Can bitcoin improve the economy of a country?

[logicgate]

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

Correct bitcoin can also  improve the economy of a country because bitcoin can also give opportunities to earn money if a person is unemployed and he do not find any good job opportunity it is sure that bitcoin will give good opportunities to earn money like signature campaign and trade etc. In this cause the unemployment rate will decrease in a country, therefore bitcoin will improve the economic of a country.

[deisik]

In the current financial system, a lot of resources are dedicated to banking, and getting money from the central bank, as it passes through the banks until it reaches the end user.  So getting money to a productive capacity isn't as efficient as it could be, as the banks become the middle man and take a piece for themselves.

Also wealth and income dictates the cost of debt.  The cost of borrowing depends on level of affluence; the more wealthy the cheaper the debt.

From this perspective, Bitcoin would be more fair, as no one would get preference over anyone else.  Whether that would actually improve an economy depends on how it's treated, but I think the potential is there.  Removing banks from the equation and getting funds directly to a productive capacity would have some benefit to people as a whole, at the cost of the elite and large corporate interests

It doesn't look like we are nearing that

I'd rather say that with the transaction fees skyrocketing we are in fact moving away from that. Banks might have become "a man in the middle" (though they might have always been like that from the start), but Bitcoin right now is a bigger middle man. Therefore, it can hardly facilitate hasslefree and free or low cost transfers of funds to production even if technically it can remove banks from the chain. The lesson to take away is that we need instant and cheap transactions to actually crowd out banks

[crazycatwoman03]

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?

Both of this are right answer. This is because many countries want to use this in payment transaction, online shopping and also as a job. As we see, because of the user of bitcoin the countries economy helps to other in business. Also in the unemployed people fill their needs by putting their time in bitcoin market.

Since it is world currency, it can find around the world so it will add in the market of every country.

[gamerz29]

I think it can improve the country because simple many users of using bitcoin is the proof that can be improve the economy of a country. It helps to add more currency in a the country and can easily make a transact online that can send and receive bitcoin(money).

[mafgwaf@gmail.com]

This case, I must say that bitcoin can improve the economy of a country if they really into it. I mean, if that country is accepting bitcoin as their currency, and if it's really in-demand in their country, then there would be a chance that they can improve in the economy of their country.

[nickbelski]

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?

Watching the situation in Ukraine and India about bitcoin legalization the first thought that came to my mind is that the country authorities wanted to get more taxes from new sources of income. I do not believe in the progressive views of the politicians, strict economic calculations only.

[zulkarnaen]

This case, I must say that bitcoin can improve the economy of a country if they really into it. I mean, if that country is accepting bitcoin as their currency, and if it's really in-demand in their country, then there would be a chance that they can improve in the economy of their country.

I agree with you that bitcoin will help the economy of a country if it accepts bitcoin and its legality and uses it as second currency after fiat currency
Of course a lot of useful activities that can be done with bitcoin in addition to its function as a means of payment transactions.and bitcoin also able to create good business opportunities such as trade, investment, mining or other

[ecnalubma]

I believe bitcoin can improve countries economy and financially, bitcoin is a game changer and a lot of company starting to invest on it and rapidly increasing. Economically bitcoin can create big impact worldwide.

[potatopower]

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?

Watching the situation in Ukraine and India about bitcoin legalization the first thought that came to my mind is that the country authorities wanted to get more taxes from new sources of income. I do not believe in the progressive views of the politicians, strict economic calculations only.

to be honest most of the countries that are adopting bitcoin has the governments that are against any other currencies than the fiat issued by them. That's the bad thing because the fiat is inflating in countries like india at a very rapid pace. People are losing their wealth and they are not happy about it. Of course, bitcoin is their only way out.

[ariie]

It could happen, if the country, receive bitcoin as virtual currency, and many users bitcoin d the country ..

[Mazt rhiezt]

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 more and more bitcoin users in a country will indirectly improve the user's economy and if the legal bitcoin in a country does not rule out whether the country will grow, then the answer is yes.

[Sled]

It could happen, if the country, receive bitcoin as virtual currency, and many users bitcoin d the country ..

That is possible because they can make their own exchange and add some features like taxing the withdrawals and deposits, If the country will have a lot of bitcoin user then it will be very easy for them to make money to improve their country because the government of that country has the power to dictate the possible changes in their own exchange that can help them to make more money.

[mornabo]

This case, I must say that bitcoin can improve the economy of a country if they really into it. I mean, if that country is accepting bitcoin as their currency, and if it's really in-demand in their country, then there would be a chance that they can improve in the economy of their country.

Precisely if a country adopts bitcoin in full, it will harm the country from all sides. Then there will be a lot of corruption going on. Because surely everyone will wash money more easily in bitcoin

[GoodLuck2]

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 its not because of the price because price in not fixed sometimes its increase but there also time that it decrease. I think it because many bitcoin users in their country. If the government accept bitcoin as a currency of their country it has a big possibility to grow their economy.

To me I think bitcoin will be very soon accept by the government because bitcoin knowledge is very spreading and many people know about bitcoin so these days are not far that bitcoin will be accept by government. And i also think that the price of bitcoin will be stable in future and bitcoin can improve the economy of a country soon all over the world.

[@prashant]

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 its not because of the price because price in not fixed sometimes its increase but there also time that it decrease. I think it because many bitcoin users in their country. If the government accept bitcoin as a currency of their country it has a big possibility to grow their economy.

To me I think bitcoin will be very soon accept by the government because bitcoin knowledge is very spreading and many people know about bitcoin so these days are not far that bitcoin will be accept by government. And i also think that the price of bitcoin will be stable in future and bitcoin can improve the economy of a country soon all over the world.

Bitcoin will never be accepted by government no matter what price it will be in future.it can not become stable and its anonymous nature will never be accepted by government as many can hide their black money.but yes blockchain is an incredible technology and widely accepted.goverment will soon use it.

[mharz]

Maybe, because bitcoin can give job to the other small people educated or not. bitcoin were gives opportunity to others to have a job and decrease the unemployed people in the world. That's why I think it can help our economy of country.

[Salazarian]

In the current financial system, a lot of resources are dedicated to banking, and getting money from the central bank, as it passes through the banks until it reaches the end user.  So getting money to a productive capacity isn't as efficient as it could be, as the banks become the middle man and take a piece for themselves.

Also wealth and income dictates the cost of debt.  The cost of borrowing depends on level of affluence; the more wealthy the cheaper the debt.

From this perspective, Bitcoin would be more fair, as no one would get preference over anyone else.  Whether that would actually improve an economy depends on how it's treated, but I think the potential is there.  Removing banks from the equation and getting funds directly to a productive capacity would have some benefit to people as a whole, at the cost of the elite and large corporate interests

It doesn't look like we are nearing that

I'd rather say that with the transaction fees skyrocketing we are in fact moving away from that. Banks might have become "a man in the middle" (though they might have always been like that from the start), but Bitcoin right now is a bigger middle man. Therefore, it can hardly facilitate hasslefree and free or low cost transfers of funds to production even if technically it can remove banks from the chain. The lesson to take away is that we need instant and cheap transactions to actually crowd out banks

yes the increasing transaction fee is really a big problem, in previous days when i would  recharge my mobile using bitcoin the fee was reasonable and i would pay a fee cents extra. but now the the increasing transaction fee it has become difficult for me to recharge my mobile because now i have to say the same amount as fee for which i am going to recharge my mobile. i usually load  1 dollar and  i have to pay almost 1 dollar as transaction fee and on other side after the government tax dectuction on mobile load the remaining balance is 0.75 dollar so i have to bare the lost of 1.25 dollar after each recharge of 1 dollar.

[BeGoods]

This case, I must say that bitcoin can improve the economy of a country if they really into it. I mean, if that country is accepting bitcoin as their currency, and if it's really in-demand in their country, then there would be a chance that they can improve in the economy of their country.

I do not agree with that, you know there are many negative effects when a country adopts bitcoin. Although there are some positive effects. But adopting bitcoin will only make governments difficult to control their people's finances

[Pattart]

This case, I must say that bitcoin can improve the economy of a country if they really into it. I mean, if that country is accepting bitcoin as their currency, and if it's really in-demand in their country, then there would be a chance that they can improve in the economy of their country.

i think if a country's government begins to legalize and adopt bitcoin. It will hurt them because many people will avoid taxes by hiding their wealth in bitcoin?

[hasiramasenju]

lately in my country unemployed people has more likely to choose earning bitcoin rather than physical job because all they have to do is only stay at their PC and they can starting to earning bitcoin with many way such as trading or anything else so even not big influence but bitcoin has help them for their economic side and indirectly bitcoin also already improve the economy in my country