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Author Topic: Bitcoin - Can it boost or break a countries economy?  (Read 1781 times)
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September 21, 2017, 01:20:44 AM
 #41

After reading the replies of everyone. Most of them say it can boost a countries economy and I agree with them because there will be a certain point where we'll cash out some of our bitcoin to fiat so that we can buy the goods that we need as a result that will increase the demand in our country. I see bitcoin doing more good than harm in a country thats just my opinion.

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September 21, 2017, 01:57:36 AM
 #42

After reading the replies of everyone. Most of them say it can boost a countries economy and I agree with them because there will be a certain point where we'll cash out some of our bitcoin to fiat so that we can buy the goods that we need as a result that will increase the demand in our country. I see bitcoin doing more good than harm in a country thats just my opinion.

Well it is tax free overall and everyone can use btc. But the is offcouse government cant really control it if its within there vicinity but it is till good oppurtunity for citizens to have some money without the government interfering.
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September 21, 2017, 03:30:42 AM
 #43

Most countries are in full control of their own monetary policies and financial systems. If a alternative currency is introduced, would this improve or reduce the efficiency of a country?
If the government really has a full control of their own monetary policies then they must not be scared with cryptocurrencies as it will be still withdrawn back to their local currency, it is just like an another foreign currency that will make a nation's economy stronger because that is remittances.

Will this remove their control or would it be just another payment option, like PayPal?
For my own understanding Paypal and Bitcoin is the same online payment platform, the only difference is that Bitcoin is offering a fast and much cheaper transaction fees plus its transparency and not being reversible compare to Paypal.

Why are governments so scared of Bitcoin, if they can regulate it's use. The first defensive tool seem to be banning the technology, which in my opinion should be the last resort. Should they not analyse the threat based on proper research and public participation. < like they did in Canada > and then make harsh decisions like this?
I think governments is not scared with bitcoin they are just shock on how big is the money that is flowing inside of it now and with this, they want to regulate it for them to earn from it, that is the government's way.

Why are they ignoring the advantages that this technology might bring and implement extreme precautions as a primary action?
I think they are not ignoring it, it just that most of the government in the world has not yet have an exclusive and well funded department about digital currency and its positive effect. We all know that people tend to tell more negative feedback if they didn't know such things.

Is Bitcoin really such a big threat to them or are they just misinformed on purpose? < influenced externally by people with hidden agendas >
Bitcoin is not threatening anyone, it is a revolutionary currency that offers good for the people who uses it. It just happens that banks are really afraid of bitcoin and they didn't accept that fact that if cryptocurrencies will boom then they will be dead soon and I also think that banks is bribing governments to ban Bitcoin to their country.
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September 24, 2017, 10:45:52 PM
 #44

If only governments are open on what Bitcoin will bring to the economy. But first, it should be introduced to people and teach them so that from the advantages of bitcoin, transactions will be easy and people will have a job even if they are in their house only, so no doubt that the economy will rise if this happened in the future

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September 24, 2017, 11:17:28 PM
 #45

I don't think that there is really a hard evidence showing that a country is afraid of Bitcoin. As far as I know some countries even support the usage of Bitcoin like Japan and Korea. As their point of view I see that they think that it will boost their economy by people who are trying to pay in Bitcoin expecially the tourists of their country. Bitcoin is one of the newest technology matched to our present day and businesses and also the government can take advantage of the cryptocurrency.

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September 25, 2017, 12:24:33 AM
 #46

After reading the replies of everyone. Most of them say it can boost a countries economy and I agree with them because there will be a certain point where we'll cash out some of our bitcoin to fiat so that we can buy the goods that we need as a result that will increase the demand in our country. I see bitcoin doing more good than harm in a country thats just my opinion.
Exactly, bitcoin won't harm us instead it gives us another opportunity to earned more.
It won't totally boost our economy because the government won't benefits this, only the individual that are in bitcoin could gain benefits from bitcoin. But it happens that bitcoin become legal and we pay taxes, thats the time the government have gain benefits from it and it would help our economy.
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September 25, 2017, 01:27:33 AM
 #47

After reading the replies of everyone. Most of them say it can boost a countries economy and I agree with them because there will be a certain point where we'll cash out some of our bitcoin to fiat so that we can buy the goods that we need as a result that will increase the demand in our country. I see bitcoin doing more good than harm in a country thats just my opinion.
Exactly, bitcoin won't harm us instead it gives us another opportunity to earned more.
It won't totally boost our economy because the government won't benefits this, only the individual that are in bitcoin could gain benefits from bitcoin. But it happens that bitcoin become legal and we pay taxes, thats the time the government have gain benefits from it and it would help our economy.
It will depends on government implementation ,if they will over use it pr they will just let it by their people without controlling too much. I wonder why China bans crypto activities when it is obvious how helpful it is.

 
 
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September 25, 2017, 09:45:26 PM
 #48

In my opinion, it would boost a country's economy. Like Japan who welcomed bitcoin in their economy, every country should not be threatened by bitcoin unless the particular country is corrupt. The banks would be affected when bitcoin is legalized in a country. We all know how the blockchain is far better than the banking system.
Yes! As the bitcoin is a digital currency and it is being use worldwide so the process of the bitcoin is increasing more and more, it is being legal in some countries but the investors of the country is also increasing as the time passing. The 80% of a country population is now using bitcoin and they are investing in bitcoin so it is the best time to put something in the increasing economy of our country by being a part of the bitcoin.
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September 27, 2017, 06:21:52 AM
 #49

Bitcoin can boost a countries economy because it will help the people to earn money and the people will use those money to spend on the things that they want and those profit of the shop or the store that the people used to buy things with. Then it will boost the shop or the store's income and the tax of that store will go up too and it will help the country to have a better income which will help itself to improve its system and economy.
You explained it with such good description that I don’t need to explain it any further. Still you are very right in this chain for making country’s economy boost. Bitcoin will never break the country economy rather it acts like a catalyst that fasten the speed of economical race in country.


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Qartersa
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September 27, 2017, 06:41:45 AM
 #50

I don't think it can do anything in any country even if the country is a developing country. Right now bitcoin's status is not yet very widely accepted and having it doesn't mean it would do anything to the economy as it cannot stimulate the economy if there are not a lot of products and services are accepting it right now. I guess maybe in the future when it is widely adopted already.

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faceoff97
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September 27, 2017, 06:57:29 AM
 #51

Bitcoin does not really cobtribute a lot to a government but more to the people in the country.. Basically, once an individual get an income (coming from bitcoin) it will help him improve his financial status. And the boosting of countries economy is dependent on each individuals. Even though the government has no control with bitcoin, it will still help a country to improve in terms of making people a better living.

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September 27, 2017, 08:49:22 AM
 #52

Most countries are in full control of their own monetary policies and financial systems. If a alternative currency is introduced, would this improve or reduce the efficiency of a country?

Will this remove their control or would it be just another payment option, like PayPal?

Why are governments so scared of Bitcoin, if they can regulate it's use. The first defensive tool seem to be banning the technology, which in my opinion should be the last resort. Should they not analyse the threat based on proper research and public participation. < like they did in Canada > and then make harsh decisions like this?

Why are they ignoring the advantages that this technology might bring and implement extreme precautions as a primary action?

Is Bitcoin really such a big threat to them or are they just misinformed on purpose? < influenced externally by people with hidden agendas >

Let's discuss this please.

If that country will just think of the welfare of their people they should support the bitcoin. Decreasing unemployment alone are already a big help and the purchasing power of their consumers will going to increase because people have lot of money to use from bitcoin. These two reasons are already a solutions to boost their economy plus the tax to be implemented once bitcoin will be legalize.

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September 27, 2017, 08:56:26 AM
 #53

The bitcoin can boost the economy of the country because if the people in the country uses bitcoin, it will have a chain effect that will lead to boost their economy. We should all use bitcoin for us to improve our economy.



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Proton2233
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September 27, 2017, 09:01:33 AM
 #54

Bitcoin would not affect the country's economy. The maximum that bitcoin might be a little to increase the inflow of investments into the country, but it's not such a scale to have any meaning. Bitcoin is still too weak to have an impact on the economy of even the most backward States.
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September 27, 2017, 09:18:58 AM
 #55

Most countries are in full control of their own monetary policies and financial systems. If a alternative currency is introduced, would this improve or reduce the efficiency of a country?

Will this remove their control or would it be just another payment option, like PayPal?

Why are governments so scared of Bitcoin, if they can regulate it's use. The first defensive tool seem to be banning the technology, which in my opinion should be the last resort. Should they not analyse the threat based on proper research and public participation. < like they did in Canada > and then make harsh decisions like this?

Why are they ignoring the advantages that this technology might bring and implement extreme precautions as a primary action?

Is Bitcoin really such a big threat to them or are they just misinformed on purpose? < influenced externally by people with hidden agendas >

Let's discuss this please.
Bitcoin can't boost economy of a country because it will never be made a national currency of a country or state due to its decentralized characteristic and many other factors. Although if they introduce another currency which is made according to them and by them having full control over it as other national currencies then it is possible that it can effect the economy.
It is true that government is scared of bitcoin and crypto currencies and their fear is real because it is expected that digital currencies will take over the fiat in future.
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September 27, 2017, 09:21:19 AM
 #56

The bitcoin can boost the economy of the country because if the people in the country uses bitcoin, it will have a chain effect that will lead to boost their economy. We should all use bitcoin for us to improve our economy.

Definitely its a positive side of bitcoin. It provide so much job opportunity for the people who are in college or unemployed. They can do some work and get paid in btc. One can run business around btc and create more job employment for others as well. Its a new revenue source for government too as will get more tax from the income earned by people.

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September 27, 2017, 09:28:53 AM
 #57

I think this is a big threat to banks, and since banks and governments work together to retain power over people, then it's a threat to governments as well.
If governments completely embrace bitcoins with no restrictions, there will be no use for banks anymore. Also, what kind of arrangements they do in secret in order to print money and profit from peoples debts, will no longer work as well.

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September 27, 2017, 09:48:27 AM
 #58

After reading the replies of everyone. Most of them say it can boost a countries economy and I agree with them because there will be a certain point where we'll cash out some of our bitcoin to fiat so that we can buy the goods that we need as a result that will increase the demand in our country. I see bitcoin doing more good than harm in a country thats just my opinion.

You are right because by the time the individuals can now be able to afford some of the basic things that they can, then it then means a boost for the economy but where we fail to get it right is that the economy is not about individuals neither is it about group of individuals but the entire population which means the economy can still be in shambles while several individuals can still or being able to meet their needs.

In any country in the world even with several rich people, its still being regarded as a poor country because the wealth does not circulate to the entire population which is in this case might be for bitcoin especially for countries that are still developing because it then means I get to have a tax free income, more money in my pocket, I enjoy government roads, get to drive cars at the expense of those who contribute to make that available.

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September 27, 2017, 10:22:38 AM
 #59

If some country will create good conditions and lower taxes (or even remove them) for using bitcoin and starting blockchain startups then it may get some boost. Personaly I expect Singapore to do something like this, they know how to attract investors and might use their knowledge in crypto.

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September 29, 2017, 02:08:12 PM
 #60

Bitcoin can boost a countries economy because it will help the people to earn money and the people will use those money to spend on the things that they want and those profit of the shop or the store that the people used to buy things with. Then it will boost the shop or the store's income and the tax of that store will go up too and it will help the country to have a better income which will help itself to improve its system and economy.
You explained it with such good description that I don’t need to explain it any further. Still you are very right in this chain for making country’s economy boost. Bitcoin will never break the country economy rather it acts like a catalyst that fasten the speed of economical race in country.

If a country's citizens start their business on blokchain and become an important market maker or service provider, this would boost its economy. Otherwise, a country may get damaged by bitcoin as well.
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