Topic: Cryptocurrency impact on Economy - page 7. (Read 1444 times)

Cryptocurrency has a significant impact on the economy. It offers the potential for financial inclusion by providing access to banking services for the unbanked. It can enable faster & cheaper cross border transactions which reduces the need for intermediaries. Volatility can pose risks for investors & businesses. Cryptocurrency also raises concerns about money laundering & illegal activities. The decentralised nature challenges traditional financial systems. Cryptocurrency has the potential to revolutionise the economy but its impact is still evolving & requires careful regulation & monitoring.

I can't agree more with you because crypto has really helped and helped me a lot, as a student, I started to earn (first earning) from crypto by joining bounties here on BTT afterward, I started to take part in trading and then left and then started to engage in discussions here on BTT and got ranked, then got selected in signature campaigns, and now making more money then I have ever thought. Now I have started to make investments and give it a try to trading again. Crypto has never let me disappoint, I am always doing something in crypto, at the moment not joining bounties but joining airdrops and I can say this is an airdrop season.

People from developing countries are using crypto while they don't have their own bank accounts even I mean I did not know how to do ATM while I was earning in crypto, I had to take the help of someone to do ATM ( I know how easy is to use ATM it's just I did not give any importance to learn it).

Besides financial support, crypto has given me the economic and financial knowledge that I might not get from any curriculum syllabus. I am seeing more adoption and once it starts to prevail more I hope it will be accepted in my country and universities or other institutions will start to teach programming to make blockchain, and other defi apps, etc. This will open more gateways for people to make more money.

Those who say that cryptocurrency is only for the rich is wrong

You do not need to have a lot of money to be able to invest or earn something there are multiple ways on how to earn some money using crypto currency even without having to actually invest your own money depending on your expertise you could do mining if you are well-versed with computers and mathematics you could also play games that offer crypto as rewards if you are interested and have experience on playing games


I have read lots of stories especially here how cryptocurrency was able to change their lives for the better it is truly inspiring and motivating and it is proof that cryptocurrency is here to change the world

Not like the whole world has excess work that they want to share, but it does bridge the gap between the nations, making each other work as one. This makes the economy as a whole thing and not one by one.

I keep saying that bitcoin is like the whole world having just one currency, sure that doesn't sound fun to some people, but I like it. Imagine we create a new currency called "the world", and we spend that, sure people in rich nations like USA and UK makes thousands every month, while in poor nations you make just a few hundred, so the gap is still there, nobody says that you shouldn't have a gap, but at least it is just one currency. That is exactly what bitcoin is and has been helping the world connect to each other financially.

For everything to look as you say, the following facts must occur:
- in these countries it is easy to sell cryptocurrency and get local currency for it to pay for basic products to ensure life. I have doubts that you can buy food, hygiene products, clothes in any store, pay for utilities, Internet and mobile communications for cryptocurrency.
- most officially operating companies pay outsourcers or other employees in fiat CURRENCY. For the simple reason that they receive income in fiat currency.

We can discuss this topic if you clarify a little about which countries and which market we are talking about, because globally the situation is not as positive as you described

Well, I will say that cryptocurrency has made a lot of good impact in the lives of many people, which has made them relevant in contributing to the economic growth in their country. Some people have been able to gain a significant profit from their investment in crypto, and they used the money to invest in different businesses that grew massively, and they were able to employ some people in society who were unemployed. These people were able to create job opportunities for others through their own company or business, which they have established with profit from crypto.

Exactly people believe bitcoin can actually eliminate or be a solution to the poverty problem or rate in a country but that’s not it. Bitcoin is first a currency before any other thing, there is no denying that there isn’t opportunity in it but it is limited and most of these opportunities either requires you to go and learn it (that is developers) or you must have money to go into them example is traders or investors. You need not just any money but extra money to invest into bitcoin or trade other cryptocurrencies because you can simply use all your income into it.

The other free opportunities it creates are just freelancing works maybe airdrops or even signature like on this forum which is still limited.

The economic effects of cryptocurrencies can take several forms. This could have consequences for ethics and the constitution, especially for government agencies, financial organisations, and professionals. In rare circumstances, it might have an impact on monetary policy, mainstream management, lawful alternative investment options, payment systems, and individual or corporate transactions. But in other situations, reaction capacity or scope might have a different impact. Through constant transaction security and scalability, monetary policy, sustainability, the use of blockchain technology, and institutional financial management, cryptocurrencies have the potential to transform the economic landscape. Through monetary policy, sustainability, the use of blockchain technology, institutional financial management, consistent transaction security, and scalability, cryptocurrencies have the potential to drastically alter the economic landscape.

Due to inflation and depreciation in the value of many currencies in developing nations, many people are embracing Bitcoin as a hedge against inflation. However, referencing the source of the data that 30-40% of people in the world use Bitcoin will help determine how valid the information is.


Cryptocurrency can help contribute to the reduction of unemployment because few jobs can be created by service providers, and some person might become traders or investors. However, these jobs created by crypto are insignificant compared to the high rate of unemployment in these developing nations.


Don't be deceived into believing that cryptocurrencies can terminate poverty in developing nations. Without sound economic policies and implementation of these policies, a nation will remain poor. Bitcoin is not a get-rich-quick, so people shouldn't expect to make instant money because they are involved in cryptocurrency. People also need money to invest in Bitcoin which entails that they need jobs to raise funds.

I doubt your statement, can you attach the source from where you are getting 30 - 40 percentage using crypto?

What jobs are paid in crypto? most still use e-money such as paypal, webmoney, etc. I haven't found a major freelancer platform that pays using bitcoin or crypto

Most freelancers still get paid in Paypal, Venmo etc instead of cryptocurrency because they're using third party sites e.g. freelancer sites. Even though they charge ridiculous fees, but it's safer because the sites will protect both sellers and buyers.

Source? right now the world population is 8 Billion, I don't think it's even reach 1 Billion even though Bitcoin exist since 15 years ago.

yes. cryptocurrency have impacted positively in the world today and it is happening and we still believe it will continue happening because the way youth are accepting the cryptocurrency as their way of earning money is really encouraging, especially in my country where there is no job for them to meet their daily needs. What most of them do is crypto trading; they trade bitcoin and other valuable coins to get what they want.


yes. In countries where there is a large population, they can also use this industry to feed themselves by doing many things, such as signature campaigns, bounty, and even trading crypto currency, just to meet their needs. By getting used to the crypto currency, I don't think most of them will even want to go back and find a government job again, because it is happening in my country. Some youths and other graduates from many institutions have already embraced crypto as a way of getting money, and they don't want to go back and look for government work again.

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.