Cryptocurrency is important for a country? or not...

[markdario112616]

Cryptocurrency is essential for the development of a country?

Not that essential to be honest, there are still a lot more essential things for a country rather than Bitcoin.

Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?

Well, for innovation this is a Win for a country. It will open new opportunities that can be utilized if the country itself is supporting it. Bitcoin is part of the new world of highly advanced technology, will it hinder it? Nah, it's a breakthrough. It's just that those people that are in positions are seeing this as a threat, well they all have different reasons but yeah this is the sad reality of this world.

[wtsimis]

What do you think about this?

Crypto has a large potential to catch new opportunities. One country can easily get the benefits of crypto. But its does not compulsory industry for developing country. Now still, many countries banned crypto in mainstream use. For instance, Bangladesh is now a developing country but see, the govt. still does not permit to use crypto is mainstream uses. Most people see crypto uses as an illegal activity. So, it is not mandatory. But yes, the crypto ecosystem a huge potential, any country that leg behind will lose those opportunities.

[AakZaki]

Important or unimportant depends on how the country uses cryptocurrencies. If a country adopts cryptocurrency, of course they have a good cause for their country.
Currently, several developing countries provide regulation of cryptocurrency only as a commodity asset and cannot be a legal medium of exchange, that's because crypto has high volatility and is still very risky.

However, several other countries have fully adopted bitcoin such as El Salvador and other countries have followed suit.

[tippytoes]

Cryptocurrency is essential for the development of a country?

Not that essential to be honest, there are still a lot more essential things for a country rather than Bitcoin.

Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?

Well, for innovation this is a Win for a country. It will open new opportunities that can be utilized if the country itself is supporting it. Bitcoin is part of the new world of highly advanced technology, will it hinder it? Nah, it's a breakthrough. It's just that those people that are in positions are seeing this as a threat, well they all have different reasons but yeah this is the sad reality of this world.

I agree with this. It is not important to venture in crypto because a country can continue to exist even without participation in crypto. But would be good for its citizens as it will bring good opportunities that may uplift the status of its people. It has a lot of use cases that its people can benefit from. It may bring some good opportunities to its people rather than cause extreme damage to the country if in case they will explore their chances in crypto.

[rudolfaxl]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

All should not make things too fanciful and delusional about the power of virtual currencies. Imagine a day when the world no longer has internet, surely fiat is still dominant. We shouldn't put too much emphasis on cryptocurrencies and get rid of fiat money because it's still something we actually own and spend pay for daily life. And I don't think cryptocurrencies will have a big impact on the development of a country, it's irrelevant in this regard.

[Rajamuda]

What we already know is that Bitcoin can advance citizens and reduce poverty is of course related to many things that can be done with Bitcoin so that people can make a certain profit, take advantage of its advantages and compliment people's life in the necessities of life.
But regarding the development of the state and government, I don't think it is fully seen that it really plays an important role in the development of the country, there are many who still consider many things related to cryptocurrencies for all their characteristics.
However, it does not rule out the possibility for the countries to develop if their governments are able to adapt well to Bitcoin and everything in it.

[Coyster]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?

On a general note, I don't think it does, the government as well do not think so, cause if they do, they would not be imposing sanctions, regulations and placing bans on crypto, somewhat in a bid to frustrate crypto users. On a personal note though I believe crypto is helpful, it has helped me personally, as well as quite a lot of people, it has also helped institutions retain the value of their funds through using Bitcoin as a hedge for example, Bitcoin has also helped individuals personally through giving them control and freedom of their funds.

Having said that, erroneously, the only crypto the government would consider as being good for the development of their country would be their central bank digital currencies, most governments consider dex crypto as being negative and harmful for the environment, this are all lies to discredit Bitcoin and promote their own CBDC for their citizens to use instead.

[Shenzou]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

I wouldn't say its an alternative or it affects the country in a bad way, but for sure it offers an option for the people that they are able to chose and make use for different reasons, because the fiat and the physical money that is being controlled by the government is a subject to many laws and restrictions that making transactions would take a lot of processing, where you can easily do it with crypto without having to go through intermediates or third parties like banks and in a more secure and anonymous way.

[xSkylarx]

There are already several countries that officially accept bitcoin because they do an analysis of bitcoin. this shows that bitcoin is a promising investment and can benefit everyone, countries can get great benefits if they accept bitcoin because it is proven to improve the welfare of its citizens.

Agreed, but based on the question, I'd say it's not really that significant because it's just a tool for them to make money. Even if they hadn't heard of bitcoin a few years ago, the country continued to function, so it doesn't mean they couldn't work without it. Bitcoin is the biggest innovation that could help the countries so it is better to adopt it

[Jaycee99]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

I think there could be a chance in the future base on a lot of rich and billionaires are into bitcoin already and it's playing a great role in their company. For sometimes there is a one person or one company, who does it better to affect the growth and giving essential of blessings to its own country.  

Sadly for now, and talking about the present. Bitcoin has not played a very essential role for a country because I can not see who can use bitcoin to make it part of one of the essentials of its own country. For a fact bitcoin, is not stable bitcoin is a year has a 10-20 percent gap for lower value to its skyrocket value.

So, therefore when the value goes down (for me this is the reason why some countries ban bitcoin) it can affect the country itself because bitcoin is global and not assigned to one specific country. Plus as I said it is global for it is for each individual it is important for every single person on the planet who knows bitcoin and cryptocurrency.

Lastly, to simply answer your question, not all countries can bitcoin be important. In short it depends

[davis196]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

None of the above.Cryptocurrencies cannot play a role in the development of a country,but high technology can definitely play such role.Blockchain technology is high tech,so if it gets implemented in daily life in an effective way,if can help certain industries.The problem is how to implement blockchain technology in such effective way,that will bring benefits for the businesses and citizens of a country.
I have never seen cryptocurrencies to cause "extreme damage" to any country in the world so far.
Can you give us an example of such "extreme damage" being caused by cryptocurrencies?

[Kakmakr]

Let's take Bitcoin as an example :

In some countries... governments are struggling with Hyperinflation and the value of the citizens currency is almost zero, because the government just kept on printing more and more fiat currencies.

In countries like this, citizens might convert their wealth into Bitcoin in the hope that it will sustain it's value or even increase it. (Bitcoin are very volatile, but in the long-term it proved that it is also a good store of value)

In countries like El Salvador, people receive money from their family members that are working in other countries. They make use of remittance companies like MoneyGram and Western Digital to send money home and these companies charge them VERY high fees on those transactions. Bitcoin can help to solve that, by offering cheap and fast money transfers. (using the Lightning Network)  

[molsewid]

Important or unimportant depends on how the country uses cryptocurrencies. If a country adopts cryptocurrency, of course they have a good cause for their country.
Currently, several developing countries provide regulation of cryptocurrency only as a commodity asset and cannot be a legal medium of exchange, that's because crypto has high volatility and is still very risky.

However, several other countries have fully adopted bitcoin such as El Salvador and other countries have followed suit.

I truly agree with your statement mate that the importance of crypto depends on how the certain country uses crypto in their economy, also the importance of cryptocurrency in a certain country was also depends on the people that on the position in the government if they see crypto as a great platform to help boost their country's economy. I would like to take El Salvador as an example, the leader of this country really appreciates the huge capability of bitcoin to bring a good economy in their country that's why they legalize bitcoin.

[slaman29]

What we already know is that Bitcoin can advance citizens and reduce poverty is of course related to many things that can be done with Bitcoin so that people can make a certain profit, take advantage of its advantages and compliment people's life in the necessities of life.
But regarding the development of the state and government, I don't think it is fully seen that it really plays an important role in the development of the country, there are many who still consider many things related to cryptocurrencies for all their characteristics.
However, it does not rule out the possibility for the countries to develop if their governments are able to adapt well to Bitcoin and everything in it.

No we don't know that hehe, if Bitcoin can advance citizens and reduce poverty, then show me one example, just one, where this is done.

I like Bitcoin and it's the best thing in terms of tech I have ever come across (even better than smartphones to me) but I wouldn't say it's the solution to everything and for sure not for poverty.

We're talking more about a system of money here more than economic justice.

[BigBos]

IMO, cryptocurrencies may tend to help a country to develop technologically. however, I don't feel that cryptocurrencies will hinder a country, because people who adopt crypto sometimes build a workforce and make people work. it will help a country in reducing unemployment. I think, cryptocurrency is a technology that has great potential in terms of being important for improving the quality of a country.

[masterrex]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

I think it is not essential but it gives an opportunity to any country that adopts it because its a product of technological innovation as we all know that we are living on edge of the technological revolution that's why we need to try something new especially in the financial sector because our dilapidated financial infrastructure has already obsolete and I think cryptocurrency will be one of the best choices to complement of our existing financial services.

[Wawa2013]

IMO, cryptocurrencies may tend to help a country to develop technologically. however, I don't feel that cryptocurrencies will hinder a country, because people who adopt crypto sometimes build a workforce and make people work. it will help a country in reducing unemployment. I think, cryptocurrency is a technology that has great potential in terms of being important for improving the quality of a country.

If there are people who doubt that crypto can help a country become better, then that person doesn't really know crypto. Because crypto can prove
to be a source of income, so if a country rejects crypto, meaning that the country missed the opportunity to help the economy of its citizens.
Especially with the pandemic situation that has not yet ended, almost all countries the number of unemployed continues to increase. One solution is
to legalize crypto, because by legalizing crypto it can help people who have lost their jobs to earn money from crypto. Therefore I am among those
who agree that crypto is indeed very important for the development of a country, especially in the field of technology.

[Wildwest]

If Crypto can be utilized properly then it will be very important for the country to increase revenue and economic development of the country, but for now not a few countries that start using crypto as a legitimate means of payment, then with the current era of digital currencies are increasingly popular among the public, especially bitcoin, and we all as crypto users are very hopeful that our country can quickly legalize bitcoin to be safer for the internet. Ita use it.

[Gyfts]

Cryptocurrency is essential for the development of a country?

Absolutely no. Crypto doesn't offer anything fundamentally better, except for control over own money, which most people don't need and don't want. Cryptocurrency isn't even theoretically suitable  for being a backbone of the economy, because there's still no coin that can scale to millions of active users, and without central bank its price is too volatile.

I guess OP should clarify exactly what he/she means by country? Country as in its citizens, or the government?

Crypto could scale towards millions, it already is right now. A developing country needs to establish a strong currency, and there isn't any downside to adopting crypto because the currency is already developed and widely used. It makes international commerce more convenient, and provides a reliable fiscal system that isn't dependent on central control.

[distr@yopmail.com]

If Crypto can be utilized properly then it will be very important for the country to increase revenue and economic development of the country, but for now not a few countries that start using crypto as a legitimate means of payment, then with the current era of digital currencies are increasingly popular among the public, especially bitcoin, and we all as crypto users are very hopeful that our country can quickly legalize bitcoin to be safer for the internet. Ita use it.

everything is still strictly regulated. not many enforce crypto-like bitcoin for transactions in place of fiat.
see whether it is important or not, I believe every country has its view and analysis of crypto. because there is indeed a big risk related to the readiness of countries in managing their country's economy digitally.