Bitcoin - Can it boost or break a countries economy?

[EnricoGomez]

I would say that bitcoin can boost a country's economy.
A user earning money through bitcoin "takes in" cash excluded to the ones priginally circulating throughout the given area.
It can also reduce the unemployment rate which is obviously good news for economy.

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[Dbigfoot102]

I think the two situations could both happen. It can either make a country do so much progress while it could also create an effect to the economy of another country. Say country A pays the people in country B money in bitcoins for some services done, then country B. receives it. If country A pays more than country B then country B gets more money from country A. So I believe the idea could be true.

[Kittygalore]

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.

They're just close-minded people and thinks that bitcoin investing and all other cryptocurrencies are just dangerous for people and stuffs. Media is also against bitcoin. In my opinion and also as we can see there are beneficial offerings that bitcoin gives, it can definitely boost someone's net worth and this will end the poverty of one country and possibly boost its economic status because of the people having money and paying for their taxes.

[Evgenius1283]

I think that the governments of the countries of course about everything and about the pros and cons of Bitcoin, but no one fully understands what can give and what can affect Bitcoin, because of ignorance of it and yet prohibit, but not all....

[mostcrack]

I would say that Bitcoin can greatly help the economy of the country as well as the world, why? because I have seen many ways to help bitcoin for all users and many successful people in it in a matter of months or years, more and more new users every year and more and more new billionaires are popping up, that's the proof within a few years after bitcoin shows a tremendous price, but on the other hand there must also be a minus in building the country's economy, not easy to design 100% succeed.

[Tomborneque_1102]

Maybe they really don't know the functionality of Bitcoin and how it will affect every Country's economy. they might need to learn more about Bitcoin first. and of course, Bitcoin can boost the Economy of a Country. Imagine a Country with no Homeless people. everyone has income because of Bitcoin. even an uneducated person can use Bitcoin. that Country's economy will surely grow and improve.

[RokokGudangGaram]

I think blockchain and digital currencys may improve economys.EU countries Lithuania and UK are aware of that.But any economy will be not improved if wil be not changein people mind,always will be some gov,but it will be people gov or big corporations gov

yes i think bitcoin can really boost our economy because of the profit that bitcoin can really give to us and the opportunity to give to those who are willing to grab so i think it will boost and not to break the countries economy but rather it will help us to rise and to improve our lives.

bitcoin is already helping the economies of various countries to increase its economy, because there are many countries whose economies are increasing very quickly thanks to the help of bitcoin. so who says bitcoin destroys the country's economy is of course wrong

[iram1011]

I don't see economy working efficiently over the economical model cryptocurrency possess becauseof following reasons.

• Due to the high volatility, cryptocurrencies can never be used as an effective currencyin facilitating international trades.
• Due to anonymity,  it will become for state to gather tax and hence can restrict development proces of a nation.
• Also, cryptocurrenciez may seem decentralized, but in actual some 4% own the largest share and they can run the market and the price according to their will. This can be a threat to a nation's financial stability.

[ballerin and giroud]

Bitcoin will not be able to lift the economy of a country if the country does not accept bitcoin as an alternative payment method for its citizens in transacting. The fear of a government against this new technology because they can not control the bitcoin price, they will not accept if bitcoin prices can not be controlled. Obviously there are games and reasons hidden behind the banning of a country.

[michellee]

as long as bitcoin is not yet accepted in the country, then there is no chance for bitcoin to boost or break a countries economy but maybe it could help people to increase their income because they use bitcoin to make money. but if the country accepts bitcoin as a new payment, then bitcoin might boost a countries economy and will help not just the people but also the economy of that countries. but maybe I am wrong for this because I am not an economic science which always watching what is happening in the economy sector.

[Notcalculator]

With the current adoption im not sure if it could do either. Maybe in the future it could do either? I mean it could boost the economy by giving more opportunity to people while at the same time it could break it because the government couldn't manipulate it on its favor.

Atleast right now, i dont think the government is particularly concerned of bitcoin and its impact on the economy. I think what they're really worried about is how it helps money launderers.

[ladydark]

Bitcoin might seem to break a country's economy if seen outward as always it has been criticized that bitcoin is used for money laundering,tax evasion and illegal activities.But the same bitcoin is providing new and good earning opportunities for the unemployed people irrespective of their country,caste,religion,race.By this way,it helps improve the standard of living of people which would indirectly help for the economic growth of the country.

[adpinbr]

Depends on how the government of that specific country will take action, nonetheless if the government tries to make action with bitcoin and instead of banning btc they'll be legalizing it and making shares with the tax whenever people earn, buy, sell, mine, or invest in bitcoin and then get the percentage of that to the government with fair share then I think that it will be boosting a country's economy.

[indayburakday012]

Both options could do for that country depending on the people investing on it. If you can see that in the bitcoin system if someone has gain then some also had lost. This is just like a tag of war with the money being holding. if you let your money to be given from other people around the world then probably that country where the people lives will boost their economy. And yours, will break somehow it could not really affect with the countries economy but you can contribute to the breaking or boosting of your own country. Honestly I do hope that my country or people living in my country do well in investing cryptocurrency,

[Brangos99]

Depending on the country's government on how to respond to bitcoin, the presence of digital currency is still a controversy in some countries. As a result, the use of bitcoin in a country is not always accepted by its presence. However, no less also many countries that have legalized bitcoin as currency, such as America, Denmark and Russia.

[khurshidahmed]

well mostly banking sector is effected  by Btc ...some government have allowed it and some are afraid to allow it ... Well they have to accept that crypto is future

[putrisa]

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.

I think bitcoin is like a double-edged knife, not just bitcoin but all the technology created today is like a double-edged knife which means it can benefit you but at one time it can also destroy you.

[romeo23]

Yes Absolutely it can boost the economy of a country. However, let’s first clarify that cryptocurrencies are just one application of blockchain technology, which is the real enabler for all the crazy changes that we’ll see in the near future.Let’s only consider the obvious for now, such as eliminating middlemen & their fees in multiple types of transactions (financial, real estate, insurance, supply chain, etc.). Speeding up transaction time securely for a fraction of the cost is in itself a huge productivity boost.Benefits aren’t only monetary though. Consider how blockchain will change society by drastically reducing corruption and fraud. No more voting fraud, no counterfeit money & products, no more cooked accounting books.A lot of bad guys will need to re-train for their next criminal career after losing their jobs. They won’t be happy campers.Only the above is mind-blowing. And those are only 2 benefits. Now imagine the exponential growth in benefits that will be enabled by the above and have yet to be discovered. It hurts my mind to think about it.

[Leyss]

If bitcoin will walk in the country along with the national money of this country, then it will positively influence the economy of the country in the event that the economy develops freely in a democratic society. If the economy before that has been developing authoritatively for a long time, with manual control, it is likely that people will withdraw their funds through the crypto currency from such a country, and its economy will suffer because of this.

If bitcoin will walk in the country as the only means of payment, then nothing good will come of it either. Due to the high volatility of bitcoin, it is able to unbalance the economy of any strong state, therefore, the crypto currency must go along with the national money.

[gambitcoin53]

If bitcoin will walk in the country along with the national money of this country, then it will positively influence the economy of the country in the event that the economy develops freely in a democratic society. If the economy before that has been developing authoritatively for a long time, with manual control, it is likely that people will withdraw their funds through the crypto currency from such a country, and its economy will suffer because of this.

If bitcoin will walk in the country as the only means of payment, then nothing good will come of it either. Due to the high volatility of bitcoin, it is able to unbalance the economy of any strong state, therefore, the crypto currency must go along with the national money.

somehow i get your point, crypto and fiats should co-exist, because those two are the main ingredients why we are enjoying this profit, the exchange of this two are necessary to create traffic that creates the value of bitcoin today. if bitcoin has no value over fiats, it is useless and vice versa. imagine if there is no more fiats and bitcoins are the only currency, unless dollars and other currency is replaced with bitcoin, which is impossible to happen.