Bitcoin - Can it boost or break a countries economy?

[rimueng agam]

If I think it depends on the community and the nature of the government in response to this bitcoin how but if the government legalize this bitcoin and society will not menyalagunakan bitcoin so that will help the economy of a country and if wrong use will destroy the economy of a country.

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[BitHodler]

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.

How exactly will Bitcoin 'destroy' you? It's easy to say something without actually going in detail about what you're trying to say. I honestly can't think of a reason why Bitcoin would 'destroy' anyone.

If I think further and not directly jump on your destroy term, then one could say that you or the online wallet platform can get hacked with coin loss as result, but that's not Bitcoin's fault, but your own fault.

Bitcoin itself can get shaped into anything, which makes it near impossible to become outdated in the coming years, where we also have off-chain layers giving Bitcoin that exposure. If that's not what you meant, explain yourself.

[BTCappu]

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.

Well yes, bitcoins can have impact on the economic growth of country. Like in this case as you have said, if a person is unemployed and not putting anything back to the national economics, he can be able to pay taxes and live a happy life through bitcoins. They’re earning source and when he would start earning money, he will definitely be decreeing the ratio of unemployment and increasing economics of country.

[carlisle1]

Its just they realized lately how much they lost because of not setting their eyes on this profiteering..
Thats why this days most of the countries are making moves about getting the piece of cakes that they missed in the past years..

[nightfury]

Bitcoin can break or cripple a countries economy - that's in the perception of those countries who banned bitcoin and the rest of the cryptos. But for those who embraced the blockchain technology, it gives a lift or boost to their economic status.

[BertoloyBTC]

Bitcoin can boost countries economy, because bitcoin will help developing countries residents participate global economy, bitcoin can help everybody to access modern banking and financial services , through the combination of cryptocurrency and mobile phones would give access to global economy , with the help of blockchain technology.

[Daveeoff]

I do believe Bitcoin can boost every country's economy if they regulate it and tax it - this way Bitcoin will be legal and the country will earn from it as well.

[Sled]

I do believe Bitcoin can boost every country's economy if they regulate it and tax it - this way Bitcoin will be legal and the country will earn from it as well.

Even though they will not tax it or regulate it, it can still boost the economy of the country by investing into bitcoin because if they will invest in bitcoin then they can just earn a lot of profits over the time because of bitcoin. Bitcoin is a great investment since the price movement of bitcoin every year is up trend so it is a good opportunity for the countries to put some of their money to that and they can expect huge returns.

[dpoisoner]

You must come to the bitcoach. Sooner or later. But do not replace the currency.  but dilute the old money with new ones.

[jovs]

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.

The perception on bitcoin differs from country to country basis. The current economic system the country implement will play a major factor on bitcoin adoption. But since, there are really countries that succeed in adopting this blockchain technology on their economic and financial system, this is a proof that it would be beneficial to a nations development if properly implemented. Instead of treating the technology as a threat too the economy, why not look for regulations that might be the answer for a struggling economy.

[Bacotan Bae]

This seems to be an exaggerated fear, we all know that a decentralized system like bitcoin is very open and unnecessary to be feared like that, I'm sure that if the state legalizes bitcoin it will have a major impact on improving the economy and prosperity.

[Crypto24hrs]

The TRUTH is that whatever might be the reason behind government of most countries been skeptical about accepting bitcoin is not born out of a genuine interest for the public, because the economy of every country needs big investors to invest on it and incidentally that is what bitcoin does boosting and not breaking the economy.

[Freddie Aguiluz]

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.

Yes, because of its characteristics, boosting and breaking of economy of one's country depends on it. Because if its volatility, it can be a booster to a country and can also break it.

[Crypto_Freezy]

BTC can break an economy as it doesnt support banking system.. But it will surely helpful for customers and btc holders..

[Impros88]

It would really be a big boost for any country economics, because it ofeers a lot of opportunities and advantages to people and consumers of it

[Baoo]

Unfortunately, many countries are always scared (except  a small minority of them like, Canada, Japan.. )  due to  the existence of digital currencies and especially Bitcoin in the market and the rise of their users over time, So this leads to financial losses to some countries  because they are not benefiting from financial transactions through Taxes and they cannot even control them, despite  have tried many times to eliminate and destroy   but always fail to achieve those bad goals because it is very secure.

Furthermore, I think if the governments will recognize Bitcoin and cryptocurrencies in general, then it is certain that there will a boost in their economy, but they just have to use it intelligently and without exploitation, although it is difficult to achieve this, because countries always want to exploit users through a high value of taxes.

[abayan]

It would really be a big boost for any country economics, because it ofeers a lot of opportunities and advantages to people and consumers of it

I think so.
Maybe they are threatened because they know what more bitcoin can do in the future since it can easily adapt to the sudden change of the technology as well as the people. They are thinking that bitcoin or any other cryptocurrency  may dethrone the current system which they don't want to happen because the govrnment system will have to adjust a lot for it.

[saifanik]

Of course,it boost a countries economy.Because it always add to national income.For it,many unemployed can get some work to do and income a lot that they can continue their basic needs,education,savings etc.It also increase the llevel of living standard that need for a country.

[sandisunny]

 I believe bitcoin will be a big boost in a countries economy because of its advantages such as security , detection of fraud and so on. But every thing that has an advantage also do have some of its drawback in the sense that the economically active poor and computer illiterate cant really enjoy the benefits of bitcoin.

[YzzyGo]

Governments may have more pressing matters than bitcoin to worry about it seems. As our government says, bitcoin is not "yet" a prominent threat to our economy so they are leaving it alone for now.