How is Bitcoin changing the economy?

[TravelMug]

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.

Yeah, it's no secret, maybe in the beginning, thru signature campaign and then you start to trade or just hold on it. And then there will be time that you will have to sell some for you and for your family.

There is one story in our local board that thru his Bitcoin engagement and years of hard work in joining campaigns, he was able to buy a houser for his family. So that is one big example how Bitcoin can really change someone's life for the better. We become financially independent and we learn how to manage our money. That is one offset of being a investor.

[fuguebtc]

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.

They are legal and accept bitcoin because they don't want to lose a huge tax from bitcoin investors, nothing more.

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.

Can Bitcoin save national economies from inflation and crisis? Do you remember El Salvador? They are the country that adopted bitcoin into their economy 4 years ago and do you know their current economic situation is terrible, even on the verge of bankruptcy?

Meanwhile, Donald Trump and his administration are using cryptocurrencies for their own profit instead of adopting them to improve the economy. The proof is that in less than 1 year after becoming president, his family created 3 projects TRUMP, Melania and WLFI, earning billions of dollars from the market.

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.

It is true that adopting bitcoin is a good and welcome move by the government but honestly I don't think bitcoin can improve the country's economy.

[bitgolden]

When you think about how many people could work on crypto projects and anything related to crypto, you realize that it's actually a good thing for all of us. I mean we are dealing with something that is special and because of that I really believe that we can't see how things could change that easily from inside, but from outside and zoom out and you see that crypto generates so much money, and so many jobs.

This is why it helps the economy to grow, it gives millions of people a way to make money and that is why it's actually a good thing for all of us, all around the world. Not that everyone will make money, some will of course lose money but that is not really the way to think of it, because of how many who do make money.

[Emitdama]

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.

Agreed that bitcoins does not directly solve the employment problems but somewhere it creates job around the globe. Just for an example, miners always have need of hardware maintenance people who thus get paid from the money miners make. Somehow, bitcoins will generate funds even thought it does not help with employment.

Unemployment is worst because people loose their income sources but with bitcoins they can always generate additional income sources which can either be by mining, trading or holding. People will make money and they might not even feel a need of getting employed.

Yes, this might be the same with forex or stocks where people can make money but with bitcoins, comes a variety if ways to earn money. Anyone can live a decent lifestyle just by holding or trading bitcoins as they can get really nice profits so this will somewhere solve the employment problem as people would rather not prefer being employed if they are earning nice wages here.

[GigaBit]

Undoubtedly, Bitcoin is now not only for transactions, it is also of great importance in economic development and its impact will increase in the future. Bitcoin is now also being used as a valuable store of value. Countries where people used to face massive inflation are now considering Bitcoin as a safe haven. Where before people were not able to make financial transactions without a third party, now they are doing their financial work outside the control of the government. Certainly, Bitcoin has given people complete freedom as well as having great importance in the financial sectors.

[Butterfan]

Undoubtedly, Bitcoin is now not only for transactions, it is also of great importance in economic development and its impact will increase in the future. Bitcoin is now also being used as a valuable store of value. Countries where people used to face massive inflation are now considering Bitcoin as a safe haven. Where before people were not able to make financial transactions without a third party, now they are doing their financial work outside the control of the government. Certainly, Bitcoin has given people complete freedom as well as having great importance in the financial sectors.

Yes Bitcoin has gone much beyond being an instrument of rudimentary transactions. Its use as a store of value is becoming more visible particularly in the countries that have a problem with a rise in inflation or fluctuating currencies. Individuals there are not considering Bitcoin as swift revenue but a means of saving their funds. The transacting capability which does not depend on banks or government oversight is another powerful reason which makes it unique. Naturally, there exist such risks as volatility, however, that is why ordinary people now have an option, which is not offered by the traditional system, and this is the strength of Bitcoin.

[Danica22]

Unemployment is worst because people loose their income sources but with bitcoins they can always generate additional income sources which can either be by mining, trading or holding. People will make money and they might not even feel a need of getting employed.

Yes, this might be the same with forex or stocks where people can make money but with bitcoins, comes a variety if ways to earn money. Anyone can live a decent lifestyle just by holding or trading bitcoins as they can get really nice profits so this will somewhere solve the employment problem as people would rather not prefer being employed if they are earning nice wages here.

But to be able to mine, trade and hold bitcoins, you need money, even a lot of money. Nowadays, Bitcoin mining is like investing because you need money to start. Similar to holding and trading, how can you start without money? Not to mention, mining isn't always profitable if you live in a country with high energy costs and expensive maintenance. Meanwhile, as we all know, trading is very risky and most of them lose. So I don't think these things will help people who are unemployed.

There are many ways to make money in the bitcoin market but as said, we need money to start and risks are always lurking. If not careful, loss can happen at any time. So it would be unbelievable if someone could make a decent living just by holding and trading bitcoins without having to work. This is probably only true for those who adopted early and held on until now, but how many are like that?

Let's be realistic, bitcoin can't improve a country's unemployment situation.

[o48o]

When you think about how many people could work on crypto projects and anything related to crypto, you realize that it's actually a good thing for all of us. I mean we are dealing with something that is special and because of that I really believe that we can't see how things could change that easily from inside, but from outside and zoom out and you see that crypto generates so much money, and so many jobs.

This is why it helps the economy to grow, it gives millions of people a way to make money and that is why it's actually a good thing for all of us, all around the world. Not that everyone will make money, some will of course lose money but that is not really the way to think of it, because of how many who do make money.

When people buy and hold bitcoin, they aren't investing in your country's economy. They are literally keeping it from not moving for every single dollar they don't use inside your country's ecosystem.

Also, isn't that work available only because cryptocurrency economy is bloated? Nothing tangible isn't actually created and since value is based on hype, we can just create more value by creating more hype. There's no other way to measure the value of it, then to trust that people keep buying it.

And how far you think workers in this space can milk it? Imho it's hard to say if this kind of meta work is good for economy. As the whole space could collapse at any moment.

[Unknown Op]

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.

Bitcoin has powerful effect on the economy of every country because the countries in which trading is legal , these are growing more than the countries in which trading in illegal. Many countries are facing difficulties because they have no idea of Bitcoin and Bitcoin is best cryptocurrency they don't know. People should acknowledge,that will be best cryptocurrency all over the World forever because no project has potential like this . If people have knowledge and they invested in that, they are earning good amount of money.Many countries are in the favour of Bitcoin because they all know the history of Bitcoin which is very excellent and we will see best in the near future.

[tabas]

Bitcoin is a good store of value and the people of the forum are aware of that. This is one of the changes in the economy where in before, digital things can't become assets. But let's start it out with the stocks of the tech companies. From gold, to digital gold through brokers and now with Bitcoin. There's a huge change from how an economy could bring up something to their people and also to a country where they're focused with. Before, many don't like bitcoin for how it's portrayed in the past. But look where it is now, being loved by the many and everyone is now trying to accumulate and hold it.

[Nothingtodo]

Bitcoin, after all, provides extensive economic support for the people of a country, in addition to economic development. Just as a remittance warrior sends remittances to foreign countries, a citizen earns Bitcoin and acts as a remittance. When I was studying, I had no source of income, and now, with the income I earn through Bitcoin, I am able to support my family well and continue my academic studies. Without the income from Bitcoin, it would have been difficult for me to continue my studies and I would have had to do extra physical hard work, which would have completely ruined my studies. In my case, apart from the financial contribution, Bitcoin has also been of immense personal benefit to me.

[SirLancelot]

If you are unsure about bitcoins help, then take a look at all the people who talked about getting a better life thanks to having bitcoin or using bitcoin, or general cryptocurrency. It includes altcoins as well. Tens of thousands of jobs, probably close to over a million jobs, all created from crypto industry, people fed, families saved, so believe me it is definitely great.

The money may not be high for most, because only the top makes a lot, just like fiat world, but at least hundreds of thousands of people got money from it, even if low, even if just a moderator salary, it's still money and not nothing. So it has helped bunch of people. Of course plenty lost money on bad investments as well, but that money doesn't vanish, it's at someone else now, maybe even at someone who needed more.

[bubilas]

If you are unsure about bitcoins help, then take a look at all the people who talked about getting a better life thanks to having bitcoin or using bitcoin, or general cryptocurrency. It includes altcoins as well. Tens of thousands of jobs, probably close to over a million jobs, all created from crypto industry, people fed, families saved, so believe me it is definitely great.

The money may not be high for most, because only the top makes a lot, just like fiat world, but at least hundreds of thousands of people got money from it, even if low, even if just a moderator salary, it's still money and not nothing. So it has helped bunch of people. Of course plenty lost money on bad investments as well, but that money doesn't vanish, it's at someone else now, maybe even at someone who needed more.

It's great that you pointed out that cryptocurrencies help create jobs and stimulate the economy. Casino and cryptocurrency exchange workers pay taxes, so governments should appreciate this. But these are, of course, side effects that cryptocurrency provides. We are all grateful to Bitcoin and other cryptocurrencies for the freedom to send money anywhere in the world via the blockchain.
Clearly, while governments may be wary of Bitcoin and altcoins, this is an entirely positive development.

[martinex]

It's great that you pointed out that cryptocurrencies help create jobs and stimulate the economy. Casino and cryptocurrency exchange workers pay taxes, so governments should appreciate this. But these are, of course, side effects that cryptocurrency provides. We are all grateful to Bitcoin and other cryptocurrencies for the freedom to send money anywhere in the world via the blockchain.
Clearly, while governments may be wary of Bitcoin and altcoins, this is an entirely positive development.

It's very interesting to read and review some of the reviews above, including yours. At first glance, this might not be a big deal if it's widely adopted in the future. The government needs to be more aware of this opportunity, not just because we're smart enough to lose out to this instrument, and many people will switch to that path.

I think they need to be smart about this; people don't always like conventional methods, full of rules and regulations, requiring the approval of both parties, and transactions. What's most important is how well we, and the government, see this, because this could be one of the most transformational innovations of this century, and it will have many positive effects if its governance is well designed.

[eightdots]

If you are unsure about bitcoins help, then take a look at all the people who talked about getting a better life thanks to having bitcoin or using bitcoin, or general cryptocurrency. It includes altcoins as well. Tens of thousands of jobs, probably close to over a million jobs, all created from crypto industry, people fed, families saved, so believe me it is definitely great.

The money may not be high for most, because only the top makes a lot, just like fiat world, but at least hundreds of thousands of people got money from it, even if low, even if just a moderator salary, it's still money and not nothing. So it has helped bunch of people. Of course plenty lost money on bad investments as well, but that money doesn't vanish, it's at someone else now, maybe even at someone who needed more.

Those who seized the opportunities achieved their goals. Some generated income, albeit not large ones. Some found employment in this sector. Some made long-term investments and placed their trust in Bitcoin. We could multiply similar examples and highlight Bitcoin's impact on the economy.

One of the most important is that Bitcoin has been viewed by many as an investment tool and has begun to emerge as an alternative to traditional investment instruments. This alone can be considered a significant contribution to the economy.

[GeorgeJohn]

For me I've not seen bitcoin like something that is changing the economy of the country except the situation whereby, a particular country purchase a bitcoin for Economic deserve as people who is from other country that is having a foreign reserve will take a Gold, the only process or only way that I can believe that bitcoin is happening for economy changing, I believe that all these things we are writing here are just a story, because we have never seen any country president or Senate who come on a broadcast and says that the Bitcoin is changing their economy except we who have passion in Bitcoin just formulate things to say in order to praise Bitcoin

[Strongkored]

The changes are only individual economic, but they're also evident for those who started investing a long time ago, as their assets have increased by thousands of percent. So, it's not a global economic change, for example, for a single country. We see that most countries prohibit or lack definitive regulations regarding Bitcoin, meaning they haven't seen the benefits, as it's only valued as a currency for online transactions.

[fruktik]

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.

My country's authorities, on the contrary, have banned Bitcoin as a means of payment by law. What's most surprising? The authorities themselves can use this cryptocurrency to pay for goods and services with other countries. Aren't they bastards? They do everything right for themselves, but for ordinary people, everything is banned. So what kind of economic development can we talk about here? It's not for nothing that problems have already begun. Frankly, I'm all for my country undergoing drastic changes and inviting a new democratic government that will reverse all previous decisions.

[Cgrexp]

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.

Bitcoin is a technology that is revolutionizing the economy. It has brought a new opportunity to people who are outside the reach of traditional banking. Because here everyone is getting their financial freedom and empowerment that was not available before. From rich to poor, everyone is getting benefits here, there is no discrimination of religion, race, caste, or group. It is open to everyone. Bitcoin is becoming a big inspiration in the current world to build the foundation of the financial system of the future. As Bitcoin is a powerful asset, it has changed the way we view money.

[Danica22]

For me I've not seen bitcoin like something that is changing the economy of the country except the situation whereby, a particular country purchase a bitcoin for Economic deserve as people who is from other country that is having a foreign reserve will take a Gold, the only process or only way that I can believe that bitcoin is happening for economy changing, I believe that all these things we are writing here are just a story, because we have never seen any country president or Senate who come on a broadcast and says that the Bitcoin is changing their economy except we who have passion in Bitcoin just formulate things to say in order to praise Bitcoin

Indeed, the idea that bitcoin can save the economy, help alleviate poverty or eliminate inequality, all these stories are imagined and spread by bitcoin investors. So far, no economist or country has claimed that bitcoin can or has helped them improve their economy.

So far, El Salvador is the only country that not only recognizes bitcoin as legal tender but also adopts it into its economy. But over the years, they have not once stood up and claimed that bitcoin saved them or helped them improve the economy. All the hype about bitcoin changing the economy comes from retail bitcoin investors, LOL.