Can bitcoin improve the economy of a country?

[audaciousbeing]

I will say that bitcoin is already improving the country's economy but the effect is still not felt due to the number of people involved in particular compared to the entire population that have not done otherwise. For example everyone involved one way or the other have been able to meet their needs and even help family and friends through their earnings that bitcoin made possible and this has improve their financial status at the minimum and as part of a country the economy their immediate family has increased because of that which can then be said to affect the state as well.

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[deisik]

I think that bitcoin will be able to improve the economy of the country if it becomes accepted as payment in all places in the country. So more people will start paying with it and improve the financial situation in the country.

Well, in that case, countries will have to put indirect tax as there is no possibility of levying the direct tax on Bitcoin transactions. Since Bitcoin is an international currency, it will create more opportunities especially for the businesses around the world and it will bring the world closer financially. Thus when it comes to the growth of the country, there should be a practical tax structure. There are the people who have no issues to pay taxes but they don't want the governments to control their values.

I massively disagree with this approach

I don't think that taxing Bitcoin specifically is a good idea. How come? If Bitcoin is legally considered as a financial asset (sort of) used mostly for speculation, it could be taxed as other such assets (I guess it would be a capital gains tax). But if Bitcoin is legalized and actually used for buying goods and paying for services, i.e. used as a means of exchange, taxing it is meaningless since that would amount to taxing money which is a clueless and counterproductive idea. Governments do everything to make money more efficient (that's the reason why it emerged in the first place, i.e. to make trade more smooth and efficient) while taxing it would obviously work in the opposite direction

I am aware of the fact that governments love flowing economic wealth rather than holding values as a dead investment and that's why I used the word 'practical'. We know that it is near to impossible for governments to levy the tax on Bitcoin transaction and alternatively there is a possibility of double or even triple taxation which will be an obstacle in the flow of the wealth. The possibilities are endless but there is a real issue while finding and implementing a practical solution

I see only one viable solution in this regard

That is, no Bitcoin taxes (transaction-wise or something like value-added tax) should be levied on Bitcoin if the latter is used as a means of payment. What is the purpose of government levying taxes on something which facilitates the exchange of goods? As to me, this is not a good idea at all unless that government wants to extinguish such payments in favor of payments with fiat. But then it would likely fare a lot better by simply prohibiting the use of Bitcoin as a means of payment as such. This doesn't of course mean banning Bitcoin altogether, just preventing it from competing with local currency as another variety of money

[teamcryptonator]

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

Maybe bitcoin can uphold or improve one country's economy if that certain country is equipped to operate the usage of bitcoin. Also it may be possible if the users will use it as a fiat or type of payment for franchising into a certain establishment in terms of payment purposes. Because with the decentralized block chain, bitcoin is apart from banks and government so a certain permission from the users to allow their assets to be use to add up into the economic rate.

Actually Bitcoin can't helps the economic of country use it as payment gate, you can see Japan is a proof about country accept Bitcoin legal and use it for exchange in outside. But not have more user because they said Bitcoin need more time confirm and not stable price make them don't like Bitcoin.

[dasana212]

Bitcoin may help to increase state revenue by withdrawing taxes from any transactions occur in its jurisdiction area. And too depends on number of users or volume of transactions, if still low of course bitcoin gives little benefit for a country.

[stompix]

Yes, ofcourse. Bitcoin can definitely improve the economy of a country because of this reason. Because of bitcoin you can import a money into our country and that way could affect the price of our local money because the supply of our money will increase.

By the same logic bitcoin can affect your economy because you can "export" money out of your country.
And bringing in money without bringing in the equivalent in services or goods will lead to a major economic problem.
You have a clue what that is? Where there is more money in an economy that should be?

Bitcoin may help to increase state revenue by withdrawing taxes from any transactions occur in its jurisdiction area. And too depends on number of users or volume of transactions, if still low of course bitcoin gives little benefit for a country.

That is just impossible and please in the name of god don't give them such ideas.

[supandi wiharja]

Maybe bitcoin can fix a country, because many countries have accepted bitcoin as a virtual currency.
Because bitcoin prices are very high, and bitcoin has many advantages that are transparent and neutral, Security at the time of transactions, freedom of payment wherever and whenever there is no bank holiday. ..
I agree bitcoin can improve the economy of a country, because there are many advantages.

[Anfisman]

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

Many things can improve economy of country, one of which is determined by the welfare of the community, the higher income per capita population will make a country's economy also improved. Bitcoin can be a source of income for us, we can do mining, or investing with bitcoin. And with the current bitcoin high prices, this can be a great source of income for us. When we have generated substantial income, our economic situation will improve and when this happens, it will affect the economy of the country. So the conclusion bitcoin can improve the country's economy to a better direction.

[matchi2011]

Maybe bitcoin can fix a country, because many countries have accepted bitcoin as a virtual currency.
Because bitcoin prices are very high, and bitcoin has many advantages that are transparent and neutral, Security at the time of transactions, freedom of payment wherever and whenever there is no bank holiday. ..
I agree bitcoin can improve the economy of a country, because there are many advantages.

Something as general as fixing an entire economy would be beyond bitcoin for now. Bitcoin can affect people's money matters on a micro level but unless there's a move from the government making bitcoin more accessible to people, it won't have any effect in the economy.

[Hallmader]

Maybe bitcoin can fix a country, because many countries have accepted bitcoin as a virtual currency.
Because bitcoin prices are very high, and bitcoin has many advantages that are transparent and neutral, Security at the time of transactions, freedom of payment wherever and whenever there is no bank holiday. ..
I agree bitcoin can improve the economy of a country, because there are many advantages.

So much of your overpraising on bitcoin capability. Wherever and whenever as if all places in your country have internet connection? People should stop being gullible and start making sense. Bitcoin is a great great investment but I don't think it matters most when it comes to centralized nations economies.

[decoder88]

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

I hope so,  because i see that there are many people who are using bitcoin now and because of that maybe it can help our economy someday by bitcoin. Many country accept bitcoin as there one of there currency because of the reasons it has a high price and very easy to use.

[yndye]

Something as general as fixing an entire economy would be beyond bitcoin for now. Bitcoin can affect people's money matters on a micro level but unless there's a move from the government making bitcoin more accessible to people, it won't have any effect in the economy.

It may improve the economy of one's country. Though you cannot immediately see its effects because it's just on a micro level but once some major investors who invested in bitcoin will have more income then they would create more businesses means more jobs and that would help boost the economy of a country. Of course if there is a support from the government then it would be more achievable.

[Granxis]

Maybe bitcoin can fix a country, because many countries have accepted bitcoin as a virtual currency.
Because bitcoin prices are very high, and bitcoin has many advantages that are transparent and neutral, Security at the time of transactions, freedom of payment wherever and whenever there is no bank holiday. ..
I agree bitcoin can improve the economy of a country, because there are many advantages.

So much of your overpraising on bitcoin capability. Wherever and whenever as if all places in your country have internet connection? People should stop being gullible and start making sense. Bitcoin is a great great investment but I don't think it matters most when it comes to centralized nations economies.

I depend on the development of China to the bitcoin, because they are experts in asic miners, and many products are made in China, resulting in a stream of hot money, selling old miners to China, and making themselves more beautiful.

[Kronos21]

Something as general as fixing an entire economy would be beyond bitcoin for now. Bitcoin can affect people's money matters on a micro level but unless there's a move from the government making bitcoin more accessible to people, it won't have any effect in the economy.

It may improve the economy of one's country. Though you cannot immediately see its effects because it's just on a micro level but once some major investors who invested in bitcoin will have more income then they would create more businesses means more jobs and that would help boost the economy of a country. Of course if there is a support from the government then it would be more achievable.

Not agree with you. Those who invest big money in bitcoin will never build factories in the country. It is not profitable and they have a different specialization. On the contrary, they are pulling money out of the economy and invest them in bitcoins.

[halych]

I think that bitcoin can not improve the economy of the country, because it is simply a currency, and not a tool for solving economic problems. It all depends on how the government will use it.

[Dainye_dyep]

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

Thats true, and since nowadays countless countries had been accepting bitcoin as one of useful currency, it may help our economy to grow and  run with aligned with the competitive countries of the World, but be open to the fact that it is not just like that will pop in a blink of an eye, we should consider the number of forum users that may contribute for our economy to be aligned to the one of the fastest growing country in 21st Century.

[yrreg ger]

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

I think it is both. Bitcoin is popular indeed than any other cryptocurrency. Other country support bitcoin because of number of users. Upon increasing this number of users, it also brings income to lot of people by exchanging it to a local currency. Because of stable income provided by bitcoin, it decreases tje employment rate, hence improving its economical state

[Prettyme]

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

I think because of users and also the price of bitcoin because our economy will become better if there is money involved because money makes the country run. Since bitcoin is a digital money so I think it can contribute to the betterment of the country.

[Pleione527]

Yes I think bitcoin helps the economy of a country by giving opportunity to individuals who can't have permanent job. Thru bitcoin they can provide the basic needs of a person  the earnings they get are use to cover up their finances and because of bitcoin people don't need to worry much if they can't find a permanent job because the earnings they will get can help them. If people in a country is financially stable they will also have a better economy

[Dhimas Kanjeng]

Yes and of course, if all countries agree to make bitcoin as a financial system, then the state will benefit greatly from bitcoin. And now the stage country for legalize bitcoin.

[Pattart]

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

I think it is both. Bitcoin is popular indeed than any other cryptocurrency. Other country support bitcoin because of number of users. Upon increasing this number of users, it also brings income to lot of people by exchanging it to a local currency. Because of stable income provided by bitcoin, it decreases tje employment rate, hence improving its economical state

I think the growth of bitcoin users in the country will make governments begin to open their eyes that bitcoin is needed by their citizens and maybe that would make the government interested in making bitcoin legal because of the insistence of many users from that country.