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Author Topic: HOW BITCOIN BENEFITS THE ECONOMY?  (Read 259 times)
Kapee
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July 20, 2018, 02:06:20 AM
 #1

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.

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July 20, 2018, 02:30:38 AM
 #2

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.

So far there are 2 well known cases that help countries during their financial crisis. Zimbabwe and Venezuela. Those two nations economy was bring to the brink of financial disorders that they have abandon their own currency and introduced others like bonds. But locals have others things in mind, go to crypto specially bitcoin. But as far as other benefits it can bring to let say a nation that is financially stable, like Japan, remains to be seen. But in my view, the economy can still grow because through bitcoin, people will have more purchasing power, so when people has the ability to buy products, it will definitely translate to a country having a better economy.

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July 20, 2018, 12:22:05 PM
 #3

As stated by Kemarit, Venezuela and Zimbabwe are the only working examples of how bitcoin could benefit the economy of the country and the people themselves. In general, the government can also adapt bitcoin as one of its reserves in the future, given that bitcoin can be paid and received into literally almost every transaction. Thing is, the amount of merchants wanting to receive payments in bitcoin isn't that much, and most are only willing to use the coin as a speculative tool rather than a currency which, IMO is its only viable use currently.

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July 20, 2018, 12:35:36 PM
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As stated by Kemarit, Venezuela and Zimbabwe are the only working examples of how bitcoin could benefit the economy of the country and the people themselves. In general, the government can also adapt bitcoin as one of its reserves in the future, given that bitcoin can be paid and received into literally almost every transaction. Thing is, the amount of merchants wanting to receive payments in bitcoin isn't that much, and most are only willing to use the coin as a speculative tool rather than a currency which, IMO is its only viable use currently.

Indeed with the failing economies of these countries, and its inflation rate hitting all time high, using bitcoin as a means will help the inflation go down. But we all know these countries doesn't really have that 'accepting stores to buy goods for bitcoin' kind of shops. As you have said, most would want to hold onto it rather than selling it now. They have heard its potential already, but the governments will just keep silent. We all know the world is a dangerous place. If one third world country wants a big kind of change, there will be another country contradicting it. And can start another war.

I just wish the countries won't ban it. Nevermind worldwide acceptance of its technology, just don't ban it. It won't harm anything or anyone anyway, except those who invested on it.

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July 20, 2018, 01:03:07 PM
 #5

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole.
Most countries banned bitcoin? I guess you have misunderstood and converted those few countries into majority of them.
I begin to wonder why the government for these countries have taken such an initiative.
They see it as threat to their country for the same and repetitive reason all over again.
Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.
Additional to what they have said, it can also be a new source of taxation.

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July 20, 2018, 01:10:11 PM
 #6

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.

if BTC is not taxed , it does not benefit the country at all, it is a bad thing then.
It can be argued ,for example business is doing business across borders with btc, it can benefit because money is flowing faster and less expensive.

Also the boom of blockchain related business can contribute to economy greatly.

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July 20, 2018, 03:19:51 PM
 #7

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole.
WRONG.
the cases of an actual bitcoin ban in countries are extremely rare. the news is filled with lies about bans though and i think you have fallen for that FUD.

Quote
I begin to wonder why the government for these countries have taken such an initiative.
in those rare cases like Bangladesh, it was done because the government feared they were going to lose control over their people and their tyranny could be reduced so they decided to ban bitcoin.

Quote
Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.
well you can't do that. you are either in one of those rare countries so your government is not going to change their rules or you are anywhere else in the world and your government has never banned it so there is nothing to change!

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July 20, 2018, 03:27:19 PM
 #8

As I've experienced government here ban bitcoin because of a lot of scamming happened. And they can't controll because its along they internet. They don't have they accurate information to investigate or simething that can solve the case.
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July 20, 2018, 03:34:58 PM
 #9

bitcoin offers many economic benefits to the cost of shipping money between countries in the world without having to go through the bank.
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July 20, 2018, 03:50:11 PM
 #10

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.
Government is depends on the president and ministers so they are all expecting our security because I saw many government beneficiary only have more asset. So Cryptocurrency is legalised in entire world automatically this will be globalised in future. So peoples are aware in new technology but government which countries are not favourable in people that country is avoiding the Crypto legalisation.

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July 20, 2018, 03:54:50 PM
 #11

the biggest factor why many countries prohibit the use of bitcoin is because of the very fluctuating bitcoin price, therefore the government is very afraid that this bitcoin fluctuation will affect the economy in that country. while bitcoin has the greatest advantage for the economy. fiat currency has decreased in value or in the economy can be called inflation, while the bitcoin value the longer the higher. with the enactment of bitcoin across the country, there will be no monopoly on the use of money and payments across countries that can be integrated no value is wasted

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July 20, 2018, 04:06:52 PM
 #12

bitcoin offers many economic benefits to the cost of shipping money between countries in the world without having to go through the bank.

Shipping requires fees, well, transaction fees. The word you are using is wrong, it is not "shipping" but transacting. I don't know the idea of what you are saying since a country don't really benefit in that, the one having a benefit in that is the people. I guess the most popular benefits of Bitcoin and other crypto currency to people is that they will be having money and they can buy things they want. Also this post above :

As stated by Kemarit, Venezuela and Zimbabwe are the only working examples of how bitcoin could benefit the economy of the country and the people themselves. In general, the government can also adapt bitcoin as one of its reserves in the future, given that bitcoin can be paid and received into literally almost every transaction. Thing is, the amount of merchants wanting to receive payments in bitcoin isn't that much, and most are only willing to use the coin as a speculative tool rather than a currency which, IMO is its only viable use currently.

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July 20, 2018, 04:11:19 PM
 #13

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.

Surprisingly not many countries are banning the crypto currency. Im not sure why people look after the countries who are messing up with the bitcoin and why not look at those countries who are taking step forward and trying to accept bitcoin with great accuracy. I mean why not talk about the Japan, European countries and Swiss countries who are accepting the crypto currencies and are also giving people chance to make up their mind to use them on large scale. I guess its not perfect statement here, many governments are actually accepting these currencies and also working on blockchain for that matter.



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July 21, 2018, 06:32:23 AM
 #14

As stated by Kemarit, Venezuela and Zimbabwe are the only working examples of how bitcoin could benefit the economy of the country and the people themselves. In general, the government can also adapt bitcoin as one of its reserves in the future, given that bitcoin can be paid and received into literally almost every transaction. Thing is, the amount of merchants wanting to receive payments in bitcoin isn't that much, and most are only willing to use the coin as a speculative tool rather than a currency which, IMO is its only viable use currently.

Zimbabwe and Venezuela are helped by the bitcoin of the crisis they are experiencing, but whether in the developed world can make bitcoin for payment? does it have an effect on the country's currency? I think this is a problem that there is still no solution to legalize bitcoin in the country, so many countries are banning bitcoin in their country.

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July 21, 2018, 09:09:33 AM
 #15

I believe bitcoin may able to help an economy in a country where there are less opportunities for the people to earn an income. With bitcoin, people from such countries could be able to participate and earn like joining bounty campaigns. Once these people can start to earn profit, then they can already spend their money for the basic needs and probably can alleviate their economic condition to a much comfortable life.

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July 21, 2018, 09:32:26 AM
 #16

Financially it will be felt by everyone in one of the countries that use bitcoin as a place to earn a second income such as trading or investment at least will make him enough in terms of economy.

This will change and give a positive effect on the country's economy, so far like in my country to get the job hard, so many unemployment and indicate the prosperity of society is not stable, this will have a negative impact on the country's economy.

At least bitcoin will make every income, either as a source of income or as additional income.

BitGunner
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July 21, 2018, 09:53:08 AM
 #17

I think that btc has a lot of different benefits and the government is not an exception because it is the best one ever and it can develop the current economy, i m sure that this will happen in the nearest future

Hui8
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July 21, 2018, 11:51:27 AM
 #18

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.

I dont think bitcoin can help the economic drive of country to grow itself on its wheels. The bitcoin and all the economy related to it is basically very small as compared to the trillion dollars world wide economy. The money (fiat) keeps rising in the value day by day as the demand is rising high due to over grown population of the earth. I guess its very common sense to understand that crypto currency is like multi million company which is having distributed economic sources coming from all over the countries and thus net effect is global and very small and may not noticeable.

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Help me convince my government to accept Bitcoin.

Just forget about it.

nidacoinlove
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July 21, 2018, 12:02:29 PM
 #19

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.

So far there are 2 well known cases that help countries during their financial crisis. Zimbabwe and Venezuela. Those two nations economy was bring to the brink of financial disorders that they have abandon their own currency and introduced others like bonds. But locals have others things in mind, go to crypto specially bitcoin. But as far as other benefits it can bring to let say a nation that is financially stable, like Japan, remains to be seen. But in my view, the economy can still grow because through bitcoin, people will have more purchasing power, so when people has the ability to buy products, it will definitely translate to a country having a better economy.
In many cases if we don't see the countries directly getting any benefit from Bitcoin but indirectly they get a lot from it. If Bitcoin could be a reason to individual financial stability and growth it will indirectly grow the countries economy by the taxes they get from the commodities purchased by the citizens. The only reason will be increased purchasing power of the citizens.

adzino
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July 21, 2018, 12:07:40 PM
 #20

The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.
There are just few selected under developed countries that are filled with corruptions that banned bitcoin and other crypto currencies. No regulations, nothing. Just a direct ban hammer on the usage of crypto currencies. Those countries are the one that thinks that bitcoin will be used for illegal activities. Such irony, since they are the ones that are doing most of the under the table activities that are stopping and hampering the development of their country.


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