Cryptocurrency impact on Economy - page 3.

WillyAp

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Quote from: Dorkylickjj on March 08, 2024, 06:11:21 PM

Financial Inclusion: Cryptocurrencies can also provide financial services to both the unbanked and underbanked populations, talking worldwide.

That is the biggest contribution Crypto, or Bitcoin made possible.
To open a bank account in the 3rd World is hard work and for newly arrived almost impossible. You need a bank reference to open a bank account.
Credits for Private people have been opened lately, a company with luck gets a loan for 3k in US$. 10k for private. A so called socialist country.

Y3shot

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Cryptocurrency impact on economy it may not even be directly but it can help the citizens who are investing to it to an extent. But here in my country the government thinks Cryptocurrency us the cost for the economic crisis going on in the country and I'm just imagining how can this be possible. Cryptocurrency have really impacted to people's life so greatly, if no for cryptocurrency with how the economy is going it would have been so difficult for so many people.

cakravothy

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If you say the population in a country is 30-40% using crypto currency, no. because crypto currency users are not that big. for online shopping, it is rare to use or accept crypto. and sending fees in crypto, either bitcoin or ETH, are very expensive so it is not competitive if you use bitcoin or ETH as a means of payment.

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Quote from: arufox on March 09, 2024, 03:32:15 AM

Moreover, this can at least reduce the unemployment rate in a country because the younger generation can generate their own income from various means through cryptocurrency.

Cryptocurrency is not so much about generating sources of income or generating employment, you know. It has more to do with the decentralized transmition of wealth or value. When comes to developing countries, the youth still needs to find sources of income which are closer to the traditional ways to make money, an actual job.
Speculation and investment in the long term can help to increase the value of one's portfolio, that is true, but a whole generation of people cannot rely their destiny on the cryptocurrency market.
The decentralized transmisiom of value which is enabled by Bitcoin and other cryptocurrencies has had a very positive impact in developing countries, that is true. Since they allow to avoid the full consequences of inflation and the reckless economical measures which could be taken by central banks, leading to the decrease of value of FIAT.

Just keep in mind one entire nation and population cannot depend on crypto, it is supposed to be a secondary market to what the country actually does for a living, being tourism, extraction of oil or exportation of tea and vegetables.

Sarah_Jannat42

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For a developing and densely populated country like ours, the currency will play an important role in the economy. A large part of our country is unemployed and deprived of the opportunity to get a job because the government is not able to provide jobs for them as the human resource in the country is much more than the requirement. So a large part of these unemployed people are earning their income through freelancing or outsourcing. Coming to this digital platform sometimes they are working in mining sometimes in digital marketing and sometimes they are also investing or trading here. In this way as they are making their living they are playing a major role in increasing remittances for a country.

Kingperry22

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crypto has the potential to influence various aspects of an economy, certain investments cannot be traced from corrupt individuals which is one major issue about money laundering. Illicit or ill-gotten individuals try to hide their wealth in cryptocurrency which can indirectly have an impact on the economy because of liquidity in the market. unlike paper money, cryptocurrency can eliminate devaluation in currency in means of bills of exchange.

arufox

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The presence of cryptocurrency has a very positive impact and has the ability to accelerate economic growth for a country so that it can facilitate access to purchasing resources and utilizing financial services, especially in developing countries. Moreover, this can at least reduce the unemployment rate in a country because the younger generation can generate their own income from various means through cryptocurrency.

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Quote from: fuguebtc on March 08, 2024, 12:08:12 PM

Quote from: CageMabok on March 08, 2024, 10:55:18 AM

Quote from: GreenStox on March 06, 2024, 07:19:16 AM

I don't know about developed countries, but your review is right, because I live in a developing country, the impact of crypto on society is very helpful, although not all people know about it, but it has helped the lives of many people from previously only having a fixed income for a month to now increasing.

In a developing country like the one you live in now, because I also live in a developing country so I can also feel the impact of crypto in some middle class communities and also small communities with not so much income. Because crypto can basically be used by everyone to support their income as long as they have enough knowledge about it, because crypto is a job that has risks so you need a special understanding of it in order to get a better income, even though it's not always routine.

But I really don't understand how cryptocurrencies bring income to people. Has your country adopted cryptocurrency and is the government relying on it to create jobs for its citizens ? Or are you talking about investing in cryptocurrency?

How can a financial market full of risks and fraudulent traps bring stable income or jobs to people? I really wonder about this because in my country, many people become rich by investing in cryptocurrencies but many people are also losing money and going bankrupt because of cryptocurrencies . How can we say it is about creating jobs and stable income to improve the lives of people in a country?

Maybe the meaning is if viewed simply. People in my environment still don't understand enough about cryptocurrencies, so the impact of the presence of cryptocurrencies is still not visible. I've seen several people who were able to collect cryptocurrencies through reward programs, they were quite agile in finding information and then they worked according to the instructions so they got coins that could be exchanged for cryptocurrencies or fiat as a reward which of course helped them a lot economically.

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Quote from: WillyAp on March 08, 2024, 01:46:59 PM

Quote from: fuguebtc on March 08, 2024, 12:08:12 PM

How can a financial market full of risks and fraudulent traps bring stable income or jobs to people? I really wonder about this because in my country, many people become rich by investing in cryptocurrencies but many people are also losing money and going bankrupt because of cryptocurrencies . How can we say it is about creating jobs and stable income to improve the lives of people in a country?

Easy, just because you believe people when they say, where I live many people have benefitted from Crypto.
Most Crypto enthusiasts from my area won't touch crypto any more due to bad experiences. The connected Crypto with trading, Crypto is innocent, it is humans who fraud humans.

A reality check is all you need. No quotes of a story from a believable source and it's an opinion no more.

In your opinion, what is cryptocurrency? As I asked the question above, does it create jobs and provide a stable income? And are you all getting a steady income from trading and investing in cryptocurrencies? And is it easy to profit from trading? Can someone give me proof that you are making money daily from trading ? Also, you always say that many people have become rich by investing in cryptocurrency but what is that number , and what percentage of the country's population does it represent?

The financial market is no different from a battlefield, money will flow from weak hands to strong hand , don't be too delusional that cryptocurrency is a paradise that anyone can become rich. the bookies create the game and do you think they will let everyone win and they will be the losers ?

Dorkylickjj

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Financial Inclusion: Cryptocurrencies can also provide financial services to both the unbanked and underbanked populations, talking worldwide. This increase in the access to financial tools and services can really promote economic participation and growth in underserved regions too.

Any wide swings or trends in the crypto markets will surely impact the price movement in crypto-themed stocks that have holdings or operate in the crypto markets. Take this, if bitcoin is breaking out, the stock of a company that mines bitcoin may break out as well. ( This is how Bitcoin affects the financial market).
This is my contribution to the post.

WillyAp

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Quote from: fuguebtc on March 08, 2024, 12:08:12 PM

How can a financial market full of risks and fraudulent traps bring stable income or jobs to people? I really wonder about this because in my country, many people become rich by investing in cryptocurrencies but many people are also losing money and going bankrupt because of cryptocurrencies . How can we say it is about creating jobs and stable income to improve the lives of people in a country?

Easy, just because you believe people when they say, where I live many people have benefitted from Crypto.
Most Crypto enthusiasts from my area won't touch crypto any more due to bad experiences. The connected Crypto with trading, Crypto is innocent, it is humans who fraud humans.

A reality check is all you need. No quotes of a story from a believable source and it's an opinion no more.

fuguebtc

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Quote from: CageMabok on March 08, 2024, 10:55:18 AM

Quote from: GreenStox on March 06, 2024, 07:19:16 AM

I don't know about developed countries, but your review is right, because I live in a developing country, the impact of crypto on society is very helpful, although not all people know about it, but it has helped the lives of many people from previously only having a fixed income for a month to now increasing.

In a developing country like the one you live in now, because I also live in a developing country so I can also feel the impact of crypto in some middle class communities and also small communities with not so much income. Because crypto can basically be used by everyone to support their income as long as they have enough knowledge about it, because crypto is a job that has risks so you need a special understanding of it in order to get a better income, even though it's not always routine.

But I really don't understand how cryptocurrencies bring income to people. Has your country adopted cryptocurrency and is the government relying on it to create jobs for its citizens ? Or are you talking about investing in cryptocurrency?

How can a financial market full of risks and fraudulent traps bring stable income or jobs to people? I really wonder about this because in my country, many people become rich by investing in cryptocurrencies but many people are also losing money and going bankrupt because of cryptocurrencies . How can we say it is about creating jobs and stable income to improve the lives of people in a country?

CageMabok

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Quote from: GreenStox on March 06, 2024, 07:19:16 AM

I don't know about developed countries, but your review is right, because I live in a developing country, the impact of crypto on society is very helpful, although not all people know about it, but it has helped the lives of many people from previously only having a fixed income for a month to now increasing.

In a developing country like the one you live in now, because I also live in a developing country so I can also feel the impact of crypto in some middle class communities and also small communities with not so much income. Because crypto can basically be used by everyone to support their income as long as they have enough knowledge about it, because crypto is a job that has risks so you need a special understanding of it in order to get a better income, even though it's not always routine.

Quote from: yudi09 on March 08, 2024, 10:23:55 AM

Not everyone finds crypto helpful for some reason. I also come from a developing country and I see that not everyone feels helped by crypto, but personally I feel the positive impact that it can help change the economy.
I can invest and hold until the price reaches the target I want to achieve, especially on Bitcoin.
There will be a positive impact on the economy if education regarding cryptocurrencies is carried out consistently.

Where I live, there are not many people who want to learn about crypto, so only a few people want to seek education about crypto to learn consistently. Because the good impact on the economy personally is already quite visible for those who understand crypto even though they don't always trade and invest regularly. But what needs to be understood here is that the good impact of this crypto for the wider community has increasingly developed and can be seen very well in their respective environments.

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Quote from: GreenStox on March 06, 2024, 07:19:16 AM

I don't know about developed countries, but your review is right, because I live in a developing country, the impact of crypto on society is very helpful, although not all people know about it, but it has helped the lives of many people from previously only having a fixed income for a month to now increasing.

Not everyone finds crypto helpful for some reason. I also come from a developing country and I see that not everyone feels helped by crypto, but personally I feel the positive impact that it can help change the economy.
I can invest and hold until the price reaches the target I want to achieve, especially on Bitcoin.
There will be a positive impact on the economy if education regarding cryptocurrencies is carried out consistently.

WillyAp

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Quote from: AnonBitCoiner on March 08, 2024, 06:55:03 AM

Many people have changes their lives through adopting cryptocurrency and it proves to be really helpful in making your present and future better.ccess.

I think you greatly overestimate the effect of crypto.
Binance has greatly benefitted creating the impression that crypto is synonymous to trading, you make more money trading in wheat bushels but binance is not trading those.

The common man is pretty helpless installing even a wallet on his phone. Or set up a new phone, reset it should it malfunction.

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Quote from: GreenStox on March 06, 2024, 07:19:16 AM

I don't know about developed countries, but your review is right, because I live in a developing country, the impact of crypto on society is very helpful, although not all people know about it, but it has helped the lives of many people from previously only having a fixed income for a month to now increasing.

Many people have changes their lives through adopting cryptocurrency and it proves to be really helpful in making your present and future better. Previously people were not familiar with cryptocurrency and they never try to find out way of earning but now everyone is engaged in earning more and more because inflation is on its peak and single salary is not enough to accommodate necessitates.

Some people have no knowledge about crypto while other having knowledge but don't wants to put their money at risk therefore they are far from earning through Crypto. There are huge opportunities provided by cryptocurrency market so try to focus on them if you want to have smooth journey of success.

Kingperry22

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In defense of my reasoning, a major impact of cryptocurrency should be a means of exchange for trade balances. cryptocurrencies just be used as a vital way to tackle the forex. By so doing it will strengthen or make a country's currency not to nosedive against another by so doing the cost of imported goods wouldn't directly affect the end consumer instead it will increase or make a stable Gross Domestic product (GDP) of a nation

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Quote from: viananda2525 on March 06, 2024, 06:16:09 AM

I see that since the introduction of cryptocurrencies, some people in my area have felt a positive impact amidst the difficulty of finding work. They really focus and learn about crypto investment so that they are able to make real investments. I also quite appreciate that the government does not limit the scope for cryptocurrencies but really provides freedom so that people are more confident when making capital injections, but the government still needs supervision to monitor rogue platforms so that they do not harm many parties.

Indeed. Many people got positive impacts from crypto business. It think it is not about investment, there are many jobs in crypto industry. People who have jobs and have no jobs in real life, all can get the benefits from crypto. People who have jobs in RL (real life), they can make crypto jobs as side jobs. Meanwhile jobless people can make crypto as their main jobs for temporarily. I'm sure trading will be more suitable for jobless people because they can have a chance for regular profits daily. But they must have the intention to have a long term investment, too. I see this happens in my neighborhood.

Yep. Thanks to the government that they are supporting the crypto business. Even, the government keeps monitoring and initiates to have a safer crypto business. They regulate the local exchanges to make a more comfortable system for every person. In our country, Bappebti have done the right way as an institution appointed by the government to handle this matter.

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Quote from: Zoomic on March 06, 2024, 08:35:52 AM

Criminals have used cryptocurrencies as a perfect hideout to carryout their fraudulent transactions which includes money laundering, bribes and many others. These transactions are not favourable to the economy of any country.

Under that argument we need to forbide and ban € and $ too.
Gold, Diamonds, Stocks you name it.

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Cryptocurrency has both negative and positive impact on the economy. Of a truth, cryptocurrency has helped a lot of economies by providing an alternative source of income for its citizens, thereby reducing the number of dependent people in the country.

But then, many businesses, traders and investors have lost huge amount of money when cryptocurrency crashed. This is not a pleasant experience as many small and medium scale business were affected.

Due to the decentralized nature of some cryptocurrencies, the government through their apex bank find it difficult to control the volume of money in circulation. They also have issues with collecting revenue from their citizens who use cryptocurrencies. Ofcourse, the government's revenue suffers when the government cannot tax its citizens effectively.

Criminals have used cryptocurrencies as a perfect hideout to carryout their fraudulent transactions which includes money laundering, bribes and many others. These transactions are not favourable to the economy of any country.

Topic: Cryptocurrency impact on Economy - page 3. (Read 1552 times)