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

[hannahB4]

I will say Cryptocurrency is important for any country, but not necessarily essential for the development of a country from a direct point but indirectly from this sense. The aggregate of income which is gross income in a country will, in turn, measures the growth and development of an Economy. The profit realized from the investment in any Crypto business as a way of coming back to the Economy

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[Cling18]

It's not really a necessity but it would help. We all know that countries have survived even with just the presence of first before and the existence of cryptocurrency these days has provided convenience and helped the growth of the economy since most unemployed people relied on it during this pandemic. It has a big role yet countries could still survive with fiat.

[gabbie2010]

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?

If such country can enact law towards legalization of cryptocurrencies thus that government will benefits from taxes accrue from cryptos transactions this will in a long run increase the government revenue or source of income which will be channel towards infrastructural development in the country, however a lot of countries are skeptical about adopting cryptocurrencies or don't have the technical know-how that can track or trace crypto transactions, while some undeveloped countries believes  that cryptos transactions can bypass all sort of taxes being decentralized and can be transacted anonymously.

[Xampeuu]

most countries today don't seem to need bitcoin in its entirety. but it is undeniable that cryptocurrencies can help the economy of individuals in each country. many people study crypto to change professions or find additional income, and now there are countries that have started to fully use bitcoin, but I think it still takes time for big countries

[Masplanc]

Cryptocurrency is important in every country mostly in countries that are not  very developed and countries which the rate of employment is high. In such countries cryptocurrency can be very big advantage where individuals can take part in crypto by investing to make earning. Cryptocurrency is also an advantage to every country because looking at cryptocurrency it's a future for the next generation.

[geegaw]

most countries today don't seem to need bitcoin in its entirety. but it is undeniable that cryptocurrencies can help the economy of individuals in each country. many people study crypto to change professions or find additional income, and now there are countries that have started to fully use bitcoin, but I think it still takes time for big countries

Indeed, the current level of crypto is not yet legacy and should be respected in every country, there are almost a few countries that claim their territory does not endorse crypto transactions, and it's been a long time since such statements appeared, although crypto has reached new levels but the sovereignty of these countries is still quiet with crypto and still developing the technology in their own way. Unless crypto can become a staple of the economy and become a necessity for everyone, otherwise, the future of crypto is just a fringe product and may become extinct

[Imran232]

Okay, I understand your queries. Now first, what do we believe about how a country develops? Who is behind developing a country? If you think it's only the government, then you are absolutely wrong. If the government can develop a country, then there will be no undeveloped countries in this world. We all know that people are behind in any country's development. If any country's people are financially stable, then the countries will develop rapidly. How people become financially stable by working When a country's 70-80% of its people are working, then countries develop. Because the work earns money, then pays government tax, and from that money, the government helps to make something for their people, so that they can do more work. And in this way, a country developed.
 
Now about bitcoin. What does bitcoin give us? Obviously, financial stability and the ability to get more profit, like other businesses, can be achieved. In this way, we can generate income, pay tax, and help to grow the economy. And this government can develop our country.
 
So we can say, yeah, bitcoin can also help a country develop.

[Nathrixxx]

To me i see Cryptocurrency as an eye opener to the traditional Fiat system and its bring in lots of opportunities that provide suitable solution to developing countries in terms of their economy stability, indepency, reduction of inflation, hoading of commodites, decentralization of currency, employment, digital asset, less cost for transaction charges, fast and reliable exchanges, infrastructural development among others.

You don't have to rely on government policy and protocols before you can carryout your daily business transactions and securing your assets, its a freedom liberation era whereby individuals has control over the system as to when and how to operate it. Cryptocurrency is one of the eye opener to stable economy.
The only main challenges is that it may not be effectively utilize by the remote areas as it need a tech-wise experience and the idea of third party to be involved is not a good idea, then the scam involved can be discouraging especially on newbies.

[Turbolinea]

Maybe cryptocurrencies are not essential for the development of a country but they are very beneficial for the economy of a country. They are not essential because countries were already able to develop more and more in the absence of the cryptocurrency market. But this market is very helpful for the economy as the governments collect a lot of taxes thanks to it.

[adzino]

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?

A decade ago, when crypto currencies didn't exist, did it hamper the development of any country? No, it didn't. The countries were still able to move forward. A country doesn't need crypto currencies to develop. They have their fiat currency which is enough. But having cryptocurrencies might make things easier and faster for the country to develop. But it will hinder the development of the country if the government doesn't know how to properly regulate the currency. People will be using it to commit crimes and illegal activities at ease which will cause extreme damage to the country.

[Rengga Jati]

Important for a country for what? As financial support? As currency? or business? or era?
Actually, this will depend on what kind of cryptocurrency environment is in that country. Moreover, it will also relate to how the regulation about crypto itself in the country.
As what in my country, crypto is not legal as a currency but legal as a commodity asset. And with the help of this new regulation, many more people are coming to the crypto world. Many are failed in this crypto world. But many people are also having a better and better life after joining crypto. The country can also get some income from some exchanges regulated and listed in the country regulation and law. This is like giving a positive side of crypto to the country and its society. But if it is about the importance, I cannot say about that

[Iceblast]

crypto is very flexible for usability.  crypto can help the country and it can also damage the country.  for example if crypto is used for donation media, legal transaction media, and trade by imposing taxes I think it can be a positive thing and help the country.  but if crypto is used for money laundering, terrorism and illegal acts it can be a destroyer of the country.  I think it depends on the use of crypto itself, especially bitcoin

[ultrloa]

Cryptocurrency is definitely not responsible for the development of a country. It is just a currency and shouldn't carry so much load to its name. It is more important for an individual than it is to a country(IMO), but sadly majority of the government wants it dead and gone.

Indeed since majority of crypto users doesn't pay taxes inline with this industry and government also doesn't acknowledge its activity nor usage that's why it doesn't really give any direct benefits at all nor importance to the country yet, but hope fully we can say it yes in future since as of now in some parts of the world their government officials already trying to consider bitcoin as legal to them so hopefully this growth will come to our country to.

[AakZaki]

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.

Despite the adoption by el salvador, their government is mining bitcoin using energy derived from the volcanic activity of an active volcano, so this is an alternative energy that will save their main electrical energy.
But in some news it is stated that the acceptance of bitcoin in el salvador also causes polemics and the destruction of bitcoin ATMs by community groups who do not agree with the acceptance of bitcoin in el salvador.

[milewilda]

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?

Its a digital currency therefore it could stand or serve as same on what we are seeing on fiat now but the big difference here is that it wasnt centralized and we know on how currencies do works or function and in regarding on the question if its really literally needed for a country or important then its not really that sure.Why? Fiat do exist and we know that its doing its job
and we know that it is impossible for fiat to be replaced by something which is totally uncontrollable.Government wouldnt really let for this thing to happen.
As long they do exist then centralized objects or things will be much preferred.

[ene1980]

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Despite the adoption by el salvador, their government is mining bitcoin using energy derived from the volcanic activity of an active volcano, so this is an alternative energy that will save their main electrical energy.

If a country is investing money to start a mining farm, i do not have a problem but then to come out and force everyone to make transaction in Bitcoin is a different story altogether. Not sure about the real situation because unless the government enforces everyone to make Bitcoin transaction why would they protest. I want a free country without any restrictions rather than enforcing users to use one form of transaction.

But in some news it is stated that the acceptance of bitcoin in el salvador also causes polemics and the destruction of bitcoin ATMs by community groups who do not agree with the acceptance of bitcoin in el salvador.

Not sure what is polemics you are talking about, destruction of Bitcoin ATM might be from oppositions parties who does not want to see these major changes.

[Fortify]

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?

Cryptocurrency has the potential to change the world for the better and countries definitely should be looking at ways to use the transparent blockchain technology for tracking many different types of transactions. However the world has existed for a long time and could easily exist again without the long term need for cryptocurrency. There are much more efficient ways to handle the billions of transactions taking place each day around the world, like existing payment networks which have been running for decades. However crypto allows for a form of digital cash that could replace the coins and notes that we use now, as long as we make it sustainable which relies on being environmentally friendly aka low power usage and it needs to be more instant.

[AakZaki]

Indeed, the current level of crypto is not yet legacy and should be respected in every country, there are almost a few countries that claim their territory does not endorse crypto transactions, and it's been a long time since such statements appeared, although crypto has reached new levels but the sovereignty of these countries is still quiet with crypto and still developing the technology in their own way. Unless crypto can become a staple of the economy and become a necessity for everyone, otherwise, the future of crypto is just a fringe product and may become extinct

For now, crypto is still difficult if it becomes a staple of the economy and becomes a necessity for society. Cryptocurrency is still a commodity digital asset platform and nothing more. some real adoption has been done, but it is still very minimal. Crypto is still being developed, so that it can compete and become a tool to improve the country's economy.

[Kelvinid]

Indeed, the current level of crypto is not yet legacy and should be respected in every country, there are almost a few countries that claim their territory does not endorse crypto transactions, and it's been a long time since such statements appeared, although crypto has reached new levels but the sovereignty of these countries is still quiet with crypto and still developing the technology in their own way. Unless crypto can become a staple of the economy and become a necessity for everyone, otherwise, the future of crypto is just a fringe product and may become extinct

For now, crypto is still difficult if it becomes a staple of the economy and becomes a necessity for society. Cryptocurrency is still a commodity digital asset platform and nothing more. some real adoption has been done, but it is still very minimal. Crypto is still being developed, so that it can compete and become a tool to improve the country's economy.

It wasn't difficult to adopt but the problem is that not all had a good understanding of Bitcoin and it doesn't make sense as well to adopt crypto but we can't use it as a mode of payment, we still convert our BTC to fiat. And aside from that, there is no legal support from the government which is somewhat a sort of basis for the people to adopt. Until this time, having Bitcoin isn't important for the country, nobody had the urge to invest or buy it as the country will survive itself without crypto, that is the reality.

[Alisha-k]

As we all already know, anything that has advantages would definitely have disadvantages also.

BTC as the boss of all Cryptos came into existence in 2009, gained massive adoption in about 4yrs time

Before then, many countries had already been developed and many were developing as well

So it would be false generalisation to say Cryptos are essential for the development of a country

The only sector in a country's economy that Cryptos would be essential in its development is the "BANKING SECTOR" as Crypto usage would bring an end to all the fraudulent acts and charges from the local banks

This in turn will create room for less manpower and many staffs of local banks will be sacked, unemployment rate increases

Which take me back to my first statement

In all, Cryptos are only essential in the development of a country's banking sector