Topic: The Impact of Bitcoin on Economic/Society Growth (Read 298 times)

Indeed, the advent of Bitcoin in 2008, as proposed by Satoshi Nakamoto, marked a significant milestone in the evolution of digital finance. Its impact on society and the economy is undeniable. Bitcoin's fast and secure transactions have revolutionized the way we conduct international transfers, reducing the time and stress associated with traditional banking systems.

This newfound efficiency is a testament to the potential of cryptocurrencies. Bitcoin has been a reliable solution during times of financial scarcity, enabling individuals to access and use their assets despite economic challenges.

Moreover, Bitcoin's integration into the digital world has catalyzed technological advancements, making it easier than ever to send and receive digital assets through various platforms, including https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks

It's important to note that Bitcoin and cryptocurrencies are not get-rich-quick schemes. Instead, they encourage patient and responsible investment. Coinremitter, as a crypto payment gateway, is here to support these ideals, offering users a secure and efficient platform to transact and manage their digital assets.

In summary, the impact of Bitcoin on society and the economy is profound, and Coinremitter is dedicated to providing a reliable gateway for secure and efficient cryptocurrency transactions as we navigate this digital age.

If we look from the angle you explained, yes miners indeed somehow play the role of the bank, but the decentralization in the Bitcoin network prevents the miners from interfering in the sender transaction like hold banks do when there breach of contract in terms of the daily transaction and if one miner ignores a transaction another miner will include in the block which is not possible through the bank.
Another is that miners are motivated to keep the Bitcoin network secure, and also confirm transactions but banks are motivated to always make money out of their customers through seizure of funds, unreasonable charges, etc.

You would have rather put it this way that it makes an international transaction more cheaper from the high cross boarder transaction fees people suffer to pay using fiat and commercial financial institutions, however, bitcoin transactions are secured, faster and cheaper, we can modify the rate we want the transaction fee to be right before sending the payment when the mempool is less congested and also send multiple transactions at a time using the layer 2 protocols.


There are many reasons we can use to hold against using banks because they are centralized, inconsiderable, lack trust, have no privacy and can place restriction on our financial economy, there are many other factors that have been hindrance to the economy development as a result of poor economy and financial policies inflations and loos of value over time with the use of bitcoin over time

Hmmm, well, lets think on this a bit.  First, your statement about ATMs and Bitcoin being different is no doubt. Bitcoin's decentralised, peer-to-peer model differs from ATMs, no?  If we think about it, arent both, at their core, facilitators?

One speeds up access to fiat money and restricted financial functions, while the other allows internet transactions over geographical and physical constraints. Dont you believe its a paradigm shift in how we view and use "money" and "transaction"?

As you noted, bitcoin pioneers new financial methods by eliminating tiresome processes and third parties. Bitcoin is still bound by the system it aspires to change, especially in Nigeria, where direct bitcoin transactions with businesses are unavailable.

Looking at the network, miners is indeed part of the system of Bitcoin transaction but looking at it outside the box, between the transaction of two person, miners are indeed the third party that confirm or reject transactions.  In a graphical view, this does not differ from banks accepting and rejecting transactions, but obviously we know that these two entities are different because as the reply stated, miners can't modify the amount of transaction, while banks can easily modify the amount of transaction.  It is more on the accessibility where banks had given more power over the transaction while miners are only limited to accepting and rejecting transactions to be confirmed.

I feel it doesn’t fit in having to compare or place side by side the bitcoin innovation and the ATM machine. Coming to talk about queues, the machine having to trap your card and the possibility of a transaction declined or failure.
The ATM is a machine that dispenses, make transfers, pay bills and new models can even collect deposits.
Not like bitcoin which is a currency that functions on a blockchain network. They don’t come together! The other dispenses money (fiat) while the other is money in itself.

Again, bitcoin has come to cut through time and space with regards to its nature of transacting and doesn’t necessarily require a third party in making these debit/credit facility possible but, in the phase of acceptability, we most times still need to convert our precious Sats to fiat currencies before it could be accepted by merchants for exchange of products and services.

Hence, I can categorically tell you that, in the phase of fiat scarcity in Nigeria at the time, bitcoin users were very much affected as, you still have to convert these bitcoins to fiat to make it usable with merchants that accept bitcoins not readily available. Doing this, drags you down the lane of going through the slow and limit restricted transactions that was the case at that time.

Not all the time, there are cases when there is this fee hike where the confirmation of the transactions are delayed especially when the tx fee is increasing making those that sent with average fee being left behind, some even have to wait for more than a day for their transaction to be confirmed.  We have seen this incident happen every time we have a network congestion.  Aside from that we also have digital transaction in fiat (within the bank transfer and local interbank transfers and some within platform/apps transfers) that is way faster than the Bitcoin confirming a transaction.   



There are also scams in cryptocurrency but obviously it is related to the third party services, hackers and schemers.  I do not think that there is difference in this between fiat and Bitcoin since they are both have value being a currency.[/list]

Even if BTC is regulated, it cannot improve the economy of any country or help them beat inflation; BTC is decentralized and the government can neither print it or regulate it, BTC is also too volatile and i don't really know how it will be helpful to any economy.
BTC isn't really private by default, especially with how many people use centralized exchanges and custodial services, if you want privacy you'll have to use CoinJoin solutions. I don't think 'privacy' is the reason why governments don't want to adopt BTC but that they cannot control or print it.
I am not sure if you are shilling for this platform, but i think so. Anyway take note that there is nothing complicated about wallet addresses and you have to receive BTC through your wallet address, any service that does not generate addresses for you, but rather an ID should not be recommended.

He must be having a hard time understanding the whole concept. Miners are the ones responsible for validating the transaction so he thinks that they are the 3rd party or the middle man which isn't true. Miners can be compared with the delivery truck that transports your money from one bank to another though this is not a fully correct comparison. There must be a language barrier and his understanding of the whole system sounds a bit different due to bad word choice.

Well no one can deny the fact bitcoin had been very beneficial to humans in everyway possible and this is seen by the mass public and that's why there is massive adoption despite some despise and hate that bitcoin is currently getting. And I would like to add that to the fact that bitcoin has been very helpful aslo in terms of use as an investment means intact this has even been the most popular means of it use because of its ability to retain and accumulate overtime.

Well as for the case of its use as a means to defraud people I think bitcoin has also had a fair share of that too because most cases and reason bitcoin isn't allowed in some countries is because of the claims of it been use as a means of all sort of evil stuffs like fraud and I think this is normal as human must definitely use it for its two sided purpose which is evil and good because its actually a currency.

Bitcoin has lots of benefits ranging from serving as a means of payment because it is highly divisible to being a store of value. It's even more exciting to know that bitcoin transactions are cost effective and with a very good transaction speed compared to fiat. All this "too good to be true" benefits will be superb if everyone,  both old and young , educated and uneducated and even the government will accept cryptocurrency.  This way, bitcoin will not only be an investment (which is still very good), making payments via the cryptocurrency exchange will be effective.

I had a similar experience.  I had an urgent transaction to do some time ago yet I couldn't do the transaction because the bank had some network problems all day. Then it occurred to me that I can actually make payment from my bitcoin wallet but guess what, the supposed beneficiary won't accept cryptocurrency as a means of payment because he doesn't have a bitcoin wallet and has a little knowledge of how cryptocurrency works.

That's really a happy end that the woman managed to get the money back, since most court cases with crypto involved are not that successful (regardless whether local laws allow using crypto or not). Cryptocurrency has problems with adoption level, and, I think, there will be moe troubles with adoption due to the fact that anonymous currency can't be legally accepted as property. Legal status, unfortunately, is not only the state of being legal/illegal, but also protection of belongings by law, and this step is impossible in case of crypto due to high anonymity level.

In my opinion, Bitcoin will only be helpful for the economy if it will be regulated. At the moment, Bitcoin can not be considered a medium of exchange because it is not acceptable at most of the World's locations. You need to convert Bitcoin to a local currency for purchasing anything. But, it is easy to hold Bitcoin, and you have complete control over your holdings. Bitcoin transactions are fast and cost-effective. Bitcoin privacy is the key to its success and the main reason why many governments are still not willing to regulate it.

I am trying to understand something here if you really understand bitcoin transaction. What Op means is that when you transfer coins it only the sender and the receiver are aware on the transaction and nobody any other person is involved and can't be stopped. But in the fiat system, when you send money there is a central control Data base that process the money but in the bitcoin the Miners can not be term as third party in the transaction process. The Miners only accept your transaction to be delivered and not in control of the coin. But banks are in control of the money in the account. I have not heard in anywhere that Miners are third party in the bitcoin transaction process. And this is the first time I am hearing it.

The good impact of Bitcoin because it allows me to be able to safeguard your wealth, and is also a powerful tool to fight censorship, and besides that Bitcoin is very transparent because it can verify where your bitcoins come from and where they go.
Bitcoin is decentralized where the core code and contents are stored on several servers in the world, and Bitcoin can also be sent or received throughout the world in a short time and most commonly because Bitcoin cannot be controlled by any government, bank or company and can only be controlled completely, by the owner. And what I mentioned makes Bitcoin adoption continue to grow because many people need these things besides profits.

You know what, Bitcoin really shook up the way we handle our money, right? Just like XGo. Their platform makes trading a piece of cake, and the multi-currency wallet they offer? It's really handy. But what really caught my attention is their XGo ID thing. Instead of dealing with those complicated wallet addresses, I just use one ID for sending and receiving crypto.

Its convenience and speed, especially in urgent and desperate situations where traditional banking institutions have failed us, are undeniable. Bitcoin gives us the power to transact quickly and securely.

What about Bitcoin mining energy? We shouldnt ignore this important topic. Despite its huge support, this angle must be worked out to make Bitcoin even more integrated into society and technology.

You made the point brilliantly with the UK lady story. Bitcoin transactions' security and openness eliminate tragic and trust-breaking occurrences, making financial relationships more reliable and transparent.

Bitcoin really changes all aspects that exist today, especially on the financial side, in accordance with Satoshi Nakamoto manifestation in his whitepaper who wants to change a centralized system to a decentralized one. It's proven that Bitcoin is the pioneer of all changes in current aspects such as games (Metaverse), routines (M2E) and other things that will change in the future too.


I agree more with: because the existence of Bitcoin and other currencies opens peoples minds that investment isn't only about stocks or mutual funds, even though in reality it's the same thing, but Bitcoin really opens up other opportunities here.

How long will your love affair with Bitcoin continue to be laden with subjectivity and a focus solely on its strengths? We must also acknowledge that Bitcoin has its fair share of shortcomings, without diminishing our affection for it. Indeed, it can pique the interest of newcomers, but let's not lower someone's expectations when they venture into the realm of Bitcoin without informing them of its flaws and associated risks.

I have no intention of harboring any negativity, but we should take pride in both the merits and shortcomings of Bitcoin. Let time be the ultimate judge of this coin's potential.

You will not need to use the situation in your country to generalize. There are many countries that you cannot find a single queue in their AT machines. There are more than enough ATM to serve everyone. It is in few developing countries that people surfer to withdraw their money.


This is a fallacy. In as much as we all support Bitcoin, it doesn't mean we should make wrong statements. There are more scams and scam attempts in bitcoin than fiat because bitcoin scam can easily be covered unlike fiat scam.

The points shown above are positive points for Bitcoin, but they are not enough to describe Bitcoin as suitable for global adoption. If the number of users increases, the fees will increase and the person will need more time to wait, or at least pay higher fees. It is true that Bitcoin is being developed to increase scalability, but we are still in the growth phase.
Bitcoin offers an option for those who do not want to trust a third party and conduct transactions directly between the sender and the recipient without the need to fully trust an intermediary service, with the ability to verify everything yourself and have complete control over your money, even if a third party tries to confiscate it.

I like all that the OP has said and I agree with them. My opinion is that the impact of Bitcoin in economic and societal growth can be gauged from an individual perspective. Let me tell, in my country, Bitcoin has made more millionaires and made Gen Z financially free and independent than any other source of income. From the psychological view people who hold Bitcoin are more happier than those who don't . The prospect alone of your assets increasing in value if you hold for long term is the reason. Bitcoin has lead young people in my country to self development in Blockchain development, cryptocurrency education, software engineering, community development and management, and cyber security.

Bitcoin does not solve this problem of money scarcity. If you hold Bitcoin, you will still need to convert it to fiat which is acceptable by merchants as an acceptable medium of exchange.

Miners and nodes do not count as third party in this context.

The white paper referred to third parties in the financial system, like central points that the transaction has to pass through. Those central points have full autonomy over the transaction and can perform acts against the wishes of the buyer or seller. Even when not selling those third parties has full access to the funds any of the other parties have in their custody. Such parties do not exist in Bitcoin.

Miners are scattered all over the world and there is no single point of failure where your Bitcoin has to pass through, so no single miner can affect the outcome of your transaction. They also only come into play during a transaction, not before it after.

But there are actually third parties involve in Bitcoin transactions and on Bitcoin network.

Transactions between two sides, buyers and sellers, senders and receivers must be confirmed by Bitcoin miners who do both tasks, mining new blocks and confirm transactions waiting in mempools. Bitcoin full nodes validate those transactions and check whether they belongs to a longest chain.

The magic of Bitcoin network is its decentralized, censorship resistance which make it better than bank transfers and altcoin networks.

https://howmanyconfs.com/
It helps you to understand the powerful strength of Bitcoin network compares with altcoin networks (only Proof of Work altcoins).
"How many confirmations are equivalent* to 6 Bitcoin confirmations?" and its table shows how strong Bitcoin network is.

Those figures are only estimations and if you use altcoin blockchains to move your fund, you can not think like "I am safe if I use Dogecoin network and wait about 13 hours to get similar safety like with Bitcoin blockchain. After you make your transaction, if something is wrong with Dogecoin network, you can lose your money after a few minutes and you don't have to wait for about 6 hours or 8 hours to lose your fund.

On October 2008 a white paper document was created by Satoshi Nakamoto, a digital cash that can be transferred, peer to peer with no third member involve.
   As bitcoin continues to grow and everyone gets to adopt and know this knowledge
  Impact of bitcoin in our society today are:

• Bitcoin transaction saves time and stress. It makes transaction fast and safe, most especially international transactions. Bank transaction has failed there customers several times maybe because of network or something else,another example: people collecting money from ATM machine can testify to this, sometimes you will need this money urgently at that particular time but getting to the bank seeing the queue and population not only that the ATM machine will disappoint you, I have been in this situation before where my card got swallowed by the ATM machine. There was a time my country was suffering from money scarcity due to the changing of old naira notes and to get access to your own money was a problem but I can testify people who got bitcoin sold there bitcoin and they lived there normal lives despite the economic situation at that time.
• Bitcoin has also supported in our technology world today, knowing we live in a digital dispensation so bitcoin has also contributed to the development of technology using our phone to transfer digital cash fast and safe
• The help of bitcoin and other cryptocurrency has helped a lot in our society today knowing the fact that bitcoin is not a scheme you go in and make money fast. But beening patient and investing properly will make you forget your sorrows in the long run
• Scam for example scammers are in fiat than bitcoin, some bank workers are also involve in frauding their customers. A lady was living in UK years and was sending money to her Nigerian Bank as savings and from her calculation, she had sent $87206.74 which is equal to #68,000,000 and she came, she saw only #3,000 which is also equivalent to $3 in the account and she sued the bank to court and won the case

You can get the source from here https://www.legit.ng/people/1550378-n68-million-lady-living-italy-saves-n68m-nigerian-bank-account-returns-home-n3k/