Can bitcoin improve the economy of a country?

[viralz]

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.
BTC can contribute (it can help) to make economy better.
BTC conribute to make GDP better.
You may google it, a big central bank made a paper and it proves that btc help GDP geting better.

[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?

YES.
BTC can contribute (it can help) to make economy better.
BTC conribute to make GDP better.
You may google it, a big central bank made a paper and it proves that btc help GDP geting better.

Could you post a link to that paper?

Since I'm highly dubious that any serious (read major) central bank would write something like this. Bitcoin sits in the field of the economy which is completely unproductive (e.g. speculation), so the only way it could actually contribute to the GDP growth is through its use as a currency. But in that case it should be more efficient than fiat, which is a far cry from what we see today. Bitcoin so far is highly inefficient as a national currency up to a point where it would in fact crash the economy if it were to substitute fiat somehow

[grermezter]

Should be legalised, if bitcoin legalised then I'm sure the bitcoin improve the economy of a country. Currently Japan has already legalized bitcoin and Japan's economy began to move positively.

Bitcoin already legalize in my country we can freely use bitcoin anywhere we want if i decide to use that to buy online i can easily use it bitcoin can help our economy grow also when you are about to help bitcoin as well to help your country to improved it not only with business but all.

Bitcoins though not officially legalized in my country is being used for lots of things, There are many business ventures where people buy and sell bitcoins and since our currency is devalued, one can make a profit of 25 cents buy selling a single dollar of bitcoins.

[Dudeperfect]

Yes, bitcoin is able to do it. But at first it has to get out of "grey" zone in governmental regulation

Yeah, if this has been used same as now the digital currency won't make big impact on the growth of Country's economy. In reality this needs to be regulated, only then people use same as that they using the fiat. So based on the regulations the growth of Country's economy will be.

Exactly, governments can not defeat bitcoin when it comes to the technology aspect but since governments can't control or regulate the bitcoin then they will something in legal aspects that will be a direct attack on the goodwill of the bitcoin. There are number of people around the world who will not even talk about bitcoin if they found that is is banned by the government. There are numerous reasons for the government to put a ban on crypto currencies.

[Dimelord]

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?

Definitely,bitcoin could help for the development of a country.
Any one with internet connection could carry on bitcoin transactions.
Most people who wish to buy commodities would not like to disclose details of amount they have spent and bitcoin could suit them very much.
When a electronic transaction is made,a debit card or credit card is needed which is linked with the bank account.But they are not necessary when bitcoin is used.
Since it is a P2P transaction,no banks or middle men are included and so transaction could not be reversed.Hence merchants would use bitcoin transaction more.
So bitcoin would definitely help for the progress of a country's economy.

[GlassMaster]

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?

Bitcoin will rather help change the financial situation of residents, not of the country. In many countries, corrupt power and it will not improve the economy of the country.

[mamaita]

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.

Agree with you in addition to state income increase per capita income will also go up, developed country also prosperous people, because most people who focus on work in bitcoin economic condition will change to be much better again

[Aztek]

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 the reason why some countries' decision of accepting bitcoin is because it may help to reduce unemployment rate. It can also increase their currency whenever someone exchange their bitcoin into cash. And since bitcoin has so much potential and and popularity, it can be a start of business. It will be a big help in a developing country like ours.

[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?

Bitcoin will rather help change the financial situation of residents, not of the country. In many countries, corrupt power and it will not improve the economy of the country.

Yeah by adopting bitcoin instead it will help the corruptors to more easily in doing money laundering and corruption. So I think on the other hand bitcoin can also harm the state

[KnightElite]

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, the bitcoin can improve the economy of the country. It is because people who uses a bitcoin is have a great part in an economy. Think about it that the rich people that using bitcoin also a part of the economy. There is a good effect in a country who uses bitcoin.

[arcanayou]

No, I do not think bitcoin can improve a country's economy, not much bitcoin can do to support the economy. If to boost the economy one or more people might be able, but if for one country with thousands of millions of people, that is impossible

[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?

Definitely,bitcoin could help for the development of a country.
Any one with internet connection could carry on bitcoin transactions.
Most people who wish to buy commodities would not like to disclose details of amount they have spent and bitcoin could suit them very much

And how's that going to help the economy of a country?

Apart from that, I don't see how transacting with Bitcoin "would definitely help for the progress of a country's economy". Okay, people may use Bitcoin instead of payment cards but they would still need the mining network to confirm their transactions, and it is dubious (in fact, highly dubious) that mining as it is done today (by wasting electricity in insane amounts) would be more efficient than banks if we assume the same level of processing capacity. I guess you would need the electricity generation capacity of all power stations in the world for that

[Blamsud]

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?

Definitely,bitcoin could help for the development of a country.
Any one with internet connection could carry on bitcoin transactions.
Most people who wish to buy commodities would not like to disclose details of amount they have spent and bitcoin could suit them very much

And how's that going to help the economy of a country?

Apart from that, I don't see how transacting with Bitcoin "would definitely help for the progress of a country's economy". Okay, people may use Bitcoin instead of payment cards but they would still need the mining network to confirm their transactions, and it is dubious (in fact, highly dubious) that mining as it is done today (by wasting electricity in insane amounts) would be more efficient than banks if we assume the same level of processing capacity. I guess you would need the electricity generation capacity of all power stations in the world for that

Bitcoin can really help but there might have lots of flows since bulk transactions will happen at the same time.

[tabas]

No, I do not think bitcoin can improve a country's economy, not much bitcoin can do to support the economy. If to boost the economy one or more people might be able, but if for one country with thousands of millions of people, that is impossible

It cannot support the whole economy of a country but it can help and improve the transactions of a country. Volumes of transactions are happening everyday in the blockchain network and for a country that is receiving remittance this is going to be a big help for the government and also for the citizens who are using bitcoin for remitting.

[jerry23]

Can bitcoin improve the economy of a country? Yes maybe because the value of bitcoin today is so high even though some of the traders just selling easily their bitcoins without knowing the disadvantage of it. Bitcoin can improve the economy of country by cooperating of traders.

[sergio red]

Bitcoin can improve the micro level economy, but if someone can improve himself then his family also would be helpful from him, it creates the purchasing power more, when you are able to maintain a standard life then your society also become benefited from this circle....in this way, Bitcoin can help to progress an economy.

[Kevin77]

No, I do not think bitcoin can improve a country's economy, not much bitcoin can do to support the economy. If to boost the economy one or more people might be able, but if for one country with thousands of millions of people, that is impossible

It cannot support the whole economy of a country but it can help and improve the transactions of a country. Volumes of transactions are happening everyday in the blockchain network and for a country that is receiving remittance this is going to be a big help for the government and also for the citizens who are using bitcoin for remitting.

A country's economy is just an indication of how its citizens' economy. I believe bitcoin can help a country for a better economy, when bitcoin based start-up will be paying taxes and bitcoin users paying taxes for availing services from those start-up.

This is going to happen as we are already seeing many counties are in proposing to regulate bitcoin and bitcoin related business activities. For example when a bitcoin accepting merchants is selling goods to people, they will be paying related taxes to government. People will prefer bitcoin payments and those particular merchants who might be offering extra discounts for bitcoin payments. So, indirectly bitcoin definitely could help a country economically.

[Creepings]

Can bitcoin improve the economy of a country? Yes maybe because the value of bitcoin today is so high even though some of the traders just selling easily their bitcoins without knowing the disadvantage of it. Bitcoin can improve the economy of country by cooperating of traders.

I don't know how traders make the economy improve though I know that when they convert their bitcoins to fiats, they are earning some money and that was added to the money circulating on the country, so I can say that it helps the economy of a country. It also give extra income to people that invest on it.

[peter23]

I dont think so bitcoin is not that popular like any other currency even tho it is the highest value in the crypto currency. but not all of the people know about this bitcoin, so this bitcoin can't improve the economy of country but i think someday will.

[DevilSlayer]

Of course because bitcoin is part of the economy of the country. Bitcoin have a big part in the economy and it can improve a single country. I know having a bitcoin in a country is a really helpful in their economy.