Is Bitcoin good for the economy? - page 4.

suvo05

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In what circumstances you are asking about? Bitcoin is decentralized no one has total control over it. So bitcoin is favorable to the people who like to have their own privacy. And as it is not controlled so it can't do something good for a special class of people only.
But at the same time it is not good for the centralized system like GOV, as they cant track it they can't handle any crime related to it's transaction .

Quote from: GmAdvice on February 17, 2020, 04:49:39 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.

You can just convert your fait to BTC. Not sure what you are reffering as hard to earn, if the Economist in January 2015 said they are hard to earn then now it's harder after the halving this year Wink

TIDOVEE

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Quote from: GmAdvice on February 17, 2020, 04:49:39 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.

If Bitcoin is hard to earn ,then, is fiat easier? since you have been at home at lockdown you can make your Bitcoin even in your restroom without stepping out of your house, campaign, trading, can be done indoor. Only few people will keep receiving payment during this lockdown because most people will have to go to work to earn their wages or salary.none of this come without Working for it. As regards the limited in supply, well, mining has never stopped.

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The better the economic ailment of a country, the more developed that country is. So in order to keep the economic condition good, all the marketings and work of the realm have to be done suitably.
Since transactions in Bitcoin are very fast, it can be said that Bitcoin is good for the economy.

Eugenar

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Quote from: GmAdvice on February 17, 2020, 04:49:39 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, if that thing happens then it would be significant to all of us, bitcoins has so many benefits on us, it is commonly used because of convenience compared to the real money, Bitcoin becomes so prominent all over the country, so I think its price will increase more in the future, but I doubt that it will replace that fiat money even it meets all those criteria of a fiat currency, because how could a person handle this things if he has no cellphones or stable internet, yes there are still existing people who don't have cellphone or do not know how to use cellphone, especially those who live in the provinces. It will be hard for them to adjust if it will happen. There is still some person who is not familiar with technology, so, I doubt the government will let those things happen. But anyways, bitcoin is still good in the economy just make sure that it won't pass its limit.

adzino

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Assuming, that everyone around the world has access to crypto currencies and is legal everywhere, then yeah it can bring some good to the economy. Bitcoin can be considered as a global currency. People can easily accept bitcoin from another country within seconds by just sitting on their home without facing any kind of obstructions (assuming the whole world is now crypto friendly). Thus people can have better opportunities to work online and receive payments easily, thus making the economy of the country even better than before.

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Quote from: coinfinger on February 28, 2020, 02:47:26 PM

Since, bitcoin doesn’t allow intermediaries, banks are worried that it will cancel out the need for their services. This kind of situation is causing serious concern and that’s because it’s affecting regulation. I guess there are both good sides and the bad sides

Your whole point is technically not quite correct

Bitcoin removes third party risks, that's true indeed, but it doesn't remove intermediaries. Someone still has to confirm your transaction, and these are miners. Of course they are not like banks. However, in a more general sense, what miners do is essentially the same what banks do. If your fiat transaction could be confirmed by any independent bank out there, the difference would be negligible

coinfinger

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Quote from: GmAdvice on February 17, 2020, 04:49:39 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.

In some ways I think that it can be good. There are ways that bitcoin can benefit people, but I don’t really know what kind of impact it can have on the economy. Take for example – what exactly does bitcoin do for the people? Bitcoin eliminates the need for middlemen. Now how does eliminating the middlemen affect the economy? The middlemen are the banks and they are the ones that handle fiat transactions.

Since, bitcoin doesn’t allow intermediaries, banks are worried that it will cancel out the need for their services. This kind of situation is causing serious concern and that’s because it’s affecting regulation. I guess there are both good sides and the bad sides.

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Quote from: GmAdvice on February 17, 2020, 04:49:39 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.

JoMarrah Iarim Dan

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Quote from: TheUltraElite on February 17, 2020, 05:02:37 AM

Do you have the correct source for this quote? I would like see it.

Hard to earn - this is incorrect. It is very easy to earn provided you have money to buy it - that is speaking in terms of owning it. If you talk in terms of employment salary in bitcoin then its somewhat of a niche here and other freelancing sites with bitcoin as payment mode.

I think a bitcoin based economy will never happen completely. It will always be a mixture of fiat and bitcoin because both have their specific and fundamental properties which serve different needs. Of course some people will never accept crypto and so they will make sure that it never reaches or have difficulty in reaching mainstream.

Information are from the wikipedia. " https://en.m.wikipedia.org/wiki/Economics_of_bitcoin " . Yes he did his research but is it almost copied from where he/she read it.

Quote from: GmAdvice on February 17, 2020, 04:49:39 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 did not fully trust wikipedia because it can easily edited. I think read more in many different sources which are more trusted so that you'll see yourself different angles regarding crypto and of course your knowledge will widen

Twentyonepaylots

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Quote from: rodskee on February 27, 2020, 01:40:31 AM

Quote from: Google+ on February 26, 2020, 11:16:03 PM

Quote from: ololajulo on February 26, 2020, 04:21:37 PM

The height of bitcoin is at the bull run where a lot of fund flow into the economy especially from investors taking profit from the market. We could see a lot of cash inflow than outflow, at least money stays in the economy for the time. I remember the response of the media to the bullrun and spending in 2017/2018, Since the fund is flowing from selected few and purchasing capacity increased, there wont be the fear of inflation.

well of course, when the price of bitcoin goes up to be very expensive there will be a lot of media talking about it but I see that halving will happen this year will give a shock to the world, right now the price of bitcoin is falling very deep and after that the bull run will happen again and will shake world economy.

don't be very sure mate because remember this is the 3rd halving and things may happen beyond our expectations.because look what happened last 2 years when manipulation comes always the issue ,there is a pump happened last year when there is no expectation for that to happen and now from the start of the halving year we made good growth but dumped 2 months before the date given?if i were you?don't expect too much and just wait until the closest time comes or after the halving take effect.

I'm not that agree on you, Yes, although there is insignificance of comparing the past halving with the market status right now there is a very clear pattern that can be compared with the past halving occurrence. It did fall for the past 2 weeks but it does not mean that there will be nothing to expect for the next month, remember how low the price went back in 2019 more unlikely to reach again when nearing the halving time. You're right don't expect too much for the price, but expect the greatness it will bring when it spiked. Mass adoption is real mate.

wozzek23

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"Payment system" could be one of the worst ways to explain what bitcoin is Cheesy

. Paypal is a payment system, bitcoin is not a payment system, you do not buy 3 paypal and sell it for higher later on Cheesy

. Bitcoin is usually considered a commodity, not like fiat currency but not like paypal neither, it is in between, gold is a lot more like bitcoin. That is why many people called bitcoin e-gold as well. Can you spend gold to buy something? It is possible, if it is a legit gold piece that you can give, I am sure some places would take it, not a lot but not a lot accepts bitcoin neither.

The only difference is, bitcoin is digital, so you can just pay it online and order something. Basically, an evolved and better version of gold instead of better version of dollar like many people think.

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Quote from: Vanessamix on February 27, 2020, 05:16:42 AM

Bitcoin satisfies people's demand and creates competition in the market.
These two effect makes bitcoin profitable for global economy for sure and moreover it is good for users as we all can admit that.

Yeah, Bitcoin is great for users But also if we will invest in Bitcoin properly then in fact for the Bitcoin economy it helps the economy of each country Before investing in bitcoin to satisfy the requirements of the people, you would like to seem at different places and invest within the market situation.

Vanessamix

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Bitcoin satisfies people's demand and creates competition in the market.
These two effect makes bitcoin profitable for global economy for sure and moreover it is good for users as we all can admit that.

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Quote from: Google+ on February 26, 2020, 11:16:03 PM

Quote from: ololajulo on February 26, 2020, 04:21:37 PM

The height of bitcoin is at the bull run where a lot of fund flow into the economy especially from investors taking profit from the market. We could see a lot of cash inflow than outflow, at least money stays in the economy for the time. I remember the response of the media to the bullrun and spending in 2017/2018, Since the fund is flowing from selected few and purchasing capacity increased, there wont be the fear of inflation.

well of course, when the price of bitcoin goes up to be very expensive there will be a lot of media talking about it but I see that halving will happen this year will give a shock to the world, right now the price of bitcoin is falling very deep and after that the bull run will happen again and will shake world economy.

don't be very sure mate because remember this is the 3rd halving and things may happen beyond our expectations.because look what happened last 2 years when manipulation comes always the issue ,there is a pump happened last year when there is no expectation for that to happen and now from the start of the halving year we made good growth but dumped 2 months before the date given?if i were you?don't expect too much and just wait until the closest time comes or after the halving take effect.

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Quote from: ololajulo on February 26, 2020, 04:21:37 PM

The height of bitcoin is at the bull run where a lot of fund flow into the economy especially from investors taking profit from the market. We could see a lot of cash inflow than outflow, at least money stays in the economy for the time. I remember the response of the media to the bullrun and spending in 2017/2018, Since the fund is flowing from selected few and purchasing capacity increased, there wont be the fear of inflation.

well of course, when the price of bitcoin goes up to be very expensive there will be a lot of media talking about it but I see that halving will happen this year will give a shock to the world, right now the price of bitcoin is falling very deep and after that the bull run will happen again and will shake world economy.

ololajulo

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The height of bitcoin is at the bull run where a lot of fund flow into the economy especially from investors taking profit from the market. We could see a lot of cash inflow than outflow, at least money stays in the economy for the time. I remember the response of the media to the bullrun and spending in 2017/2018, Since the fund is flowing from selected few and purchasing capacity increased, there wont be the fear of inflation.

deisik

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Quote from: tbterryboy on February 25, 2020, 03:47:57 PM

Isn’t Bitcoin already a medium of exchange?

No, it is not. Being a medium of exchange assumes goods and services are exchanged with the help of something (in this case Bitcoin). But so far the only important type of exchange occurs on exchanges where one wannabe medium of exchange (Bitcoin) is exchanged for another (say, the US dollar)

And yes, Bitcoin was created to be transacted and circulated since that's how a medium of exchange is supposed to work in practice and real life. But the latter doesn't follow from the former. In other words, Bitcoin as a transaction vehicle doesn't automatically make it a medium of exchange. Not all transactions are born equal, so to speak

princesspoppy

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Maybe what The Economist meant here by "bitcoin is hard to earn" is that if it will be earned by literally from a job or work (like for example, doing bounty campaigns), yes it will be really hard to earn most especially if you want to earn a whole 1 btc by doing this thing, but if you have the money, you can just by bitcoin but that doesn't really mean you earned it unless you trade it and get some more as a profit. As as for the other two mentioned, yes bitcoin have those potential and it can be used as a currency,but still, some people prefer fiat currencies over bitcoin. It is because it has been used as traditional way of payment and is a lot easier to understand unlike bitcoin.

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Quote from: elisabetheva on February 25, 2020, 07:28:57 AM

Quote from: criza on February 24, 2020, 07:30:05 PM

Bitcoin is great for the economy because, people who are interested in investing have the chance to make it possible with other cyrpto currency and mostly Bitcoin. People could invest and even if they have their main job, they could still do it because crypto currencies are easily accessible in the internet and other exchanges online that caters various coins available in the market. With Bitcoin they hold their own asset and investment that means independence or freedom from any regulating body especially the Government.

Agree, that bitcoin can determine for itself and very clearly will boost the economy that holds it or sells and buys. the opportunity to invest in bitcoin is very reliable and can benefit those who can analyze it well. there have been many transactions that have been used for convenience with bitcoin and the pleasure cannot be arranged by anyone even by the government. bitcoin does indeed stand freely for every transaction.

with the advantages of these transactions, of course bitcoin can facilitate community activities. with safer and faster transactions, of course, will improve performance, so productivity increases. besides that we can do business with other countries will be easier in terms of payment, of course this facilitates human activities in this super busy era

tbterryboy

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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.

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