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Author Topic: Countries with weak economies can use cryptocurrency instead the dollars.  (Read 1166 times)
cleofila
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October 11, 2017, 04:55:46 PM
 #1

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

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October 11, 2017, 05:26:22 PM
 #2

Difficult, if a country has a weak economy, there will be little cash around to buy BTC to begin with. You may also consider that a poor country will have poor infrastructures, I mean poor phone networks, and slow Wi-Fi.

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October 11, 2017, 11:48:52 PM
 #3

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?
I did not heard anything about this news, nut may you are right. I have a question, buying bitcoin in this day is only being deal as a currency business and those people invest in bitcoin who have extra money to invest in bitcoin and make more and more money, how can the people with low income cay buy bitcoin and use it instead of dollars, because dollar is just a currency and bitcoin is a currency and business too?

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October 12, 2017, 01:10:24 AM
 #4

Yeah it would be very good investments into Bitcoins. Their values will be rise. 

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October 12, 2017, 02:16:30 AM
 #5

That's certainly possible. For now though, the USD is much better for reserves. A country cannot risk a crash whenever Bitcoin dips. It may happen in the future, but I'm not counting on it.
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October 12, 2017, 03:43:29 AM
 #6

to completely replace the USD function I guess that's not possible because digital currencies have weaknesses in their use, and we know bitcoin has a dependency on internet connection as well as electric current.

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October 12, 2017, 11:27:12 PM
 #7

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

BTC is likely too volatile for a nation to use it as an economic backing unit
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October 12, 2017, 11:57:07 PM
 #8

I think it could be possible to help those weak economies while using cryptocurrency instead of dollars since bitcoin is a virtual currency online they can slow adopting and make business with bitcoin that can help them to deal outside more faster using bitcoin also they can getting benefits of the price So they can build a strong economy in the future because of bitcoin..
Dollar will be still dollar and its a pysical money and bitcoin or cryptocurrency will be still alternative or virtual currency can be use but they can help deal outside with bitcoin..
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October 13, 2017, 02:25:14 AM
 #9

Only if there is existing or make a bitcoin mining farms on that country, I can’t see any logic on that. How? in the first place those on that area can buy bitcoin without fiat currency. Maybe you mean boycotting Dollars or they do have local currency. I think it should be more detailed as it will only put confusions.

A country with weak economy will not be given loan from central banks if they don’t accept dollars, so it is literally impossible.
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October 13, 2017, 09:55:29 AM
 #10

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

The same people who said bitcoin was bad are suggesting that if be used by weak economies after these same countries have always followed their model of having a robust economy then ended up where they are today and to still being rubbed on their faces that they are weak economies.

What I see here is the IMF coming out to push countries beyond their capacity no country should be forced to take that route to development every country should be allowed to develop at its own pace without anyone pushing it and that's exactly what I am seeing the IMF is currently doing.

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October 13, 2017, 10:34:18 AM
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 #11

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?
I don't think that's possible. For starters this would be against America. Her whole economy is built on the fact that the whole world uses as a reserve currency, the dollar. Another very important detail is that no one knows how long it will be bitcoin or other cryptocurrencies. I would recommend Christian Lagarde to lead by example and to keep part of the reserve, IMF bitcoin.


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October 13, 2017, 11:42:02 AM
 #12

there are both possibilities that the countries with weak economies may or may not use cryptocurrencies instead of dollars as with weak economy there are very fewer chance that the people would buy bitcoins in the first place . also , if somehow they do manage to buy they would have to use it as a business currency which will be difficult.
but if they start using it the economy of there country may rise and there will be development which will be good for the country
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October 13, 2017, 12:28:19 PM
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I really want to understand how they want this to work out because countries with weak economies have among other things inflationary problem if bitcoin is now introduced, it then means there would be need to first start with capacity building for the entire population on how to use the new currency in a safe way which is not cheap at all. With the ever increasing price of bitcoin, it then mean the value of goods and services gets to change every time, that is adding more instability to the system that is ready weak.
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October 13, 2017, 05:18:00 PM
 #14

The IMF has never helped countries. They are just trying to drive the country's debt and get control over them. Countries are poor because they come to power thieves and corrupt officials. Instead of helping under its control to restore the economy of the country they give the thieves money. Bitcoin can now help in the development of the economy so its use is unacceptable in the backward countries.
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October 13, 2017, 06:30:26 PM
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I live in country with weak economies and i agrees to receive a salary in crypto
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October 13, 2017, 06:34:33 PM
 #16

It should be one of the options to get salary or buy everything. Liberland has reserves in bitcoin. I think it is future and governments will issue own cryptocurrency. Maybe one will try use bitcoin.

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October 13, 2017, 07:42:49 PM
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It's a good idea, because we have to remember that there are countries out there with currencies that are basically dead. There's a reason why people in some African countries are using foreign currencies (mainly USD) instead of their local ones. This is also one of the reasons behind the rumors of incoming bitcoin acceptance in Vietnam.
Currently 1 USD =22,715 VND and they even have 500k VND bills, so there has to be a lot of millionaires in that country Wink

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October 13, 2017, 08:05:52 PM
 #18

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

I think it is possible as it is a great idea for a country that is weak in economic status but I guess some strong countries or even banks will hinder this kind of move especially those countries that have a big debt to them.

Bitcoin is the future of an international digital currency for me and with that I am so confident that it will boom even more if there is one country that will take this opportunity and set as an example because it will become a chain reaction and some other countries will follow it too.

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October 14, 2017, 05:19:54 AM
 #19

That would have been great for them,but don't forget countries with weak economy equally have weak networking systems.This will go a long way to impede the progress of the use of crypto currency in these areas.

What they can do atleast is to make the bitcoin legally and some improvement in the network especially in the urban areas. Also tax little less for the bitcoin earning this will encourage people to start earning bitcoin and also people form other countries may look to setup their and if some facilities are provided this will add the boost to their economy to alteast some extent.

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October 14, 2017, 08:02:17 AM
 #20

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

First, I think the only real candidate for reserve cryptocurrency is Bitcoin, as it has the most PoW and the most responsible team of developers who hold security as their prime value- any other coin would be extremely risky in this situation. If Bitcoin will get mass adopted, I'm sure that governments will start using it as a reserve currency or asset, but until then it still would be a quite risky move and governments usually try to avoid risking when it comes to economy. Right now Bitcoin's legal status is not fully defined in most countries, so there's some risk of it getting outlawed in some parts of the world and this can discourage many governments from adopting Bitcoin as their reserve currency, not to mention all other potential risks that can make Bitcoin crash. But converting 5-10% of a countries reserves to Bitcoin might be a smart thing to do, since it can make a huge returns in a couple of years, not to mention a longer terms like 10-20 years. And the other cool thing about Bitcoin is that it's public, so it's impossible to steal from a treasury without everyone immediately knowing about it, so countries who suffer from corruption might benefit from Bitcoin.

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