Can bitcoin improve the economy of a country?

[deisik]

Countries with a weak currency can greatly benefit from this. In fact, the presence and importance of Bitcoin is something that can be noticed strongly in such countries, as Venezuela.
No one wants to depend on a currency with astronomical inflation rates, and Bitcoin is one of the few affordable alternatives for a large portion of the population of such countries.

That remains to be seen

While Bitcoin can help an individual, I don't think it can help the whole country. I'd rather say it would only worsen the situation there, for example, in Venezuela. How come? The answer to this question is found in understanding why Bitcoin helps a person. It makes him better off by impoverishing the rest of the population as simple as it gets. It works in pretty much the same way as any speculative asset. The reason is simple, though, Bitcoin is not productive, i.e. it doesn't produce anything (which is what makes the wealth of a country), it only redistributes the existing wealth. That's basically why it may help an individual but hurt a country

[pizamoi]

Bitcoin is either a currency or an asset, it doesn't actually reduce efficiency through which is what would improve the economy of a country. The only way is if a specific country disproportionately has a large amount of bitcoin relative to its population compared to other countries and its price went up then you would at some point see flows of money going to that country and improving the economy. This is however an unlikely scenario.

[NJB18]

In a way yes. What I see here in a personal level is that people without any education degree/background can have a reasonable and legitimate way to earn in bitcoin or other alternative coins.  That's creates money because of theses efforts and that you be an improvement to the economy as employment will be lessen.

[Dudeperfect]

Yes, we have to understand that is is faster and cheaper in terms of speeds and fees so if we can come up with a better taxation infrastructure and business environment then it would really help the economy to grow. I believe that the movement is growth and bitcoin is something that helps the movement of wealth and hence it is a good option to go with in a finance domain.

[Mbah 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?

It certainly is the answer because bitcoin with a high value, can give a plus for the country because it will increase the state revenue, which will be used for development

[chixka000]

Bitcoin can provide an extra income to us and it can also be a full time earnings for some. The opportunity that it gives to us doing the jobs done at home is impactful. So to anwer your question then it could be an absolute Yes

Only to people who can provide bitcoin income but not all people know about bitcoin and you're lucky enough to know more about bitcoin. But when the company and business implemented and adopt bitcoin for good that can be acceptable even in local store maybe it time that our economy growth because of bitcoins. Bitcoin is only a sideline of people where they can get income here by doing some activities or by just tradiing.

I think we just dont settle for things like business of individual. What i am currently thinking is why not have an opportunity like a bitcoin idea itself a p2p platform i must say

[Faiyz]

Bitcoin is either a currency or an asset, it doesn't actually reduce efficiency through which is what would improve the economy of a country. The only way is if a specific country disproportionately has a large amount of bitcoin relative to its population compared to other countries and its price went up then you would at some point see flows of money going to that country and improving the economy. This is however an unlikely scenario.

For me the btc has good security that even hackers can't really chase. This is ideal for economic growth because only you can know your own setting. Because it can only not be trading or investing but most of the countries are into mining. Most countries has facilities for btc mining or altcoins and i think that is profitable because no other party is gonna interact or interrupt the mining.

[ethereumhunter]

Bitcoin is either a currency or an asset, it doesn't actually reduce efficiency through which is what would improve the economy of a country. The only way is if a specific country disproportionately has a large amount of bitcoin relative to its population compared to other countries and its price went up then you would at some point see flows of money going to that country and improving the economy. This is however an unlikely scenario.

For me the btc has good security that even hackers can't really chase. This is ideal for economic growth because only you can know your own setting. Because it can only not be trading or investing but most of the countries are into mining. Most countries has facilities for btc mining or altcoins and i think that is profitable because no other party is gonna interact or interrupt the mining.

but for the government, they can not controlled bitcoin because bitcoin is depend by the user which have bitcoin itself. government can only watch and see the amount of bitcoin that getting listed in blockchain without knowing from who is the sender and the recipient. bitcoin can improve the economy of a country because its not depend on one fiat only but its cover all fiat in each of country so if bitcoin is implemented in all country, then people is only need to have bitcoin to send into other people in other country and then each of them can withdraw with local exchange to get the money.

[webtricks]

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?

Economy as a whole is the macro concept based upon the micro units of the country like individuals, firms, markets, etc. When all of them using Bitcoin, it leads to constant flow of Bitcoins between people which in return decrease the load of holding cash, printing cash, counting cash and more. Also people will be real owner of their money without any fear or interference of banks and authorities. Under such circumstances it is 100% sure that economy will be benefitted from such positive vibes and people will contribute more towards economy in form of consumption and investment than saving the amount.

[mrcash02]

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?

Economy as a whole is the macro concept based upon the micro units of the country like individuals, firms, markets, etc. When all of them using Bitcoin, it leads to constant flow of Bitcoins between people which in return decrease the load of holding cash, printing cash, counting cash and more. Also people will be real owner of their money without any fear or interference of banks and authorities. Under such circumstances it is 100% sure that economy will be benefitted from such positive vibes and people will contribute more towards economy in form of consumption and investment than saving the amount.

I agree with you. And the Bitcoin is a currency valuable and even more in all the world, so the country adopting it in high scale can have benefits from it. It's the first currency I'm seeing worth on long term, different from fiat which becomes priceless each new day. I need $100 to buy something today for an example, in few months or years I will need $120 to buy the same thing, while with BTCs I need 0.1 BTC to buy something today and in the future I can buy the same thing with 0.06 BTC. That is a great advantage.

[MCS23]

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?

Economy as a whole is the macro concept based upon the micro units of the country like individuals, firms, markets, etc. When all of them using Bitcoin, it leads to constant flow of Bitcoins between people which in return decrease the load of holding cash, printing cash, counting cash and more. Also people will be real owner of their money without any fear or interference of banks and authorities. Under such circumstances it is 100% sure that economy will be benefitted from such positive vibes and people will contribute more towards economy in form of consumption and investment than saving the amount.

I agree with you. And the Bitcoin is a currency valuable and even more in all the world, so the country adopting it in high scale can have benefits from it. It's the first currency I'm seeing worth on long term, different from fiat which becomes priceless each new day. I need $100 to buy something today for an example, in few months or years I will need $120 to buy the same thing, while with BTCs I need 0.1 BTC to buy something today and in the future I can buy the same thing with 0.06 BTC. That is a great advantage.

That's if Answer the topic of the question and then all your manipulations or actions with Bitcoin will only go to your advantage and I do not think that this all can benefit the state. I think that we should keep aloof and work with the crypto currency for our own good and do not even think about legalizing crypto currency, because it's only us to do harm.

[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?

Economy as a whole is the macro concept based upon the micro units of the country like individuals, firms, markets, etc. When all of them using Bitcoin, it leads to constant flow of Bitcoins between people which in return decrease the load of holding cash, printing cash, counting cash and more. Also people will be real owner of their money without any fear or interference of banks and authorities. Under such circumstances it is 100% sure that economy will be benefitted from such positive vibes and people will contribute more towards economy in form of consumption and investment than saving the amount

Bitcoin is not suitable to run a whole economy

And not because of its scaling issues or high fees (that could be fixed or just discarded for simplicity). Its main drawback and shortcoming is that Bitcoin is a deflationary currency, and even if we assumed that it somehow substituted fiat in the same proportion as fiat (say, dollars) is distributed between holders (i.e. between the poor and the rich), the economy based on Bitcoin will fail eventually and rather sooner than later. People will start hoarding money, and they will end up selling their last fork and knife for a few more coins

[megynacuna]

That's correct Bitcoin can improve every economy because it has the tendency to attract foreign exchange and injects them into an economy. A lot of people in this forum earn from signature campaigns which afterwards they sell those bitcoins to exchanges in their respective countries to earn local fiat and hence it has brought foreign capital into the economy.

[mornabo]

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?

At least so because if a country there are many people who use bitcoin at least their per capita income will increase, because we know now that bitcoin is very high value, that is the advantage that can be obtained from bitcoin.

For now the government will not be able to think about how to benefit from a bitcoin user tax, because that would be very difficult. Bitcoin could make the country's economy better. But not from taxes

[ipungadhi]

Yes, definitely bitcoin can play a substantial role in changing the economy especially when its use becomes legitimate. The government then can earn from taxes thus increasing the country revenue which can be use to enhance and improve the countries economy.

This idea is good enough to benefit both. Symbiotic mutualism for bitcoin and government users. But the problem is how to give tax to bitcoin users?

In some countries you get double tax in other you get no tax at all. This is still far from happening it will take lot of effort in both community and government if they want to integrate it to be fully adopted globally. Each country economy is different from another so it would be very hard to balance all that in one complete unity.

With bitcoin wherever you are you will not be taxed. Because how much money you have if you keep it in bitcoin. It will be confidential and anonymous.

[Pattart]

Yes, definitely bitcoin can play a substantial role in changing the economy especially when its use becomes legitimate. The government then can earn from taxes thus increasing the country revenue which can be use to enhance and improve the countries economy.

This idea is good enough to benefit both. Symbiotic mutualism for bitcoin and government users. But the problem is how to give tax to bitcoin users?

In some countries you get double tax in other you get no tax at all. This is still far from happening it will take lot of effort in both community and government if they want to integrate it to be fully adopted globally. Each country economy is different from another so it would be very hard to balance all that in one complete unity.

Using bitcoin then you will not need to pay taxes to the government? And of course if this happens. What the government gets is a loss?

[Yakamoto]

Yes, definitely bitcoin can play a substantial role in changing the economy especially when its use becomes legitimate. The government then can earn from taxes thus increasing the country revenue which can be use to enhance and improve the countries economy.

This idea is good enough to benefit both. Symbiotic mutualism for bitcoin and government users. But the problem is how to give tax to bitcoin users?

In some countries you get double tax in other you get no tax at all. This is still far from happening it will take lot of effort in both community and government if they want to integrate it to be fully adopted globally. Each country economy is different from another so it would be very hard to balance all that in one complete unity.

Using bitcoin then you will not need to pay taxes to the government? And of course if this happens. What the government gets is a loss?

The caveat of the entire game is that there is no way to completely use Bitcoin and avoid paying taxes because there is always some point that you have to convert value from your Bitcoin into fiat to pay for various living expenses, and if you buy things (especially luxury items) the tax man is going to come and ask where you are getting the money for things like that. It isn't entirely a method where you can avoid a lot of things from happening to you just by trying to game the system.

[prass tyo]

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.

Maybe bitcoin is made to facilitate its users, maybe with the reduced unemployment it can change the country's economy is not looking for income in bitcoin as well as work thus per capita income of a country will change because society its income also rise because bitcoin

[MingLee]

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.

Maybe bitcoin is made to facilitate its users, maybe with the reduced unemployment it can change the country's economy is not looking for income in bitcoin as well as work thus per capita income of a country will change because society its income also rise because bitcoin

Bitcoin would be doing next to nothing when it comes to changing the face of a country's economy if it is in any decent shape to begin with. A complete shift away from traditional jobs and into Bitcoin-based occupations would definitely increase the amount of wealth flowing in to a country in disrepair (mostly due to the "exported work" value) but it wouldn't help the economy since, just because disposable income increases, doesn't mean quality of life does too.

[Azurecde]

cant say if it can improve economy , but it can destroy the economy , as bitcoin is anonymous it is difficult for government to control the money flow and get tax from that