Is the Risk worth strengthening our economy ?

[buwaytress]

First, let's not get blinded by the false Bitcoin can solve everything argument.

Child labour took a long time to fix in developed nations... all forms of slavery as well, and they're actually not fully fixed in many countries, just repurposed and repackaged to look better. Indentured servitude in India, that's the step that needs to be addressed first, among many other preceding steps. Education, awareness. Political will.

And along with that starting point, to ask, before we look at worthwhile risks, are we really strengthening the economy? Or merely lining the pockets of certain segments of society?

[1715200111]

1715200111

[1715200111]

1715200111

[1715200111]

1715200111

[1715200111]

1715200111

[akram143]

We want to made some changes in our economy then it will not in a single person and it needs the community to build the economy more powerful in cryptocurrency field it will be very difficult and hard to make it possible but once it is possible then prepare field is the most strongest ever.

[BitHodler]

To strengthen an economy, it should start with the leaders and they should stop corruption and focus on improving the status of their countrymen. Now it's easy to say than done and all we can do is to hope that the leaders of our nation's will hear what is needed for their constitutes.

Bitcoin could offer a helping hand in making elections more fair because of its immutable and transparent nature. I am however afraid that these characteristics of Bitcoin are too much of a worry for them.

I'm of believe that you can't possibly stop corruption entirely, but what you can do is reduce corruption where possible. If we work towards that we can actually book some progress.

It would be great to see people pool their efforts on a large scale and demand changes as described above, but I'm afraid that in shaky countries the fear of repercussions from the side of the government makes people refrain from doing it.

[SirLancelot]

This is a good answer to those who claim that the cryptocurrency will soon be ubiquitous or even the only means of payment. It is good to live in a developed industrial center and in an apartment with all the conveniences to fantasize about how a cryptocurrency will quickly spread throughout the world, because everyone wants to use it. Such people are far from real life, which flows in countries of relatively low incomes of the population.

Being a low income earner does not stop any one from using cryptocurrency, I think you are basically looking at cryptocurrency from the aspect of investment and you feel low income earners will not be able to make investment, but cryptocurrency is actually more important than just investment, cryptocurrency has smaller units that can make it every easy for anyone to make payment with no matter how low their income is.

The only barrier I just saw here which the op made mentioned of is that we have lots of people that lacks proper education, and these people keeps giving birth to children also without giving the proper education, and so long this continues, it will be impossible for the technology of cryptocurrency to be globally used.

[darewaller]

I think showing an example would have worked a lot better than just explaining in text form, I know you wanted to also be able to explain while talking so all in all that would require you to write stuff down and memorize it but maybe a video could be a lot better.

Try to show them stuff like crypto kitties for example, or try to show them eosbet, or any token that is precisely for just one dapp or utilization however it is and find a video on youtube for it. When people watch stuff they understand it a lot better because they are literally seeing an example of how it works and if you want to take it a bit further (if the friend is wanting it too of course, don't bother them too much with it .) then you can actually do an example, most of these require only a few cents or at worst couple bucks and actually doing it together would teach them even better.

[Sharon121212]

This is also been experienced in countries in Africa where kids are put under torture to dig for diamonds leading many to develop a dark mind and giving way for rebel groups what breaks my heart is the level of little children carrying sophisticated fire arms all in the name of surviving or fighting for freedom.
Natural resources are a blessing buy any natural resources that brings and unbalanced situation to the citizens bringing about death or harm can also be regarded as a curse

[wxxyrqa]

This is also been experienced in countries in Africa where kids are put under torture to dig for diamonds leading many to develop a dark mind and giving way for rebel groups what breaks my heart is the level of little children carrying sophisticated fire arms all in the name of surviving or fighting for freedom.
Natural resources are a blessing buy any natural resources that brings and unbalanced situation to the citizens bringing about death or harm can also be regarded as a curse

You all rightly said, but you need to take into account that the minerals owned by the state are practically owned by state officials and the government, not the people.  Even if we assume that a poor and hungry country can have good financial success in the future due to a cryptocurrency market, then first of all people should become educated.  And those countries where children run with weapons are very far from a civilized process.

[lixer]

Well, that is not only happening in India. It also happens in my country, but not the Mica case, this one is something different. There are lots of children who also suffer in my country because the government never pays attention tor the poor citizens that they governing.

Sometimes when I’m traveling I see some parents with their children in a dump area picking up waste products that they can sell to refineries just for money to feed themselves. This is very bad, cause I know that it can affect those children, especially their health. The government are meant to be providing jobs for the people, but they never do, all they are interested is in their own selfish needs and that’s all and nothing else.

[Spaffin]

If we talk about high technologies and the risks involved in introducing cryptocurrency into the State Economic System, then there is really a very big risk and I'm not sure that in poorly developed countries this approach will be right.  First of all, before talking about cryptocurrency and blockchain for underdeveloped countries, it is necessary not only to increase some social guarantees of citizens, but first of all to increase the level of education of people.

[eaLiTy]

* Urging the government to give better wages and opening more jobs for them

I am not sure from which country you are coming since the world leaders in production of Mica are India, China, Belgium and Brazil, if you are from India or Brazil you can make changes in the government during the election period if the elected government is not taking care of them. Belgium does not have a situation like that but in China i am not sure how you are going to make changes to a communist government.

*Making sure to not use products containing Mica or at least making sure that they are cruelty free .

It is impossible to know whether the Mica produced are coming from good manufacturers or not and if you plan to abort the use of Mica you are willingly planning to torture poor people who are making a living working hard to have food on their table  .

*Throwing these bribe taking officials in Jail

If that was so easy then your country would have being so prosperous by now .

*Maybe we could help those poor families not by giving money but by telling them about how they can teach their kids for free in government schools and encouraging them.

Education is the most important thing in the world and if the government is not helping in carving a good future generation, then it will be hard to sustain in a competitive world. The future of any country is their younger generation.

[HELLOFF]

I really understand that the future of any country is a young generation.  But in order to enable the young generation to realize themselves, this opportunity should be provided by the government and a professional government.  First of all, you need to give a good education, so that young minds help the poor economy of their country.  Here's where to start.

[sana54210]

Damn this is very bad when realizing how deep this may impact in common innocent people… this is really something that their government needs to look into and also figure out how to solve the issue. You know, sometimes, things like these are being caused by bad government.

Most of the politicians you will see these days are just interested making lots of money the opportunity they are given and not interested in serving the country in any way. That's why they keep on stealing from the country and they don't even mind whether people are suffering or not, all they care about is their pocket. And when things get tight like this, people has no other option than to do whatever possible to survive. Some of them then go into illegal business.

[Irvinn]

It is clear that very strong professionals will deal with cryptocurrency issues if the country and its government decide to use cryptocurrency.  Nevertheless, we all know about the instability of the cryptocurrency market and the dangers that await cryptocurrency users.  In my opinion, the Government can use cryptocurrency only for certain purposes, but completely switch to cryptocurrency, replacing Fiat, this is wrong.  It seems to me that the state economy is very important and any risks are unacceptable.

[whyrqa-1]

This matter are investigated by educated and professional people who works for the government and the good of all people. They always know if this is worth the risk and im sure it will pass through different stages of research in order to project well. They know better than us.

Given the fact that, for example, the price of Bitcoin over the past year fell from $ 20,000 to $ 2,500, what could happen to a country that begins to fully use Bitcoin and replace its national currency with cryptocurrency?  This situation is very complicated and it seems to me that this issue will be more serious when the cryptocurrency market is more stable and the cryptocurrency stabilizes in price.

[davinchi]

I think the main focus of all politics and governments is the fact that they care about the voters and not the young people contrary to popular belief.

They are not becoming presidents or gaining political power thanks to 10 year olds but they should aim at them because they are the ones their country will be based on in the future, so they make laws and do their politics based on the 60 years olds because they know they will show up and even the generation that became 18-30 is not gonna vote as much as the 60+ year old crowd which makes them realize that retirement plans are more important than education if you want votes. Risk of not getting any votes and building a country for the people who are 0-30 right now actually worth a lot for economy because that is the future and politicians should start doing that but the moment they do that they are losing votes.

[peter0425]

This is a good answer to those who claim that the cryptocurrency will soon be ubiquitous or even the only means of payment. It is good to live in a developed industrial center and in an apartment with all the conveniences to fantasize about how a cryptocurrency will quickly spread throughout the world, because everyone wants to use it. Such people are far from real life, which flows in countries of relatively low incomes of the population.

It's harsh but true.
Actually , maybe we just need to strengthen our economy first, make living conditions far more accessible and hygienic for the poor people who are endlessly revolving in the viscous cycle of death and poverty.
Then if we could provide free internet after offcourse providing proper meal for them and free mobile devices, then only we can dream of a future like that.
Only if they could study first , then maybe Bitcoins can even provide jobs for them but primarily more important is how we get there.

But this is not why crypto is all about,cryptocurrency is for payments and what you are pointing is another area of living.yeah it’s not ethical to use a 4-5 years old kids to labor about this  Mica(but honestly it’s my first time to hear about this)
Many countries has this same issues like the nickel industries,and even the diamonds mining.the truth is mining industries have all of this kind of doings but this is what world must b,there should be someone to suffer for others to privilege.and we cannot change this overnight ,this needs time and bitcoin and cryptocurrency is just the start of that changes

[1Referee]

Given the fact that, for example, the price of Bitcoin over the past year fell from $ 20,000 to $ 2,500, what could happen to a country that begins to fully use Bitcoin and replace its national currency with cryptocurrency? 

The price hasn't gone below $3000 on any of the more reputable exchanges. You either made a typo or looked at an illiquid exchange chart.

I don't believe that Bitcoin will replace national currencies. It might become a supplement to Gold, but then in digital form. Governments holding large bags of something incentivizes them to support that something so that their bags don't suffer too much. They have an excellent form of money they print out of thin air that they can use for that specific purpose.

The ECB this year in a tweet said;

Praet: As a central bank, we can create money to buy assets

Governments could issue their USDT like token on Bitcoin and use that as money, but you still have to deal with a very slow and non scalable underlying network.

[beerlover]

I think there is really no risk involved, after all you can always have a double method system for a long time until people start to fully to bitcoin. For example, if a country wants to improve their economy they could potentially start to accept bitcoin for the resources they are selling, which means they would have bitcoin in their reserves instead of dollars or any other currency when they are making money.

This would allow them to leverage their profits against the dollar, normally dollar may gain value against that countries money and everything could get more expensive but if they are getting bitcoin then they could profit from bitcoin going up higher than dollar, so they would recover the difference. Its just very minimal risk and would definitely create a safe space.

[SirLancelot]

Given the fact that, for example, the price of Bitcoin over the past year fell from $ 20,000 to $ 2,500, what could happen to a country that begins to fully use Bitcoin and replace its national currency with cryptocurrency? 

The price hasn't gone below $3000 on any of the more reputable exchanges. You either made a typo or looked at an illiquid exchange chart.

I don't believe that Bitcoin will replace national currencies. It might become a supplement to Gold, but then in digital form. Governments holding large bags of something incentivizes them to support that something so that their bags don't suffer too much. They have an excellent form of money they print out of thin air that they can use for that specific purpose.

The ECB this year in a tweet said;

Praet: As a central bank, we can create money to buy assets

Governments could issue their USDT like token on Bitcoin and use that as money, but you still have to deal with a very slow and non scalable underlying network.

It will serve better as alternative to fiat currency and then could also serve as reserve too but would never replace the fiat or completely replace the present currency for now, but in future when technology becomes wide and we have no illiterates any longer in any part of the world, then fiat could then be replaced with cryptocurrency, and when fiat is replaced, its worth will no longer be measured in fiat but in the quantity of the currency itself, and maybe all these gold are what will start getting being measured in fiat, and the bitcoin itself will later serve as store of value in  future because the number of people holding this coin is really going and the more they accumulate these coin, the more it reduces its supply in the market which makes it expensive and stable.

[BitHodler]

This would allow them to leverage their profits against the dollar, normally dollar may gain value against that countries money and everything could get more expensive but if they are getting bitcoin then they could profit from bitcoin going up higher than dollar, so they would recover the difference. Its just very minimal risk and would definitely create a safe space.

Makes little sense. They can already do that with gold derivatives so what's the point of using something like Bitcoin? Bitcoin is too speculative and I don't even want my government to be that reckless.

Central banks have been buying gold like there is no tomorrow, especially when it comes to Russia, India and China. The rally in the gold price has done them well knowing that they own hundreds of billions of this metal.

Bitcoin hasn't really been battle tested yet. People here (me included) just assume it will go to the moon, but what if it doesn't? Bitcoin needs decades more of growth to show what it is made of.