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

[El_Tammy]

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?

[Ucy]

No need to fear Bitcoin if you are governing your people right and isolating those who refuse to do right. Otherwise what is meant for good would be used by the lawless.
It's like fire, it's meant for good and could be misused if members of your society become darkened by evil around them. So, you fear they would misuse things they can access such as fire, or use them to attack other people or society. The fire on its own is not the problem but the evil that has been allowed to spread among the people which makes them to misuse things. If you ban fire, it won't stop them from making fire from rocks when they need to cook or attack, or they will still find other ways to attack because the evil in them rather than fire  wants them to do wrong. . Besides, it would be foolish to ban fire rather than stop evil from spread in the society.. If people are lead morally, they will know the right way to use the fire and will see no reason to attack with it. And the society would be peaceful.


Bitcoin is meant for good. It's a technology built with the right principles for the benefit of society. It has become one of the sources of income and investment for many people all over the world. And it's really doing well for them in that regard, even though it was created as a system independent of the world's economy. It does not seem to need the world as it can thrive on its own system, but the world seems to desire it because of how well it's built and has become
Banning it won't stop people from being lawless
The evil in people which spreads like disease is what makes them to be lawless. National administrators should try to stop evil from spreading in society rather than banning harmless Bitcoin.

[Hewlet]

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.

From a user point of view, bitcoin has been a great plus in the world financial system and even when you consider it from an economic point of view, it has also helped a lot of average individual from developing nation gain financial dependence such that they are earning in one way or the other by engaging in the bitcoin ecosystem. if bitcoin has helped individuals, it also means that it has also helped the nation because if a couple of individuals are better off financially because of bitcoin, that means that the nation is also  better off because of bitcoin.

[Sticky Bomb]

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?

Every government wants to exert some level of control on the financial aspect of it's economy. The rejection it faces  is as a result of being decentralized and censorship resistant.

Since they cannot control or manipulate it, they try to regulate it as much as they can and that's why you see many policies attacking it's adoption globally. Bitcoin volatility too is a concern since Bitcoin cannot be bought as a short term security.

In my country around 2021, people were moving large sums out of the back and investing it into crypto and the central government saw it as a financial threat and competition since most people pulled their funds away from the backs and they banned traditional banks from direct interaction with cryptocurrency.

[BitHodlers]

Any legitimate economic activity that generates work and value contributes to a country. Bitcoin has opened up competition in certain financial fields and established new use cases which could not have been done before.

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

The reason for bans are simple. One is direct control, and second is the fear of competition towards their own crappy currencies. If you have a really good currency or asset, there is no reason to fear competition. However, if you have something really fragile or bad which retains only its status quo through bans and manipulation then obviously Bitcoin is a big issue to such things!

[EluguHcman]

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.

Africa is trying it best on the Crypto adoption. If I have to remind you,  Central Africa Republic has adopted Bitcoin for it legal tender following El Salvador and Nigeria is rated 6 position in the global adoption.

If we have to talk about it effects on the economy then I will say it is not going to be obvious because it is a on-chain market structure that investing on it does not prioritize on generating public funds and as a result that the market is not a regulating revenues to determine its economy effect in the states level.

Perhaps you can justify this based on adoption rate since it is a decentlized market. In other words, Bitcoin has been effective in the economy in that users can send money across the borders with low fee rate and has as well positioned a store of value for less privileges who does not have enough funds or opportunity to invest on gold in other to back up their funds against the economy inflations.

[lionheart78]

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?

Countries that saw potential in the emerging Blockchain Industry will surely look at it as an opportunity.  These countries will implement friendly regulations, even encouraging investors to invest in the country's Blockchain Integration development.  Those who are afraid of transparency will more likely hate it because it can reveal their corruption and how they embezzle public funds.  Definitely, this corrupt official will see Bitcoin as bothersome, so they will set an unfriendly atmosphere for Bitcoin.

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

The major issue is the level of knowledge these officials have.  Those who have a shallow knowledge about Bitcoin and narrow sighed will not see the opportunities Bitcoin gives.  Those who have been embezzling the public funds for so long will definitely avoid a transparent system, and I think the most crucial is that the government wants to control everything, and Bitcoin being decentralized, is one of the major reason why some government have trouble accepting it.

[Rruchi man]

What contributions has the introduction of cryptocurrency made to the world economy.

I believe it is a mental contribution first because it has improved the consciousness of finance and investments among a lot of persons who would normally not have been considering it because the opportunity to invest has always been far from them.

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

Cryptocurrency threatens the profits that the government makes from you and me from the use of their banking system. If more persons begin to practice self-custody and begin to use Bitcoin and cryptocurrency in their everyday transactions, the profit margin of these banks will reduce, and that directly affects governments.

[Zigabel]

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?

Bitcoin and cryptocurrencies has played a crucial role in helping the economy of most countries even as they are not admitting to the fact that crypto is helping them enough for them to adopt it. but i believe if most African nations beginning to adopt crypto as they should, they are mostly going to have a boost in their economy and they will also give room for further investors who wants to be part of the African Economy.

one thing i believe that is causing a lot of them to not want to adopt cryptocurrency and Bitcoin generally is ,mostly because of they feel they since they do not have the opportunity to gain good control over it, they are mostly going to not have a good direct benefit from it and it may threaten their economy for them, the quest for control i believe is a major reason they have not been able to accept the adoption of Bitcoin.

[Cryptohygenic]

Countries that saw potential in the emerging Blockchain Industry will surely look at it as an opportunity.  These countries will implement friendly regulations, even encouraging investors to invest in the country's Blockchain Integration development.  Those who are afraid of transparency will more likely hate it because it can reveal their corruption and how they embezzle public funds.  Definitely, this corrupt official will see Bitcoin as bothersome, so they will set an unfriendly atmosphere for Bitcoin.

You could be right. There are whole lot of logical reasons to why so many of the countries are hating on bitcoin using regulatory policies to keep it afar from being a domestic influence in their societies so that they don't encourage adoption awareness that may permit higher forces to keep eyes on the blockchain where they stores their looted funds.

The major issue is the level of knowledge these officials have.  Those who have a shallow knowledge about Bitcoin and narrow sighed will not see the opportunities Bitcoin gives.  Those who have been embezzling the public funds for so long will definitely avoid a transparent system, and I think the most crucial is that the government wants to control everything, and Bitcoin being decentralized, is one of the major reason why some government have trouble accepting it.

Yes it requires professional level of experience for countries to adopt bitcoin with flexible policies before the blockchain through regulations can partially play more anti corrupt roles in the financial system else, the techniques or it decentlization that keep users identify anonymous may even cause the country more harms.

[WillyAp]

crypto pales when compared to the stock exchange.

NY Stock Exchange alone 32 trillion

With a market capitalization of nearly 32 trillion U.S. dollars, the companies listed on the New York Stock Exchange (NYSE) have a combined market value larger than the GDP of most countries. While there are around 60 major stock exchanges worldwide today

https://www.statista.com/topics/1009/global-stock-exchanges/#topicOverview

[Spaceman1000$]

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?

You must understand that bitcoin has the potential of making someone financially independent by controlling your financial activity, this is what most government of different countries don't like, because hence they can easily control the finances of their citizens, every other thing in economy can be controlled, but bitcoin doesn't give them that privilege, that's why you see those bans and sanctions.
But this sanctions have been reduced nowadays, some countries that previously had those kinds of sanction have now reduced, is only but few that are still within that circle which I think with time, it will gradually go out.

[KiaKia]

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 wish that this topic was never about crypto currency in general but Bitcoin oriented only, because the good side so far is from Bitcoin, the world economy as you put it benefitted those who stored their Fiat into Bitcoin rather than the banks.

Since you put the word cryptocurrency together then it includes other coins as well and so far it has become disastrous, many people lost millions of dollars and others are busy creating new scam coins via pump.fun/bonk.fun.

Other coins have not help the economy in any way, instead they are stealing from people left and right with no remorse.

[slapper]

Crypto's contribution to the world economy is not so much about numbers as it is about rewiring possibilities. Remittances became cheaper. Unbanked populations suddenly had access to a monetary network without having to ask permission. Ordinary people in Nigeria or in Argentina used Bitcoin as a shield against inflation. That is contribution, even if it doesn't appear in IMF reports

The bans? They are on their way from fear disguised as policy. Governments say they are "protecting citizens from risk". Yet, citizens are exposed daily to a greater risk of government corruption in the form of corrupt banking systems, devaluations of currency or capital controls. So the real question isn't if Bitcoin is a threat to economies, it's if it's a threat to those who already benefit from fragile economies

Of course, Bitcoin also makes things complicated. It throws tax systems out of whack, subverts monetary policy, opens up the space for fraud. But that's the tension of any disruptive technology: It destabilises those who benefit from the status quo. And people will accept just about anything in the way of systemic imperfection as long as it gives them one thing: freedom of choice

[GeorgeJohn]

The only thing that I know that introduction of Bitcoin has helped the world, is that the introduction of Bitcoin made intercontinental transaction to be easier and know much stress to make a transaction from one country to another, the only disadvantages about it via it transactions it is the charge difference between using a bitcoin as a cryptocurrency to make a transaction intercontentally, before someone who is using a traditional currency to make a transaction someone who uses a Bitcoin will have to receive, did disadvantages is that the charge when using bitcoin to make a transaction will be higher than the charge of a Fiat currency.. another advantages and bitcoin brought is that when you invest in Bitcoin as a country reserve, it is obvious that Bitcoin will help to post the economy if they country invest in Bitcoin and hold it for long time , the amount of the invested will you give them more profit so that is only way bitcoin can help to the economy of a country to increase

[Gozie51]

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.

[Olatundespo]

The main reason why governments in various African countries are afraid of potential assets like cryptocurrency is because of the decentralized system. Since this technology is managed by users through blockchain technology and without any intervention from the center, those digital assets cannot be controlled by any country's authorities. Traditional assets are gradually losing value due to inflation, so the introduction of cryptocurrency is a great opportunity for investors to introduce an alternative economic system.

Especially Bitcoin has brought a radical change in the way people think about digital currencies so even though Bitcoin is a digital currency this digital asset should be considered separately from other cryptos. Currently Bitcoin is considered digital gold.

Some traders have suffered financial losses by buying scandalous shitcoins and the government is considering it risky. Because many investors have made immature decisions and have lost money by buying shitcoins, which has resulted in a decrease in domestic wealth.

[Webetcoins]

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.

But for few, bitcoins are a threat where individuals can try to avoid their country's monetary system and store their funds away from the government's monetization.

This will posses a threat as these countries will not be able to monitor crypto holdings and will end up having tax losses which is a threat to their economy and might delay the development.

There are various views about bitcoins but gradually, bitcoins are changing minds and more and more people even the countries are taking a step forward towards accepting bitcoins. Bitcoins are an inevitable change and sooner or later, we will have to accept the existence of bitcoins and will have to accept them.

[M47AK16]

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.

[DeathAngel]

Bitcoin has given people a new way to move & store money without banks. It opened up chances for people in countries with weak currencies or strict controls to trade globally. It also pushed big companies & governments to think about digital money more seriously. While it’s risky & prices swing a lot Bitcoin helped create jobs, new industries like crypto exchanges & got more people interested in financial technology & alternative investments.