Bitcoin Forum

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It depends, probably in a small country if everyone start using a crypto currency and left over creditcards, they economy may collApase.

It matters how far crypto is allowed to reign in a country to see what it would do to that country. If Cryptocurrencies are regulated, of course it's not going to be allowed to disturb anything that's going on. But if it is given free will, then Bitcoin and the other cryptos will SLOWLY (most likely) take over a countries finances as people switch to it as they'd have no reason to.

This government would probably lose economic control of their country, as they can't issue currency, raise interest rates -- etc.

It would totally disturb a country's economy.

You don't get a point. How the majority of the people left over the credit card makes the economic collapse. The crypto disturbs the countries economic through the majority of the users are using it as investment place. That makes the majority of the countries will lose a lot of money because it was flying to another place. Just like what already did in some countries to ban the bitcoin. majority of them are mentioned if the crypto was disturbing they're economic. To prevent the potential investors move to another ground.

Cryptos would only be disruptive if there's something that encourages the general populace to use something aside from their native currency, such as the collapse of the currency in Venezuela and the effect it is having on the people within its borders. Most of the time it wouldn't have an impact otherwise, and if there were cryptos on the rise in a country that wasn't experiencing any kind of turmoil then there would be moves from the government to shut it down. Any disruption simply wouldn't be tolerated and there would be attempts to co-opt Bitcoin and suppress it within the country. At least for most of the first world.

of course not Gan, there is no relationship its currency of the country with bitcoin, because bitcoin similarly ... bitcoin is the currency of the "state" digital, so will not affect the value of currency any country.

No buddy. Bitcoin is indirectly help to increase the country Economy. Many of people now doing the bitcoin business as a part time apart from their regular job and some do the bitcoin trading as full time with out the job.This bitcoin income influence their family income and expenditure.So indirectly bitcoin involved in country economy's growth.

Bitcoin is going to disturb countries economoy if it is going to keep growing big.

Think about it like that, if people starts using bitcoin only, they will be able to avoid paying fees to the country, a thing that will make the country to be in deep debts.

Not only that, it's going to decrease the value of the country's currency and may cause the country to make an huge inflation.

Always explain your thoughts in while being OP, it gives clearer
picture what do you want to say in the first place. If you can express
yourself then people can explain you in better ways too. :-)

Well, from the title I will say that digital currency or crypto's
really, can never disturb the national economy as long it was
completely different circle from what we are having currently. The
transactions, circulating money in the bitcoin or crypto world is
coming from the national wealth or economy and it also gets back to it
because money s exchanged for money and that way everything is
balanced properly. You an say that it would have disturbed the
country's economy if the money was sent to crypto and it never came
back in the global circulation. I am pretty sure that nothing like
that can happen in first place. :-)

Definitely.Bitcoin is a blessing to unemployed people especially from under developed countries.It helps them to increase their standard of living.By this way,it has a positive effect on a country's economy.What they need is a laptop and an internet connection.

On the other hand,bitcoin may affect some countries by making ease money launderers to transfer their wealth out of the country or to just hold it in bitcoins hiding it from the radar of the government.By this way,huge tax revenue is lost for that country.

Crypto is way too small to cause any kind of substantial effect to any, except maybe the poorest of the poor countries. It has to be noted that they might not even be able to even if they grow big enough; governments are getting smart and are starting to regulate them. There's no way they're going to let cryptocurrencies get out of hand.

One example of crypto making a significant impact on a country though? North Korea. There hasn't been any solid evidence yet, but they've always been in talks about hackings and Bitcoin thefts. Stolen Bitcoins could very well be funding their nuclear program for all we know. No other country seems to be seeking funding from Bitcoin, except maybe the occasional government selling of seized Bitcoins.

This could happen in developing countries or below. The proof, some countries that prohibit the circulation or transaction of bitcoin and other cryptocurrencies have the reason that cryptocurrency can be a threat for the economy because of the potential to be a means of crime.

Therefore, I feel that cryptocurrency can be accepted by countries that have a healthy economy, so this cryptocurrency can have a positive impact on their economy, not the otherwise.

I guess this highly depends on which country is affected and what rules they try to imply when it comes to Bitcoin usage. Here in the Philippines, there are no rules towards Bitcoin. Despite the said fact, its popularity towards the Filipinos has continually been increasing, making more people be dependent on it. This can somehow affect the economy since they are not being taxed or regulated accordingly. In a country where tax is not put into good used, I think Filipinos are glad they have Bitcoin earning but are not worried with its effect towards the economy. Many people would fail to see the bigger picture in this situation for it benefits them exponentially.

It is hard to increase our income,and our only source of income is only our salary in our stable job.For me as an employed mother my salary is not enough to sustained everything especially when your expenses is higher than your salary ,its affects the economy through poverty those people who need an extra income helped by bitcoin to increase their net worth and saying its affects economics because a once persons who earned a lot makes an economy growth.

It may be small now but the opportunities of it taking over the system should not be discarded. However, I am not sure how this really would affect fiat that much unless of course the larger population have shifted to crypto and that should end up affecting the official economy since most of the crypto users anyway really won't bother and the government may just be forced to either accept crypto usage as it is or maybe find a way to convert the fiat system into digital etc.

Nevertheless, all these things we are looking at are still a bit far from now and it would take some huge years to even get there. There would still be a balance and no one can really say how much effect the use of crypto itself would apparently have as that would totally be based on the government monetary policies at that time and how they perceive cryptocurrency.

Digital currency such as crypto currency cant disturb a countries economy, crypto currency is not even in 1% of any countries revenue value thats why it cant affect the economy of a country, there must be a large revenue that the government is getting into bitcoin before it can largely affect its economy.

.           Bitcoin  I think Will not disturb any country,s economy as long as they  Will not Take it as their national currency. Just bear in mind that Bitcoin just can be mined and collect them through internet or  you can buy bitcoins any amount you can to invest. As long as everybody Will consider this as passive income , it Will not disturb the economy of  a country. Just think of it if everybody Will just Fucos ON bitcoins, who Will do the other things like infrastructures , agriculture , and other government activities. It Will not affect  the economy if it Will be controlled.

Of course, the uncontrolled spreading of the crypt can destroy the state. But we see what happens when legalized bitcoin, immediately it is banned. So not everything is so good even under his control. Therefore, direct influence is very visible, the consequences are different.

At this moment I don't think there is any country in the world where Bitcoin is formaly introduced into economy, fuly regulated and accepted by businesses. That is the first precondition and without it how could it disturb it.
This could happen only in some hidden area because people use Bitcoins and get some profit out of it but in most cases this is not formaly recorded anywhere in economy.
Still, some rules are changing and Bitcoin will long term influence the economy too. In.what way is yet to see.

for small economies the crypto currency and fiat currency also affect a lot but for big economies digital currency can't create big disturbance like if we look at the European economy British economy and china economy then we can say that digital currency may facilitate the digital currency and it will bring prosperity in the economy in the long run. in small economies the digital currency bring big disturbance because the flow of funds and other big factors will come to disturb the economy.

Digital currency definetely boosts economy when introduced in the nation in controled manner. Well it also depends on the situation of the country and its governmsnt as to how they treat it.

Also, there are countries like china which bans bitcoins for the sake of their own currencies stability and control and at the same time their are countries like japan who are adopting digital currencies in daily life and its helping their economy in a big way.

Why would a small economy collapse if more and more people would be using cryptocurrency? Remember that people will be using cryptocurrency to buy local products and if this can be done then the wheel of commerce will even be enhanced and maybe the market can be expanded. I am sure that there would be people that can be disrupted and this is just natural as businesses do come in and go out of business if the market can be shifting. I would say that the use of cryptocurrency can be bringing in fresh ideas, new products and the economy can be refreshed. However, it remains to be seen which of these two scenarios can happen when applied in the real world, though am so optimistic that cryptocurrency can be helping rather then be an agent of destruction (or collapse).

For me any kind of currency used will not disturb any country's economy. It is because in every country currency used value will defend only on how the economic status. Not all country are the same value of currency it defends only on how economic income of each country. For my own understanding currency is only followed on what economy level.

I guess so. Adaptation is a difficult process. Since that every government have their own system and routine, adapting a new technology may disturb the actual flow. Hence, it may also affect because bitcoin is decentralized which on their side is not beneficial to the government.
They can not stop bitcoin that is why some are trying to implement different kind of ways. I think one day can can figure out a way to implement it and put it their own circulation which of course I am expecting to be fair.

So far bitcoin do not disturb any economic status of a certain country it is because only few people adopt bitcoin and it is not that popular to many countries added to the fact that it has no any support coming from the governments. But if time comes the legality issues of bitcoin will finally resolved I think bitcoin can become a big help to improve the economic status of a certain country.

In future crypto currency will make a huge change in the countries economy like reducing the revenue of the country.Nowadays we are paying tax for everything and the most important tax of any country is income tax but if people started to use crypto currencies then there is no need to pay that tax to government because crypto transactions are anonymous.

No It is not easy to break a country rule to the level that it's currency will collapse. It can only happen in a country where the hold of government is weaker. The central bank of a country will not this all to happen.

I don't think virtual currency can disturb any country's economics, may be it's just the government's worries.. so far no country has declared losses due because of bitcoin.. as far as I know bitcoin can help economy of the country..

Currently, I would say bitcoin does still not pose any threat to the economy of any country. Using my country for example, the total market capitalisation value of bitcoin ( which is the dominant in the entire digital currency value) is $323,071,829,482.00 as at today and according to report, the total value of cheque transactions as at the first quarter when converted gives  $4,754,098,360.66 not considering the ATMs transactions, online transactions, over the counter transactions, transfer abroad, POS movement etc and that is for just one country alone for one quarter of the year. This shows that when the bitcoin capitalization that have taken into consideration the entire bitcoin mined to date even with the value at $18000 on the average, when we break it down to country basis, it will have little or no effect at all to distort any economic indices.

From my opinion, Bitcoin is not a curse for any country. Bitcoin is blessing for us. In every country there are a lot of unemployment people. Bitcoin helps them in financial purpose. Indirectly it effects on the economic development of a county. So it is not a disturbance for a country's economy.

That’s a lie, they do, in fact they do it in a big way. Cryptocurrencies affects the economy of some countries badly. China was one of the first countries that got into Bitcoin and cryptocurrencies, but today they are no more into Bitcoin, and has banned some Bitcoin activities, especially ICOs. China has a very big market and Bitcoin affecting pretty bad. Some research can prove that.

I think yes, economics of a country can be disturbed by a cryptocurrency. People get money like from nowhere and don't pay taxes. Besides, people give their money to other sources than the state...

Banning or allowing Cryptos into the country have their own pros and cons. For one, money laundering will be made a lot easier if Cryptos are officially accepted in the country since a lot of businessed will definitely use Cryptos to their advantage.

But that's not possible. Cryptocurrencies are mostly kept as investments. People may withdraw some small sums but even then they'll sell them for fiat, which won't result in a collapse, for basically the local fiat will be bought in the end.
I think the problem mostly occurs when people take a lot of fiat and sell it for a cryptocurrency, but I doubt people would do that now, as prices are high. Thus, in fact, I think there's more threat to cryptos in the current situation rather than to fiat.

Well bitcoin and other cryptocurrencies may disrupt a country's economy if the government continue to ignore it. People just use cryptocurrency to just store their money and hold it and earn profit without getting taxed by the government which is very bad to the economy of the country and also, with cryptocurrencies people can launder money so, if the government doesn't do anything to regulate bitcoin and pther digital currencies, it may will disrupt their economy sooner or later.

Govts can't really stop cryptos from entering their countries, but they can stop business from accepting cryptos. If they can find a way to tax people for their transactions, then it shouldn't disrupt their economy.

I agree, governments have to addapt to crypto. Mass adoption should soon happen, and when it's gonna happen, we need to be prepared for the crisis.

No one will dispute that fact. Apparently, if fiat starts becoming useless and people start focusing more on the use of crypto, which should really have some effect on the monetary system. Nevertheless, unless the country is smart enough to look for some means of reviving it and maybe looking at integrating the blockchain system, then that would really be a crazy one.

Also, in totality, the drastic effect won't be that much at least for now pending when we really start seeing real life usage of bitcoin without having to convert to fiat and when higher percentage of the population have diverted to bitcoin.

Some governments feel this could be a threat to their economy but I do not really see how this two correlate unless the fiat system is totally replaced and the government is greedy enough to get it to totally collapse.

The thing is that bitcoin itself has even been a savior for so many collapsed economies which in the right sense was not even as a result of bitcoin itself but the crazy policies of the government. To me, bitcoin would even help the people depending on the huge level of usage and as well help the economy grow gradually for those countries who may want to make use of it and regulate it.

I think digital currency do not disturb any countries economics. Because in every country there are lot of unemployed people. Bitcoin helps them to be a self employee and also help them in financial intention. Bitcoin blessing for any countries economy.

That is a valid point! Yes, in as much as the good sides are there, the bad sides are also there. This is a decentralized currency and if everyone decides to start making use of it, abandoning the fiat system, regulation could be very hard. The reason why regulation is still a bit easy in some places now is because one way or the other, we can still convert to fiat.

In a system where the P2P transaction is solid enough, then we should see so many people trying to evade tax, but I still feel in a way this can still be controlled and after all, in some places, we have property tax and if people are doing well, that should really help.

It will depends entirely on two things, how big is bitcoin and how big is the economy of the country we are talking about, right now bitcoin is small so it is unlikely that any country is seeing any kind of modification to what they are seeing everyday in their countries but we do not know for how long things are going to keep been like that since as we can see bitcoin is growing very rapidly.

Bitcoin or any other crypto currencies cannot disrupt any country economic and no nations will allow that to happen. The advanced of bitcoin is to help economic growth and development and not the others way round and I believe bitcoin is currently stimulate some countries economic through creations of jobs and making business transactions easy.

To be a realistic scenario the digital coins has to be very popular and unfortunately it not the case yet. And when we talk abount the economy of one country there can't happen things over night and in the end it will adapt.

The change in the economy won't take place overnight. It needs respective time space to grow and make a positive impact on the economy of the country. Governments fear that adapting bitcoin might affect the economy as well won't have control in hands. I believe more countries will adopt bitcoin seeing the growth that Japan has attained through bitcoin.

For now at least I think btc won't greatly impact economics of a country. Since it is just a currency, of would just be used as a payment processor and it really doesn't change the fact that citizen paid btc but have bought it mostly by using fiat. If there would be some effect, it would just open a new opportunity for citizens to earn money. It will only affect economics greatly if there are many whales in a certain country and if price is X100 higher than the current price.

So far so good that Japan has been regulating cryptocurrency activities and so many other countries as well; I really do not see how their economy is crumbling. I feel we are taking this too much to the extreme. The bad sides we are looking at are not really even there in the first place and for people having lot of opportunities to even earn and make some extra bucks, that is more like even pulling funds into the system.

Crypto may change the way we do things, but I do not see how it would affect the economy as a whole. Fiat system on its own is already weak, and if by getting the fiat crumbled, I really do not care.

In my opinion, bitcoin in future may disturb the economy of some countries, because if even 10 % of the companies of any country start their transactions in bitcoin, then this means that that country is theft with 10% of the industrial tax as well as the number of employees getting the wages in bitcoins will be tax free. Moreover, with bitcoin, money laundering is getting easy and money can be shifted to other parts of the world without the consent of that country.

I think cryptocurrency is not a disturbance in a country's economy. Digital currency could be an asset for economical growth unless it is used in scamming and illegal cyber activities. Lets look at the point that it truly helps people find their jobs in some ways.

If the flow of any crypto currency is very large in any country like the flow of bitcoin in china the country can face the change in the economic status. And the currency can also disturb the smooth flow of the money in the country as most of the people will prefer the pear to pear way of currency transfer and storage of currency rather than using banks as a third party involved in every transaction and storage of money. Cryptocurrencies have many advantages over the real-world cash.

Every country has its own fiat currency. The economic structure of that country is built on the platform of that currency. When some digital currency gets introduced in that country, and people starts using it on large scale then the fiat currency of that country get disturbed. If no one is using it, its value starts decreasing. Government runs on taxes collected from its citizens. If people starts using digital currencies without control of government then then it will become difficult for the government to determine the tax amount. Same happened in Indonesia, and that is why Indonesian bank banned all cryptocurrencies

It will, once a cryptocurrency dominates the user of fiat, shifting to a digital currency leaving the local fiat valueless because no one wants to use it concentrating the demand of people to cryptocurrency, new opportunities will be born while existing ones will collapse because of its failure from the adaptation. That's the reason why bans and strict regulations are imposing on these types of coins.

I don't think that fiat will be go useless here. Look at Japan, they have legalizes bitcoin already but the YEN still exist. So I can't really think that fiat even in the next 50-100 years will become valueless as you have said. As far as the effects on the economy, it will be minimal and its gonna be on a positive side. For countries like in Asia as well,  they all love crypto's but not all the population is getting into it, only a small percentage of the total population. So how can I small portion affects the economic status of their country? South Korea is very far as engaging in crypto is concern, but we never heard that they their economic situations is going on a downward spin because of crypto. And the positive effect of crypto is that those few are earning and having a good financial profit because of trading. So for me it will not put a significant dent of the economy on the other hand it will help it because people cashing out will have a purchasing power.

Digital currency would affect a country's economy to some extent.We earlier saw in china,more adoption of bitcoins by its people led to slight fall in its currency Yen's value.That is also a main reason for china government took severe steps against bitcoin.But whatever importance digital currencies get in a country,it would only co exist with the fiat currency and it would not completely replace it.