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Author Topic: Will early adoring countries get large economic benefits from BTC?  (Read 645 times)
Ladyb
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August 26, 2017, 06:45:03 PM
 #1

Will countries that are early to adopt and allow Bitcoin be able to turn this into an economic advantage to them where they're better off than before?
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August 26, 2017, 11:17:33 PM
 #2

Venezuela's unfortunate economic crisis could be a good example of how a country could benefit from adopting bitcoin.

Unfortunately for venezuela, the state would undoubtedly attempt to nationalize bitcoin & that failure would only ruin the country further.

Venezuela's attempts to nationalize toyota and other private sector enterprises are responsible for driving many employers and jobs out of the country. Their tendency towards micromanagement and waging an illogical war against capitalism has driven what was once an oil rich country to the brink of ruin.

Bitcoin could help venezuela, unfortunately the socialists in charge would never allow that to happen because their irrational hatred of capitalism and the private sector override common sense.

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August 27, 2017, 01:45:44 AM
 #3

Will countries that are early to adopt and allow Bitcoin be able to turn this into an economic advantage to them where they're better off than before?

I think it's true that countries that first adopt bitcoin will benefit the economy as long as the country is well managed and used.
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August 27, 2017, 01:59:33 AM
 #4

I'm sure a very good idea to adopt bitcoin in a country. if it happens then it will bring a good change for its citizens.
As in this forum, before I know the bitcoin and this forum, my economy can be said bad. But after I got to know him very much brought change and profit to my economy and my life.
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August 27, 2017, 02:30:48 AM
 #5

I'm sure a very good idea to adopt bitcoin in a country. if it happens then it will bring a good change for its citizens.
As in this forum, before I know the bitcoin and this forum, my economy can be said bad. But after I got to know him very much brought change and profit to my economy and my life.


Of course the early birds are always good and i wouldn't be surprised in a few years time we'll all be fine to see the impact of Bitcoin in some of these countries that have somewhat accepted and legalized Bitcoin.
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August 27, 2017, 02:48:51 AM
 #6

I believe countries shouldn't adopt it as currency, Bitcoin is too volatile, nobody knows what can happen with its price on short term, what can drive the economy to the ruin. The answer would be different if your question was "Will early adopters in general get larger economic benefits from Bitcoin?"

Then I think so, I agree.

 
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August 27, 2017, 03:25:24 AM
 #7

I'm sure a very good idea to adopt bitcoin in a country. if it happens then it will bring a good change for its citizens.
As in this forum, before I know the bitcoin and this forum, my economy can be said bad. But after I got to know him very much brought change and profit to my economy and my life.

I don't know how can you say that but we all know that bitcoin is so volatile so se can't still say surely that it will be giving a positive impact in one country's economy.
Also we are talking about one country's economy and not yours, well country's economy starts at people but I don't think it will have large economic benefits,  maybe it may need more time.

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August 27, 2017, 03:32:28 AM
 #8

Will countries that are early to adopt and allow Bitcoin be able to turn this into an economic advantage to them where they're better off than before?

I think it's true that countries that first adopt bitcoin will benefit the economy as long as the country is well managed and used.

I think it may help people through their needs and satisfaction. People who invest first at bitcoin has the benefits, but I don't think it will be affecting the country that people is in. As said un the previous posts, bitcoin is really volatile and if the country adopt bitcoin which is so volatile, that will be really affecting the county's economy.

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August 27, 2017, 03:35:17 AM
 #9

Of course! It's a world economy and bitcoin is a world currency. If you don't have any reserves at this point you're so far behind and you're only getting further behind in the future. Help your people and buy btc ffs!
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August 27, 2017, 04:53:19 AM
 #10

Sure, it will do good to their economy and I think it will benefit first the entrepreneurs of that country. They will be the first one to create different ideas on how they can incorporate their product to bitcoin technology. More jobs will be created for developers, inventors, exchange, financial advisors and any related work. More jobs signify that the economy is growing.
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August 27, 2017, 05:32:17 AM
 #11


Will countries that are early to adopt and allow Bitcoin be able to turn this into an economic advantage to them where they're better off than before?




First comers will always have the benefit of power status and volume. Don't forget we have limited supply to 21 million which means that not everyone is going to get the equal share due to decentralised nature, and thus whoever jumps in first will get most of the volume driven in their own country and will rule the price of bitcoin too. Just imagine more users, more demand and thus more value by that nation itself. When we will have to get the coins from them we will have to pay more than expected to them to have it. This is just speculation but a realistic one if countries really start adopting bitcoin in first place.

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August 27, 2017, 05:56:31 AM
 #12

Yes, that country would undoubtedly gain from adopting bitcoin provided that the government would regulate it properly.
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August 27, 2017, 06:05:47 AM
 #13


Will countries that are early to adopt and allow Bitcoin be able to turn this into an economic advantage to them where they're better off than before?




First comers will always have the benefit of power status and volume. Don't forget we have limited supply to 21 million which means that not everyone is going to get the equal share due to decentralised nature, and thus whoever jumps in first will get most of the volume driven in their own country and will rule the price of bitcoin too. Just imagine more users, more demand and thus more value by that nation itself. When we will have to get the coins from them we will have to pay more than expected to them to have it. This is just speculation but a realistic one if countries really start adopting bitcoin in first place.


Not so fast, governments are not interested in cryptocurrencies, at least not publicly but mainly they're active discretely. but what happens when they decide to use bitcoin to their advantages? they'd have to trade with individuals in different exchanging platforms and that will cost a hefty amount of cash, in other words they are forced to inject cash to obtain bitcoins and as the mentioned individuals see there is a strong demand they just raise their prices and profit the most out of it. IMO only the individuals like you and me benefit from bitcoin separated from the national economy.

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August 27, 2017, 06:45:31 AM
 #14

Any country that adopts bitcoin ahead of the others would definitely have an advantage in the sense that they can already integrate it into the business models being used in their country. Also, they can adjust and regulate better depending on the demand on bitcoin. Th earlier the adoption, the more benefits they are going to enjoy.
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August 27, 2017, 07:16:18 AM
 #15

I don't know, but when a country has received bitcoin, I'm afraid the bitcoin holders will be controlled by the government, and I'm afraid our freedom is taken away by them, but of course that's just my speculation. However I really hope that bitcoin can be received in my country, so that people in my country can feel the great future of bitcoin.
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August 27, 2017, 07:40:23 AM
 #16

Yes I think those countries that were ahead of other countries could get more economic benefits from BTC once it will be accepted in one's country because by then they have an advantage compared to those countries who were late in adopting bitcoin. Just like those people who bought bitcoin on 2009 had more advantage than those who just bought their coin this year, that's just the same thought.
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August 27, 2017, 08:40:07 AM
 #17

I believe countries shouldn't adopt it as currency, Bitcoin is too volatile, nobody knows what can happen with its price on short term, what can drive the economy to the ruin. The answer would be different if your question was "Will early adopters in general get larger economic benefits from Bitcoin?"

Then I think so, I agree.

Bitcoin is volatile because it's unregulated plus it doesn't has a big enough market cap to stabilize its price. Once bitcoin has a big enough market cap, the price volatility will eventually disappear. So this is a temporary reason for not shifting to bitcoin.

As for op, bitcoin can't be taxed so, unless you apply high taxes on local items, the country won't see any progress at all. It will only increase its imports resulting in a futher debt. So for a country to adopt bitcoin will only happen in that situation when a currency like dollar or euro will fall to it's feet.

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August 27, 2017, 09:20:51 AM
 #18

this have some impact to people that hold lot of BTC, because the price get higher in years. but i dont think that country got any benefit if BTC was implemented earlier. because goverment cant monitored where the money goes also the citizen dont pay a huge tax. so if growing country implemented this, nothing good happen for the country.
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August 27, 2017, 09:59:12 AM
 #19

this have some impact to people that hold lot of BTC, because the price get higher in years. but i dont think that country got any benefit if BTC was implemented earlier. because goverment cant monitored where the money goes also the citizen dont pay a huge tax. so if growing country implemented this, nothing good happen for the country.
There would really be no relations between two things and as you said there nothing to do on bitcoin adoption since it would mainly focused on its citizens and government wont really benefit from it knowing that they cant imposed taxes on it and would really depend on a certain person if he would tend to pay up tax or not. Sooner or later I cant see that bitcoin would able to progress a countries economic state.

 
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August 27, 2017, 10:34:19 AM
 #20

Will countries that are early to adopt and allow Bitcoin be able to turn this into an economic advantage to them where they're better off than before?

If by "adopting Bitcoin" you mean "adopting Bitcoin as national currency", even replacing cash, I think that that would be too risky a move and would most likely fail for a number of reasons (eg. volatility, deflation, reliance on the internet).

If by "adopting Bitcoin" you mean "allowing the usage of Bitcoin and providing a clear legal framework to operate in", then yes, definitely. Or rather you'd have to see it the other way round: Countries that will block Bitcoin and cryptocurrencies from the get-go are more likely to fall behind regarding innovation and tech. Bitcoin and cryptocurrencies are likely to play a huge economic role in the future, thus preventing companies from taking part in this new economy would be the modern day equivalent of missing out on leveraging the power of the internet.

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