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Author Topic: Can bitcoin improve the economy of a country?  (Read 52081 times)
jeanpadel14
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April 07, 2018, 11:17:14 PM
 #1921

I don't think.Bitcoin is good for countries economies because it is a fresh flux of investments if they are correctly regulated and directed.I hope that one day my country will accept Bitcoin, it would be great for our economy and could help us solve a lot of problems due to the currencies change black market as people could buy Bitcoin and sell it in foreign countries instead of playing with the black market.This was just an example of how bitcoin could help a countries economy, but i think that regarding the countries who aleready accepted it as a virtual currency, the main advantage is the security, as it is far better then using a credit card, and it can give a good punch to start-ups growth.

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Seeker#9
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April 08, 2018, 07:56:51 AM
 #1922


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?

If a country accepted bitcoin as one of their legal currency and being used by its people in any kind of transactions, there is big chance that the cryptocurrency might also boost their economy. In japan, bitcoin is already legal and many of their merchants have started to accept bitcoins as one of their mode of payment. Mass adoption of bitcoin into mainstream will eventually contributes to the economic growth.
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April 08, 2018, 09:19:58 PM
 #1923

I totally believe that Bitcoin can improve the economy of a country.

The economy depends on the buying power of the people of a country. When the unemployed people found something as a source of income or an alternative way to generate money for their families, I think the buying power of every individual will be strengthened. Thus, creating a domino effect on other aspects of the country. The more the people buy goods from the companies, the more profit the companies will be generated. The company will eventually expand their business and will produce more work. In addition to this, Bitcoin transactions were too fast compared to the existing currencies and mode of payments.
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April 10, 2018, 10:12:57 AM
 #1924

I think that a lot depends on the country! Actually, there are numerous ways how the government can take advantage of cryptocurrency and get profit, improving the economy!

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April 10, 2018, 10:16:59 AM
 #1925

Bitcoin is only a measure of value, so I do not see how it can help the development of a country.
PalindromemordnilaP
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April 10, 2018, 11:21:59 AM
 #1926

Bitcoin is only a measure of value, so I do not see how it can help the development of a country.

But with its value, more and more people are earning dollars and getting rich. Not only that, bitcoin has become the  base currency of cryptoworld and one of the reason why ICOs are coming out and with their bounty campaigns, it's giving a short time work for people that even the jobless can participate.

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April 10, 2018, 09:50:32 PM
 #1927

I think, yes Bitcoin can improve the economy of a country as most of the times the value of currencies decrease over time due to deflation. But in case of bitcoin, it roughly doubles in 1 year, so switching to bitcoin is a boon to the people of the country.
but how can people switch to Bitcoin? This requires a real legalization of the crypto currency in your country. But we need to think about it, because if there is a crypto currency in such a genre as it is today, then it will be a threat to national financial security. Not all statesmen agree with the legalization of the crypto currency.

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April 10, 2018, 11:13:02 PM
Last edit: April 10, 2018, 11:28:53 PM by DaftAjax
 #1928

Yes it can, in a way that the regulation of the cryptocurrencies will benefit both parties. I mean, regulations are not that bad, for one, they will accept cryptocurrency so its a good start. If the country will start on stepping to not just regulate it but also implement it, like allowing the crypto to be accepted by companies and enterprises. That'll be good for the economy in m opinion.

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MelojoeBryan
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April 11, 2018, 03:05:13 AM
 #1929

Yes it can, in a way that the regulation of the cryptocurrencies will benefit both parties. I mean, regulations are not that bad, for one, they will accept cryptocurrency so its a good start. If the country will start on stepping to not just regulate it but also implement it, like allowing the crypto to be accepted by companies and enterprises. That'll be good for the economy in m opinion.

The main problem is the inability of the government to fully regulate crypto, especially there is still much debate that has made them think the cryptocurrency is able to make fiat currencies become biased and cause severe inflation, they are not ready to regulate something that has a market with extreme fluctuations, they consider this a business with a risk that many people can not accept in their country.

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April 11, 2018, 05:33:24 AM
 #1930

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?
In my opinion, Blockchain is a target that is gaining much attention from the governments of the nations. Along with bitcoin, these are the utilities and efficiency that best meet the needs of industries, manufacturing ... The problem here is that they recognize the blockchain value in the question. Development of the economy and society. If they want to separate blockchain and remove Bitcoin?
Bitcoin is only a measure of value, so I do not see how it can help the development of a country.
Blockchain is the value of bitcoin. It is being widely applied in the industries, utility and efficiency. It promotes equitable and transparent management - it can have an impact and be a tool for boosting the economy if it is seen as equitable.

TiffanyLien23
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April 11, 2018, 05:45:46 AM
 #1931

Well probably, bitcoin will certainly improve the country's economy, because people were now have good income from bitcoin investments. They will spend more money in the local stores to buy the wants and needs, but most of all money will be easily been circulated to the country's economic system circulation of the entire country income at the world market. But not all of the country think that way, because there are some country that their government think that bitcoin can go down their economy.
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April 11, 2018, 05:58:02 AM
 #1932

Bitcoin have no business to deal with those close door country in cryptocurrency. It only affect one place if they recognise the role of bitcoin in the future issue of currency. Open door to bitcoin can have more chance for growth than nothing economic improvement.
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April 11, 2018, 06:45:10 AM
 #1933

Bitcoin have no business to deal with those close door country in cryptocurrency. It only affect one place if they recognise the role of bitcoin in the future issue of currency. Open door to bitcoin can have more chance for growth than nothing economic improvement.

I think bitcoin can't improve the economy of a country because even if it is a digital cryptocurrency that we need in our generation now. We have to ligalize first the bitcoin. We need to accept it to our country, in order that our country can benefits the profits of bitcoin.
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April 11, 2018, 07:16:51 AM
 #1934

Bitcoin have no business to deal with those close door country in cryptocurrency. It only affect one place if they recognise the role of bitcoin in the future issue of currency. Open door to bitcoin can have more chance for growth than nothing economic improvement.

I think bitcoin can't improve the economy of a country because even if it is a digital cryptocurrency that we need in our generation now. We have to ligalize first the bitcoin. We need to accept it to our country, in order that our country can benefits the profits of bitcoin.

Yes. inorder to improve the economy of our country the government must accept bitcoin first and make it legal. Just like with other countries bitcoin is legal and their economy started to grow but I'm hoping that our country will soon acknowledge bitcoin.

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April 11, 2018, 08:07:32 AM
 #1935

For example official exchange rate of banks is very highly. If small business imports the goods for BTC they would setup less prices for selling them to consumers. So consumers will save some money and pay more goods.
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April 11, 2018, 08:08:23 AM
 #1936

I think so. If volume transactions of bitcoin occurring within the country is high. Because government gets tax from selling bitcoin to fiat.
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April 11, 2018, 08:09:42 AM
 #1937

I think bitcoin can improve the economy of a country if all people know this and have a patience or perseverance to earn bitcoin i think all people have a good profit and many people have a money to buy anything because of bitcoin Smiley
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April 19, 2018, 02:53:29 AM
 #1938

Bitcoin have no business to deal with those close door country in cryptocurrency. It only affect one place if they recognise the role of bitcoin in the future issue of currency. Open door to bitcoin can have more chance for growth than nothing economic improvement.

I think bitcoin can't improve the economy of a country because even if it is a digital cryptocurrency that we need in our generation now. We have to ligalize first the bitcoin. We need to accept it to our country, in order that our country can benefits the profits of bitcoin.

Yes. inorder to improve the economy of our country the government must accept bitcoin first and make it legal. Just like with other countries bitcoin is legal and their economy started to grow but I'm hoping that our country will soon acknowledge bitcoin.
There're many ways to make the economy of the country grow, accepting Bitcoin as legal or not so unrelated to the economic growth of a country. To be honest, accepting Bitcoin leads to a lot of issues related to the management and collection of taxes through this currency. All things will be difficult for the government as businesses can easily escape tax through Bitcoin.

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dekafee79
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April 19, 2018, 03:04:47 AM
 #1939


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's possible. Bitcoin can give earn to many jobless that invest in bitcoin. so, it affect the economy of a country. the jobless get alot income, they can open a new business.
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April 19, 2018, 03:24:56 AM
 #1940

Probably yes, it can improve the economy but it depends on the country you are in and how they treat the importance of bitcoin. It is important to first understand the blockchain in able for the country to properly enable them to earn the right profit that will help the economy to rise up. This will happen sooner or later and it will not take long before all of these to happen what we can do for now is to wait and see what will happen tomorrow.
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