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Author Topic: Can Bitcoin really stabilize any country's economy level?  (Read 1739 times)
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October 03, 2018, 04:46:10 PM
 #1

As we all have been speaking many times that Bitcoin possesses the power to diminish the use of fiat in a country where it's welcomed with full hearts, I wish to know that does it really have the ability to cope up with the challenges a country's economy faces? Can it help in the growth of their GDP?

As we know, Bitcoin is limited in number whereas Federal Reserve has the power to do monetary easing when things go wild with their economy levels. So with such limitations, can Bitcoin really stabilize any country's economic issues?

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October 03, 2018, 06:31:17 PM
Merited by dbshck (1)
 #2

Bitcoin is exactly the opposite of what countries with a spiralling economy needed. Bitcoin is even more volatile than many hyperinflative currencies, it would be much easier if they just submitted their country to a foreign power for management, because obviously many of these countries cannot manage their own economy. Back to colonialism?

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adpinbr
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October 03, 2018, 06:49:48 PM
 #3

I don't think so. I think not everybody can fully understand how bitcoin works. bitcoin has its own advantages and disadvantages and I think if it can stabilize any country's economy level but I also think that it has negative side effects.
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October 03, 2018, 06:50:44 PM
Last edit: October 03, 2018, 07:12:51 PM by tweetbit
 #4

In the cinematic scene this would work, but in reality, it can't. Most of the people's adaptation is slower than the technology our brain can catch up.

Bitcoin as volatile as it is and decentralized or in an uncontrolled environment, humans are control freaks as well as the government. Only a few wanted a true freedom financially.

If Communism is humanely good that is obviously not, a bitcoin economic city can be built. But that is from 1 is to 10 % probability.

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October 03, 2018, 07:45:39 PM
 #5

I'm looking at the topic strictly, whether bitcoin can stabilize a country's economy... I will say bitcoin has no business with that. The business it has with the economy is to grow wealth for those in that country who have invested in it. That can now transcend into wealth creation by the new millionaires who can employ, give financial aid to other citizens and that can grow her GDP.

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October 03, 2018, 08:12:56 PM
Merited by ice18 (1), virendarnagpal (1)
 #6

In the past since Crypto inception till late 2017,Crypto currencies were not only ignored but also laughed at.But the cryptocurrencies were certainly and slowly adopted by a certain section.There are even facts that several Bitcoins were given to anyone in the initial stages who takes them without a single penny which was done to popularize and increase utility if Bitcoins.Very steadily Bitcoins came into the notice of various unofficial activities.Several Individuals and companies started accepting Bitcoin as payment mode as early as 2013.As the price of Bitcoin soared it started gaining popularity in various nations across the globe even in third world countries.Though now Bitcoin has taken some beating due to negative views.
With the advantages of Blockchain like decentralized exchange,security and recognition by people as never before the sale of Bitcoins and Altcoins has gone multiple times.As these crypto currencies grow the companies will employ more people,set up new infrastructure, buy office space,bring more efficiency thereby causing a country's economy not only to stabilize but grow.

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October 03, 2018, 08:41:14 PM
 #7

Bitcoin is limited from an economic growth point of view because it removes the growth of money supply that most major governments enjoy. From an economic point of view it's clearly a short term negative but in the long run it's largely unknown and very subjective, personally I feel that if an economy had a non-inflationary currency in the long term it would be of great benefit.

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October 03, 2018, 09:12:59 PM
 #8

As we all have been speaking many times that Bitcoin possesses the power to diminish the use of fiat in a country where it's welcomed with full hearts, I wish to know that does it really have the ability to cope up with the challenges a country's economy faces? Can it help in the growth of their GDP?

As we know, Bitcoin is limited in number whereas Federal Reserve has the power to do monetary easing when things go wild with their economy levels. So with such limitations, can Bitcoin really stabilize any country's economic issues?

The answe is simple, NO! Bitcoin is not a magic wand who would accomplish such huge tasks like stabilizing the GDP of a country or eradicate poverty from the face of the earth!

Also bitcoin doesn't have the power to replace the fiat system either!! It has just shown a way to do that in an affective and transparent manner! To replace the fiat system, the respective countries will have to come up with their own cryptos running on their own blockchain!

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October 03, 2018, 09:18:55 PM
 #9

My opinion is that, it can probably help but not that big as we thought because based from the OP's idea everything should be under control. Bitcoin has a limited supply which means its value could probably be stabilize from the moment ot reached its number.
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October 03, 2018, 09:23:16 PM
 #10

Don't think so. But a global currency that a country's bank cannot print, would be good. So governments wouldn't easily manipulate markets, they wouldn't have much power on inflation (I mean they need to find better solutions when they're constrained.)

Also tax is a thing. In crypto world, how would a government official collect taxes? You own your wallet and they cannot do anything about it. (however they can do things to your bank account) They may get taxes from your employer, but still, not every job has an employer. What if people work online and get paid in crypto? No taxes then. Don't know. There must be something we can't think of right now, and probably that option will happen Cheesy
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October 03, 2018, 09:27:23 PM
 #11

No doubt bitcoin has wonderful potentials but if we're talking of stabilizing a country economy level bitcoin can't do that due to fluctuation in price and what bitcoin will give is an opportunity to escape inflation and financial problem. Meanwhile, those stable coin we have in market can be use to stabilize economy level.

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October 03, 2018, 09:38:18 PM
 #12

As we all have been speaking many times that Bitcoin possesses the power to diminish the use of fiat in a country where it's welcomed with full hearts, I wish to know that does it really have the ability to cope up with the challenges a country's economy faces? Can it help in the growth of their GDP?

As we know, Bitcoin is limited in number whereas Federal Reserve has the power to do monetary easing when things go wild with their economy levels. So with such limitations, can Bitcoin really stabilize any country's economic issues?
Bitcoin doesn't help the GDP because it is not counted in the annual GDP calculation in most if not all countries. From what I understand, bitcoin and crypto overall is entirely eliminated, so the real GDP of any economy is never out,as many factors are never considered because of many reasons. So you can never know if bitcoin helps solving economic issues or not. IMO, it doesn't. It can help a few citizens here and there but an economy wide issue is too much. Bitcoin's markets still aren't mature enough for that.


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October 03, 2018, 10:06:24 PM
 #13

Before i will attempt your question let me make some clearification of what GDP stand for. The gross domestic product (GDP) is the total value of all the country goods and services produced in a year. And as the name implies, it is concerned with domestic production of goods and services. Bitcoin can only make significant on the country GDP if it is centralized in nature but that will be contrary to the main reason for which it was created.
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October 03, 2018, 10:19:40 PM
 #14

As we all have been speaking many times that Bitcoin possesses the power to diminish the use of fiat in a country where it's welcomed with full hearts, I wish to know that does it really have the ability to cope up with the challenges a country's economy faces? Can it help in the growth of their GDP?

As we know, Bitcoin is limited in number whereas Federal Reserve has the power to do monetary easing when things go wild with their economy levels. So with such limitations, can Bitcoin really stabilize any country's economic issues?

The volatility of Bitcoin and cryptos for that matter is one of the limitations it has in standing in as a stabilizer in times of economic chaos. I don't think BTC has the capability of diminishing fiats, but has the capacity to work side by side fiats as a currency.

....Can it help in the growth of their GDP?

Absolutely YES, because it will increase the rate of economic activities as Bitcoin gets used as means of exchange for buying and selling of goods and services.
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October 03, 2018, 11:07:35 PM
 #15

I think the answer is no, bitcoin never intended for stabilising country's economic, bitcoin was supposed to be used as currency, bitcoin could help people to get more income, but it can't be rely to solve economic problem, for short term maybe bitcoin seems can stabilize and help the country, but for long term it can create a serious problem

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gantez
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October 03, 2018, 11:27:14 PM
 #16

Factors that stabilize an economy are factors that can contribute directly to the economy. They are things like factors of production and not money, be it fiat or bitcoin.

For instance, entrepreneurship/humans can manipulate or interact with the environment which is God's gift, to grow the economy via ideas etc.
Land too as a factor of production can be used to cultivate agricultural products which are exported finished or raw products.
Labour also is very much useful. That is of different types, skilled, semi skilled and unskilled. They are all employed to see that work is carried out towards the growth of the economy.

So money is not included, also bitcoin.

timerland
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October 03, 2018, 11:30:28 PM
 #17

Not really. Will bitcoin help in terms of easing Venezuela's hyperinflation? It's a big no.

It's simply not up to bitcoin, which is a currency, or a bitcoin community to be able to change what governments are doing with their monetary policy. That would simply make absolutely no sense in my opinion, especially considering that bitcoin is decentralized.

But bitcoin does have the potential to offer that stability to individuals who choose to adopt it. As it has a capped supply and is not controlled by any governments, it means that it's a long term store of value much like what gold and silver is and was in the past. Essentially, bitcoin can be offered as a form of wealth preservation safe haven worldwide.

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October 04, 2018, 03:47:28 AM
 #18

1.  It being international currency will be untouched with the inflationary pressures of the country.  So one most dangerous factor which affects the economy of any nation can be made under control.
2.   transfer of money does not need any approval in case of bitcoin. so anyone will be able to transfer his funds to the country where he wants to install his business; so he will be adding to the growth of that nation's economy. 
3  Though the quantity of bitcoin is limited.  With the increase of demand of bitcoin the price will touch skies.  Problem of It's supply side will be resolved by number of satoshi it is having.
One bitcoin is having 100 00 000 Satoshi.  It will resolve the issue to great extant. 
4.  With the passage of time; further improvements; researches; people may succeed in further breakage of satoshi to lower denominations.  So IMO that it will resolve supply side problem of the bitcoin. 
trecore4
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October 04, 2018, 05:05:28 AM
 #19

We have taken the bitcoin too seriously because we all are into it and we want to see it on the top of world. But things doesnt work like that, it doesn't matter how much you love it and how much you often use it. What matters is, different decisions that are made by the government, financial systems and institutes within the country. Now why that is important ? Well if they approve stuff straight forward then the use could be more and more and over the time it can give a best shot at improving the country's economy level.
But, right now bitcoin is not at any position to cope up situation like that, it is all scattered and need to be mapped at single point so that we can see it coming back  to normal levels.


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Escan0r
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October 04, 2018, 05:15:28 AM
 #20

As we all have been speaking many times that Bitcoin possesses the power to diminish the use of fiat in a country where it's welcomed with full hearts, I wish to know that does it really have the ability to cope up with the challenges a country's economy faces? Can it help in the growth of their GDP?

As we know, Bitcoin is limited in number whereas Federal Reserve has the power to do monetary easing when things go wild with their economy levels. So with such limitations, can Bitcoin really stabilize any country's economic issues?
Maybe just a few stable moments because no one knows how bitcoin will go in the future, if the price goes up it might benefit the country that uses it but if it goes down it will definitely hurt it too. Therefore we must think twice about whether bitcoin is beneficial or detrimental to our own economy.
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