How is Bitcoin changing the economy?

[Cipherpz]

Bitcoin is not just a technology, it is also questioning the very structure of the economy. It will shape the global economy in the coming decades in a way that is unimaginable to us now. Bitcoin has created a completely new type of asset class, offering people an alternative to the stock market and real estate. In countries where inflation is still rampant, such as Venezuela or Argentina, Bitcoin has already established itself as an alternative currency for people.

Moreover, Bitcoin is not controlled by any state, government or central bank, so it is challenging the concentration of economic power. Every transaction is transparent and verifiable due to the Bitcoin blockchain. Transaction costs and transparency In every era of the history of the world economy, there are moments that change the way people use money. So that traders who do not trade online for fear of online fraud can be sure that they will not be a victim of fraud because the Bitcoin network makes it very difficult to reverse transactions. Where the banking system takes days for an international transaction, Bitcoin crosses borders in minutes. It is as scarce as gold, but more convenient because it is easily tradable and has the same value worldwide. Around 1.7 billion people around the world are still unbanked. Bitcoin gives them direct economic participation through the internet. Bitcoin can basically be compared to a kind of global ledger.

Many people in the world live without banks. Paper notes, the spread of the gold standard banking system—these were each an important chapter. And now Bitcoin is writing that new chapter. Many central banks are inspired to create their own CBDCs by seeing the current technology of Bitcoin—blockchain, cryptography, and the transparency of digital transactions. It is assumed that most central banks will launch their own CBDCs in the future. However, they will be inspired by Bitcoin's technology, but not as independent and decentralized as Bitcoin. Bitcoin can be effective against inflation in the long term, especially where fiat currency is weak or inflation is very high. Also, anyone with an internet connection can join the Bitcoin network. With Bitcoin, people can send money without banks or intermediaries. People can use money directly with each other. Both small and large investors can invest in it. It makes transactions faster and costs less.

By using Bitcoin, they can participate in digital economic activities. Bitcoin offers value preservation, fast transactions, financial inclusion, and new investment opportunities—all together, which makes the economy more innovative and strong.

[Cryptohygenic]

Bitcoin has created a completely new type of asset class, offering people an alternative to the stock market and real estate. In countries where inflation is still rampant, such as Venezuela or Argentina, Bitcoin has already established itself as an alternative currency for people.

All you said is being true, bitcoin and it technology with the potential of store of values where users can actually hold their money to defeat inflation of the economy in the long time while it multiplies it values has really been a game changer in the aspect of holding valuable assets which is opposite to the traditional currencies which degrades overtimes as inflation emerges timelessly.

Moreover, Bitcoin is not controlled by any state, government or central bank, so it is challenging the concentration of economic power. Every transaction is transparent and verifiable due to the Bitcoin blockchain. Transaction costs and transparency In every era of the history of the world economy, there are moments that change the way people use money.

The possession bitcoin has proven so far in the global monetary and economy system. It is indeed an advanced monetary that opposes the concept of centralizations and employing it technology to digital currency unlike the cash while it potential of volatilities has gain more attractions for individuals to stack their funds for the long term and actualizes fortunate profits.
With more bitcoin use cases that i can not remember to express here, other ways bitcoin has solved the people's monetary transactions is it unified currency that it technology can allow user send money across borders with very low fees in rapid response while users are custody of their privacies and securities affairs unlike the traditional system where you don't have right over your privacy.

Edit: Less I forgot, bitcoin emerged the economy and monetary evolution with its technologies down there providing it excellent if I would say perfected services

[Youngrebel]

Bitcoin is for everyone and also making the poor to become financial freedom if they invest in it but the inequality in the individual economic structure is still remains the same. The rich are buying millions or billions at a time while the poor buys with a thousand (s). Bitcoin has the store of value because the demand is high and anyone that purchase a potion would like to hold it and not to release it at once and that another cause of that making the asset more valuable.

Best Time To invest.
And if anyone is interested to invest, this is the best time to key into the new trend. And let the person Keep it for like 5 to 10 years minimum. Though there some misconceptions that bitcoin will remove inflation but I don't think so because those who sell things will still increase to make profit. And I don't think bitcoin will reshape the world economy as someone has said in this thread.

[Davidvictorson]

Bitcoin is changing the economy in different ways. Let me tell how bitcoin is changing my own economy. Mostly because the younger working class people are the one who use bitcoin, in a way bitcoin has allowed for more money to be in circulation in the country. Younger folks do jobs and prefer to earn in bitcoin which they would later convert to our local fiat and spend it on stuff in the marketplace and other places. This one goes back into the economy and more money goes into circulation. This more money in circulation helps the economy because it increases spending, production, and investment.

[iBaba]

Best Time To invest.
And if anyone is interested to invest, this is the best time to key into the new trend. And let the person Keep it for like 5 to 10 years minimum. Though there some misconceptions that bitcoin will remove inflation but I don't think so because those who sell things will still increase to make profit. And I don't think bitcoin will reshape the world economy as someone has said in this thread.

Yeah. So, like the popular goes, the best time to invest is now. reason why it is said this way is because investing in bitcoin is often viewed as a difficult decision to make by many people especially the newbies who just started and most of which ends in procrastination. So in context of these reasons, it is best to say that the best time to invest in bitcoin is now, however little you can afford, the little steps in the start could be the most difficult and regrettable moments to recount, if the decision isn't taken.

If not for that reason, I can personally say that there are more better times to invest in bitcoin which is during bear seasons when the digital assets are down, by then when you invest, you are expected to be at advantage but again this is reason why the DCA approach is the best. It gives you the opportunity to begin with the little you can afford at any given value of the coin, then begin to build your portfolio gradually over time, during this course, you can increase your investments when it's bearish and reduce your investment capitals when it's bullish. But for me, the the minimum years one should tag as his investment maturity age should be from 8 years and above, not even 5 years in my humble opinion.

Bitcoin is changing the economy in different ways. Let me tell how bitcoin is changing my own economy. Mostly because the younger working class people are the one who use bitcoin, in a way bitcoin has allowed for more money to be in circulation in the country. Younger folks do jobs and prefer to earn in bitcoin which they would later convert to our local fiat and spend it on stuff in the marketplace and other places. This one goes back into the economy and more money goes into circulation. This more money in circulation helps the economy because it increases spending, production, and investment.

The bitcoin technology is generally more friendly to the younger generation than the older ones or even middle age, only that the younger generations are not yet experienced enough to reinvest what they make from using bitcoin. Bitcoin is indeed going to change the economy in different ways but is specially for countries or governments who are tapping from those opportunities available to us through bitcoin and not countries like my own that is against the use of bitcoin and see it as a threat instead of otherwise, to the economy.

[Zoomic]

Bitcoin is not changing my country's economy. It is not helping to strengthen the power of my country's fiat.
It is not helping the government of my country, that is why they hate it.
Rather, bitcoin is changing the life of the individuals that embraced it and that is why I endorse it as the coin of the people.
Anyone who loves freedom or liberty should embrace bitcoin and not wait for the government to do it for the sake of the whole economy.

[Stepstowealth]

Bitcoin is changing the economy in different ways. Let me tell how bitcoin is changing my own economy.

To state my own observation, I say that the technology of bitcoin has improved financial awareness among people in a country and has increased the opportunity they have to invest even from a young age and from the little they have. You now find more people within the economy working hard to ensure they have a viable source of income from where they can invest from, in a way indirectly contributing to the economy. Many people would have been discouraged with the idea of working hard if there was no hope to invest even from the little that they earn.

[Josefjix]

Bitcoin is not changing my country's economy. It is not helping to strengthen the power of my country's fiat.
It is not helping the government of my country, that is why they hate it.

Bitcoin wasn't created to solve the economy of any country, was absolutely created to solve monetary issues and render service outside the authorization of higher builders.

Rather, bitcoin is changing the life of the individuals that embraced it and that is why I endorse it as the coin of the people.

It's operating on it own without the help of any institutions, all these threatening them to stop it but no way, where exactly did government wants to torture to collapse the use of Bitcoin, no way.

Anyone who loves freedom or liberty should embrace bitcoin and not wait for the government to do it for the sake of the whole economy.

Some people listens to the government more than themselves,  while government never care about the situation of her citizen.

[Distinctin]

Bitcoin is changing the economy in different ways. Let me tell how bitcoin is changing my own economy. Mostly because the younger working class people are the one who use bitcoin, in a way bitcoin has allowed for more money to be in circulation in the country. Younger folks do jobs and prefer to earn in bitcoin which they would later convert to our local fiat and spend it on stuff in the marketplace and other places. This one goes back into the economy and more money goes into circulation. This more money in circulation helps the economy because it increases spending, production, and investment.

The more bitcoin a person earns, the bigger the amount they will convert to fiat. That’s because people invest in bitcoin, or accept bitcoin as a compensation so that they can make maximum conversion once it’s converted to fiat. Where there is bitcoin, that’s where higher amount of fiat is. And once all that fiat is used up, the country’s economy will also benefit.

In reality, bitcoin is a big asset to a positive economy. It’s just that the government finds it hard to admit it as they want to keep boosting their own fiat.

[Samlucky O]

Bitcoin is changing the economy in different ways. Let me tell how bitcoin is changing my own economy. Mostly because the younger working class people are the one who use bitcoin, in a way bitcoin has allowed for more money to be in circulation in the country. Younger folks do jobs and prefer to earn in bitcoin which they would later convert to our local fiat and spend it on stuff in the marketplace and other places. This one goes back into the economy and more money goes into circulation. This more money in circulation helps the economy because it increases spending, production, and investment.

Yes I agree with you, and apart from that, most people are able to create employment opportunities for others by working and earning in Bitcoin. Let's say a person who does online job and earn in Bitcoin my have an establishment that someone will manage, and from there such person will receive salary from it. From hence it has created employment opportunity for such person and indirectly reduce unemployment rate. Let take myself as a case study from the business I have been able to do with my weekly Bitcoin payment, I am able to establish a small business that someone is earning from it. So how can we not say Bitcoin is changing the economy.

[Swordsoffreedom]

Bitcoin is not changing my country's economy. It is not helping to strengthen the power of my country's fiat.
It is not helping the government of my country, that is why they hate it.

Governments don't hate bitcoin just because it doesn't help them change their economies or help them strengthen fiat currencies. Because bitcoin is not capable of doing that and it was not created to do that. The government doesn't like it because they can't control it.

Rather, bitcoin is changing the life of the individuals that embraced it and that is why I endorse it as the coin of the people.
Anyone who loves freedom or liberty should embrace bitcoin and not wait for the government to do it for the sake of the whole economy.

Bitcoin can only change the lives of those who know how to use and invest properly, it cannot help all those who invest in it. Not everyone changes their life in a positive way when investing in bitcoin, many people have changed their life thanks to investing in bitcoin but many people have suffered losses, even bankruptcy because of investing in bitcoin the wrong way.

[GeorgeJohn]

Bitcoin doesn't changed any economy of any country, because theirs no country that their sources of economy is Bitcoin, so each country have what that trigger for economy increase, but is not a bitcoin, when we say bitcoin can be used as a source of economics reserve of a country I will agree with everyone who says so, but outlined that bitcoin can change the economy, it doesn't have cognitive fact to be believe, because different countries have what they invest on, as economy reserves that will render help for their economy boasts up

[348Judah]

Bitcoin is not just a technology, it is also questioning the very structure of the economy. It will shape the global economy in the coming decades in a way that is unimaginable to us now. Bitcoin has created a completely new type of asset class, offering people an alternative to the stock market and real estate. In countries where inflation is still rampant, such as Venezuela or Argentina, Bitcoin has already established itself as an alternative currency for people.

If we are to start by talking more about the relevance of bitcoin in the economy, then we are not going to end it, because it has rendered lots of opportunities to the economy and granted the financial freedom we couldn't have achieved in fiat economy, its decentralization benefit is also what to talk more about, because it creates the avenue of allowing for everything to be in place while we make use of the bitcoin currency for our own benefits depending on where we wanted it to be applicable.

[joniboini]

Not everyone changes their life in a positive way when investing in bitcoin, many people have changed their life thanks to investing in bitcoin but many people have suffered losses, even bankruptcy because of investing in bitcoin the wrong way.

I think it's more interesting to talk about the wrong way to invest in Bitcoin (although it has been discussed many times, too). It's very easy to say that buying Bitcoin means you'll increase or preserve your wealth in the long term, but how should they go about it? Most people talk about DCA, but not everyone has the patience to do it, which is a shame.

Bitcoin is not changing my country's economy. It is not helping to strengthen the power of my country's fiat.
It is not helping the government of my country, that is why they hate it.

That's such a strange reason to hate something. Does it mean they also hate USD and gold because they don't directly strengthen your country's financial status?

[AprilioMP]

For me personally, Bitcoin has helped me in my daily life, even though I'm not a typical worker because I'm still focused on my studies.
I say this because, globally, Bitcoin's ability to bring about changes in the economic system has been explained by others here.
Although I can't use Bitcoin as a means of payment in my daily life, the Bitcoin I currently use helps me accomplish some of the things I need.
Greater change begins with what is directly felt by individuals.

[Iranus]

...—all together, which makes the economy more innovative and strong.

El Salvador is a country that has adopted bitcoin across its entire economy, not only investing in it but making it a legal tender. But after 4 years, let's see how their economy is. Their economy is on the brink of default and has to seek help from the IMF.

It can be seen that bitcoin cannot help or change the economy of any country, let alone the global economy. Bitcoin is just a currency, an investment asset, and it may be useful for an individual or company's economy, but it does not help the national or world economy. The national and global economy is much more complex and requires many more factors to change, we cannot rely on bitcoin or any single tool alone to change.

[dzungmobile]

El Salvador is a country that has adopted bitcoin across its entire economy, not only investing in it but making it a legal tender. But after 4 years, let's see how their economy is. Their economy is on the brink of default and has to seek help from the IMF.

Their country has many nation-wide systematic problems so Bitcoin can not fix all such systematic problems and help El Salvador become richer, safer or whatever better aspects. Nayib Bukele actually has governed and led El Salvador to a good direction and this country has been changing positively but it comes from combined initiatives, not solely from Bitcoin. Their economy can not be improved only by their national investment in Bitcoin or legal regulations like Bitcoin legal tender.

Bitcoin is just a currency, an investment asset, and it may be useful for an individual or company's economy, but it does not help the national or world economy.

El Salvador has tried to build up things around Bitcoin after realizing Bitcoin potential and knows that if they succeed to make their country as a heaven or at least one of most favorite destination country for Bitcoin users, investors and companies, their economy will get benefit from it.

[Oshio-man]

Bitcoin is opening institutions, government and individuals eyes to see opportunity in the knowledge of bitcoin, you can do without saving huge amount of funds in the bank these days and you will not have plenty enemies around you, but when you save your funds in the bank there will be plenty enemies that will be monitoring your transactions in and out of your funds because you are dealing with centralized asset that is control by government officials,  people are no longer spending their funds any how since bitcoin were created because they have invested in bitcoin and hold for long term to embraced good results that will make them not to touch their bitcoin in the bearish season until they are very sure about the bullish season before they can trade to earn huge income that will increase their wealth, some government has made bitcoin legal tender for people to grow their businesses and to enjoy good economy.

[bitbollo]

I think that one of the most "devastiting" single effect has not yet been seen or has just been undervalued by many.
If the bitcoin economy growth faster than fiat economy, it would be convenient - store bitcoin and not FIAT.
For the "salary man" it would be more convenient to work into this industry because it's "faster" than the fiat economy.
Not only more people would leave their jobs or they can just say "no". But also some others would decide to join the new economy.
I don't know what it could be the speed for that process, but it's similar to theories of "not efficiency" of a State.


 

[Cipherpz]

Bitcoin is not changing my country's economy. It is not helping to strengthen the power of my country's fiat.
It is not helping the government of my country, that is why they hate it.

Governments don't hate bitcoin just because it doesn't help them change their economies or help them strengthen fiat currencies. Because bitcoin is not capable of doing that and it was not created to do that. The government doesn't like it because they can't control it.

Rather, bitcoin is changing the life of the individuals that embraced it and that is why I endorse it as the coin of the people.
Anyone who loves freedom or liberty should embrace bitcoin and not wait for the government to do it for the sake of the whole economy.

Bitcoin can only change the lives of those who know how to use and invest properly, it cannot help all those who invest in it. Not everyone changes their life in a positive way when investing in bitcoin, many people have changed their life thanks to investing in bitcoin but many people have suffered losses, even bankruptcy because of investing in bitcoin the wrong way.

Bitcoin investment is a successful investment as a way to escape inflation. Significant profits can be achieved by buying at a low price and holding it for a long time. However, due to lack of proper market analysis, risk-taking mentality, those who do not understand market fluctuations, suddenly get scared and sell at a low price, and later buy it again at a high price. This causes losses. On the other hand, those who have regularly and patiently saved Bitcoin have often become financially strong in the long run and have received significant appreciation. Therefore, Bitcoin is not for everyone. It is for those who learn, understand and can invest with a long-term perspective. Those who have investment knowledge, patience and the right strategy have benefited in the long run. But those who have invested suddenly out of greed, bought and sold at the wrong time, or with excessive risk have often faced losses.