Can bitcoin improve the economy of a country?

[FlightyPouch]

Now this is not yet so popular to use it on a large scale in most of the countries. I think that after some time  maybe few years this situation will be changed.

I think even it is not yet a popular currency, it can still help a country improve their economy. Big help comes from the small things that a people can do, so even if they are just earning and using it little by little, they are helping their country little by little too, which makes it a large scale if many uses it.

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[douglock]

Now this is not yet so popular to use it on a large scale in most of the countries. I think that after some time  maybe few years this situation will be changed.

I think even it is not yet a popular currency, it can still help a country improve their economy. Big help comes from the small things that a people can do, so even if they are just earning and using it little by little, they are helping their country little by little too, which makes it a large scale if many uses it.

I have not seen anything prove that bitcoin is helping a country on improving its economy. It only helps people who want to change and easily adapt to new technology because they can make money from bitcoin. And it is very good. I do not think that half 1/4 countries on this planet will accept bitcoin

[franco123]

In my opinion, Bitcoin can improve the economy of a country because it is an alternative way of digital payment through the use of virtual currency. Digital payment makes it easier for people to buy or sell stuffs including the currency itself from a flat currency to Bitcoin. With the help of Bitcoin as digital payment tool, people in a country would have easier access in payments thus circulating the money which will then lead to an overall economy improvement. It is a simple economic concept that the more money circulates in a country, the better for its economy.

[deisik]

Now this is not yet so popular to use it on a large scale in most of the countries. I think that after some time  maybe few years this situation will be changed.

Yes, bitcoin has the potential to improve the economy of a country. Think of this scenario, persons from third world countries get paid in bitcoins. Then they convert it to their local currency. The country of origin from where the bitcoin was earned, loses same amount of their currency because they had to purchase the coin

You missed a few important points

First, you forgot to specify from whom exactly they had to purchase the coin first. If they purchased it from someone within their country, the money that they paid just changed pockets but it didn't leave the country, so your whole mental construct is instantly destroyed. Second, when they later sell the coin to someone in other country, they receive fiat for it, so, in essence, this works in the opposite direction in respect to what you claim. It is the second country that loses some amount of their currency, and, consequently, the country where this Bitcoin has been earned receives this money

[Pattart]

This is so irrelevant. Why shall bitcoin improve the economic conditions of a region?

I don't see your point in asking this. Bitcoin is only a financial tool.

Of course bitcoin can improve the economy condition because it give people chance to get second resource.  It also can move the wealth inside the country

Of course bitcoin can provide a change in one's economy. Because it can be a profitable job for you. If the user is a successful gain of course it will change their economy?

[Janation]

Now this is not yet so popular to use it on a large scale in most of the countries. I think that after some time  maybe few years this situation will be changed.

I think even it is not yet a popular currency, it can still help a country improve their economy. Big help comes from the small things that a people can do, so even if they are just earning and using it little by little, they are helping their country little by little too, which makes it a large scale if many uses it.

I have not seen anything prove that bitcoin is helping a country on improving its economy. It only helps people who want to change and easily adapt to new technology because they can make money from bitcoin. And it is very good. I do not think that half 1/4 countries on this planet will accept bitcoin

Bitcoin is a popular asset to people who usually use the internet, the thing is, bitcoin give them profit, and also they can earn money without investing any of their money, but just their time. So, if the government is printing few money, and many individuals are earning bitcoin, converting it to fiats, the money in circulation wws being added. That is just like a guy who works at another country and send their money to his own family.

[AltcoinAuthority]

If the corporations of the company see the bitcoin as a real industry and make investment in blockchain, that might happen.

If the price of Bitcoin gets more expensive than it is right now, I mean like 100 times more than it is right now then I am pretty sure that the large corporations will try to do something with Bitcoin and more people will try to get in on it.

[mornabo]

Yes of course it can, it is time the country switched to a better financial system i.e. bitcoin, interesting thing of the bitcoin is acceptable globally so that if any country accept bitcoin then the economy will be better.

I think with bitcoin and anonymous labels no country wants bitcoin to be in their country? Because of course it will increase the crime in that country. Because bitcoin supports crime with the ease of closing the identity?

[Palmerson]

Crime is not the reason that the state does not want the formal turnover of bitcoins. When the government controls the money circulation in the country this can lead to stalling of the economy. You think someone wants this?

[AK47-]

Yes of course it can, it is time the country switched to a better financial system i.e. bitcoin, interesting thing of the bitcoin is acceptable globally so that if any country accept bitcoin then the economy will be better.

I think with bitcoin and anonymous labels no country wants bitcoin to be in their country? Because of course it will increase the crime in that country. Because bitcoin supports crime with the ease of closing the identity?

Crimes can be funded easily through any currency. Bitcoin does hide the identity but it isn't completely anonymous. Many cases are available where crimes including bitcoin got easily traced. So, there is nothing like bitcoin leads to crime. Moreover, countries all over the world are happily accepting bitcoin and there are more to come.

[Xester]

Crime is not the reason that the state does not want the formal turnover of bitcoins. When the government controls the money circulation in the country this can lead to stalling of the economy. You think someone wants this?

Maybe you are right,  but the question is do government prepare for the usage of bitcoin as a currency?  Maybe not, because of some issues that may surface.  And some countries still do not have even an electricity.  I disagree with when the government controls the money circulation it can lead to stopping the economy.  Maybe it can but not really.  That is what happen right now.  We have central banks that controls the money.

[Xenophoto]

If the amount of bitcoin users in a country blows up and they chose to use bitcoins as their local currency, it might ruin a country. First, there would be no tax to collect since bitcoin isn't taxable. The government can't just create a new law saying that they are going to put bitcoin users to jail for tax evasion because their jail cells will be filled up. Everyone will be in jail, that's even worse.

Anyway, bitcoin gives a lot of opportunity to people. One of the major reasons why people would choose to use bitcoin and get paid in bitcoin is because they get paid a lot more than they usually would in fiat. And bitcoin's price is increasing too. Ultimately, that's improving the economy of a country because people are importing more and more money to their country.

[PancherBitCoin]

If we talk about how my country reacts to the crypto currency market, there is still no answer to this question, but I can say with certainty that the Central Bank of the country is beginning to develop its crypto currency and at the same time there is information that many banks have taken to ensure Its functionality of Bitcoin technology. I think that this is a huge breakthrough in the sphere of crypto-currencies and high technologies for my country.

[Ayiranorea]

With bitcoin a country experiencing a economic growth is based on the first cum first served base. As a part already Japan has experienced a huge growth and now it's making bitcoin a more established currency similar to fiat and make the economy grow better.

[deisik]

Anyway, bitcoin gives a lot of opportunity to people. One of the major reasons why people would choose to use bitcoin and get paid in bitcoin is because they get paid a lot more than they usually would in fiat. And bitcoin's price is increasing too. Ultimately, that's improving the economy of a country because people are importing more and more money to their country

I don't quite understand your point

First, I don't understand what you mean by people "importing money to their country". Care to explain? Further, I don't see how money (Bitcoin in this case) can help a country if it is not used as money (currency), i.e. if it doesn't circulate and facilitate the exchange of goods and services (the primary function of money in the economy). Bitcoin is a poor currency in this respect, so it can't possibly make the economy of a whole country better than it already is with an efficient fiat currency. If you created some new currency which would be more efficient and effective than fiat (I'm not talking about extreme cases when fiat money stops being money), then this claim (that it could improve the economy of a country) would make sense. But Bitcoin is nowhere near that

[stergium]

Now this is not yet so popular to use it on a large scale in most of the countries. I think that after some time  maybe few years this situation will be changed.

I think even it is not yet a popular currency, it can still help a country improve their economy. Big help comes from the small things that a people can do, so even if they are just earning and using it little by little, they are helping their country little by little too, which makes it a large scale if many uses it.

I have not seen anything prove that bitcoin is helping a country on improving its economy. It only helps people who want to change and easily adapt to new technology because they can make money from bitcoin. And it is very good. I do not think that half 1/4 countries on this planet will accept bitcoin

Bitcoin is a popular asset to people who usually use the internet, the thing is, bitcoin give them profit, and also they can earn money without investing any of their money, but just their time. So, if the government is printing few money, and many individuals are earning bitcoin, converting it to fiats, the money in circulation wws being added. That is just like a guy who works at another country and send their money to his own family.

yes those people who were wasting their time on internet, keeping themselves busy in nonconstructive activities i think such people have good opportunity to make their time valuable they should learn about bitcoin and through this way they can make their time more valuable and important. i think once they become addicted to making money from bitcoin i do not think that they will try to give any importance to any other activity without bitcoin.

[Taskford]

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 so.

Bitcoin is a digital currency not a real currency. Every now and then bitcoin fluctuates, but did you feel the changes in our economy?
It's a big NO. Bitcoin doesn't have direct impact in our economy whether it will pump or dump. The impact is in us. The traders, investors and bitcoiners. We should know how to play the market.
Yes many countries nowadays are accepting bitcoin in their transaction that's because of the popularity of bitcoin in the internet world.
They want to be the pioneer in bitcoin world.

[chalkboard17]

Now this is not yet so popular to use it on a large scale in most of the countries. I think that after some time  maybe few years this situation will be changed.

Even if the situation changes, I doubt that bitcoin can improve the economy of a country because as you can see, people using bitcoin only want to hide the government so that they can not collect tax, which will even make the country poorer

[Superways]

Now this is not yet so popular to use it on a large scale in most of the countries. I think that after some time  maybe few years this situation will be changed.

Even if the situation changes, I doubt that bitcoin can improve the economy of a country because as you can see, people using bitcoin only want to hide the government so that they can not collect tax, which will even make the country poorer

I do not think that it will make a country poor because the countries already have a large amount f taxes on the goods which is sold in the country and along with that they also collect the taxes from the companies and factories and from different organizations so if a state is all in bitcoin even then a state will get its tax.

[GreenBits]

Bitcoin is both a currency and 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.