Is Bitcoin good for the economy? - page 6.

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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

That remains to be seen

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 (read, you may be confusing cause and effect here)

And that also explains the insane levels of volatility we see. If Bitcoin were used to facilitate the exchange of goods, i.e. used as a payment option and not a vehicle for speculation, volatility would go away. but it does look and feel like a vicious circle of sorts, I agree

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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.

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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.

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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.

How come that has some way to go in order to meet all of those criteria? I believe that began is already hard to earn and has only a limited in supply of the market also it is hard to verify so the last criteria is only the one that is having a hard time for the bitcoin in order to beyond currency all over the world. If the economy is define money as a store of value then bitcoin is also a store value in which you need to store bitcoin in some wallet or exchangers to have a amount of it otherwise bitcoin is really good for the economy because there is already some countries that are accepting bitcoin and they are all having a good economy and their economic growth is increasing.

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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.

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

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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.

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Quote from: Assface16678 on February 17, 2020, 07:40:34 AM

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.

One of the best transaction today is with the use of cryptocurrency because many people want to use the crypto or the bitcoin because it is faster to have a transaction and today there are a lot of people want to make bitcoin as the primary or secondary payment to the bills, services and other things with the support of crypto. As a person does not want to lose their money with the use of cryptocurrency we want to adopt the use of it but still, there are some country does not accept with the use of bitcoin or crypto as a payment still the adaptation of the bitcoin to the economy are still not supported to improve the economy.

Some usually say that Bitcoin or other decentralized cryptocurrencies don't have too many useful purposes. I bet when crypto becomes very useful some will scream that it's taking over the world and destroying their currencies.
Well, I think it should exist side by side with national currencies. If people decide to go for what is "really" safe and good for them, it will be immoral & unjust to prevent them from doing so.

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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.

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Quote from: NavI_027 on February 19, 2020, 11:58:42 PM

That's why I really wonder why some government (not ours, fortunately) really hate crypto. How sad that they just see the bad side and disregarding the bright side

Maybe that's because they are of a different opinion?

If we proceed from the assumption (which looks more like a fact to me) that all cryptocurrencies apart from Dogecoin, to a certain degree (yeah, you read it right, Dogecoin), are a zero-sum game, you increasing you wellbeing via Bitcoin comes at a cost, more specifically at someone else's cost or expense

Which means the net effect for the economy is not necessarily good or positive overall since if there are winners like you and those like you, there should also be losers, a sine qua non for a zero-sum game. And for them cryptocurrencies might have been quite a disaster. This is the other, not so bright side of the crypto economy

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Quote from: Kemarit on February 17, 2020, 06:42:29 PM

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.

Still boils down as to how people are going to used their bitcoin, do they want it to become a store of value? Or when merchants started to accepting Bitcoin as payment scheme, will people going to used it?

So this kind of arguments/counter arguments are moot in my opinion, as Bitcoin or crypto are really challenging the way old economic systems are being viewed upon, IMHO.

As I read some articles about mass adoption about bitcoin, most people are having a good feedback about it. We can't deny that bitcoin really is a good digital currency and altcoins are just an alternative.

Probably, the answer to you question is YES. In the country that accepted bitcoin as a currency, some merchants or markets are accepting bitcoin as a mode of payment in some transactions. Although bitcoin is very volatile, some traders are there just to store bitcoin until it increases its price again.

As the demand about bitcoin increases, it is more likely to give a big impact to the economy. Bitcoin is the most used cryptocurrency and I know that a lot of people are guaranteed to promote bitcoin in some part of the world to improve mass adoption. By that, economy of that country will improve and undergoes development.

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Limitations are good for the economy, the more deregulations happen the worse these companies get, there are some "economic liberals" in the world who think that liberal ideas of freedom and so forth apply to economy where a company can do as shady things as they can but that should be allowed because that is "liberal", that kinda already happened with China deals for example, the whole world started to make things produce in China and that powered China amazingly while keeping the people in our nations poor since all the jobs went to china whereas companies still made profit because they could make it cheap, instead of actually hiring people in our nations and allowing them to earn while making things more expensive but also quite accessible since there is not jobs everywhere.

Bitcoin could prevent that by removing all regulation problems and allowing people to use decentralized money without governments interference at all.

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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.

Is it good to economy? For me it really is

. In my perspective, since I can be able to uplift my financial status through the help of it then it only means that I am not a burden in our society. Since I'm not a burden thus I maybe considered as productive and healty part of our country; and if there will be many existing individuals who got the same story like me then it definitely means a good economy Cheesy

(I hope you got my point tho).

That's why I really wonder why some government (not ours, fortunately) really hate crypto. How sad that they just see the bad side and disregarding the bright side Sad

.

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Bitcoin good for economy because can increase how many people get much profit from investing in bitcoin and altcoin, now how many people could manage profit with bitcoin and altcoin as their investment way.

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Quote from: bitbunnny on February 19, 2020, 08:16:55 AM

This is hard to answer because Bitcoin isn't formaly part of any economy system in any country.
It's not regulated as such, it's not formaly used by businesses and industry so it's hard to estimate what is the actual effect on economy

But it doesn't make this effect less real, right?

Quote from: bitbunnny on February 19, 2020, 08:16:55 AM

I can say that it can help on an individual level because persons who are involved in Bitcoin trading or any other Bitcoin business can definetely benefit from it

And that's the exact reason why Bitcoin is necessarily part of any economy, formal or otherwise. The economy at a nation level is an abstract concept represented by the public sector, businesses, households, and individuals. So even if the public sector is not involved in cryptocurrencies, the fact that people can benefit from them is as important

And let's not forget that there are many ways Bitcoin and cryptocurrencies can affect the economy. These ways can be direct (should be self-explanatory) or mediated. For example, people who are going to collect as many bitcoins as possible are likely to have less fiat in their stashes, so more fiat ends up circulating

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This is hard to answer because Bitcoin isn't formaly part of any economy system in any country.
It's not regulated as such, it's not formaly used by businesses and industry so it's hard to estimate what is the actual effect on economy.
I can say that it can help on an individual level because persons who are involved in Bitcoin trading or any other Bitcoin business can definetely benefit from it.

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I think it will not be the same as money.

As the Bitcoin that we have now, it is a store of value, well it depends on how that person look at it. A lot of investors are holding it thinking that it will be something good to sell in the future. If that will always be the case with it, I don't think it would be as good as you think of in the future. It will be expensive probably but not be something that could be used in the country regularly.

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Quote from: Shasha80 on February 19, 2020, 02:23:00 AM

It's true that bitcoin is good for helping the country's economy grow. Because bitcoin can be used to make money, then I don't agree if
bitcoin is hard to earn. Not only can it help to make money, bitcoin can also be used for payments like the function of currencies in general.
The current obstacle is that the government cannot control bitcoin so it is very difficult to make bitcoin is legal in some countries.
But I believe that sooner or later bitcoin will be legalized in all countries, if users it continues to grow.

agree, after the growth of bitcoin many countries that can accept bitcoin have positive impacts. because inevitably that bitcoin can help the economy that follows. and countries that have legalized will also get direct contributions from taxes and indirectly become foreign exchange earnings. indeed, the constraints of each country are different, therefore there must be regulations that must regulate it. obviously bitcoin really helps lift the economy.

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Quote from: Lynfax on February 18, 2020, 09:22:04 AM

Imo bitcoin lacks of 1 highly needed quality of currency is usability.

Bitcoin is usable as soon as it was created. What you speak of is lack of merchants accepting bitcoin and this will not increase unless something more lenient approach is done by governments. The fact that bigger companies dont like crypto is evident here. So it is better not dwell on that thought and use bitcoin as much as you can without hoping for more "uses" than speculation.

Quote

At this point bitcoin is volatile and so is a thing to gamble around, so its not a good investment either

Prices did not change much last 2months. It has been between 10k to 9k USD and is pretty stable if you consider buying something worth a 100$ price tag. The "too volatile" is a phrase used by nocoiners to take people away from crypto. A 5-10% swing in price will not have significant changes in your expenses provided you are not spending in the order of millions.

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It's true that bitcoin is good for helping the country's economy grow. Because bitcoin can be used to make money, then I don't agree if
bitcoin is hard to earn. Not only can it help to make money, bitcoin can also be used for payments like the function of currencies in general.
The current obstacle is that the government cannot control bitcoin so it is very difficult to make bitcoin is legal in some countries.
But I believe that sooner or later bitcoin will be legalized in all countries, if users it continues to grow.

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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.

Bitcoin is very good and we all love t due to how it is; from being easy for making transaction, not being manipulated by the government and also having to pay lesser fees for the transactions you carry, that’s really cool. But, I have once been in a conversation and the conclusion we came to was that Bitcoin becoming the world currency might be disastrous for the economy. Fiat might not be something we like due to several reasons from being controlled by the government and other reasons, but still it has features that makes it seem better.

According to a research, most of the Bitcoin transaction is by people who are using it for illegal purposes, and by doing so they are able to hide from the government. The Bitcoin system can’t be controlled by the Central bank as they do with fiat, that means there’s no way to deal with financial crisis, manage business cycle, etc.

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