Is Bitcoin good for the economy? - page 5.

Sanugarid

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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.

For me, bitcoin is good for the economy just like what you have said, because just think of it, when they really knew the goodness of bitcoin and how it is good for investment, they can really earn and can create bigger profits if they are really good doing that, and the results that might happen is that the particular person will change his lifestyle and because of bitcoin investment, he can buy what he wants, doing some investments on some banks or in some businesses physically, that might help the economy, the bigger the income, the bigger tax the government can get when that person spends.

Quote from: hahay on February 25, 2020, 05:07:44 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.

Financial freedom becomes something that is indeed a certain attraction for some people, but in doing so we must at least realize whether bitcoin is legal or not, because with legality at least investors will be more comfortable to invest and once again, we can not only be based on freedom of transactions or whatever because indeed, with bitcoin everything will be better because every transaction made at least it will run faster, but we also have to be more careful because good security must be done by ourselves and we cannot depend on other people or even institutions there.

But the idea of leaving the main job is depending on the knowledge of the particular person because what if that person is doing long term investment, do that particular person need to check his portfolio every time? No right? It is actually depending if they are doing some long term investment or holding, or short term investment. Because it needs time and effort to do that.

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Honestly I must say no, especially if bitcoin will totally outnumbered the Fiat users, our economy is gonna be destroy. Government circulating the money through banks and getting the right amount of tax to people is a good thing considering that, those money are the one that is going to be used to run the country and to upgrade and build new establishments for the people. If all of us use bitcoin, there's no way government can collect tax to us. so I think it will just be fine if those two co-exist and much better if the fiat will be the one that will run the economy, bitcoin will just be there to help fiat.

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

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.

There must be an alternative for everything. This alternative for banks is bitcoin. Now everyone can choose what to use for the calculation. And while the government can control its citizens through Bank transactions, it can't track bitcoin payments yet.

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Quote from: bearexin on February 23, 2020, 05:33:07 AM

Bro, Bitcoin meets all the criteria of money that you have mentioned here, but still I don’t think it will be a good idea for the government to fully adopt it. It’s not even possible for them to do such a thing because Bitcoin is decentralized. And being decentralized means that there will be lots of disadvantages, I think more than the advantage we are going to gain from it.

For us to have a better economy we need a better government. What we need is a government that puts their country first and serve it, and set their selfish interests aside. Even Bitcoin should become our currency it still won’t change anything, it’s not a magic coin that will make the whole world rich or something. Making the world a better place is a task for we human beings, not technology.

Partly agree on this position. However I think govs will take an opportunity to adopt crypto by setting up payment methods of crypto with same atms/card terminals AND will make us to pay taxes anyway.

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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.

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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.

Financial freedom becomes something that is indeed a certain attraction for some people, but in doing so we must at least realize whether bitcoin is legal or not, because with legality at least investors will be more comfortable to invest and once again, we can not only be based on freedom of transactions or whatever because indeed, with bitcoin everything will be better because every transaction made at least it will run faster, but we also have to be more careful because good security must be done by ourselves and we cannot depend on other people or even institutions there.

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Quote from: deisik on February 23, 2020, 06:08:43 AM

Quote from: bearexin on February 23, 2020, 05:33:07 AM

Bro, Bitcoin meets all the criteria of money that you have mentioned here, but still I don’t think it will be a good idea for the government to fully adopt it

Money is what money does

Put differently, it is not enough to have all the prerequisites and meet all the requirements to be money in practice and real life. In this manner, if Bitcoin is to be considered money in the truest sense of the word, it should be used as money, no more and no less (well, not sure about no more, given the competition in the field)

The sad truth is (whether you like or not), Bitcoin and other cryptocurrencies are not money. At best, they are payment systems and can thus be loosely considered money tokens for fiat currencies. To take one example, when people are paid in bitcoins, they still price their services in dollars. So much for Bitcoin as a fully fledged currency, huh

That's right! As also Bitcoin and crypto holders pay high commissions if they decide to exchange them for fiat and in the worst case at a price lower than the real price.
There is a gap between Bitcoin, cryptocurrencies, and fiat. It is also not easy to win Bitcoin even if some think otherwise.
For example A person without knowledge about Bitcoin. This person could not be easy to win some satoshis.

criza

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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.

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Quote from: bearexin on February 23, 2020, 05:33:07 AM

Bro, Bitcoin meets all the criteria of money that you have mentioned here, but still I don’t think it will be a good idea for the government to fully adopt it

Money is what money does

Put differently, it is not enough to have all the prerequisites and meet all the requirements to be money in practice and real life. In this manner, if Bitcoin is to be considered money in the truest sense of the word, it should be used as money, no more and no less (well, not sure about no more, given the competition in the field)

The sad truth is (whether you like or not), Bitcoin and other cryptocurrencies are not money. At best, they are payment systems and can thus be loosely considered money tokens for fiat currencies. To take one example, when people are paid in bitcoins, they still price their services in dollars. So much for Bitcoin as a fully fledged currency, huh

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Quote from: ethereumhunter on February 22, 2020, 07:25:21 AM

I think even if bitcoin is good for the economy, it still hard for bitcoin to be accepted in the country because they need approval from the government, and so far, some governments still not accept bitcoin. We don't know how good bitcoin for the economy but one thing that we know that the transaction will be fast, secure because there is no third party that can interfere with the process. People can see the transaction process in the blockchain, but they don't know what the transaction will be made. It will be exciting to know more about how bitcoin will help the economy, but I am sure that bitcoin can improve people's finances.

This raises the pros and cons. bitcoin can be good for the economy, but it can also be bad for the economy, depending on how the government utilizes the bitcoin. So far, for individuals and organizations, I think bitcoin is very good for now, because I feel it. however this provides an opportunity for those who want to develop a business, and others. but for a country, it can be good, or not.

bearexin

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Bro, Bitcoin meets all the criteria of money that you have mentioned here, but still I don’t think it will be a good idea for the government to fully adopt it. It’s not even possible for them to do such a thing because Bitcoin is decentralized. And being decentralized means that there will be lots of disadvantages, I think more than the advantage we are going to gain from it.

For us to have a better economy we need a better government. What we need is a government that puts their country first and serve it, and set their selfish interests aside. Even Bitcoin should become our currency it still won’t change anything, it’s not a magic coin that will make the whole world rich or something. Making the world a better place is a task for we human beings, not technology.

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Quote from: Janation on February 20, 2020, 07:13:02 AM

Quote from: charlesmichel1 on February 20, 2020, 04:49:38 AM

The main advantage of Bitcoin is fast transactions. It will let the economy to gain its potential and evolve. Being hard to earn is also among the pros because it makes Bitcoin valuable and accepted.

Despite that fast transactions, people don't usually use Bitcoin.

Also, I think it will not make the economy develop or evolve but with the help of blockchain technology, it might be of help in a way for the country. It is valuable but that doesn't really matter since as long as a small population is using it in the country, it will not matter at all.

on a national scale, bitcoin's decentralised nature is both a boon and abne for the economy. It's good that it's decentralised as it can span miles and miles to reach people and transact which is otherwise impossible with our centralised remittances. But the fact that it is decentralised means that it can't do anything with the country's economy. It can't help it grow, it can't help it to it's destruction too. It's kind of on a neutral standpoint. Just there for you to use if you want to and there for you to abuse it's profinatibility if you have to. So no, bitcoin's not gonna affect your exonomy or anyone's economy at the end of the day. It's both good ad bad

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Quote from: Janation on February 21, 2020, 11:08:09 PM

Quote from: deisik on February 21, 2020, 06:13:49 AM

Quote from: Janation on February 20, 2020, 09:06:04 PM

Quote from: Williams_Leo on February 20, 2020, 08:58:24 AM

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that

It could be argued that merchants are not accepting Bitcoin because of the lack of demand for their goods or services paid and priced in this cryptocurrency. In other words, it is not merchants that are not willing to accept Bitcoin but rather consumers not particularly inclined to pay with it

That makes sense though the problem is that these consumers do not know what it is.

For example in our country, they do not know what Bitcoin and cryptocurrencies is but when we talk about scams they could pitch the name Bitcoin but they never know what that is. They thought it is something like a company that starts these pyramiding scams. I guess if it became mainstream, that would be the time that Bitcoin would be used by consumers and merchants would consider accepting them.

especially for those who don't know bitcoin and because their friends have had success in bitcoin then they invest in bitcoin, in the end they lose, so negative news about bitcoin is spread, even though they lack knowledge about bitcoin. this has worsened the image of bitcoin and resulted in a dump, but for some people it is an opportunity to make money

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Quote from: Janation on February 21, 2020, 11:08:09 PM

Quote from: deisik on February 21, 2020, 06:13:49 AM

Quote from: Janation on February 20, 2020, 09:06:04 PM

Quote from: Williams_Leo on February 20, 2020, 08:58:24 AM

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that

It could be argued that merchants are not accepting Bitcoin because of the lack of demand for their goods or services paid and priced in this cryptocurrency. In other words, it is not merchants that are not willing to accept Bitcoin but rather consumers not particularly inclined to pay with it

That makes sense though the problem is that these consumers do not know what it is

Well, that's not what I meant

I was actually referring to people who are not only well aware of Bitcoin but who can also pay with it (in simple terms, Bitcoin holders). These folks are deliberately not paying with cryptocurrencies because they don't think it a rational economic behavior, choosing to pay with fiat instead. You can lead a horse to water, but you can't make him drink

Further, given how many cryptocurrency payment processors are out there nowadays (e.g. BitPay and similar providers), adding a cryptocurrency payment option is not a rocket science either, so the problem doubtlessly lies with the consumers, not their merchants

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I think that an action is important for the economy of a country or a region. For example, the economy of one country is low due to the fact that the inhabitants of this country have no desire to do something to increase it (or the inhabitants of the country want to do something, but the government doesn't want to make concessions because illiterate management and strategy in general). And the other country, which is nearby, is well organized, and its citizens work in different sectors, because of this there is a large amount of money in the country, so the economy is at a good level. Bitcoin, as a currency, affects the economy, only indirectly, as far as I understand.

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I think even if bitcoin is good for the economy, it still hard for bitcoin to be accepted in the country because they need approval from the government, and so far, some governments still not accept bitcoin. We don't know how good bitcoin for the economy but one thing that we know that the transaction will be fast, secure because there is no third party that can interfere with the process. People can see the transaction process in the blockchain, but they don't know what the transaction will be made. It will be exciting to know more about how bitcoin will help the economy, but I am sure that bitcoin can improve people's finances.

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Quote from: Janation on February 20, 2020, 07:13:02 AM

Despite that fast transactions, people don't usually use Bitcoin.

I dont think fast transactions and usage have a direct correlation when you bring in the adoption and knowledge about the method in the first place. There are many people who dont know that bitcoin exists, even if they do know that, they still dont know where to buy it or where to spend it. We are among a niche few who know and use bitcoin but adoption becomes a deciding factor at one time.

Quote

Also, I think it will not make the economy develop or evolve but with the help of blockchain technology, it might be of help in a way for the country. It is valuable but that doesn't really matter since as long as a small population is using it in the country, it will not matter at all.

Well blockchain technology is being used by different tech companies for various purposes and they open up new avenues of thoughts no ventured before or more services for the commoners.

Janation

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Quote from: deisik on February 21, 2020, 06:13:49 AM

Quote from: Janation on February 20, 2020, 09:06:04 PM

Quote from: Williams_Leo on February 20, 2020, 08:58:24 AM

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that

It could be argued that merchants are not accepting Bitcoin because of the lack of demand for their goods or services paid and priced in this cryptocurrency. In other words, it is not merchants that are not willing to accept Bitcoin but rather consumers not particularly inclined to pay with it

That makes sense though the problem is that these consumers do not know what it is.

For example in our country, they do not know what Bitcoin and cryptocurrencies is but when we talk about scams they could pitch the name Bitcoin but they never know what that is. They thought it is something like a company that starts these pyramiding scams. I guess if it became mainstream, that would be the time that Bitcoin would be used by consumers and merchants would consider accepting them.

shoreno

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if its hard to earn and has a limited supply then why its considered good for the economy ? what about fiats and other currencies , they have unlimited supply although they are still hard to earn . you need to work for them to earn them just like bitcoin . and what can bitcoin do to the economy to be call it good when bitcoin is only an online currency . good for the economy is something that is helping the economy grow or develop like a government that isnt corrupt that dont hoard the money of the nation and a government that can provide jobs to all people .

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Quote from: fiulpro on February 21, 2020, 05:13:13 AM

What is the sole most important thing in the economy?
*People
Bitcoins and other cryptocurrencies are :-
*Providing jobs for them
*Giving them an option to save money away from banking Monopoly
*It's easy to buy and keep , no need of excessive documentation
*It's bringing revenue , no matter how small

I do think it is good for economy.

Bitcoin is really good for the economy because it can lessen unemployed people in a country, so that they can pay their debts and provide all of their basic needs and pay their bills, that is why i can't understand why governments in other countries don't trust cryptocurrency to be legalized.

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