Effects of Crypto and Bitcoin on the Economy

Asuspawer09

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Quote from: Furious 7 on July 01, 2023, 04:30:31 PM

Quote from: Unbunplease on July 01, 2023, 02:26:36 PM

Quote from: kaseygriffin on July 01, 2023, 09:19:13 AM

It is very important to design and implement crypto regulations thoughtfully, ensuring that they do not unduly restrict the evolution of the technology and compromise the principle of openness and decentralization of crypto, crypto regulations cannot completely prevent criminals from using cryptocurrencies like Bitcoin. Criminals used other forms of cash finance and other traditional financial systems before the advent of crypto. Crypto can be used to create financial transactions of unknown origin and hide large amounts of money.
Crypto regulations can help prevent money laundering and illegal financial activity by requiring crypto exchanges to maintain KYC rules and coordinate with anti-money laundering agencies in detecting and preventing suspicious activity. Careful regulation and oversight can help prevent fraudulent activities, market manipulation, and crypto value inflation. This can ensure the stability and reliability of the cryptocurrency market, attracting sustained participation and investment.

However, in my opinion, criminals are more interested in using cash. Cryptocurrencies are characterized by the fact that they run on a blockchain. And, as you know, on a blockchain you can track all transactions, even if the transactions are mixed. Therefore, saying that cryptocurrencies are used by criminal structures and therefore they should be banned are words that should not be heeded

Come on, it's just an exaggerated story.
In this case, I do not deny that there is a crime that originates from fraud or allows robbery by coercion of wallet seizures and hacks, but this is only a small part of the majority of existing crimes.
This is just one way to weaken and of course what is being targeted in this case is bitcoin which is indeed the most difficult to stop its movements. but of course we also can't make conditions better because crime is always there wherever and whenever there is an opportunity. but what must be considered in this case is not about bitcoin or its blockchain because indeed this thing bitcoin and blockchain are only objects that they target does not mean that it is a bad thing that exists because it is irresponsible people who make this bad.

Agree with that, I mean bitcoin was just some kind of tool that is used in some illegal transactions and that doesnt mean that Bitcoin is a bad thing that is illegal to use something like that. Criminals are just taking advantage of what Bitcoin can do but most of the time you don't really need to worry about this kind of thing, I mean I've been buying and selling Bitcoin for years and didn't really encounter problems that are related to these illegal transactions. I heard some cases where on centralized platforms where they encounter some problem because the banks or platform have issues where your Bitcoin or funds came from, but not to the point where they confiscated or freeze your account and you cannot get your funds anymore. If you didn't really do anything illegal at all you don't need to worry about these things.

I guess we can't really prevent this kind of thing I mean fiat money is used in illegal transactions as well, it was just the nature of Bitcoin for sure when it comes to regulation there will be a lot of complications since Bitcoin in my opinion was not supposed to be regulated because its a decentralized.

woez

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Quote from: naikturun on May 07, 2023, 09:51:33 AM

Cryptocurrencies can also offer a way to bypass traditional financial institutions and payment systems, which can be slow and expensive. This can be particularly beneficial for individuals and businesses in developing countries, where access to traditional financial services may be limited.

That's the thing, if people all know maybe this will be a strong impetus for this adoption to be developed. Now, if you look at developments, there are always a few pressing crypto issues, as if this is something that is seen as bad, even though there are many new things that not everyone knows about. maybe it's not time yet.

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Quote from: Unbunplease on July 01, 2023, 02:26:36 PM

However, in my opinion, criminals are more interested in using cash. Cryptocurrencies are characterized by the fact that they run on a blockchain. And, as you know, on a blockchain you can track all transactions, even if the transactions are mixed. Therefore, saying that cryptocurrencies are used by criminal structures and therefore they should be banned are words that should not be heeded

Cash is more anonymous, I agree with that. But cash is also physical, which means one needs to go somewhere with it, leave it there for someone to pick up or meet up for that. And then you can't do much to legalize it because you can't just bring tons of money to a bank without any explanations, and you often need money in a bank account to pay for important things. Cryptos are digital, which means there's no need to physically go anywhere, and there are exchanges to get fiat or some places where you can spend major cryptos directly.
I don't think cryptos can be reasonably blamed for the existence of illicit financial activities, but cryptos do have some advantages over cash.

kaseygriffin

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Quote from: Furious 7 on July 01, 2023, 04:30:31 PM

Quote from: Unbunplease on July 01, 2023, 02:26:36 PM

Quote from: kaseygriffin on July 01, 2023, 09:19:13 AM

It is very important to design and implement crypto regulations thoughtfully, ensuring that they do not unduly restrict the evolution of the technology and compromise the principle of openness and decentralization of crypto, crypto regulations cannot completely prevent criminals from using cryptocurrencies like Bitcoin. Criminals used other forms of cash finance and other traditional financial systems before the advent of crypto. Crypto can be used to create financial transactions of unknown origin and hide large amounts of money.
Crypto regulations can help prevent money laundering and illegal financial activity by requiring crypto exchanges to maintain KYC rules and coordinate with anti-money laundering agencies in detecting and preventing suspicious activity. Careful regulation and oversight can help prevent fraudulent activities, market manipulation, and crypto value inflation. This can ensure the stability and reliability of the cryptocurrency market, attracting sustained participation and investment.

However, in my opinion, criminals are more interested in using cash. Cryptocurrencies are characterized by the fact that they run on a blockchain. And, as you know, on a blockchain you can track all transactions, even if the transactions are mixed. Therefore, saying that cryptocurrencies are used by criminal structures and therefore they should be banned are words that should not be heeded

Come on, it's just an exaggerated story.
In this case, I do not deny that there is a crime that originates from fraud or allows robbery by coercion of wallet seizures and hacks, but this is only a small part of the majority of existing crimes.
This is just one way to weaken and of course what is being targeted in this case is bitcoin which is indeed the most difficult to stop its movements. but of course we also can't make conditions better because crime is always there wherever and whenever there is an opportunity. but what must be considered in this case is not about bitcoin or its blockchain because indeed this thing bitcoin and blockchain are only objects that they target does not mean that it is a bad thing that exists because it is irresponsible people who make this bad.

I tried and pondered and each person's opinion on how they feel about bitcoin, see what they actually know and hear about it (the story of outsiders who didn't enter and learn this market) Obviously we see a lot of misinformation about bitcoin, once we learn and re-evaluate everything, the real root of the problem is our own inference with what we are doing. know in life.
Those who know and understand it, can point out different sides of the benefits or other negative issues, but as I mentioned it is we who are assessing its nature in terms of its nature. Look, in terms of spreading knowledge about bitcoin I also need to popularize our usage behavior.

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Quote from: Unbunplease on July 01, 2023, 02:26:36 PM

Quote from: kaseygriffin on July 01, 2023, 09:19:13 AM

It is very important to design and implement crypto regulations thoughtfully, ensuring that they do not unduly restrict the evolution of the technology and compromise the principle of openness and decentralization of crypto, crypto regulations cannot completely prevent criminals from using cryptocurrencies like Bitcoin. Criminals used other forms of cash finance and other traditional financial systems before the advent of crypto. Crypto can be used to create financial transactions of unknown origin and hide large amounts of money.
Crypto regulations can help prevent money laundering and illegal financial activity by requiring crypto exchanges to maintain KYC rules and coordinate with anti-money laundering agencies in detecting and preventing suspicious activity. Careful regulation and oversight can help prevent fraudulent activities, market manipulation, and crypto value inflation. This can ensure the stability and reliability of the cryptocurrency market, attracting sustained participation and investment.

However, in my opinion, criminals are more interested in using cash. Cryptocurrencies are characterized by the fact that they run on a blockchain. And, as you know, on a blockchain you can track all transactions, even if the transactions are mixed. Therefore, saying that cryptocurrencies are used by criminal structures and therefore they should be banned are words that should not be heeded

Come on, it's just an exaggerated story.
In this case, I do not deny that there is a crime that originates from fraud or allows robbery by coercion of wallet seizures and hacks, but this is only a small part of the majority of existing crimes.
This is just one way to weaken and of course what is being targeted in this case is bitcoin which is indeed the most difficult to stop its movements. but of course we also can't make conditions better because crime is always there wherever and whenever there is an opportunity. but what must be considered in this case is not about bitcoin or its blockchain because indeed this thing bitcoin and blockchain are only objects that they target does not mean that it is a bad thing that exists because it is irresponsible people who make this bad.

Unbunplease

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Quote from: kaseygriffin on July 01, 2023, 09:19:13 AM

It is very important to design and implement crypto regulations thoughtfully, ensuring that they do not unduly restrict the evolution of the technology and compromise the principle of openness and decentralization of crypto, crypto regulations cannot completely prevent criminals from using cryptocurrencies like Bitcoin. Criminals used other forms of cash finance and other traditional financial systems before the advent of crypto. Crypto can be used to create financial transactions of unknown origin and hide large amounts of money.
Crypto regulations can help prevent money laundering and illegal financial activity by requiring crypto exchanges to maintain KYC rules and coordinate with anti-money laundering agencies in detecting and preventing suspicious activity. Careful regulation and oversight can help prevent fraudulent activities, market manipulation, and crypto value inflation. This can ensure the stability and reliability of the cryptocurrency market, attracting sustained participation and investment.

However, in my opinion, criminals are more interested in using cash. Cryptocurrencies are characterized by the fact that they run on a blockchain. And, as you know, on a blockchain you can track all transactions, even if the transactions are mixed. Therefore, saying that cryptocurrencies are used by criminal structures and therefore they should be banned are words that should not be heeded

chrisculanag

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Quote from: kaseygriffin on July 01, 2023, 09:19:13 AM

It is very important to design and implement crypto regulations thoughtfully, ensuring that they do not unduly restrict the evolution of the technology and compromise the principle of openness and decentralization of crypto, crypto regulations cannot completely prevent criminals from using cryptocurrencies like Bitcoin. Criminals used other forms of cash finance and other traditional financial systems before the advent of crypto. Crypto can be used to create financial transactions of unknown origin and hide large amounts of money.
Crypto regulations can help prevent money laundering and illegal financial activity by requiring crypto exchanges to maintain KYC rules and coordinate with anti-money laundering agencies in detecting and preventing suspicious activity. Careful regulation and oversight can help prevent fraudulent activities, market manipulation, and crypto value inflation. This can ensure the stability and reliability of the cryptocurrency market, attracting sustained participation and investment.

If those regulations are implemented early, the spread of its good effects on the economy will be faster. I agree that the cryprocurrencies market will be made better and safer by implementing KYC on every exchange. You are also right that due to the lack of such a law criminals are able to get into it because they are able to hide their identity. I hope they tighten up on these things so that we can enjoy the clean and good movement of every markets.

kaseygriffin

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It is very important to design and implement crypto regulations thoughtfully, ensuring that they do not unduly restrict the evolution of the technology and compromise the principle of openness and decentralization of crypto, crypto regulations cannot completely prevent criminals from using cryptocurrencies like Bitcoin. Criminals used other forms of cash finance and other traditional financial systems before the advent of crypto. Crypto can be used to create financial transactions of unknown origin and hide large amounts of money.
Crypto regulations can help prevent money laundering and illegal financial activity by requiring crypto exchanges to maintain KYC rules and coordinate with anti-money laundering agencies in detecting and preventing suspicious activity. Careful regulation and oversight can help prevent fraudulent activities, market manipulation, and crypto value inflation. This can ensure the stability and reliability of the cryptocurrency market, attracting sustained participation and investment.

axxo

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The emergence of cryptocurrencies, particularly bitcoin, has had impact on the global economy. One of the most notable effects is the decentralization of financial transactions, which has reduced the need for intermediaries such as banks and government. This has led to increased financial freedom and reduced transaction costs for individuals and businesses. Another effect of cryptocurrencies is their potential to disrupt traditional financial systems. Bitcoin, for example has been seen as a potential alternative to fiat currencies, which are subject to inflation and government control. This has led to increased interest from investors and traders which has in turn driven up the value of cryptocurrencies.

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Quote from: southerngentuk on May 06, 2023, 06:15:49 PM

The adoption of Bitcoin as legal tender is a significant development in the crypto industry and could have a positive impact on the economy. With Bitcoin being recognized as a legal currency, it could help attract more investors and businesses. It also provides a low-cost way for people to transfer money and conduct transactions, which can benefit the economy by increasing the speed of money.
However, there are still quite a few concerns about the possibility of using Bitcoin for illegal activities such as money laundering. Hopefully, the government and regulators will always work on creating a regulatory framework for cryptocurrencies in the not too distant future.

Those concerns are wildly exaggerated by the governments, by far the most crimes of this nature are committed with fiat currencies, and this is not just a matter of magnitude, as it is to be expected that fiat currencies will have more criminals using them as fiat is more popular right now, fiat also has more crime of this type even when considering its higher adoption, so it is clear that what governments are after is to find a way to control this market and not to arrest the criminals that use cryptocurrencies.

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Quote from: southerngentuk on May 06, 2023, 06:15:49 PM

Hopefully, the government and regulators will always work on creating a regulatory framework for cryptocurrencies in the not too distant future.

Cryptocurrency regulation is bad for the market and ourselves, and that doesn't guarantee criminals won't use bitcoin. Remember that criminals predated bitcoin, so without bitcoin, criminals would use another form. Bitcoin and crime do not have any correlation at all.

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Cryptocurrencies can also offer a way to bypass traditional financial institutions and payment systems, which can be slow and expensive. This can be particularly beneficial for individuals and businesses in developing countries, where access to traditional financial services may be limited.

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The adoption of Bitcoin as legal tender is a significant development in the crypto industry and could have a positive impact on the economy. With Bitcoin being recognized as a legal currency, it could help attract more investors and businesses. It also provides a low-cost way for people to transfer money and conduct transactions, which can benefit the economy by increasing the speed of money.
However, there are still quite a few concerns about the possibility of using Bitcoin for illegal activities such as money laundering. Hopefully, the government and regulators will always work on creating a regulatory framework for cryptocurrencies in the not too distant future.

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Quote from: darkangel11 on May 06, 2023, 02:33:46 PM

Quote from: adzino on May 06, 2023, 11:29:52 AM

Yeah those are basic points that everyone thinks when it come too crypto currency and economy, but I think it's important to keep in your mind that crypto, while it is very useful, won't have a huge impact on the overall global economy. It does provides an alternative payment method and enables faster transactions without any third parties being involved and slowing you down, but it's not really creating a lot of job opportunities or single-handedly saving the world economy. True making investment is a good thing for economy, but investing in crypto currencies is totally a different thing and not everyone is able to take that risks. The influence of crypto on the economy isn't as massive as some might think. It's not a magic solution for economic growth.

It can have an indirect impact by becoming a widely recognized store of value. Not all investments have to produce profit, some can protect yourself from loss and that's already enough.
IMO bitcoin isn't a huge risk at this point. We're 60% down from the top, which means bitcoin is largely discounted and moving close to the halving, which will make it harder to mine. If there's a large tax placed on mining, like they're proposing in the US, bitcoin itself will become more scarce as there will be less pressure from miners selling. It's much safer to hold bitcoin than money in the bank.

miners and other long time holders may see the potential of holding this coin. but for now, we all know that a lot of newcomers in this market are interested with the short term profits. as of now, the impact of crypto in the economic side may not yet be big. but the adoption is growing. meaning the market is increasing. and this is why the government participation is starting to be visible as they are seeing that this market is unstoppable. people are talking, large companies are investing into this market. they can't ignore anymore about its existence. so to enlighten themselves in this new currency, they need to participate and educate themselves also not to be left behind by this technology.

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Quote from: adzino on May 06, 2023, 11:29:52 AM

Yeah those are basic points that everyone thinks when it come too crypto currency and economy, but I think it's important to keep in your mind that crypto, while it is very useful, won't have a huge impact on the overall global economy. It does provides an alternative payment method and enables faster transactions without any third parties being involved and slowing you down, but it's not really creating a lot of job opportunities or single-handedly saving the world economy. True making investment is a good thing for economy, but investing in crypto currencies is totally a different thing and not everyone is able to take that risks. The influence of crypto on the economy isn't as massive as some might think. It's not a magic solution for economic growth.

It can have an indirect impact by becoming a widely recognized store of value. Not all investments have to produce profit, some can protect yourself from loss and that's already enough.
IMO bitcoin isn't a huge risk at this point. We're 60% down from the top, which means bitcoin is largely discounted and moving close to the halving, which will make it harder to mine. If there's a large tax placed on mining, like they're proposing in the US, bitcoin itself will become more scarce as there will be less pressure from miners selling. It's much safer to hold bitcoin than money in the bank.

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Quote from: adzino on May 06, 2023, 11:29:52 AM

Yeah those are basic points that everyone thinks when it come too crypto currency and economy, but I think it's important to keep in your mind that crypto, while it is very useful, won't have a huge impact on the overall global economy. It does provides an alternative payment method and enables faster transactions without any third parties being involved and slowing you down, but it's not really creating a lot of job opportunities or single-handedly saving the world economy. True making investment is a good thing for economy, but investing in crypto currencies is totally a different thing and not everyone is able to take that risks. The influence of crypto on the economy isn't as massive as some might think. It's not a magic solution for economic growth.

Yes I agree, it will not create a massive effect to the economy but it can help an individual to grow his own business that can help the economy. Bitcoin and other crypto are not widely acceptable, there's still some countries that prohibits the use of bitcoin and some of them even creates an ads That people should be careful using crypto, maybe yes that's good they inform people but then every counties can maximize the use of cryptocurrency for economic growth.

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Quote from: cydrix on May 06, 2023, 12:05:12 PM

There is no denying that Bitcoin and other cryptocurrencies have had a significant economic impact. We can start with the beginning of the pandemic and those who believed that owning Bitcoin had rescued them at that point because their jobs had been stopped at that point. They later used their holdings for it. Saving does equal holding, and owning bitcoin has taught us this. We were previously spenders and had no idea how crucial it is to conserve money, but once we started to own bitcoin, the community taught us that we should hold as well as they do.

People are not entirely at fault over this, the culture and even the governments sponsor a culture of excess in which people have to continuously spend their money in order to show their worth, but what happens when people do not have that money? They need to indebt themselves in order to do this, so we have a culture which promotes reckless spending instead of prudent behavior and managing your finances responsibly, and in that kind of culture it is not surprising that the smallest inconvenience can force people to suffer a great economic setback.

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There is no denying that Bitcoin and other cryptocurrencies have had a significant economic impact. We can start with the beginning of the pandemic and those who believed that owning Bitcoin had rescued them at that point because their jobs had been stopped at that point. They later used their holdings for it. Saving does equal holding, and owning bitcoin has taught us this. We were previously spenders and had no idea how crucial it is to conserve money, but once we started to own bitcoin, the community taught us that we should hold as well as they do.

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Yeah those are basic points that everyone thinks when it come too crypto currency and economy, but I think it's important to keep in your mind that crypto, while it is very useful, won't have a huge impact on the overall global economy. It does provides an alternative payment method and enables faster transactions without any third parties being involved and slowing you down, but it's not really creating a lot of job opportunities or single-handedly saving the world economy. True making investment is a good thing for economy, but investing in crypto currencies is totally a different thing and not everyone is able to take that risks. The influence of crypto on the economy isn't as massive as some might think. It's not a magic solution for economic growth.

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Quote from: Sayeds56 on May 06, 2023, 10:36:27 AM

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Yes, the impact of cryptocurrency on cross-border transactions is definitely one of the key advantages of using Bitcoin and other cryptocurrencies. By eliminating the need for intermediaries such as banks, these transactions can be completed faster and more efficiently, with lower fees and fewer barriers.

Yes, that is correct. Bitcoin and other crypto currencies can potentially transform the cross-border transaction system, by offering faster and low cost without the intervention of any third party, such as banks. The added advantage of using block chain technology is, its high level transparency, security and traceability, thus eliminating the risk of fraudulent activities.

It is a ridiculous rule that some banks do not allow money transfers outside of working hours. Bitcoin allows us to transfer around the clock. Even this situation shows that its contribution to the economy is great. It also contributes to the world economy in terms of transparency and traceability. At the same time, as you said, there is no interference with your money. Apart from these, there are many positive aspects in terms of their contribution to the economy. Such as transparency, accessibility, reliability.

Topic: Effects of Crypto and Bitcoin on the Economy (Read 392 times)