Bitcoin and the world economy. (How has crypto contributed to the world economy)

[Hewlet]

I think the major reason here depends on every country's perspective. Some think of bitcoin as a store of value which keeps inflating with time and can create a diversified investment portfolio for their citizens which will indeed show positive growth on their portfolio hence generating profit on individual level as well as for the country. This has made them closer towards legalization.

Apart from the few countries that have completely adopted bitcoin, most countries are yet to adopt bitcoin fully, especially as a tool that is supposed to help redeem her economy. there is a clear difference between allowing the free usage of bitcoin in a country and or adopting it as a tool that will help a dying economy come to life. most of what we have seen is just the allowance that is given to bitcoin but not necessarily it usage as a tool for the growth of a nations economy.

The users that are either whales, institutions or private individuals are the ones that are benefitting from bitcoin and indirectly, we can assume that the economy gets to feel the effect of such benefit because if the individuals are empowered, the bigger economy can also feel the impact in some way.

[YOSHIE]

What do you think is the major issue or reason here?

As we have seen the government, Bitcoin and Economy, as we know Bitcoin Digital Assets to exchange values ​​with Fiat, adoption has improved the economy is quite strategic in which every value exchange has a fantastic advantage, A simple example of 100btc x 2000 $ just imagine just one country can have such a large profit within 1 month, isn't that an extraordinary economic level.

However, now back again to officials who adopt, whether they are really bitcoin to improve the country's economy or to improve the individual economy, since the presence of Bitcoin Economic Digital Currency is clear.

[Jawhead999]

Cryptocurrencies should be contribute a lot about money to the world economy because centralized exchanges require license, many countries confiscated tainted coins, then government charge taxes on both exchanges and clients, there's no loss for the government.

I think the reason why few countries ban Bitcoin and cryptocurrencies because due to religion (being idealist) or they don't want to accept change/new thing.

[Asiska02]

What contributions has the introduction of cryptocurrency made to the world economy. Many countries mostly in the African region has banned activities involving cryptocurrency while some have legalized its use.

As I can remember, only the Central African Republic have legalized the use of bitcoin and crypto, every other African countries are sceptical about legalizing it even though some of them have not announced outrightly to ban its use.

What effects has Bitcoin or other digital coins caused that have made these international bodies to take the various decisions they have made. Is it that it has posed a great threat to the economic system of some other countries and in the same time help lifted the operations of the others?

What do you think is the major issue or reason here?

Bitcoin is a decentralized entity and this is what the government doesn’t like about it. Anything that cannot be controlled and not under their watch pose a great threat to them, so the need for them to be acting towards bitcoin in this manner. We have seen how people tend to use bitcoin as an edge against inflation, for cross border payment etc. Beyond these things, they make use of it for the privacy and security it provides which when compared to traditional fiats doesn’t have such qualities.

[B-BossMan]

The introduction of cryptocurrency has helped a lot, and it has impacted great growth in the world economy at large by developing and also encouraging financial freedom, which promotes transparency between you and any other individuals, because the government or any other authority has no control over your funds. Cryptocurrencies also serve as an alternative for some African countries in order to have access to their financial services. The banning of cryptocurrencies in some regions is nothing but the fear of digital currencies diminishing their traditional financial system. However, countries that have accepted cryptocurrencies are seeing huge growth in their economy and development, although depending on how some country regulatory bodies adopted it, due to the decentralisation of Bitcoin, some countries' governments view Bitcoin as a threat or a way of scamming their citizens.

[Aanuoluwatofunmi]

What effects has Bitcoin or other digital coins caused that have made these international bodies to take the various decisions they have made. Is it that it has posed a great threat to the economic system of some other countries and in the same time help lifted the operations of the others?

Even if something is good and at its best, then you discover that some people don't like it for any reason, they will never use it for what may help them and they will also continue to discourage on others regarding this, because this is all about what we have tried and see to be true, bitcoin has the very solution to every financial and economic problems, yet you see some individuals and governments not adopting it use, because they lack on what importance it is, while only those that took their time to understand and know what its entails support for its uses and encourages others as well, be it individual or government.

[coupable]

I think the reason why few countries ban Bitcoin and cryptocurrencies because due to religion (being idealist) or they don't want to accept change/new thing.

Nothing about religion in banning bitcoin use in some countries since bitcoin is not prohibited in any religious legislation whatever the religion. Banning bitcoin use is a political decision issued by governors who fear the advance of the technology would threat their power.
If someone religious say that bitcoin is anti-religion or against people great belief in God, this mean that a politician ask him to do so and convince him that bitcoin is a threat to religious positions as well since it provide freedom and privacy which are terms against God willings.

[Mrbluntzy]

It has helped some people to raise the required amount that they used in getting an achievement, without crypto, maybe they would have yet been waiting on the government for a good opportunity or they would have been waiting on someone that would invest in their ideas but they have invested in their idea with profits made from crypto. Also, some people have learned trading very well and they are doing well for themselves, not many but for the few that it has helped, it's something good. The possibility to quickly and easily send money to anyone in any part of the world is possible with bitcoin and that has helped some people to run their business effectively and has generated profit and paid their due taxes, which contributes to the economy.

[Jewan420]

Bitcoin is a decentralized financial system that is outside the control of the government. Many countries are taking a stand against Bitcoin because people are trading freely outside the government or evading taxes. Even if the government wants to, it is not able to control the financial system in the entire country. Bitcoin is more popular among the general public than the government system. One of the common reasons for this is that international transactions can be completed in a very short time without any hassle. Even in underdeveloped countries, Bitcoin has become the first choice to get rid of inflation. Even the bullish nature of Bitcoin mining is playing an important role in the global economy.

[Findingnemo]

Are you talking about the economy (numbers) or the political events because you said legalized and banned?

In terms of number, Bitcoin added 2.34Trillion dollars which is nothing compared to the total supply of all the money, stocks but it is higher than the GDP of most countries in the world.

Bitcoin gave us an option, that's the real contribution in my opinion.

[slapper]

For now what I have seen to be bitcoin contribution to world economy is the asset capacity that it has generated funds to individuals and institutions who have believed in it to buy and hodl for longer time. So it has created that financial freedom for investment liquidity which goes back into the economy and perhaps increase GDP. But on a larger scale regards to government benefit, we are yet to see that apart from the skeletal use and approval for payment by some countries like Dubai and maybe US as reserve capacity.

Fund generation is backed by a solid fundamental. Definitely, some institutions and countries think of bitcoins as a strong fundamental asset but I have came across views where bitcoins are considered just as a bubble with no strong fundamentals. Bitcoins were supposed to be people's money where the value will be fully decided by the market movements which will lead none of the single institute or country have complete access on them. Fewer countries like to have assets which they can fully control. Bitcoins might not fit their standardisation requirements and hence they have never thought about legalization.

Bitcoins have truly unlocked a new financial income stream and that is a great side about bitcoins. People have earned millions but we should not forget that there also are people who might have lost millions. Bitcoins, similar to other financial streams does not always guarantee you profits. There will be ups and downs always.

I am not against bitcoin, I am just a pro-bitcoin. To me the core is the following: scarce supply (21M), open ledger, audited by anyone, permissionless access and a network guaranteed by real world energy and global miners. That is a clear fundamental. The swings of price moods are noise over those rules. Security was where I got humbled. Uncautiously downloaded a seed phrase, browser stored it, and individuals can nearly lose part of their wealth. That thinker helped me understand the distinction between the fundamentals of bitcoin and my own operational discipline. The asset is neutral, my setup was not

Some institutions refer to it as a bubble. Others use it as digital collateral reserve. Both may be true in the short-run cause of the variations in the incentives. Countries like control, bitcoin resists to be control. Individuals like freedom; freedom needs responsibility. That is the trade

When people say "bitcoin has no fundamentals", what they actually experience is "I do not have secure custody". Fix custody (hardware wallet, cold storage, no seed in the cloud, test small withdrawals, verify addresses) and judge the asset

I am a bitcoin holder because I believe in the asset where there is no decree change of rules. I am also comfortable with risk: volatility, noise in regulations etc. My rule now is boring but effective: cold first, hot minimal, updates routine, backups offline, practice restores

[Bright0515]

What contributions has the introduction of cryptocurrency made to the world economy. Many countries mostly in the African region has banned activities involving cryptocurrency while some have legalized it's use.

What effects has Bitcoin or other digital coins caused that have made these international bodies to take the various decisions they have made. Is it that it has posed a great threat to the economic system of some other countries and in the same time help lifted the operations of the others?

What do you think is the major issue or reason here?

Crypto currency has contributed a lot in the world economy , it has made many people rich. Those people that bought Bitcoin during 2012 and 2015 have made many profits than what altcoins can not give them. Bitcoin is an online asset and it's unrestricted. Even when your country have not legalize it you can also invest in it. Bitcoin gives us options, if you are scared of the Bitcoin technology you can choose not to use it. Some countries are scared of the Bitcoin technology that is why they haven't made it legal , it's your chose to use it. Some people are using Bitcoin and they are benefiting from the crypto currency.

[kotajikikox]

Cryptocurrencies should be contribute a lot about money to the world economy because centralized exchanges require license, many countries confiscated tainted coins, then government charge taxes on both exchanges and clients, there's no loss for the government.

These cryptocurrencies circulate too because of course people buy and sell these coins and they use it for transactions and fiat gets bought or sold for it.

I think the reason why few countries ban Bitcoin and cryptocurrencies because due to religion (being idealist) or they don't want to accept change/new thing.

I believe it’s because more of the latter. I don’t see how bitcoin can be against religion or anything spiritual even muslism have a cryptocurrency token and they are known to be strict and rigid followers.

[SUPERSAIAN]

If I were to answer your question in terms of Bitcoin, it would be: Bitcoin has benefited developing countries. It has also benefited small investors, and the earlier the adoption, the better. Imagine trying to make a wire transfer, and the amount is so large that you can send it instantly from one end of the world to the other, at any time, with very low commissions.

This alone is enough to summarize the benefits of Bitcoin, and it even goes further.

[Darker45]

I'm not from any African country, but I assume Bitcoin is indeed perceived as a threat to some of these countries. However, it's not the only reason, I suppose. We've heard countless of times that Bitcoin is associated with money laundering and illicit activities. This must be another reason.

And then there's also the fact that these countries don't understand Bitcoin. As such, they don't have the necessary laws, policies, and regulations that would make sure its use is properly monitored.

There's also the familiar consumer protection. Bitcoin's nature, its volatility, might expose their citizens to high risks.

[Akbarkoe]

What contributions has the introduction of cryptocurrency made to the world economy. Many countries mostly in the African region has banned activities involving cryptocurrency while some have legalized it's use.

What effects has Bitcoin or other digital coins caused that have made these international bodies to take the various decisions they have made. Is it that it has posed a great threat to the economic system of some other countries and in the same time help lifted the operations of the others?

What do you think is the major issue or reason here?

The problem is that for traditional economists, they will lose trust, and it's also a problem for banks because people are no longer saving in banks, as people are starting to realize that banks are actually eroding the value of their currencies. Fiat doesn't really help in the long run, considering the exchange rate over time, and Bitcoin is the best solution for everyone and accessible to everyone.

On the other hand, the existence of Bitcoin has created new hope for the digital workforce. The implications of Bitcoin have given rise to many potential digitization opportunities related to blockchain. Of course, the growth of this industry has created many new jobs. People who enjoy working from home will have excellent opportunities.

[r_victory]

Financial inclusion, technological innovation, and new ways of making transactions and payments. Unfortunately, much of what cryptocurrencies were supposed to offer has been lost along the way, becoming mere objects of speculation. However, we cannot deny that they can indeed make access to the economy easier for everyone. Many of those who prohibit them do so because they are unfamiliar with them, and the unknown often generates fear and insecurity. As time goes on, understanding will improve and adoption will increase.

[Hamza2424]

What contributions has the introduction of cryptocurrency made to the world economy. Many countries mostly in the African region has banned activities involving cryptocurrency while some have legalized it's use.

What effects has Bitcoin or other digital coins caused that have made these international bodies to take the various decisions they have made. Is it that it has posed a great threat to the economic system of some other countries and in the same time help lifted the operations of the others?

What do you think is the major issue or reason here?

From the very start, the economies of different countries have taken crypto as wrong and as an enemy to themselves. If they had taken it as a friend, then maybe the scenes would have been totally different. Although slowly, they are accepting their mistakes and are now adopting it as a friend. Many countries are doing great work, not only accepting Bitcoin but making other progress too, they are even adding basic knowledge about it in studies.

The biggest contribution is that it has made people more educated about finance, made them more investment-centric, and their ideas about investments have increased. Now everyone in this era wants to hold Bitcoin. If someone is not interested, that's because they are old now and don't want to test their money in this.

[goro_chief]

What contributions has the introduction of cryptocurrency made to the world economy. Many countries mostly in the African region has banned activities involving cryptocurrency while some have legalized it's use.

What effects has Bitcoin or other digital coins caused that have made these international bodies to take the various decisions they have made. Is it that it has posed a great threat to the economic system of some other countries and in the same time help lifted the operations of the others?

What do you think is the major issue or reason here?

I think the hype outweighs the real-world economic use for now, aside from speculation and store of value. The big contribution is probably the underlying blockchain tech being researched by banks and companies. Countries ban it because it's hard to regulate and can be used for moving money outside official channels. Others legalize it for the tax revenue from trading. The major reason for different decisions? Whether the government sees it more as a risk or an opportunity. Simple as that.