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

[PokerFace3]

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.

100% agree with you on that. Definitely, over time, we may end up seeing some improvements and as Litecoin boss said, it is possible eventually that bitcoin will be more of an asset while another altcoin which seems stable will be used instead for transaction purposes.

So a time will come when we will just have to convert a piece of our bitcoin to another altcoin for transaction. Like you said, that protection is what people have really craved for and finding it in bitcoin is just like finding a solution to their problems.

[Yamifoud]

As we all know that bitcoin is a life changing that give us hope to have a better future. Although it give us such changes in out life but it won't totally give a huge impact to the economy.  Knowing that bitcoin isn't implies to all areas but still have its own purpose and contribution to us. Only the individuals have benefited on this not the entire community, as being taxed by the goverenment it would help to contribute more in the economy.

[Bellator]

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.

You have a point mate that improving people lifestyle may also improves economic status of the country. But looking through the other side there is also some negative effects of the country's economy as we know that crypto currency is a decentralized system and no other party is involve so the government cannot take an income tax even how much people earn from bitcoin in an instance. If almost all the people quitting there full time job in company where they are oblige to give their income tax to the government, therefore decreasing employment means there is a decrease of country's taxation of labor.

[GregH37]

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.

Bitcoin will bring positive change in each country like  it will bring financial independence as well it will reduce unemployment and further more the monopoly will also affected in these countries The transaction process will become very faster  so the money will circulate in country.

[supandi wiharja]

Basically, bitcoin is not risky because the scheme of its use is still small, but if changed and if growth of bitcoin grows significantly, it could endanger a country's economy.
Many countries consider virtual currencies such as bitcoin to pose a risk to financial stability if applied on a wide scale.
But my opinion is not like that, i think that bitcoin will bring the economies of developed countries.

[huige007]

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.

100% agree with you on that. Definitely, over time, we may end up seeing some improvements and as Litecoin boss said, it is possible eventually that bitcoin will be more of an asset while another altcoin which seems stable will be used instead for transaction purposes.

So a time will come when we will just have to convert a piece of our bitcoin to another altcoin for transaction. Like you said, that protection is what people have really craved for and finding it in bitcoin is just like finding a solution to their problems.

He value and the price of the bitcoin is not the big deal mate it is the time of the bitcoin I am not agree that the time will come that the people will change he bitcoin to the other currency for the transaction because the value and the price of the bitcoin is increasing more and more so it s the time for the bitcoin to get more and more wide and soon in the future bitcoin will have its own value and the importance.

[Theb]

The only thing it can impact on for an economy of a country is of course if it can help the increase in Gross Domestic Product of a country. It is a long shot but if the flow of Bitcoin earnings will help in the increase of the final domestic goods and services produced (GDP) it can affect the growth of an economy. Especially if that growth is from foreigners as foreign investments can help us really improve in the country's growth. But the crucial part of it is really earning Bitcoin first as it is the first step in order to help the economy of a country grow.

[usorin]

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.

Related to the association of bitcoin with the national currency, how come Kim Jung Lee has not yet declared bitcoin as their national coin, and how they developed it and so on, you know, like on the olympics, they have won everything, at least this is what says the north Korean government. The effects are not predictable because, as mush as i know, we don't have a model in the back to give as a clue, but i suppose eventually people will go on with it as long as they cand buy all kind of stuff with it.

[Kevin77]

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.

You really have a valid point here.
Lots of people all over the world, which we did not really have in the past due to international restrictions and barriers are now investing in companies with prospects, values and product via ICOs which over time as an investor will give them more return and as you have said, we will keep seeing companies most especially related to the IT scene, coming up with ideas and having investors to help build it and gain a lot from it when it shoots.

[barbara44]

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.

Lol here we are talking about the impact of bitcoin on economy not use of bitcoin in crimes and those who says that it is fault of bitcoin that is used in illegal transaction they need a doctor and the impact of bitcoin on economy will e very good and one can easily see the difference in the economy of those countries who are using it and those who are not, bitcoin is economy booster, it give stability to economy.

[taiwww]

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.

This will help only if bitcoin becomes legal entity of the national services. It will start contributing into national economy when there will control of government on bitcoin or whole crypto community. This is important step because people will not help grow the national economy if they are not paying the bitcoin charges into banks or financial system that they are using. If we are putting money into bitcoin and growing it there and keeping it there only (in the wallet/blockchain) then it will not help the national economy. So it’s decentralised character could restrict little bit. But let’s see what happens in the future and how it contribute to the government and nation.

[Nahl]

i think we already talking about this several times ago and the good impact is bitcoin can reduce unemployment people because bitcoin can provide opportunity to makes money and the bad impact maybe in some of countries who admitted bitcoin as illegal then bitcoin users on those countries will against the law

[Ctn]

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.

Still in ambiguity whether this kind of investment really make the national economy grow. There is simple fact that grows the economy of nation and that’s how much tax I being paid by different business and individuals. This contributes to national development and everything runs smoothly to give out growth.


In case of crypto currencies as we know it’s completely decentralised and have no regulating body to incur the taxes and all the charges for services it’s not really contributing to it. I’m sure after forming a normal company they will have to work under regulation but there is question, will they really show up all the funds they raised because if they don’t then there is no taxes. No development. No growth.

[Vannie12]

There is a good/advantage or bad/ disadvantage of bitcoin in the economy. Let us go first in ourself because i believe any changes in our economy should start first within ourselves.

Let us tackle first the good impact of bitcoin, we all know that poverty is one of the leading issue in our country. Because of bitcoin it gives ease life to those people who are victim of poverty. It gives ease life in a way that even without permanent job bitcoin give enough amout that can be use or can be help to have a better life. Even in students it gives good impact to them because they dont need to depend theirselves on their parents, asside from. that they help them also.
Let us now move on to the bad impact of bitcoin. Someone says that though bitcoin can help still there is disadvantage in doing this, in a way that it teaches some people to be lazy, lazy in finding a permanent job for better future of their family.

[Smarty14392]

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.

Bitcoin can have a very major impact on the economy of any country. It all depends on the interest of government. If the government is willing to declare bitcoin as legal currency, then I think bitcoin will surely be able to make the economic condition of that country better. There is no way that we can deny the worth of bitcoin. We ourselves have to take advantage of this opportunity.

[hynext]

I think unemployment is the one impact because they want to work in their house with their families. No boss, they hold their time. If we are hardworking and a lot of patience we got money here. So we fight poverty and we help our economy in the country.

[wahb]

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.

Reducing unemployment, I think it can change the financial position of a country. Because if the government allows the people to deal in bitcoin freely, people will invest in bitcoin and as the past shows the price is growing more and more people will earn money and they will be prosperous. The burden on the government of unemployment will reduce. The inflation rates will be reducing and many other advantages the government should take from bitcoin legalization.

[Gabb]

Taking into account that the capitalization market of bitcoin is still very small, I do not think its influence can be so significant these days. In fact, no currency in itself is a creator of wealth, because in order to reach a certain value there must be people interested in investing real money in them. Therefore only the big speculating capitals could be especially benefited with the loot that represents the altcoin market.

[Tiger Junk]

For me the possible impact of BTC in the economy of a country is it will help many students like me to graduate, because if they know how to earn money in bitcoin, so they can help themselves to pay their own tuition fee and to give allowance for themselve, and the possible impact of btc in the economy is it will help a lot of people who are under graduate, to have a homebase job.

[MinMan]

i think we already talking about this several times ago and the good impact is bitcoin can reduce unemployment people because bitcoin can provide opportunity to makes money and the bad impact maybe in some of countries who admitted bitcoin as illegal then bitcoin users on those countries will against the law

Definitely there are two pictures as far as this case is concerned. Individuals make society and they have a direct effect on the society values and attributes. Like if someone is making good money then ultimately he can put a better impact on society.

And bitcoin have made such people who are contributing better to their society. The second side is related to tax paying, bitcoin users don’t pay tax on transactions.