saved them by that time because they've held it and then as jobs were halted at those times, they've used their holdings for it. It's true that saving = holding and this is what having bitcoin has taught us. We're spenders before and ignorant of how important is to save but then when we started owning bitcoin, we've learned it from the crowd that we should hold as well just as them.

[uneng]

OP mentioned decent points regards impacts of cryptocurrency on the economy. Thanks to crypto and Bitcoin in special, average citizens from every corners of the world have access to investments and jobs' opportunities not available before. The impact on the society is that there is a higher flux of money circulating, which benefits every sectors of the society, since money is constantly moving, like the waters of a river.

Maybe what I said isn't seen is large scale yet by most people, but they do exist, and those individuals involved on these economical chains are really satisfied and proud for having found Bitcoin on their lives.

As example of those economical chains benefited by Bitcoin and crypto, we can mention investors who are in profit with their BTC investments and digital workers, like Bitcointalk's members who are engaged to signature campaigns.

[GeorgeJohn]

Yeah I'm in the support of opinions that while bitcoin became influential is because of the profit that made people to make in past years, but upon that many people were afraid of investing in bitcoin  because of the information that was speculating that bitcoin is been used for money laundering, and many countries government began to redtrict the adoption of bitcoin and deprived bitcoin to be a legal tender in some of the influential or prominent countries, so I believe that what makes bitcoin today to become popular is as result of government attacks in different countries, but many people will think that while bitcoin have grounds today is as result of the increment preciously and benefits of people towards that period.

[Cuenta Alternativa]

It's a thread that at first glance looks nice, but it has some major flaws, like you putting bitcoin and other cryptocurrencies on the same level, when bitcoin is essentially different because it is so much better. Conversely, altcoins are essentially rubbish.

For instance:

Because of crypto a lot of people become familiar at knowledgeable when it comes to Saving . Crypto helps a lot of people, because a lot of people learn how to manage their financial, including the transitions of using traditional banks. A lot of use change our perspective when it comes centralized platforms like banks. That helps us invest for our future.

Here you obviate that all other cryptocurrencies are centralised junk, unlike bitcoin.

What I do agree with you is that crypto in general has created new jobs, but not the rest where you equate bitcoin and the rest of the rubbish.

[YUriy1991]

Cryptocurrency helps us a lot because of the fast and secure transactions, instead of using the traditional fiat currency. It helps a lot because we can make a fast transaction where ever we are using cryptocurrency.

Appropriate. Cryptocurrencies have helped people become more knowledgeable about saving and managing their finances. Through the use of cryptocurrencies, many are moving away from traditional banking and gaining new perspectives on centralized platforms such as banks. This has allowed them to invest more wisely in their future. By providing a fast and secure way of transacting, cryptocurrencies also make it easier for people to manage their finances from anywhere. Overall, from what you said, cryptocurrency has a positive impact on education and financial management, especially for young people who are passionate about investing in the money market.

[dansus021]

Bitcoin or crypto is growing industry and it does have effect on multiple things including the economy and don't forget that the first legal country El savador is one of the proof in economy and dozen of merchant that accept Bitcoin.

Transfer with low fees and doesn't have border is always be good economy benefit in my opinion

[Fiatless]

You are on point Op when you identified that Bitcoin and the crypto industry have created employment opportunities for many people in some countries. Many people have also used the sector as a side job to complement their income. Bitcoin is one of the fastest and safest sectors to invest in. Investing in some sectors requires some cumbersome bureaucratic process that makes it time-consuming. But all you need is just a wallet to buy and hold your investment. Many banks are failing making their shareholders lose their funds but over the years the bitcoin sector has been consistent.

In some countries, bank transactions are not reliable. But Bitcoin is competing with these banks and many people are seeing the sector as a good alternative to fiat banking.

Saving is a habit that is cultivated, so I don't think only the Bitcoin sector is helping people to save. If you don't have the drive to save, you will never be able to set funds aside for future investment.

[posi]

Bitcoin or crypto is growing industry and it does have effect on multiple things including the economy and don't forget that the first legal country El savador is one of the proof in economy and dozen of merchant that accept Bitcoin.

Transfer with low fees and doesn't have border is always be good economy benefit in my opinion

But honestly, we haven't seen any significant progress in El Salvador's economy since they accepted bitcoin as a legal tender method. In my view, bitcoin and cryptocurrencies only contribute to the individual economy, but in terms of macro influence like the national or world economy, it has no impact. Look at the market capitalization, it's only a tenth of the gold market and nothing compared to the stock market. So to say it is impacting the world economy is not entirely accurate.
In the future, when it gets more attention, more recognition, perhaps it will have a significant impact on the world economy. Currently, it doesn't really have any impact.

[davis196]

There have been a gazillion forum threads about "Effect of crypto and Bitcoin on the economy."
Why do you have to create another one, if you don't have anything new to add to the conversation?
This is just a generic article with a bunch of images. We already know about the benefits of crypto for saving/investing(being your own bank) and the all the jobs created by the crypto industry. Did you write this forum thread to boost your post count?

Bitcoin or crypto is growing industry and it does have effect on multiple things including the economy and don't forget that the first legal country El savador is one of the proof in economy and dozen of merchant that accept Bitcoin.

Transfer with low fees and doesn't have border is always be good economy benefit in my opinion

El Salvador is a proof that mass crypto/Bitcoin adoption could actually fail, if the people aren't educated well enough.

[Smack That Ace]

Bitcoin or crypto is growing industry and it does have effect on multiple things including the economy and don't forget that the first legal country El savador is one of the proof in economy and dozen of merchant that accept Bitcoin.

Transfer with low fees and doesn't have border is always be good economy benefit in my opinion

El Salvador is a proof that mass crypto/Bitcoin adoption could actually fail, if the people aren't educated well enough.

Although we can't say they failed, to be fair, we haven't seen any positive effects from El Salvador on mass bitcoin adoption. But in my opinion, it is still too early to draw any conclusions because the application of legal tender in El Salvador is less than 2 years. I think they need more time because the transition and adoption of something so new cannot happen in a short time, for a successful revolution takes a lot of time. I think we should wait until the next bull season to assess and have a final conclusion on bitcoin adoption in El Salvador.

[CageMabok]

A cryptocurrency become popular in many countries in the past years, one of the reason is the spike of the market price of Bitcoin which become a trend. There are a lot of people that wanted to invest on it because of the profit on cryptocurrency especially on Bitcoin where a lot of people believed. There are also cryptocurrency that become popular like Ethereum, Dogecoin, XRP etc. But what is the effects of cryptocurrency on the Economy?

About the effect of cryptocurrencies on the economy, you have actually mentioned it in your explanation on this topic. Because one of the most striking effects is being able to create jobs for some people who like cryptocurrencies and like to work part-time without pressure and plus those who don't have a job at all in their life so that they are forced to learn about cryptocurrencies in order to can earn income and save and at the same time invest as you explain it.

The cryptocurrency like Bitcoin gives us investment opportunity, With the spread and trend of cryptocurrency, many of us have invested in it because it can potentially provide us with high profits, even though it comes with significant risks. Having this opportunity has allowed many of us to earn, and as a result, our capacity to establish businesses that can contribute to the country's economic growth has grown.

This is also a very common effect that can be felt and seen by many people on cryptocurrency and Bitcoin although everyone also needs to understand the risks, but it is true that with the existence of cryptocurrency and Bitcoin some people have created new businesses in their lives to make their lives more developed . This is what triggers cryptocurrencies and Bitcoin to become famous all over the world faster because it can really help everyone's economy if they are able to work patiently and never complain about changing conditions.

[Gallar]

A cryptocurrency become popular in many countries in the past years, one of the reason is the spike of the market price of Bitcoin which become a trend. There are a lot of people that wanted to invest on it because of the profit on cryptocurrency especially on Bitcoin where a lot of people believed. There are also cryptocurrency that become popular like Ethereum, Dogecoin, XRP etc. But what is the effects of cryptocurrency on the Economy?
~

It's true, the main factor that makes crypto a popular asset, is due to the price spike that has occurred in bitcoin. Because of this incident, many other cryptos or altcoins have emerged, and made crypto an asset to be reckoned with, especially bitcoin. With the presence of crypto digital assets, it is indeed a good opportunity for many people to start investing. Because one of the advantages of investing in crypto assets is that it's easy to register, you can use small capital, and in essence many people can invest in crypto from various backgrounds and it's simpler to run.

With all these factors, it will automatically have an impact on the economic growth of many people. It can be said that crypto assets are currently a fairly promising alternative way to make money. Even though crypto assets have many advantages, it's always good to be careful when investing. Because the name of risk is definitely there, in any business it is also included in crypto assets.

And the conclusion that I can draw from the existence of these crypto assets is that crypto assets can make many people aware of the importance of investing.
and in terms of the economy, if taken from the positive side, in essence it is clear, after the existence of this crypto asset, many people have been helped financially, and it has become a promising source of income. But if you look at it from the negative side, there are also quite a few people who have suffered huge losses due to crypto, and most of this is due to fraud, and they have not been able to analyze the market properly. So in essence, crypto assets also have their good points and bad points. But all of that can be minimized by continuing to learn about the science of investing in crypto.

[Ayers]

You are on point Op when you identified that Bitcoin and the crypto industry have created employment opportunities for many people in some countries. Many people have also used the sector as a side job to complement their income. Bitcoin is one of the fastest and safest sectors to invest in. Investing in some sectors requires some cumbersome bureaucratic process that makes it time-consuming. But all you need is just a wallet to buy and hold your investment. Many banks are failing making their shareholders lose their funds but over the years the bitcoin sector has been consistent.

In some countries, bank transactions are not reliable. But Bitcoin is competing with these banks and many people are seeing the sector as a good alternative to fiat banking.

Saving is a habit that is cultivated, so I don't think only the Bitcoin sector is helping people to save. If you don't have the drive to save, you will never be able to set funds aside for future investment.

I agree with most of what you said, except for this part. The banking crisis in the US is not over yet, it is spreading wide, and many shareholders are losing money. But when it comes to bitcoin, this makes no difference, I mean, there will be winners and losers. Not everyone wins by investing in bitcoin. Last year's bear market also caused thousands of investors to lose money and dumped bitcoin.

Bitcoin is a financial market like any other, money from the loser's hand to the winner's hand. If you buy low and sell high to take profits, that means someone is losing money instead of you.

[hugeblack]

Because of crypto a lot of people become familiar at knowledgeable when it comes to Saving .

I do not know, but with a quick look at what is happening in the forum, and although earning from signature campaigns cross good amounts in some countries, once a week has passed, you will know that many people have become more dependent on profits from cryptocurrencies, and therefore such people will not survive in savings.

Financial experience comes from learning and experience and through financial knowledge, and therefore even if you invest in those currencies unless you have a good financial background, investing in Bitcoin will be nothing more than extra profits that you will spend on buying more luxury.