What would be the possible impact of BTC in the economy of a country?

[Leocristophe]

The interaction between Bitcoin and the crypto market remains a tight link. In today's economy, the strongest impact with bitcoin is the news, rumors of bitcoin existence and its future.

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[rickyNmorty]

This discussion about impact of bitcoin over economy is now too much common on this forum.
Quite simple, It can effect in the both ways as positive or negative. If bitcoin is used as legal payment in a country or state and restricting the illegal use like money laundering etc. then it will positively effect the economy(it will boost up) otherwise it will effect the economy negatively.

This is simple yet a impormative one. It it really true that it will help.the economy to rise if and only if it is used for good things and on vice versa, having negative activities concerning cryptocurrency or bitcoin will probably affect the economy negatively or otherwise no effect at all.

[mia khalifa]

I think the economic impact that occurs if someone uses bitcoin as one to trade in several countries may make the transaction safer and more comfortable but has a very high risk because the price could collapse when it is being used.

[Flexibit]

there were no clear result of the cryptocurrency in the world economy or economy of a country there are lots of things to happen since cryptocurrency is in the middle of development for sure it will great affect the economy of a county.

[Gabb]

It is difficult to speculate about this, because bitcoin has more to do with individuals than with larger collectives such as a nation, which by its very nature has the function of centralizing decision-making and regulations, something that is against the very nature of bitcoin.

However, I believe that due to its great potential, bitcoin is demonstrating enough capacity to contribute to a fairer distribution of wealth, empowering individuals who have practically been able to build wealth from nothing, which has generated direct and indirect benfits to the community.

[Tetutu]

I'd really think that if a country is solely crypto currency dependent, that country would streamline it's transactions better and there would beba better transparency in and amongst all the users precenting laundering. The downside is that the government wouldn't be abke to manipulate it's currency for theur own benefit.

Positive impacts for a country are: Efficiency. With the efficiency of managing a policy, it will save costs, time and energy. With the technology used by bitcoin, blockchain, it will make financial transparency so that it cannot be corrupted.

[Rooster101]

Cryptocurrencies are volatile in nature and fluctuate rapidly and an impact on economy is always possible when government to legalize one of them, bitcoin for example, and become a part of their economy. If the price of the bitcoin go up, economy would reaps benefits from this uptrend but it might affect it negatively if the bitcoin go down and stayed bearish for some months. Economists must find some effective ways on how to deal with bitcoin's volatlity to lessen some possible negative impacts if bitcoin price crashes.

[patispace]

I believe that bitcoin will eventually be used as a way to transfer greater power to individuals rather than to nations or corporations, so the simple fact that individuals enjoy a freer and fairer economy can contribute in a way remarkable to improve the quality of life of a country, that is, the benefits for the country are in a rather indirect way.

[iMark]

Just wanted to know people ideas on what is the good and baf impact of BTC  in the economy of a country. I am glad to hear different views regarding this matters and get some ideas from the tenured people in this forum. Your opinions/views are highly appreciated.

Regards,

Bitcoin is a currency which runs on a blockchain network it doesn't need a third party or bank like fiat currency that will forever depend on it. With the loss of third parties/banks then it's clear there will no longer be any costs to be incurred in each transaction. In this thing a citizen will benefit greatly.

In my opinion bitcoin is only good for people and not for the country, because people are withdrawing their money from banks and putting in crypto which is not good for the economy of a country. If they have no money in their banks, they will face financial problems and the standard of lining of the people will also effect. I don’t know how one can say that bitcoin is good for the economy of a country.

Your logic is the same as mine, when a businessman converts their local currency to usd it will certainly affect the local currency and certainly the local currency will weaken? what if it happens to bitcoin, if a lot of people are converting their money to bitcoin, of course it will affect the rate of their currency? of course it will affect economics in that country?

[resty]

Just wanted to know people ideas on what is the good and baf impact of BTC  in the economy of a country. I am glad to hear different views regarding this matters and get some ideas from the tenured people in this forum. Your opinions/views are highly appreciated.

Regards,

BTC is really usable and helpful to the economy of the country because people have no problem regarding financial due to the easiest way of doing business of bitcoin through the help of high-technology. Less hassle less transportation less stress to all people, but of course it needs a lot of efforts and patience because we are only doing our own self to operate self investment if virtual currency.

[loopes]

Actually btc have very big potential to improve country economy, online shop will be able to save more profit if they use bitcoin. Use paypal is not good for them because there are many restrictions and limitations. country which has so many people who still unbanked, bitcoin can be a good solutions for their citizens Transactions.

[Lucusfoundation]

Cryptocurrency creates a globalized economy while local economies focus on their markets using their currency.

Starting from those 2 different base points, you can think about all the consequences of how the different roads develop.

Best,
Borja

[jojowar]

There is a positive micro impact of bitcoin in the economy today as a whole because the people engage in bitcoin is too small compare to our population. Those who engage in bitcoin creates jobs and income.

[jcarlo]

I am believe if government will have good impact if they regulate bitcoin for payment. More tourist will come to country because tourist prefer carrying their bitcoin than paper money. Its more flexible and its much secure when we travel with bitcoin on our e-wallet

[malading]

The current position of Bitcoin is still very small in the global financial position. Usually it can only affect some small economies. But because these countries are usually behind, maybe they don't have a popular smartphone, so cryptocurrency payments are far away for them.

[BigTeeths]

I think the best possible impact is the ultimate boom of online services and most especially the online stores. It's where you can feel the most convenience if you are going to use bitcoin and other altcoins. And with that will also result on many transactions that will also contribute to taxes that are included on the products.

[will2500]

I think that it would be a great idea for many countries to legalize bitcoin and thus bitcoin could help many countries develop their economies, because bitcoin technologies are very helpful in developing various necessary areas for each person.

[Ridwan Fauzi]

Actually btc have very big potential to improve country economy, online shop will be able to save more profit if they use bitcoin. Use paypal is not good for them because there are many restrictions and limitations. country which has so many people who still unbanked, bitcoin can be a good solutions for their citizens Transactions.

Each online store will get a profit if the price of bitcoin increases, bitcoin is different from fiat currency which only has a small volatility even rarely. When bitcoin has increased they can immediately exchange to money fiat, so as every online shop can buy goods using money fiat with large quantities. However, if the price of bitcoin decreases, they won't get profit from this condition, even more everyone can seek a way by exchanging money fiat against bitcoin with a little fiat money and then getting a lot of bitcoin so they can buy as many items as they want. Each merchant will thinking a long when they receive payments with bitcoin if the price of bitcoin is still volatile.

[Kurevazeyo]

there were no clear result of the cryptocurrency in the world economy or economy of a country there are lots of things to happen since cryptocurrency is in the middle of development for sure it will great affect the economy of a county.

Actually, if a country implements a policy of using bitcoin, it is clearly more profitable because it reduces inefficiencies, which results in savings in the use of budget, time and labor. This can happen because the blockchain is applied systemically. Corruption can no longer be done, because servers are in many areas so corruption is easily detected.

[South Park]

Just wanted to know people ideas on what is the good and baf impact of BTC  in the economy of a country. I am glad to hear different views regarding this matters and get some ideas from the tenured people in this forum. Your opinions/views are highly appreciated.

Regards,

At the moment bitcoin is too small to have any kind of significant impact over the economy of most countries, this could change in the future but the question is how long this could remain to be the case? Because I find very difficult to believe that bitcoin can become a big influence in a country without that country trying to control it or to ban it because of it.