Bitcoin - Can it boost or break a countries economy?

[cutesgirl]

Using bitcoin could efficient for country manage their out come and income, but today many country hate and scare with bitcoin because they want to keep their people use money save it on the Bank. Government have power to allow or banned bitcoin as transaction payment in his country without have anything reason.

[shoreno]

For one none of them. it cannot boost economies to a big level because everyone is afraid to make it an official currency as they still believe Bitcoin is being used more to crimes, drugs and illegal stuff which is not the case anymore. It cannot break the economy because its not being directly involved into the financial industries so for now Bitcoin has a grey area regarding this situation.

you said none but at the last part of your sentence you said it can break.  if a country is scared to use a crypto then they wont accept it  , which means it cant break or boost their economy.  the issue of bitcoin link to drugs and crimes are already over because we are now in the future and many country and people are now already accepted bitcoin because they see that bitcoin is doing good in terms of an asset and currency use .

[Sithara007]

Using bitcoin could efficient for country manage their out come and income, but today many country hate and scare with bitcoin because they want to keep their people use money save it on the Bank. Government have power to allow or banned bitcoin as transaction payment in his country without have anything reason.

It is very obvious. If the people decide to use a decentralized currency which is minted out by the Bitcoin miners rather than the one that is minted by the central bank, then the government will lose its control over its citizens. And this is not the only consequence. The government will not be able to take loans easily from the creditors, and it will be on back foot to fund various infrastructure and social projects. I would say that fiat currency is one of the most elaborate ponzi schemes ever invented by the humans. It keeps the individuals enslaved through a complex system of loans, debt, mortgage and taxation. And it has grown too big, that now a collapse of the fiat currency system will completely destroy the global economy.

[Silberman]

Using bitcoin could efficient for country manage their out come and income, but today many country hate and scare with bitcoin because they want to keep their people use money save it on the Bank. Government have power to allow or banned bitcoin as transaction payment in his country without have anything reason.

It is very obvious. If the people decide to use a decentralized currency which is minted out by the Bitcoin miners rather than the one that is minted by the central bank, then the government will lose its control over its citizens. And this is not the only consequence. The government will not be able to take loans easily from the creditors, and it will be on back foot to fund various infrastructure and social projects. I would say that fiat currency is one of the most elaborate ponzi schemes ever invented by the humans. It keeps the individuals enslaved through a complex system of loans, debt, mortgage and taxation. And it has grown too big, that now a collapse of the fiat currency system will completely destroy the global economy.

The whole economy is built in the assumption that there is always going to be growth and that the economy will keep increasing in size and governments have found a way to sell that lie thanks to fiat, since they keep printing it without any consideration for the people this creates the illusion that the stock market is always going up but that is not true, if they were to lose control of the printing machine the economy will collapse immediately and that is what they fear the most since they do not want people to wake up and realize the huge lies they have been telling them.

[Arsenyo]

I believe it can boost the economy. On its own, it won’t solve major issues in the countries economy of course. But combined with other tools, it could form an integral part of a new type of reserve currency.

[Pab]

Bitcoin itself can"t boost economies.However technology what is behind bitcoin can be used on various fields and will have positive on economies.There are estimates that next 10 years about 25% global GDP will be stored in blockchain. That  will increase in next years

[ropyu1978]

it will further strengthen a country's economy, especially if done by a big country will have a good impact
the people want feel it, i know there are plans about that and hope there are no problems

[iv4n]

It's the threat for the current system, simply cause this current system serves rich people, its a way for them to control masses and to make more money. I think with implementing crypto they will not be able to do that anymore, crypto is transparent.
It will be a problem for crypto to change this current economy, these people in power will not give up so easily, for centuries they have money from that, they have control, why would they give that to all the people (decentralisation) when they can continue to do the same? We must fight for better world, but for all the people, not just some of the people.

[agentx44]

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.

Maybe it's because of the fact that bitcoin is decentralized currency and it will always be no matter what. That just simply means that they can't have any control on it no matter what. They can atleast put some tax within the transactions happening on it and regulate the use of it that it will not take over all the monetary transactions that are currently existing. Actually we cannot really be certain that it will boost the economy but if a country would legalize the use of it and promote it, maybe we can really confirm that it will be a greay help for the improvement of a country's economy.

[leea-1334]

I disagree, bitcoin can boost the economy of a country by allowing people to transact more easily among themselves and when you add that the fees that you need to pay to make a transaction are lower than what you need to pay to a bank this could incentivize free trade in a country, however it can also cause problems especially to the government because as we know they cannot control bitcoin and it is likely that they would receive less taxes and as a result of this it will force them to reduce their size or to print more fiat to sustain the current size of the government.

Why does transacting more easily among themselves make the economy better? More product and higher GDP is the only way economy becomes better, but of course if people cannot pay for services or cannot pay bills or cannot move money then the economy stalls.

But Bitcoin has not really done this. I love it and I see it one day as moving economies but this has only happened for a small section of people. Not yet to impact country economies for sure.

[blckhawk]

They fear what they don't know. Maybe it's because they have not looked at bitcoin deeper to what it can do. Or maybe, it's because the officials on the government doesn't want for people to discover the blockchain technology, which is a transparent ledger that can be used not only for currency, but also for document archives, etc. They're afraid of transparency since not all in the government are clean.

[Xxmodded]

Bitcoin can break a countries economic because bitcoin not only could use as digital transaction but you can use bitcoin as your investment, when you get payment for every transaction using bitcoin keep holding for several day and you can get much profit if next days price growing up to the moon.

[ice098]

It could be a threat to government it can also break economy in a way that more and more people will convert their money to bitcoin, whereas bitcoin cannot be trace or it is too hard, also with cryptocurrency exchange you may send or convert bitcoin in another pair that you may use all over the world because it is a virtual that can be found in internet, this is the advantage of bitcoin that can break economy.

[Xxmodded]

Excatly bitcoin could be boost or break a countries economic if they want give regulation for bitcoin as legal payment, why not give trial time for one or two months for bitcoin become legal transaction, looking how bitcoin can be push or break countries economic, if failed government could banned bitcoin but impossible can be failed.

[Silberman]

I disagree, bitcoin can boost the economy of a country by allowing people to transact more easily among themselves and when you add that the fees that you need to pay to make a transaction are lower than what you need to pay to a bank this could incentivize free trade in a country, however it can also cause problems especially to the government because as we know they cannot control bitcoin and it is likely that they would receive less taxes and as a result of this it will force them to reduce their size or to print more fiat to sustain the current size of the government.

Why does transacting more easily among themselves make the economy better? More product and higher GDP is the only way economy becomes better, but of course if people cannot pay for services or cannot pay bills or cannot move money then the economy stalls.

But Bitcoin has not really done this. I love it and I see it one day as moving economies but this has only happened for a small section of people. Not yet to impact country economies for sure.

All costs that you need to pay in terms of time and money to make a transaction are called friction costs, and it is easy to see how this can affect the economy, if there is a very high cost to make transactions then most people wont make them unless absolutely necessary, this drops the economic activity and it is bad to it, just look at the tax codes of most countries, an average person cannot have all the necessary knowledge to use it effectively so they pay an accountant to help them, however they are not using that money for something they could want so an artificial need for accountants was created by the governments slowing down the economy in the process.

[Faxmate]

It could be a threat to government it can also break economy in a way that more and more people will convert their money to bitcoin, whereas bitcoin cannot be trace or it is too hard, also with cryptocurrency exchange you may send or convert bitcoin in another pair that you may use all over the world because it is a virtual that can be found in internet, this is the advantage of bitcoin that can break economy.

If bitcoin is generating profit and it is helping people in living better life, it is then helping the economy of country to boost. When people are stable financially, they do business which ultimately generates profit and produces new job opportunities for people. Under such conditions, economy pumps and bitcoin can do that.

[bitzizzix]

Of course bitcoin can improve the country's economy and for now only individually because it has not been fully authorized by the state or (Legal).
and what is feared by the state is that if everyone who uses bitcoin for any transaction such as fiat currency, then people who use fiat currency decrease, and those who keep money in the bank no longer trust the bank and many other reasons such as giving an opinion in here.