Bitcoin Forum

Will countries that are early to adopt and allow Bitcoin be able to turn this into an economic advantage to them where they're better off than before?

Venezuela's unfortunate economic crisis could be a good example of how a country could benefit from adopting bitcoin.

Unfortunately for venezuela, the state would undoubtedly attempt to nationalize bitcoin & that failure would only ruin the country further.

Venezuela's attempts to nationalize toyota and other private sector enterprises are responsible for driving many employers and jobs out of the country. Their tendency towards micromanagement and waging an illogical war against capitalism has driven what was once an oil rich country to the brink of ruin.

Bitcoin could help venezuela, unfortunately the socialists in charge would never allow that to happen because their irrational hatred of capitalism and the private sector override common sense.

I think it's true that countries that first adopt bitcoin will benefit the economy as long as the country is well managed and used.

I'm sure a very good idea to adopt bitcoin in a country. if it happens then it will bring a good change for its citizens.
As in this forum, before I know the bitcoin and this forum, my economy can be said bad. But after I got to know him very much brought change and profit to my economy and my life.

Of course the early birds are always good and i wouldn't be surprised in a few years time we'll all be fine to see the impact of Bitcoin in some of these countries that have somewhat accepted and legalized Bitcoin.

I believe countries shouldn't adopt it as currency, Bitcoin is too volatile, nobody knows what can happen with its price on short term, what can drive the economy to the ruin. The answer would be different if your question was "Will early adopters in general get larger economic benefits from Bitcoin?"

Then I think so, I agree.

I don't know how can you say that but we all know that bitcoin is so volatile so se can't still say surely that it will be giving a positive impact in one country's economy.
Also we are talking about one country's economy and not yours, well country's economy starts at people but I don't think it will have large economic benefits,  maybe it may need more time.

I think it may help people through their needs and satisfaction. People who invest first at bitcoin has the benefits, but I don't think it will be affecting the country that people is in. As said un the previous posts, bitcoin is really volatile and if the country adopt bitcoin which is so volatile, that will be really affecting the county's economy.

Of course! It's a world economy and bitcoin is a world currency. If you don't have any reserves at this point you're so far behind and you're only getting further behind in the future. Help your people and buy btc ffs!

Sure, it will do good to their economy and I think it will benefit first the entrepreneurs of that country. They will be the first one to create different ideas on how they can incorporate their product to bitcoin technology. More jobs will be created for developers, inventors, exchange, financial advisors and any related work. More jobs signify that the economy is growing.

First comers will always have the benefit of power status and volume. Don't forget we have limited supply to 21 million which means that not everyone is going to get the equal share due to decentralised nature, and thus whoever jumps in first will get most of the volume driven in their own country and will rule the price of bitcoin too. Just imagine more users, more demand and thus more value by that nation itself. When we will have to get the coins from them we will have to pay more than expected to them to have it. This is just speculation but a realistic one if countries really start adopting bitcoin in first place.

Yes, that country would undoubtedly gain from adopting bitcoin provided that the government would regulate it properly.

Not so fast, governments are not interested in cryptocurrencies, at least not publicly but mainly they're active discretely. but what happens when they decide to use bitcoin to their advantages? they'd have to trade with individuals in different exchanging platforms and that will cost a hefty amount of cash, in other words they are forced to inject cash to obtain bitcoins and as the mentioned individuals see there is a strong demand they just raise their prices and profit the most out of it. IMO only the individuals like you and me benefit from bitcoin separated from the national economy.

Any country that adopts bitcoin ahead of the others would definitely have an advantage in the sense that they can already integrate it into the business models being used in their country. Also, they can adjust and regulate better depending on the demand on bitcoin. Th earlier the adoption, the more benefits they are going to enjoy.

I don't know, but when a country has received bitcoin, I'm afraid the bitcoin holders will be controlled by the government, and I'm afraid our freedom is taken away by them, but of course that's just my speculation. However I really hope that bitcoin can be received in my country, so that people in my country can feel the great future of bitcoin.

Yes I think those countries that were ahead of other countries could get more economic benefits from BTC once it will be accepted in one's country because by then they have an advantage compared to those countries who were late in adopting bitcoin. Just like those people who bought bitcoin on 2009 had more advantage than those who just bought their coin this year, that's just the same thought.

Bitcoin is volatile because it's unregulated plus it doesn't has a big enough market cap to stabilize its price. Once bitcoin has a big enough market cap, the price volatility will eventually disappear. So this is a temporary reason for not shifting to bitcoin.

As for op, bitcoin can't be taxed so, unless you apply high taxes on local items, the country won't see any progress at all. It will only increase its imports resulting in a futher debt. So for a country to adopt bitcoin will only happen in that situation when a currency like dollar or euro will fall to it's feet.

this have some impact to people that hold lot of BTC, because the price get higher in years. but i dont think that country got any benefit if BTC was implemented earlier. because goverment cant monitored where the money goes also the citizen dont pay a huge tax. so if growing country implemented this, nothing good happen for the country.

There would really be no relations between two things and as you said there nothing to do on bitcoin adoption since it would mainly focused on its citizens and government wont really benefit from it knowing that they cant imposed taxes on it and would really depend on a certain person if he would tend to pay up tax or not. Sooner or later I cant see that bitcoin would able to progress a countries economic state.

If by "adopting Bitcoin" you mean "adopting Bitcoin as national currency", even replacing cash, I think that that would be too risky a move and would most likely fail for a number of reasons (eg. volatility, deflation, reliance on the internet).

If by "adopting Bitcoin" you mean "allowing the usage of Bitcoin and providing a clear legal framework to operate in", then yes, definitely. Or rather you'd have to see it the other way round: Countries that will block Bitcoin and cryptocurrencies from the get-go are more likely to fall behind regarding innovation and tech. Bitcoin and cryptocurrencies are likely to play a huge economic role in the future, thus preventing companies from taking part in this new economy would be the modern day equivalent of missing out on leveraging the power of the internet.

I do not think that bitcoin can improve the economy of the country because it is simply a currency, and not a scheme for the economic activities of the country. The economy can only be improved by the introduction of other laws.

Yes, of course.

The fact is that bitcoin is going to revolutionise the way economics is thought about. Previously, it was all centralized planning, everything was decided by the central bank. But with the introduction of bitcoin the notion of a decentralised economy can finally become viable.

Governments who support bitcoin will reap its rewards, as their citizens will be the most protected when a financial crisis originated from fiat currency hits the world, just like 2008 but in a much grander scale.

However, governments don't like giving up control. It'll be interest what they choose, what's right, or what's profitable.

In my opinion, yes. Bitcoin is going to be the future. Any country that have looked into the future instead of sticking to what's there in the past have been proven to be successful, whether it's the industrial revolution, the internet, etc. etc.

By adopting i assume that you mean that they are legalizing bitcoin, which imo benefits everyone. The citizens will have the ability to trade globally without any sort of limitation that currently the banking system has, the big banks will be pressured into offering a better service overall, and global trading will thrive.

These are merely short term benefits. Long term benefits are plentiful.

If bitcoin is capable of being inaugurated by every country I think bitcoin can change the system of the economy, Because the bitcoin role is created for alternative payments in the form of digital currency, and many people are exploiting the presence of the bitcoin feature.

I don't think it will directly affect the economy of the early adopting country unless and until the volume of such crypto currencies creates a threat for the fiat currencies (it won't happen anytime in at least next 100 years). Yes, it will help the individuals and companies which are trying to get involved with the crypto/blockchain technologies in order to en-cash the global opportunities. Technically, I don't see any direct benefit for the country other than restricting usage of it for illegal activities.

It depends on the country whether it is in the position to accept it as primary currency or not.  :D
Due to volatile nature of bitcoin it won't do any good to countries whether they accept it as early birds or not. Just imagine the example of bitcoin being legalised in the Japan and Australia countries, what has this brought to them? It's nothing, the bitcoin is still working the same way as it was used to before. These countries accepting it legal is almost the first event in the bitcoin currency but it's just another currency for them. Neither their local currency increased in value nor bitcoin was out of the box for them.

I think yea, because Bitcoin is good for countries economies because it is a fresh flux of investments if they are correctly regulated and directed.but i think that regarding the countries who aleready accepted it as a virtual currency, the main advantage is the security, as it is far better then using a credit card, and it can give a good punch to start-ups growth.and no doubt there will be a tax that is applied  ;D

Economics advantage? yes
Bitcoin is a precious digital currency which the value increases over time, if a country legalize bitcoin as a legal payment such as in Japan, it's makes people easily transact bitcoin without no doubt, more companies and businesses will accept bitcoin as well and cause more bitcoin circulated in their country.
Citizens will get many benefits from bitcoin in circulation which affected economics indirectly.

I think this is like us people. The first ones to embrace bitcoin are reaping the high valuation that it had. Same with the countries, those who start  understanding about cryptocurrency, blockchain and other things related to this world, will always have more knowledge, and better possibilities to get benefits from it.

for sure they have this edge since they can maximize earnings from this system they can play with it too we cant except US that its already using the
system in their economic system though they still not giving their position but for sure they already taking advantage.

Its not the country or the state itself that would reap the benefits, but the people themselves. Think of the situation of Venezuela where inflation is at its worst. If the people start using BTC, the people get the benefits but the government itself continues to suffer, and I couldnt imagine a country's government dropping their power to mint to support a cryptocurrency they cant control. It would be giving up a whole lot.

bitcoin is very important for the economic life of a country because it is providing a lot of profit to the country that has been legalized the bitcoin so bitcoin can make a lot of change in the income of a simple accepting countries. Bitcoin is not just a currency but it a complete setup that is increasing day by day it is reducing the unemployment by providing good income to the unemployed people so for me it is very important for every country.

I think yes. Everything is grounded. Accepting Bitcoin early will enable that country to have a solid foundation for Bitcoin and digital currency. In addition, the growth of Bitcoin will also affect the economy as it has become part of the national economy.

That’s pretty obvious those countries who have realized and accepted the potential of bitcoins about stabilizing and improving their economy, they are going to enjoy more advantages than those countries who have not yet accepted bitcoins. The former ones are going to have richer and financially stable people than latter ones.

I believe that the countries that adore bitcoin earlier will be benefitting big from btc. The reason I suggest is based on the experts predictions found on several articles. Second thing is that, the future world is gonna depend on digital currency. So the early adopters will be serving as the leader and their country serves as the hub for digital currency market.