Bitcoin Forum

Of course, we certainly know that not all countries in the world are progressing, especially in the economic field.

I want to ask everyone, can adopting bitcoin help a country's economy? especially countries that are experiencing bankruptcy, for example, as experienced by our brothers in the country of Sri Lanka.

but if my think can! a country by adopting bitcoin will help its economy, as long as it is adopted on a large scale.
for example as follows:

: all people who can afford it are obliged to invest in bitcoin, but of course investing in bitcoin is only made as a side job. but of course investing in bitcoin must be in accordance with the capabilities of the community, because society of course consists of rich people and poor people, but in my opinion investment in bitcoin can be achieved by all people, because investing in bitcoin can start with small capital or large capital .

So in that way I think the people's economy will be helped, so in this way a country's economy can also be helped because the community invests in bitcoin.
and finally the government must provide lessons about bitcoin to its people, or add it as a new subject for students, and also provide special lessons for those who are not in school, namely so that people know the risks of investing in bitcoin,
etc.

what is my understanding like that, I ask for your opinion from all of you?

Before we go any further, you have to understand how the market works and also not everyone will "get rich in the game" When you make profits, it means someone on the other side of the trade/investment has made a loss

Assuming the Citizens are all told to invest in Bitcoin in the current price and 3 years later, bitcoin price is the same or down like $10K, would you still say the investment has built the country's economy?

Investment should be a choice, and I think adoption and investment differ a bit.

Bitcoin is for everyone freedom but it was not created to help governments fixing their loopholes in their central bank systems and their economies.

If they want, they can join and use their national treasuries to stack Bitcoin but if their economies are weak and vulnerable to global financial crashes and shocks, Bitcoin can not help.

Community are biggest power but if governments support Bitcoin, accept it as one of payment methods or better make it legal tender, it will be beneficial for their communities and citizens but again it won't help to avoid their economic crash from central banks.

It's possible, for the record that bitcoin isn't the subject of growth (in this case investment is not the main way, but earn). Let the community be more independent and don't limit their scope of earning opportunities to increase per capita income. For example, if people can generate bitcoin from their expertise or whatever, then the government should relax the rules and (if necessary) provide supporting facilities.

Instead of Sri Lanka having to build investments into Bitcoin at a time of massive economic downturn that doesn't know where it will end, it is better for them to build up wealth resources so they can be used to boost the country's growth first. I know that Bitcoin has a fantastic value or indeed your narrative is built when looking at the current price of Bitcoin. But do you know how the Bitcoin market with high volatility can experience ups and downs in value?

Sri Lanka economic collapse was due to the government's inability to manage natural resources and prioritize personal interests. Meanwhile, the role of a leader or more precisely a representative of the people means devoting himself, his knowledge, and all his abilities to provide welfare to the people. Look at the story of Sri Lanka where they didn't have such a leader. If the leadership is still vulnerable to personal issues, how will they focus on Bitcoin investment vehicles that could be taken over by the government at any time?

Wouldn't said obligation only benefit themselves in the end, and not really the economy of the country? In the end it looks like even if it was a success, it'd just be a temporary respite and wouldn't really deal with the core of the problem, whatever it may actually be. Plus, if this was known, there's a chance of people manipulating the market in a bid to temporarily profit off of something off of it, it's still an entire country investing after all.

And in the end, it also kills the idea of what an investment is. Forcing everyone is not the way, not to mention the possible risks involved.

Personally, I think it's only beneficial from an individual standpoint, not for the state, because from an individual point of view the use of bitcoin is very profitable because the process is very fast, privacy is maintained and tends to be immune to the state's financial conditions, making a deposit into bitcoin is exchanged into fiat currency, so if massive amounts can bring down FIAT currency, besides that the state also has no power to track transactions so the state cannot profit from bitcoin.

Bitcoin is a speculative asset that tends to go up. But you need to hold it for a few years on average to see a profit. And a country in a crisis might not be able to afford that. Imagine using your last budget money to go all in on BTC only to see it slide further in a bear market, while your people are without their salaries for 6 months, there's no money for healthcare, military, police and so on. How long will you be able to hold on until you are forced to sell at a loss?

Investing in Bitcoin in a large scale have its benefits and drawbacks.

Bitcoin can be an alternative source of capital for investment that can help stimulate economic growth.  It also increases financial inclusion where the unbanked and underbanked are rampant in a country since it allows these individuals to participate in the  economy and access financial services that they previously couldn't.

Bitcoin can also be a store of value that protect savings from inflation.  And most of all Bitcoin can prevent fraud because of its transparency and auditability.

Yes, adopting bitcoin help a country's economy. Bitcoin has demonstrated its ability to aid in the political and economic development of poor nations. The expansion of financial inclusion is bitcoin's most important advantage in developed nations. In this way, it can quicken the development of a variety of industries, cutting-edge technologies, and innovations that are essential to the expansion and advancement of the economies of emerging nations. Innovations based on cryptocurrencies are advantageous to developing countries.

No matter about your economy country down or not for adopting Bitcoin, I think when try to invest in Bitcoin actually based on how price going up or down to reach much profit later. Its seems not 100% will help some country when their economic is down if investing Bitcoin still on higher price, will help them later invest and adopted Bitcoin when price still down.

Nowadays, many countries faced crisis after Russia invasion to Ukraine but day by day will recovery and having better economy increase up, don't worry when have country adopted Bitcoin will get increasing up tourist and help economic country.

If a country adopts and invests in Bitcoin with the aim of making it a savings if in the future the country will experience an economic downturn, it will be very beneficial.
It's different, if the country has experienced a new economic downturn, adopting or investing in Bitcoin will be in vain because it's too late with what was intended.
Investing in Bitcoin takes a long time, so it is difficult to get sudden and fast profits.
But I think only a few countries whose governments have the thought and initiative to use their country's money as an investment in Bitcoin for the country's economic progress in the future.

El Salvador is doing it in thier country. It's not necessary for them to do it but it's Bukele's decision he must have in mind of becoming not dependent on USD since thier country uses USD before BTC. He surmised everything will be good after making BTC a legal tender.  The show isn't over though, he technically encountered hardships maybe every bear market but he would learn from this.

Sri Lanka, they have the advantage because there is India and China which are rising powers in the east. They can just make a deal with them for economic support.

And let BTC work for the individuals who want to join the decentralized currencies.

Bitcoin not improving economies in the immediate effect, Bitcoin primarily empower individuals.  But it is a technological tool that, when well oriented, can channel economic objectives and be a part but not the whole.

then I want to know the difference between adoption and investment?
Yes, indeed, if Bitcoin goes down, of course, if you can't hold it firmly, the conclusion will be a loss.
but as I said, bitcoin investment is made as a side business, not the main business, because if it is made the main business, of course we are afraid that the price will not match what we expect.

Investing in bitcoin has nothing to do with fixing a country’s economy. Bitcoin can’t fix stupid. It is the other way around. You use bitcoin if you are smart.

If the majority is stupid in a country, whether you use bitcoin, fiat or crypto it doesn’t matter. The result will be the same. People will suffer. They will suffer for their own choices because they are stupid.

You invest in bitcoin or whatever asset you prefer only to reward yourself. It is only your business.

Investing in bitcoin is something of choice and not a most because it is not everybody that will love the idea to invest in bitcoin. The volatile nature makes it not an assets that can boost the economy of a country but it can help citizens of that country,if the country adopts bitcoin,it will create a self-employed job for individuals and this will help to reduce poverty within the people, but it an't add any positive impact that will help the economy to grow. Bitcoin best way of hodling is a long term one not short term,this is where the challenge lies.

Bitcoin is not a magical stick that fixes all the problems in one country, and I doubt it can help entire country as long as there is corruption and other problems.
It can certainly help some individuals in that country, and maybe slowly spread and expand circle of adoption to more and more people.
We have few examples of countries with bad economy trying Bitcoin experiments, but making Bitcoin a legal tender in some country can certainly attract bitcoin oriented investors.

If it will be good or not it will depend on the currently moment the market is facing. For an example, if a government from a bankrupted country advised their citizens to start investing in BTC in November 2022, today they would have seen an increasement of about 45% over their investments, which would consequently boost the local economy of the country, without any doubts.

However it's a risky deal, because in the same manner BTC rised almost 50% of its price in 2 months, it could have also decreased 50% on that same time period, leading the bankrupted country to an even worse scenario.

To rebuild a country from scratches I believe it's needed more than Bitcoin. It's needed a lot of labor, good will, partnership and patriotism from countrymen. When people work together and don't fight among themselves all the time, they can go further. That is the example of evolved nations which developed technology and life quality for their people.

I am also on this side, it is not a miracle currency that can transform the economy of a certain country which has economic problems.
Yes, it may help some of its people but it doesn't mean that making bitcoin a legal tender will be the gateway to economic success.
It depends on how the government will utilize the use of btc to their advantage. As you said, they may use it to attract investors.
However, there is no guarantee for such path as there are too many factors that are involve in the economic situation of each country.

At least Bitcoin gives another option to help in countries' economic growth.  I agree that the development of a country relies upon the people who are in the authority, and if these people are not corrupt, then they can possibly use Bitcoin Industry to boost their economic growth.  So far we are only seeing individual/small group profit because of its regulation but I think we will have an example soon of a country that was helped by Bitcoin in terms of economic development.

The market is very volatile and taking a bold step in investing in Bitcoin without understanding how the market works might be a great challenge because the main reason why Satoshi Nakamoto developed Bitcoin was to limit the government access to the way to use our funds so there would be no third party that would determine how we would use and spend our money.

A country adopting Bitcoin does not means that everything is going to be fine. The country can only make money by investing in Bitcoin and collecting crypto tax from users especially companies thay are registered under them.

There are complex things related to the country's bankruptcy, moreover to help them rise again in the economic field. This will not be easy. Bitcoin may help some individuals, but not all of the whole country's economic field, once more, it is too complicated and complex a problems around. As what the basic reason said by @Bitcoin_Arena is true. However, there are also some other reasons that will make it difficult to realize:
- Not all people or citizens in that country will accept Bitcoin and cryptocurrency
- Not all people will be ready with this technology and how it works
- Not all people trust crypto and Bitcoin, moreover because of decentralization and there are no real forms of the cryptocurrency
- They will doubt this because they think that their country has been bankrupt and cannot do anything again
- The worst is in that such conditions, I think that most people will only focus on themselves, their families, and whatever individuals in order to stay and survive during the economic conditions, not willing to think more about the country itself because of the complexity

Everyone agrees that by making bitcoin the legal tender, you wont be able to change the economic  and financial conditions of the country all of sudden but still it is the first step in the right direction. The good results may take time to come, but slowly and surely the country financial system can become better if the country decides to regulate the cryptocurrencies and bitcoin for its citizen.

In what way do you think investing in Bitcoin could help your own country's economy?

Look at how El Salvador do it then maybe you will have a guess on how they managed to do it. First thing first, you should have to understand how Bitcoin works because it's different from fiat and not every country accepted it which means if your government plan to use it to pay for something during export/import it might not be accepted. They have to exchange it with your local currency first in order to pay. Not to mention the risk of the price going down for a long time especially during bear market which means it would hinder the growth of your economy.

Can an investment that is looked at for a side job (if we should call it that) actually be someeans to build a nation? I actually think not. It would help for sure with reducing the level of unemployment or the poverty level of a nation and create rroom for the bulk money that would have have used in the printing of fiat notes to be redirected towards other developmental project but certainly won't solve the economy issues within a nation state.

At the moment, the world is going through some difficult times, inflation here and there and the most that could have helped to build the economy is being able to produce what you consume more than your imports and actually doing some more exports.

I don't mean to build a country by relying only on bitcoins, because a country if there is still a lot of corruption and others will certainly not progress, but if people invest it will at least be helped rather than not investing at all, and in my country I often see people whose economy is helped by investing in bitcoin? and I also want to ask, have you ever seen someone's economy being helped because of bitcoin?
and in my opinion, if there are people who are economically helped by investing in bitcoin, I think that is the first step in the progress of a country, starting from small things first?

I don't think investing in bitcoin for one country is recommended where as we know the value of bitcoin is very unstable, countries have operations and need money every day to be allocated and developed in a short time, they must also benefit. Instead of investing in bitcoin, it's better to allocate it to a place that can provide benefits for the country quickly, such as medium industry and agriculture as possible

El Salvador did and so far it has not worked for them, it can be said that bitcoin has no function to help a country's economy go up. In order for the country's economy to recover and develop, it really needs a lot of factors, not just speculation with a volatile asset class and thinking that it can be changed.

Bitcoin is not magic, but it does have at least a couple of properties that might help.

For example, anyone in that country can open a Bitcoin wallet and start receiving money, right now, for free, from anywhere in the world, or locally. Huge benefit compared to opening an account at a bank with huge fees, and not everyone can open a bank account.

Another thing is savings, people can save in Bitcoin and not lose purchasing power in the long term.

So, being able to get money, and being able to not lose purchasing power of that money, will probably help people everywhere. But it's not magic, value must be created by the people.

A country's growth and development depends much on different factors. It is an impossible statement to make these kind of growth relying over bitcoin. If the country have got good set of users then this is possible to make some noise as crypto is decentralised which gives real growth.

In my opinion, if a country wants to develop its economy, the most important thing is, it must be able to eradicate corruption. because even if the people invest in bitcoin, in my opinion, this country will definitely find it difficult to progress because there is still corruption in it.

but I see you are still a beginner in bitcointalk. and your topic I appreciate, because you have the courage to express your opinion.

Bitcoin is definitely not a panacea and shouldn't be treated as such, but... if there are some skillful managers supervising the country's economy I believe they can find a way to improve things using Bitcoin. First, you could use Bitcoin to tackle inflation. And we all know why: total number of Bitcoins is limited (in contrast with all fiat currencies with virtually unlimited supply). Secondly, you can use Bitcoin to launch tax-free Bitcoin-friendly zones/cities (like El Salvador did). Finally, Bitcoin can help improve financial literacy in developing countries as using Bitcoin requires some basic extra knowledge (as opposed to using paper money) of finance and IT. Just my 2c.

I believe that it is not only about having Bitcoin as a legal tender or instrument to transfer value, OP.
In my opinion, the most profitable thing a country can do with Bitcoin would be to set their own renewable energy mining facilities, like those El Salvador was building.

Bitcoin is still very volatile and while giving the people the option to pay it with and increase adoption, one also needs to remember the fluctuations of the markets can lead to red numbers.

Before transferring wealth, it is necessary to create it.

No, Bitcoin cannot redeem a country's economy. The people could take refuge in Bitcoin if the country's fiat currency is fast losing value, but it doesn't mean it addresses the very reason why the currency is devalued. Investors leaving the country, bad business environment, corruption, terrible bureaucracy, poor infrastructure, bad economic policies, and so on and so forth are some of the reasons why a country's economy could fall. Bitcoin cannot remedy those.

The economy of a country depends on a lot of factors to develop, investing or depending on bitcoin will be very difficult to improve the economy of a nation. For individuals, bitcoin can help, but you also need to remember that investing is not always profitable, there will be risks, so it depends on each person's mindset that there can be a profit or not. Bitcoin is an investment tool like other investments, whether your economy improves or not is up to you to decide, not bitcoin.

Exactly right. At the end of the day Bitcoin is just money, a great type of money, but money nonetheless.

You need to actually have a healthy economy to grow a country, with different people doing different things.

Bitcoin can help these individuals to provide their goods and services to more people, but they have to actually generate those services themselves.

Also Bitcoin helps to keep value of your savings over the long term, compared to fiat.

First you need to know the reason why Sri Lanka's economy is become worst, it's because the Sri Lanka's government is done a lot corruption. This make the citizens lose their trust to the government and their fiat is suffer high inflation.

If Sri Lanka adopt Bitcoin and make their citizens can use Bitcoin as legal tender, it doesn't solve the inflation on their fiat value, but it does improve their citizens economy in the long run.

But the main problem of Sri Lanka isn't from their fiat, but the government. Accepting Bitcoin as legal tender isn't enough to solve the problem of Sri Lanka's government, because the only way to solve it is kick the functionary which have done corruption including the president.

Entire World have been watching the move of El Salvador which is the first to make bitcoin legal tender. The country have been into criticism, but the country is quite confident in its activities and kept increasing the bitcoin stake. The country is predicted to have a big transformation with respect to the growth of bitcoin.

At present the change is very small and in specific tourism industry have got impacted by the adoption of bitcoin. Slowly this will move to other industries. We even had a thread that El Salvador to turn rich in specific number of years. Achieving such a level isn't possible, but the real adoption will help El Salvador to grow their economy.

This is the story of El Salvador, but depending all upon bitcoin for the economic upliftment of the country is really impossible. So, countries need to focus of diversified economy upliftment strategies.

If the country is bankrupt and people feel the consequences of that bankruptcy in bad education, healthcare, pensions, road infrastructure, etc., where is that investment supposed to come from? It's going to have to be pulled from the already depleted money pools I mentioned above. A bad situation, thus becomes even worse. Imagine then the reaction of the people when they find out that the already terrible healthcare they had is now gone because the funds were invested in Bitcoin which may or may not turn out to be a good investment 3+ years in the future. In the meantime, the citizens are supposed to contribute with thought and prayers and try not to die. ::) 

How does that help the economy? My investment is mine investment, not that of my government's. Unless the next stage of your plan is to force the people to hand over their coins to their country. The country could potentially benefit from taxes when those coins are exchanged back into fiat. But we are again talking about a long-term investment of several years if it's going to be worth it for the people. If the country is rotten from the inside, the currency you use won't change much. As the saying goes, "putting lipstick on a pig". It's still a pig.

To a certain extend any country could profit from investing in bitcoins, as long as the long term price trend is positive. The problem of course for a country in bankruptcy is that they don't have any money to buy bitcoins in the first place. They could try and print more of their fiat money and buy bitcoins, but nobody would be selling his bitcoins for the inflated fiat money. The bankruptcy comes from not meeting financial obligations that have been given in the past. Somehow Sri Lanka needs to work on restructuring their debt first and try to get their budget in order. Otherwise it will be hard to get foreign investors to help and rebuild the country. Switching to bitcoins as a form of payment could be helpful as well for Sri Lanka. As long as all the people have access to bitcoins it could be a good alternative for the people, but the government will probably not agree. Once switching to bitcoins as a legal tender the government has no influence over the money supply and can't print new money freely.

Economy is just a broad aspect. Perhaps 100 people in a certain country are known to be the richest in the world, but they are in a third world country. Nit because they are rich, they would be able to carry a country's economy on their shoulders. Which is in line with individualism and generalism. Bitcoin indeed helps an individual financially by means of profit. But that won't lift an economy which is being pulled down by different industries. As you've mentioned as well, profit is not certain in this industry or consistent, which is also another factor to consider. So the answer to this topic's question is definitely no. If you're succeeding in this industry, you'd more likely move to other country.

I think investing in bitcoin for a country that is experiencing difficulties is not a good idea, because as we know the value of bitcoin does not always increase, it tends to change. and as we know the country requires quite large operational costs, so btc can't support it all (in my opinion).
btc is only suitable for individual investments not wholesales for example countries

I don't see any connection of how a country's economy would move further because of investing in Bitcoin since a country isn't relying on Bitcoin only. There are different factors that can make a country's economy evolve and one of that is by using the fiat money. Perhaps by taxing people from every transaction they made on exchanges.

Anyway, what do you think of Bitcoin ATM in some country? Isn't that helping them/their economy?

I can't tell exactly what do you mean, perhaps make an ads about of Bitcoin in the TV or social media in your country but I doubt almost everyone would listen to you but I'm sure there are some people that somehow will agree with you.

Bitcoin is just a freedom of using our own hard earned money without a third-party interfering all of your transaction. But it can also be an asset that you can sell.

Well, the adoption of Bitcoin by a country.. cannot change the way that a country are run.... it can add transparency to the way that the tax money are spend. (Leaving a bread crumb trail on the Blockchain for all the transactions that are done with the money)

The citizens of that country can also benefit from this, because they can protect the value of their wealth .. by buying bitcoins and not leaving it in their local Fiat currency that are failing. (Hyper inflation kills the buying power of their local currency)

The main thing about having legal tender is that the recipient of the transaction has to accept the currency, in this case Bitcoin, for the debt they have.

So, even the country has to accept Bitcoin to pay taxes, debts, etc.

Note that in a country where Bitcoin is not legal tender you can still freely transact with Bitcoin as long as the two participants are willing to do so. There's no legal barrier to buy and sell goods and services with Bitcoin.

Bitcoin cannot change the regulation of a country but a country that adopts bitcoin can change its regulation for Bitcoin to be used or to be implemented in their financial system.


Also, citizens who are unbanked can also take advantage of the frictionless, borderless feature of Bitcoin where there is no need for banks to process transactions internationally.

With the legalised usage countries can tax the usage in the right way. This can bring revenue and a small contribution to the economy through cryptocurrency usage can be obtained. This doesn't mean they were able to build the economy through bitcoin. Bitcoin is just the currency as Dollar and Euro, and it have got the technology backing. There is always misunderstanding about bitcoin as the way to eliminate poverty, unemployment and so on. Only through its usage one can know what it is all about than just making assumptions.

They can still invest in bitcoin but don't think bitcoin will get them out of trouble or will improve the economy. As many people have said above, bitcoin is just an investment tool like other assets so the government can invest, but it needs to be appropriately calculated to be able to bring them a profit. El Salvador is an example, their investment is not yet profitable, but they know how to take advantage of bitcoin's reputation to promote other things in their country, such as tourism, calling for investment from abroad. That's also a way, not just looking for a return on investment.

Legal tender would mean no capital gains tax.

If you man Bitcoin being legal to use, well, most countries in the world are like that already.

I think partly why most countries don't make it legal tender is because the governments would lose on all that tax.

The short answer to your question is NO!
Countries like El Salvador and the Central African republic had accepted Bitcoin as a legal tender. Are they facing massive economic growth?
Nope! Not even close. Small and underdeveloped countries need massive investments in their infrastructure and education systems. They don't necessarily need a cryptocurrency. Many people don't even have computers and electricity. How are they going to use Bitcoin or altcoins?
Bitcoin isn't even a stable currency. It's highly volatile, which is bad for a country, that doesn't have a strong economy.

The economic recovery of a country can be done in many ways, one of which is in the investment sector and the types of investment are diverse. Sometimes like El Salvador, which legalised Bitcoin as legal tender with the aim of advancing the Central American country's economy, targeting foreign investors into their territory.

I can answer if for organisations like the government maybe Bitcoin can't help, but to make individual economic changes maybe it can.
In my opinion, the Government can emulate the system of blockchain technology to facilitate their efforts to restore the economy.

Bitcoin legal tender means bitcoin will be the currency of that country, once bitcoin is the currency, their old currency will no longer be used. I think that's why the government will never accept it as legal tender. Only countries whose currencies are losing value will accept bitcoin as legal tender.

It's a no for me because of the volatile nature of btc. Bitcoin investment should be an individual thing.

Yes but the governor doesn't have to force everybody in the country to buy Bitcoin because ever though they do that, it'll not add to the countries economically growth instead only enrich those individuals that bought and humans been very greedy might run away with all the money they made from the investment.
What the government can do is to invest the countries money into buying of Bitcoin or mining of Bitcoin. Countries like El Salvador are using this strategy of DCA their investment into bitcoin and in couple years time they would had made so much profits that they can invest those profits into other things that'll help revive the economy of their country.
I think this is the best way a country can benefit from Bitcoin helping their economy more effectively through investment in Bitcoin since adoption isn't at its highest peak to rely on taxing companies that carryout operation from your country.

Countries who are bankrupt shouldn't see bitcoin as a save heaven because bitcoin is a highly volatile asset, but then Bitcoin have the capacity to transform an economy if bitcoin is bought at the right time and with the right frame of mind, that is taking Bitcoin as an alternative and a long time store of value.

But if a country jump in on Bitcoin when the price is extremely high, it may become another way that the country economy will collapse faster and deeper if the price drop from the high bought amount.

So adopting Bitcoin should not be based on economic recovery, but as a technology that need to be properly studied and understood before verging into it.

Ofcourse. But I think it's be better to involve those who know how to invest rather than those who can afford to invest so that there won't be much regrets. And that will mean learning/education first, like you suggested, or they could get qualified people (who would never have access to investors private/secret keys) to manage their funds. . There are very few people who could help in this regards.

Ofcourse it's actually possible for members of such countries to earn reasonable amount of income from their Bitcoin investments and use that to take care of their basic needs,but only if they know how to go about it.
Bitcoin economic model is actually sustainable especially now it's in good hands. It can comfortably accommodate everyone in the world without issues, as long as it remains in good hands.

I don't think there is much to learn for a basic usage of Bitcoin.

It really is simply save money in Bitcoin instead of fiat. Of course there are technical aspects that need to be learnt, but those are easy enough to teach, same as how most people are computer literate these days.

The key thing is that you can "invest" your fiat in Bitcoin. Usually you would need to invest your fiat into something, a company, a house, etc. Bitcoin allows you to save your money without actually investing in risky assets.

Making bitcoin known in a country or using it to help a country is probably having the countries heart at risky because if the market raises we will thanks be to God then how about it falls what are we going to say then.
Truly bitcoin investment is a life changer but it still at the owner risky so we can't risky the income or economy of a country to bitcoin that we don't know when it raises or when it falls, so I guess we better not do it that way and think of something to help the country.
Haven't known all the risky it takes to invest in bitcoin as an investor and what it takes to invest,as well as the risky you  to put the country into,you don't hope on it always because it can likely disappoint you too.so we need to be very careful of what we are doing or thinking before put the full country involving in it.

if their country's fiat has been destroyed, everything must start with government policy. leave fiat behind and start with the massive adoption of Bitcoin for all transactions in the country.
state finances must be completely reorganized. use the money reserves you have to supply Bitcoin to the Community. in the case of a debt-ridden country. this is not an investment, but the adoption of Bitcoin to be used as legal tender.

if countries become so poor, even their fiat has no value anymore. how will they invest? revival will take time, and that also includes countries wisely managing the existing resources in their countries for mutual progress, not being corrupted.

I think, adoption of Bitcoin in a country will help in so many ways that will make the citizens of that particular country to feel the impact of Bitcoin in all areas of their lives. Bitcoin has so much reward to such countries that will make it legal in their countries, because it will help the countries to reduced unemployment from the land and improve many business in their environment. El Salvador is one of the country that does that by adopted Bitcoin in their country to eliminated poor education, and low economy from the country that is making other countries to respect their current president that made it available for El Salvador to be the first country that adopted Bitcoin.

If you ask me I would like to say the country doesn't need to be economically broken in this case because bitcoin can be life-saving for any country and government if they know how to use it as they should use it, for example, El Salvador's governments invested on bitcoin and tried to use it to make their economic situation better while they didn't mistake and they invested at the moment when it is not a good time so that's why they are still not in a good situation. But generally, yes, investing in bitcoin can help with a country's economic situation.

A delapidating economy can be improved with the impact of bitcoin if introduced, the reason why there has been increasing demand to know about bitcoin all over the internet is because of it nature of profitability and decentralization where by bitcoin does not loose value over time when invested, instead it appreciates and increases in it, the influence of inflation couldn't be felt with such a decentralized network and has served the purpose of restoring back the economy the ways it used to be.

The economy of a country has more to with the countries nGDP. Bitcoin can be an investment in the long run, but a country cannot be sustained by a sole dependence of its investment in Bitcoin.
Even as a last resort, a country without exportable products in any field/industry is surely reliant on other value it offers to the world.  A country would have exhausted all its means of making money, before even looking to the profits it has made from its investment in Bitcoin.
If they intend to mine Bitcoins, by building large farms for this purpose, are not in so much fiscal debt, and are technologically adept to keep up, explore, and secure in large detail the features and insight Bitcoin has to offer, then I can say it is possible to invest in Bitcoin to build a countries economy, but not for a hopeless case, because the yield takes time. It should be as an added source of income stream.

True.

At the end of the day, Bitcoin can be used as a savings mechanism.

But the value itself needs to be created. It can be anything though, value doesn't have to be tied to Bitcoin in the creation, but in the saving part of it.

Most countries are interconnected these days, so inevitably Bitcoin will start to be accepted in more and more countries through the open market

I think it will be difficult to translate the whole country, first people need to understand what it is

Possible to improve the economy through investment in bitcoin but for this the government needs to support it. Bitcoin is not legalized in many countries for being decentralized all financial transactions in the country must now accept Bitcoin as legal tender, except for businesses that do not have bitcoin transaction technology. Since the currencies of low income countries are quite weak, they have suffered a lot. When there are big fluctuations in the market and inflation is very high they are in a very fragile position.

People are not born with the ability to transact with bank accounts, credit cards, etc. It's all learnt, and once it becomes second nature it seems simple.

The same thing with Bitcoin, first you have to learn how to use it, etc, but then it becomes second nature.

These days you can even setup your own lightning network server with an NFC card (Bolt Card), and you can pay in sats (no conversion to fiat ever) by just tapping with your card, the same way you tap with a credit card for example.

It's just a matter of time until we have 3 standard payments, cash, card, bitcoin.

indeed investing in btc is very high risk, but in my opinion there is nothing wrong if people invest in btc to make a side job using idle money, and in my opinion all businesses are of course very risky as well as investing in btc.

but indeed I don't know much about bitcoin and crypto, but I want to know from you what is the difference between adoption and investment? I am very happy if you want to explain it...

if the whole country will Connive together and invest in bitcoin ? then this will be a great  step to start a new beginning and go cashless society as we knew that the world is going online now and with the help of Bitcoin and also other cryptocurrencies , there will be a bigger solution for their drowning economy .
they will have less credit in worldbank things that most country suffers from.
and also the transactions will go faster and that is what each people needed now , though sometimes congestion is the most hated part of transacting , yet there is other option to conduct.
LN will also help small transactions to get through with lower fees.
and also good post OP, this add some flavor to the market going next to Bull running sooner.

good part in this point , yeah  independency don't need to be connected to anything but the country itself as they only need their people to develop other aspect of profiteering and generating income .
If they find those in crypto or in bitcoin generally then why not right?

Thinking a little bit about the use of bitcoin and rebuilding the economy, i think the OP is visualizing the problem in terms of what you know about small profits and imagining a big application for a other scale.
First of all, I strongly agree that using bitcoin is useful and there are risks associated with any economy, and economic recovery or growth will depend on many different factors specifically people, resources, energy, climate, relationships... and the fact that bitcoin as we can believe and see its potential but more frankly, fast development speed does not mean it's big compared to the economy.

We should never forget that Bitcoin is a currency. A currency can only do what a currency does. A strong currency strengthens an economy, but it doesn't mean if a  country has a strong currency it economy would flourish.

If a country adopts Bitcoin, yea it would help some people in various ways. It would make some people richer through different ways like trading, investing, and different job opportunities that Bitcoin creates, but ultimately I don't think it can save an economy from bankruptcy or resuscitate an economy, but I believe in making a few people richer it has contributed to the economy one way or the other.

It does keep it's value over time, because you cannot simply create more of it.

I can understand why some people in power don't want Bitcoin, because they would lose the ability to print more money when they want to.

it is possible, actually it is not only bitcoin. youtube, tiktok and etc was proof that people can earn money from internet which will also improve country economy. there is no limitation of money velocity in bitcoin, google adsense, tiktok gifts and etc. money from all around the world can come to us, what we only need is internet connection. although a country don't have enough natural resource but as long as they have money they can buy that from other country.

Most of the countries of the world are economically backward, very few countries are economically developed. But if we focus on whether Bitcoin can improve the economy of any country, then I would definitely say yes. Because we have seen many countries use Bitcoin to advance their economic management. Especially in a country like EL Salvador where people were constantly forming different gangs and economically they were very backward. But since the time when the Salvadoran government recognized Bitcoin, their economic position has gradually improved. Where all transactions are done by Bitcoin, we can say that it is possible to improve the economic position of a country by Bitcoin. There are many other countries that have advanced economically by investing in Bitcoin and they have invested in Bitcoin to improve the country economically.

Due to Bitcoin, those in developing nations without bank accounts have access to opportunities they have never had before. People can utilize "digital cash" instead of going to a bank thanks to it. It is now simpler for people to participate in the global economy.

But we also need to consider how technologically behind many of these nations are. Some people lack the necessities to use Bitcoin. This may widen the income gap, making it more difficult for those without access to advance in life. Bitcoin therefore has promise, but its use should be a part of a bigger strategy that also includes funding digital education and infrastructure.

It's possible, a country can invest heavily into Bitcoin and that will bring a better future for the country, this is why I pity some poor countries that still went on to ban Bitcoin in the country, they are so blind to see what opportunity is waiting for them right now and there is nothing we can do about it.

Also if the country is in the hands of corrupted souls there won't be any improvement even if they Invest all they have in Bitcoin, by the time the in investment is ripped enough they already have bad intent for the money, so if a country with bad leaders adopts Bitcoin it won't make any difference.

Do you have any solid evidence that bitcoin will appreciate and become profitable in the future? Or will it never crash or drop to a price we never thought of? Governments would not foolishly bet the fate of their countries on a volatile and uncertain asset like bitcoin. As president, they need to ensure the safety of their people and country.

Bitcoin is just money, an investment tool, it does not create jobs, has no practical application, it cannot help the economy of any country improve. We should be realistic and not exaggerate bitcoin excessively.

Why does people nowadays keep asking this same question , when we can just look at what happened in EL Salvador after their action in which the very first country to adopt bitcoin as legal tender.

is their any big happening in the country? do their economy grows and increases while adoption is happening?

if does then good , but I believe it is a NO? so you already knew what is the answer here?

Never did I imagine that things would run smoothly when it comes to matters involving governance and civilian affairs. My knowledge about a country's economy is rather limited, hence I can infer that rectifying the downward trend of a nation's economy is indeed challenging. Even resorting to Bitcoin does not seem to be an appropriate solution.

Implementing an asset with such high volatility into a country's official system is a decision fraught with risks. No one can predict the future, and in my opinion, that is not a wise choice. Bitcoin's purpose is not to serve as a grand investment for a poor nation seeking to escape poverty's clutches.

I don't know whether you follow the economic development of El Salvador or not. But based on what I found the country of El Salvador did have some economic improvements in terms of state revenue in tourism after they officially adopted bitcoin as legal tender. But I don't want to explain it further. because there is already a thread that is always the place to update the latest information regarding the development of bitcoin adoption in El Salvador. namely this one topic. (El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 (https://bitcointalk.org/index.php?topic=5342087.0)). I think the country has benefited pretty well after adopting Bitcoin.

For now it seems that talking about something big on bitcoin involvement will be much more difficult, let alone related to countries and also not all countries see specifically about bitcoin which can trigger broad economic growth. So what we can do may only be limited to individuals involved in investments to reach the stage of economic independence. Adoption and investment have slightly different meanings and even if adoption is going well, investment can be made easily because there are no restrictions regarding regulations in certain countries.

Although someone can invest anonymously in bitcoin, but as you try to describe this in general terms and relate countries then adoption can be tied to the degree to which the government itself treats bitcoin. Bitcoin in my country is legal as an asset and should not be used as legal tender, so leverage and economic ties can be up to 35% for each individual and maybe the percentage can increase and there is always no fixed level of accuracy when asked where it came from and where did it come the source.

Aside this you've mentioned, any country can make use of the opportunity in a decentralized network to build their own independent economy and finds a means to survive the corrupt economy challenges and its inflation, if bitcoin has the potential to make one rich, then if a country should adopt bitcoin can change their history for good just as in case of El-Savador which was made as an example, when you're tired of having same result over time, then try to adopt in new approach for a new change in opportunity which was same thing El-Savador did by adopting bitcoin as a legal tender, more good news are still coming about El-Savador's not until after the next Halving they will begin to reveal to the world, we are looking to see more countries adopting bitcoin for that changes they deserve.

Very much possible!!!

But the problem that comes in the picture with the use of public funds is accountability,  and the fact that money is moved into investing into bitcoin which takes time for these portfolios to mature...means politicians making promises they can not keep as profits can only be taken out after a bull run or something and usually this has no eta and the public will demand to know where their money is!
To be honest,  such investments are better left to individuals than done on a large scale as a countries investment  though we have seen it with El Salvador..
But then again,  when a country has a struggling economy,  doesn't that mean resources are scarce and 70% unlikely  to invest in things without an immediate return which makes me believe this will never be agreed upon 🤔

Surely it will improve the economy of each person trying to get money from the Internet. Many people have tried to make money from the Internet, but most have tried it in the usual ways other people have used, so they have to look for different ways. If every citizen's economy can increase by providing jobs or their citizens can find a new income resource, the government can increase the country's economy because people's purchasing power will definitely increase and eventually, the wheels of the economy will run as well. And it will speed up the recovery of the country's economy so that the country can develop better. And if the citizens can invest in bitcoin while the economy is down, they can make a good profit in the future, and that means their citizens can also increase their economy because they will have money at that time.

No, investing in Bitcoin alone is not enough to help build an economy that is falling. If a country wants to build its economy, first thing they need is to vote in leaders who are capable of handling their economy, and not the types that will launder their money and lead the country to bankruptcy and more failure.

Next thing is tapping into any resources they have; they need to make sure that their resources are utilised properly in building the economy. And they should also focus more on exports than imports. A lot goes into building am economy.

Investing in Bitcoin is not a bad idea, but it would have little to do in building an economy of a country that is failing, plus Bitcoin is risky, and they may be losing money instead of profit.

In my opinion, bitcoin may not necessarily be able to help the economy of a country as the creator of the topic above said, because we don't know how bitcoin will go in the future and whether it will rise again for 800 million and above whether it is likely to drop drastically for 10 million and below. and in my opinion, to help a family's economy, maybe you can learn and do crypto business.

It depends on the country, politicians are like buying stuff from the dark web, you don't know what you will get until you get the package, even the most responsible will disappoint you, so it depends on the country, if democracy reigns truly then people have the power to vote in and out any leaders they like or don't like anymore but in most countries there is nothing that the people can do.

It's not easy to be a president of a country and if you start seeing many candidates doing all they can to get to that position them it's not about serving the country only, there is more to the agenda, been a leader is tasking and something that I will run away from, but today people are going extra miles to become the next president, if it isn't about money and power what else could it be?

First of all, you need to remember why Bitcoin came into existence. Its primary purpose was to serve as a decentralized digital currency, providing an alternative to traditional centralized financial systems to ensure security and transparency.

I also think that investing in Bitcoin is too risky and will not be enough to help the economy of a country that is down or in chaos. if investing in Bitcoin could easily solve a country's economic problems then all countries would have done it.
Unfortunately, in terms of the economy of a country, the problem is quite complicated and really complex it's not as easy as what the OP said to overcome and improve economic problems with a large scale such as a country.

I agree with your answer, what must be done is to re-elect leaders who are more assertive and have concrete solutions to solve problems one by one and improve the country's economy.
But unfortunately most of the failure factors are mostly carried out by people under the country's leaders who have positions in the government who cannot carry out their duties properly and correctly.

I think the point you are trying to make is that everyone should accept Bitcoin and with that, it will help the economy. Because everyone in the society contributes to the economy. But this is where the problem begins. Not everyone understands Bitcoin. And you can't push Bitcoin through everyone's throat. It is an independent choice. If one chooses to get involved with Bitcoin, they are free to do so. But if someone does not even understand the concept and how to use it, how can you teach them?

There are people who don't know how to use a smartphone. You can't just go to them and force them to use Bitcoin. The wrong way of using it by force will lead to mistakes and instead of helping the economy, it will do the opposite. Also, investing and making profits is not for everyone. Some hand-picked people who know about technology will be able to understand it. So I don't think it can help the way you described it.

Adopting Bitcoin opens lots of potential possible job demand.  When a country opens its door to new technology, many companies will take advantage of this opportunity creating more jobs for the citizen.   With new emerging companies and new jobs being hired, the country will earn taxes from these thus there will be fundings to create new Infrastructure that also creates other job opportunities.

As a country embrace innovations and technology, it is a possible thing that foreign company can put investment in that country's development.

I partially agree, it is true that too much pressure to use does not lead to good publicity but it is also true that there are many ways to educate people.  For example, here in Italy all traders are obliged to accept electronic payments via pos but we must also take into account traders who are of an advanced age and not very familiar with technology yet the state has not done any course of use it has simply imposed it and the merchant is required to implement the payment.

building a country is not an easy thing because what has to be fixed, of course, has to be from all directions, and of course investing in btc in my opinion is also very risky.

Indeed, I also understand what the op means, but in my opinion, to build a country so that it becomes a developed country, it is not enough to invest in BTC, that is, it must be added to the others, for example in that country the government must create large companies so that there is no unemployment in that country. etc.

The problem is this :

Those governments control and manipulate their local economy and their local currency. They will not want to legalize Bitcoin as legal tender, because it is a threat to their control.

So, the citizens of those countries should protect their wealth from their own governments actions and failures, by buying some bitcoins with a more stable value. (Hyper inflation kills most struggling Fiat currencies)  ::)

Let's take a look at El Salvador. If they succeed in the end, perhaps some countries will try to emulate and emulate their steps.  Digital money is a new breakthrough, it takes a process to become a transaction tool recognized by many countries. At this time, if the world does not forbid, it is already very pleasant. This decentralization issue is as opposed to governments and governments trying to make a counterpoint to CBDC and many countries of the world have done careful planning.

The problem of Sri Lanka and poor countries is not a fiat or payment method, the problem is that these poor countries are usually highly corrupted, there is no freedom of business and there is a monopoly on many things, there is a lack of educated people in country and another bigger problem is that one may find job via nepotism instead of education and skills.

Education is really important. If you have a lot of money but don't know how to use it, then it's just an invaluable paper. Bitcoin is not a magic thing that automatically grows. Look at it like a pool where each bitcoin proportionally represents the money that's in the pool. The more money we put, the higher the value but when we take out money, then value decreases.
I don't think that current pressure on Bitcoin payment adoption in El-Salvador is the best idea, nor is it performing well because people should have access to computer and internet and know how to use them in order to move on bitcoin payments.

It can definitely help to increase the economy of the country. If Bitcoins are adapted, then definitely there will be lot many transactions of the coin. Also the government can buy the coins and hold it in order to make profits from it in the later period of time. But the sad part is that, due to the decentralised nature of the coin, the government doesn’t show interest in adapting it. They cannot control the coins and economy attached with this.

I also hope that more and more countries will adopt bitcoin to be used as a legal payment option in more countries. Bitcoin is not a substitute for money but another alternative that can be chosen by people who want a decentralized system. I still think that Between fiat and Bitcoin can coexist well. But the current administration may prefer to create their own state digital fiat called a CBDC. But everything remains the same, namely the system is centralized and not decentralized. So we can only respond mediocre because CBDC and physical Fiat are no different. Even without a CBDC, the banking system can send money digitally. So absolutely nothing has changed.

Currently in several countries, although they have not yet adopted bitcoin as a legal tender. But governments in some countries allow some companies to accept bitcoin as legal tender specifically for that company. Whether it's a hotel company or something else. So, indirectly, many countries are actually interested in bitcoin, it's just that they haven't dared to take big steps like those taken by El Salvador and the Central African Republic.

Now I am curious to know what kind of effect Italy is having now. As everyone is obliged to implement electronic payment in their business, how things are going on there? Is it good or bad for the businesses where traders don't know about it and are not educated enough? How are they completing trades with those who are willing to pay by electronic payment system? I am asking a lot of questions, but I am really curious and want to know all about it. 

If it's doing good, then in the future other governments could take the same steps. If it is bad, then other governments should avoid such actions. And tell me something that will help improve the situation. What's your take on this?

When a country's facing tough times, exploring new avenues like Bitcoin can be tempting. While it's not a cure-all, some folks believe that embracing crypto can bring fresh opportunities and attract investments. But it's not a quick fix, and there are risks involved. Thorough research, proper regulations, and education for the masses are essential.

Bitcoin had a potential to increase the economy of the country,because it give various income to the people who involved in the crypto trading, crypto mining and from the forum works.Finally the people will start to earn money from the bitcoin and crypto currency as a resource.When the people had a money to inverse in the crypto currency,he can do trading with good coins.So he gain some dollar as an profit,this profit used by that person on the economy.So finally the government get some money as a tax from that person.The government will use that money for people welfare.

I do agree that its not a bad idea at all, it can be done to make it a little bit better at least. I think it should be considered a good idea to keep improving on your investment as well. There are a lot of nations with high inflation, if they keep on buying bitcoin with some part of that money, they could end up getting a lot better on the long run. I know my country would, Turkey prints money like crazy, and everything is insanely expensive here right now, if we were to spend only just %10 of our governmental expenses on buying bitcoin, that would literally pay for itself and the whole  government for a year in the future without a doubt. But I am sure we won't, it just not common for big nations to do something like that, only small ones like el salvador could.

I think that part is regarding bitcoin but also regarding getting more attention as well. It's definitely because bitcoin is legal tender there and the people who go there could be regarding bitcoin as well, or there could be a lot more crypto companies that move there because they know it's legally fine.

However, I also think that it got their name out, not a lot of people heard about them or really considered them a tourist spot before this, but after this happened there were a lot of people who started to think about it, regardless of crypto, just as a marketing ploy as well. This is why I believe that we should not really be considering the situation all that weird, it's normal that if El Salvador did it, some other nations could too.

Hi, i'll keep my eye within the comment section below this thread.

I think #Bitcoinarena and some members has provided a comprehensive response.

Bitcoin cannot be use as a tool to build or empower the economic growth of an entire country. Because, there are lot of other factor's which constitute to the economic growth of a country not just adoption of a crypto currency.

Firstly, the govt of a country whose economy is down should start by providiob of consistent power supply, clean water, accessible road and good  transportation system in and outside the rural regions.

These are just a few things which the govt. of any country with a bad economy can do instead of adopting a crypto currency.


Regards
Bitcseo

The truth lies in the middle, that is, before this forced adjustment many shops already accepted electronic payments but now it is normal to pay for everything by credit card or via smartphone or match, even for very small payments such as bread or coffee.  The problem is that many have not realized that privacy has been lost because all payments are tracked by banks and as a result the government may also request the details.  Bitcoin, on the other hand, would erase precisely this transparency.

That’s not entirely true and I can’t digest the fact that some currency can change the face of country in terms of economic growth and develop a resistance. I don’t know how we are relying on few examples or Italy example if it just implementation of few rules and regulations. That’s already happening on the highest level in El Salvador or maybe Singapore for that matter. But what’s the result? It just being used as alternate currency and that too by the peeps who are interested in it. They can use it without any hesitation. That’s all it is guys. I mean that’s what I believe, because since centuries we have added various types of assets.

Adopting Bitcoin to be able to save a bankrupt country seems impossible because a country is bankrupt due to several factors and ways to be able to save it can be through loans to the IMF or assisted by its own citizens who together collect their money to build their country, but I think the last method is difficult because most citizens will definitely leave a bankrupt country like this. Even if citizens invest in Bitcoin and then the profits are used for the state, they also need capital for that, where will the capital come from? public private money? and what if instead the Bitcoin price falls and their investment fails? meaning that far more people fall into poverty. Maybe investing in Bitcoin can bring profit, but it can't be used to save a bankrupt country.

No I don’t think so,

The bitcoin has its own world

In this world ,there is no government,no police,no political party,no tax.

So the current world, we say real
 country, are far away from the bitcoin world.

 :D

We don’t need to build a real world,a world online is enough.

It is too early to know for sure, what the impact of bitcoin would be on the economy of a country, it has been possible to compare its utility individually, but not on a large scale, first of all because it was not until recently that certain countries decided take this legal tender digital currency, specifically El Salvador and the Central African Republic as I understand it, but I suppose that as time goes by, at least two years, you will be able to notice the improvements that its adoption brings, and of course this It will depend on how they manipulate these if it will be beneficial or not, for example El Salvador, is instructing its citizens for the proper management of it, however, as I said at the beginning, it is too early to notice how this currency helps the finances of each citizen and therefore to the country, although I consider that this strategy will probably bring good results

Our world is weird. Who would have thought governments would buy bitcoin? In no way is your theory bad! However, these are government institutions. Public perception of bureaucrats is not daring. Turkey, too! A grocery list takes longer to print than your income. Such massive inflation is unthinkable. But nonetheless! Your theory may be right. In crisis, Bitcoin may be your "inflation buster." With cryptocurrencies, who needs a stable economy? Sadly, though! Large nations dont usually adopt new concepts, right? Perhaps too risky... Little males do all the exploration. Ever the "economic experiment," El Salvador is trustworthy. But one can never be sure. Possibly, your idea will become mainstream...

Why not? Bitcoin investment is individual’s freedom so if there is passion and enough resources to invest, then go for it. But never expect that it will bring you immediate profits that you will use for the country’s economy recovery. However, if you continue to hold your bitcoin with indefinite time, maybe in the future you will reap a good harvest on it, and you can do everything you want for your profits. You can chose to reinvest again so you can help your country to progress, or diversify your investment into physical investments like gold or landed properties so that you can also contribute to the progress of your country’s economy.

^ It depends because the success of BTCs adoption will largely depend on how well it is managed and regulated within the country. Proper education, awareness, and responsible handling of cryptocurrencies will be crucial to ensuring their potential benefits are realized.
As time goes by and more countries experiment with incorporating digital currencies into their economies, we will have a better understanding of the effects on various economic aspects, including financial inclusion, investment opportunities, cross-border transactions, and government revenues. However, we should put into consideration that every country's economic situation is unique, and what works for one may not work for another, luckily El Salvador has successfully adopt BTC while other did not.

I thought you were going to talk about the government of a certain country making an investment in Bitcoin to make the economy better because the economy of a country is not in the hands of its citizens, they might have some influence in it but they can't make it good or bad, it's all about how the government governs the state and how they manage things, especially finances so that they keep getting more money from what they have instead of losing it.

Also, since Bitcoin is an unpredictable asset when it comes to its price, you never know what's going to happen tomorrow. What if a government invests $5 Billion in Bitcoin and the price drops 50% within a month, that will be devastating for them and their economy. So I don't really find it to be a viable solution for that problem.

Investing in bitcoin should be long term, not monthly. Only in this case, btc brings income. At least within one BTC-cycle, that is, approximately 4 years. This applies to both private investors, institutional investors, and entire countries.

Perhaps the high volatility of bitcoin and unpredictability (although btc is already quite predictable in the long term) makes countries wary of btc and not rush to invest. But if you act deliberately, for many years to come, and not for a month, as in your example, then this is not much more risky than investing in the economies of other countries (where there are not less risks, but even more).

A price drop of 50% will not have any negative effect on the country's economy, because no country will sell at such a discount, especially after investing in a month. I am sure that if some countries take such a step as buying bitcoin, then this financial asset will be frozen (will not be sold) for several years, at least.

As a citizen, if you want to contribute to help the development of the country, you will only have one thing to do, generate income and fully pay taxes to the government. And you invested in bitcoin, do you pay taxes or are you using it to evade taxes? What you are saying is personal gain, I don't see any benefit for your country's economy.

A country is in recession and to overcome that, the government needs to attract foreign investors, create jobs, people with stable income and pay taxes...By doing so will boost the economy of a country, do not rely on an investment in a volatile asset.

I believe that Bitcoin can solve many problems in this world economic but helping a corrupt government is not. It may help the people to have more option while their currency is plunging, but this alone won't have any significant effect if the government do not make any good macro economy policies. A country economic is far too complicated to be solved by Bitcoin alone.

I think it's a complicated problem that you're trying to solve. A country's economy that's plumetting has a lot of contributing factors and I don't think that bitcoin will be the panacea for those problems, maybe it can help with the financial struggles of that country but if the people in power is corrupt to the bone then that financial injection to help the country's economy will just be pocketed by those corrupt pigs. If we want to really solve the problem in economy, we need to be active at participating in discussions regarding economy, if enough people complain on something, the politicians will be powerlessso they will yield to what the people want. If you're talking on an individual scale, you can definitely survive or live well if you use bitcoin even if you're economy is crumbling down.

I think the issues of Sri Lanka are centered around the politicians put into power.
Crypto could be much more successful with more education. The whales of Sri Lanka could open a few educational sites, i.e. that could help.

The potential set out by Nayib Bukele in El Salvador may be widely implemented by other governments, but its nature must reach the same regulatory stage or there are other additions for overall perfection, so that the country's economic potential and other sectors can increase. I believe bitcoin can bring widespread financial freedom when government programs have to be implemented as implemented by El Salvador, the problem is that not all countries are able to see that potential and there is a lot of opposition in it when forced.

Therefore, when the country's globalization is unable to reach this stage, individually we can do it independently. At least adoption like this can bring us to the stage of financial independence even though the government has not fully supported bitcoin. It is impossible for to fully rely on the government when they have not been able to run it, so to find a solution for financial independence we must determine it ourselves.

In some situations Bitcoin can be a very helpful adoption for a country and its economy but still a country which is already bankrupt won't be able to gain any economical advantage by adopting Bitcoin. Let's take the example of Sri Lanka, we all know that the economic condition of that country is in the worst levels possible and adopting to Bitcoin won't help it to become free from economic challenges.

Bitcoin can be helpful for the people of such countries only if they know that they are investing in an asset that is going to be higher in value and should be kept safely because Bitcoin can be hacked and someone who doesn't have proper knowledge about Bitcoin can lose a lot of money due to his/her lack of knowledge.

In a country some people who already have enough money can invest in Bitcoin to make their future life better, but if people who hardly earn a wage to support their families then they won't get better by adopting Bitcoin. Bitcoin is not for rich people only, but still rich people can make far more profits from it then the poor people. I still think that providing awareness about Bitcoin to a community can be very helpful for that community and many people in such countries can improve their lives by adopting Bitcoin.

As we can see other countries are already doing it and others are only partially making bitcoins as one of their choices of investment in their countries. Nevertheless, their results was pretty good because non of those countries are experiencing economic falls after they make bitcoins as choices for their people to invest their money with.

It's possible and  beyond its economic implications, the adoption of bitcoin also holds the potential to foster international cooperation and collaboration. As countries navigate the complexities of cryptocurrency, exchanging knowledge and best practices can lead to shared growth and progress.

Utilizing Bitcoin or other cryptocurrencies as a strategy to revive a struggling economy is a multifaceted choice. Cryptocurrencies are recognized for their instability and inherent risks. Before proceeding, it's crucial to conduct comprehensive research and take into account economic, regulatory, and technological factors. Seeking guidance from financial professionals and economists is recommended in this situation.

Sri Lanka suffers difficulties, much like any other country with a struggling economy. To assert, however, that using Bitcoin has no benefits? That is merely ignorant. Bitcoin crosses national boundaries, conventional financial institutions, and systems that have consistently failed numerous nations.

Your claim on Bitcoin's hackability raises serious questions. The blockchain, which powers Bitcoin, is one of the most secure technologies in use right now. You've heard of the hackers? Instead than Bitcoin itself, they are exchanges and wallets, frequently as a result of human error. Before spreading untruths, educate yourself.

Lets also discuss how Bitcoin is making the affluent even richer. Bitcoin or fiat currency, money always creates more money. If you want to portray Bitcoin as some sort of elitist tool, keep in mind that its more about the system than the asset. Power is knowledge. And the general public may very well be able to use Bitcoin's power if they are informed about it.

99% of all hacks are not really crypto but Exchanges, Wallets.
One coin sticks out though and that is ETH. Not positive though. In 2016 it led to a split.
https://en.wikipedia.org/wiki/Ethereum_Classic

It can help the economy but only bitcoin cannot save the economy. It can be part of the overall structure. In many fields, adding bitcoin to payments can bring overall transparency. It is going to very profitable for corrupt countries as it can check the practice of corruption.

Rekt News usually lists a lot of hacks, and some of them are based on the smart contracts of those alt chains.

Other times there is some social engineering going on.

But at the end of the day, Bitcoin is by far the most secure network to store value on the planet.

Of Course! Absolutely but for this, we should understand that bitcoin and crypto are best for making money and also this is the best for coming dollars in your country if we can't understand crypto so this is hard to up the economy this is the best way to make money from home and this is possible to invest in BTC to build a country whose economy is down. this is my prediction.
your prediction????
reply me.

It will be more risky i think. It could be possible but huge risky. Previously we saw bitcoin price increase speedily but some times it’s price also fall at large. Any country shouldn’t invest broadly in Bitcoin
Because i think many big crypto whales and many gambler involved in  Bitcoin. They are capable to creat impact on Bitcoin price. They are able to manipulate Bitcoin price. Recently we saw Elon Musk's company SpaceX sold his Bitcoin and Bitcoin price fall near about 8% instantly and for it’s impact still Bitcoin price dumping. So i think  is it possible to invest in bitcoin to build a country whose economy is down. But is is high risky.

The government does not need to directly invest in the Bitcoin market.  It can just make its country crypto-friendly and create Bitcoin-friendly regulations.  This will attract Bitcoin enthusiast companies to set their country as base operation and get profit from taxes and give jobs to their citizens which means more tax collection.  This way the country does not risk anything but still be able to profit from the Bitcoin economic activities.

Bitcoin itself cannot improve a country's economy but the government taking advantage of the opportunities the Bitcoin Industry brings can make its country get developed and level up its economy.

So true. No country has fallen economically after adopting bitcoin either as a commodity asset or as a security asset. And in fact El Salvador seems to be enjoying some advantages in the tourism sector after they adopted bitcoin as legal tender in their country. So actually every country that is open with bitcoin and allows its citizens to invest in bitcoin will make the country have more income from the taxes that are collected by the country from the transactions of its citizens on the exchange. Well in my country in Indonesia have done it. And all went well. The government gets additional revenue from crypto taxes and citizens also feel happy because they are free to invest in crypto as a commodity asset.

Also, the amount of Bitcoin that El Salvador has bought is not a huge percentage of the country's GDP anyway.

I mean, MicroStrategy, a single company from the US has more Bitcoin than El Salvador...

So far, El Salvador has good economic reports in several media. But I don't know in detail, the real problem. One of the reports is an increase in revenue through the tourism sector. Bukele as president mentioned that the main support of tourism is Bitcoin, in addition to promotion, surfing and crime reduction. Even tourism minister Morena Valdez, stated the tourism industry has increased by 30 percent since adopting bitcoin. If this condition is real, I feel happy, hopefully there will be many new countries that adopt Bitcoin as a means of payment.

Source: https://www.liputan6.com/crypto/read/5036264/pendapatan-pariwisata-el-salvador-meningkat-setelah-adopsi-bitcoin

The only thing what brings a country forward is education.
The biggest issue is to move forward people employed by the country, those tend to slow things down.

El Salvador's smart move? Pure genius. The only person who wouldnt see the obvious genius of supporting Bitcoin is an idiot. And the Indonesians? An inspiration to the globe! Unlike many other scared and outmoded governments, yours prioritized advancement over stagnation.

Increased tourism? The actual gain? Financial freedom and flexibility. Well, who wouldnt welcome an additional source of income from cryptocurrency taxes? There is a win-win. Citizens leap forward into the future, and governments reap financial rewards. To be honest, anyone who fails to recognize the generosity of this action needs to have a reality check. Its imperative that countries move past outdated financial structures and prepare for the unavoidable crypto future. If not, how come? Nevertheless, isnt it their loss?

OP as a matter of fact, it is well known that bitcoin is not stable rather it is a volatile asset so therefore it is not guaranteed that one must make profit so sudden upon investing in bitcoin and you know very well that when it comes to do with investment one has the mind set of making profit but in this case it would take a long term holder to actualize that otherwise one opts for a short term and must be at trading.

A nation can only talk about making quick proceeds or revenue from bitcoin when they start taxing bitcoin and crypto related transactions in their nation which means that they must have approved bitcoin s an alternative means of legal tender so in that cause they would start taking tax from transactions which her citizens engage in as long as it is bitcoin related but when it comes to investing in bitcoin, there is no big deal about it but that nation would have to wait for a long term in other to make profit from their investment in bitcoin.

There are also some gains with migration.

Steve Jobs was the son of a migrant family.

Elon Musk migrated to the US as well.

Etc...

as a citizen, of course, in a situation where the country is in a downturn, bitcoin investment is a good choice for securing the value of its assets, where by investing it can offset the inflation rate in a country that is struggling in terms of the economy. moreover, only one country is in trouble so investing in bitcoin which is an asset for the whole world is not too affected, it is different if there are global economic problems, of course it will more or less affect the development of the crypto market

I agree with what you said, the benefit of bitcoin to the government or its impact on the economy is tax. They accept bitcoin and popularize it among the people, through which the government will have a significant additional tax source for the country's construction budget. But many people say that if governments accept bitcoin and invest in it for profit to help reduce inflation for the country is myth and crap. Bitcoin is an extremely volatile asset, if the government invests in it and puts the future of the country in it will cause the economy to collapse faster.

They will continue to grow, they got in at the wrong time and I bet that we are going to see them do a lot better in the near future as well. The best thing to do right now would be making sure that it is going to be decent on the long run.

We are not going to see it change anytime soon, but they will definitely do better when the price goes up. Obviously the trouble with this is that the elections are there, they do not have a king or a dictator, which means that if you buy at the wrong time, and it doesn't go up until the elections, that's a trouble for the sitting president. In any case, the extra added tourism income should be good, it helps the whole community grow bigger and if they can attract some companies, that would be even better.

everything that shows interest will always be in a growing progress
because this shows how extending their hands in cooperating to be part of this innovative living
bitcoin will always help countries ti build their economy in different ways.

Yes, country can invest in Bitcoin to build their economy which we have seen in some countries like El Salvador who has developed their country with the help of Bitcoin investment. There are many countries today created a good atmosphere for their citizens to acquire the knowledge of Bitcoin so that they will not depend on one job alone in their countries than to take a risk to invest in Bitcoin and have something special to earn in the future, which is the best thing any government that care for their citizens can do to adopt Bitcoin for the sake of their youths. Based on what other countries saw during the pandemic that reduced many countries economy but those countries that adopted Bitcoin in their countries didn't experienced much collapse in their economy.

I do not know which countries have adopted Bitcoin and their economies have not experienced much collapse during the pandemic, because Bitcoin is still very small in scale for the world economy, and until now Bitcoin can only help the economy individually, not in the form of countries, and is there a country that has a very large amount of Bitcoin? because Bitcoin has always been a rival to fiat so it makes governments don't like Bitcoin because they will prefer fiat over Bitcoin, and if there are countries that have Bitcoin on a large scale then they may now be experiencing concerns because the price is declining.
If you want to improve the economy individually then Bitcoin can be an alternative but only people who understand how to benefit from owning Bitcoins will benefit because not everyone understands how to get those benefits, because Bitcoin is an asset whose value is very volatile.

Even though Bitcoin isn't widely used across the country, that doesn't make its impact small. You're right; it's still in its early stages on the world stage, but that doesn't mean it can't grow. Countries like El Salvador have already made Bitcoin a legal form of currency, and guess what? They are making an example

Your idea that states hate Bitcoin because it competes with their money is too simple. Yes, Bitcoin is a competitor, but the real worry is that it is not controlled by a single group. It's the ultimate game of power, and governments just don't want to lose control

And what about the price of Bitcoin going down? Every object goes through good and bad times. Remember gold? What about real estate? A stock? Every market has ups and downs, and with risk comes profit. It is the height of snobbery to say that Bitcoin is only for people who understand it

Unfortunately this is a misconception. Bitcoin does not solve the economy's problems, and there are many reasons for that.
For starters, you need to understand how the classical economy of a country works.
Secondly, you need to understand how the monetary system of the state and the central bank works.
Thirdly, bitcoin itself has a lot of inconveniences and problems - and volatility is at the top of the list. Which is a manifestation of its purely speculative nature.
If we go back to the first two points, you should realize that an economy without emission of currency is actually impossible. Bitcoin has no additional issuance. It will also be a problem that will lead to very noticeable deflation when a country's GDP grows. And an "improving economy" is always accompanied by GDP growth. The quantity of goods/services grows over time, money turns into assets, new assets appear again... And the amount of "money" (if we talk about bitcoin) remains unchanged, or at least limited...
These are very superficial problems, but they are enough to realize that cryptocurrency, in its classical sense, cannot help the economy.

From your point of view, bitcoins can not achieve such aim for a country with bad economy. The question that need to be asked is that, can the citizens take profit at thesame time, how about investors from other part of the world. Since bitcoins is unpredictable as it also respond to some changes, this step can also lead to the downfall of the country's economy. The best practice, is to adopt bitcoins without any form of financial liberation for a nation. Every nation must be built on good monetary policy to survive the heat of the time.

How and on what basis can you argue that countries that adopt Bitcoin will not experience much economic collapse?.
I don't know what you think and how you can think practically like that. but to overcome the problem of economic downturn in a country is not that easy just by investing or adopting Bitcoin.
If it's that easy to solve a country's economic problems, then right now we should have seen that every country in the world should have legalized and adopted Bitcoin, right? so that they can overcome the problem of a bad economy?.

While I can agree that a country legalizing and using Bitcoin in a massive way could help to improve their financial situation in the long term, I personally believe that what makes a "piece of land" a country is it's own people and the culture of theirs.

There are cultures around the world which make emphasis on working hard, studying, honor, etc. The most obvious example would be Japan, where people work a lot for their own sake and the sake of their society, Germany would be another example, they are organized.

So it would not only take to adopt a specific currency or move to Bitcoin, a positive change in a country's economy takes to educate the population and switch their mindset in the incoming generation of workers.

Bitcoin was never invented as a builder of any country's bad economy from going into inflationo/recession, so don't expect that, but rather Bitcoin can save your funds from losing value, since its a currency whose value  likely to increase over long period of time, and as such, whoever invest in Bitcoin today is likely to reap a good sum as time goes on.

Bitcoin was born in 2009 towards the end of the great recession that started In 2007 and ended in 2009 to help solve the economic crisis experienced then due to money printing that resulted in a high inflation rate that destroyed various country's economy as at that time. Bitcoin from that time has become a hedge against inflation because you can't print as much as you way want.

You both all have to come un concession on the major reason why bitcoin was created first, after knowing this, then you will realize about some other opportunities that may comes in through this bitcoin adoption for the people and government to have, bitcoin is a currency, but yet can be use as an asset, investment and exchange means, if through all these mentioned we have more attention on bitcoin for adoption, opportunities like developing a delapidated economy could set in, employment opportunities, financial independency, privacy, trust security and lots more that could ease the development of any country if bitcoin is adopted and permitted for use, these are different channels and dimensions through which we can have the importance of bitcoin being applicable for man use.

yes, bitcoin has many benefits, especially for people who understand bitcoin and also know the risks of investing in btc, and I think if
people already know the knowledge about investing in bitcoin, it has great potential for profit and to be honest, I personally have felt the benefits of investing in btc, and my economy and my family are now getting better because my income has increased because of investing in btc and my family are all investing in btc , and I am lucky to live in my country where the government allows people to invest in btc, but the government of my country prohibits btc from being used as a means of payment.

For those with the intelligence to understand Bitcoin, like you and I, it's a goldmine. The benefits are not just individual but ripple through society. Just look at your family, for example. Progressing economically due to the sheer might of BTC, while the naysayers just stand by, drowning in their ignorance. The fact that your government has the sense to allow Bitcoin investment is commendable. And as for them not allowing it as a payment method? A short-sighted move. They might as well try to stop the tide with a broomstick! The future of finance is crypto, and it's time the world woke up to that fact