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

[Terry05]

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,

[malikusama]

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.

[Gozie51]

Though this kind of thread has become prevalent here but I would render an idea to Op. Thus simply put, the near reaching effect of bitcoin in the economy of a country is that we are going to witness the emergence of new rich people.

Bitcoin has hit 6k plus and that is huge money. This means rich people are emerging and they might start to do some social services in their local community.

On the contrary therefore, I foresee a situation where the quotom of money made through bitcoin when converted to fiat would be high which could mean ,so much money in the system - off course that would breed inflation.

Inflation by simple economic explanation is caused by too much money in circulation, this could be one of the negative effect of bitcoin in the economy of a country as well.

[douglock]

Hard to know. but right now, I can say that people are moving their property from physical to digital. They tend to hold bitcoin instead of gold or Dollar because bitcoin is much more stronger and it can give you a huge profit. Moreover, in the far future, I believe that bitcoin will bring the blockchain technology to the people and our ecosystem will base on the blockchain to improve and grow. blockchain is extremely good

[Nana_Marini]

I think impact of BTC in the economy of country is unemployment go down. Many people work in here and little people work in office. They choose work in here because he can spent time with family in their home during activity and I think work in crypto give more than profit than people work in office

[13abyknight]

The effects of BTC on most countries would be positive as many citizens will understand and begin using a decentralised, trustless system which is completely foolproof. Moreover it would reduce fiat based transactions paving way for implementing digital currencies as a method of payment throughout shops, institutions etc.

[sapusapu]

Many more impact of BTC in the economy country. First, economy in a country will be increase because many people have to much money. Second, the price of needed daily will rising (negative effect). Third, many more luxury goods needed. And many more...

[DaMut]

the biggest weakness in Bitcoin is most of them use it as a place for laundering their money after doing a 'bad thing',
which mean it's illegaly used by people for doing something 'bad' and it will cause a problem for some country and their economy absolutely.
like selling drugs,thieft,etc etc.
just look at ICOs for example,Country A most of their population use Bitcoin and a half of them joined the ICOs,
after contributing,the project itself did not running well or we called it ran away with their money.
most of them will lose their money and because of them a lot thing will happen,
a lot of debt will happen in that country and criminality will be increasing a lot due to debt.

the good thing is,
because of it,many people easily send their money across the world or paying something in the second.
and also,for them who do not have CC or online payment can use it to do everything that they need for their life or business.

there're more than this,
it's all about our point of view and how we see it.

[liuqi]

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 people views regarding this matters and get some ideas from the tenured people  around these forum.

If bitcoin is bans in anywhere their economy depend on the digital currency and cashless society. Henceforth, China might faced the biggest blow since they banned the bitcoin last month. Now that country based miners and traders are targetting to move Japan since it has the better reputation about the bitcoin.
Now bitcoin legalization is not at all issue. If they does not make it legal. Still it will work as a decentralized money as we use it so far.

[ElizaZX]

For some countries this is a way out like Venezuela, for others this is possible depreciation of national currencies due to tough competition, but for this to happen, about 50% of the population should start using bitcoin

[Yadstiker]

the biggest weakness in Bitcoin is most of them use it as a place for laundering their money after doing a 'bad thing',
which mean it's illegaly used by people for doing something 'bad' and it will cause a problem for some country and their economy absolutely.
like selling drugs,thieft,etc etc.
just look at ICOs for example,Country A most of their population use Bitcoin and a half of them joined the ICOs,
after contributing,the project itself did not running well or we called it ran away with their money.
most of them will lose their money and because of them a lot thing will happen,
a lot of debt will happen in that country and criminality will be increasing a lot due to debt.

the good thing is,
because of it,many people easily send their money across the world or paying something in the second.
and also,for them who do not have CC or online payment can use it to do everything that they need for their life or business.

there're more than this,
it's all about our point of view and how we see it.

Probably some of them are being like that, or should we say that's the most advantage for those who do illegal activities, but in a good way a lot will improve and its not a question if there is a bigbang impact in the economy, maybe the countermeasures that needs to be done was maybe verifying each and every user? But it seems that it is not that type of choice to be done because as far as i can see one quality of bitcoin that attracts more people was because of being anonymous for some reasons and the users assets are unknown.

[Terry05]

Thanks for those who shared they thoughts,This would really help me to answer our reaction paper in school about the possible good/bad impact of bitcoin in countries economy.

[BillyBobZorton]

People is going to be willing to allocate a % of their portfolios in the capital B blockchain as they realize it is a must to have purchasing power stored in a decentralized, time-tested ledger (and there is no other blockchain as time tested as bitcoin's, and no other altcoin can claim this... unless they invent a time machine and release the altcoin before bitcoin happens, which is not going to happen)

As wealthy people allocate 5 to 15% into bitcoin, the price will go to 6 figures within the next decade.

[GreenBits]

Capital flight and the lack of inflation are the reasons that bitcoin would never be used as the "it" currency for a region. Governments inflate and shrink their money supplies all the time; this is a natural and healthy thing that we honestly cannot do without.


Capital flight is  large-scale exodus of financial assets and capital from a nation due to events such as political or economic instability, currency devaluation or the imposition of capital controls. Capital flight is legal sometimes, like when foreign investors move $$$ back to their home country. It can be illegal too, which occurs in economies with capital controls that restrict the transfer of assets out of the country (CHINA). A government will do everything in its power to prevent this; the wealth of a nation is its livelyhood.

Bitcoin embodies both of these concepts by design (deflationary and borderless).

And this is why Russia is making a crypto ruble instead of just using bitcoin

[dothebeats]

If bitcoin is being widely used on a certain country, let's say for almost every transaction, the local money wouldn't have any circulation thus rendering the whole economy partially paralyzed since the money is not being put to good use. I think that's one of the reasons why the government isn't really friendly about bitcoin: the threat of bitcoin being used widely in local purchases is large that it can render fiat useless in some way.

[webtricks]

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 people views regarding this matters and get some ideas from the tenured people  around these forum.

Best way in which Bitcoin could help economy is saving it from recession. It has provided an additional shield to economy during time of recession by creating new line of wealth. Even if fiat currency of the country hit by high rate of inflation, Bitcoin with its continue surging value save it from immediate downfall. Bitcoin can act as replacement for fiat currency, till it is restructured. Thus it can act as secondary currency during time of recession.

[Lord of the Lies]

the impact on government would be negative as it would restrict their ability to be wasteful.

the impact on regular people would be positive as it would encourage savings and wealth creation.

as mentioned above, this is a pretty common question. i don't think you'll find any real consensus across the board.

[Sasuke102001]

I agree that due to Bitcoin unemployment would go down, people would start earning money many people think that the economic condition of the citizens would get better correct agree, but when people will only use Bitcoin and not their national currency wouldn't that affect the economy of the nation, the government would not collect the same amount of taxes as before in short the economy of the country could go down. That is what I think..

[pitham1]

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 people views regarding this matters and get some ideas from the tenured people  around these forum.

If you are in a country like Venezuela or North Korea, it can make a huge difference to the country (Ouch, I am beginning to sound like Jamie Dimon). In other countries, I don't think the impact of Bitcoin is immediately visible.

[xFGND]

Can't believe nobody has said this yet, but it would drastically increase globalization. If countries decided to all adopt bitcoin as their official currency, then people would be able to send money to another country, instantly, with very little fees.