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Author Topic: Countries with weak economies can use cryptocurrency instead the dollars.  (Read 1166 times)
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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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