Effects of Crypto and Bitcoin on the Economy

[Bitstar_coin]

In a way - Yes. If you are making money from crypto or btc and you inject 20% of that profit back into the economy by paying bills you have somehow impact the economy somehow. Economy of any country needs funds to function and if people injecting their profit to different aspect of the economy it will definitely have a positive effects in the growth.

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[rat03gopoh]

Many banks are failing making their shareholders lose their funds but over the years the bitcoin sector has been consistent.

Iirc, there were years where bitcoin was not profitable. So when it comes to investing, all tradable assets have almost the same risk considering that the risk in question is both about market fluctuations, achieving consistency or not only depending on what kind of economic situation you enter and exit.

[Dickiy]

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.

I agree that crypto or bitcoin provides widespread job opportunities so that some people who are able to understand mechanisms and systems or have knowledge can benefit, but don't forget that the big risk of fraud as before is still possible and even attacks the economy.
It's always been a concern why we haven't been able to see it on a large scale, because the adoption of bitcoin or crypto currency is still minimal from the total human population in this world, I think that is natural because Bitcoin and crypto themselves don't have a longer age so their existence is not the same as FIAT which has a lifespan of more than one hundred years. some of their older generations will be very tiring if they study bitcoin or crypto, they are more likely to believe in banking as an alternative service that they want in conducting economic transactions.

If we are aware of bitcoin, of course we will always say that bitcoin does help financially and accelerates the circulation of money in the economy, one of which is an investment alternative, if someone who has minimal knowledge and bad psychology will definitely be in trouble if they touch bitcoin or crypto and maybe will have a negative impact on someone's economy that has been built, meaning that to improve the economy by entering themselves into the world of bitcoin or crypto, they must get important education such as fundamentalist mental maturity and attitudes in investing in the world of crypto currency.
People who enter this Forum are indeed lucky people, because they benefit from bitcoin so they can earn income without investing.

[Silberman]

In a way - Yes. If you are making money from crypto or btc and you inject 20% of that profit back into the economy by paying bills you have somehow impact the economy somehow. Economy of any country needs funds to function and if people injecting their profit to different aspect of the economy it will definitely have a positive effects in the growth.

Every single one of us has an effect on the economy, it is just that our effect is so small that such an effect is imperceptible for us, but when you add the effect of several users of cryptocurrencies then this effect becomes way more noticeable, and as time passes and more people adopt cryptocurrencies and begin to use them on their everyday lives the greater this effect will become, and the more difficult it will be for big businesses to ignore us and they will have to begin to accept cryptocurrencies as a form of payment in order to cater to us.

[Gyfts]

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.

This is the correct analysis. Economies are too diverse for anyone to make broad generalizations as to how Bitcoin woulda actually affect a countries economy. Take the larger economies and Bitcoin doesn't even make a small fraction dent into the GDP.

I'm not minimizing crypto currencies impact -- it seems a few people get lost on the scale of the global economy and don't realize how small the crypto space actually is. That's today, of course. Some decades down the line the landscape looks very different.

[bitgolden]

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.

I think it could become possible if they could put some aside and make money from it. I have a lot of friends from back in the day who invested into bitcoin from their savings, and used a bunch of other altcoins to invest and they did alright, they all invested carefully but sometimes made some crazy bets on some alts, and they all did alright. That means there is a potential that bitcoin could get you to a higher level, mainly crypto but bitcoin too, depends on when you bought it.

I believe that people should be saving carefully, depending on income doesn't matter, as long as you save some of it, and invest at the right place, when the bull comes, you will have a good profit. Not many do that unfortunately but the ones who do it end up with a profit without a doubt.

[dansus021]

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.

Agree with you it is still very early and need time to make the mass adoption work in the other hand Elsavador joined Crypto world on end 2021 and we all know that 2022 is bear year so we cant blame if there is problem there.

[Darker45]

Economy could be referring to the state or the individuals. There are rich countries where poverty is high. There are not so rich countries where poverty incidence is low.

Bitcoin helps individuals when the state fails. Due to a lot of factors, a country's economy could fall-- mismanagement, corruption, sanctions, war, and so on. When inflation goes uncontrollably high, for example, Bitcoin protects the purchasing value of people's money. Bitcoin also serves as a solution to the problem of bank closures during wars and chaos, when people can't withdraw their own money. In times like this, Bitcoin provides people continuous access to their money so that they always have the capacity to buy their needs.

[Andrija Branislav]

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.

Regarding your statements about the effect of cryptocurrencies and Bitcoin on the economy, it is true that the adoption and growth of cryptocurrencies have caused changes in the global economic landscape. The decentralized nature of cryptocurrencies and their ability to facilitate seamless, low-cost transactions have opened up new opportunities for businesses and individuals to participate in the global economy and if we see the recent move by El Salvador to recognize Bitcoin as legal tender was an important milestone for the adoption of cryptocurrencies in the mainstream economy as well  the impact on other countries' attitudes towards cryptocurrencies.

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

Of course. Another aspect to consider is the potential for increasing financial inclusion through the use of cryptocurrencies. Traditional banking systems may not be accessible to people in certain parts of the world, especially those who are unbanked or underbanked. Cryptocurrencies offer an alternative means of conducting financial transactions that can be accessed by anyone with an internet connection, potentially bringing more people into the global economy.

At least with the use of blockchain technology in cryptocurrencies can provide greater transparency and security in financial transactions, which can reduce the potential for fraud and corruption in the financial system.

[irhact]

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.

Crime will exit with or without the invention of Bitcoin therefore Bitcoin has no responsibility for the crimes been committed making use of the coin. While some people would say the popularity of Bitcoin has increased crimes that involved cryptocurency like hacking of wallets and exchanges or requesting for ransom to be paid in Bitcoin, Bitcoin has also helped the youth pick interest in investing.

And what this does is, it prepares them for a future of been a successful investors since they started young and would had gain lots of experience. The more an economy has individuals that are interested in finances then the economy is on the right path as the youths will develop the economy in the future.

[gunhell16]

In a way - Yes. If you are making money from crypto or btc and you inject 20% of that profit back into the economy by paying bills you have somehow impact the economy somehow. Economy of any country needs funds to function and if people injecting their profit to different aspect of the economy it will definitely have a positive effects in the growth.

Every single one of us has an effect on the economy, it is just that our effect is so small that such an effect is imperceptible for us, but when you add the effect of several users of cryptocurrencies then this effect becomes way more noticeable, and as time passes and more people adopt cryptocurrencies and begin to use them on their everyday lives the greater this effect will become, and the more difficult it will be for big businesses to ignore us and they will have to begin to accept cryptocurrencies as a form of payment in order to cater to us.

It's true and I agree with what you said. The time will come when whether they want it or not, the noise of Bitcoin or cryptocurrency will really reach different parts of the country around the world and this is already happening.

It has spread all over the world how bitcoin has contributed to every country that has accepted and recognized it in the digital world of currency which is none other than Bitcoin. Previously unrecognized, it is now recognized and accepted in other countries as legal tender as a currency.

[lixer]

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.

I totally agree with that, people that treated well by one entity would never want to have any changes unless they start feeling that they are not being treated well or are facing issues. For nations that have strong financial institutions and currencies, their people tend to like the traditional modes of using and managing their finances and wouldn't look for alternatives.

While a country that lacks the basic capabilities to provide its citizens with active and strong financial tools and management services will surely face a revolution like Bitcoin taking over since people will look for alternatives and a change in the traditional systems that are not fully providing.

[Z390]

I don't see anything helping people reshaping lives more than Bitcoin and crypto right now and oy those who lacks knowledge got wrecked, the good side of crypto is the chances of making your wrongs into right, I mean if you lose money simply because of a mistake or your own stupidity you can still correct things and make all you have lost back, this is very good unlike other ways of making money that once your money is gone it's never coming back, crypto is full of endless opportunities.

[maydna]

I don't see anything helping people reshaping lives more than Bitcoin and crypto right now and oy those who lacks knowledge got wrecked, the good side of crypto is the chances of making your wrongs into right, I mean if you lose money simply because of a mistake or your own stupidity you can still correct things and make all you have lost back, this is very good unlike other ways of making money that once your money is gone it's never coming back, crypto is full of endless opportunities.

Crypto can help those who want to try to earn money, and they can even start with a small capital. They really have to work hard to earn money to improve their lives because crypto provides an opportunity to make a lot of money. Only if they want to learn and try hard can they succeed while others still look for ways. We have to find a suitable way to make money, and by doing many things, we can do until finally, we can really make money.

[Ani1985]

The presence of bitcoin certainly has a good impact on the economy, at least there are many new job positions that reduce unemployment, the presence of bitcoin makes many new rich people so that they can create prosperity, it is time for the state to legalize bitcoin so that it can be more useful for many people and of course reduce poverty.

[BVeyron]

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

I suppose that, despite its beneficial effect on the investment opportunities, the main function of all the cryptocurrencies is the test of digital money systems. They are something like beta-versions of a full-scale blockchain-based digital money project. So the next step in cryptocurrency can be adoption of blockchain and decentralisation mechanisms in fiat banking systems. As for cryptocurrencies we already have, I suppose they are going to add a couple of dollars in price, but it most probably will be not the crypto price rise, but dollar price fall...

[ultrloa]

I don't see anything helping people reshaping lives more than Bitcoin and crypto right now and oy those who lacks knowledge got wrecked, the good side of crypto is the chances of making your wrongs into right, I mean if you lose money simply because of a mistake or your own stupidity you can still correct things and make all you have lost back, this is very good unlike other ways of making money that once your money is gone it's never coming back, crypto is full of endless opportunities.

Crypto can help those who want to try to earn money, and they can even start with a small capital. They really have to work hard to earn money to improve their lives because crypto provides an opportunity to make a lot of money. Only if they want to learn and try hard can they succeed while others still look for ways. We have to find a suitable way to make money, and by doing many things, we can do until finally, we can really make money.

This can give work to to people cannot get a job on their place there's wide opportunity given by the industry to all people who's using it. Also there's less discrimination here since anyone can work with the jobs as long as he is skilled and know how to work on the assigned project. This is the good side about this industry should be look after by government and not those negative things they can read online since if many of there people can bring huge income on their country for sure it can bring some good effects to their economy.

[Taskford]

I don't see anything helping people reshaping lives more than Bitcoin and crypto right now and oy those who lacks knowledge got wrecked, the good side of crypto is the chances of making your wrongs into right, I mean if you lose money simply because of a mistake or your own stupidity you can still correct things and make all you have lost back, this is very good unlike other ways of making money that once your money is gone it's never coming back, crypto is full of endless opportunities.

Crypto can help those who want to try to earn money, and they can even start with a small capital. They really have to work hard to earn money to improve their lives because crypto provides an opportunity to make a lot of money. Only if they want to learn and try hard can they succeed while others still look for ways. We have to find a suitable way to make money, and by doing many things, we can do until finally, we can really make money.

This can give work to to people cannot get a job on their place there's wide opportunity given by the industry to all people who's using it. Also there's less discrimination here since anyone can work with the jobs as long as he is skilled and know how to work on the assigned project. This is the good side about this industry should be look after by government and not those negative things they can read online since if many of there people can bring huge income on their country for sure it can bring some good effects to their economy.

For now yes this could give more better opportunity to certain people since it gives competitive salary than whT those third world countries to offer. If we talk about the economy maybe it can help in a little way since people using it is not yet paying their taxes. If government will implement a taxation maybe this could be a big help for them to acquire extra cash to help rise up their economy.

For people who want a work from home set up diving into crypto space is really good for them since there are thousands opportunity waiting for them if they bring up good portfolio for clients to see if they have experience.

[so98nn]

Good to read that you have not just spoken about how one can earn profits from Bitcoin but have explored "job" opportunities from the crypto, specifically from Bitcoin. Ever-growing bitcoin demand and other crypto coins associated with various projects have opened doors for various programmers. If someone is a highly skilled developer but companies aren't providing enough vacancies then the same person can use their talent on developing their own open source-based applications that can be utilized in the crypto space. One can have own roadmap of utility coins.

Many peeps do not agree with the thought that blockchain tech has opened up a new world of possibilities when it comes to job openings.

"Indeed" which specializes in job placements has made research on this and have stated that the share of crypto-related job has increased by 1,457% within just 4 years of the time period.

The data is surprisingly older and is around 2020, which means the current scale-up could go even further than this. This study itself proves how crypto is contributing to new talents.

The cryptocurrency gold rush has produced a lot of jobs, with the share of cryptocurrency jobs per million rising 1,457% over the past four years, according a study by job site Indeed.com.

Despite drastic price fluctuations (Bitcoin’s volatile value shot up more than 230% in the first six months of 2019 to above $12,000 per Bitcoin) and nearly half of companies citing regulatory uncertainty as a major barrier to blockchain adoption, employers continue to ride the wave and invest in blockchain tech and talent.

Mark Zuckerberg, for instance, wants to launch Facebook’s Libra, a new global cryptocurrency, in 2020. And digital payment giant Square recently assembled a crypto-focused team, Square Crypto, with the goal of strengthening the Bitcoin ecosystem. You will also soon even be able to spend Bitcoins at Starbucks through a new exchange app that converts digital assets into dollars.

Indeed analyzed millions of job postings on Indeed.com to unpack how Bitcoin, cryptocurrency, and blockchain trends have affected the job market.

Searches for Bitcoin, blockchain, and cryptocurrency roles are going down — yet employer demand has skyrocketed. According to Indeed, in the four-year period between September 2015 and September 2019, the share of these jobs per million grew by 1,457%. In that same time period, the share of searches per million increased by 469%.

In the past year, the share of cryptocurrency job postings per million on Indeed.com has increased by 26%, while the share of searches per million for jobs has decreased by 53%. Bitcoin’s volatility seems to correlate with job seeker interest, and the change in Bitcoin price this year might be why job searches have declined.

Top 5 crypto tech jobs
So employer demand for tech roles related to Bitcoin, blockchain, and cryptocurrency is high — but what are those jobs?

From coding smart contracts to designing user interfaces for cryptocurrency apps to building decentralized applications (dApps) that communicate with the blockchain, there’s no shortage of work to be done in the cryptocurrency field.

For a better chance at landing one of these roles, you should be a programmer. And you should familiarize yourself with basic cryptography, P2P networks, and a language like C++, Java, Python, or JavaScript (along with certain soft crypto skills).

Refer here

[famososMuertos]

The reality is that its main influence, far from having an impact on economies, saved El Salvador and some other country, there is no direct economic interference.

The impact of Bitcoin is to empower the ordinary citizen, the individual after that happens if they can have influence in certain economies but the path to that type of initial idea has lost its way.

Mainly due to the late adoption and distribution of having large amounts of bitcoin in few hands, the solution for that is the Satoshi, which is undoubtedly the solution of the present, that is why insignificant amounts today can in theory mean income in the equivalence to have a kilo of gold.

Let's make a point here, I'm not saying that bitcoin is equal to gold, etc.  In fact, it could have used another asset, diamonds, lithium, etc.

Now, in theory, if the Bitcoin history continues as it has been throughout these first years, everything indicates that time or the long term is an ally of bitcoin to increase its value.

Therefore, the conjecture is not only about knowing how much the price of bitcoin will be in a certain time, but also knowing its economic influence.

They are two aspects that do not necessarily have to be related, bitcoin could have a value of $1000,000 and it is fine for the price of bitcoin and its rudeness as an asset, but perhaps its influence on the individual economies of certain countries it does not influence anything , only in determining new billionaires.

Demand, wanting bitcoin, making it necessary globally would be the key to having influence in the financial economies of countries.

In fact, in my opinion, there is a mistaken belief in thinking that the price of bitcoin needs adoption to reach prices of 6 or even 7 figures, but the reality is that with the existing niche, only one thing is needed, demand.

If the demand exceeds the offer we will have a price on the graph 📈

And that influences the economies of the individuals who have bitcon, not the global or individual economies of a country, for now.