Is Bitcoin good for the economy? - page 2.

Alert31

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Quote from: GmAdvice on February 17, 2020, 03:49:39 AM

Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify". Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin has some way to go to meet all these criteria.

Bitcoin can be usefull for the economy if it will adopt totally by one country and allow it to become useful like for online payments and can be use to buy online goods and services freely like how we use our fiat money. Although in my country we already use it to buy loads and pay bills but i think it's not yet enough to say that it was good to the economy. It needs more improvement and development. Maybe after a couple of years,who knows it might happen to become or consider as a secondary to fiat currency.

iyamoxjhian

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Ofcourse it is, especially nowadays that were facing Pandemic. Plus a lot of companies shut down and retrenched people. thats why a lot of people loss their jobs and dont know where to get their source of income.

Salauddin1994

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Bitcoin is very good for the economy it is very helpful to improve the economy of the country the price of Bitcoin is going up even though everything has gone down due to the virus Bitcoin investment can improve a country's economy a lot. Although there is a ban on virtual currency transactions in the country the government is interested in blockchain technology. The main technology behind Bitcoin is blockchain. in other monetary systems such as the government and the central bank it is not the case with Bitcoin there is no banking system in bitcoin transactions.

TIDOVEE

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Quote from: GmAdvice on February 17, 2020, 03:49:39 AM

Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify". Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin has some way to go to meet all these criteria.

Well! I will accept this to be through for now because earning bitcoin the way I do, may not be as difficult as going to office working with all energy for hours. With bitcoin I work to earn anywhere in my house without any boss, but you know we still have our online managers to report to. The store of value is real too. Above all this is a digital currency where you handle your wallet yourself. Bitcoin is on no doubt good for the economy because the world is going digital and bitcoin is solving some economical/financial part of it.

int03h

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Bitcoin is really good for the economy because people transfer money faster, which means time savings. If blockchain technology is applied to most of the fields of health, education, finance ... then human civilization will be more advanced, saving decades.
That is the value of blockchain, under the rapid development of blockchain I believe that countries will apply blockchain more commonly to their governance systems within the next 5-10 years.

JuSayCo

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I think Bitcoin is not hard to earn. Its just easy if you know all the mining strategy and everything about it. The supply may be limited but it can be forked as often mentioned by other people here. And I believe its good for the economy because people got to earn, invest in something that they wanted to and most of all, it offers a lot of convenient transactions that could help our lives more easier especially in this pandemic time. Bitcoin is really a big help to all individuals who knew about it, same goes to the economy as well.

mung_nasib

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when the country supports the existence of bitcoin I am sure someone might have a great opportunity to use it as a means of future investment because with very rapid price changes they directly have the opportunity to seek profit and certainly the economy will be increasingly helped.

proscratcher

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So, it's safe to say that Bitcoin propels economic growth throughout the world by providing much easier access to capital and financial services, especially in developing countries. ... That's why today, people are most likely still using Bitcoin to earn some profits on their fiat money rather than conventional exchange.

aiguy

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we cannot say the exact answer because sometimes it's a good option for governmental level but at the commercial level, it will affect the economy like money laundering

RealMalatesta

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Quote from: tbterryboy on February 25, 2020, 02:47:57 PM

Isn’t Bitcoin already a medium of exchange? The main purpose that it was created was to be used for transactions. And it can as well be used as a store for value, that’s if you want. Anything can be used as a store of value as long it’s valuable. The only problem with Bitcoin is that it is very volatile. But it has been profitable in the last decade. If you stored your value with Bitcoin since 2009 by now you have probably gotten more than what you invested.

So, Bitcoin can almost fit in to the requirements you have stated here, but the only problem I think is making it hard for the government to allow it is because of regulation. Regulation is very important, since they can’t control Bitcoin they don’t see any need for it.

We are exaggerating bitcoin too much and it might actually hurt us. What if we do not become the main currency? I mean why would that matter? Do you really think that this would really matter? As long as we are at a level where people are using it like the way they are and some big companies start to accept bitcoin for online shopping, isn't that enough? I would say that it should be enough if you ask me, however people do not really understand it and want bitcoin to be main currency and have like 50 trillion dollar market cap and be hundreds of thousands of dollars to be happy, that doesn't really need to happen to make bitcoin big, it is currently big as it is and that is what should matter to us. In any case I feel like we are doing fine and I am feeling happy no matter what happens, just to have bitcoin in my life.

Xembin

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Bitcoin system has prove to the world how real they are in their services and how they have improved in the life of humanity.Many country is waking up their economy through Bitcoin system, show how important Bitcoin is in some nation. Easy to invest in any country of your choice and start making profits if you obey their rules and regulation that govern them.

rollingdice

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Quote from: MCobian on August 06, 2020, 06:22:04 PM

I agree that Bitcoin is very good for the economy, if you look at transactions using Bitcoin are much faster and the fees are far
cheaper than using fiat currency.

I can't agree that Bitcoin transactions are faster than transactions in fiat. Sometimes it takes much time to get transactions approved, while Visa or MasterCard transactions are instant.

Emitdama

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Quote from: GmAdvice on February 17, 2020, 03:49:39 AM

Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify". Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin has some way to go to meet all these criteria.

Nah, there is nothing that is not hard to earn, even the USD is hard to earn man. You can’t be walking on the road and be picking up free dollars, can you?

Nah, you can’t, rather you will have to get a job and work hard to make your dollars; the money doesn’t come free just like that, you will always have to do something to get it. That’s the same thing with Bitcoin, you will have to either work hard for you to be able to earn it or you will use your money (which also came through hard work) to purchase the Bitcoin. And Bitcoin doesn’t contribute to our economy, although it can better the life for people.

Nellayar

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Quote from: plvbob0070 on August 02, 2020, 09:46:22 AM

Rather than the economy, I would say bitcoin is good for the individuals, such as opportunities, and freedom. But since bitcoin is still not widely accepted or recognized by everyone, the good or the advantages of bitcoin can only be felt by limited people, and those are the one who uses bitcoin. Since we are using bitcoin, we know the pros and the benefit of it that we are looking for.

However, bitcoin is not widely accepted yet, so those things mentioned above still cannot be felt in the economy. But imagine if bitcoin achieved mass adoption, not only individuals will realize what bitcoin can do, also the whole economy.

It will create an impact in economy even bitcoin is good in every individuals as of now. The opportunities that bitcoin and cryptocurrency open to the people can help to decrease the unemployment rate. It is a win-win sotuation for all of us. I am sure also that the pioneers of bitcoin are the most successful people in the future. Specially when bitcoin becomes the mainstream. As of now, we just need to spread the word of bitcoin to our neighborhoods.

kotajikikox

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Quote from: MCobian on August 06, 2020, 06:22:04 PM

I agree that Bitcoin is very good for the economy, if you look at transactions using Bitcoin are much faster and the fees are far
cheaper than using fiat currency. Because for a country's economy to develop rapidly, transactions must occur fast finance between
countries. And with Bitcoin, each individual can increase his economy just by buying Bitcoin and save it the next few years, when
the price of Bitcoin managed to rise high, automatically our wealth also increased.

Your last statement is true, once the value of bitcoin increase it's automatically increase our wealth,

But it is not always like that, there are chance due to volatilities the
value also will fall. In terms of economy their are many

digital money that can be use to transact, bitcoin is an addition to
this line, good thing is you are investing while you are holding this asset.

cryptoboss2020

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btc is not goo and not bad its just the vechile to hold your money or move money.
btc price goes up if there is demand to buy btc to have demand to buy there need to be reason to buy btc.
if there not enough reason then price will drop down until we see the price is low enought to buy it but this is just speculation and not sustaineble for long term the sustaineble is when we have good reason to buy btc.

nothing more nothing less

Mauser

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Quote from: ?? on ??

excellent bitcoin investment and preservation for the bitcoin economy helps a rustic to prosper the worth of the fiat currency has plummeted because the country's economy has been hit by the consequences of the epidemic the incredible price explosion of bitcoin has shaken everyone. Nobody can play it anymore this has affected the economies of all and developing countries That's why most are legalizing btcoin to enhance the country's economy and increasing bitcoin investment.

I agree, there is no point in governments baning bitcoins. It's the future. First of all it's another form of financial asset that helps individuals to diversify their portfolios. Having less exposure to FIAT currencies and more investments in crypto currencies helps any investors. The world became so connected through the internet that it definitely needs it's own currency to connect all countries without going through banks and paying a lot of fees. For me bitcoins is something like the internet currency, paypal would have loved to be that but it's still based on FIAT currencies.

KennedyAbuel

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Quote from: GmAdvice on February 17, 2020, 03:49:39 AM

Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify". Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin has some way to go to meet all these criteria.

i don't think that earning bitcoin is hard. Let's just that this post of your's one step for earning bitcoin. Almost all of us here in this forum is here to earn money. Practically saying you won't waste a time to post something here if you don't have interest on money

Heart18

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For some people who are jobless, its quite great to work here in Cryptoworld and earn bitcoin than doing nothing at home. And I think its good for the economy too, because everytime we earned bitcoin and converted it to fiat, we will be able to buy essential goods for daily living and we can help the market with that.
Yes, I agree that Bitcoin is limited in supply but as mentioned already here, it can be forked.
Lastly, I think its not that hard to earn if you'll just strive hard and knows everything about mining-there are lots of mining sites if you'll try to research about it. And if you have lots of money, you can also easily buy bitcoins on exchanges and send it directly to your digital wallet.

SANihal02

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The price of Bitcoin is rising. Bitcoin prices are likely to fall at any time. Everything in the world has its ups and downs. As much as Bitcoin has many risks, it also has many good aspects. Now everyone wants to buy bitcoin. As long as prices continue to rise, many will benefit.

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