Bitcoin - Can it boost or break a countries economy?

[Hexah]

I think it can boost someone's economy of a country since there are many consumers that uses it as a form of transacting to another person, so if it would be utilized by the government and they can control it I think it might be. For example if they can imposed a tax for every transaction of a bitcoin then it would be a huge income for them but the problem they have in bitcoin is that they cannot control and they don't have access on bitcoin that's why some countries keep on banning and illegalizing the used of bitcoins.

[Hydrogen]

Things that create jobs or wealth, which in turn increases economic spending and raises GDP, will generally boost a countries economy. To give you an example, let's say there are 100 people in china who bought 1 bitcoin in 2011 and sold that 1 bitcoin in 2017 @ $4,000.

That would produce an additional $400,000 of wealth for those 100 chinese. This translates to greater spending in china and an economic boost. It could also create jobs if those who invest in bitcoin and profit use their earnings to start businesses, which also boosts the econ.

[edynolan]

if seen for bitcoin situations should now boost the economy of a country but different from the government because they see bitcoin destroying the economy where one chooses bitcoin in the field of investment.

[Kakmakr]

Things that create jobs or wealth, which in turn increases economic spending and raises GDP, will generally boost a countries economy. To give you an example, let's say there are 100 people in china who bought 1 bitcoin in 2011 and sold that 1 bitcoin in 2017 @ $4,000.

That would produce an additional $400,000 of wealth for those 100 chinese. This translates to greater spending in china and an economic boost. It could also create jobs if those who invest in bitcoin and profit use their earnings to start businesses, which also boosts the econ.

You make a excellent point there. More income = more spending = more tax. I can add the potential income from Bitcoin tourists too, that would visit your country. < If they ban Bitcoin in my country, I would still earn bitcoins online and spend it on a Bitcoin holiday in a country where Bitcoin is legal. >

The will to have full control and power over people, is stronger than the economic advantages of accepting this technology.

[Idrisu]

I don't think governments all over the world can outrightly banned bitcoin and its technology! Like you rightly said, governments are not looking at the advantage of blockchain technology but they are looking at the freedom it has come to create for humanity. The elites,  leaders and politicians did not want freedom for you and me and fiat is been use by them to enrich themselves and family but the bitcoin system is there to reward hard works.

[hatshepsut93]

Economy is healthy when people are left alone to do as they want, government control actually tends to disrupt spontaneous order of the market and sooner or later cause a crisis. And in many countries governments turn corrupt and authoritarian, making things even worse. Unregulated markets may have their own problems, but it's much better than any alternative, so Bitcoin can't really break any economy. Today Bitcoin is too small to feel its effects on economy, but as adoption grows, it will be more and more noticeable. But I don't think that there will be many places that are 100% Bitcoin - we'll probably have a mix of fiat and crypto in different proportions.

[Latviand]

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 offers a method wherein some regualtions of the regular currency can by bypassed or can be called moot. It is transactional but electronic. It is somethig that is paperless, almost do not leave a trace and some countries are approaching it with caution. Yet the truth remains it is a game changer and every country it trying its bet to find out how to utilize it.

[Mobshady24]

i think it can boost and it can also break countries's economy. if the government of a country does not use it or those businesses that affected by crypto market does not use it as an advantage it might cause a break down to the economy since crypto currencies are growing so fast and most investors, traders and users are shifting towards the blockchain due to its volatility and flexibility when it comes to investment.

[jseverson]

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?

How do you even begin to regulate Bitcoins? It's completely decentralized, and thus, I imagine it was built in such a way that it would be resistant to a central regulation. If governments can't control it, then it would be hard of them to take advantage of it in such a way that could boost their economy. China seems to think it's bad for them because it contributes to their capital outflows, and they've probably realized there's precious little they can do outside an outright ban.

There are real advantages of using the technology, but what's good for the people may not necessarily be good for their government. I just hope governments would formally adopt a live and let live policy in the future, as most do now.

[Lieldoryn]

The government was no longer interested in the problems of the people. Therefore, the interests of the people and the government diverge. Bitcoin is good for people, but this is very bad for power. States can stay afloat at the expense of the confidence of citizens or at the expense of manual management of the economy. Governments choose the latter and will never accept bitcoin.

[QueenOf]

yes Bitcoin can  affect the world economy even if it does not become a currency that everyone uses or understands. If Bitcoin becomes widespread, respected, and legitimate, A lot has changed over the course of the past eight years within the bitcoin ecosystem, as trends are showing increased interest in the digital currency over time.

[Wingo]

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.

[syaripudin]

Whatever the reason is bitcoin is a very good technological development especially for financial problems. and the question is can bitcoin overcome economic problems in a country, I think bitcoin can be an alternative to overcome economic problems in a country but there must be a system implemented in order to run in accordance with the policies issued by the country. of course there is a rule that can be agreed between the users bitcoin and the government. in addition it is necessary for the realization of the public about bitcoin because bitcoin is crypto currency that uses internet technology as the ingredients. bitcoin is not the fiat currency in general that everyone can see clearly. because not everyone fully understands the internet technology primarily for parents. in doing this takes a long time because I think the circles of parents are not so interested in crypto currency.

[Nahl]

i think it depend on the government decission itself and currently my government apparently cannot admitted bitcoin as digital currencies even more likely they will banned bitcoin although this is still not officially so after seeing my government decission i think bitcoin and government cannot walking together and they will always attempts to avoid digital currencies although i have seen there are so many people in my country has been helped with bitcoin but my government will not admitted bitcoin has helped their citizen

[MiF]

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 we compare the advantages and disadvantages of having a bitcoin in a certain country i believed the most advantages will make their economy strong like helping to reduce unemployment and if they legalize it it will increase establishments and govenment can gain more tax from bitcoin income. A nation banning a bitcoin to exist is more on a hidden agenda of mostly government self interest than their people interest.

[kimochidesh]

Central Authorities always like to control the financial system as it helps to deal with problems like money laundering, Terrorist funding, taxation and other illegal activities like drug dealing, loot etc. A decentralized anonymous currency like BITCOIN makes govt. lost their control over money in a country which will make things worse and very difficult to handle.
On the other hand, Some countries like Venezuela who is suffering from Hyper-inflation will help their economy to stand rigid at global Level. Being a global Currency, It helps to grow the global economy.
If we talk about technology that is blockchain and digital currency, It will be definitely going to future of the economy as it regulates the flaws which are facing in the current banking system, the problem like NPA & Money Fraud will reduce close to zero. Easy and fast Payment with Low fees will encourage people to adopt this technology in long run.

[logicgate]

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.

It can do both boost as well as break a country’s economy. Recently the ban imposed by Chinese government was just to control the prices of bitcoins to make their use in their economy, this gave rise to other countries as well to check whether a ban on bitcoin supports their economy or not which will cause more fluctuations in the prices of bitcoin.

[shield132]

There is no way that bitcoin can break a contries aconomy, it can only boost. Imagine one poor and unknow country created biggest datancenter and started activity in blockchain system and bitcoin payment. Every bitcoin media will post it on their website, investors will get interested in it and see history of this country, will look other things and invest not only in bitcoin projects but in something different also. It will cause country's popularity, this means a possibly more touristd and investors, and of course finally a  big boost in economy.

[tiptopgemdotcom]

There is no way that bitcoin can break a contries aconomy, it can only boost. Imagine one poor and unknow country created biggest datancenter and started activity in blockchain system and bitcoin payment. Every bitcoin media will post it on their website, investors will get interested in it and see history of this country, will look other things and invest not only in bitcoin projects but in something different also. It will cause country's popularity, this means a possibly more touristd and investors, and of course finally a  big boost in economy.

That's why governments are interested with blockchain projects rather than ignoring.For example,Estonia wants to create a new coin called Estacoin,Argentina wants to import about 200 local bitcoin ATMs.It can not replace cash as payment method but it can be part of whole payment system

[nejibens]

Bitcoin can boost many countries economies, because it is simply helping their poor and unemployed people getting some income and this people will use their earnings to invest in their countries usually.