Topic: Bitcoin has no practical use and could be damaging to the economy! (Read 1808 times)

Bitcoin can help how to increase economic in some country, bitcoin have good way how to make some people can get much profit and help many people want to get money with bitcoin or altcoin investment, but every country have give space for bitcoin to adopt and become legal for transaction.

Now, using cryptocurrencies such as payments, and particularly Dash, does improve the payment experience from higher security to lower fees, and eventually the superior money and payment system will prove more attractive than legacy options. However, in the interim the difference between the two experiences is simply not great enough to provide a compelling reason to switch, and in many cases can provide disincentives due to the additional effort and costs associated with acquiring and offloading cryptocurrency.

What is needed for cryptocurrencies to build real adoption and regular economic use is to identify strong deficiencies in the current economic system and target them aggressively. These can be any of the situations where the paying experience is poor, from high-chargeback and expensive fee industries such as online gaming and remittances to areas with currency problems such as hyperinflation-plagued nations in South America, Africa and elsewhere. In these areas, there exists a significant enough gap between the experience of paying with fiat currency and legacy systems and using cryptocurrency to warrant a change.

However, a compelling use case alone isn’t enough. An industrious entrepreneur must find a way to turn an opportunity to use this particular tool into an all-in-one product that’s easily accessible to the targeted customer. For example, taking the use case of remittances, a potential user must be able to acquire and send funds via cryptocurrency cheaply and easily, with a one-stop shop approach where they can visit a single vendor and be walked through the entire process without complications. Distilling the rather complicated process of buying, sending, receiving, and selling digital funds all into a neat, easy to understand, and cost-effective user flow is a tricky business, and in particular may require the creation of specific liquidity providers and other tools to facilitate this process. But make no mistake, it’s necessary to make this whole adoption thing work.

There  are so many chances for the crypto currencies that it will to boost the economy as usage of crypto is making the life of people is now getting good. We can take part in making investing and buying coins at low price. It’s bad if countries are not accepting it they all should accept it and promote the use of  crypto it can make our economical life so good.

for now it is true what you say in your opinion it all happened because there are still not many countries that recognize crypto as a valid currency or legality of all countries and if the crypto currency is acceptable to all countries it will certainly boost the economy both

Bitcoin supports decentralised finance without a trusted thirst party. That is in itself useful, and no other finance instrument can provide that.

Agreed, bitcoin is very young with comparison to the gold's history of existence. It is to go long, as of now bitcoin is getting used as a global money with its conversion possibility to any of the currency. Gold has a physical state and the rare availability from mines make it valuable, and bitcoin being technology backed vary from it on the practical usage.

Even with the efforts done by the inventor Satoshi Nakamoto and the people who supported bitcoin around the world, still these guy from EY says there was no practical use for it and the deflationary model can only give damage to the global economy.

Bitcoin will not damage the economy it will only solve and save our economy from corruptions and the rotten government systems that brings the poor into more poorer situation its decentralized so it cannot be controlled by any government unlike fiat currency.

But people can find loopholes to hide their crypto holdings which could be used for tax evasion in high rate compared to fiat cash flow.Only thing which encourages people to pay their taxes without evading will be good spending of those paid taxes for the payers benefits

Governments are famous for their inefficiency and incompetence

And I'm not even speaking about being outright corrupt which is in fact quite common and widespread as history has proved it so many times (as in "when money talks bullshit walks"). The implication here is that if taxes were not taxes but rather direct payments for services rendered and goods provided, they, first, wouldn't be so high (as there wouldn't be a "third party" and thus no risks of inefficiency and incompetence), and, second, there would be less tax evasion, and for a good reason (actually, for two obvious reasons). People would be encouraged to pay such "taxes" as they would be just regular payments (read, you know what you pay for), and there would be less avenues and loopholes for deliberate tax evasion

Government can do something about that tax because just like in the US, their government request the cryptocurrency investors and traders to file their tax in cryptocurrency and I think if the other countries can also do that then bitcoin and any other cryptocurrency will not hurt their economy and in fact, it will help them to boost their overall economy.

More and more taxes makes the politicians more rich not the citizen that is the only reason people don't want to pay taxes,if everything spend for the good cause then people will come front and pay taxes by themselves

And it is not given at all that such use necessarily hurts the economy

Indeed, I'm not talking about things like drugs, human trafficking, financial schemes and other nefarious activities involving payment with cryptocurrencies. These have an extremely ruinous effect on society irrespective of the currency used to facilitate them (and while we are at it, the use of cryptocurrencies is in fact quite minuscule compared to fiat use for the same purposes). That definitely goes without saying

On the other hand, though, if someone gets paid in crypto without paying any taxes while still contributing to the common good in general, the net effect for the society stays positive and welcome. Truth be told, it remains to be seen whether this effect would in fact be greater if all due taxes had actually been paid given how irresponsible and inefficient if not outright corrupt a government can be