blockchain: Bitcoin as a solution for inflation. Will Argentina adopt Cryptocurrencies like El Salvador?

blockchain: Bitcoin as a solution for inflation. Will Argentina adopt Cryptocurrencies like El Salvador?

< Show Wisdom Collection: Bitcoin as a solution for inflation. Will Argentina adopt Cryptocurrencies like El Salvador?article avatarYudha Eka Saputra

Web Developer

Can Bitcoin be the solution for inflation? Why?

In my opinion, is NO. Because high volatility on bitcoin price. The price is depends on rates on markets and this is will make more inflation even bitcoin can be "store of value" asset. It's just store the value, but no with the price keep stable. The right thing for replacing traditional money is with CBDC. So, the answer is NO.

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

It can affect to other altcoin projects. Altcoin projects can provide a blockchain service such DeFi, CeFi, NFT and IoT to make real usecase in every aspects and can be accessible to everyone.

article avatarsekarat banget

Design

Can Bitcoin be the solution for inflation? Why?

Don’t Count on Bitcoin to Be a Sure-Thing Inflation Hedge. why? 1. Bitcoin has user autonomy Conventional fiat currencies are subject to multiple restrictions and risks. For example, banks are vulnerable to boom and bust cycles in the economy. Sometimes, these situations can end in bank runs and crashes, as has occurred numerous times in the past. This means that users are not really in control of their money. Theoretically, at least, bitcoin promises user autonomy because its price is not linked to specific government policies. This means that users and owners of the cryptocurrency are in control of their money. 2. Bitcoin transactions are pseudonymous Most online transactions require an array of information to identify the person conducting the transaction. For example, transferring money from one person to another can be done only after the identifying information for parties at both ends is verified. Similarly, online purchases also require you to enter identifying information to make a purchase. The verification process may prevent crime, but it also places an intermediary firmly in charge of the transaction, allowing them to control the provisioning of services to select parties. Bitcoin transactions are pseudonymous. While this means that they are not completely anonymous, the transactions can be identified only by using a blockchain address. An individual can have multiple addresses, just as they can have multiple usernames and passwords for a single account. Internet Protocol (IP) addresses or other identifying information are not required to conduct the transaction. 3.Bitcoin transactions are conducted on a peer-to-peer basis 4.Bitcoin transactions do not incur banking fees 5.Bitcoin payments have low transaction fees for international payments

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

I think it's been done by the state of el salvador, What cryptocurrencies have done, is people really embrace the idea of ​​no privacy. Nobody wants privacy anymore. They like the idea that everything is transparent and traceable.” Privacy, in this case, refers to an individual's ability to counterfeit money and evade taxes, activities that governments seek to control. Regarding the central bank's digital currency, Tucker said it was only a matter of time before the Fed Coin was introduced, as well as the El Salvador coin which had been officially announced to be the legal currency in the country.

article avatarNuman Polattimur

Psychologist

Can Bitcoin be the solution for inflation? Why?

For sure! It will stop it. As we know governments tend to print more money and follow some regulations which end up getting inflation higher and it can be stopped with cryptocurrency and blockchain systems. this system can not be corrupt and manipulated that is another reason for it.

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

it will affect the market with the overflow in the systems of the blockchain but as we see it it can handle it very well. another opinion of mine is that many people get scammed so if it is regulated and with some education, I see bitcoin can be a future for everyone.

article avatarLisda Agustina

Treader

Can Bitcoin be the solution for inflation? Why?

Can because bitcoin is one of the most popular cryptocurrencies in the world and very clear in the transactions that occur very open transaction blockchain is great for the future. by mining or trading

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

a very good idea if bitcoin is used as a legal transaction tool can help revive the world economy and simplify transactions. and affect the trade system between countries (world) hope it will be better

article avatarRoseline(Grey) Patrick

Data and digital marketing and crypto trading.

Can Bitcoin be the solution for inflation? Why?

Definitely, Bitcoin has a big solution to inflation become in it own Bitcoin is a decentralized cryptocurrency which means it effect is not only determined by a single entity but a group of blockchain developers,traders and so on. However,the solution here is that bitcoin eliminates the effectiveness of government agents raising the Price of commodities at it own will without having to consult the masses. So I think positive for this implementation.

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

More and more influence of an assets to the Market could cause the value of that token or cryptocurrency to gain more and more power over other cryptocurrency which leads to other currency supplying a smaller Yield.

article avatarFatunase Ayodele

Junior Account officer

Can Bitcoin be the solution for inflation? Why?

What is inflation in the first instance? Inflation is the persistent and continuous rise in the general price level of goods and services over a given period; inflation generally comes about because of a general decrease in the purchasing power of a fiat currency Bitcoin is a decentralized, peer-to-peer cryptocurrency system that processes transactions through digital units of exchange called bitcoin. It was invented in 2009, and the Bitcoin network has come to dominate and even define the cryptocurrency space, spawning a legion of altcoin followers and representing for some users an alternative to government flat currencies like the U.S. dollar or the euro, or pure commodity currencies like gold or silver coins. Bitcoin is structured technologically to encourage a deflationary attitude and a relatively stable store of value that partially harkens back to the “gold standard”. In this way, the community acts as a place where investors and community participants can raise their hand against the inflationary consensus. It is in this way that we can see Bitcoin and cryptocurrencies like it acting as a true and meaningful hedge against inflation — and the economics and policy thought that drive it. It would be great if we could somehow magically determine when the world will have mass adoption of bitcoin, but we can’t. However, the more fiat currencies fail, which they inevitably will, the more people will choose bitcoin as an alternative. Source: forbes.com, investopedia.com

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

Bitcoin has user autonomy Conventional fiat currencies are subject to multiple restrictions and risks. Sometimes, these situations can end in bank runs and crashes, as has occurred numerous times in the past. This means that users are not really in control of their money. Bitcoin transactions are pseudonymous - Most online transactions require an array of information to identify the person conducting the transaction. While this means that they are not completely anonymous, the transactions can be identified only by using a blockchain address. An individual can have multiple addresses, just as they can have multiple usernames and passwords for a single account. Bitcoin transactions are conducted on a peer-to-peer basis - The Bitcoin payment system is purely peer to peer, meaning that users are able to send and receive payments to or from anyone on the network around the world. Unless they are sending or receiving bitcoin from a regulated exchange or institution, the parties to a transaction do not require approval from an external source or authority. Bitcoin transactions do not incur banking fees While it is considered standard among fiat currency exchanges to charge so-called “maker” and “taker” fees, as well as occasional deposit and withdrawal fees, This means no account maintenance or minimum balance fees, no overdraft charges, and no returned deposit fees, among many others. Bitcoin payments have low transaction fees for international payments Bitcoin transactions are irreversible One of the characteristics of Bitcoin’s blockchain is that it is immutable. Therefore, transactions using the blockchain are irreversible and cannot be amended by a third party, such as a government entity or a financial services agency. Accessibility Because users are able to send and receive bitcoins with only a smartphone or computer, Bitcoin is theoretically available to populations of users without access to traditional banking systems, credit cards, and other methods of payment. Source- Investopedia.com

article avatarBenedict Patrick

Student

Can Bitcoin be the solution for inflation? Why?

Bitcoin has gotten the total support from blockchain developers and miners,So it is certainly the solution reason being that,it will reduce the effect of fraud and middleman dominating charges from buyers and sellers but Bitcoin is decentralized and cannot be over ruled by the government or even the president of any country.

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

It will definitely affect the market but affecting this market will be in an optimistic direction because bitcoin adopted as a system of making payments give more support to Bitcoin from other companies but it effect to the market is causing fall in cryptocurrency.

article avatarmheL xD

Programmer

Can Bitcoin be the solution for inflation? Why?

Bitcoin will never be the solution for inflation, why? Because Bitcoin has so much volatility in price. I even think that there are so many people or groups (whales) manipulating the price of bitcoin.

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

If Bitcoin will be a legal tender of course price will go to the moon. Many adoption for cryptocurrencies will follow and trust on blockchain will be more popular if bitcoin will be a legal tender.

article avatarAfif Triyanto

Worker

Can Bitcoin be the solution for inflation? Why?

Cryptocurrency vs fiat 1. Decentralized Unlike fiat currencies, cryptocurrencies are decentralized in nature. If the bank acts as a third party that controls the circulation of a fiat currency, then in its circulation cryptocurrency does not need a bank because it relies on cryptographic technology. In essence, the user has full sovereignty over its circulation. A user can directly transfer a number of bitcoins directly to another bitcoin user account to purchase a product, without a bank intermediary as we do in general. 2. Anonymous Cryptography allows the transacting parties to not know each other&#39;s identity because the account is in the name of an alias. 3. Cannot be manipulated Cryptography allows users to not manipulate transactions through &#39;digital signatures&#39; which are implemented in blockchain systems – digital ledgers/databases that are distributed and immutable 4. No inflation If fiat currencies can experience inflation because the central bank can print unlimited amounts of money, not for cryptocurrencies because the supply is limited. The supply of Bitcoin alone is only 21 million coins and is expected to be reached by 2140.

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

Cryptocurrency vs fiat 1. Decentralized Unlike fiat currencies, cryptocurrencies are decentralized in nature. If the bank acts as a third party that controls the circulation of a fiat currency, then in its circulation cryptocurrency does not need a bank because it relies on cryptographic technology. In essence, the user has full sovereignty over its circulation. A user can directly transfer a number of bitcoins directly to another bitcoin user account to purchase a product, without a bank intermediary as we do in general. 2. Anonymous Cryptography allows the transacting parties to not know each other&#39;s identity because the account is in the name of an alias. 3. Cannot be manipulated Cryptography allows users to not manipulate transactions through &#39;digital signatures&#39; which are implemented in blockchain systems – digital ledgers/databases that are distributed and immutable 4. No inflation If fiat currencies can experience inflation because the central bank can print unlimited amounts of money, not for cryptocurrencies because the supply is limited. The supply of Bitcoin alone is only 21 million coins and is expected to be reached by 2140.

article avatarCon khoe Ba lao

senior full stack dev

Can Bitcoin be the solution for inflation? Why?

1.Sustainability Bitcoin is digital and does not exist in physical form. Just for this reason, Bitcoin is very sustainable because it cannot wear out. 2. Portability Bitcoin enjoys being on the Blockchain network, which makes it a portable currency. You can quickly transfer Bitcoins from one wallet to another. All you require is an active Internet connection. 3. Dividability Bitcoin is a divisible cryptocurrency. One Bitcoin is made up of  100 million satoshis. Therefore, you can buy BTC worth as little as  5 USD, totaling about  49k satoshis. 4. Uniformity Bitcoin exhibits uniformity because it cannot be counterfeited, thanks to a proof-of-work mechanism that includes math and code. 5. Limited Supply Bitcoin has a limited supply of 21 million and it is growing at this rate so far, Bitcoin adoption continues to increase worldwide.

How Bitcoin as a legal tender could affect the crypto market if this solution is used more and more?

as the world's first cryptocurrency, the current bitcoin price always affects the price of other coins due to the general sentiment still preferring to store bitcoin

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.

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