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Author Topic: Countries with weak economies can use cryptocurrency instead the dollars.  (Read 1165 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
 #13

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
 #15

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
 #17

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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October 14, 2017, 11:47:35 AM
 #21

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.
It's not a good idea. Countries with weak economies need long-term loans with low interest for modernization of the economy. It is the absence of corruption. How bitcoin falls under these conditions. In addition where to get a large number of bitcoins? No bitcoin is the ability for people but for the state bitcoin useless.
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October 15, 2017, 01:38:05 AM
 #22

I think Op really means is by profiting by it and not totally using it as a currency in a country because if the economic situation is weak and poor the bitcoin profitable power will eventually help out. Building bitcoin mining farms is an alternative way and they’re citizens can work or gain the advantages of earning through investing in cryptocurrency.
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October 15, 2017, 03:49:46 AM
 #23

It is possible but it would be difficult because if the country has already a weak economy then its currency would be weak as well that would make it more difficult to buy bitcoin. They have the option to mine it themselves but given the situation that the country is not that progressive then I would assume that it has low power as well and a technology that is not that advanced. There would be a slower wireless fidelity and maybe the people are not so aware yet of the existence of cryptocurrency so it would be hard for them to use it if they don't even know that a cryptocurrency exist.


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October 15, 2017, 05:14:38 AM
 #24

It's depend on their policy against bitcoin.

If their government forbid bitcoin usage then nobody can't use it !
If their government allow but still not legalize bitcoin, people can use bitcoin with their own risk !
If their government legalize bitcoin, everyone can use bitcoin as their main transaction

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October 15, 2017, 06:13:23 AM
 #25

I don’t understand why most replies take what the OP says as if Lagarde was talking about bitcoin. She is talking about creating a cryptocurrency, one controlled by them.

https://www.cnbc.com/2017/10/13/bitcoin-get-serious-about-digital-currency-imf-christine-lagarde-says.html

What we see here is what we have already seen some times: establishment realizing that cryptos are a movement too powerful to ignore but as they escape from their control they want to create a crypto to be the legal one and the one they can control.

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October 15, 2017, 08:43:45 AM
 #26

I think it is not just possible but should to be like that! How long the use of the US dollar as reserve currency will support the USA and their politic?! It's just not fair that one country set the rules in the world.
I think moving on crypto-currency will give freedom to poor countries and it is not going to be profitable to any other country, so the use of the crypto as reserved one will not make richer some other country.

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October 15, 2017, 09:23:17 AM
 #27

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?

This is not possible, dollars have already build their reputation it should continue to help these weak countries in order for them to rise. If the weak countries will rely on bitcoin, how can they do that than even their government system needs to upgrade of their old technology to catch up the latest technology? Most of these weak countries technology are left behind even their education system because they cant afford it. We all knows that adopting bitcoin should need the latest technology to work like computers and the internet if they cant afford it then it is very impossible for the bitcoin to exist in these weak nations.

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October 15, 2017, 04:20:54 PM
 #28

I don't think it will work. Countries with weak economy also have poor education ratio, poor infrastructure and lack of technology awareness. This will resist their citizens to adopt the BITCOIN as their official currency.
Moreover, BTC transactions are decentralized, so govt lost their control over the economy and no govt want this to happen.

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October 16, 2017, 01:08:58 AM
 #29

This is how it works and we can’t do anything about it,, using dollars is a political tool and if not using it means the support from western countries especially from United States of America is void.. And taking that actions is bad for the government interest and economical relation to central banks.. It is more than money we’re talking here,, it is more than an alliances and dependency to one nation to another..

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October 16, 2017, 05:27:48 AM
 #30

i think that is not possible as cryptocurrency fluctuatif of price always be the main problem even for bitcoin users themself and also to use bitcoin internet network is necessary so i don't think poor countries will able to faciliate every citizen on their countries with internet connections because to build internet network the cost is so expensive
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October 16, 2017, 05:38:45 AM
 #31

Adoption of bitcoin by countries with weaker economies could pose another threat as the expected effect could backfire. For being a weaker economy means the country's need does not matter in the scheme of things when it comes to world politics and in this case, if the world power decide to take a drastic step towards bitcoin, it then further worsen the already bad economy of the weaker country and that's why there would be a lot of skepticism in deciding whether to accept bitcoin or not even though they might know its an option to consider.
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October 16, 2017, 08:10:07 AM
 #32

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?

I think what he is saying is BTC to back their local currency. So their people will still use their own currency and have it's own value. I think it may be a good idea because BTC will go up in the next years, it will help poor nations to rise.
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October 16, 2017, 10:26:48 AM
 #33

Adoption of bitcoin by countries with weaker economies could pose another threat as the expected effect could backfire. For being a weaker economy means the country's need does not matter in the scheme of things when it comes to world politics and in this case, if the world power decide to take a drastic step towards bitcoin, it then further worsen the already bad economy of the weaker country and that's why there would be a lot of skepticism in deciding whether to accept bitcoin or not even though they might know its an option to consider.

There are indeed many considerations for any country that has a weak economy to adopt bitcoin, although on the other hand it will certainly have a positive impact of legalization that for a good economic change for some users who have the ability and capital to make various efforts. in bitcoin, but other than that of course for those who do not know bitcoin will not benefit from such legalization.


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October 16, 2017, 12:17:32 PM
 #34

I am sure that States with weak economies will choose the tactics of expectations. They won't ban bitcoin but it will not prohibit the use of bitcoins. Their goal will be to collect taxes from bitcoin users and to gather information on them. In case you need to ban crypto economy, they will know who does it.
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October 16, 2017, 05:43:49 PM
 #35

There is definitely also the reality that countries with a failing economy will likely also have such poor infrastructure that blockchain transactions cannot be initiated and tracked.
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October 16, 2017, 05:52:19 PM
 #36

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?
Yes,it is.  It seems like bitcoin it heaven sent because bitcoin have saved a lot of family from hunger in Venezuela this year. In Chile and Peru bitcoin help people scale through their country economic crisis.

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October 16, 2017, 07:38:01 PM
 #37

Yes, Christine Lagarde statement was truth and we both what happened in ,Peru, Venezuela,Zimbabwe etc. But bitcoin is helping people there right now. But, this hurt so many Bank CEO/investors and this is the reason some set of group are against bitcoin.

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January 21, 2018, 06:00:11 PM
 #38

I don’t think so that this option is likely may happen where in the countries which are not yet developed will use cryptocurrency instead of dollars in the world trade market.
They are not yet capable enough to embrace and accept this kind of opportunity since they are not yet technologically advanced which is the primarily requirement in their system.

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January 22, 2018, 10:29:04 PM
 #39

Weak economies are equivalent to weak capacity to adopt Bitcoin because of its required technology. If the Bitcoin doesnt requires any BIN for a transaction, i think they can adopt even with a weak economic state. The bitcoin's resources is quite huge to begin with.

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January 23, 2018, 09:43:52 AM
 #40

Absolutely yes, It is a  good idea that the poor countries which have a weak economy can use cryptocurrencies. As well, If this happens, this will be a new beginning for the economy of many countries and this will positively affect many fields ( like, improvement of infrastructure, and a decrease in unemployment rate, multiple employment opportunities..).

In addition to that, the governments of powerful nations may not accept this solution as this may adversely affect the economy of these countries. In fact, I think that in the near future these digital currencies will be recognized by all governments, but this may be on terms because they want to control currencies and they are afraid to be used in prohibited things( like, drugs, weapons...).

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January 23, 2018, 10:05:07 AM
 #41

I'm afraid it won't be implemented in such countries.

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January 23, 2018, 10:13:00 AM
 #42

Сильные страны живут за счет слабых стран.
Если переходить от доллара к криптовалюте, то ФРС потеряет свои позиции в мире.
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January 23, 2018, 11:29:51 AM
 #43

Maybe it is a possible thing to be happen if the government really eager to have crypto currencies for them.

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January 23, 2018, 12:20:55 PM
 #44

I'm afraid it won't be implemented in such countries.

Its too risky to depend on cryptocurrency and I don’t think government will really do this. We all know how volatile this market and profit is not guaranteed. In a third world country people can use cryptocurrency to improve their own lives and make a better their future bright.
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January 23, 2018, 12:25:03 PM
 #45

I'm afraid it won't be implemented in such countries.

Its too risky to depend on cryptocurrency and I don’t think government will really do this. We all know how volatile this market and profit is not guaranteed. In a third world country people can use cryptocurrency to improve their own lives and make a better their future bright.

You have a point. Well if ever this will not happen then there is nothing to worry because we can still earn good money even it will not happen.

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January 23, 2018, 01:15:26 PM
 #46

I think that would take a lot of time for implementation, knowledge of every people on that country about cryptocurrency and to begin with there should enough money of every people to invest on what cryptocurrency they will favor. There are many countries emerging to support it and hope in the coming years little by little it will be used by anyone in the world.

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January 24, 2018, 04:10:45 PM
 #47

In my own opinion, countries with weak economies can use cryptocurrency than dollar because of it's value and it can be use to change the countries' status, from weak to strong.

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January 24, 2018, 04:29:26 PM
 #48

Using crypto currency as reserve for countries with poor economy cannot
be a guaranteed solution to economic viability and stability considering the
high volatility of crypto currencies.Hence, a planning government need not
use such platform as a guaranteed reserve  for its economic stability.
You can only invest and trade in crypto currency with a budgeted amount.

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January 26, 2018, 08:07:59 PM
 #49

1. Cryptocurrencies Can Reduce Remittance Fees to Developing Nations.
2. Cryptocurrencies Can Give Marginalized Individuals Greater Access to Banking
3. Some Theorize that Cryptocurrencies Can Help to Reduce Corruption
4. Cryptocurrencies Have the Potential to Help Those Who Need it Most


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January 26, 2018, 09:27:38 PM
 #50

There’s is a different pressure that this country may face when they use cryptocurrency than dollar that most countries opposes and the financial sector is critically affected. It will affect the economical connection to the rest of a much powerful first world investors that will look this move as a bad sign. I’m not against it, if this will help that particular state or country but reality is, politics works beyond jurisdiction if money is involved.
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January 27, 2018, 03:13:39 PM
 #51

I don't know which helped the international monetary Fund. Therefore, the opinion Christian Lagarde is not my authority. We cannot achieve consensus within the community. The management of the country's economy even more difficult. The use of cryptocurrency is only possible on a primitive level. The state can use it for good or to declare war on bitcoin. But this is the worst option. In war there are no winners. To lose the income.
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January 27, 2018, 06:15:50 PM
 #52

I don't know which helped the international monetary Fund. Therefore, the opinion Christian Lagarde is not my authority. We cannot achieve consensus within the community. The management of the country's economy even more difficult. The use of cryptocurrency is only possible on a primitive level. The state can use it for good or to declare war on bitcoin. But this is the worst option. In war there are no winners. To lose the income.

I think I can explain the whole thing to you. Christian Lagarde and the IMF at large don't care which currency or cryptocurrency a government may choose to use as their reserve currency as long they don't stick to gold. The real owners of the IMF know what's what, they know that Bitcoin and the rest of the pack are not a danger to them as well as international bankers because gold is the only true equalizer. Qaddafi was killed when he had tried to start the gold dinar, a reserve currency for Africa and beyond.
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January 27, 2018, 09:52:36 PM
 #53

It's upon to each country, it's possible, and only advisable if the country has nothing to lose. Bitcoin as reserve unit is too unstable. I believe the main idea of a reserve unit is to have stability on long term, something that Bitcoin doesn't guarantee us. What would be a smart idea for weak economies is to use Bitcoin as reserve unit, but not only Bitcoin, splitting the total budget among some investments. Like 10% in BTC, 60% in Dollars, 20% in Gold, 10% federal securities...

Decreasing risks like an investor do on his personal life.

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January 28, 2018, 07:41:15 AM
 #54

It's upon to each country, it's possible, and only advisable if the country has nothing to lose. Bitcoin as reserve unit is too unstable. I believe the main idea of a reserve unit is to have stability on long term, something that Bitcoin doesn't guarantee us. What would be a smart idea for weak economies is to use Bitcoin as reserve unit, but not only Bitcoin, splitting the total budget among some investments. Like 10% in BTC, 60% in Dollars, 20% in Gold, 10% federal securities...

Decreasing risks like an investor do on his personal life.

Government reserve funds aim at preserving value not so much increasing it. That's basically why developing and wealthy countries like China, Russia, India are huge buyers of physical gold. They know that when there is no more IMF, dollar and bitcoin, gold will still have value. The US may declare some country's holdings of US securities as illegal or just freeze them like it happened to Iran's dollar reserves. But they can't declare illegal gold. And even if they tried, that would only "make gold great again"!
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January 28, 2018, 07:29:22 PM
 #55

В мире золота всего на 1-1,5 триллиона долларов.
Физического золота, а не бумажного золота.
Это в 10 раз меньше, чем надо мировой экономике для функцилнирования.
оборот денег (фиата) в мире более 10 триллионов долларов в год.
поэтому надо будет уеличивать цену золота в 10-15 раз или опять выпускать трежерис на золото.

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January 29, 2018, 04:44:01 AM
 #56

I think bitcoin can help the country with have a problem with economies, in bitcoin people can do investment for long term, can do campaign, etc.
Bitcoin already change the people life, they can help their family, friends and the others. Bitcoin not stable yet, because of that the value still profitable more than dollar/gold. So bitcoin still best investment.

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January 30, 2018, 10:09:09 PM
 #57

It will be better for them to understand the future value  of technologies,Just imagine there are projects which cost milliard of dollars for example lets get google,It’s price is 700 billiard dollar as i remember  and there are countries which have 2-3 billiard $ in whole reserve,this is a very good example how goverments can develope economical situation in their countries,so the  technology is the future for countries with weak economies,its about not about only blockchain technology and not only bitcoin or another cryptocurrency.As we,As goverments need timely implementation of blockchain technologies for their progress...

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February 18, 2018, 07:42:46 AM
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The question is what cryptocurrency is suitable for that?Feeless and a very fast transactions is what bitcoin should have to be able to help them.
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February 22, 2018, 08:50:52 AM
 #59

I'm interested in how this can be applied into practice and within what period it can gain success as it is quite difficult to do this in such a situation.

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February 22, 2018, 10:26:15 AM
 #60

Yes cryptocurrency would be a good reserve for a country, but acquisition of btc or other cryptocurrency in the first place would require a lot of money. And a currency/investment with fluctuating value would not be the best option for them.
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February 27, 2018, 11:08:07 AM
 #61

I think no, betcoin affects the country, the more citizens who use bitcoin the stronger their economies, such as America, Japan, Russia, they have a good economy, and the average citizens there use bitcoin or can be called the country legalize the existence transaction bitcoin

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February 27, 2018, 11:36:50 AM
 #62

I think no, betcoin affects the country, the more citizens who use bitcoin the stronger their economies, such as America, Japan, Russia, they have a good economy, and the average citizens there use bitcoin or can be called the country legalize the existence transaction bitcoin
It's bitcoin mate, betcoin is an online crypto casino so distinguish the difference of having letter "i" and "e" on the middle. For countries that has weak economies like Zimbabwe, they can literally use crypto and attract people to invest on it and use it as a currency nationwide but only if different agencies of their government will agree.

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February 27, 2018, 11:54:15 AM
 #63

Cryptocurrency will help one economy to grow if they fully accept it. I think its not good to replace $ since its a currency that use as one in many countries and thats the currency where every countries have funds on the federal reserve and still government are not so sure about the risk using cryptocurrency, they still need more time for this.


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February 28, 2018, 11:32:23 PM
 #64

It is a nice way around. Venezuela, Russia and some other countries trying their luck with cryptocurrencies.
It is possible to do it.
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March 01, 2018, 03:17:41 PM
 #65

it is very difficlut,wehn crypto replace dollars it will replace the money of that country,the goverment don't like that,they can't control and tax collection

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March 01, 2018, 04:36:46 PM
 #66

It is impossible to use cryptocurrency in a real state of the economy. How do you propose to lend businesses in bitcoins? If the price of bitcoin grows, the company will never repay its debt. State for the same reason can not take out loans in bitcoin. Cryptocurrency allows only to attract private investments to the country. But this is happening now in any country. Each of us is changing the bitcoin for dollars and are attracted to your country currency.
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March 01, 2018, 05:56:39 PM
 #67

It is impossible to use cryptocurrency in a real state of the economy. How do you propose to lend businesses in bitcoins? If the price of bitcoin grows, the company will never repay its debt. State for the same reason can not take out loans in bitcoin. Cryptocurrency allows only to attract private investments to the country. But this is happening now in any country. Each of us is changing the bitcoin for dollars and are attracted to your country currency.
I don't know if it will become applicable to use bitcoin instead of dollar and if that certain country that OP was referring would allow it to do, but for me, it is fine to do both so that we can lightened up and add contributions to the economy. Let the country decide on their own, they know what is best for them.

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March 02, 2018, 01:22:50 PM
 #68

Yes, the backdoor is already open. Russia, Iran, Venezuela...Some countries already working on that. It's not just about week economies, Russia is battling with sanctions and they try to avoid weakening their economy. Zimbabwe forced Bitcoin to save their debts. Their national currency wiped out.

https://www.newsbtc.com/2017/10/23/businesses-zimbabwe-forced-embrace-bitcoin-pay-bills/
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March 04, 2018, 03:09:04 AM
 #69

Technically, any county can try to ride on bitcoin and any other cryptocurrency and use it as their main currency. But it won't be a practical solution for day to day transactions as of this time yet. Cryptocurrencies are also very volatile which may see wealth wiped out within just a matter of days if not hours. Imagine the panic in the streets and major online exchanges shutting down due to it being unable to handle the volume of transactions in situations similar to a bank run.

It is very interesting to see the result of Venezuela's use of the Petro in the coming months in relation to this question.   
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March 04, 2018, 05:44:39 AM
 #70

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?

it's not a solution,
if implementing cryptocurrencies as a substitute, then their economic situation increasingly unstable and this will disrupt cooperation in the economic field with other countries,
in addition, the currency in that country will be marginalized.

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March 07, 2018, 04:47:39 AM
 #71

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?
Yes, such a statement is entirely logical. But here it is necessary to bear in mind that this is suitable for countries with unstable national currency, and the crypto currency should go in parallel with the national money. Trying to replace national money with a crypto currency for a country with a weak economy will be simply disastrous for her. Even a strong state is unlikely to withstand bitcoin volatility, the country's economy will simply be feverish.

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March 07, 2018, 06:41:16 AM
 #72

In my opinion.. it's a bit unfit because I think the crypto is just an alternative currency which's not aimed at shifting other currencies in a particular purposes to the interests of the country.
And I think there are still many countries that still worrying about the characteristics of cryptos itself.
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March 07, 2018, 07:09:35 AM
 #73

what? weak countries will never used dollars, they have their own currency, also why would they want to replace its national currency with a cryptocurrency, yes cryptocurrency is much more easiest transaction or something to deal with in any trades but almost major country wont accept cryptocurrency even if it is just an alternative.

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March 09, 2018, 02:45:20 AM
 #74

weak countries possibly to use bitcoin as instead of dollar but the main problem is they usually do not have facilities to support crypto users because i'm pretty sure in the weak countries most of people at there does not know what is crypto or they can't use internet connections and if there is no internet connections then using crypto as instead of dollar could be useless
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March 09, 2018, 07:28:07 AM
 #75

It is impossible to use cryptocurrency in a real state of the economy. How do you propose to lend businesses in bitcoins? If the price of bitcoin grows, the company will never repay its debt. State for the same reason can not take out loans in bitcoin. Cryptocurrency allows only to attract private investments to the country. But this is happening now in any country. Each of us is changing the bitcoin for dollars and are attracted to your country currency.
That's why it was pointed out that states with a weak economy and an unstable national currency can use the crypto currency only as an alternative currency, rather than the main one. That is, the crypto currency should only go in parallel with the national money. Indeed, if the crypto currency is used as the main currency, it will have a devastating impact on the economy of any country.

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March 12, 2018, 04:31:56 PM
 #76

The use of crypto-currencies as the main currency impossible. People who want to know nothing about the economy. Cryptocurrency can serve only trade between people and Fund startups. But now the level of development of cryptocurrencies at such a stage of development that they can not cope even with this task. We are still at the beginning of the road and no one knows what lies ahead. How can you trust such an asset in the fate of the country?

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March 12, 2018, 10:39:09 PM
 #77

Well, Bitcoin is not only meant for week economy alone but for developed, developing and underdeveloped countries of the world. The developed countries are more at the advantage as compared to underdeveloped countries because of the infrastructural facilities such as telecommunications and the rest of them.

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March 13, 2018, 09:04:04 AM
 #78

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.

I strongly agree with this, certainly in a weak economic country will be difficult to find the required infrastructure.
And other things, how do they start with a less economy, whereas what we know BTC prices are already soaring up? Will they have enough capital?
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March 13, 2018, 09:17:47 AM
 #79

I don't think any country want to use bitcoin in their country because it is more unstable than the fiat money.But they can create a separate crypto currencies for their government if they want but it will not be only their currency since it is an decentralized everyone can buy and use it from anywhere around the world.

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March 14, 2018, 05:09:18 PM
 #80

They cannot do it if the law or their government do not permit to do such thing, why use cyrptocurrency instead of dollar if you can freely do bitcoin. One of the reason why government does not want bitcoin is because it is decentralized, and government will not agree to do bitcoin as an exchange in dollar.

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March 15, 2018, 01:02:52 PM
 #81

They cannot do it if the law or their government do not permit to do such thing, why use cyrptocurrency instead of dollar if you can freely do bitcoin. One of the reason why government does not want bitcoin is because it is decentralized, and government will not agree to do bitcoin as an exchange in dollar.
It seems to me that that's not the reason. It is easier for any government to take a dollar loan. Who will give credit to the government in which the officials of the Treasury? Dollars for the United States is just a piece of paper. If you need them print as many as you need. Americans do not lose anything if the loan is not returned to them. But for that money, they get a poor country that never pays off its debts.Such a country can be easily managed.

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March 17, 2018, 03:38:54 PM
 #82

I do not this is entirely true. Countries with weak economies base their local value currency on those countries with strong economies such as USD, EUR, GBP. At the end of they day because crytpo is not fully regulated with the local government and currency, payments in crypto will have to be converted into fiat money, and the local fiat value is based on "popular/strong" country currencies, and if crypto value falls against them, it will also affect the value of the weak economies.

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March 18, 2018, 12:56:38 PM
 #83

How can a country with a weak economy system use a cryptocurrency instead of dollars? I do not what you meant exactly, but many countries will not allow that. If they are going to buy something, they will be only using dollars, not bitcoin or any other altcoin. And even if they want to use crypto, they need lots of money to begin with. We are talking about a whole country here, mate. So I think it is a bad idea.

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March 21, 2018, 03:52:27 AM
 #84

There is a big possibility that bitcoin or any cryptocurency can provide the need for alternative money in many developing countries by using some kind of a mobile payment system that enables people to transact. The idea of cryptocurrency providing opportunities in countries with weak economies is already taking place in some impoverished nations like Venezuela and Zimbabwe. These nations with weak economies had already turned their attention to bitcoin for an innovative solution of payment.
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March 25, 2018, 08:08:00 PM
 #85

It's  good idea.But practically it's difficult.Now the value of bitcoin is keeps moving,they can pay the transcation fee and all.Secondly,the country with weak economy will not have huge internet facility and Not all will have computer.By considering the transcation fee,facility of internet.It's very hard to implement.

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March 25, 2018, 08:31:27 PM
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I think cryptocurrencies could be used as a side currency and not the main currency because these are volatile and uncontrollable by anyone which do make them not the best unless the crypto price is based on something valuable to us like oil.





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jonland22
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March 25, 2018, 08:55:42 PM
 #87

weak economy = poor internet connection i supposed
We all know that cryptocurrency and the blockchain technology is a really promising technology that could bring innovation for every businesses but using it to boost the health of economy can't be simply done yet since countries with weak economy tend to have a internet connection issues plus the fact that not all can simply understand cryptocurrency.

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March 26, 2018, 01:59:55 AM
 #88

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?
that's the right choice, I think bitcoin can be one alternative to overcome this, only the risk that if in the long term the country's currency can be very worthless because many people are switching to bitcoin

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March 26, 2018, 09:10:36 AM
 #89

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 that is correct because if the country will keep a huge percentage of Bitcoin it is like they also keep a huge percentage of dollars reserve because the value of Bitcoin currency is base on dollar value as the main currency of the trade therefore it is better for these countries to adapt and legalize Bitcoin as investment as it will reduce the unemployment and increasing the purchasing power of the people making the economy to become strong and stable.

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March 26, 2018, 09:50:40 AM
 #90

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 that is correct because if the country will keep a huge percentage of Bitcoin it is like they also keep a huge percentage of dollars reserve because the value of Bitcoin currency is base on dollar value as the main currency of the trade therefore it is better for these countries to adapt and legalize Bitcoin as investment as it will reduce the unemployment and increasing the purchasing power of the people making the economy to become strong and stable.
You're wrong. Recently, we saw how the price of bitcoin fell presumably after bitcoins were sold to the ruined mtgox exchange in the amount of 400 million dollars. On a state scale, this is a negligible amount. How can a state use such currency? The IMF was created in order to destroy the state. For this reason, Lagarde gives such bad advice.
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April 08, 2018, 06:33:23 PM
 #91

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?
Yes, I think that this is quite possible. Countries with a weak economy, where inflation is too high, and the country's economy is unbalanced, can use the crypto currency, along with the use of its national money. In this case, bitcoin or other crypto currency will be able to protect citizens from inflation. However, in this case, the crypto currency can not completely replace the national money, there is a hidden danger to get under the influence of other countries, where such a crypto currency will be actively used.

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April 08, 2018, 10:26:36 PM
 #92

In my opinion, it's not so easy to gain this when we have a country with quite a weak economy.

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April 11, 2018, 05:39:17 AM
 #93

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 do not fully agree.
Having a weak economy has its negative implication towards its development in infrastructure, innovations in technology, and corruption. Assuming that a country is underdeveloped, its resources are allocated into an hierarchy of needs, which I believe that cryptocurrency is under. They must first tackle the the issues in their country which are more prevalent, rather than changing their payment system. In the event that they focus into changing their payment system, this will lead to catastrophe in the market, considering that most hegemonic countries are against the utilization of bitcoin.

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April 11, 2018, 09:19:29 AM
 #94

Haha it seems weird in my imagination.
There are a lot to experience before it come to pass. The reason is people are oriented by the face of dollar on the planet earth. It is not too easy to cut this way of uses. Everyday life dollars fall on the way side by side of the earth corner dollars word in there. If bitcoin take place there are too many things to fix before it will come to the stream of source in the business activities in all the country.
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April 11, 2018, 09:41:59 AM
 #95

Well, it may seem logical, cause of the use of the US dollars support the economic only of the United States. But laws in every countries are different, by some laws bitcoin cannot be counted as payment instrument. I think those countries who use USD have some benefits from the USA, that's why they can't stay away the use of $ so easy as it may seemed to be done.

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April 11, 2018, 03:47:22 PM
 #96

Weak or troubled economies are already indications that they need relevant and
effective methods to combat and elevate their financial situation. Cryptocurrencies
on their better days are quite profitable but mostly short-lived. I think a weakened
economy diverging into crypto for help or aid is gonna spell out disaster.. I don't
know but no government or country should take such a dive with a risks as wide as
the equator. Good thought though, admirable approach to crypto as solutions but
unapplicable for the time being.

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April 17, 2018, 05:40:53 PM
 #97

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.

it was the first thing I sterted to think about after reading. Weak economy often equals weak infrastructure, bad internet connection and other suff. People in this countries hardly know what the hell is bicoin
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April 17, 2018, 07:57:40 PM
 #98

I see the problem of initial purchasing crypto in such countries. Lack of money and low salaries can play their roles
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April 17, 2018, 09:12:19 PM
 #99

Today,I think they need something like blended system...Everything has its own advantages and disadvantages.So Cash allows them to be precise about how much something is worth,It lets to use numbers to talk about real value. Of course,technology development means developed economy,but in this situation its not enaugh for countries like that, to improve their social-economical conditions,They need more activities in this sphere,more crypto projects and other...At this stage,In poor countries there is no need for trusted servers,They just need something simple for their own well-being.
I have seen many false opinions...Anyway,There is no exact answer,all countries are individually.

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April 17, 2018, 10:08:56 PM
 #100

it was the first thing I sterted to think about after reading. Weak economy often equals weak infrastructure, bad internet connection and other suff. People in this countries hardly know what the hell is bicoin

That may apply to a large part of the people in such countries, but in current days it's almost impossible to not know what's going on with Bitcoin or crypto in general. Great thing with crypto is that for those who have enough knowledge in their own interest field, which could be a writer, coder, designer, artist, etc, can make that knowledge and skills be worth an income here. One way or another, these people will eventually be able to help themselves move further in life. If you surrender yourself to all the negativity and lack of opportunities in your country, then nothing good will ever come out of you as person. Those who are willing to take an extra step or two will be the ones who have the highest chances of leaving everything behind at some point.

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April 17, 2018, 10:23:49 PM
 #101

If a country has weak economy then no currency (including crypto currencies) will improve its economic condition. Therefore crypto cannot help much a weak economy, in principle at least.
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April 18, 2018, 05:33:02 AM
 #102

Venezuela has tried to go this route and eventually got the new US sanctions.  On the other hand, after the announcement of new sanctions, the demand for Petro rose sharply. I think it is necessary to calculate all the advantages and disadvantages for each country.

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April 18, 2018, 10:53:52 AM
 #103

Venezuela has tried to go this route and eventually got the new US sanctions.  On the other hand, after the announcement of new sanctions, the demand for Petro rose sharply. I think it is necessary to calculate all the advantages and disadvantages for each country.
How do you know the demand for Petro grew? I have not seen any exchange on which this cryptocurrency is traded. I heard the Russians want to sell parts for Petro. But this is not an indicator of Petro's popularity. Putin supports Maduro and will do everything he can to support Maduro. I do not believe in the popularity of public cryptocurrencies.

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April 19, 2018, 01:37:59 PM
 #104

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?
Third world countries it seems  no right to left up there status but, crypto currency has no boundaries as long as their citizens can invest even in little amount and then earn a profit in bitcoin it is already  a big help for them, dollars is very hard to earn because it is  controlled.

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April 19, 2018, 04:41:30 PM
 #105

that would be a difficult prospect because the crypto currencies are still very volatile and that would spell further economic problems for a weak economy because noting in that country could be stable , the cost of an item would also have to be volatile for example if your using bitcoins and you bought an item for re-sale and the price for a bitcoin went up that would there fore mean that you would also have to amend the price of that item to reflect that increase. That would make absolutely no sense as you would have no idea exactly what your money is worth or what portion of goods it would pay for.

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April 20, 2018, 11:45:35 AM
 #106

that would be a difficult prospect because the crypto currencies are still very volatile and that would spell further economic problems for a weak economy because noting in that country could be stable , the cost of an item would also have to be volatile for example if your using bitcoins and you bought an item for re-sale and the price for a bitcoin went up that would there fore mean that you would also have to amend the price of that item to reflect that increase. That would make absolutely no sense as you would have no idea exactly what your money is worth or what portion of goods it would pay for.
Why should the state use cryptocurrency? Fiat's money, too. Initially, Fiat has real value and any government has the opportunity to support this value. But the problem is that the government doesn't know how to run the economy. They are always spending more than they earn and compensate it at the expense of inflation. They cannot exist in a fair economy.

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April 20, 2018, 12:24:34 PM
 #107

that would be a difficult prospect because the crypto currencies are still very volatile and that would spell further economic problems for a weak economy because noting in that country could be stable , the cost of an item would also have to be volatile for example if your using bitcoins and you bought an item for re-sale and the price for a bitcoin went up that would there fore mean that you would also have to amend the price of that item to reflect that increase. That would make absolutely no sense as you would have no idea exactly what your money is worth or what portion of goods it would pay for.
Why should the state use cryptocurrency? Fiat's money, too. Initially, Fiat has real value and any government has the opportunity to support this value. But the problem is that the government doesn't know how to run the economy. They are always spending more than they earn and compensate it at the expense of inflation. They cannot exist in a fair economy.

I think it's not the main problem and reason,First of all governments can not control cryptocurrencies emission,despite the fact that usually there is  limited supply and cryptocurrencies are making emission with mathematical algorithms and not by central administrators and central banks.So just imagine how much electricity do they need,For example let's get bitcoin,Bitcoin's energy usage is very hug(For example as I remember correctly in Iceland bitcoin miners used more electricity than citizens for their daily need in one year).This is a very complex issue and needs distinctive approaches,Special structures must consider every details to do something like this,new power-stations,Hydro station,solar energy,other alternative energy sources,etc.

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April 20, 2018, 02:46:50 PM
 #108

The main point is that you need enough currency of your country or dollars to purchase cryptocurrencies. It can be problematic in countries with weak economies for obvious reasons
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April 21, 2018, 03:27:29 PM
 #109

that would be a difficult prospect because the crypto currencies are still very volatile and that would spell further economic problems for a weak economy because noting in that country could be stable , the cost of an item would also have to be volatile for example if your using bitcoins and you bought an item for re-sale and the price for a bitcoin went up that would there fore mean that you would also have to amend the price of that item to reflect that increase. That would make absolutely no sense as you would have no idea exactly what your money is worth or what portion of goods it would pay for.
Why should the state use cryptocurrency? Fiat's money, too. Initially, Fiat has real value and any government has the opportunity to support this value. But the problem is that the government doesn't know how to run the economy. They are always spending more than they earn and compensate it at the expense of inflation. They cannot exist in a fair economy.

I think it's not the main problem and reason,First of all governments can not control cryptocurrencies emission,despite the fact that usually there is  limited supply and cryptocurrencies are making emission with mathematical algorithms and not by central administrators and central banks.So just imagine how much electricity do they need,For example let's get bitcoin,Bitcoin's energy usage is very hug(For example as I remember correctly in Iceland bitcoin miners used more electricity than citizens for their daily need in one year).This is a very complex issue and needs distinctive approaches,Special structures must consider every details to do something like this,new power-stations,Hydro station,solar energy,other alternative energy sources,etc.

This is not a problem. Many countries buy electricity abroad. If the price of electricity does not exceed profitability, I see no problems. But this problem applies only to miners. Normal users don't consume a lot of electricity. Now the majority of miners are concentrated in China. They ensure the use of cryptocurrencies around the world.

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