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Author Topic: Countries with weak economies can use cryptocurrency instead the dollars.  (Read 1160 times)
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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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