Can bitcoin improve the economy of a country?

[ASHLIUSZ]

If your saying individual economy well might be yes since bitcoin is the best sideline i've ever see and yet earning pretty good with it right now. but in Economic growth of certain countries? then i might say No for now since bitcoin has not yet circulating on some offline establishments and that is the reason why bitcoins is pretty much unknown for those people who are not been attaintive to their computers.

It needs to be understood by you that an economic growth experiencd by an individual will surely lead to the growth of the country's economy. Because when an user starts using bitcoin directly or indirectly an inflow is created within the country. So without doubt bitcoin helps in the growth of Country's economy.

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[azguard]

If your saying individual economy well might be yes since bitcoin is the best sideline i've ever see and yet earning pretty good with it right now. but in Economic growth of certain countries? then i might say No for now since bitcoin has not yet circulating on some offline establishments and that is the reason why bitcoins is pretty much unknown for those people who are not been attaintive to their computers.

It needs to be understood by you that an economic growth experiencd by an individual will surely lead to the growth of the country's economy. Because when an user starts using bitcoin directly or indirectly an inflow is created within the country. So without doubt bitcoin helps in the growth of Country's economy.

Not need to be true, think that this will be on individual country and economy of that country. Dont think that all can do this and improve you by allowing for bitcoin to be used in every day payment/transactions. There are more to this then just to import bitcoin as mean of paying they will need to have lot of thing prepared and some reserves in bitcoin or fiat for this purpose.

Think that we need to wait and see how will Japan come out in next few month cuz they fully acknowledged it.

[Insanerman]

I think, yes Bitcoin can improve the economy of a country as most of the times the value of currencies decrease over time due to deflation.
But in case of bitcoin, it roughly doubles in 4 years, so switching to bitcoin is a boon to the people of the country.

It is a great help to any country if your country is in the receiving end. It is the same as remittances, and the more bitcoin are coming in, meaning more people are having income virtually from clients abroad and at the same time it improves the economy in the long run.

[deisik]

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?

It is not clear what exactly you mean by "many countries accepting bitcoin as a virtual currency"

If you mean that they don't outright ban Bitcoin and turn a blind eye on Bitcoin operations, this is one thing, while actually accepting Bitcoin as legal tender is quite a different one. And no country so far has gone that far, anyay (for a host of reasons). Regarding your question specifically, I tend to think that Bitcoin can do more damage than good unless we talk about very special cases (Japan, with its decades long deflation, may well be that case). But this is not all yet. Indirectly, Bitcoin can do some good to a country when another country (the first country's competitor) gets massively hit by Bitcoin. In the latter case Bitcoin will be used as an economic weapon of sorts (see economic hitman for more)

[buenav]

Bitcoin doesn't help or hurt the economy it is simply a currency used for transactions or assets. Perhaps it can help by a negligible amount due to lower transaction costs (though currently this is definitely not the case) but other than that it doesn't bring any efficiency gains which is what drives economic growth.

[matuson]

Bitcoin doesn't help or hurt the economy it is simply a currency used for transactions or assets. Perhaps it can help by a negligible amount due to lower transaction costs (though currently this is definitely not the case) but other than that it doesn't bring any efficiency gains which is what drives economic growth.

I don't agree with you. On the one hand bitcoin can attract investment. Now in the world there is a struggle for the investment and the one who first recognizes bitcoin may not be bad to earn some money, but then bitcoin might be a problem. The national currency is control over the economy, and bitcoin is only a hindrance.

[Fredomago]

I think, yes Bitcoin can improve the economy of a country as most of the times the value of currencies decrease over time due to deflation.
But in case of bitcoin, it roughly doubles in 4 years, so switching to bitcoin is a boon to the people of the country.

It is a great help to any country if your country is in the receiving end. It is the same as remittances, and the more bitcoin are coming in, meaning more people are having income virtually from clients abroad and at the same time it improves the economy in the long run.

yes it is, receiving country will be beneficial since btc already getting main stream attention whoever adopt the system will get much better
profits in return easy transactions and with low fee's but very useful and for those countries like china japan and australia they are all showing
interest using this system to much broad usage.

[Qartersa]

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?

As you have mentioned above, I think it goes both ways in that: 1) Bitcoin is so high they think it can change the country's economy and 2) because the country has many Bitcoin users already. I say so because each country needs to keep up with times without sacrificing what is most beneficial for it. Like for instance, since there are already a lot of Bitcoin users around the globe, tourists may consider visiting ONLY countries that accept Bitcoin as a form of payment. This way, these tourists will be relieved from unnecessary stress brought about by having to convert whatever fiat they have on hand and from costs associated with fiat conversion.

I truly believe that each country has to be open to changes to evolve.    

[iv4n]

No, for sure no! Economy in one country depends from many factors, currency is one little thing. Only thing where bitcoin can help is transparency of transactions that government make, in that way we can see how much they are honest, and do they work for people or for themselves. All your reasons that bitcoin can change some country economy can't hold water, bitcoin can do a little but the rest is on us and other laws that country have.

[deisik]

Bitcoin doesn't help or hurt the economy it is simply a currency used for transactions or assets. Perhaps it can help by a negligible amount due to lower transaction costs (though currently this is definitely not the case) but other than that it doesn't bring any efficiency gains which is what drives economic growth.

I don't agree with you. On the one hand bitcoin can attract investment. Now in the world there is a struggle for the investment and the one who first recognizes bitcoin may not be bad to earn some money, but then bitcoin might be a problem. The national currency is control over the economy, and bitcoin is only a hindrance

That's what most people don't understand or refuse to recognize

No, for sure no! Economy in one country depends from many factors, currency is one little thing. Only thing where bitcoin can help is transparency of transactions that government make, in that way we can see how much they are honest, and do they work for people or for themselves. All your reasons that bitcoin can change some country economy can't hold water, bitcoin can do a little but the rest is on us and other laws that country have

This is just another example of such misunderstanding

Money (or currency, which is the same) as well as its proper management is the cornerstone of any modern economy given that today it is not backed up by anything. So this is a very intricate and complicated mechanism which requires masterly regulation and control, and Bitcoin will bring even more complexity into running and maintaining this tool provided it is set to gain any noticeable traction. Governments will certainly have to take Bitcoin into account and consideration when implementing their monetary policies if it becomes a real factor or player in the financial life of a country (as a currency competing with the local one)

[Aleister Crowley]

No, for sure no! Economy in one country depends from many factors, currency is one little thing. Only thing where bitcoin can help is transparency of transactions that government make, in that way we can see how much they are honest, and do they work for people or for themselves. All your reasons that bitcoin can change some country economy can't hold water, bitcoin can do a little but the rest is on us and other laws that country have.

Although bitcoin development is very fast, but it only exists in certain areas, and I think, bitcoin can not affect or improve the economy of the country, for example in the UK, bank of england see virtual currencies such as bitcoin can pose a risk to the stability of state finances, if Used on a large scale, but in my opinion, bitcoin is not risky as long as in a small scheme , but if in this large scheme can affect the ability of banks to affect global needs. And I think there are still many difficulties that will come if bitcoin wants to dominate the world currency.

[bitcoinvestor]

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?

Don't talk about a country, let's talk about individual, Have you make your life better with bitcoin or cryptocurrency? if you say yes, It means the life of society will be better with crypto currency when they can make income from this new digital money. Banks will be the first institution who cry for this because many people use banks just as money transfer, people will not deposit their money in banks. That;s my opinion.

[Sled]

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?

Don't talk about a country, let's talk about individual, Have you make your life better with bitcoin or cryptocurrency? if you say yes, It means the life of society will be better with crypto currency when they can make income from this new digital money. Banks will be the first institution who cry for this because many people use banks just as money transfer, people will not deposit their money in banks. That;s my opinion.

Banks will never be in a crying situation because of the dominance of bitcoin to its users because banks are supported by the government and the government can link bitcoin to the banks so their users will continue to use their service and also have some more bank clients because maybe some of the new bank users is a bitcoin user.

[bestluck]

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?

Yes bitcoin can improve the economy of a country as if the citizens of a country will get jobs and no one of them will be jobless and will live a happy life and they all will have their happy living and will earn a good profit for their state then the country will develop more and the people will also work hard to make the country sufficient economically.

[deisik]

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?

Don't talk about a country, let's talk about individual, Have you make your life better with bitcoin or cryptocurrency? if you say yes, It means the life of society will be better with crypto currency when they can make income from this new digital money. Banks will be the first institution who cry for this because many people use banks just as money transfer, people will not deposit their money in banks. That;s my opinion

I'm afraid this is nowhere near the case in real life

Just the fact that your life became better doesn't mean that the society which you are part of won or got better on the whole. For example, if someone steals money from someone else, it could be claimed (though dubiously and not without doubt) that the life of the thief became somewhat better, but did the society get better because of that? I guess no. So you can't possibly talk about individual without taking into account the effects he produces not just on his own life taken in isolation but on the society as whole as well



Feast in the time of plague

[HongKong]

If the people that know of Bitcoin try to explain the payment system to the people that are lurking within the higher class while having them to accept Bitcoin to help them help the Economy then the place that they are helping will be pretty straight.

The price of Bitcoin is going up so doing simple math would pretty much sum up the price of Bitcoin to be really expensive.

[Baofeng]

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?

Yes bitcoin can improve the economy of a country as if the citizens of a country will get jobs and no one of them will be jobless and will live a happy life and they all will have their happy living and will earn a good profit for their state then the country will develop more and the people will also work hard to make the country sufficient economically.

But its really hard to gauge how the citizen will react to bitcoin. Will they engaged in it and see that you can earn from doing trading or even signature campaign? I doubt most of them will treat bitcoin as salary and help them have a "job" and alleviate their current conditions. And seeing how the price of bitcoin rose lately, its been a rich man's game right now.

[PanGiMoon]

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?

Yes bitcoin can improve the economy of a country as if the citizens of a country will get jobs and no one of them will be jobless and will live a happy life and they all will have their happy living and will earn a good profit for their state then the country will develop more and the people will also work hard to make the country sufficient economically.

But its really hard to gauge how the citizen will react to bitcoin. Will they engaged in it and see that you can earn from doing trading or even signature campaign? I doubt most of them will treat bitcoin as salary and help them have a "job" and alleviate their current conditions. And seeing how the price of bitcoin rose lately, its been a rich man's game right now.

Learning the economy of the country with the help of Bitcoin can be ambiguous in the first place because for example Bitcoin technology helps the financial system very much, but because Bitcoin helps to hide the incomes of citizens because of its anonymity, it affects badly on the budget.

[SvenBomvolen]

For good economy money must circle and bitcoin and crypto currencies is new option for this process. I think soon we will see all results of bitcoin accepting and only after that we will be able to judge bitcoin's effect on the economy.

[Russelmain]

For good economy money must circle and bitcoin and crypto currencies is new option for this process. I think soon we will see all results of bitcoin accepting and only after that we will be able to judge bitcoin's effect on the economy.

And I, despite the fact that it is very cold and constant in winter, like a country like Finland. I was never there but I really like watching different programs about this country on TV and I always dream about how I would live in this country. Although seriously thinking about migration to a certain country, it is necessary to approach this issue correctly and that the country is in all respects social and economic at a good level of development. Not the least role is played even by the relationship between the population and the authorities. Although I understand that in most countries of the European Union these aspects are observed and it is possible to go to a permanent place of residence without problems.