Can bitcoin improve the economy of a country?

[Xenophoto]

For me as of this time or today's economy, bitcoins cant yet improve a nations economy. First since bitcoins are not yet recognized by governments it can't have a good support to have a foundation in the system. Also bitcoins user are very few at the moment and a great majority of people still doesn’t know anything about bitcoins. But we don’t know in years to come and once bitcoins are more popular it might start affecting a country’s economy.

That's the whole point of bitcoin, to have no support from the government but still have a solid foundation. This solid foundation will be achieved by having more and more bitcoin users. Since bitcoin is decentralized, we don't really need support from the government for keeping the network up and secure. People that use bitcoin are well-aware about the situation in our government and our fiat money. Fiat money is inflating constantly, meaning its purchasing power gets lesser and lesser. And bitcoin users simply want to save themselves from all that.

Bitcoin can definitely improve the economy of a country. At the end of the day, bitcoin users will still consume food, water, etc. We will still be affected by that value added tax for all the things that we buy. And since bitcoin users have made more money, more tax can be collected from them.

[BITDV]

I think if a country accept bitcoin as a virtual currency then it can improve the country's economic growth
if a country can’t accept bitcoin as a virtual currency because the country is still afraid of disrupting the country's financial system because it’s free of tax

[wuvdoll]

Yes, ofcourse. Bitcoin can definitely improve the economy of a country because of this reason. Because of bitcoin you can import a money into our country and that way could affect the price of our local money because the supply of our money will increase.

Nice example but for this local banks need to accept transfers in bitcoin, many bank dont allow this in some countries.
But this is nice example of how it could be used in way to increase one country economy and not just that.

The total economy of a country depends upon the income of its individuals. If the number of its individuals who earn increases; the overall economy of the country will also improve. Bitcoin is a source of income. If many citizens of some particular country are earning bitcoin, then definitely there won't be much poverty which means the economy of that land is a stable one. Bitcoin definitely can improve the overall capital of a country.

[deisik]

Bitcoin can not change the economy of the country. It's just money that you can pay off or earn it. To improve the economy, it is necessary to take action, and not to introduce a new currency.

A solid currency can in fact make a country or even the world more prosperous, when gold was used as the standard around the world we saw one of the biggest growth in investments in the world, because people know that their currency was stable, now that trade is based on the dollar and those dollar keep being printed as if they could print them forever governments are trying to get rid of their dollars as fast as possible.

As far as I know any country is limiting themeselves on printing more and more fiat currency as printing more may devalue or depreciate the fiat currency. It is really not a wise plan as the economy will fall from prices of commodities going up and the exchange rate going down your country will face a very bad recession. And the way how you think that Bitcoin will be the next gold in terms of investment I am hoping that it is true and it is now the time for us common people to become wealthy.

Exactly a currency that can be printed at will and that has no limit helps the government and those that are powerful and have connections with them, but it does not help anyone else, the people benefit by having a currency that cannot steal from them with the hidden tax of inflation, once we have money like that whether that is gold or bitcoin the prosperity of the world is going to go up

If it were so, we would still be on gold now

But we ain't, and it is not someone's whimsy. You are certainly correct that printing excessive amounts of fiat helps government and those powerful people to become wealthier while making ordinary people poorer. But this is a heavy abuse of the power of fiat money. Fiat money has an advantage before gold (and cryptocurrencies, for that matter) in that it can be created as well as destroyed according to the requirements and needs of the economy. This is not the case with Bitcoin and the rest of the pack

The short term effect of printing more Fiat currency is good but like what I said it is on a short term which means it is only temporary. By printing more Fiat currency in your country you are only devaluing it as you are causing an over-supply of your own Fiat currency even if the demand is not going up.  Printing Fiat currency won't be a solution for a country who has a right mind, even United States are not printing more U.S. Dollars to pay of their debt. But the different thing about Bitcoin is that when someone receives Bitcoin as a source of income in your country it actually becomes part of an improvement for your country

I was talking about printing excessive amounts of fiat which is certainly bad

And which I made clear right at the beginning of my post. In fact, in the modern fiat system the government of a country or its central bank doesn't need to print anything at all. Just like I said, money can be created and destroyed as required by the economy itself. If the economy expands, banks loan out more money, and thus more money is created. Conversely, when the economy shrinks, more loans are paid paid back (or written off in case of the borrower's default), so the amount of money in the economy diminishes. That's why the modern fiat money is called credit money since it's created and destroyed via bank credit

[owenja]

It can change it and change it for the better. Shady governments will protest, though

[khaled0111]

I am not a financial expert, but I believe countries can make huge income by supporting Bitcoin instead of banning it.
In my country, our currency is going down compared to dollar and euro and I think if people start using bitcoin more and more they can make our currency be more competitive if we change Bitcoins we earn with foreign currencies such as dollar and euro. It's like investment in tourism where you invite tourists so they bring their currency with them. I hope you understand what I mean.

[Walked_by]

Bitcoin can not change the economy of the country. It's just money that you can pay off or earn it. To improve the economy, it is necessary to take action, and not to introduce a new currency.

A solid currency can in fact make a country or even the world more prosperous, when gold was used as the standard around the world we saw one of the biggest growth in investments in the world, because people know that their currency was stable, now that trade is based on the dollar and those dollar keep being printed as if they could print them forever governments are trying to get rid of their dollars as fast as possible.

As far as I know any country is limiting themeselves on printing more and more fiat currency as printing more may devalue or depreciate the fiat currency. It is really not a wise plan as the economy will fall from prices of commodities going up and the exchange rate going down your country will face a very bad recession. And the way how you think that Bitcoin will be the next gold in terms of investment I am hoping that it is true and it is now the time for us common people to become wealthy.

Exactly a currency that can be printed at will and that has no limit helps the government and those that are powerful and have connections with them, but it does not help anyone else, the people benefit by having a currency that cannot steal from them with the hidden tax of inflation, once we have money like that whether that is gold or bitcoin the prosperity of the world is going to go up

If it were so, we would still be on gold now

But we ain't, and it is not someone's whimsy. You are certainly correct that printing excessive amounts of fiat helps government and those powerful people to become wealthier while making ordinary people poorer. But this is a heavy abuse of the power of fiat money. Fiat money has an advantage before gold (and cryptocurrencies, for that matter) in that it can be created as well as destroyed according to the requirements and needs of the economy. This is not the case with Bitcoin and the rest of the pack

The short term effect of printing more Fiat currency is good but like what I said it is on a short term which means it is only temporary. By printing more Fiat currency in your country you are only devaluing it as you are causing an over-supply of your own Fiat currency even if the demand is not going up.  Printing Fiat currency won't be a solution for a country who has a right mind, even United States are not printing more U.S. Dollars to pay of their debt. But the different thing about Bitcoin is that when someone receives Bitcoin as a source of income in your country it actually becomes part of an improvement for your country

I was talking about printing excessive amounts of fiat which is certainly bad

And which I made clear right at the beginning of my post. In fact, in the modern fiat system the government of a country or its central bank doesn't need to print anything at all. Just like I said, money can be created and destroyed as required by the economy itself. If the economy expands, banks loan out more money, and thus more money is created. Conversely, when the economy shrinks, more loans are paid paid back (or written off in case of the borrower's default), so the amount of money in the economy diminishes. That's why the modern fiat money is called credit money since it's created and destroyed via bank credit

yes it is not to difficult for bitcoins to improve the economy of the entire country because the price of each bitcoin is much more then gold so if each person of a country started using bitcoins than within one month you will see changes in the economy of country.

[Jaycee99]

As I see many bitcoin users. So yeah bitcoin help many people students and jobless people

[ekoice]

Definitely,bitcoin could help for the progress of a country's economy,but indirectly by providing more earning options for the unemployed people.So when the standard of living of a country's citizen increases,it would increase the consumption of goods more in the country which would in turn help for the country's economic growth.

[nikitano]

I believe it could help but on what stage is dependent of its consumers quantity.

[Hawkers7]

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 no. Bitcoin will not improve the economy of the country but it will make the transaction or payment of money fast and reliable. If a retailer in a country accepts bitcoin as a way of payment, it will be easier for the customer to pay in a way of bitcoin. But not all people knew about bitcoin so there will still be people who will use fiat money.

[hari9981]

it is possible that bitcoin makes people richer and far removed from poverty. that's because bitcoin is a good investment for you. and make everyone benefit. if everyone becomes rich then the state economy will be stable so there is no poverty

[dewi91]

I don't think so.. I think bitcoin not improve the economy of a country but bitcoin help the economy the people who know about that.. bitcoin is really helpful for bitcoin user, but in my country too many people not to know about bitcoin, and the government has not recognized bitcoin as a vitrual currency..

[Foromany]

I believe it could aid but on what level relies upon of its customers variety.

[chickenado]

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 no. Bitcoin will not improve the economy of the country but it will make the transaction or payment of money fast and reliable. If a retailer in a country accepts bitcoin as a way of payment, it will be easier for the customer to pay in a way of bitcoin. But not all people knew about bitcoin so there will still be people who will use fiat money.

Just in my humble view on this thing,I can say that bitcoin may improve the economy of a country for a reason that many people are using bitcoin as for business transaction. For example,one of the investors is already successful in a particular business. So the willingness of the investors will encourage the growth of the economy of a country specifically in terms of goods or products that uses bitcoin for purchasing them. It won't be that quick for the economy to improve yet it will be in gradual mode with full of adjustments of the system.

[plaintiff77]

As I see many bitcoin users. So yeah bitcoin help many people students and jobless people

yes, it can definitely improve a country's economy. bitcoin gets higher and higher rate as the time goes by and i believe it can improve the economy. it adressed unemployment, it brought big amount of earnings to a country. and at present it has its highest rate so eventually, those who saved big bitcoins now , they have already contributed big amount of money in a particular country.

[Visbay]

Bitcoin can not change the economy of the country. It's just money that you can pay off or earn it. To improve the economy, it is necessary to take action, and not to introduce a new currency.

A solid currency can in fact make a country or even the world more prosperous, when gold was used as the standard around the world we saw one of the biggest growth in investments in the world, because people know that their currency was stable, now that trade is based on the dollar and those dollar keep being printed as if they could print them forever governments are trying to get rid of their dollars as fast as possible.

As far as I know any country is limiting themeselves on printing more and more fiat currency as printing more may devalue or depreciate the fiat currency. It is really not a wise plan as the economy will fall from prices of commodities going up and the exchange rate going down your country will face a very bad recession. And the way how you think that Bitcoin will be the next gold in terms of investment I am hoping that it is true and it is now the time for us common people to become wealthy.

Exactly a currency that can be printed at will and that has no limit helps the government and those that are powerful and have connections with them, but it does not help anyone else, the people benefit by having a currency that cannot steal from them with the hidden tax of inflation, once we have money like that whether that is gold or bitcoin the prosperity of the world is going to go up

If it were so, we would still be on gold now

But we ain't, and it is not someone's whimsy. You are certainly correct that printing excessive amounts of fiat helps government and those powerful people to become wealthier while making ordinary people poorer. But this is a heavy abuse of the power of fiat money. Fiat money has an advantage before gold (and cryptocurrencies, for that matter) in that it can be created as well as destroyed according to the requirements and needs of the economy. This is not the case with Bitcoin and the rest of the pack

Well think it can play a little role in country currency because it’s a digital currency and it work same like other currency and I think I can play a bit extra role in economy of any country because his price is high then other currency and now a days almost you can find a user’s of bitcoin in any country I think if bitcoin gain his physical shape then 100 percent bitcoin can improve economy of a country.

[azguard]

This can be hard in some countries in the world. Why?

The big banks and legacy financial system as a whole have been hesitant to even acknowledge Bitcoin, let alone support, integrate or build off public blockchains.
Why is that?
We have on the one hand, public blockchains like Bitcoin and Ethereum are the valuable innovation that can change finance and money forever but, on the other hand, banks are subject to regulations that make it difficult or impossible to fully integrate these chains.

This is question that is circulating for years, could these public blockchains survive out in the cold on their own without support from the legacy system. However, as these blockchains have grown in value from $1 billion to north of $120 billion, that question has been definitively answered. Whit this comes the main question. When will they finally accept it?

[deisik]

This is question that is circulating for years, could these public blockchains survive out in the cold on their own without support from the legacy system. However, as these blockchains have grown in value from $1 billion to north of $120 billion, that question has been definitively answered. Whit this comes the main question. When will they finally accept it?

It is still highly debatable

I don't think that the market cap growth of blockchains shows us or proves to us anything in this regard. Basically, it just reveals that speculation has increased a few orders and basically nothing beyond that. Even if the market cap grows a few times (orders) higher, it would still tell us nothing whether the cryptocurrencies would survive "in the wild", so to speak, i.e. without fiat sticking around (personally, I think that they will but this is just my opinion). Nevertheless, while the market cap has nothing to do with these questions, real adoption by the population of a specific country certainly has, and in Venezuela we are well on the way there. As to me, such real world test would tell a lot more than any figure like market cap might ever tell whatever it could be

[sofi@]

I think yes because if bitcoin can provide income to those people who does not have any regular job they can have  money to finance their expenses and so they can buy the things they need. If people will have a good status financially then the economy will surely grow. Bitcoin is for everyone that is why even very old person can earn bitcoin and became financially stable