Topic: Bitcoin can be useful for a troubled economy - page 15. (Read 33157 times)

Exactly. This is the role that bitcoin will have in the future. But by no means will it be able to serve as a reserve currency or medium of exchange for trade. Perhaps some businesses will use it, but it cannot be adopted by countries or major corporations. It's just not orthodox.

In fact, it's much more useful than gold is as a hedge. Imagine your currency is crashing through the floor while you're at work. Would you rather run to the bank, pull out cash, and then run to buy some gold? Or just wire it over to a bro at localbitcoins.com ? Yeah, it's a lot easier, and no one needs to know where it goes

if you think about it normally, it can indeed be very helpful, even it can fix economic problems. however, it can't be thought of like that, because the use of bitcoin itself is very difficult to guess. so we must be prepared with all the risks.

I thogut it would be possible, bitcoin can help the economy. We know how to convert our own money to bitcoin, in vice versa, we can also convert bitcoin to our own money, it can help our own economy to have their own income in bitcoin. We see how bitcoin can be popular for one country. We must know what will be the pros and cons of bitcoin for every economy. Just keep up the good work and good luck.

To help the economy of a troubled country, here must be a widespread use of bitcoin or any cryptocurrency. Some countries are already creating their own coin like Venezuela but its benefit is yet to be felt. Virtual currencies are volatile and many holders and investors might be affected if the price go down suddenly and if the price continue to fall, it will also negatively affect the economy.

Bitcoin is truly amazing, it gives many possibilities in the technology today with the help of blockchain. The economy would be more better if bitcoin would use, it will help the whole world and economy.

I think it's true that bitcoin can help people get out of poverty and provide a better financial future, many people including me have felt the effects of bitcoin, bitcoin can provide new income and job opportunities that can help people to get a better life, if the government supports bitcoin so it will definitely increase prices and bitcoin can help more people

This may be true ,but as I can see that Bitcoin is unneccessarily connected to a county's economy if there would be limited or no entities who would lile to run with the help of cryptocurrency and I think the only thing it may offer is opportunities to people directly that will help them to acquire a decentralized job for them to sustain themselves and their families without havinv processed by the government.

Bitcoin can be very useful for a troubled economy, because it helps people to protect their savings.

People convert fiat currency into bitcoin, and they are protected against inflation and money printing.

that bitcoin can be easier to obtain than other fiat currencies. It can be bought and sold via bitcoin exchanges online.

Evidence suggests that people are increasingly looking to bitcoin as a viable alternative to their own beleaguered currencies during times of crisis. As the Greek crisis unfolded, bitcoin exchanges reported a healthy bump in volume as people traded the cryptocurrency around the world. The lion's share of the increase came from customers in Greece.

The price of bitcoin also rose significantly as the Greece crisis deepened, lending further credence to the idea of bitcoin as a "panic" currency.

Bitcoin can be of help to a trouble economy , because one problem of an economy is the unemployment of people in that certain place, and bitcoin had offered to join to their bounty ICO project to help them promote it ,then you can registered and join and at the end you be rewarded with tokens and convert it to fiat via ethereum exchanges and this could help people have an invome than nothing at all work to do.

yeah and bitcoin can be obtained for free or work online and pay using bitcoin.
This is useful for solving economic problems in the world

Yes sir! Bitcoin enables a worldwide economy like never, allowing anyone to quickly find a job or employment without middleman. In times where there is economic instability, people can turn themselves to using Bitcoin for their daily needs. Governments can also benefit from Bitcoin as it's a highly scarce cryptocurrency. By taxing it, they can help grow their local economy as Bitcoin grows.

Therefore, ever since Bitcoin was created, it has enabled people to gain control over their finances by giving them new job opportunities or simply a safe and secure way to protect their capital against inflation, which is ideal for a troubled economy

Exactly and this is visible from the fact that the quantity of dollar in circulation outside United States is far more than the quantity of dollar in circulation inside the US.

Besides, the more the demand for the US dollar in the world, the more will the value of dollar rise and this is the reason why America turned against Iraq’s Saddam who intended to trade with Germany for oil in Euros and not in dollar. So yes the Federal bank will never let it happen because it is against their political and economic interest.

Bitcoin nowadays isn't a good choice under troubled economy. It is more likely a store of value, an asset for investment but not as a medium of exchange because it not efficient. The network is too slow. Alts in the other hand can fill the downsides of bitcoin's network, alts like ripple, dash and litecoin which has a fast network for transactions and more efficient compared to bitcoin today.

We still have not seen bitcoin being adopted and used by a full country but that is because it did not had the chance to do so, but in the future once the economies of the world collapse it is going to have the chance to do it, we do not know if it is going to be successful but people at that point will be so desperate that they will try to find a way to make it work.

Yes i do agree on that, bitcoins is helping different people in order to have a wealthier life and that is the reason why cryptocurrency should not be banned on countries.

Maybe. But if Bitcoin becomes widely popular around the world, then it could become a nice alternative to fiat. In troubled times where, real world currencies experience the dreaded inflation rates, there's the choice to protect your capital with Bitcoin. As such, I think that Bitcoin will be compared to Gold in the future, due to its scarcity and unmatched security. Bitcoin has many benefits beyond that of Gold, since it provides portability and even fungibility (with privacy upgrades of course).

National currencies may still exist in the future, but decentralized coins like Bitcoin and Ethereum will become the safe-haven for people looking to preserve their financial future. And since Bitcoin is deflationary by design, they'd get more spending power over time as it becomes more valuable each day. One good example is the case of Venezuela, where its citizens have chosen Bitcoin as an alternative to their flawed economic system. The Bolivar currency has experienced a hyperinflation, leaving Venezuelans with no choice but to adopt Bitcoin as their currency for daily payments. Since Bitcoin gives them a lot of spending power over the Bolivar currency, it's no wonder why it's so popular in that country.

Therefore, Bitcoin can be useful as a safe-haven asset in times where you cannot depend on fiat for your daily needs.

maybe it depends on each country how to react to it. if the country supports the existence of bitcoin by making policies and rules that can make bitcoin develop, it can be able to solve the country's economic problems. because of bitcoin future prospects

The politicians need to realize this. The countries banning it are doing harm to its own people.

That is common sense and does not require some big company to validate. It simply helps middle class to enhance their income.