Can bitcoin improve the economy of a country?

[prass tyo]

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?

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[mamaita]

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?

This seems to be the demands of the times because in addition to bitcoin users in the country a lot, there are also because many other countries already use otherwise it will be left behind, when compared with other countries

[nemgun]

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 don't think.

Bitcoin is good for countries economies because it is a fresh flux of investments if they are correctly regulated and directed.
I hope that one day Algeria will accept Bitcoin, it would be great for our economy and could help us solve a lot of problems due to the currencies change black market (3 bil EUR market cap) as people could buy Bitcoin and sell it in foreign countries instead of playing with the black market.

This was just an example of how bitcoin could help a countries economy, but i think that regarding the countries who aleready accepted it as a virtual currency, the main advantage is the security, as it is far better then using a credit card (was ?), and it can give a good punch to start-ups growth (if they are not scam).

[darkangel11]

I think I've seen similar threads already.
Yes it can, but it depends how you understand improvement. If you expect it to make the country richer, better situated economically, compared to the rest of the world, I doubt it. Though I think it can improve the distribution of wealth among the people, which in a way improves the economy.
Bitcoin has a unique feature that allows people to work outside the system, which is very important in poor and corrupt countries. You can sell your knowledge and time in the Internet and receive instant payments from all around the world, without the need to pay transfer fees and without the need for permits from your local government. You're also not pressured by prices of your local competition and can keep your business in relative secrecy.

[ImHash]

It can improve and harm a country's economy at the same time, both are possible and it depends on the people to know how to take advantage of it's benefits.
However I doubt if any country in the world has ever dedicated any percentage of their budget in to bitcoins, because if that happens price will explode but many countries I believe secretly are accumulating by spending their hidden/ dark/ unofficial budget.
Moreover I am unable to see and understand why organizations/ governments which only exist by being a centralized system could benefit from a decentralized monetary system such as bitcoin?

[Seansky]

Bitcoin can improve a country's economy even if it is just a way to pay, or another currency to use which I think would not help in improving economy especially now that sometimes it can aid on tax evasion. Despite that, many people can earn big on bitcoins via investments but it can really bring harm to those remittance services because it is easier to send money with bitcoins rather than using remittance which is a source of tax collections of the government but still bitcoin can improve people's lives.

[iamTom123]

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?

Japan has already recognized Bitcoin because they saw a good vision of the future of money and they have big plans to make japan a powerful Bitcoin player in the Asiatic region. Countries that will pioneer in the use of Bitcoin has a big chance to leap into the future and can easily attract fintech companies to locate in the area.

There would always be countries especially rogue regimes that maybe afraid of Bitcoin because they can't control it but these countries would be left behind in the financial revolution.

Yes, Bitcoin can help local economies and spur more growth in the global marketplace. We just hope that political leaders are not retarded enough not to see the Bitcoin vision.

[SingAlong]

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?

Japan has already recognized Bitcoin because they saw a good vision of the future of money and they have big plans to make japan a powerful Bitcoin player in the Asiatic region. Countries that will pioneer in the use of Bitcoin has a big chance to leap into the future and can easily attract fintech companies to locate in the area.

There would always be countries especially rogue regimes that maybe afraid of Bitcoin because they can't control it but these countries would be left behind in the financial revolution.

Yes, Bitcoin can help local economies and spur more growth in the global marketplace. We just hope that political leaders are not retarded enough not to see the Bitcoin vision.

Also Russia. At first Russia is against with Bitcoin and in fact they banned it together with other cryptocurrencies but now they have now recognized and legalizing the usage of Bitcoin because they have seen the potential in it especially to aid in the crisis they have been currently facing financially. 2 big countries have now joined Bitcoin and this would be a good publicity of Bitcoin and the reputation to designate itself as a first impression of being just a scam or not legit since most people would just back away knowing that this is a digital currency which as we know that the online world is infamous especially to adults which they have watched the news about the victims of internet scams and those attacks made by hackers. Though they might be some suspicion at first but still they will now try more to learn about it due to the interest it has driven them so this serves as push to know more. I see that Bitcoin in the future will greatly influence the global market as a medium of exchange/transactions.

[Qartersa]

Yes, definitely bitcoin can play a substantial role in changing the economy especially when its use becomes legitimate. Legitimate, in a sense that, there is recognition in every State of every government body honoring its existence. If it happens, it can pressure everyone in the banking industry to bring down costs for banking transactions in order to stay competitive.

[olubams]

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?

Of course I believe bitcoin has in no small way improve the economy of a country and not even to those countries that have accepted bitcoin alone and the reason for my conclusion is simple. Majority of all of us here are from different countries in which most of these countries have not accepted bitcoin as a currency but we all earn an amount or the other which we all contribute back to our various economy which indirectly can be regarded as bringing in income to the country looking at it from the economic point of view.

[davis196]

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?

If there`s hyperinflation in that country and fiat money are useless-yes.Bitcoin can improve the economy.
Otherwise bitcoin doesn`t have any impact over any economy.
I don`t care if many countries accept or ban bitcoin,they can`t stop the btc growth.

[AjithBtc]

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?

Of course I believe bitcoin has in no small way improve the economy of a country and not even to those countries that have accepted bitcoin alone and the reason for my conclusion is simple. Majority of all of us here are from different countries in which most of these countries have not accepted bitcoin as a currency but we all earn an amount or the other which we all contribute back to our various economy which indirectly can be regarded as bringing in income to the country looking at it from the economic point of view.

In one way it sure contributes to the economy of the country through the transaction as well exchange to fiat. A large scale contribution is possible when bitcoin is adopted as an currency or legalized within the country for use as Japan. From experts point I have said this, several cryptocurrency experts have suggested that the Countries initiating digital currency usage will grow economically whether it's an African country or American country doesn't matter.

[sunsilk]

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's both, that country is thinking that it can help their economy to boost although there are a lot of source for a government to earn.

But if a country has a lot of bitcoin user they will consider it and for it can give them a chance to tax bitcoin transactions.

In that way, they will regulate bitcoin and that's the start to help their economy.

[Amph]

definitely accepting bitcoin for them it's no real different than accepting the help of other country, every government with a brain should accept bitcoin, if they want more money injection in their country

think about it, the marketcap of bitcoin is due to many people around the world building, therefore it's like those other country are indirectly helping the one accepting bitcoin, by buying bitcoin for theirselves and making the price higher

obviously their buying would help other country also, it's a cooperation between everyone buying, accepting and using it

[klf]

Yes, definitely bitcoin can play a substantial role in changing the economy especially when its use becomes legitimate. Legitimate, in a sense that, there is recognition in every State of every government body honoring its existence. If it happens, it can pressure everyone in the banking industry to bring down costs for banking transactions in order to stay competitive.

Even though it is not fully recognised but if people know how to earn these bitcoins then surely that country economy will be improved indirectly. Because most of the people will be earning some extra income during their free time and it will automatically improve their financial and it will add to a country economy as well.

[digaran]

How would sending cash/dollar to a country to buy their people's bitcoins helps any country?
If you keep sending money from your country to other people which are in other countries when
they cash out their coins in their own country yes that is good and it will help bitcoin to be used more by more people, but if you keep exporting fiat out of the country it wont help your economy at all.

What is needed for people in same country to trade bitcoins with their own local currency.
With the current 3 TX/s I can't see this actionable though.

[cramcram21]

I think it can help lessen the people who doesn't earn or the unemployed,
They can earn through this crypto currency and help their family and their selves .

[DD-Lex]

I think it can help lessen the people who doesn't earn or the unemployed,
They can earn through this crypto currency and help their family and their selves .

Yes, it will be an excellent opportunity for unemployed people who have plenty of free time to study bitcoin.

[NUFCrichard]

I think it can help lessen the people who doesn't earn or the unemployed,
They can earn through this crypto currency and help their family and their selves .

Yes, it will be an excellent opportunity for unemployed people who have plenty of free time to study bitcoin.

How exactly? I see bitcoin as money. You don't get given it (in any meaningful amounts) unless you earn it.
Faucets give away fractions of cents. People may be able to trade to make a profit, but I doubt that the unemployed will invest thousands in Bitcoin to try to make money out of it.

To the OP, I guess governments will all be aware of bitcoin now, some regulations are in place, but they don't really care about it yet.  I doubt they consider it a threat or a great opportunity.  The number of users is small, but increasing. They might actually take note of crypto in the future, hopefully they will have to!

[serjent05]

I think if a country take advantage of the potentials of Bitcoin, it can help the economy of a country.  Simply by legalizing Bitcoin or acknowledging it as money and  encourage Bitcoin start-ups to start, it may attract lots of company and investors to venture a business such as exchanges or online shops based in its country.  The government then can earn from taxes thus increasing the country revenue which can be use to enhance and improve the countries economy.