Cryptocurrency impact on Economy

[CageMabok]

I don't know about developed countries, but your review is right, because I live in a developing country, the impact of crypto on society is very helpful, although not all people know about it, but it has helped the lives of many people from previously only having a fixed income for a month to now increasing.

In a developing country like the one you live in now, because I also live in a developing country so I can also feel the impact of crypto in some middle class communities and also small communities with not so much income. Because crypto can basically be used by everyone to support their income as long as they have enough knowledge about it, because crypto is a job that has risks so you need a special understanding of it in order to get a better income, even though it's not always routine.

Not everyone finds crypto helpful for some reason. I also come from a developing country and I see that not everyone feels helped by crypto, but personally I feel the positive impact that it can help change the economy.
I can invest and hold until the price reaches the target I want to achieve, especially on Bitcoin.
There will be a positive impact on the economy if education regarding cryptocurrencies is carried out consistently.

Where I live, there are not many people who want to learn about crypto, so only a few people want to seek education about crypto to learn consistently. Because the good impact on the economy personally is already quite visible for those who understand crypto even though they don't always trade and invest regularly. But what needs to be understood here is that the good impact of this crypto for the wider community has increasingly developed and can be seen very well in their respective environments.

[fuguebtc]

I don't know about developed countries, but your review is right, because I live in a developing country, the impact of crypto on society is very helpful, although not all people know about it, but it has helped the lives of many people from previously only having a fixed income for a month to now increasing.

In a developing country like the one you live in now, because I also live in a developing country so I can also feel the impact of crypto in some middle class communities and also small communities with not so much income. Because crypto can basically be used by everyone to support their income as long as they have enough knowledge about it, because crypto is a job that has risks so you need a special understanding of it in order to get a better income, even though it's not always routine.

But I really don't understand how cryptocurrencies bring income to people. Has your country adopted cryptocurrency and is the government relying on it to create jobs for its citizens ? Or are you talking about investing in cryptocurrency?

How can a financial market full of risks and fraudulent traps bring stable income or jobs to people? I really wonder about this because in my country, many people become rich by investing in cryptocurrencies but many people are also losing money and going bankrupt because of cryptocurrencies . How can we say it is about creating jobs and stable income to improve the lives of people in a country?

[WillyAp]

How can a financial market full of risks and fraudulent traps bring stable income or jobs to people? I really wonder about this because in my country, many people become rich by investing in cryptocurrencies but many people are also losing money and going bankrupt because of cryptocurrencies . How can we say it is about creating jobs and stable income to improve the lives of people in a country?

Easy, just because you believe people when they say, where I live many people have benefitted from Crypto.
Most Crypto enthusiasts from my area won't touch crypto any more due to bad experiences. The connected Crypto with trading, Crypto is innocent, it is humans who fraud humans.

A reality check is all you need. No quotes of a story from a believable source and it's an opinion no more.

[Dorkylickjj]

Financial Inclusion: Cryptocurrencies can also provide financial services to both the unbanked and underbanked populations, talking worldwide. This increase in the  access to financial tools and services can really promote economic participation and growth in underserved regions too.

Any wide swings or trends in the crypto markets will surely impact the price movement in crypto-themed stocks that have holdings or operate in the crypto markets. Take this, if bitcoin is breaking out, the stock of a company that mines bitcoin may break out as well. ( This is how Bitcoin affects the financial market).
This is my contribution to the post.

[fuguebtc]

How can a financial market full of risks and fraudulent traps bring stable income or jobs to people? I really wonder about this because in my country, many people become rich by investing in cryptocurrencies but many people are also losing money and going bankrupt because of cryptocurrencies . How can we say it is about creating jobs and stable income to improve the lives of people in a country?

Easy, just because you believe people when they say, where I live many people have benefitted from Crypto.
Most Crypto enthusiasts from my area won't touch crypto any more due to bad experiences. The connected Crypto with trading, Crypto is innocent, it is humans who fraud humans.

A reality check is all you need. No quotes of a story from a believable source and it's an opinion no more.

In your opinion, what is cryptocurrency? As I asked the question above, does it create jobs and provide a stable income? And are you all getting a steady income from trading and investing in cryptocurrencies? And is it easy to profit from trading? Can someone give me proof that you are making money daily from trading ? Also, you always say that many people have become rich by investing in cryptocurrency but what is that number , and what percentage of the country's population does it represent?

The financial market is no different from a battlefield, money will flow from weak hands to strong hand , don't be too delusional that cryptocurrency is a paradise that anyone can become rich. the bookies create the game and do you think they will let everyone win and they will be the losers ?

[$anounimus$]

I don't know about developed countries, but your review is right, because I live in a developing country, the impact of crypto on society is very helpful, although not all people know about it, but it has helped the lives of many people from previously only having a fixed income for a month to now increasing.

In a developing country like the one you live in now, because I also live in a developing country so I can also feel the impact of crypto in some middle class communities and also small communities with not so much income. Because crypto can basically be used by everyone to support their income as long as they have enough knowledge about it, because crypto is a job that has risks so you need a special understanding of it in order to get a better income, even though it's not always routine.

But I really don't understand how cryptocurrencies bring income to people. Has your country adopted cryptocurrency and is the government relying on it to create jobs for its citizens ? Or are you talking about investing in cryptocurrency?

How can a financial market full of risks and fraudulent traps bring stable income or jobs to people? I really wonder about this because in my country, many people become rich by investing in cryptocurrencies but many people are also losing money and going bankrupt because of cryptocurrencies . How can we say it is about creating jobs and stable income to improve the lives of people in a country?

Maybe the meaning is if viewed simply. People in my environment still don't understand enough about cryptocurrencies, so the impact of the presence of cryptocurrencies is still not visible. I've seen several people who were able to collect cryptocurrencies through reward programs, they were quite agile in finding information and then they worked according to the instructions so they got coins that could be exchanged for cryptocurrencies or fiat as a reward which of course helped them a lot economically.

[arufox]

The presence of cryptocurrency has a very positive impact and has the ability to accelerate economic growth for a country so that it can facilitate access to purchasing resources and utilizing financial services, especially in developing countries. Moreover, this can at least reduce the unemployment rate in a country because the younger generation can generate their own income from various means through cryptocurrency.

[Kingperry22]

crypto has the potential to influence various aspects of an economy, certain investments cannot be traced from corrupt individuals which is one major issue about money laundering. Illicit or ill-gotten individuals try to hide their wealth in cryptocurrency which can indirectly have an impact on the economy because of liquidity in the market. unlike paper money, cryptocurrency can eliminate devaluation in currency in means of bills of exchange.

[Sarah_Jannat42]

For a developing and densely populated country like ours, the currency will play an important role in the economy. A large part of our country is unemployed and deprived of the opportunity to get a job because the government is not able to provide jobs for them as the human resource in the country is much more than the requirement. So a large part of these unemployed people are earning their income through freelancing or outsourcing. Coming to this digital platform sometimes they are working in mining sometimes in digital marketing and sometimes they are also investing or trading here. In this way as they are making their living they are playing a major role in increasing remittances for a country.

[Hispo]

Moreover, this can at least reduce the unemployment rate in a country because the younger generation can generate their own income from various means through cryptocurrency.

Cryptocurrency is not so much about generating sources of income or generating employment, you know. It has more to do with the decentralized transmition of wealth or value. When comes to developing countries, the youth still needs to find sources of income which are closer to the traditional ways to make money, an actual job.
Speculation and investment in the long term can help to increase the value of one's portfolio, that is true, but a whole generation of people cannot rely their destiny on the cryptocurrency market.
The decentralized transmisiom of value which is enabled by Bitcoin and other cryptocurrencies has had a very positive impact in developing countries, that is true. Since they allow to avoid the full consequences of inflation and the reckless economical measures which could be taken by central banks, leading to the decrease of value of FIAT.

Just keep in mind one entire nation and population cannot depend on crypto, it is supposed to be a secondary market to what the country actually does for a living, being tourism, extraction of oil or exportation of tea and vegetables.

[cakravothy]

If you say the population in a country is 30-40% using crypto currency, no. because crypto currency users are not that big. for online shopping, it is rare to use or accept crypto. and sending fees in crypto, either bitcoin or ETH, are very expensive so it is not competitive if you use bitcoin or ETH as a means of payment.

[Y3shot]

Cryptocurrency impact on economy it may not even be directly but it can help the citizens who are investing to it to an extent. But here in my country the government thinks Cryptocurrency us the cost for the economic crisis going on in the country and I'm just imagining how can this be possible.  Cryptocurrency have really impacted to people's life so greatly,  if no for cryptocurrency with how the economy is going it would have been so difficult for so many people.

[WillyAp]

Financial Inclusion: Cryptocurrencies can also provide financial services to both the unbanked and underbanked populations, talking worldwide.

That is the biggest contribution Crypto, or Bitcoin made possible.
To open a bank account in the 3rd World is hard work and for newly arrived almost impossible. You need a bank reference to open a bank account. 
Credits for Private people have been opened lately, a company with luck gets a loan for 3k in US$. 10k for private. A so called socialist country.

[yudi09]

-snip-

Where I live, there are not many people who want to learn about crypto, so only a few people want to seek education about crypto to learn consistently. Because the good impact on the economy personally is already quite visible for those who understand crypto even though they don't always trade and invest regularly. But what needs to be understood here is that the good impact of this crypto for the wider community has increasingly developed and can be seen very well in their respective environments.

When we can feel the impact personally, the desire that other people can also feel it begins to emerge from me to the people closest to me.
In fact, those who don't want to learn about crypto are because their curiosity is not deep and according to my predictions it is also because of the negative news about crypto.

Knowledge about crypto is a future innovation that is very necessary because globally many great people have focused on this technology in facing the future.
That's why I say education is very necessary considering that the economy will be helped if you have knowledge about it.

[Hewlet]

Unemployment:

The increase in population of the developing countries and under developing countries will leads to the unemployment due to human resource surplus.The freelancer of this country uses the cryptocurrency as the one of the income generating resource.

although bitcoin was not to have a direct role to play in reducing the rate of unemployment In most developing countries, it's now a reality that so many youth have benefited from the popularity of the crypto space by engaging in crypto related activities like trading, mining, Holding and some even earning from mere blogging on crypto related stuffs. This is just the phase were we could work and earn from whatever source we want to and that's just where leveraging on the Bitcoin sector to boasting our finance become good.

Poverty:

Poverty is based on the calorie consumed by the individual based on the food consumption.For the food the individual need of steady income to satisfy with the basic need.Now many graduate unemployed people using cryptocurrency in various form to make some money for the food.

well, crypto isn't a job if we look at it from a general perspective and I kind of don't subscribe much to seeing it as a liberation for poverty cause it's basically designed to aid in reducing the level of centralized finance experience through the use of the fiat and not aimed at multiplying it value although by nature of it volatility, it could become profiting in the long run.

[Gormicsta]

It's also worth mentioning that there are several other challenges to using cryptocurrencies in developing countries. For example, many countries have significant price increases, which causes the value of cryptocurrencies to differ substantially. This may make it harder for users to use cryptocurrencies in everyday operations. Furthermore, several countries have unpredictable power systems, making it impossible to generate cryptocurrencies or organize nodes on the blockchain. These are some of the obstacles that must be overcome before cryptocurrency can truly take off in poor countries.
Furthermore, many people in poor countries lack internet connectivity or smartphones, preventing them from accessing or using cryptocurrencies.

[WillyAp]

It's also worth mentioning that there are several other challenges to using cryptocurrencies in developing countries. For example, many countries have significant price increases, which causes the value of cryptocurrencies to differ substantially. This may make it harder for users to use cryptocurrencies in everyday operations.

The way to use Crypto is P2P, once you take away the centralized crypto there are only a few left of the around 30K of coins.
Where there is an internet you can use Crypto, P2P does not require much bandwidth.

If you wish to use crypto just convince the shop to take the coin you like to promote/use.
Many shop owners have a pretty good idea what to do with values.

The biggest improvement for People, especially in the 3rd World, is the way to store value.
A wallet makes it possible to leave the world of cash.

[Gormicsta]

It's also worth mentioning that there are several other challenges to using cryptocurrencies in developing countries. For example, many countries have significant price increases, which causes the value of cryptocurrencies to differ substantially. This may make it harder for users to use cryptocurrencies in everyday operations.

The way to use Crypto is P2P, once you take away the centralized crypto there are only a few left of the around 30K of coins.
Where there is an internet you can use Crypto, P2P does not require much bandwidth.

If you wish to use crypto just convince the shop to take the coin you like to promote/use.
Many shop owners have a pretty good idea what to do with values.

The biggest improvement for People, especially in the 3rd World, is the way to store value.
A wallet makes it possible to leave the world of cash.

There are a few possible barriers to the widespread adoption of cryptocurrency as a payment mechanism. One issue is that many people still don't understand how it works or how to use it. Another possibility is that certain governments may see it as a danger to their control over the economy and financial system, and may attempt to restrict or even prohibit it outright. Practical difficulties include the volatility of cryptocurrency pricing and the difficulty of converting into regular currencies.

[Litzki1990]

I do not understand your explanation of how Bitcoin impacts unemployment, and I equally don’t think that Bitcoin impacts unemployment in the way you make it seem. What Bitcoin has done is bringing about the idea of cryptocurrency, which we now have many cryptocurrencies. And if not the jobs like being a blockchain developer, and a few things, Bitcoin doesn’t directly impact unemployment. Or maybe you want to elaborate on what you meant?

Let me give you a small example of how Bitcoin solves the problem of unemployment. You must know about the poverty of people living in African countries. The per capita income of people there is very low and the GDP in those countries is very small and most of the people there work day and night and earn maybe two dollars to one dollar. If you earn two dollars or one dollar a day, it is very little, but those who earn two dollars to one dollar are considered as the highest income in Nigeria. You will see that there are many people in Nigeria who are involved with Bitcoin and who are investing regularly. They are investing in Bitcoin as well as they are working on various signature campaigns in this forum which is a great example of how Bitcoin is eliminating people's unemployment. But they would not be so satisfied with their Bitcoin investment if they did not get the profit from the investment as per their demand.

[oktana]

I do not understand your explanation of how Bitcoin impacts unemployment, and I equally don’t think that Bitcoin impacts unemployment in the way you make it seem. What Bitcoin has done is bringing about the idea of cryptocurrency, which we now have many cryptocurrencies. And if not the jobs like being a blockchain developer, and a few things, Bitcoin doesn’t directly impact unemployment. Or maybe you want to elaborate on what you meant?

Let me give you a small example of how Bitcoin solves the problem of unemployment. You must know about the poverty of people living in African countries. The per capita income of people there is very low and the GDP in those countries is very small and most of the people there work day and night and earn maybe two dollars to one dollar. If you earn two dollars or one dollar a day, it is very little, but those who earn two dollars to one dollar are considered as the highest income in Nigeria. You will see that there are many people in Nigeria who are involved with Bitcoin and who are investing regularly. They are investing in Bitcoin as well as they are working on various signature campaigns in this forum which is a great example of how Bitcoin is eliminating people's unemployment. But they would not be so satisfied with their Bitcoin investment if they did not get the profit from the investment as per their demand.

I totally understand what you mean and how people in these countries are now getting employed. But what I am trying to say is that let’s assume the signature bounty pays in USDT or even in direct USD, you can see that the employment isn’t directly dependent on Bitcoin. I agree that Bitcoin matters in this sense but I just think that it doesn’t directly impact unemployment. Have in mind that we are talking about unemployment and not investment.