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

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.

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.

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

The cryptocurrency gold rush has produced a lot of jobs, with the share of cryptocurrency jobs per million rising 1,457% over the past four years, according a study by job site Indeed.com.

Despite drastic price fluctuations (Bitcoin’s volatile value shot up more than 230% in the first six months of 2019 to above $12,000 per Bitcoin) and nearly half of companies citing regulatory uncertainty as a major barrier to blockchain adoption, employers continue to ride the wave and invest in blockchain tech and talent.

Mark Zuckerberg, for instance, wants to launch Facebook’s Libra, a new global cryptocurrency, in 2020. And digital payment giant Square recently assembled a crypto-focused team, Square Crypto, with the goal of strengthening the Bitcoin ecosystem. You will also soon even be able to spend Bitcoins at Starbucks through a new exchange app that converts digital assets into dollars.

Indeed analyzed millions of job postings on Indeed.com to unpack how Bitcoin, cryptocurrency, and blockchain trends have affected the job market.

Searches for Bitcoin, blockchain, and cryptocurrency roles are going down — yet employer demand has skyrocketed. According to Indeed, in the four-year period between September 2015 and September 2019, the share of these jobs per million grew by 1,457%. In that same time period, the share of searches per million increased by 469%.

In the past year, the share of cryptocurrency job postings per million on Indeed.com has increased by 26%, while the share of searches per million for jobs has decreased by 53%. Bitcoin’s volatility seems to correlate with job seeker interest, and the change in Bitcoin price this year might be why job searches have declined.

Top 5 crypto tech jobs
So employer demand for tech roles related to Bitcoin, blockchain, and cryptocurrency is high — but what are those jobs?

From coding smart contracts to designing user interfaces for cryptocurrency apps to building decentralized applications (dApps) that communicate with the blockchain, there’s no shortage of work to be done in the cryptocurrency field.

For a better chance at landing one of these roles, you should be a programmer. And you should familiarize yourself with basic cryptography, P2P networks, and a language like C++, Java, Python, or JavaScript (along with certain soft crypto skills).

This can give work to to people cannot get a job on their place there's wide opportunity given by the industry to all people who's using it. Also there's less discrimination here since anyone can work with the jobs as long as he is skilled and know how to work on the assigned project. This is the good side about this industry should be look after by government and not those negative things they can read online since if many of there people can bring huge income on their country for sure it can bring some good effects to their economy.

Crypto can help those who want to try to earn money, and they can even start with a small capital. They really have to work hard to earn money to improve their lives because crypto provides an opportunity to make a lot of money. Only if they want to learn and try hard can they succeed while others still look for ways. We have to find a suitable way to make money, and by doing many things, we can do until finally, we can really make money.

A cryptocurrency become popular in many countries in the past years, one of the reason is the spike of the market price of Bitcoin which become a trend. There are a lot of people that wanted to invest on it because of the profit on cryptocurrency especially on Bitcoin where a lot of people believed. There are also cryptocurrency that become popular like Ethereum, Dogecoin, XRP etc. But what is the effects of cryptocurrency on the Economy?

The cryptocurrency like Bitcoin gives us investment opportunity, With the spread and trend of cryptocurrency, many of us have invested in it because it can potentially provide us with high profits, even though it comes with significant risks. Having this opportunity has allowed many of us to earn, and as a result, our capacity to establish businesses that can contribute to the country's economic growth has grown.



In the cryptocurrency industry, only a few people have enough knowledge about it, and professionals with skills and knowledge in blockchain technology, programming, etc. are needed. The Cryptocurrency has created jobs in our country. Many crypto-related businesses have emerged in a lot of country, such as exchanges, which many investors use and surely hired professionals. If the spread of crypto continues to grow in a lot country, it can provide many more job opportunities.



Because of crypto a lot of people become familiar at knowledgeable when it comes to Saving . Crypto helps a lot of people, because a lot of people learn how to manage their financial, including the transitions of using traditional banks. A lot of use change our perspective when it comes centralized platforms like banks. That helps us invest for our future.



Cryptocurrency helps us a lot because of the fast and secure transactions, instead of using the traditional fiat currency. It helps a lot because we can make a fast transaction where ever we are using cryptocurrency.


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Epekto ng Crypto at Bitcoin sa Ekonomiya ng bansa

I don't see anything helping people reshaping lives more than Bitcoin and crypto right now and oy those who lacks knowledge got wrecked, the good side of crypto is the chances of making your wrongs into right, I mean if you lose money simply because of a mistake or your own stupidity you can still correct things and make all you have lost back, this is very good unlike other ways of making money that once your money is gone it's never coming back, crypto is full of endless opportunities.

I continue to stand and defend my personal point of view that the impact of Bitcoin is highly dependent on the context of each nation.
Argentina, Venezuela and Nigerian are examples of countries where Bitcoin and other altcoins have increased in adoption and volume, because the traditional banking and financial instruments have failed or are very weak in the pursue to provide to their people with reliable means of managing money and secure value.

The impact in countries with strong and stable economies are not so obvious, people there still have or think to have reliable banks, centralized wallets and currencies.

Bitcoin in the end, besides being a decentralized currency is also a safeguard against reckless governance, which Venezuela, Argentina and Nigeria have in common.

Every single one of us has an effect on the economy, it is just that our effect is so small that such an effect is imperceptible for us, but when you add the effect of several users of cryptocurrencies then this effect becomes way more noticeable, and as time passes and more people adopt cryptocurrencies and begin to use them on their everyday lives the greater this effect will become, and the more difficult it will be for big businesses to ignore us and they will have to begin to accept cryptocurrencies as a form of payment in order to cater to us.

Nice thread despite that you only focus on the positive effects while negative effects can also not be overlooked. Crypto is really playing a vital role in today's world economy particularly in my own country. It's sad that majority of our youths engage in one crime or the other such as internet fraud popularly known as yahoo.

Bitcoin or crypto is growing industry and it does have effect on multiple things including the economy and don't forget that the first legal country El savador is one of the proof in economy and dozen of merchant that accept Bitcoin.

Transfer with low fees and doesn't have border is always be good economy benefit in my opinion

Although we can't say they failed, to be fair, we haven't seen any positive effects from El Salvador on mass bitcoin adoption. But in my opinion, it is still too early to draw any conclusions because the application of legal tender in El Salvador is less than 2 years. I think they need more time because the transition and adoption of something so new cannot happen in a short time, for a successful revolution takes a lot of time. I think we should wait until the next bull season to assess and have a final conclusion on bitcoin adoption in El Salvador.

I do not know, but with a quick look at what is happening in the forum, and although earning from signature campaigns cross good amounts in some countries, once a week has passed, you will know that many people have become more dependent on profits from cryptocurrencies, and therefore such people will not survive in savings.

Financial experience comes from learning and experience and through financial knowledge, and therefore even if you invest in those currencies unless you have a good financial background, investing in Bitcoin will be nothing more than extra profits that you will spend on buying more luxury.

I continue to stand and defend my personal point of view that the impact of Bitcoin is highly dependent on the context of each nation.
Argentina, Venezuela and Nigerian are examples of countries where Bitcoin and other altcoins have increased in adoption and volume, because the traditional banking and financial instruments have failed or are very weak in the pursue to provide to their people with reliable means of managing money and secure value.

In a way - Yes. If you are making money from crypto or btc and you inject 20% of that profit back into the economy by paying bills you have somehow impact the economy somehow. Economy of any country needs funds to function and if people injecting their profit to different aspect of the economy it will definitely have a positive effects in the growth.

OP mentioned decent points regards impacts of cryptocurrency on the economy. Thanks to crypto and Bitcoin in special, average citizens from every corners of the world have access to investments and jobs' opportunities not available before. The impact on the society is that there is a higher flux of money circulating, which benefits every sectors of the society, since money is constantly moving, like the waters of a river.

Maybe what I said isn't seen is large scale yet by most people, but they do exist, and those individuals involved on these economical chains are really satisfied and proud for having found Bitcoin on their lives.

As example of those economical chains benefited by Bitcoin and crypto, we can mention investors who are in profit with their BTC investments and digital workers, like Bitcointalk's members who are engaged to signature campaigns.

Many banks are failing making their shareholders lose their funds but over the years the bitcoin sector has been consistent.

Because of crypto a lot of people become familiar at knowledgeable when it comes to Saving .

You are on point Op when you identified that Bitcoin and the crypto industry have created employment opportunities for many people in some countries. Many people have also used the sector as a side job to complement their income. Bitcoin is one of the fastest and safest sectors to invest in. Investing in some sectors requires some cumbersome bureaucratic process that makes it time-consuming. But all you need is just a wallet to buy and hold your investment. Many banks are failing making their shareholders lose their funds but over the years the bitcoin sector has been consistent.

In some countries, bank transactions are not reliable. But Bitcoin is competing with these banks and many people are seeing the sector as a good alternative to fiat banking.

Saving is a habit that is cultivated, so I don't think only the Bitcoin sector is helping people to save. If you don't have the drive to save, you will never be able to set funds aside for future investment.

A cryptocurrency become popular in many countries in the past years, one of the reason is the spike of the market price of Bitcoin which become a trend. There are a lot of people that wanted to invest on it because of the profit on cryptocurrency especially on Bitcoin where a lot of people believed. There are also cryptocurrency that become popular like Ethereum, Dogecoin, XRP etc. But what is the effects of cryptocurrency on the Economy?
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A cryptocurrency become popular in many countries in the past years, one of the reason is the spike of the market price of Bitcoin which become a trend. There are a lot of people that wanted to invest on it because of the profit on cryptocurrency especially on Bitcoin where a lot of people believed. There are also cryptocurrency that become popular like Ethereum, Dogecoin, XRP etc. But what is the effects of cryptocurrency on the Economy?

The cryptocurrency like Bitcoin gives us investment opportunity, With the spread and trend of cryptocurrency, many of us have invested in it because it can potentially provide us with high profits, even though it comes with significant risks. Having this opportunity has allowed many of us to earn, and as a result, our capacity to establish businesses that can contribute to the country's economic growth has grown.

El Salvador is a proof that mass crypto/Bitcoin adoption could actually fail, if the people aren't educated well enough.

Bitcoin or crypto is growing industry and it does have effect on multiple things including the economy and don't forget that the first legal country El savador is one of the proof in economy and dozen of merchant that accept Bitcoin.

Transfer with low fees and doesn't have border is always be good economy benefit in my opinion

Bitcoin or crypto is growing industry and it does have effect on multiple things including the economy and don't forget that the first legal country El savador is one of the proof in economy and dozen of merchant that accept Bitcoin.

Transfer with low fees and doesn't have border is always be good economy benefit in my opinion

Cryptocurrency helps us a lot because of the fast and secure transactions, instead of using the traditional fiat currency. It helps a lot because we can make a fast transaction where ever we are using cryptocurrency.

Because of crypto a lot of people become familiar at knowledgeable when it comes to Saving . Crypto helps a lot of people, because a lot of people learn how to manage their financial, including the transitions of using traditional banks. A lot of use change our perspective when it comes centralized platforms like banks. That helps us invest for our future.

In the cryptocurrency industry, only a few people have enough knowledge about it, and professionals with skills and knowledge in blockchain technology, programming, etc. are needed. The Cryptocurrency has created jobs in our country. Many crypto-related businesses have emerged in a lot of country, such as exchanges, which many investors use and surely hired professionals. If the spread of crypto continues to grow in a lot country, it can provide many more job opportunities.

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Cryptocurrency helps us a lot because of the fast and secure transactions, instead of using the traditional fiat currency. It helps a lot because we can make a fast transaction where ever we are using cryptocurrency.

Nice thread despite that you only focus on the positive effects while negative effects can also not be overlooked. Crypto is really playing a vital role in today's world economy particularly in my own country. It's sad that majority of our youths engage in one crime or the other such as internet fraud popularly known as yahoo.

The coming of crypto has drastically reduced the number of idle youths who now engage themselves in form of crypto related business like trading, investing, crypto vendor and the likes. Crypto is serving the purpose of providing job that the government has failed to provide for the youths yet its still not grants free access to crypto.