Is Bitcoin good for the economy? - page 3.

Janation

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Quote from: BITCOIN4X on August 02, 2020, 02:37:27 PM

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

~snip

Its hard to realize because we dont know what happened next with bitcoin. So far bitcoin has provided various benefit for user and it is much better. Bitcoin will of course continue to be developed and its application will also increase over time.

Some economic observer will consider bitcoin as a threat to a country economy. I am not sure about that because personally I as a bitcoin user can feel the benefit such as profit through investment and trade. But they also have their own view, as long as it doesnt bother us so let them talk.

I guess that is because of the anonimity it offers.

We doesn't pay taxes to our cryptocurrencies or the profits we are having, I guess that is the reason why they look at it as a threat. If more people would be using it, then more people would be able to evade taxes earned from it. Still, I agree since there are still a lot of convinience of it but I think it is not majorly for the economy of the country.

romero121

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Gold is a part of the economy. Just based on the gold we can't term ones economy. In simple gold is mined from the African countries, does that mean the respective country is good in its economy.

The consumption to the productivity defines the economy. Even if it is a very low valued, it has its contribution to the economy. One thing, gold has attained a position to be trusted. For that reason, its been given importance as a reserve source and to boost up the economy on need.

MCobian

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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.

Kasabus

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Quote from: eduartox on August 06, 2020, 04:01:06 PM

Of course yes, cryptocurrencies are of great help to the economy, many foundations are now receiving donations in cryptocurrencies and many platforms today are used to make donations and receive, an example of this platform is MintMe. This platform is a cryptocurrency exchange with a simple idea, you can monetize any idea you have by creating a crypto token for it and offer it for money to potential investors and fans.

Cryptos like bitcoin would be a great help for the economy if the people are earning it and have used it for their economic growth. But i doubt if companies today would prefer to make bitcoin as a salary for their workers as bitcoin has higher value compared to usd. But earning bitcoin alone is very good for our economy since it has its own useful qualities different from fiat.

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Quote from: Nhor1011 on August 02, 2020, 09:34:26 AM

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.

Actually ,it just easy to earn bitcoin if you have money to buy it. And if you have money try to join campaign that promoting different projects and pay you with their tokens then exchange it to bitcoin. Very easy. Bitcoin is good for economy if it will just mix to a fiat money because they have different value and features. You know government is very allergic in Decentralized currency ,so it's difficult for them to accept bitcoin as part of the economy.

Well, agree that it's easy to get bitcoin right now. You just need to wait for the right timing and buy a lot of bitcoon at low price. Bitcoin isn't that hard to earn nowadays and you can see a lot of platforms that gives free BTC. Bitcoin is surely have good effect on the economy since people are getting profit into it through investments.

eduartox

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Of course yes, cryptocurrencies are of great help to the economy, many foundations are now receiving donations in cryptocurrencies and many platforms today are used to make donations and receive, an example of this platform is MintMe. This platform is a cryptocurrency exchange with a simple idea, you can monetize any idea you have by creating a crypto token for it and offer it for money to potential investors and fans.

deisik

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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

In general, you can't separate one thing from the other

What is good for individuals is good for the economy. Economy is a broad term which is made up of households and individual people at the most basic level. Indeed, there are specific cases when certain groups of people are better off at the expense of other people (e.g. elites), and in this case the economy at large suffers too. Whether Bitcoin and its holders can be considered harmful for the economy as a whole is a matter of debate

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Quote from: mezzaluna on August 02, 2020, 01:33:50 PM

In our country, we actually do not know if it would do any better to our current economical status. Bitcoin in our country is somehow branded as a scam since people are not knowledgeable enough about it and that is kinda sad since the Cryptocurrency Industry has a lot of potential. Bitcoin might be good to the economy but it needs proper guides on how people can use it fairly since most government do not want fair transactions involving money.

You are right that there are still many country where bitcoin is not much familiar and most of the people don't know what is bitcoin. It will available when bitcoin will be spreading all places.

BITCOIN4X

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

~snip

Its hard to realize because we dont know what happened next with bitcoin. So far bitcoin has provided various benefit for user and it is much better. Bitcoin will of course continue to be developed and its application will also increase over time.

Some economic observer will consider bitcoin as a threat to a country economy. I am not sure about that because personally I as a bitcoin user can feel the benefit such as profit through investment and trade. But they also have their own view, as long as it doesnt bother us so let them talk.

mezzaluna

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In our country, we actually do not know if it would do any better to our current economical status. Bitcoin in our country is somehow branded as a scam since people are not knowledgeable enough about it and that is kinda sad since the Cryptocurrency Industry has a lot of potential. Bitcoin might be good to the economy but it needs proper guides on how people can use it fairly since most government do not want fair transactions involving money.

plvbob0070

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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.

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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.

Actually ,it just easy to earn bitcoin if you have money to buy it. And if you have money try to join campaign that promoting different projects and pay you with their tokens then exchange it to bitcoin. Very easy. Bitcoin is good for economy if it will just mix to a fiat money because they have different value and features. You know government is very allergic in Decentralized currency ,so it's difficult for them to accept bitcoin as part of the economy.

Kong Hey Pakboy

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Bitcoin is definitely good for the economy because it can help people who doesn't have any source of income that it can now help the country to reduce unemployed people. Bitcoin can also help and save our financial system from collapsing, and I think it is already proven this year of 2020 due to the pandemic of coronavirus where all the stocks and banking system are struggling.

The cure

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Right now we are going through a deep situation which is difficult to escape, we just need to have a positive outlook in life. Bitcoin is good for the economy because it can give us a chance to become successful and earn profit from it while the virus is still there.

iv4n

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I believe that current economy system is deeply corrupted! We need big changes, not just in technical way, we need to change the way we think, if we wish to see better days for all the people in the world we need big changes! Bitcoin alone can't do much, we need entire crypto ecosystem. Bitcoin just opened a new door, and the more you explore you will find that crypto has a lot to offer!
Bottom line is that crypto is the tool, in the end everything depends on us, on people, how we will use that tool and for what we will use it!

Janation

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Quote from: Ayiranorea on August 01, 2020, 07:17:14 PM

Bitcoin is good to the economy, because atleast the black money that's been saved by rich ones will be poured into bitcoin. Atleast this will cause the bitcoin market strengthen and continue its circulation rather than getting accumulated similar to the fiat. Economy is dependent on various factors, with bitcoin there is not much of depending factors as it is speculative and can be manipulated.

And how is that good for the economy?

That "black money" being poured by the rich people, is that illegal money? Then you're saying that it is good for Bitcoin to be a way for these people to launder their money? If that became a thing forget Bitcoin being good or helpful in a country, if that is the case I don't think Bitcoin will still be legal in a country.

ohyeahhaha122

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Bitcoin will help the economy grow rapidly because of its transaction speed and security but its limitation is the dependence on internet and fiat, although not dependent on the internet, but for transnational transactions, it is complicated and takes a lot of fees. , I think these two currencies will grow in tandem, and bitcoin is part of the fast economic growth.

PonZZ

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Bitcoin's qualities you mentioned make it good as a currency. But I'm unable to understand what you mean by asking "is Bitcoin good for the economy?"

Ayiranorea

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Bitcoin is good to the economy, because atleast the black money that's been saved by rich ones will be poured into bitcoin. Atleast this will cause the bitcoin market strengthen and continue its circulation rather than getting accumulated similar to the fiat. Economy is dependent on various factors, with bitcoin there is not much of depending factors as it is speculative and can be manipulated.

FlightyPouch

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Quote from: Wintersoldier on February 28, 2020, 11:22:05 AM

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.

A lot of people who doesn't know more about bitcoin will gonna say bitcoin will not help to improve the economy or it will make it worst because it is full of scam and fraud, but i think bitcoin is good for the economy because a lot of people would be given a chance to have a better income than their regular jobs that they could be a millionaire someday, if they continue to used and invest bitcoin in their daily lives.

You are saying that bitcoin is like a money-making investment and if that is the case I should be quitting my job now, but I won't. It is true that it can give profit, sometimes a huge profit but it is unreliable with a lot of unexpected movements happening. Most of the time peoole are just holding it and not actually using it.

I guess it is good for a personal economy but in a whole scale? I don't think it makes that difference since here in our country, there are only a few percent of the population using bitcoin.

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