How is Bitcoin changing the economy?

[Nheer]

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.

You're not wrong, with Bitcoin more individuals have been exposed to more finances making more money to be in circulation and the economy is surely benefiting from it as well. I believe we we are from the same country. Also it has being a source of livelihood to some people, it has given work to so many young people in the country so some people are not affected by the lack of employment opportunity in the country and so can be seen as an employment opportunity.
The impact Bitcoin might have on a country's economy might not be much but is enough to change the lives of some people in the country.

[summonerrk]

Bitcoin can change the economy of any country in the most incredible way, but the banking system will never agree to this, because the introduction of Bitcoin will literally mean its death, because the banking system acts as an intermediary that only collects money for transfers or services that are not worth as much as bank users pay them.
And banks are centralization and no one wants their deposit to be frozen. But banks can do this, unfortunately.

[dezoel]

Say the truth and let the devil be ashamed they say, I don't see any way that Bitcoin is changing the economy of my country, everyone want to buy and make money from the appreciating value of Bitcoin, that's all.

My country consist of vampires as leaders that are always ready to suck people of their money to the very end, so even if Bitcoin can change the state of economic growth in my country the leaders won't let it show.

I don't know about other people's country and how Bitcoin is helping them but in mine it's something else completely.

I would say that if your nation could take the benefit of it and people could work for overseas people and make better money, that is how they would improve. We already had that with paypal type of stuff but paypal has been terrible for years now, I think it's been more than five years now where Paypal is not used by many people because they just simply steal your money.

Paypal has stolen billions from people all together, and they just say "you did something against the policy" and move on and keep your money, all they have to show the government is that they are not spending your money, but that doesn't mean they can't invest your money, so they make money from your money. It's really disgusting and bitcoin could fix that and you can work for some European and make more money.

[SATWAT]

Bitcoin can change the economy of any country in the most incredible way, but the banking system will never agree to this, because the introduction of Bitcoin will literally mean its death, because the banking system acts as an intermediary that only collects money for transfers or services that are not worth as much as bank users pay them.
And banks are centralization and no one wants their deposit to be frozen. But banks can do this, unfortunately.

Bitcoin had great potential for bringing changes but as mentioned banking system will never been allowed this because if governments allow working Bitcoin this system will be collapsed with huge loses and many peoples will be jobless.

Despite having good advantage they will never allow having this here I want to say one thing no one can stop this even this is going to take good time for having implementation because we all know bitcoin is future.

Banks are doing too many things with our money we are not able to compete with their demands and things which are they doing even freezing accounts and holding money with bitcoin giving good freedom, but governments are also not happy to give us this financial freedom.

[danherbias07]

All of those are correct, and I think this is the best time to get in, especially for those who cannot pick the right cryptocurrency for themselves. Bitcoin first, then just pick an old school altcoin next. Invest a large part in a more secure cryptocurrency because I do believe it will grow stronger in the near future.

Regarding the economy, I don't feel that much of a change, but for those who invested early, their financial status may be better than those who are just doing it now. I mean, they picked the right investment and now they can reap the rewards if they want to. Still, there's a choice of just keeping in Bitcoin and let it grow it's value or just cash it out.

[harapan]

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.

I solely concur to this it's the involvement of adoption that has resulted to a change and thus the individual can affect their economy by it, without government intervention because they are scared that the rise of Bitcoin will amount to the fall in the system.
But merely speaking Bitcoin has changed the economy with massive impacts but driven by individuality performance.

[summonerrk]

Snip

Bitcoin is a solution for cryptocurrencies. But the question is how friendly and mutually beneficial Bitcoin and blockchain will be for the banking system. We all remember the first reactions of the banking sector to Bitcoin, they did not even take it seriously, thinking that these were toys for geeks. And then we began to hear more and more about Bitcoin in the news, as well as the whining of those who did not buy Bitcoin at the very beginning.
Now we see that banks are trying to make their own coins, as well as adapt the blockchain, but I am of the opinion that they would be happy if cryptocurrencies did not exist at all. After all, this is a threat to them.

[Marvell1]

Bitcoin can change the economy of any country in the most incredible way, but the banking system will never agree to this, because the introduction of Bitcoin will literally mean its death, because the banking system acts as an intermediary that only collects money for transfers or services that are not worth as much as bank users pay them.
And banks are centralization and no one wants their deposit to be frozen. But banks can do this, unfortunately.

But can you tell us how bitcoin will change the country's economy? Because in my limited understanding, a national economy is a combination of many factors such as natural resources, human resources, infrastructure, technology, and international trade. Especially, whether the economy can develop and stabilize or not depends on the economic policies of the Government and banks. What role do you think Bitcoin will play and what can it do to change the national economy? Can Bitcoin create jobs, attract foreign investment? Or can it provide financial services (mortgages, loans) to individuals and businesses, or replace banks in providing monetary policy and regulating the economy?

Bitcoin is not a magic wand, it cannot change the national economy, and that is the job of governments and banks. Let's be realistic, and avoid exaggerating bitcoin.

[SOKO-DEKE]

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.

Yes, this time is the best time to invest in Bitcoin and also, tomorrow is the best time to invest. This shows that every day is the best time to invest in Bitcoin as it is volatile in nature.The price of Bitcoin goes up and down, and nobody can accurately predict the price every time. Therefore, every day should be considered the best day to invest. It is usually traders who try to time the market  deciding when to buy and when to sell. But for investors, timing the Bitcoin market is not ideal, because it is very possible that while you're waiting for the price to drop, it may actually be going up. This can lead to delays, as one keeps waiting for the price to reach a specific target, which may never happen.

So instead of waiting, it would be better to use the DCA method buying Bitcoin weekly or monthly.the fact is that inflation will always be there. But for people who invest their money in Bitcoin, it is very possible that Bitcoin will protect them against inflation. As the price of Bitcoin increases and fiat currency continues to lose value (as prices of goods continue to rise), those holding Bitcoin may be protected from inflation in the future.

[YOSHIE]

How is Bitcoin changing the economy?

Bitcoin and Economics, we can see that today many media report about the adoption of Bitcoin that the government is doing, what is done is only one goal, namely improving the national and global economy.

We can see the country that adopts their bitcoins protected from inflation and economic crisis in which they can invest in bitcoin by utilizing the benefits Real, as Donald Trump and other officials did, have proven Bitcoin to encourage the country's economy to be unexpected.

By investing and adopting bitcoin, of course, is now a good step for the government to improve the country's economy, Bitcoin can overcome high interest rates, inflation and others.

[icebar]

Bitcoin has now become the best investment medium for the common people to protect his wealth from inflation. People are now accepting Bitcoin as the only refuge to protect their wealth. Bitcoin is becoming an excellent medium for people not only to protect their wealth but also to make smooth transactions. Bitcoin provides the facility of opening a bank account for the common people who does not have a bank account. Just as gold works as a store of value, Bitcoin also provides the same facility, but although there is no fixed supply of gold, Bitcoin has a fixed supply, so it has become more expensive than gold.

Certainly, due to the various advantages of Bitcoin, many central banks of countries have proposed to launch their own digital currency, but Bitcoin is the only decentralized currency in the world that has brought financial freedom to all people in the world.

[WillyAp]

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.

El salvador shattered on reality.
People without any knowledge of even make a wire transfer suddenly were thrown towards the ones who know.
Abuse, distrust made the rest.

[puloweh555]

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.

I solely concur to this it's the involvement of adoption that has resulted to a change and thus the individual can affect their economy by it, without government intervention because they are scared that the rise of Bitcoin will amount to the fall in the system.
But merely speaking Bitcoin has changed the economy with massive impacts but driven by individuality performance.

Bitcoin's impact on the economy is slowly growing, as we can see from the steadily increasing trend. Moreover, if more countries regulate Bitcoin, this will undoubtedly have a wider impact, not just on individuals but also on communities. So, with Bitcoin's continued growth, and as more people start using it, the amount of wealth stored in the system will increase significantly, making Bitcoin good for the economy.

On a small scale, for example, what happened to me. Bitcoin has transformed my economy. The difference is very noticeable. Before learning about Bitcoin, my economy was unstable, but after learning about Bitcoin, it has stabilized and even improved.

[Joy_learns_crypto]

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.

Well doing a job and earning in bitcoin doesn’t really change the nation’s economy in a big way. People who do jobs like freelancing also earn in stable coin but stable coin change the economy too.
Working and earning in whatever currency means that the Human Resources in your country are helping the nation’s economy because money is coming in and if they a taxed then more money that can be used to help the society.

[Scarlett_23]

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.

Bitcoin transactions and investments are taking place not only in developed, underdeveloped, least developed and developing countries. Bitcoin has now become the center of discussion in the global economy. There is a difference in investment between the rich and the poor in the stock market, real estate or any other field. Although there is a difference in investment in Bitcoin, its DCA method reduces this difference to some extent.

The problem of unemployment is constantly arising around the world. Bitcoin is helping to eliminate unemployment to some extent. Because many young people are constantly working on Bitcoin and block chain technology. As a result, new jobs are being created. Such as: designers, coders, traders, content creators, etc.

It can be transacted very quickly and at low cost from any part of the world without banks. No government or group can interfere with it.  because of this, a person gets complete financial freedom.

[G_Besar]

~~~

I solely concur to this it's the involvement of adoption that has resulted to a change and thus the individual can affect their economy by it, without government intervention because they are scared that the rise of Bitcoin will amount to the fall in the system.
But merely speaking Bitcoin has changed the economy with massive impacts but driven by individuality performance.

Currently, many people's belief in Bitcoin has increased due to the growing evidence that Bitcoin can provide greater benefits and even financial freedom if someone already owns a significant amount of Bitcoin. However, the changes we've seen overall, both in society and at the national level, are also significant. With Bitcoin, some people are no longer unemployed because they have become familiar with the market and are investing in Bitcoin while trading altcoins for short-term profits.

[Alone055]

Bitcoin can change the economy of any country in the most incredible way, but the banking system will never agree to this, because the introduction of Bitcoin will literally mean its death, because the banking system acts as an intermediary that only collects money for transfers or services that are not worth as much as bank users pay them.
And banks are centralization and no one wants their deposit to be frozen. But banks can do this, unfortunately.

And how exactly is introducing Bitcoin going to change the economy of a country? A change in the economy is supposed to fuel the economy financially, and I don't see how introducing Bitcoin and allowing people to use it instead of the banks would boost the economy or change in the most incredible way. A country's economy might get better if it invests money in Bitcoin, and in return, Bitcoin's price goes up sharply, and the country makes a lot of money from its investment, and then it can use that money to do development work and whatnot for its country.

Also, we need to think about the possibility of the price dropping as well, because Bitcoin is a volatile asset, and if it can go up, it can go down as well. So what if a country invest billions of dollars in Bitcoin to better its economy, but instead of going up, the price goes down? They are going to lose a lot of value for their money, and then they will need to wait for years before Bitcoin can get back up and then give them some profits.

So, these things are not as easy as said, there are a lot of complexities.

[woez]

Bitcoin had great potential for bringing changes but as mentioned banking system will never been allowed this because if governments allow working Bitcoin this system will be collapsed with huge loses and many peoples will be jobless.

Despite having good advantage they will never allow having this here I want to say one thing no one can stop this even this is going to take good time for having implementation because we all know bitcoin is future.

Banks are doing too many things with our money we are not able to compete with their demands and things which are they doing even freezing accounts and holding money with bitcoin giving good freedom, but governments are also not happy to give us this financial freedom.

The previous review, as well as yours, is very interesting. I think there are many important points in this discussion about how Bitcoin is changing the economy, as implied by the title of the OP's post. What is currently visible in various countries is that Bitcoin adoption is actually expanding, slowly but surely pushing governments to accelerate regulations to encourage participation, rather than discourage it.

From another perspective, it is clear in some places that current governments are unlikely to allow Bitcoin to completely replace the systems they have built from the start, but they also cannot completely ban it without harming themselves. I think this is both a plus and a minus, meaning that in the future, there will be concerns that many banks will lose money and jobs will be replaced by better, more transparent options. This means that with the advent of this digital financial transformation, a new blockchain-based financial sector will emerge, which will also require workers. So, it's not a total disaster, but there are many positives that governments can generate to increase state revenue, a small example being the tax sector.

[Danica22]

With Bitcoin, some people are no longer unemployed because they have become familiar with the market and are investing in Bitcoin while trading altcoins for short-term profits.

You mean bitcoin can solve unemployment? Is that true? When bitcoin is just an asset and to be able to invest or trade it you first need to have money.

Bitcoin is just an asset, a currency, it is not a company or an organization, it does not create jobs. How can it be said that it can help some people get out of unemployment or can help solve the unemployment problem of a country?

If you think that just because bitcoin provides investment or trading opportunities to some people, and that means bitcoin is creating jobs for them and reducing unemployment. So should the stock market, forex or even gambling be considered as solutions to unemployment? Because there are also a lot of people investing, trading and gambling every day.

[HelliumZ]

It may be difficult to describe in detail how Bitcoin changes the economy, but if I explain it from my personal perspective, it can be explained very easily. When I didn't have a job, I mainly used Bitcoin to support my family and my education. Especially when I was studying, I had no other income and I relied solely on Bitcoin to support my economy. If it weren't for Bitcoin, it would have been impossible for me to support my studies and I wouldn't have been able to support my family's expenses, so I would have been forced to abandon my studies and engage in some other economic activity. Today, with Bitcoin, I have been able to complete my studies and enter the job market.