Cryptocurrency impact on Economy - page 6.

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Quote from: Wexnident on February 08, 2024, 06:56:02 PM

Quote from: bocyaj on February 06, 2024, 06:45:27 AM

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These are pretty exaggerated claims imo. Well it happens, but not to the point that you can describe it as something "huge" as an impact towards developing countries since in the first place, the medium of payment isn't really a problem for the most part. Afaik, PayPal can be freely used in any country available and there are a LOT of freelancing sites out there that don't limit their users. Same with poverty itself.

In the first place, crypto wasn't designed to impact those things. It was an alternative medium of payment that people could use, simple as that.

People are trying to make out of bitcoin something that was never designed to do, bitcoin is a great form of money and as such in theory it can be used for any application in which you use fiat.

But that is pretty much it, bitcoin is not supposed to create a lot of jobs, end with fiat currencies or reduce poverty, if anyone here is expecting those kind of outcomes out of bitcoin, they will be very disappointed on the future as I am sure that is not going to happen.

AVE5

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Honestly if the hardship in towns hasn't been as it is today's, Bitcoin wouldn't had been so massively adopted to the rate of its interested investors. The incremented volume of crytop interested individuals is highily appreciated due to the potential values of Bitcoin that basically, an affirmed percentage of persons craves at it specifically for its investment potentials with the returns to creat wealth and it course fights against the designations of the harden economy is today's.
So, the Bitcoin Investors decided to find it a means of self employment. After much guys had been in the streets of no profitable income in returns, they got inspired and flexible to undertake the patient and endurance to hodl and keep accumulating their Bitcoins as much as they can with the intake infrastructure that something good profitable different is of th Bitcoin industry.

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Quote from: bocyaj on February 06, 2024, 06:45:27 AM

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These are pretty exaggerated claims imo. Well it happens, but not to the point that you can describe it as something "huge" as an impact towards developing countries since in the first place, the medium of payment isn't really a problem for the most part. Afaik, PayPal can be freely used in any country available and there are a LOT of freelancing sites out there that don't limit their users. Same with poverty itself.

In the first place, crypto wasn't designed to impact those things. It was an alternative medium of payment that people could use, simple as that.

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I do not understand your explanation of how Bitcoin impacts unemployment, and I equally don’t think that Bitcoin impacts unemployment in the way you make it seem. What Bitcoin has done is bringing about the idea of cryptocurrency, which we now have many cryptocurrencies. And if not the jobs like being a blockchain developer, and a few things, Bitcoin doesn’t directly impact unemployment. Or maybe you want to elaborate on what you meant?

dothebeats

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That's a huge number of people if it's true, and for that, I'd like to ask for some data or credible sources

I know for a fact that bitcoin and crypto is becoming mainstream and known around the world, but I also know that there are only a handful of people willing to touch even with a ten-feet pole due to its high volatility. ETFs are one way to touch cryptos and make money with it, but even that is not aligning with the reasons you outlined as to why cryptocurrency is becoming a hit in these countries because you have to have some dough in order to get some bread.

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Quote from: bocyaj on February 06, 2024, 06:45:27 AM

Unemployment:

The increase in population of the developing countries and under developing countries will leads to the unemployment due to human resource surplus.The freelancer of this country uses the cryptocurrency as the one of the income generating resource.

I believe the unemployment challenge among the youths will gradually not be a big problem for those who are able to switch into cryptocurrency and other online activities to generate money. There is the online revolution these days that is helping the community of online and crypto enthusiast.The government has failed in the provision of jobs and job search is now shifting to crypto. Cryptocurrency is giving the opportunity for younger people to be involved through trading, arbitrage etc.

ndutndut

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For me, the presence of cryptocurrency has a huge impact on the economic growth of a country and even has an impact on the lives of many people who benefit from crypto investments. Many young people are unemployed, but with the development of technology, they can now learn about crypto investment easily, which ultimately has an impact on their economy. This also happened to me, who benefited from crypto. Since getting to know crypto, my economy has improved, even though I haven't been able to help my family, at least for myself it's more than enough.

Indeed, Crypto for daily income is difficult. Except for those who are technically skilled. However, ordinary people are advised to buy in installments at each installment. So it's a good holder. Because crypto is a wild market, no one knows and vice versa. But you also have to be careful because crypto is full of risks, especially cryptocurrencies that do not have strong fundamentals. Basically. So traders can fail and can be successful. The point is, if you want to become a trader, you have to set your mindset, expectations and always learn to analyze. Then you will feel the real impact of crypto in your life.

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Technological developments have had a positive impact in the financial sector because they are the result of developments in financial technology and make it possible to replace paper money with digital money in financial transactions in the future. Cryptocurrency also offers an investment side that can be reached by all people, its presence provides convenience and benefits and has helped the economy through the digital economic sector. I predict Cryptocurrency users will increase in the future because it can build economic growth for investors.

Litzki1990

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The biggest obstacle for developing countries is unemployment in their countries. If maximum students are unemployed after getting enough education then that education is worthless. The higher the unemployment rate, the worse the economic condition of the country. If there is at least one worker from each family or if the government provides employment to one person from each family, the economic condition of the country will improve a lot. There is nothing sadder than being unemployed after obtaining the highest degree in the country.

There are many unemployed graduates who are involved in crypto currency and they may be earning good amount of money from this site but all unemployed people don't know about this site and even if they know but don't understand how to earn money from here. While many unemployed people from developing countries are making money from dealing with cryptocurrencies, there are many countries that have outright banned cryptocurrencies. If the government fails to create employment then they should not be hindered in these matters at all.

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I hope it definitely possible and impact for every economic society. is a positive money eventually it is invisible so what !
It is affecting all over the world. this is significant that many of the country of the world are processing to legal allotment Bitcoin.

Any country can be helpful in reducing inflation.

If it possible that time it will be releasing pressure in the dollar.

Darker45

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You are talking of indirect impact of cryptocurrency to the economy. Indirectly, the rise of cryptocurrency has indeed contributed in providing employment as well as in addressing poverty. But employment and poverty aren't the center of the technology. Cryptocurrency is not designed to address the lack of jobs for people around the world. Neither is it created to address poverty.

While many have made money out of Bitcoin, Satoshi didn't create it with those who cannot eat 3 times a day in mind.

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I think it has already been proven how impactful bitcoin is in society or around the world. Because of this, many people find a way to earn money based on their knowledge and skills. Also, bitcoin is the proof that we are living in a cashless society, where we can do transactions that are secured and cannot be traced or interfered with by others. By using this technology, block chain technology, you can rest assured that no matter how much money you transact, it will be safe and delivered to the designated wallet address. and many more. We can't count how many things bitcoin produced or derived to help us. Bitcoin is the epitome of a decentralised currency that has more opportunity and growth.

I'm one of the people who believes that bitcoin helps a lot in terms of finances. Because of this, I learned to be financially independent for my parents, and in fact, I'm the one who sometimes supports them.

WillyAp

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Crypto currency impact is huge but not in numbers.
Before crypto there were banks as the only place halfway reliable to store value.
Before crypto the smallest value storage was diamonds.

So now you can have a wallet but the people who need the skill to handle wallets have no entry level.
Illiteracy levels are high.

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In most of the developing countries, unemployment is high and that's why someone has to hustle and find more opportunities that they can find offshore through freelancing without even the need to leave the country. But not everyone can do that, and that's why there are workers going abroad and finding the opportunities that fits them there.

And for poverty, that's the result of having high unemployment and lack of opportunities. It sets the idea that it's fine to become poor if many of them are but, if someone has an open mind and sees the terrible situation that they have. Can't even eat at least 3x a day, that's what will make them want to get out of it.

As for crypto, it helped a lot of people, families, unemployed worldwide. I can still see a lot of it especially those that have been fine doing airdrops, it's the reality that they can be one time big time with those.

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Quote from: bocyaj on February 06, 2024, 06:45:27 AM

Cryptocurrency had their huge root in the many countries economy,now nearly 30-40 percentage of many country people using cryptocurrency for the trading,mining,digital marketing and investment.So at the end they are earning some decent income from the cryptocurrency.The impact of cryptocurrency in the developing countries was huge,because the unemployment and poverty was the biggest hurdle for the developing countries.

Unemployment:

The increase in population of the developing countries and under developing countries will leads to the unemployment due to human resource surplus.The freelancer of this country uses the cryptocurrency as the one of the income generating resource.

Poverty:

Poverty is based on the calorie consumed by the individual based on the food consumption.For the food the individual need of steady income to satisfy with the basic need.Now many graduate unemployed people using cryptocurrency in various form to make some money for the food.

Health,Education and Clothing also the important factor of the poverty determination.All this need of money which was created by the individual by using the cryptocurrency as a mode to earn some money.Let discuss about this factors.

Your numbers seem like they are made up from thin air, do you have any actual proof or evidence for this claim that 30-40% of people have had contact with cryptocurrency? Neither have you given any evidence that crypto has helped with poverty or unemployment either, how many jobs has it created? what areas has it improved peoples lives as compared to before? Crypto has not created anything, it's just a currency for trade - it isn't a company producing a valuable good or service. It has given people some benefits, like being able to avoid bank fees which in some cases are extortionate and it also allows people to move money without government control that is prevalent in places like China and North Korea.

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Quote from: bocyaj on February 06, 2024, 06:45:27 AM

Cryptocurrency had their huge root in the many countries economy,now nearly 30-40 percentage of many country people using cryptocurrency for the trading,mining,digital marketing and investment.So at the end they are earning some decent income from the cryptocurrency.The impact of cryptocurrency in the developing countries was huge,because the unemployment and poverty was the biggest hurdle for the developing countries.

As of 2023, it was projected that an average of 430 million people hold crypto which is equivalent to 4.2% that are holding crypto. This implies that 95.8% of the world are yet to be using crypto, I don't know where you get your stats from but crypto has long place to for people to recognize and utilities it.

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Unemployment:

The increase in population of the developing countries and under developing countries will leads to the unemployment due to human resource surplus.The freelancer of this country uses the cryptocurrency as the one of the income generating resource.

This is for people that are into techy aspect of crypto but by employment, many of them are into projects which mostly don't turn out well. Check the numbers of crypto developers and what they have built so far, they are mostly half bake project that were short term, some were scams but we I admit that we have some of them that are doing well. Crypto confidence will increased this with time but we keep getting distracted with these bad projects.

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Poverty:

Poverty is based on the calorie consumed by the individual based on the food consumption.For the food the individual need of steady income to satisfy with the basic need.Now many graduate unemployed people using cryptocurrency in various form to make some money for the food.

Health,Education and Clothing also the important factor of the poverty determination.All this need of money which was created by the individual by using the cryptocurrency as a mode to earn some money.Let discuss about this factors.

I'm not too sure about this, crypto isn't about poverty elevation but more like investment. You can't print money for nothing unless you invest and some people that do invest make back their investment while some don't, there is nothing about poverty and the money you make isn't consistency like a place where you make daily bread, most of the opportunity in crypto are one time opportunity, once it's pump and dump, the possibility of pumping again is always rare.

WillyAp

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The cryptocurrency influence is much smaller than believed by most. Including me.
The people involved are loud but not at all that powerful, some single players being the exception.

moneystery

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if we discuss the impact of cryptocurrency on the economy, it may not be very significant compared to other sectors, but it has quite a good impact. with cryptocurrency we can see that there are many individuals who can become millionaires at a young age and they build their business in their own country from the money they get from cryptocurrency and from there they can employ more people.

or how a country that allows crypto trading gets tax from traders who trade on the exchanges they regulate. taxes from crypto trading can be used by the state for many purposes such as building roads, health, etc., which can have a national economic impact.

so cryptocurrency really has an economic impact both nationally and globally.

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Quote from: bocyaj on February 06, 2024, 06:45:27 AM

Unemployment:

The increase in population of the developing countries and under developing countries will leads to the unemployment due to human resource surplus.The freelancer of this country uses the cryptocurrency as the one of the income generating resource.

I could agree on some extend that Crypto has help to reduce unemployment especially in freelancing and remote working, crypto has opened up a whole new industry and it also opened up so many opportunity for people who are prefer freelancing and remote working. But the phrase 'uses the cryptocurrency as one of the income generating resource' is not completely true, crypto is just the industry what they use to generate income is their own skills and ability. It's not that they instantly have an income when they buy cryptocurrency.

Quote from: bocyaj on February 06, 2024, 06:45:27 AM

Poverty:

Poverty is based on the calorie consumed by the individual based on the food consumption.For the food the individual need of steady income to satisfy with the basic need.Now many graduate unemployed people using cryptocurrency in various form to make some money for the food.

Health,Education and Clothing also the important factor of the poverty determination.All this need of money which was created by the individual by using the cryptocurrency as a mode to earn some money.Let discuss about this factors.

But for this one, I tend to disagree, Crypto will not fix poverty, the reason is simply because crypto is not accessible and affordable for the poor people, you will need a good knowledge and education, a good internet connection and technology to gain advantages and benefit from Crypto. There is no way you have the change to be successful in crypto if you are poor in the first place. You will need to be at last a middle-class economy.

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Crypto is now widely spreading and adopting in different countries for me it's a good impact because we now experience a secured transaction with the help of blockchain, next is now people can now pay with their transactions with the help of crypto its more efficient than making a like of your banks, also jobs offering people see the crypto space have a different chance or offer a job that could help to them as source of income, sometimes those jobs are higher salary than the working job on their country so I guess i didnt expect why there's a declining of employees. Even though this could answer for poverty still it depends on the opportunity of the person, not all people who are in the crypto space have this opportunity to make their life of living increase or even sustainable.

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