Can Bitcoin really stabilize any country's economy level?

[boyshx]

Lolz. It needs to stabilise its own economy first so that it can go ahead and help the country's economy get stabilised. With the ever growing restriction as well as failed attempts of government decisions crypto is ruptured inside out and people are very very confused about the current situation. They invest with fear in their minds and thus bitcoin is not able to cope up its own economical stress outburst. I guess it will take long time until bitcoin itself gets some stability in its base and when its use will rise with proper infrastructure around the world then things can go green for it and then may be we can think about its help in the real world economies.

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[gambitcoin53]

as of the moment, it cannot, i mean, with all the crisis globally, and that bitcoin is not yet widely accepted across the world, it can diminish though like what you have said, but totally not gonna end poverty and solve the current crisis, there are so many factors that affect world economy but sadly, cryptocurrency cannot solve it, at least today, even cryptocurrencies are not yet stable to rely on.

[googs84]

The only way to do that is to make bitcoin as official currency of the world and let it intervene in the worlds economic circulation. As long as you see the bitcoin stuck over the blockchain with only use of holding, trading etc etc then it wont be contributing in the national economic development at all. It needs to be in circulation so that it can be part of the national economic model. Understand that all the product and services that are offered within nation are contributing to the national development or economy because they are taxed, and government use the same tax for the national developments. This is why we need bitcoin to be officially recognised before it can even make any movement for the national economy level.

[BigBos]

The only way to do that is to make bitcoin as official currency of the world and let it intervene in the worlds economic circulation. As long as you see the bitcoin stuck over the blockchain with only use of holding, trading etc etc then it wont be contributing in the national economic development at all. It needs to be in circulation so that it can be part of the national economic model. Understand that all the product and services that are offered within nation are contributing to the national development or economy because they are taxed, and government use the same tax for the national developments. This is why we need bitcoin to be officially recognised before it can even make any movement for the national economy level.

I think it all depends on its usefulness. maybe at this time they will not make bitcoin an asset of a country. but, I am so sure that many countries are trying to exploit bitcoin for the economic interests of the country. well, not just bitcoin, they even develop blockchain systems for a country's economic stability.

[Xenophoto]

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

A lot of people are not paying taxes these days. People getting paid in cash directly doesn't really submit an honest tax statement because there's no way the government knows how much you're making. Online store owners probably don't pay taxes because whenever you sold something to a friend, do you really add that to your statement? No. When you work online, it's quite hard for them to keep track of you since you are pretty much unemployed in their eyes. A lot of people choose to pay as little tax as possible because this allows them to be listed as an indigent person and they can get benefits from that. There are always pop up stores in the streets, not all of them are paying taxes.

The people who are regularly paying taxes are those that are employed. Even with crypto implemented, it will be the same thing since those records are going to be visible to the government while when you buy and sell something, that record isn't really visible to them. It's going to be the same thing.

tl;dr: People are not paying taxes even now. It's going to be just the same thing since there are transactions that aren't visible to the government's eyes.

[Stedsm]

Firstly, I wish to apologize that I shouldn't have asked this for "Bitcoin" alone but instead using the word "Crypto" or " Cryptocurrencies" would have made a different impact on everyone's mind as the whole question changes.

Now, with respect to all the mixed emotions and mostly saying that Bitcoin alone wouldn't be able to deal with the economy of any country, here are a few things I've concluded and I wish to put as my own opinion:

- Even being decentralized, Bitcoin is the first ever cryptocurrency that was introduced early and was adopted by many countries before, till it started showing signs of too much volatility which made it look more as a tradable asset instead of a currency.

- As Bitcoin emerged to be the fastest growing and highest return giving digital token, many countries also started accepting it knowing the benefits of it that having it in big number could really benefit the wealth of their country and as wealth grows, so does economy.

- After crypto's existence emerged, there have been a variable amount of jobs available in different genres (areas) such as blockchain development, token creation, project (ICO) promotion and so on. This also helped many people live a great life as due to the volatility of BTC and other crypto, people held them and received great profits in return. Getting a job to an unemployed in crypto helped too many people work from the comfort of their home instead of being sucked up in those 9-to-5 jobs where you're required to give each drop of your blood to that job. This allowed everyone, the freedom to work and as well, spend most of their time with their family.

- Last one:
As Bitcoin is limited in number, I believe that countries which will have the most amount of Bitcoins once it gets completely mined, are going to reap the most better profits. Now, how would this not be helping the country to grow their GDP as well as how it won't support that country's economy? I know everything here is hypothetical and can't be assured, but I'm only taking the possible outcome that may be seen in the future once this mining is done.

[vv181]

Bitcoin and countries economy is a contradiction. Except when the countries economy is failing like Venezuela, cryptocurrencies becomes the lifesaver. The whole global economy works in an opposite way of cryptocurrencies decentralized nature.

[1Referee]

As Bitcoin is limited in number, I believe that countries which will have the most amount of Bitcoins once it gets completely mined, are going to reap the most better profits.

It depends on the usage though, and what exactly you mean with countries having the most amount of Bitcoins. If countries start controlling large numbers of coins, they have all the incentive they need in order to at least attempt to steer development in their preferred direction, which isn't really that much of a good outlook.

As far as the usage goes, we really need Bitcoin to function as currency, because the store of value aspect will stagnate eventually just like what happened with Gold. You can't endlessly keep banking on something that doesn't provide any real world utility. Bitcoin is the one that picks up where Gold stopped being what people thought it is/was, a currency.

The most important aspect to focus on is how Bitcoin will scale towards mass use, because as long as that isn't the case, there isn't much other than hopes and dreams to think about.

[trako]

no it's not possible. because there is no production center. unless a country sells its own products, its economy becomes unstable. we can interpret it as foreign exchange.

[supermine]

Bitcoin will not help the countries,it will only beneficial for the people so it may do more hard when look in the terms of country's economy and it will decrease their income since there is no much taxation for them.And also it can't be used alone in a country since we have limited bitcoin so it will causes more problem than the inflation do so we need crypto curreny system not bitcoin system.

[orions.belt19]

As Bitcoin is limited in number, I believe that countries which will have the most amount of Bitcoins once it gets completely mined, are going to reap the most better profits.

It depends on the usage though, and what exactly you mean with countries having the most amount of Bitcoins. If countries start controlling large numbers of coins, they have all the incentive they need in order to at least attempt to steer development in their preferred direction, which isn't really that much of a good outlook.

As far as the usage goes, we really need Bitcoin to function as currency, because the store of value aspect will stagnate eventually just like what happened with Gold. You can't endlessly keep banking on something that doesn't provide any real world utility. Bitcoin is the one that picks up where Gold stopped being what people thought it is/was, a currency.

The most important aspect to focus on is how Bitcoin will scale towards mass use, because as long as that isn't the case, there isn't much other than hopes and dreams to think about.

Personally, I can’t see the effects that crypto has on the economy of a country. I agree that it has an impact but I don’t think it contributes to a country’s GDP. But with what 1Referee has said, its true that bitcoin should eventually be given a real world utility otherwise it may eventually lose its luster.  I believe that bitcoin is still on the path towards becoming a currency, and many other cryptos may have the same potential. Adoption of the use of crypto as a currency have been underwent in other countries so its a good sign that there’s still some effort being made to utilize crypto as a currency. As technology advances, it’s quite possible to be see the expansion of bitcoin’s function as a currency in the foreseeable future.

[kripkiki12]

I don't think so. Bitcoin and rather blockchain can be useful in many terms, but to stabilize and enhance a whole economy you need to take many more factors into consideration.

[pitiflin]

- After crypto's existence emerged, there have been a variable amount of jobs available in different genres (areas) such as blockchain development, token creation, project (ICO) promotion and so on. This also helped many people live a great life as due to the volatility of BTC and other crypto, people held them and received great profits in return. Getting a job to an unemployed in crypto helped too many people work from the comfort of their home instead of being sucked up in those 9-to-5 jobs where you're required to give each drop of your blood to that job. This allowed everyone, the freedom to work and as well, spend most of their time with their family.

Not even 1% of population have "great lives", if you really think about it. That 1% is 70 million people by the way. Not even 1% of that 1% have great lives.

- Last one:
As Bitcoin is limited in number, I believe that countries which will have the most amount of Bitcoins once it gets completely mined, are going to reap the most better profits. Now, how would this not be helping the country to grow their GDP as well as how it won't support that country's economy? I know everything here is hypothetical and can't be assured, but I'm only taking the possible outcome that may be seen in the future once this mining is done.

The real GDP may be effected, but its never shown, because no one counts bitcoin as a possible factor while calculating it, like I said before. Bitcoin or any crypto isn't taken account in GDP//GNP/NNP/NDP calculation.

[alyssa85]

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?

If it was going to happen we would have seen it by now in Venezuela, Argentina and Zimbabwe. Though all three seem to have quite an active crypto scene, it doesn't seem to have broken above 5% of the population.

[Yantoaja]

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?

for now maybe it's still a very difficult thing for BTC to count in a country's GDP because there are still many people who don't understand btc in developing countries and the average middle class people under average still don't understand BTC at all, and in my opinion for the moment this money is still a very efficient thing and for btc itself it will be very difficult to calculate in a country's GDP because of its anonymous nature, but it does not rule out the possibility that in the future BTC can increase the GDP of a country.

[awawo]

To me it all depend on the market trend of bitcoin before it can really affect positively on the economic level or contribute to the GDP of any country, because it the market that determine the value of bitcoin at any time.

[Nolimitz84]

First of all I think for those countries that are subject to sanctions,bitcoin would be the best option to bypass them.Secondly, I think any country can benefit from the use of bitcoin.Options use very many.Bitcoin is the currency that is ready to help any country.

[ucingucingan]

can't, bitcoin cannot stabilize a country's economy considering bitcoin itself is still considered illegal if used for transactions in many countries, but it does not rule out the possibility that in the future bitcoin will be able to stabilize a country's economy

[wasaisi]

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?

I think it depends on the price of bitcoin which will lift the economy from the one who uses it and of course the government has a big influence on the economy of its citizens. Therefore I think it could happen.

[Harrisonimo]

It us very possible for the bitcoin to help stabilize the economy of a country; especially the devolping countries. Though take example for my country, there is actually money in here but it has been kept within the reach of some set of persons who just move this with themselves. But I believe with the help of bitcoin and it's enabling power, a lot of the less privilege too would have gained more grounds to even help other needy ones.