Re: Is Bitcoin good for the economy?

People still prefer fiat, they still prefer transactions through banks, Bitcoin may be convenient in our remarks but with the worldwide number, its placement is probably not too high when too many restrictions and prices change too randomly, and this will answer that bitcoin is not so good for an economy when viewed globally. But if we look at the individual level, perhaps too many numbers help us know that bitcoin can create a huge amount of wealth for an individual, but it is not entirely true, Bitcoin is only good for individuals who are qualified to use Bitcoin as a tool

It is not that they prefer it, they don't have a choice.

Online stores from merchants are not accepting Bitcoin because of the fact that they are scared of what it can do harm to them. From scams and its volatility, they would just stick with what they are used to pay with. I guess it would be different if Bitcoin and cryptocurrencies are regulated but I don't think people would be liking that

It could be argued that merchants are not accepting Bitcoin because of the lack of demand for their goods or services paid and priced in this cryptocurrency. In other words, it is not merchants that are not willing to accept Bitcoin but rather consumers not particularly inclined to pay with it

That makes sense though the problem is that these consumers do not know what it is.

For example in our country, they do not know what Bitcoin and cryptocurrencies is but when we talk about scams they could pitch the name Bitcoin but they never know what that is. They thought it is something like a company that starts these pyramiding scams. I guess if it became mainstream, that would be the time that Bitcoin would be used by consumers and merchants would consider accepting them.