Quote from: GmAdvice on February 17, 2020, 08:49:39 AM

Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify". Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin has some way to go to meet all these criteria.

In some ways I think that it can be good. There are ways that bitcoin can benefit people, but I dont really know what kind of impact it can have on the economy. Take for example what exactly does bitcoin do for the people? Bitcoin eliminates the need for middlemen. Now how does eliminating the middlemen affect the economy? The middlemen are the banks and they are the ones that handle fiat transactions.

Since, bitcoin doesnt allow intermediaries, banks are worried that it will cancel out the need for their services. This kind of situation is causing serious concern and thats because its affecting regulation. I guess there are both good sides and the bad sides.