Bitcoin - Can it boost or break a countries economy?

[Chupacabras]

I think it depends on the people who would be in charge of government, they can either boost or break the economic system with cryptos

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[patarfweefwee]

I think it would boost the economy by actually encouraging the public to buy more because they have the capacity to pay. This in turn procudes more taxes for the country and more circulation of wealth. That is actually good news for the economy of that country. It won't actually kill the economy contrary to what people say. Because technically, it's like money you earn off of the stock market.

[bachus]

For now, government of country needs to be very careful with bitcoin. It is much easier for them to ban bitcoin, than to deal with it properly. I think tax system will help them to do their best.

[raahi]

Many countries are actually scared of adopting bitcoin as it can act as a direct threat to devalue their currency and essentially worsen their economy, however, bitcoin is purely democratic currency so of the people see value in the nation fiat money, bitcoin will be of no use.

[phillippw6]

South Korea had allowed the circulation bitcoin this economy a few months ago and astonishingly the quarterly reports of the companies in the capitalist regimen have mostly shown profits who have adopted bitcoin  in their line of work this is because they have to pay fewer taxes and there is decreased chance of fraud,

[Rustamm]

If bitcoin is introduced as an alternative currency to the national money of the state, then the crypto currency has a positive impact on the economy of the country. So, for incomplete last year, this parallel circulation of the crypto currency in Japan added 0.3 percent to the gross income of the state. This year, the result should be even greater.

[Crypto24hrs]

I am well aware that when a country is undergoing economic crises she seeks for financial help from international community so that she can have more cash injected into her economy and here Bitcoin serves as a deliberate means of injecting more fund to weak economies and adding more strength to already strong economies, yes it boost.

[Deubila]

it seems that if the country knows how to play the right cryptocurrency and can know the right time to buy and sell bitcoin then it looks like the neagra can become rich but if the country does not have the skill it seems difficult to be able to earn wealth.

Naturally, countries or investors need certain skills to get involved. The only way to get involved is to make good profits. And the countries where the skills investors are not available and psychological hurry is unlikely to be effective.

[Hold good]

If a country knows how to apply good blockchain technology, I believe it will boost the economy. And I believe with the blockchain technology, bitcoin will promote the economic development of a country.

[Ailmand]

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 would say that it can both be an instrument to either break or build a country's economy. I say that because if many of the investors, including corporations and business entities themselves would invest but would not succeed, many of the economy-building and profit-providing factors would lose it's capacity and that can affect the country as a whole. However, if many of the cryptocurrency investors would make it big and be successful, it can help the country by adding revenue, and therefore taxes directly or indirectly, which could be a building factor.

[amber deposit]

If you handle the bitcoin correctly, it can boost the economy of the country. This, for example, occurred in Japan, where the economy because of the recognition of bitcoin as a payment instrument increased by 0.3 percent. However, if bitcoin is recognized as the only means of payment in the state, in my opinion, because of its high volatility, it can unbalance the economy of any strong state. Therefore, bitcoin should be quashed as alternative money and then everything will be fine.

[Rooster101]

Bitcoin is known to be a volatile currency, price changes quickly every minute and it is easily affected by outside developments related to cryptocurrency or blockchain. It may give boost to economy if its price go up and reaches all-time highs. But government must also prepare for possible worst effect if bitcoin crashes down, it will surely the financial market and the economy.

[kenlyresuello08]

It can boost a country in fact poor country really need bitcoinfpr them to have a bigger fund to support what their needed

[1NV3ST0NM3]

Bitcoin in my opinion is not just a payment option like Paypal. It is much more than that. The bitcoin world is very vast and has got so much potential that needs to be unleashed. So if the countries take a step ahead in this direction, and come forward to harness the technology behind the crypto, they are definitely going to be benefited by this. Bitcoin is a very profitable investment option, like no other! People these days are much aware and understand where to invest their hard earned bucks. It is only the governments who are posing a hurdle in the way of their citizens to reap advantages of the crypto world. While on one hand, some countries have accepted bitcoin, but on the other hand some countries aren't really ready to appreciate its value, and that is the sad part!!

[jack wira]

Setahu ane bitcoin ...bukankah membantu ekonomi masjarakat yg memang mengerti 💰 digital atau criptoccurency.. ane belum pernah tau kalau ada negara yg di rugikan oleh bitcoin.. berkata jujurlah ane punya banyak kenalan yg memang merasakan kemudahan dalam bekerja di forum ini.

[Pattart]

For now, government of country needs to be very careful with bitcoin. It is much easier for them to ban bitcoin, than to deal with it properly. I think tax system will help them to do their best.

That is what the government has to do, they can take advantage of the development of bitcoin that is there to make a profit, it is very easy for the government to create a system where they can ask their users for tax or tax for local exchanges in their country, so that it will help the country's economy

[Sandra_Skelley]

It will do more good than harm. The thing is that it is already doing a great job in developed countries. Many people are making money with it. Many new millionaires have appeared. Schools and universities in some countries are hiring bitcoin educators. Platforms are being created for exchange. Engineers are working to create operational systems to support the whole thing. As you can see, more jobs are being created thanks to this new financial option. Crypto can do lots of good things in a country. We just need to adapt it to our daily needs and see how to benefit from it.

[Wall_Streeet]

cryptocurrency can become another payment method, it is not necessary to replace all types of payment systems. therefore, we observe how this technology develops

[Gaquaduonier]

They are afraid if people have turned to bitcoin then the traditional banks will not be used, and no more tax collection. So that the state does not get money coming from the community. That is my opinion. sorry if I'm wrong.

[Rellbellerise]

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.