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Author Topic: The impact of bitcoin on the financial stability of a country  (Read 640 times)
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January 22, 2018, 05:57:09 PM
 #1

What is the impact of bitcoin in a country's financial stability?
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January 22, 2018, 06:02:10 PM
 #2

If you have money, you can avail and buy whatever you wanted and needed. In this case, your money will go through the cycle in the economy. If a lot of people has a capability, therefore all of these money will go through which will results to good stability of money in such country.

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andrei56
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January 26, 2018, 06:06:10 AM
 #3

What is the impact of bitcoin in a country's financial stability?

Right now bitcoin has almost no impact but countries are seeing that it may have an impact in the future if the technology is adopted by a significant amount of the population, so they are doing their best to try to protect themselves from those effects, but the good news for us is if that happens then any measure they try to impose to bitcoin is going to fail and that point the budget of governments could be compromised.
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January 26, 2018, 07:21:17 AM
 #4

What is the impact of bitcoin in a country's financial stability?


A lot of people in such country might want to export their savings and capital outside the country,so they will try to buy bitcoins or any other cryptocurrency.Such money export will decrease that country`s national currency value.This creates inflation and makes the people poor.Other impact is that cryptocurrency users don`t pay taxes for their crypto income and savings.That`s why most of the countries want to regulate ot ban crypto trading.
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January 26, 2018, 07:30:24 AM
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Bitcoin gives opportunity for income and investment which later helps people to make their lives even better, they were able to buy things that their salaries failed to reach and can make such a good savings for their future with this the economy also improves and the expenditure of people increases though by this time most government don't see the help of bitcoin but in the future this thing will really make a great impact

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January 26, 2018, 07:35:04 AM
 #6

A very good example of how Bitcoin affects a country's financial stability was the news about how Japans GDP gets a boost of 0.3% because of the "Wealth effect" by Bitcoin investors and the availability of Bitcoin payments at POS in several stores in Japan. This is because the rise in asset value often increases spending. Lets also consider Bitcoin as 'Money 3.0' where there's an upgrade in terms of being able to spend Bitcoins between anyone who has a wallet, worldwide. This remove boundaries of trade, commerce and payments. Without barriers to payment people can procure services and goods from abroad at an easier rate, unlike before where there were restrictions on how much amount can be spend on trade. Bitcoin has made lots of people wealthier and the millennials have been seen to reap the benefits. There's no dependency on the banks for weekend trades and also this brings in more money inflow into the economy.
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January 26, 2018, 10:37:01 PM
 #7

I am stupid in the field of economics and calculations on improving the economy in a country. Simply, if everyone can afford to buy goods it means good economy and vice versa.
Bitcoin has helped anyone to fulfill their dreams, at least fulfill their daily needs. it is better than any economic policy.

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January 28, 2018, 01:13:54 AM
 #8

Actually I don't know the impact. As long as I can buy foods, clothes or anything that I need its fine for me.

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January 28, 2018, 01:32:16 AM
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for countries that prohibit bitcoin, then transactions must be outside the country, of course it resulted in no tax revenue. We know the tax is one of the largest state income

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January 28, 2018, 02:10:37 AM
 #10

What is the impact of bitcoin in a country's financial stability?


Bitcoin is a big impact of financial stability of each different country,because every country have its own law about digital currency.those country who allow bitcoin to become legall like the country of japan  will become blooming and progressive,because people benefited the income tax coming from digital currency and they used this for the good of there homeland because they consider bitcoin as part of there finacial stability,while those  country  who not allow bitcoin become regulated  they  would not be benefited the income tax that come  from cryptocurrency.
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January 28, 2018, 02:36:03 AM
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If some people make transactions specifically using digital currency, then the Bank's ability to lead the needs of this group can be disrupted.
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January 28, 2018, 03:36:55 AM
 #12

What is the impact of bitcoin in a country's financial stability?


Right now Bitcoin and all crypto-currencies have absolutely zero impact on developed countries. But, it can, have a huge impact on countries such as Venezuela and Greece and Iran.

If you think that people will try to move their savings away from unstable regimes then yes crypto will have an affect in those areas. If you live in a place where you think the valuation of the currency is stable for the immediate future then Bitcoin is simply an investment or of philosophical interest. If, however, you live in a place where you're worried that the government may seize your wealth (Greece, China) then Bitcoin becomes ever more important.

Now, can it help the stability of the country? Yes, in that it allows one to have wealth stored and transported outside of the government's control. Now, there are ramifications to this - as all countries would consider this to be tax evasion (if not economic treason). So, does Bitcoin contribute to the stability of a country? I'll let Milton Friedman debate that with John Maynard Keynes.
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January 28, 2018, 03:45:11 AM
 #13

What is the impact of bitcoin in a country's financial stability?
It would probably weaken the stability of a country in a majority of conventional terms, to be honest. It would take away from most of the normal statistical valuations of most standard measurement means, but there isn't anything that would actually be lost because of Bitcoin being used in a country. Governments that can't prove their own country's value and their economic stability and prosperity sure as hell won't be able to maintain their country for long if they can't show they have trade value and take out debt to help their country run. Well, it's possible, but unlikely anyways.
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January 28, 2018, 03:48:05 AM
 #14

It could have a huge impact on the financial stability of a country especially the economy of the country itself. Especially if the government is willing to compromise but then again problems would arise regarding the taxes and all that.
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January 28, 2018, 03:51:53 AM
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Actually, there's no impact on it or whatsoever. One thing that can affect the financial stability of a country if once bitcoin or cryptocurrency is mainly used which is not the case.
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January 28, 2018, 03:59:18 AM
 #16

Bitcoin has a big impact in economies financial stability,many people now engage in digital currency due to its benefits that can gave to us.Because of it we can buy and sustained what we needs in our family through working on cryptocurrency it make our stable in financial needs.
I think if that would happen government did not banned anymore the bitcoin.It has a  huge development to us and they will gave law by it by being legal in every country.
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January 28, 2018, 04:05:05 AM
 #17

Bitcoin holds more than 51% share in cryptocurrency market. If we see popularity of bitcoin in last five years it may affect the economy of any country. Bitcoin`s rising price attracting more and more investors all over the world. These investors are pulling money from their traditional investments and investing it in bitcoin currency. Similarly they stopped using fiat currency in their day to day life. As a result circulation of fiat currency get disturbed so as the economy. As a result Indonesia and other countries banned bitcoin currency completely from their economy by giving security and stability reasons. In future many more countries can ban or regulate bitcoin currency.
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January 28, 2018, 05:08:19 AM
 #18

Bitcoin holds more than 51% share in cryptocurrency market. If we see popularity of bitcoin in last five years it may affect the economy of any country. Bitcoin`s rising price attracting more and more investors all over the world. These investors are pulling money from their traditional investments and investing it in bitcoin currency. Similarly they stopped using fiat currency in their day to day life. As a result circulation of fiat currency get disturbed so as the economy. As a result Indonesia and other countries banned bitcoin currency completely from their economy by giving security and stability reasons. In future many more countries can ban or regulate bitcoin currency.

How could people have stopped using fiat on their daily life if there are only about 100.000 businesses in the world accepting Bitcoin as payment? We can't live without fiat. Bitcoin boosts countries economies a lot when people convert their Bitcoin profit to fiat. You are putting money in circulation in your country, the government should feel proud of their people and not ban Bitcoins.

Bitcoin is unstable and doesn't guarantee any stability for your country, if using it as store of value, but on the individual life it has only advantages.
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January 28, 2018, 07:03:09 AM
 #19

What is the impact of bitcoin in a country's financial stability?


Country's Financial system depends on few factors like this :

GDP of that country, it is measure of Gross Domestic Products which are produce of different products and services within the country and sold within the same country with specific period of time.

** 1) According to sources everything depends on internal and external factors of the country such as, nature sources, infrastructure, human capital, laws, labor cost etc.
**2) Apart from this there are some factors related to economic growth such as business cycle, exportation and import cycle of that specific country and majorly the commodity exports.

Now the question where does our bitcoin fall in these all? Does it have any place in the different factors that we have discussed above? I believe that it falls in the commodity exports where our money is actually being spent on virtual commodity like Bitcoin and other crypto currencies.

The net effect is simple, we are showering the money out of our country's economic circulation considering the fact that bitcoin is decentralised and the stream line is completely different.

So the impact seems to be negative. If we don't consider that the taxes are being paid for the every transaction that has made against the bitcoin purchase or sell.

** References: https://www.intelligenteconomist.com/economic-growth/


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January 28, 2018, 01:53:56 PM
 #20

Bitcoin holds more than 51% share in cryptocurrency market.

Not true. Bitcoin's market dominance is down to 33.7% as of writing, according to Coinmarketcap.

As for a country's financial stability, I don't think Bitcoin has any significant impacts yet. It did help Japan because the new crypto wealth spurred spending, but that's the only country I'm aware of. Other countries could also be experiencing the same thing, but on a smaller, less observable scale, considering Japan's outright support for crypto.

One thing to consider about Japan's case though, is that with their support comes taxation, and it could be a model other countries will look to emulate.

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