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

[coinholic]

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.

Yes, there are two sides to almost anything. But more on the good side for bitcoin I would say. With proper information on bitcoin and a sufficient understanding on its functionalities, I am sure that many will benefit from it. Thus, the economy will generally improve due to the possibility of various contributions this system could offer.

[Michaelinejhian#09]

There are negative and positive impact of  BTC in the Economical aspect of a Country.  Negative would be it will lessen the real marketing strategies of businesses and companies and competitions may occur. If were going to analyze, marketing strategies using online sites and ocial media would be very effective and efficient in comparison to the normal marketing method that we used such as blogging in magazines, newspaper,  billboards etc.  But if BTC will be legalized it would be n edge on increasing Economical aspects of ones country as we can easily increase good profits of different companies by adapting the high technological marketing strategies.

[upsidedown75]

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.

There would be impact even though it won't circulate much but as some people standard of living is improving, the economy is being helped as they keep having the chance to build something or ideas for themselves, which in turn creates job and so and so forth. It totally depends on who is ready to embrace it or not, but the opportunities are glaringly there.

[barhavsky]

I think bitcoin can affect a country's economy but may not be on a large scale because many other factors that can affect a country's economy. although now many people are starting to use bitcoin.

[XCANA]

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.

The impact of Bitcoin on the economy of a country are enormous, it ranges from increase in the purchasing power of the population of the country to economic boom if all things remain equal(seteris parable).

[KennyR]

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.

Well I don’t know about the other but I am sure soon the value and the price of the bitcoin will give a lot of the people are having the bright future with the bitcoin so it is the best thing for all the people and the value of the bitcoin is the best thing from all the people. If you will buy the bitcoin and will get the huge income in very short time and it is the best thing for the bitcoin and the econ0my of the country.

When the individuals grow in economy, automatically the country as a whole grows in economic scenario. From experts view, the country that use bitcoin similar to mainstream usage will experience a great growth, because the future is gonna function completely upon the technology and internet which were also the major reason for earning bitcoin.

[coinplus]

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.

No taxation is not something that would even be a problem as most countries are already finding ways to do that now via exchanges and as long as you are converting what you have to fiat, then you just have to pay tax except you want to deal solely on P2P direct transactions only.

This is the reason why we cannot expect any government to adopt it as a main currency but everyone can use it as long as they not doing anything against the law in the process whereby governments would be benefitting more as people keep getting the chances to make a living in the bitcoin crypto community.

[finzyoj]

I am pretty sure than one of the consequence would be the unemployment which would go down

If the government is not aware about people earning in bitcoin and not in the industry it still high in unemployment rate. Those people which no one can see their work to earn will live more comfortable and no problem financially. Still working and earning in bitcoin can reduce the poverty rate in the country as everyone knows the use and existence of cryptocurrency.

[ModGirl]

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 it can increase the revenue of any country it can increase import and export as well as it can reduce unemployment and also bitcoin can make able people for their business and there are also a lot of things which bitcoin can do for the economy of any country in short world in any country bitcoin can finished poverty easily but if govern support bitcoin.

[yamortsac]

For me the positive impact of Bitcoin in the economy of a country is the improvement of  way of living of people using it. If the people living in a country has the capacity to buy anything they want it will increase the commercial sales of country. Too, bitcoin reduces unemployment because it gives the people the opportunity to earn money even they are just in their house. While the negative impact is that some people might think that it can be used in illegal activities.

[MMA]

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.

I hope we all understand the meaning of “asset” which I don’t need to explain here, unfortunately some of the mates think that asset and currency are something different or what? Or if not then this is what I got from what you said. I think that you people want to say that a time will come when bitcoin will be considered as a fixed asset rather than a current asset. At present the status of Bitcoin is a currency (currency is current asset according to the law) and it is assumed that in future due to its high price it will not be a currency but will be treated as a digital commodity. These are just perceptions of the people and propaganda by those who are promoting alts.   

[doch]

For me the positive impact of Bitcoin in the economy of a country is the improvement of  way of living of people using it. If the people living in a country has the capacity to buy anything they want it will increase the commercial sales of country. Too, bitcoin reduces unemployment because it gives the people the opportunity to earn money even they are just in their house. While the negative impact is that some people might think that it can be used in illegal activities.

Yes there will be a positive impact but i don think that there will such a huge impact because still most of the people still do not know about bitcoin. I think it can improve the  financial condition of an individual but it does not mean that it can improve the whole state economic condition, i think it will take a lot of time in we are expecting such thing from  bitcoin.

[Skyshark]

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,

I think there is only one impact that bitcoin has to offer to our country, and that is modernization. Having said this, modernization leads to convinience to everyone, and that will lead to growth of the country aswell. If there are negative use of bitcoin and effect on the country, that would be because of users abuse and not because of bitcoin.

[ask]

Catalonia will be a kickstart for a new bitcoin world order. I believe that spain is not going to give freedom to catalonia. And this will make a big impact on Freedom related issues such as freedom currency "Bitcoin"

[armandoz]

The possible impact of BTC in the economy is become grow because the unemployed slow down and the poverty of the country will be solve and the needs of the people meet by the help of the bitcoin and crime rate also will lesser no bystander at night or beggar and the crime rate will slow down also.

[Mpamaegbu]

The impact of Bitcoin on any nation is an expected enonomy boost so enormous that it can not really be quantified financially. An involvement in bitcoin and cryptocurrency in general now enables many a young people to control a certain unimaginable level of wealth. This helps to increase the GDP of any nation whose citizens are allowed to hold or trade in bitcoin) cryptocurrency. It is as good as that.

[achsan fauzy]

the possible good impact for the country dealing with bitcoin is that it decreases the number of unemployment, whereas the bad impact for the country is that they cannot get any taxes from the users of bitcoin so that they cannot help economy of the country mostly.

[hildacitra]

I think bitcoin gives great impacts on individuals not on the country in wide economical aspect. people who are involved in bitcoin, they can earn money and free from any taxes of the country. in this perspective, it certainly makes government suffers financial loss.

[ivrynx]

If the country had legalized and accepted btcoin as currency, it will open new opportunities for investors, since it will broaden their field, and will also help the country to decrease the number of people with no job. As we can relate, stores that are already accespting bitcoin are becoming much more stable, and in turn they can manage to pay off their workers, thus giving taxes to the government, leading to a more sustainable economy. I think its a matter of perspective, where you look at it, if you look at it as an investor, you'll see a long term for the government, but as a consumer, you might say all the money just go to the government.

[kier010]

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,

more source of income would help the economy of the country. this will also the opportunity of the country to improve their economic growth. but the bad side is bitcoin can be used for illegal activities.