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

[cryptojac17]

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..

The fact that people don't have jobs has not much to do with BTC being in the economy or not. Just think about it for a moment. What are the reasons people can't find jobs? Usually the main reason is that economy is shit. If there are no companies willing to hire welders, if you add BTC to the mix new companies in need of those welders won't suddenly start to pop up. For them to appear there have to be contracts from governments/companies that are willing to buy their products and there have to be investors willing to put their money into the projects.

I have to disagree with you on this. New innovation bring new job opportunities. People develop new applications linked to global Bitcoin payment options and these new jobs generate income for unemployed workers. People can now do micro tasks for micro payments. < The signature campaigns on this forum is a good example, where people get paid a few dollars for posting on this forum >

Before Bitcoin people used expensive remittance companies to transfer money from one country to the next, charging high fees for this service. Bitcoin has made micro transactions possible for very low fees under the right circumstances. < When the network are not being spammed >


 

Even faucets can contribute as a income generation for people in third world countries. < I have read about people who bought food with the faucet income a few years ago >  

Yeah in fact our central bank issued a policy that’s encouraging financial innovators like BTC crypto currency to be protected against money laundering  and financing terrorism activities, because it provide and revolutionized the money remittances  of our overseas contract workers to make it faster and economical, as we all know thus remittances is great help our economy.

[1715172831]

1715172831

[pixie85]

Bitcoin helps people especially those who are unemployed like housewife who wants to have additional income and because of bitcoin they can earn and become financially stable which in return helps the ecomic growth of their country if people economic status improve then the economic status of a country also improves.

Ok and how does she get an income? By trading? She needs money to buy Bitcoin first and it's a lot of money at the moment.
By using faucets? I hope not or she's going to go blind before she gets some real income. Maybe she's going to start posting on this forum and joins a sig campaign? That would be something, right? All the housewives posting here for money...

[astrid.uchiha24]

i believe that bitcoin can make economy of a country grow because a lot of bussiness are entering the blockchain just like those ICOs, after they raised funds of course they will become just like a normal company and if a lot of ICO become successful it will open a lot of job opportunity to everyone and it is all thanks to the bitcoin.

[bitllionaire]

Just wanted to know people ideas on what is the good and bad 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.

It is all my observation and opinion. So please do respect it.

Good to economy:
 + individual financial independence
 + less unemployed better for the country
 + faster transaction means more transactions a day, money flow
 + monopoly will be lessen
 
Bad to economy:
 - no taxation/ on some country
 - banking investors will not invest bigger capital
 - central banks will have doubts on our financial capability as they don’t support bitcoin

For now this all I know that might have impacted at present time and it is not the ONLY factors but many more.

I think it will boost the economy of any country because it will reduce unemployment in the country as well as the monopoly well be lessen further more circulation of money will be faster so transaction will be increases. Specially in backward countries where people do not have proper job and there is no such a good mean of earning. I think bitcoin is more helpful for such people to make some money and lead a good and standard life.

[Jedie22]

The possible impact of BTC in the economy of the country, is that people want to improved ther way of living by having betcoin as there crypto currency and by coverting to there country's currency they will have good return after. I believed that by having bitcoin will give help to our country which makes a good economy in the future.

[SamsungBitcoin]

Just wanted to know people ideas on what is the good and bad 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.

It is all my observation and opinion. So please do respect it.

Good to economy:
 + individual financial independence
 + less unemployed better for the country
 + faster transaction means more transactions a day, money flow
 + monopoly will be lessen
 
Bad to economy:
 - no taxation/ on some country
 - banking investors will not invest bigger capital
 - central banks will have doubts on our financial capability as they don’t support bitcoin

For now this all I know that might have impacted at present time and it is not the ONLY factors but many more.

I think it will boost the economy of any country because it will reduce unemployment in the country as well as the monopoly well be lessen further more circulation of money will be faster so transaction will be increases.

It will not reduce the unemployment in one country instead it will help to increase the unemployment status because most of the minimum wage earner are leaving their job and they focus on bitcoin and the earner of bitcoin is not reported in the government but it will help to boost the economy of one country because it could help to reduce the poverty eradication since more people are now accessing bitcoin and earn more money for free even they do not have any work experience.

[futuret]

The economy rate of a country is measured through the GDP and GNP, and without a proper regulatory system, it is hard o track all Bitcoin transactions which means the government cannot fully record the money that goes in and out of their nation, and that is a bad thing.

Well not only this but a lot of the other systems has been developed and invented for the betterment of the bitcoin and the future of the bitcoin will go more high if we will get the bitcoin and will be in it for the long time so this will be the best thing and the bitcoin price and the value will not get disturb with it so it is good to invest in the bitcoin and to buy the bitcoin for more profit and the secure future.

[Sled]

The possible impact of the bitcoin in the economy for a country will be good because the people will find faster way of transacting money and transferring money from one point to another. The flow of money will become so much faster and it will make the economy of the country much healthier than before and i think that is the impact of bitcoin and there is nothing to worry about the negative impact because they can be fixed with an ease.

[player514]

The possible impact of the bitcoin in the economy for a country will be good because the people will find faster way of transacting money and transferring money from one point to another. The flow of money will become so much faster and it will make the economy of the country much healthier than before and i think that is the impact of bitcoin and there is nothing to worry about the negative impact because they can be fixed with an ease.

The speed of a bitcoin transaction definitely has not been a strong point for the currency at all points and even though its being improved over time, I think it's not a strong point to build support for the currency on. Instead, support will come more from the fact that bitcoin can be treated as an asset and the fact that it is an anonymous currency. People enjoy being able to spend their money with a certain level of protection -- they get that protection from using bitcoin.

[jekjekman]

It is almost 1 year now since I joined this forum and started understanding Bitcoin and other online cryptocurrencies I can safely say now that it is playing a big role now in our modern technology as it serves as an international online digital currency meaning the economy of a single country will surely benefit from it if the people uses it as a legal tender because the market of this money is the whole world.

Maybe there is no specific department of each country that filtering the flow of money that is coming inside and out of this cryptocurrencies but I am sure that a large portion of it is really helping the economy of any countries were its citizens uses it.

[kevpantof]

The impact of bitcoin in country's economy will not matter if people who uses bitcoin of a particular country is not that much bigger in numbers there will only be an impact if full adaptation of bitcoin will be implemented in a country in this scenario if the economic status of their people change and improve for sure this will help their economy to become stable.

It all depends on the people living in that country as well as the government. If the government is willing to show positive interest for the good of bitcoin, then I believe bitcoin can play a major role in making the economic condition of the country better.

Moreover, it is also directly proportional to the number of investors who are willing to invest in bitcoin. More investors will result in better condition.

[akablackhat]

By using crypto currencies like BitCoins people can make illegal transactions without giving any information about themselves. Crypto currencies like Bitcoins are a way to empower such transactions across the globe which will ultimately result in increased cyber crime.

[atc1-REAL]

Actually, btc violates the foreign exchange rules of every country due to it being a virtual, instantly transferrable and accepted currency worldwide. Its impact is hard to monitor as it does not function within the framework of law of any country. The only endpoints are the exchnages which are being regulated, and even many of those only accept users from within that country, so unless youre including black money/unregulated currency transactions, its very difficult to measure the impact of btc on the economy.

[pitiflin]

i believe that bitcoin can make economy of a country grow because a lot of bussiness are entering the blockchain just like those ICOs, after they raised funds of course they will become just like a normal company and if a lot of ICO become successful it will open a lot of job opportunity to everyone and it is all thanks to the bitcoin.

Correct me if I am wrong but off late icos are shit. They scam people or they aren't worth of the potential of raising millions. There is a major difference between icos and companies, in literally most of the aspects. And how in the damn world is there a link between bitcoin and icos being successful? Icos are successful only when they have something to contribute to the society, and people are interested to invest in it.
In an economy, there exists factors which help in influencing decisions, bitcoin cannot be used in an economy whatsoever. As a Normal person this may sound as a pessimistic opinion. But in economic terms this will lead to some sort of destruction of the economy. But maybe what an economy can do is that instead of adopting bitcoin, keep it aside to rule and develop their own crypto currency just like Russia if there is a need to.

[kimochidesh]

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.

BTC can definitely make a drastic impact on a country economy. As it can create a whole new parallel economy at the global level. There could be a huge change in the tax collection amount of a country. Some of the other impacts are that it can prevent the situation of recession by creating wealth but on the other hand, it can also be a reason for inflation.

[zeaderza]

Bitcoin helps people to gain more money, both the unemployed, low wage people, and actually everyone. Bitcoin, when converted to cash, can increase the amount of money circulating in a country. This is a good thing which thus can boost the economy of a country. On the other hand, if all people and all merchants will move into using bitcoin, then paper money would be useless. It means loss from the production cost of the paper money.

I believe it can help to make everything balanced, but only for those who are serious with it. You can’t cross your legs and wait for money to hit your account, you’ve got to work for it. Bitcoin has created a lot of opportunities, I believe.

If I’m going to just surf the internet everyday and gain nothing by the month, I better get into ordinary Faucets and grab a few bucks for surfing the net, cause with the current price rate, even 500,000 Satoshi is worth a thing, it can even help you pay your bills

[zhelis74]

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..

The fact that people don't have jobs has not much to do with BTC being in the economy or not. Just think about it for a moment. What are the reasons people can't find jobs? Usually the main reason is that economy is shit. If there are no companies willing to hire welders, if you add BTC to the mix new companies in need of those welders won't suddenly start to pop up. For them to appear there have to be contracts from governments/companies that are willing to buy their products and there have to be investors willing to put their money into the projects.

I have to disagree with you on this. New innovation bring new job opportunities. People develop new applications linked to global Bitcoin payment options and these new jobs generate income for unemployed workers. People can now do micro tasks for micro payments. < The signature campaigns on this forum is a good example, where people get paid a few dollars for posting on this forum >

Before Bitcoin people used expensive remittance companies to transfer money from one country to the next, charging high fees for this service. Bitcoin has made micro transactions possible for very low fees under the right circumstances. < When the network are not being spammed >


 

Even faucets can contribute as a income generation for people in third world countries. < I have read about people who bought food with the faucet income a few years ago >  

Yeah in fact our central bank issued a policy that’s encouraging financial innovators like BTC crypto currency to be protected against money laundering  and financing terrorism activities, because it provide and revolutionized the money remittances  of our overseas contract workers to make it faster and economical, as we all know thus remittances is great help our economy.

I think bitcoin gives both positive effect to the country and the people who are earning on it, because people who are working to earn BTC in such a different way like media campaign and signature campaign can earn at the end with bitcoin and then converted to its national currency so it brings additional money to the country and imagine how many people are involve of this kind of activity so i think that they already bring additional money to the country.

[meliodas]

Bitcoin affects the usage of money. So, when people in a particular country starts using bitcoin for transactions, it has a negative effect on that country. Unless that country acknowledges bitcoin as an asset or as a valid currency.

[gabbie2010]

Bitcoin earned when offering online services for a foreign client will bring inflow of money for those offering such services and those bitcoin earned will be exchanged to fiat and increase their purchasing power of those individuals and this will be used to buy goods and services in that country leading to increment of manufacturing companies producing more goods and government will collect their taxes from these companies and this will improve the economy.

[Pleione527]

Bitcoin is a global currency this one reason why many people wants to earn bitcoin it can be use world wide though the acceptability is not that much as of today still this currency has established a market in the world. For the economy of a certain country through bitcoin opportunities are open to a lot of people and the good thing is those unemployed are given the chance to earn and make a better living and as the people lifestyle improves the economic status of a country also improves.