Can Bitcoin really stabilize any country's economy level?

[bonker]

I guess it can be possible when everyone starts to use crypto currency for payment and there is no one to manipulate the prices.It might increase the GDP as well because people can avoid tax paying by using cryptos but it is against the government so we don't have to use it for bad things.The value of our money will not fall for inflation if the money is decentralized.

[1715131693]

1715131693

[alyssa85]

First of all you should ask if Bitcoin itself is stable? We already know it is not, Bitcoin itself is very volatile and you don't expect something that is as volatile as that to keep a country's economy stable how's that going to happen?

its not the stability of bitcoin but its usefullness   . no matter how volatile bitcoin is  , it can still help the  country to become stable like for example if one country has problem in financial  ,  bitcoin can help them because bitcoin can provide income and can be used as an alternative currency  next to fiats .

Bitcoin is unusable at the moment. The mempool already has a 50,000 backlog and just a few people are using it. Entire nations can't use it because it would take days and days for stuff to get confirmed.

If crypto is to be adopted by a nation, it will be an alt that can scale, not bitcoin.

[UNOE]

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?

Bitcoin might be more volatile now than these hyperinflative currencies, but just imagine in next ten years how much volatility will be then. Bitcoin is not ready yet to be accepted as national currency, but that is not even purpose of Bitcoin. I think that Bitcoin can stabilize countries, but it need more time, because of currently tiny market size.

[Bezobraznike]

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?

Bitcoin might be more volatile now than these hyperinflative currencies, but just imagine in next ten years how much volatility will be then. Bitcoin is not ready yet to be accepted as national currency, but that is not even purpose of Bitcoin. I think that Bitcoin can stabilize countries, but it need more time, because of currently tiny market size.

   Unoe country economies will have to change they way they operate. In that way that we will see revolution, maybe we already do, it`s
happening as we speak. Countries will have to adapt, or they will be left behind.
   Parodium it`s what I think too. Who could imagine that Bitcoin will be here 10 years ago? And to be clear on that, it`s much harder to
get here from 0, than from here to million!

[millgates]

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?

Theoretically, investors is needed to increase GDP. The industries are looking for investors to invest so the industries will have more money to produce more product but the problem is government sometimes print money regardless the amount of gold that the country has then it create inflation. The inflation is good for the industries because their products price will rice but it's really bad for people who have fixed income because the value of money that they have is decrease. I think this is unfair, rich people will become richer and poor people will become poorer. I think bitcoin also can increase GDP as long as it managed in the right way, right method and right person. If we use bitcoin, there will be no inflation that makes poor people become poorer.

[alyssa85]

Interestingly, we now have a real life test case in the form of Argentina:

https://www.coindesk.com/crypto-startups-in-argentina-inflation-bitcoin

Argentinian usage of the peer-to-peer exchange LocalBitcoins hit an all-time high of 9.4 million Argentine pesos in weekly volume in December 2018. Despite broader market dips, this growth has continued to surge in 2019 at a rate that dwarfs anything witnessed during the 2017 token boom, when the peak was 5.7 million Argentine pesos. That figure would currently represent a slow week in Argentina’s 2019 P2P market.

None of this is to say that Argentinian companies haven’t felt the strain of crypto volatility, but local demand and interest remains steady. Plus, a recent influx of Venezuelan immigrants has infused Buenos Aires with underbanked communities that need financial tools and remittance services.

...bitcoin exchange CMO Manuel Beaudroit of Bitex told CoinDesk his company has seen increasing demand in 2019 for bitcoin-related services from Argentinian banks and brokerage firms.

As revealed exclusively to CoinDesk, Bitex will court such institutional customers across the region by launching bitcoin custody services in March.

Beaudroit said:

    “They are interested in offering their clients the ability to do cross-border payments and remittances with Bitex’s services.”

The bitcoin startup recently helped facilitate a purchase of pesticides and agricultural products by the government of Paraguay from Argentina, settling in bitcoin.

[Best Dreams]

It is unlikely for the bitcoin to stabilize a country's economy because of its limited supply and volatility. Being an unstable currency, government will be having a hard time controlling the wild fluctuations of bitcoin and this situation might deteriorate the economy, instead of stabilizing it. It is still to be proven if bitcoin will really diminish the use of fiat because a lot of people will still prefer fiats over bitcoin because it is more convenient to use.

Why would anyone now be talking about making Bitcoin a currency? Lol, Bitcoin is money, but it is not a currency. And most people who are into bitcoin are into it because it cannot be controlled by the government, they feel like it gives them freedom to do whatever they like and also to do cheap and quick transactions.

Based on research that I have done, Bitcoin is a threat to the economy of any country. Unlike the official we make use of, Bitcoin have no corresponding liability. It only works based on our willingness to treat them as valuable.

Countries are not allowing the people to use it, government are allowing people to use curpto currency we should try to increase the use whatever the government think about, crypto currency is independent currency which grows indecently,  it is helping the growth of the economy a little more we should try to increase number of users.

[shoreno]

Why would anyone now be talking about making Bitcoin a currency? Lol, Bitcoin is money, but it is not a currency.

lol . money and currency are both the same fyi   . bitcoin is a cryptocurrency , its verry clear you can read the word currency on it  . i dont think if you will still not be convinced with that  .

anyway  . bitcoin can stabilize the country's economic level because bitcoin is too useful   . bitcoin can be used as a replacement for cash if the economy is having a problem with cash  .

[Bitcotalk]

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?

Please where did you get the idea that Bitcoin has the power to diminish the use of fiat. For your information, nobody is interested in making use of Bitcoin or any altcoin, they just interested because they have seen how the price has speedily gone up within few years. Even those who called it a scam has also got into it and invested their money because they all believe that they are going to make quick money.

[BeGoods]

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?

Bitcoin might be more volatile now than these hyperinflative currencies, but just imagine in next ten years how much volatility will be then. Bitcoin is not ready yet to be accepted as national currency, but that is not even purpose of Bitcoin. I think that Bitcoin can stabilize countries, but it need more time, because of currently tiny market size.

it doesn't need to be a national currency to make the country's economy much better. just legalizing bitcoin in that country,
and let their people adopt bitcoin to become their source of income, from that only can change the country's economy

[spike420211]

I can not imagine how unstable cryptocurrencies with a constantly changing course, can stabilize the economy of any country. Will they just buy bitcoin and sell it more expensive? How will this help them? To stabilize any economy, you need to come up with a working model for people so that they can create a product and provide themselves with everything they need.

[bitzizzix]

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?

Bitcoin might be more volatile now than these hyperinflative currencies, but just imagine in next ten years how much volatility will be then. Bitcoin is not ready yet to be accepted as national currency, but that is not even purpose of Bitcoin. I think that Bitcoin can stabilize countries, but it need more time, because of currently tiny market size.

it doesn't need to be a national currency to make the country's economy much better. just legalizing bitcoin in that country,
and let their people adopt bitcoin to become their source of income, from that only can change the country's economy

It should be like that, but it is not easy to legalize bitcoin in a country because bitcoin is against the government, which should help stabilize the economy in that country.
and bitcoin can only increase the indivindu economy without involving the state.

[Duzter]

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?

Bitcoin might be more volatile now than these hyperinflative currencies, but just imagine in next ten years how much volatility will be then. Bitcoin is not ready yet to be accepted as national currency, but that is not even purpose of Bitcoin. I think that Bitcoin can stabilize countries, but it need more time, because of currently tiny market size.

it doesn't need to be a national currency to make the country's economy much better. just legalizing bitcoin in that country,
and let their people adopt bitcoin to become their source of income, from that only can change the country's economy

It should be like that, but it is not easy to legalize bitcoin in a country because bitcoin is against the government, which should help stabilize the economy in that country.
and bitcoin can only increase the indivindu economy without involving the state.

That's a wrong statement that bitcoin is against the governments. Legalizing bitcoin is an easy task and the same is being implemented on different countries making everything function without any delays. Economy of the country depends on various factors, and when calculated of a country's total economy the contribution of cryptocurrencies were very small. Maybe in future years we can experience something good, at present it is good to give individual earning.

[semobo]

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 will not support any country's economic development because it is also one of the economic changes so if a country accept it then their country's economic situation will be totally down so that it will be totally opposite for the development in any kind of situation and I think if any country accept it they need to do the regulation properly by accepting it.

[thehun]

A country needs a stable currency in order to be able to establish a sound monetary policy. Unfortunately that's not the case with Bitcoin or any other crypto (except maybe stablecoins, but then they are tied to a different fiat currency or commodity). And of course most governments don't want people holding currencies that are completely out of their control.

[kodtycoon]

A country needs a stable currency in order to be able to establish a sound monetary policy. Unfortunately that's not the case with Bitcoin or any other crypto (except maybe stablecoins, but then they are tied to a different fiat currency or commodity). And of course most governments don't want people holding currencies that are completely out of their control.

that's it. after all, let's look at something simpler. bitcoin is not a stable coin so how can bitcoin stabilize an economy in a country that in fact bitcoin itself does not have a stable price and the fluctuations are very strong

[radjie]

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 will not support any country's economic development because it is also one of the economic changes so if a country accept it then their country's economic situation will be totally down so that it will be totally opposite for the development in any kind of situation and I think if any country accept it they need to do the regulation properly by accepting it.

of course this is related to cryptocurrency regulations for all countries, if all countries can formalize bitcoin and can legalize bitcoin for various transactions and can be used like a local currency, there is a possibility that it can help stabilize the economy of each country. but on the other hand, the role of local currency must always be a top priority because as we know bitcoin is a type of digital currency that does not have a fairly stable price

[NathanJB]

Truth be told, no. If a country has low GDP, Bitcoin will not be able to ease. Neither will it be able to address it. If at all, it will only worsen the situation. Bitcoin does not have to do with the increase of production or the increase of services in a country. It is, on the contrary, an alternative payment option that will only weaken whatever the country's fiat currency is using. Bitcoin is essentially anti-government. With Bitcoin, you may even make transactions with very minimal or zero tax or benefit to the government.

[dat.ho12492]

CAN BITCOIN REALLY STABILIZE ANY COUNTRY'S ECONOMY LEVEL? NO, BECAUSE IS NOT EVERYBODY CAN OPERATE OR
UNDERSTAND  BITCOIN, EXAMPLE THE NON EDUCATED ONES, IT HAS BOTH POSITIVE AND NEGATIVE PART , SO I DONT THINK IT CAN STABILIZE ANY COUNTRY'S ECONOMY LEVEL.

Even if the people know how to operate or use it, I don't think it can stabilize a country's economy. We all know how volatile it is and that will surely affect the economy and how the people will use it. With the more people using it, the higher the volatility it has and how could that stabilize a country's economy level? People will not also use it all the time, they might save most of them and only use some of them.

You stick with the reality and purpose of bitcoin, it was not created to stabilize a certain economy.
In fact, it's nature is not stable, but it's volatile, and bitcoin although profitable so far does not guarantee it will give anyone a profit whenever they invested on it. If they will explore more, they will know and understand that the crypto market is big and lots of good profit that could help an economy grow.

First, I agree that bitcoin is not created to stabilize the economy of a country because the nature of bitcoin is a project, an investment and only people who care about it can gain benefits, and this nature has not changed over time, although people can discover more but no one can certainly make a profit with it. The government cannot escape this circle, even if they understand more, and many people know more about bitcoin, economic benefits still do not express too clearly for a country, it only narrowed in the scope of the individual

[Rooster101]

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 is created as an alternative payment system to those who need another currency to use aside from the fiats. The high volatility of cryptocurrencies might make it unacceptable to use as one of the main currency to stabilize an economy. Its decentralized feature will also one of the factors why governments rejects it because they can't control it. But I believe, bitcoin can do a lot of help to every individual who want a currency that are free from the manipulation of governments and central banks.