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

money: 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 avatarSean Larkin

Traditional, Blockchain and Crypto CFO - Member of MMBA

Can Bitcoin be the solution for inflation? Why?

Bitcoin as a solution for inflation in Argentina This is an interesting question, as I prefer to look at bitcoin as a solution for inflation everywhere. There have been unprecedented amounts of money printing by central banks, and many countries have been embracing monetary policy that is contributing to inflation. Issues surrounding supply chain and workforce, resulting from a year and a half of bad public policy, are beginning to affect consumer prices as well. The combination of these two factors alone will fuel to increased inflation. Argentina is already behind on next years outlook from an inflation and fiscal policy perspective and 40% of the population is in poverty. There are no U.S. investment dollars coming into the nation, making the outlook even more dire. Meanwhile, the volumes in bitcoin trading within the country are soaring as the number of crypto wallets has done a 10x. If the government is smart, they will take heed of this in what we will call a ‘wisdom of the crowd’ moment. Following the lead of the population, it would benefit the nation to embrace Bitcoin, and the technologies that flow from bitcoin. Creating a friendly regulatory environment, encouraging bitcoin and adding bitcoin to the national balance sheet will do for them what their current monetary policy cannot seem to do.

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

Should Argentina make Bitcoin legal tender while we are still in the current bull trend of this cycle, the affect on the larger crypto market would be significantly bullish. It would be reasonable for there to be a positive price impact and could lead to other countries taking the plunge with regards to embracing Bitcoin. Almost more importantly is the fact that this will create 40+ million new individually held, decentralized wallet holders. This is extremely bullish. The internet required that a ‘critical mass’ of individually held email addresses be reached in order for its’ true value to be realized. It is the exact same with the decentralized economy (internet of value). The difference is that, here, we need a critical mass of decentralized wallet holders to be reached. When this happens (and it will), the promises of Web3 and the metaverse will begin to become clear.

article avatarEbenezer Oyeodini

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.

article avatarmahdi hosseini

Programming

Can Bitcoin be the solution for inflation? Why?

We can assume Digital Currencies as Next generation of currency in world and this is Inevitable. We can see what happened to universal economy during COVID-19 pandemic. inflation increased in all countries. Central banks print more money to provide more liquidity and in result more inflation happens. At the moment only digital currencies can solve inflation as a economic model because their value won't decrease in abnormal situations same as fiat currencies or maybe people decide to use gold and silver for exchange like first humans. The most important option in digital currency is controlling issued number of them. Watching all transactions and track them. Set better law against money laundering. More transparent finance . issue or burn units as much as we want to keep its value. Bitcoin has the power to be main global currency because it is most popular of them. But the main challenge is about Carbon Effect (fossil based power consumption) in CryptoCurrencies. How much faster we solve carbon effect we can use them in global faster. unfortunately today Digital Currencies are involved with whales and their decisions.so price and value are in fluctuation.

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

When fiat money lost price according to inflation, other accepted currencies can raise. Less liquidity results higher price. Bitcoin can collect liquidity and reduce liquidity in society so inflation will decrease.but what will happen if all decide to sell their bitcoin. Who will control issuing a person?a politician?a government?

article avatarFolorunso Daniel

Programmer

Can Bitcoin be the solution for inflation? Why?

Not really because the not all countries will still accept to adopt Bitcoin as their legal tender. To me it only just makes carrying money more flexible without restrictions and charges

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

It will be a good step in the right direction. This will open doors for inter-relationship with any country who also adopts same policy. Imagine going into any mall in the world with your card and you can buy something without having to change to its local currency

article avatarLuca Magrone

Student

Can Bitcoin be the solution for inflation? Why?

Not really because even though Bitcoin’s supply is fixed, inflation can still exist even if everybody quit using money and began use cryptos

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

It would certainly bring value to the crypto markets, therefore increasing prices for various cryptos. Other than that being a legal tender doesn’t necessarily mean that it’s something accepted as a payment method.

article avatarHasan Tolaema

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.

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 avatarTi Phan Ti Phan

nhan vien

Can Bitcoin be the solution for inflation? Why?

Presently, we can notice the deteriorating economic situation in many South American countries. Not only Argentina but Brazil, Panama, and Paraguay also struggle with inflation. Alberto Fernández in his interview, include several comments about cryptocurrencies. The President of Argentina suggests that the government is open to adopting Bitcoin into the financial system.

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

promote economic development Exchange your money quickly and use a lot of content to develop more Bitcoin as a solution for inflation in Argentina

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

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