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Author Topic: May Or May Not any Digital Currency disturb Any country's Economics??  (Read 192 times)
rickadone
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December 19, 2017, 04:38:21 PM
 #41

It matters how far crypto is allowed to reign in a country to see what it would do to that country. If Cryptocurrencies are regulated, of course it's not going to be allowed to disturb anything that's going on. But if it is given free will, then Bitcoin and the other cryptos will SLOWLY (most likely) take over a countries finances as people switch to it as they'd have no reason to.

This government would probably lose economic control of their country, as they can't issue currency, raise interest rates -- etc.

It would totally disturb a country's economy.
That is a valid point! Yes, in as much as the good sides are there, the bad sides are also there. This is a decentralized currency and if everyone decides to start making use of it, abandoning the fiat system, regulation could be very hard. The reason why regulation is still a bit easy in some places now is because one way or the other, we can still convert to fiat.

In a system where the P2P transaction is solid enough, then we should see so many people trying to evade tax, but I still feel in a way this can still be controlled and after all, in some places, we have property tax and if people are doing well, that should really help.
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December 19, 2017, 07:26:08 PM
 #42

It will depends entirely on two things, how big is bitcoin and how big is the economy of the country we are talking about, right now bitcoin is small so it is unlikely that any country is seeing any kind of modification to what they are seeing everyday in their countries but we do not know for how long things are going to keep been like that since as we can see bitcoin is growing very rapidly.

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December 19, 2017, 08:40:12 PM
 #43

Huh
Bitcoin or any other crypto currencies cannot disrupt any country economic and no nations will allow that to happen. The advanced of bitcoin is to help economic growth and development and not the others way round and I believe bitcoin is currently stimulate some countries economic through creations of jobs and making business transactions easy.
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December 19, 2017, 08:56:59 PM
 #44

Huh
To be a realistic scenario the digital coins has to be very popular and unfortunately it not the case yet. And when we talk abount the economy of one country there can't happen things over night and in the end it will adapt.

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ASHLIUSZ
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December 19, 2017, 09:05:06 PM
 #45

Huh
To be a realistic scenario the digital coins has to be very popular and unfortunately it not the case yet. And when we talk abount the economy of one country there can't happen things over night and in the end it will adapt.
The change in the economy won't take place overnight. It needs respective time space to grow and make a positive impact on the economy of the country. Governments fear that adapting bitcoin might affect the economy as well won't have control in hands. I believe more countries will adopt bitcoin seeing the growth that Japan has attained through bitcoin.
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December 19, 2017, 10:14:30 PM
 #46

The change in the economy won't take place overnight. It needs respective time space to grow and make a positive impact on the economy of the country. Governments fear that adapting bitcoin might affect the economy as well won't have control in hands. I believe more countries will adopt bitcoin seeing the growth that Japan has attained through bitcoin.
For now at least I think btc won't greatly impact economics of a country. Since it is just a currency, of would just be used as a payment processor and it really doesn't change the fact that citizen paid btc but have bought it mostly by using fiat. If there would be some effect, it would just open a new opportunity for citizens to earn money. It will only affect economics greatly if there are many whales in a certain country and if price is X100 higher than the current price.
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December 20, 2017, 12:47:55 PM
 #47

Huh

It depends, probably in a small country if everyone start using a crypto currency and left over creditcards, they economy may collApase.
You don't get a point. How the majority of the people left over the credit card makes the economic collapse. The crypto disturbs the countries economic through the majority of the users are using it as investment place. That makes the majority of the countries will lose a lot of money because it was flying to another place. Just like what already did in some countries to ban the bitcoin. majority of them are mentioned if the crypto was disturbing they're economic. To prevent the potential investors move to another ground.
So far so good that Japan has been regulating cryptocurrency activities and so many other countries as well; I really do not see how their economy is crumbling. I feel we are taking this too much to the extreme. The bad sides we are looking at are not really even there in the first place and for people having lot of opportunities to even earn and make some extra bucks, that is more like even pulling funds into the system.

Crypto may change the way we do things, but I do not see how it would affect the economy as a whole. Fiat system on its own is already weak, and if by getting the fiat crumbled, I really do not care.
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December 25, 2017, 06:13:49 AM
 #48

of course not Gan, there is no relationship its currency of the country with bitcoin, because bitcoin similarly ... bitcoin is the currency of the "state" digital, so will not affect the value of currency any country.
In my opinion, bitcoin in future may disturb the economy of some countries, because if even 10 % of the companies of any country start their transactions in bitcoin, then this means that that country is theft with 10% of the industrial tax as well as the number of employees getting the wages in bitcoins will be tax free. Moreover, with bitcoin, money laundering is getting easy and money can be shifted to other parts of the world without the consent of that country.
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December 25, 2017, 07:58:55 AM
 #49

I think cryptocurrency is not a disturbance in a country's economy. Digital currency could be an asset for economical growth unless it is used in scamming and illegal cyber activities. Lets look at the point that it truly helps people find their jobs in some ways.

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December 28, 2017, 05:28:47 AM
 #50

Huh
If the flow of any crypto currency is very large in any country like the flow of bitcoin in china the country can face the change in the economic status. And the currency can also disturb the smooth flow of the money in the country as most of the people will prefer the pear to pear way of currency transfer and storage of currency rather than using banks as a third party involved in every transaction and storage of money. Cryptocurrencies have many advantages over the real-world cash.
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December 30, 2017, 02:52:05 PM
 #51

Every country has its own fiat currency. The economic structure of that country is built on the platform of that currency. When some digital currency gets introduced in that country, and people starts using it on large scale then the fiat currency of that country get disturbed. If no one is using it, its value starts decreasing. Government runs on taxes collected from its citizens. If people starts using digital currencies without control of government then then it will become difficult for the government to determine the tax amount. Same happened in Indonesia, and that is why Indonesian bank banned all cryptocurrencies

   

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miyaka26
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December 30, 2017, 04:45:11 PM
 #52

I think cryptocurrency is not a disturbance in a country's economy. Digital currency could be an asset for economical growth unless it is used in scamming and illegal cyber activities. Lets look at the point that it truly helps people find their jobs in some ways.
It will, once a cryptocurrency dominates the user of fiat, shifting to a digital currency leaving the local fiat valueless because no one wants to use it concentrating the demand of people to cryptocurrency, new opportunities will be born while existing ones will collapse because of its failure from the adaptation. That's the reason why bans and strict regulations are imposing on these types of coins.

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December 30, 2017, 04:57:19 PM
 #53

I think cryptocurrency is not a disturbance in a country's economy. Digital currency could be an asset for economical growth unless it is used in scamming and illegal cyber activities. Lets look at the point that it truly helps people find their jobs in some ways.
It will, once a cryptocurrency dominates the user of fiat, shifting to a digital currency leaving the local fiat valueless because no one wants to use it concentrating the demand of people to cryptocurrency, new opportunities will be born while existing ones will collapse because of its failure from the adaptation. That's the reason why bans and strict regulations are imposing on these types of coins.

I don't think that fiat will be go useless here. Look at Japan, they have legalizes bitcoin already but the YEN still exist. So I can't really think that fiat even in the next 50-100 years will become valueless as you have said. As far as the effects on the economy, it will be minimal and its gonna be on a positive side. For countries like in Asia as well,  they all love crypto's but not all the population is getting into it, only a small percentage of the total population. So how can I small portion affects the economic status of their country? South Korea is very far as engaging in crypto is concern, but we never heard that they their economic situations is going on a downward spin because of crypto. And the positive effect of crypto is that those few are earning and having a good financial profit because of trading. So for me it will not put a significant dent of the economy on the other hand it will help it because people cashing out will have a purchasing power.

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December 30, 2017, 11:59:13 PM
Last edit: December 31, 2017, 12:26:59 AM by filharvey
 #54

Digital currency would affect a country's economy to some extent.We earlier saw in china,more adoption of bitcoins by its people led to slight fall in its currency Yen's value.That is also a main reason for china government took severe steps against bitcoin.But whatever importance digital currencies get in a country,it would only co exist with the fiat currency and it would not completely replace it.
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