Do you think Bitcoin can ruin a Country?

[radiocoin]

i tend to agree with the guy who compares bitcoin to gold. i feel the creation is a natural response to feds devaluing currency to justify spending money they don't have by just printing more. A gold standard kept that from happening as you needed something of value before you can spend on something of value for a equal trade and that's why they got rid of that restriction. they disprove of bitcoin because it takes effort to acquire much the same way the gold standard was.

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[Nahl]

bitcoin have not tax for each transactions but doesn't mean will ruin the particular country and if there is a country decide to make bitcoin as their main currency i think they already prepare the worst situations and regulation will be the main thing to control bitcoin because if this is happening i think bitcoin will no more anonymous because the government will control bitcoin

[shine1123]

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

I don't think so. Both bitcoin and government can make a cooperation and bitcoin not always about currency though. I mean, bitcoin also provide a job for many jobless people on that country. Maybe the government can talk to the CEO of bitcoin on that country about tax and find a win win solution for both.

[SHAWN-MIDWAYS]

Of course it can, if a country does not have any well laid out monetary polices to guide it...it can be deprived of revenue which would have channelled the collected monies to build the country.

Bitcoin also brings about financial freedom which could be problematic as it makes vices like money laundering easy

[marketone]

Yes, For Me , I Think that  Bitcoin Can Destroy Countries !

I think so too because if a country can't collect money from the tax system it loses out on revenue and the economy just might collapse and for this reason bitcoin can't run independently as people just might invade paying tax.

Without paying taxes it is not possible to ruin a country because still, the government is not completely happy with bitcoin, due to bitcoin there are many allegations being raised, in this way without government involvement bitcoin cannot ruin a country.

[pearlmen]

I dont think bitcoin can destroy any country as at today because no country has fully adopted the it as a means of exchange and the volume of transactions is not enough to cause havoc in the economic system of any country. And if many country will adopt it, I am sure they will put checks in place to ensure it does not ruin its economy.

[mrcash02]

What is a strong country? A country with happy, rich and educate population. And that is what Bitcoin can bring to every country on the world. There is no way to ruin a country with Bitcoins, it exist to help people, to make our like easier...

If someone uses BTC for illegal activity it's another story... These people should be punished as they were punished by any other crime using fiat.

[d5000]

I agree mostly with this answer - above all, that Bitcoin would make collection of some kinds of taxes more difficult but not all taxes (my country, for example, relies on a high VAT but VAT would hardly be affected at all, at least not more than with cash).

But for me it's very improbable Bitcoin would have really a negative effect (and "destroy" nation-states). There is one fear that some nation-states had:  a capital flight from native currencies into Bitcoin that would devaluate their native currency. Let's take the case of Bolivia, where the Central Bank "banned" Bitcoin because of fears it could influence the stability of their native currency (the Peso Boliviano).

But - would this really be a capital flight with negative consequences? In no market Bitcoin is really a foreign currency, because there is no foreign authority controlling it that could benefit from it. That means that a move of capital from the native currency into Bitcoin would not have a significant influence in the exchange rate of the native currency into other currencies. There is one exception, however: if people use Bitcoin to buy "stronger" currencies like the dollar. But that would only be a problem if currency exchange is prohibited (like in Argentina from 2012 to 2014) because in other cases you don't need Bitcoin for it.

The use of Bitcoin does benefit, in most cases, the economy of the country where the users reside - at least, if its merchants also adopt it.

[iamTom123]

That would probably be overstretching as to how potent is Bitcoin as a financial instrument. But you got a point and that is why maybe countries are still reluctant to recognize and accept Bitcoin as a currency because Bitcoin is beyond their own control and even USA is finding a hard time as far as taxation is concerned. Bitcoin is viewed as a threat by many governments most especially control freak like China and Russia. However, hopefully this kind of viewpoint for Bitcoin would slowly change in the coming years.

[zulkarnaen]

In my opinion the existence of bitcoin really help the economy of a country
with bitcoin in this country creates more business opportunities such as investments, for example, trade, and kiosks that provide bitcoin transactions

[terrate]

Can. If the country notes like a shit.
The country can't take care of money out to other country.

[eng_ali_amer]

I think it can help economies ,making more chances

[darkangel11]

Can. If the country notes like a shit.
The country can't take care of money out to other country.

If the national currency isn't worth anything the country is already ruined. It's a boat full of holes and people, who keep their fingers in the holes to keep it afloat.
Bitcoin can't ruin a country, if it crashes some weak fiat it will simply expose its weakness and end the masquerade.

[Horserg]

I believe Bitcoin is not a threat in the country, it actually helps. It has a broad way of helping individuals for fastest transactions, remittance and purchasing dry goods that are available online. If the issue is tax, the government will do some legal rules with it.

[ivanpoldark]

This is possible theoretically. If most of citizens in this country would convert their real money to bitcoin, with intention or not to pay taxes from it. Than the economy and all political system could crash and the country falls in to anarchy.

[Userperson321]

Well the way I see it, bitcoin isn't really a currency; Bitcoin is an investment. I mean, think about it! When the idea of what bitcoin was going to be was being formed, it didn't become something that you go out and buy you groceries with, its not stable enough to be that. I mean, you could be looking at the prices of things in the grocery store and think you have enough bitcoin to pay for it but by the time you get to the front of the line, the price could have changed and you won't have enough to play for what you need. That is why bitcoin isn't going to ever replace something like the euro or the US dollar because their price change is slow and predictable, Bitcoin is something you buy in to. you spend a bit of money on some of it and then hope for a return, like the stock market. So hopefully one day bitcoin can live side by side other currencies and be something that everyone enjoys, but it will never replace them.

[Wesimon]

Well, i just thought, if bitcoin become a currency of one Country, maybe it can destroy that country? Think of it, Bitcoins do not have a tax, and tax are used by the government to make that country a good one, without tax, what will be used to spend and make that country a good one?

What do you think?

If ever that one country used bitcoin as its main currency, don't you think that they will impose taxes on every transaction and every earning of bitcoin? Of course they will! The government is not dumb enough to lead their country into its knees. And if the government ever see any chances of threat to its economy, they will immediately take actions. Maybe by banning bitcoin or whatever. The government will always find ways in order to prevent this from happening.

[d5000]

Well the way I see it, bitcoin isn't really a currency; Bitcoin is an investment. I mean, think about it! When the idea of what bitcoin was going to be was being formed, it didn't become something that you go out and buy you groceries with, its not stable enough to be that.

Thats an accurate description of the status quo. But Bitcoin's high value would never work if there wasnt' a myth that makes people invest in it, and that myth is actually the vision that at some point in the future, Bitcoin will be "massively used" as a currency.

That's why I don't agree to your conclusion:

That is why bitcoin isn't going to ever replace something like the euro or the US dollar because their price change is slow and predictable, Bitcoin is something you buy in to.

Because for the myth to continue to work, there will be an incentive to work on solutions for a more stable price, like "partial backing" of the Bitcoin value by digital goods. Also, liquidity in the case of mass adoption will be higher and that will limit volatility - we already are seeing much less volatility than in 2013/14.

So countries and central banks shouldn't ignore Bitcoin: they should integrate it to their economy.

[arransiv]

I doubt it can actually happen,first of all we are far from the point where such a thing can even be considered to happen.For that to be possible first a country will have to operate exclusively with BTC and then we can talk what effect it can produce.For now that is not the case but even if it happens it's quite unlikely that it will cause such major damage over a country,I can't see that happening really

[morlun]

I think....no and yes, depending on the country. Did you have a certain country in mind? I would argue that it can save more countries than it would ruin. Especially 2nd and 3rd world countries. That is provided that you could get the internet to the to those countries. surprisingly Kenya is the country that uses the most digital currency in the world. It's not Cryptocurrency but it is digital cellphone minutes that people send back and forth to each other because it is more stable than their own money.