Here are some reasons why I think bitcoin is bad for the economy:
1.No one overseeing the valuation, which makes it extremely volatile to fluctuating.
2.Money laundering. Especially overseas to other countries without interacting with government regulation.
3.Creators of digital currencies not subject to comply to the financial institution. Which in itself isn't bad, just means that they can create their own rules.
4.Lack of regulation. Like the previous point, no one is overseeing this proces
Comment below if you agree or disagree.
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Not sure how this effects the "economy" or is bad for it. In any case, bitcoin isn;t even the most volatile currency. Some countries fiat is much more volatile.
Money laundering happens in all types of currencies. Bitcoin is actually pretty traceable.
How is this bad for the economy?
Give it a few years. Once digital currencies are more established there will be attempts to regulate it.
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You miss the point crypto is about decentralization about liberty and giving back power to the people. It's about breaking free and getting freedom. Yes people make shit loads of money with it but that's not the point of it
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I didnt say that crypto is bad but i belive it should be more secure than this
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"Why cryptocurrency is bad for the ecomomy"
You spelled economy wrong btw.
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Didnt notice that thanks
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Listen that money laundering is BS! Cash is laundered! You people need to do research before you try and give your opinion on Cryptos aka Bitcoin!!!
Maybe start by looking up decentralization. Countries that are in debit!
Crooks in govt, etc...
And then comeback and post !
Oh, yeah look up the beginning of the Internet ...
:)
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Actually, everything except money laundering can also be interpreted as the big advantages of cryptocurrencies, liberating us from the slow, expensive, and often corrupt fiat money system.
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I dont think its bad for the economy necessarily but it might not be great for government
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