Can bitcoin improve the economy of a country?

[Lubang Bawah]

Bitcoin marketcap currently reaches over 60 billion USD, this is a very large number, even many countries whose foreign exchange reserves of no more than 25 billion, bitcoin is a great opportunity to improve the country's economy.

[severaldetails]

I think it all depends on how good the flow of money from bitcoin into the economy and back works.
When too many people save their coins, then bitcoin draws money out of an economy.
There has to be some kind of balance, then bitcoin can really be of support for an economy.

[airdnasxela]

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?

For me bitcoin is widely to effect an economy of a country knowing that bitcoin makes someone rich. If someone became rich and he buys the things he wants, then the economy of the country will be affected and that's how the bitcoin make the economy of a country nice. There are also times wherein the bitcoin affects the country's economy whenever someone is investing in the bank. We all know that money in the bank is part of a country's economy.

[bitbob82]

Yes and of course, if all countries agree to make bitcoin as a financial system, then the state will benefit greatly from bitcoin. And now the stage country for legalize bitcoin.

yes there is no doubt that bitcoin is improving the economy of a country.

[onyok]

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?

This seems to be the demands of the times because in addition to bitcoin users in the country a lot, there are also because many other countries already use otherwise it will be left behind, when compared with other countries

Yes, bitcoin can change the economy of the  country it is because many countries  use bitcoin as thier currency and sooner or later it have a possibility to be legalize. It also help the jobless person which has a big effect to the decreasing of the economy.

[keeee]

It was happening right now sir we are still on the process and looking for the acceptance of other big companies in bitcoin. It is surely possible if it happens. Also, as many people patronizing and using bitcoun the more the chances it will survive.

[Granxis]

It was happening right now sir we are still on the process and looking for the acceptance of other big companies in bitcoin. It is surely possible if it happens. Also, as many people patronizing and using bitcoun the more the chances it will survive.

Big companies do not do that, bitcoin is not yet laundered in front of the law, so big companies are distant, Bill Gates has a rapport for bitcoin, I suggest you watch.

[evilgreed]

          I strongly believe yes it can, it could also change a certain nation about their views on how they approach businesses and crypto currencies. Although we can say that it has negative effects or side effects, i still looked at it as an eye opener for people that are unemployed to strive and try to work. It means it gives or opens opportunities to people around that are also willing to risk or engage this certain field.

[Nameless27]

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 a citizen of a third world country like Philippines, we starting to gain the momentum of higher economic rate for this past year and still in the right track. And if only anyone I know or most of the people here will know bitcoin it will boost the economy more. Every money making technology or services to people in one country is a blessing to its country as a whole.

[michellee]

if bitcoin is approve in a country then I think bitcoin can improve and help the economy of the country because with bitcoin, the country can get many benefits. the benefit of bitcoin can be used for the citizen which don't have any work or unemployed so they can start to make money from bitcoin with doing many thing that will help them to earn bitcoin.

[Hazaki]

Not really since internet access is not provided everywhere and illiteracy is like 10% .

[PhucS]

This issue is mixed opinion, many people think that Bitcoin can help the economy grow up, but more people have the opposite opinion. Bitcoin is now regarded as a national currency, which can shrink economic growth and even cause the economy to collapse. The deflationary nature of digital currency means that they will not function as well as a currency or medium of exchange in a modern economy. For me, that Bitcoin can develop the economy but it can also reduce the development of the economy, depending on the way people manage and behave towards the copper bitcoin.

[lousie9]

This issue is mixed opinion, many people think that Bitcoin can help the economy grow up, but more people have the opposite opinion. Bitcoin is now regarded as a national currency, which can shrink economic growth and even cause the economy to collapse. The deflationary nature of digital currency means that they will not function as well as a currency or medium of exchange in a modern economy. For me, that Bitcoin can develop the economy but it can also reduce the development of the economy, depending on the way people manage and behave towards the copper bitcoin.

All can be arranged in accordance with the applicable taxation system, maybe this will reduce the results we get but bitcoin can still run side by side, we can see japan and china at this time because they are very focus on applying Kyc to bitcoin user, bitcoin can help the country economy due to their volume trading cannot be underestimated and apply globally.

[richkellj]

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 because of users and also the price of bitcoin because our economy will become better if there is money involved because money makes the country run. Since bitcoin is a digital money so I think it can contribute to the betterment of the country.

I also think the same. Bitcoins have already provided numerous people with means of earning their livelihoods.
Bitcoins have produced too many new millionaires around the globe within last few years. I am strongly of this opinion that bitcoins can play an important role in the stability of a state’s economy.

[stevebc]

It would be interesting to see a country ditch their currency and switch to Bitcoin completely.

It would need a lot of discipline to make this kind of change, but it would certainly attract a lot of attention! 

[BUK2016]

Bitcoin has the capacity to improve the economy of a country because base on the current market value of Bitcoin at $3740 there will be much more money in the hand of Bitcoin holders in the society which will invariably increase their purchasing power. Although It could lead to inflation in an economy but if control by the government the benefits will at the end of the day outweigh it effects on the economy.

[ss890]

I think the same way only. Bitcoin is really getting very high. From cents to couple of thousand the journey is so quick for bitcoin that no other coin or real currency can capture the market. Few years before nobody thought that bitcoin will capture the gold market which was once most valuable asset in the market but today it did. No it is so high that not a single asset is worth the value of one bitcoin as single entity. I really think that bitcoin can change the face of economic conditions of the nation and even world. Hope the transition comes in effect real soon as this will make the world better place and crypto world as best currency market.

[Theb]

Bitcoin has the capacity to improve the economy of a country because base on the current market value of Bitcoin at $3740 there will be much more money in the hand of Bitcoin holders in the society which will invariably increase their purchasing power. Although It could lead to inflation in an economy but if control by the government the benefits will at the end of the day outweigh it effects on the economy.

Actually inflation is not a bad thing and is an actual indicator of a growing economy. The counterpart of inflation is delfation which in short the country has a lesser demand for things therefore having a cheaper price. Also you are right that Bitcoin users will have a big purchasing power but will their population be enough to affect that country's economy as a whole? I don't think so we must look at it first if that certain percentage can influence matters in economical views.

[anami57]

If a country implements economic policies correctly and is open to presence of bitcoin whose marketcap is enormous, it's certainly an opportunity to increase state revenues by imposing taxes on every transaction to fiat. So, of course bitcoin can improve a country's economy.

[Hui8]

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?

That could be one of the reason for the bitcoin to be accepted worldwide. But it is not yet and there is rumour that banking and any other financial institute fearsome the bitcoin as it may capture the centralised market that they are running. This will damage the economic system in their perspective as they won't be controlling anything and moreover bitcoin is not being controlled by anyone. This will create chaos for the current international trading, just imagine all the countries will equalise in terms of economy and everybody will loose the trade balance. Who knows it may lead to neg side impact. Lets just hope it won't.