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

Enthusiastic

Can Bitcoin be the solution for inflation? Why?

I am a participant and faithful follower of Bitcoin, Cryptocurrencies and the real situation about inflation in my country Venezuela. And the answer is yes. In a country where 1 single commodity exceeds the minimum wage of a normal person is where the Bitcoin enters to be protagonist with the citizen in a country with inflation. The case of the Venezuelan and the Argentinean is similar. The monthly minimum wage is not enough to provide for the common needs, however, if that common person decides to work remotely online and receive earnings in Bitcoin, save them for a while and continue to accumulate, it will certainly improve his life and that of his family unlike working to earn $5 or maximum $10 a month and at the time of going out on the street, you spend $10 on 2 products. I say that because that was my life. Since 4 years ago I decided to go freelance online, my life has improved a lot. I am not affected by inflation in my country being in Venezuela and that is thanks to Bitcoin and Cryptocurrencies. Long live those who make life and economy in it.

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

I believe that it would affect in a positive way in countries where inflation exceeds the minimum wage, making people who do not have so much economic possibility, making them even poorer. And it will be even more positive in resource-rich countries. Cryptocurrency adoption is necessary for everyone's future. Without a doubt, it is here to stay in my life.

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.

Crypto Enthusiast and Mathematician

Can Bitcoin be the solution for inflation? Why?

Yes, Bitcoin can be a solution for inflation. as we all know, in the world of digital currency today, cryptocurrency(Bitcoin) is taking the lead. Being a decentralised digital currency, Government cannot set a price control policy on it( meaning Government cannot control the price). This fact that government cannot control the price can make it become the solution for inflation.

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

If Bitcoin is a legal tender today, it will enable the people around the world to be able to buy and sell physical products easily with digital currency and this will yield a great increase and progress in the crypto market. As we all know that a rise in bitcoin enables rise in many altcoins.

Crypto Blockchain Technology expert from Port Harcourt, Nigeria

Can Bitcoin be the solution for inflation? Why?

Bitcoin is the first cryptocurrency that has given mankind total financial freedom since its creation in 2008 and adoption in 2009. Many countries that have adopted Bitcoin in their financial system have seen the positive impact it created in their various countries. Bitcoin has served as the oil of these economies. Most of the banks in these developed countries has used Bitcoin as a form of liquidity in addition to the fiat money. So instead of these countries created more money which would have caused inflation in their countries have adopted Bitcoin to leverage the effect. The Central banks of these counties could not control the flow of Bitcoin because of its decentralized capability and more Bitcoin could not be created because of its fixed amount of 2.1million. This has helped these economies to control inflation in their countries and also help to create more jobs for miners in the crypto sectors, although it reduces banks jobs. So I think Bitcoin can be a solution for world inflation.

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

Bitcoin if taken as a legal tender could cause positive impact to the crypto market because Bitcoin is the major determinant of the price movement in the crypto world of business. A major change in the price of Bitcoin could cause a ripple effect in the prices of other altcoins. The countries that have adopted Bitcoin would also know the benefits and uses of other cryptocurrencies, and this will create a sound financial system for them. There will be free inflow of international business using crypto because crypto has no boundary. In fact the adoption of Bitcoin as a legal tender will increase the adoption of cryptocurrencies in these countries.

Trader

Can Bitcoin be the solution for inflation? Why?

Limit supply and can't hack or manipulated. It’s helpful here to define inflation and look at a few historical examples. In general, inflation is a general increase of services and goods in a country over a sustained period of time. That’s the Wikipedia definition, but it’s helpful here to understand why this might be the cause: inflation generally comes about because of a general decrease in the purchasing power of a fiat currency. It is termed hyperinflation if the decrease in purchasing power reaches a critical inflection point where the decrease in fiat currency value and increase in prices for goods and services happens in a very rapid period of time.

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

Price fluctuations in the bitcoin spot rate on cryptocurrency exchanges are driven by many factors. Volatility is measured in traditional markets by the Volatility Index, also known as the CBOE Volatility Index (VIX). More recently, a volatility index for bitcoin has also become available. Known as the Bitcoin Volatility Index, it aims to track the volatility of the world's leading digital currency by market cap over various periods of time.

Thomas Matkovic

Can Bitcoin be the solution for inflation? Why?

If Bitcoin were accepted as the world's reserve currency, this could potentially create an environment that could curb inflation and introduce a moderate amount of favorable deflation until all 21 million bitcoin are eventually minted.

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

Bitcoin must be accepted by international financial institutions , world bank etc... before bitcoin might be in a position to become legal tender. It's not quite sure how El Salvador will deal with international pressure regarding this problem. Main idea is to use bitcoin to any debt settlement such as taxes, public or private charges and business dues. Legalizing Bitcoin as legal tender means governments will have to give sovereign backing to the cryptocurrency. Except El Salvador no other country has so far given Bitcoin, or any other cryptocurrency, the status of a legal tender. One of the major reasons for yet not legalising cryptocurrency as legal tender could be their highly volatile nature and the unpredictability of the disruption that they may cause.Legalising Bitcoin as legal tender will mean businesses must accept Bitcoin as a payment method, alongside the fiat currency – such as the US dollar, Indian rupee etc.

chief executive officer

Can Bitcoin be the solution for inflation? Why?

If the world uses Bitcoin, there will be no more QE, and if so, many Superpowers will go bankrupt (in the subprime, if the US doesn't QE, the US is bankrupt by now, Japan and the Euro as well). The whole world uses Bitcoin like gold. no hard money No currency intervention, no Forex market to trade. We fly to Japan and use Bitcoin to buy ramen just like in Thailand using Bitcoin to buy boat noodles.

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

When it was introduced to the world over a decade ago, Bitcoin was supposed to be a revolution in the finance ecosystem. But that revolution has hardly come to pass. The cryptocurrency’s tumultuous first decade has been marked by scandals, missteps, and wild price swings. After achieving a record high price of more than $63,000 in April 2021, BTC has fallen by 24% to nearly $48,000 as of August 30, 2021.1 But investors and the cryptocurrency’s enthusiasts have doubled down on their optimism regarding its future. As such, the coming decade could prove to be pivotal to Bitcoin and cryptocurrencies more broadly.

Full Stack Developer / Crypto / Blockchain

Can Bitcoin be the solution for inflation? Why?

Yes, as a crypto enthusiast I say, Bitcoin can be the hedge against inflation due to so many reasons. Bitcoin has a limited supply of 21 million and it is not like traditional finance in which paper banknotes can be printed according to the demand. Once 21 million bitcoin is mined, there will be no additional supply of BTC and this scarcity inspires Bitcoin to be digital gold to act as a hedge against inflation.

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

Recognizing Bitcoin as a legal tender means it also helps to increase the use-cases of cryptocurrencies with the increased adoption. You know, Bitcoin influences the price of so many pair strengths of the crypto in the cryptocurrency markets.

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.

Retired

Can Bitcoin be the solution for inflation? Why?

Bitcoin has proven itself to be a good store of value and many experts agree the price will only go up. Decentralization also made it more secure. And Bitcoin is deflationary by nature.

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

This is only good for Bitcoin and cryptocurrency in general. The more adaptation, the more use cases - the more stable and higher value it will get.

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