Cryptocurrency impact on Economy

[WillyAp]

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.

Some hurdles are not that bad, learning is part of development.
No one needs crypto to compete with currencies. That narrative is what got crypto into the predicament with governments.
Crypto is a neat way to take financial responsibilities.

India is re allowing crypto and makes you pay more than a bank charges you for passing money on.
Do any of our Indian members know how much is a bank wire in India?  India being quite secretive.

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[DanWalker]

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.

Now I understand why the percentage of forum members from Nigeria is so high. But is it true to say that investing in bitcoin can solve the problem of poverty alleviation? Because investing is risky, not everyone will win and profit when investing in bitcoin. Investing in bitcoin is like investing in stocks, gold... and whether it can be profitable or not depends on each person's knowledge. In addition, the campaign signature is a form of advertising and they can also pay us with USDT and bitcoin which only serves as a payment method. How can it be said that bitcoin is helping to reduce unemployment? To be more precise, the bitcointalk forum is providing jobs to people, not bitcoin.

[bangjoe]

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.

Actually this will be logical if you look broadly and not fixate on bitcoin, although in fact this was started because of bitcoin, as mentioned one of them is a signatur champaign, it can help some people to earn income, as well as campaign managers and others as he said, but if you look more broadly like the development of crypto you will get opportunities that will not be able to get in areas that have minimal employment, by getting to know crypto besides you can invest you can also become an airdrop hunter or bounty hunter, take part in events held by crypto projects and we are given rewards, such as NFTs and others like that which to this day there are quite a lot of innovative developments in the crypto world and that can be an alternative for us to get income.

And you have to see that all this happened because of bitcoin.

[Youngkhngdiddy]

  Since the inception of Bitcoin in 2009, the economic impact of cryptocurrency has been both overt and subtle. Now in its fifteenth year of existence, the digital or virtual money that takes the form of tokens or coins has established itself as a viable currency and form of investment, and the economic impact of cryptocurrency is evident in a number of areas in national and global communities. The rise of cryptocurrency has brought with it an entire industry that is dedicated to supervising cryptocurrency exchanges that take place throughout the world. While some early adopters have become rich quickly, others have developed companies that rely on trading as their source of income.
  However, the number of jobs in the Blockchain industry increased from just over 1,000 in 2016 to over 4,000 in 2017 approximately. Software engineers have been the most directly sought after professionals for the cryptocurrency industry. And while this job market has fluctuated in the past few years, interest in these professions have not faltered. As cryptocurrency continues to be legalized outside of the western world, we can expect to see more global investments and job creation within the field. In an increasingly digitized world, the social need to communicate across borders is now manifesting itself in financial needs, and traditional financial institutions are not able to provide this as well as cryptocurrencies can. In time, entrepreneurs can assist in the opportunities to invest in, save, and send money across borders, in turn reframing global business practices. Cryptocurrency has the potential to continue to become a mainstream form of currency in the near future. As it grows in value and popularity, the benefit of investing in crypto becomes more apparent.

[AmoreJaz]

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.

Now I understand why the percentage of forum members from Nigeria is so high. But is it true to say that investing in bitcoin can solve the problem of poverty alleviation? Because investing is risky, not everyone will win and profit when investing in bitcoin. Investing in bitcoin is like investing in stocks, gold... and whether it can be profitable or not depends on each person's knowledge. In addition, the campaign signature is a form of advertising and they can also pay us with USDT and bitcoin which only serves as a payment method. How can it be said that bitcoin is helping to reduce unemployment? To be more precise, the bitcointalk forum is providing jobs to people, not bitcoin.

One way or another, this forum indeed help a lot of people in terms of augmenting their income. Not only from sig campaigns but other opportunities such as those programmers, graphic artists, bounty hunters, managers among others. Just look at some lucrative art contests being done here in the forum. Their rewards were quite good in amount. So not only those in sig campaigns can find side jobs here but other people who have other skills. And the good part here is that, they come from across the globe, no matter what race you are, everyone is welcome here.

[Belarge]

One way or another, this forum indeed help a lot of people in terms of augmenting their income. Not only from sig campaigns but other opportunities such as those programmers, graphic artists, bounty hunters, managers among others. Just look at some lucrative art contests being done here in the forum. Their rewards were quite good in amount. So not only those in sig campaigns can find side jobs here but other people who have other skills. And the good part here is that, they come from across the globe, no matter what race you are, everyone is welcome here.

This forum is broad just like Cryptocurrency, one can easily followed up all the sectors but can get acquainted to few within months or years. It is not all about making qualifications to join campaigns, rather its served as important purpose of ramifications in crucial knowledge in the system. The impact of Cryptocurrency in our present day economy have driven most of us to understanding the system and how to stand firm when it comes to making crucial decisions. Cryptocurrency is for everyone that cares and understands the term, it's lucrative is essential and trusting when one finally understands the system.

[Benedictare]

   Financial inclusion ; cryptocurrency has given financial services to those persons that are not in use of the banking system in the globe , which now help to include the underbank and unbank to be inclusive making an increament in accessing financial tools and services, that is removing the need of traditional banking and reducing bank charges

   Cryptocurrency has also helped in promoting economic participations and gives growth provided with inadequate service .

   Cryptocurrency makes international trading very easy ,it also protects inflation , because due to inflation many countries currency has been devalued.
Cryptocurrency also gives new and balance system of exchange for countries passing through high inflation .

[bocyaj]

   Financial inclusion ; cryptocurrency has given financial services to those persons that are not in use of the banking system in the globe , which now help to include the underbank and unbank to be inclusive making an increament in accessing financial tools and services, that is removing the need of traditional banking and reducing bank charges

   Cryptocurrency has also helped in promoting economic participations and gives growth provided with inadequate service .

   Cryptocurrency makes international trading very easy ,it also protects inflation , because due to inflation many countries currency has been devalued.
Cryptocurrency also gives new and balance system of exchange for countries passing through high inflation .

The emergence of the cryptocurrency will leads to the usage of the digital form of money instead of bank assured currency,because cryptocurrencies help us to be financial independent person.The currency form will leads to the monitor of the currency flow in the country by the government.So it was skipped by the most of the people,the digital currency now influence the flow of economy in many countries.This was the reason for the legalisation of the cryptocurrency in various countries around the world.Actually the additional money from the cryptocurrency works help the country not get into the economical recession.

This forum is broad just like Cryptocurrency, one can easily followed up all the sectors but can get acquainted to few within months or years. It is not all about making qualifications to join campaigns, rather its served as important purpose of ramifications in crucial knowledge in the system. The impact of Cryptocurrency in our present day economy have driven most of us to understanding the system and how to stand firm when it comes to making crucial decisions. Cryptocurrency is for everyone that cares and understands the term, it's lucrative is essential and trusting when one finally understands the system.

The impact of the cryptocurrency in the current economic environment is huge expected at the beginning of the cryptocurrency to the market.No one expected this much reach in the cryptocurrency in just one decade of period.Huge people holding their assets in the cryptocurrency form to save their money from the taxes for being hold in fiat in the bank.The digital form of the cryptocurrency was not trusted at the beginning of the launch of the cryptocurrency in the market.

[Ayers]

   Financial inclusion ; cryptocurrency has given financial services to those persons that are not in use of the banking system in the globe , which now help to include the underbank and unbank to be inclusive making an increament in accessing financial tools and services, that is removing the need of traditional banking and reducing bank charges

   Cryptocurrency has also helped in promoting economic participations and gives growth provided with inadequate service .

   Cryptocurrency makes international trading very easy ,it also protects inflation , because due to inflation many countries currency has been devalued.
Cryptocurrency also gives new and balance system of exchange for countries passing through high inflation .

Bullshit statement, how will you own bitcoin or altcoins if you don't use a bank or fiat to buy them? Cryptocurrency is not created and distributed to you for free, you need money and even a lot of money to own it. So how can it replace the role of banks? Also, if you have used bitcoin and made any transactions recently, you would have spent $6 or even $20 per transaction. Do you think it will help you reduce costs compared to banks?

Other than bitcoin, cryptocurrency is a pump and dump game, nothing more, nothing less. Are you investing in shitcoin? Did you see that in less than 1 day all shitcoins dropped 20-30%? Do you think it will help you hedge against inflation and currency devaluation of your country?

[WillyAp]

how will you own bitcoin or altcoins if you don't use a bank or fiat to buy them? Cryptocurrency is not created and distributed to you for free, you need money and even a lot of money to own it. So how can it replace the role of banks? Also, if you have used bitcoin and made any transactions recently, you would have spent $6 or even $20 per transaction. Do you think it will help you reduce costs compared to banks?

Other than bitcoin, cryptocurrency is a pump and dump game, nothing more, nothing less.

Not really, many are though.
You can make cryptos by mining, you can collect crypto though clicking, watching videos, doing surveys and so on.
You are correct with saying that Crypto will not replace the banks ever, banks give credits, finance startups, are critical to the systems very existence.

[topbitcoin]

  Since the inception of Bitcoin in 2009, the economic impact of cryptocurrency has been both overt and subtle. Now in its fifteenth year of existence, the digital or virtual money that takes the form of tokens or coins has established itself as a viable currency and form of investment, and the economic impact of cryptocurrency is evident in a number of areas in national and global communities. The rise of cryptocurrency has brought with it an entire industry that is dedicated to supervising cryptocurrency exchanges that take place throughout the world. While some early adopters have become rich quickly, others have developed companies that rely on trading as their source of income.
  However, the number of jobs in the Blockchain industry increased from just over 1,000 in 2016 to over 4,000 in 2017 approximately. Software engineers have been the most directly sought after professionals for the cryptocurrency industry. And while this job market has fluctuated in the past few years, interest in these professions have not faltered. As cryptocurrency continues to be legalized outside of the western world, we can expect to see more global investments and job creation within the field. In an increasingly digitized world, the social need to communicate across borders is now manifesting itself in financial needs, and traditional financial institutions are not able to provide this as well as cryptocurrencies can. In time, entrepreneurs can assist in the opportunities to invest in, save, and send money across borders, in turn reframing global business practices. Cryptocurrency has the potential to continue to become a mainstream form of currency in the near future. As it grows in value and popularity, the benefit of investing in crypto becomes more apparent.

Since Bitcoin's inception in 2009, cryptocurrencies have had a significant economic impact.. Presently, digital currencies have been recognized as a workable investment type and feature prominently in many different sectors – be it national or international level. Furthermore, the birth of cryptocurrencies gave rise to an industry that governs global cryptocurrency exchanges. Among some people who earn large profits quickly, others build their own companies in this sector.

The number of positions within the field of blockchain has also increased significantly, specifically for software engineers. This market of employment may change sometimes, but the demand for jobs related to cryptocurrency is still high enough. Over time, cryptocurrencies might replace traditional money due to their relative simplicity. Also, those who invest in cryptos can notice that the rewards are higher as their worth and popularity climb up.

[Renampun]

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.

cryptocurrency has really changed the world economy and also the way people transact, with blockchain technology behind it, everything runs transparently and nothing can be hidden, another thing that benefits from cryptocurrencies is that even those who are in remote areas when they are connected to the internet, they can transact with cryptocurrencies, without needing to depend on banks.

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.

the opportunity created by the use of cryptocurrencies is that more and more young people will be helped financially when they make good use of cryptocurrencies, just imagine if you knew about Bitcoin and bought it when the price was $1000 then now the value of the money you have has increased by thousands of percent, this shows that cryptocurrencies are an opportunity.

[ginsan]

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.

cryptocurrency has really changed the world economy and also the way people transact, with blockchain technology behind it, everything runs transparently and nothing can be hidden, another thing that benefits from cryptocurrencies is that even those who are in remote areas when they are connected to the internet, they can transact with cryptocurrencies, without needing to depend on banks.

f you value economic growth by being able to make transactions, in my opinion, the tone is wrong in understanding economic growth, after all we can still use fiat to make the same transactions and we can easily make economic growth if the market is wider and the money circulation goes well in the area will improve the economy, so if you look at it from this side, in my opinion it is not right. It would be more appropriate if the thinking is that if we can open up more of our business abroad and make crypto an alternative payment, so it's not a local activity but an international transaction activity.

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.

the opportunity created by the use of cryptocurrencies is that more and more young people will be helped financially when they make good use of cryptocurrencies, just imagine if you knew about Bitcoin and bought it when the price was $1000 then now the value of the money you have has increased by thousands of percent, this shows that cryptocurrencies are an opportunity.

This is quite relevant, but if you only imagine it is something that is unlikely to happen again, but with the development of crypto currency today we can see income opportunities much wider, both to become a trader, airdroper, and other things to channel your abilities in the growing cryptocurrency ecosystem to have selling value.

[iBaba]

Cryptocurrency had their huge root in the many countries economy,now nearly 30-40 percentage of many country people using cryptocurrency for the trading,mining,digital marketing and investment.So at the end they are earning some decent income from the cryptocurrency.The impact of cryptocurrency in the developing countries was huge,because the unemployment and poverty was the biggest hurdle for the developing countries.

Cryptocurrency is an entirely new phase of technology that has come to advance the knowledge of monetary systems as far as fiat is concerned. And subsequently provide long-lasting solutions to those problems through the advent of the digital currencies, a.k.a. cryptocurrencies.

Disentralized system in Bitcoin will help it to survive more than the fiat currencies in, but will also assist in maintaining the value of the assets

It has helped a lot of people to join hands in the decision-making process of the cryptocurrency, so that the rise and fall of the digital currency will solely be determined by the overall users of those currencies, and there is nothing like being micro-managed by a certain set of people who are the key.

[batang_bitcoin]

the opportunity created by the use of cryptocurrencies is that more and more young people will be helped financially when they make good use of cryptocurrencies,

It's that the opportunities have become digital and many are paying in cryptocurrencies. And with those opportunities, I agree that many young people that are into technology might be aware of it and they can easily get something for them that will be able to help them not just financially but also add up some knowledge of what actually is happening on this scene.

just imagine if you knew about Bitcoin and bought it when the price was $1000 then now the value of the money you have has increased by thousands of percent, this shows that cryptocurrencies are an opportunity.

I've been there and glad that I was able to get a bit from it. It's true that whoever gets first will have the most advantage and the impact of being into cryptocurrency is certainly big not just to the country's economy but also to your family economy.

[AmoreJaz]

the opportunity created by the use of cryptocurrencies is that more and more young people will be helped financially when they make good use of cryptocurrencies,

It's that the opportunities have become digital and many are paying in cryptocurrencies. And with those opportunities, I agree that many young people that are into technology might be aware of it and they can easily get something for them that will be able to help them not just financially but also add up some knowledge of what actually is happening on this scene.

just imagine if you knew about Bitcoin and bought it when the price was $1000 then now the value of the money you have has increased by thousands of percent, this shows that cryptocurrencies are an opportunity.

I've been there and glad that I was able to get a bit from it. It's true that whoever gets first will have the most advantage and the impact of being into cryptocurrency is certainly big not just to the country's economy but also to your family economy.

In crypto market, there are so many jobs that the young generation can explore with. Not only using it for payment purposes but for crypto-related projects, there are so many jobs created out of it. Just look at graphic artists, programmers and a lot more as I already mentioned in my earlier post here. So yeah, it will help those people get some jobs from this industry, if they just know what projects to tap and offer their expertise with.

[WillyAp]

Only a fraction of young people.
There are billions without skill levels to be employed in the 1st place.

[MarjorieZimmermanGinger]

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.

Health,Education and Clothing also the important factor of the poverty determination.All this need of money which was created by the individual by using the cryptocurrency as a mode to earn some money.Let discuss about this factors.

I highlight individually regarding crypto and specifically for bitcoin, the presence of this industry has helped many people, especially regarding the issue of financial income level capabilities. People are starting to realize this industry as an alternative and everyone has the same opportunity to earn money, as long as this industry is used well then there is an opportunity for anyone to gain financial freedom. Poverty is characterized by people who are unable to meet their food needs and do not live a decent life such as getting education and health.

If someone does not have a strategy to get out of poverty then life now will be much more difficult. Jobs are very difficult to get and will affect someone from fulfilling their obligations. The steps and presence of crypo can be used by anyone, but people must know how it works. Therefore, training skills is very important so that people can invest and trade in crypto.

[Ayers]

how will you own bitcoin or altcoins if you don't use a bank or fiat to buy them? Cryptocurrency is not created and distributed to you for free, you need money and even a lot of money to own it. So how can it replace the role of banks? Also, if you have used bitcoin and made any transactions recently, you would have spent $6 or even $20 per transaction. Do you think it will help you reduce costs compared to banks?

Other than bitcoin, cryptocurrency is a pump and dump game, nothing more, nothing less.

Not really, many are though.
You can make cryptos by mining, you can collect crypto though clicking, watching videos, doing surveys and so on.
You are correct with saying that Crypto will not replace the banks ever, banks give credits, finance startups, are critical to the systems very existence.

Are you collecting cryptocurrencies the way you recommend or are you also investing in them with fiat and banking? Free stuff doesn't work anymore these days because things are becoming much more valuable. Even if you could somehow get your hands on cryptocurrencies, if you don't convert them to fiat, you can't survive as fiat and banks are still the primary medium, the currency of the world. 

We need to look at reality and accept what is happening, don't be too delusional or too hopeful about the crypto industry. We are only at the beginning of the cryptocurrency revolution and unfortunately, everything is no longer a money game. There are no practical applications yet and no impact on our economy.

[ferida504]

Cryptocurrency had their huge root in the many countries economy,now nearly 30-40 percentage of many country people using cryptocurrency for the trading,mining,digital marketing and investment.So at the end they are earning some decent income from the cryptocurrency.The impact of cryptocurrency in the developing countries was huge,because the unemployment and poverty was the biggest hurdle for the developing countries.

yes. cryptocurrency have impacted positively in the world today and it is happening and we still believe it will continue happening because the way youth are accepting the cryptocurrency as their way of earning money is really encouraging, especially in my country where there is no job for them to meet their daily needs. What most of them do is crypto trading; they trade bitcoin and other valuable coins to get what they want.

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.

yes. In countries where there is a large population, they can also use this industry to feed themselves by doing many things, such as signature campaigns, bounty, and even trading crypto currency, just to meet their needs. By getting used to the crypto currency, I don't think most of them will even want to go back and find a government job again, because it is happening in my country. Some youths and other graduates from many institutions have already embraced crypto as a way of getting money, and they don't want to go back and look for government work again.

In almost ten years, he really felt the positive effects after crypto was present in the midst of people who were experiencing economic difficulties, the existence of crypto has also become a new innovation in the global business world, and also economic growth can stabilize it, currently the readiness of countries that You have to pay attention because not all countries are ready for economic growth through cryptocurrency. in the crypto system, people don't bother using it in transactions, so it is very short and also very safe in using it, so the level of efficiency is very high. I hope the world economy continues to improve and crypto becomes part of the legitimate world financial system