Can bitcoin improve the economy of a country?

[rodskee]

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 both, more bitcoin user because the bitcoin now is famous the country the accepting bitcoin currency because the bitcoin help the economy of every country accepting the decentralized currency and bitcoin create jobs for the people know how to use online internet how to earn income using bitcoin.

[deisik]

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.

Your post is full of misconceptions

First, if 1 Bitcoin is worth 3740 dollars, or even, 374 thousand dollars per coin, it won't change anything since you can't buy goods directly with it, to do that you would have to convert your bitcoins to fiat first (or some payment processing company should do that for you). And while you and a few others may in fact get these exchange rates, if this happens en masse, Bitcoin price will certainly crash, and nothing will be left of this imaginary purchasing power. Further, money as such doesn't create wealth (and Bitcoin is no different in this respect), so in no case Bitcoin "has the capacity to improve the economy of a country" (at least, not as it is now), and still less so because of its "current market value of Bitcoin at $3740". Hope this helps

[MyIdeas]

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.

you tell that it can improve the countr economy but you did not tell how it happen, let me tell you. When any country make bitcoin legalize in country then there is benefit to country but not much benefit to its users. Government cut huge amount of tax through you earning and benefits its economy and left you with less profit that is why I’m not in favor of government.

[iMark]

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 both, more bitcoin user because the bitcoin now is famous the country the accepting bitcoin currency because the bitcoin help the economy of every country accepting the decentralized currency and bitcoin create jobs for the people know how to use online internet how to earn income using bitcoin.

Lol I think just because the high price does not necessarily make the government accept and legalize bitcoin so easily lol. I want to ask which countries receive and legalize bitcoin just because bitcoin prices soar? Is there any news published on the internet, on television? You must have proof dude

[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?

i think both, more bitcoin user because the bitcoin now is famous the country the accepting bitcoin currency because the bitcoin help the economy of every country accepting the decentralized currency and bitcoin create jobs for the people know how to use online internet how to earn income using bitcoin.

I am very happy if the government accepts and legalizes bitcoin but current circumstances and situations are not possible. In fact no country has accepted bitcoin as a virtual currency legally, in fact most of them prohibit the use of bitcoin, although bitcoin is very beneficial to the economy of society

[GrayFullbuster]

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 both, more bitcoin user because the bitcoin now is famous the country the accepting bitcoin currency because the bitcoin help the economy of every country accepting the decentralized currency and bitcoin create jobs for the people know how to use online internet how to earn income using bitcoin.

I am very happy if the government accepts and legalizes bitcoin but current circumstances and situations are not possible. In fact no country has accepted bitcoin as a virtual currency legally, in fact most of them prohibit the use of bitcoin, although bitcoin is very beneficial to the economy of society

I am also happy if all of the government will accept and legalize the bitcoin.

[rjbtc2017]

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 still depends. But as of now, this is not impossible, improving economy of a country is not feasible by using bitcoin alone. Economy of country improves not by just accepting bitcoins as a virtual currency, it depends on how the market moves, how the government takes the opportunity in bitcoin. Improving different Government systems and much more.

[Bunsomjelican]

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 it is, Only the problem in the other they gave wrong meaning about in bitcoin for them it is a threat. But the truth is no, Like example the country of Russia before they banned bitcoin but after a time pass by they revoked it because they've became open minded unto it then they adapted the system of bitcoin because they knew it can help to their economy and other country like China, Japan, and others.

[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?

I think it is both. Bitcoin is popular indeed than any other cryptocurrency. Other country support bitcoin because of number of users. Upon increasing this number of users, it also brings income to lot of people by exchanging it to a local currency. Because of stable income provided by bitcoin, it decreases tje employment rate, hence improving its economical state

Of course because both of them, bitcoin users more and more and see bitcoin can make the economy of the people in the country for the better. Certainly the government in a country will begin to adopt bitcoin, and maybe they will apply certain conditions to bitcoin users

[Dhaaaw]

Oh well, i think that bitcoin is really bad for a country's economics but its really good for the people and thats two different things.
Cause right now the transactions, investements and any related action to bitcoin is neither controlled, regulated nor taxed by the governement and that's exactly what kills the economy. 

[Taki]

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! 

Of course the attention would be attracted. And many other countries would follow how the life in this country, which moved on bitcoin only, is going. I can imagine how some of them would laugh if bitcoin would pop. I think bitcoin can't grow in it's price forever and one day something new will replace it. So I think it is not a good idea to switch on bitcoin only, firstly it will attract a lot of changings and it is always the big stress as for economy as for people. Secondly there is no guarantees for successful end of this idea. I think it is an utopia to move on bitcoin only.

[rizkyaza]

I think every country has different consideration in bitcoin rate, there is also a look in terms of price, but I think this is an international currency, if there are many countries that recognize the other countries will also recognize it, what if in The country has many users then it will easily be legal

And I think if it speaks economically then bitcoin may be able to change the economic state of a country's population because of the high bitcoin value then their income will also rise

[deppil]

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 it is both. Bitcoin is popular indeed than any other cryptocurrency. Other country support bitcoin because of number of users. Upon increasing this number of users, it also brings income to lot of people by exchanging it to a local currency. Because of stable income provided by bitcoin, it decreases tje employment rate, hence improving its economical state

I think first the government will see the number of bitcoin users from their country. When the government was surprised by the number of bitcoin users in their country that are on the rise. I think the government will start thinking about how to control bitcoin so that it benefits the many people in their country

[yunita]

What do you mean with many countries accept bitcoin as a virtual currency? Can you pay your taxes and fees with bitcoin? If not, would you call this countries accepting bitcoin as a currency?

If countries accept bitcoin as a currency, then it would be a legal currency, but so far I am not aware that any country declared it as that?

Probably the same intent that makes this topic bitcoin as a legal means of payment in the sense of legal use in that country

[mrayazgul]

What do you mean with many countries accept bitcoin as a virtual currency? Can you pay your taxes and fees with bitcoin? If not, would you call this countries accepting bitcoin as a currency?

If countries accept bitcoin as a currency, then it would be a legal currency, but so far I am not aware that any country declared it as that?

Probably the same intent that makes this topic bitcoin as a legal means of payment in the sense of legal use in that country

Yes, bitcoin to improve the economy of the country needs to be  legalized by the government which in most of the case is ignored by the government. This way, instead of being helpful to the financial system of the country, it is sometimes used as a money laundry business of transferring illegal money to outside the country without any issues.

[deisik]

What do you mean with many countries accept bitcoin as a virtual currency? Can you pay your taxes and fees with bitcoin? If not, would you call this countries accepting bitcoin as a currency?

If countries accept bitcoin as a currency, then it would be a legal currency, but so far I am not aware that any country declared it as that?

I don't know of any such country either

But this is not what is likely meant here (and elsewhere) by Bitcoin being accepted as a currency. When people say that Bitcoin is made into a legal currency, they typically mean that the local government accepts it as a foreign currency on equal terms with other such currencies like the US dollar, Euro or whatever. And while you still can't pay taxes with Bitcoin, it is still a dig deal nevertheless since it opens doors to Bitcoin being used on the same terms as major fiat currencies mentioned above

[sheldonnnn]

I do not think so. The bitcoin can improve the economic position of an individual person, but not of the whole country. At least I'm talking about my own country. Here bitcoin is still illegal and many people do not know about it. So if bitcoin can improve the economy of the country, it is very insignificant.

[dragonusa9]

its not like some country invest their own asset become bitcoin, so i dont really think that bitcoin can improve economy of country. and if goverment secretly money laundry, its hard to track on bitcoin.
if its just bunch of people, then it must be improved well. because bitcoin is new source of income for unemployed

[deisik]

I do not think so. The bitcoin can improve the economic position of an individual person, but not of the whole country. At least I'm talking about my own country. Here bitcoin is still illegal and many people do not know about it. So if bitcoin can improve the economy of the country, it is very insignificant

I'm afraid this is not that straightforward

You can get better just by your neighbor getting worse. This may not sound very good and may in fact be despicable (especially if you deliberately go for that), but this is how things stand between many countries. So while Bitcoin may not be able to improve the economy of a country directly, it can still heavily undermine the economy of some other country. Bitcoin is a pyramid scheme (whether you like it or not), and if it grows too much and gets out of hand (think Btc-e here), it could certainly damage it. My point is that Bitcoin can be used as a sort of economic weapon to make smaller and weaker economies bleed while bigger and stronger ones suck on them

[YTBitcoin]

What do you mean with many countries accept bitcoin as a virtual currency? Can you pay your taxes and fees with bitcoin? If not, would you call this countries accepting bitcoin as a currency?

If countries accept bitcoin as a currency, then it would be a legal currency, but so far I am not aware that any country declared it as that?

Probably the same intent that makes this topic bitcoin as a legal means of payment in the sense of legal use in that country

Yeah I will agree with this that it will never be accepted by any country. If it comes under control of any country then it will lose its value. Because that country will start making bitcoin and it will no grow anymore. We cannot thing like taxes that are used to build economy of a country. So, simply it can be said that bitcoin cannot improve economy of a country.