is it possible to invest in bitcoin to build a country whose economy is down?

[serjent05]

what is my understanding like that, I ask for your opinion from all of you?

Bitcoin is not a magical stick that fixes all the problems in one country, and I doubt it can help entire country as long as there is corruption and other problems.
It can certainly help some individuals in that country, and maybe slowly spread and expand circle of adoption to more and more people.
We have few examples of countries with bad economy trying Bitcoin experiments, but making Bitcoin a legal tender in some country can certainly attract bitcoin oriented investors.

At least Bitcoin gives another option to help in countries' economic growth.  I agree that the development of a country relies upon the people who are in the authority, and if these people are not corrupt, then they can possibly use Bitcoin Industry to boost their economic growth.  So far we are only seeing individual/small group profit because of its regulation but I think we will have an example soon of a country that was helped by Bitcoin in terms of economic development.

[Wakate]

Investing in bitcoin is something of choice and not a most because it is not everybody that will love the idea to invest in bitcoin. The volatile nature makes it not an assets that can boost the economy of a country but it can help citizens of that country,if the country adopts bitcoin,it will create a self-employed job for individuals and this will help to reduce poverty within the people, but it an't add any positive impact that will help the economy to grow. Bitcoin best way of hodling is a long term one not short term,this is where the challenge lies.

The market is very volatile and taking a bold step in investing in Bitcoin without understanding how the market works might be a great challenge because the main reason why Satoshi Nakamoto developed Bitcoin was to limit the government access to the way to use our funds so there would be no third party that would determine how we would use and spend our money.

A country adopting Bitcoin does not means that everything is going to be fine. The country can only make money by investing in Bitcoin and collecting crypto tax from users especially companies thay are registered under them.

[Rengga Jati]

Of course, we certainly know that not all countries in the world are progressing, especially in the economic field.

I want to ask everyone, can adopting bitcoin help a country's economy? especially countries that are experiencing bankruptcy, for example, as experienced by our brothers in the country of Sri Lanka.

There are complex things related to the country's bankruptcy, moreover to help them rise again in the economic field. This will not be easy. Bitcoin may help some individuals, but not all of the whole country's economic field, once more, it is too complicated and complex a problems around. As what the basic reason said by @Bitcoin_Arena is true. However, there are also some other reasons that will make it difficult to realize:
- Not all people or citizens in that country will accept Bitcoin and cryptocurrency
- Not all people will be ready with this technology and how it works
- Not all people trust crypto and Bitcoin, moreover because of decentralization and there are no real forms of the cryptocurrency
- They will doubt this because they think that their country has been bankrupt and cannot do anything again
- The worst is in that such conditions, I think that most people will only focus on themselves, their families, and whatever individuals in order to stay and survive during the economic conditions, not willing to think more about the country itself because of the complexity

[noormcs5]

what is my understanding like that, I ask for your opinion from all of you?

Bitcoin is not a magical stick that fixes all the problems in one country, and I doubt it can help entire country as long as there is corruption and other problems.
It can certainly help some individuals in that country, and maybe slowly spread and expand circle of adoption to more and more people.
We have few examples of countries with bad economy trying Bitcoin experiments, but making Bitcoin a legal tender in some country can certainly attract bitcoin oriented investors.

I am also on this side, it is not a miracle currency that can transform the economy of a certain country which has economic problems.
Yes, it may help some of its people but it doesn't mean that making bitcoin a legal tender will be the gateway to economic success.
It depends on how the government will utilize the use of btc to their advantage. As you said, they may use it to attract investors.
However, there is no guarantee for such path as there are too many factors that are involve in the economic situation of each country.

Everyone agrees that by making bitcoin the legal tender, you wont be able to change the economic  and financial conditions of the country all of sudden but still it is the first step in the right direction. The good results may take time to come, but slowly and surely the country financial system can become better if the country decides to regulate the cryptocurrencies and bitcoin for its citizen.

[Oceat]

In what way do you think investing in Bitcoin could help your own country's economy?

Look at how El Salvador do it then maybe you will have a guess on how they managed to do it. First thing first, you should have to understand how Bitcoin works because it's different from fiat and not every country accepted it which means if your government plan to use it to pay for something during export/import it might not be accepted. They have to exchange it with your local currency first in order to pay. Not to mention the risk of the price going down for a long time especially during bear market which means it would hinder the growth of your economy.

[Smartvirus]

: all people who can afford it are obliged to invest in bitcoin, but of course investing in bitcoin is only made as a side job. but of course

Can an investment that is looked at for a side job (if we should call it that) actually be someeans to build a nation? I actually think not. It would help for sure with reducing the level of unemployment or the poverty level of a nation and create rroom for the bulk money that would have have used in the printing of fiat notes to be redirected towards other developmental project but certainly won't solve the economy issues within a nation state.

At the moment, the world is going through some difficult times, inflation here and there and the most that could have helped to build the economy is being able to produce what you consume more than your imports and actually doing some more exports.

[Kaliandra]

In what way do you think investing in Bitcoin could help your own country's economy?

Look at how El Salvador do it then maybe you will have a guess on how they managed to do it. First thing first, you should have to understand how Bitcoin works because it's different from fiat and not every country accepted it which means if your government plan to use it to pay for something during export/import it might not be accepted. They have to exchange it with your local currency first in order to pay. Not to mention the risk of the price going down for a long time especially during bear market which means it would hinder the growth of your economy.

I don't mean to build a country by relying only on bitcoins, because a country if there is still a lot of corruption and others will certainly not progress, but if people invest it will at least be helped rather than not investing at all, and in my country I often see people whose economy is helped by investing in bitcoin? and I also want to ask, have you ever seen someone's economy being helped because of bitcoin?
and in my opinion, if there are people who are economically helped by investing in bitcoin, I think that is the first step in the progress of a country, starting from small things first?

[glendall]

I don't think investing in bitcoin for one country is recommended where as we know the value of bitcoin is very unstable, countries have operations and need money every day to be allocated and developed in a short time, they must also benefit. Instead of investing in bitcoin, it's better to allocate it to a place that can provide benefits for the country quickly, such as medium industry and agriculture as possible

[S A KHAIR]

El Salvador did and so far it has not worked for them, it can be said that bitcoin has no function to help a country's economy go up. In order for the country's economy to recover and develop, it really needs a lot of factors, not just speculation with a volatile asset class and thinking that it can be changed.

[nullama]

Bitcoin is not magic, but it does have at least a couple of properties that might help.

For example, anyone in that country can open a Bitcoin wallet and start receiving money, right now, for free, from anywhere in the world, or locally. Huge benefit compared to opening an account at a bank with huge fees, and not everyone can open a bank account.

Another thing is savings, people can save in Bitcoin and not lose purchasing power in the long term.

So, being able to get money, and being able to not lose purchasing power of that money, will probably help people everywhere. But it's not magic, value must be created by the people.

[Vaskiy]

A country's growth and development depends much on different factors. It is an impossible statement to make these kind of growth relying over bitcoin. If the country have got good set of users then this is possible to make some noise as crypto is decentralised which gives real growth.

[Stella Mese]

In my opinion, if a country wants to develop its economy, the most important thing is, it must be able to eradicate corruption. because even if the people invest in bitcoin, in my opinion, this country will definitely find it difficult to progress because there is still corruption in it.

but I see you are still a beginner in bitcointalk. and your topic I appreciate, because you have the courage to express your opinion.

[serveria.com]

Of course, we certainly know that not all countries in the world are progressing, especially in the economic field.

I want to ask everyone, can adopting bitcoin help a country's economy? especially countries that are experiencing bankruptcy, for example, as experienced by our brothers in the country of Sri Lanka.

but if my think can! a country by adopting bitcoin will help its economy, as long as it is adopted on a large scale.
for example as follows:

: all people who can afford it are obliged to invest in bitcoin, but of course investing in bitcoin is only made as a side job. but of course investing in bitcoin must be in accordance with the capabilities of the community, because society of course consists of rich people and poor people, but in my opinion investment in bitcoin can be achieved by all people, because investing in bitcoin can start with small capital or large capital .

So in that way I think the people's economy will be helped, so in this way a country's economy can also be helped because the community invests in bitcoin.
and finally the government must provide lessons about bitcoin to its people, or add it as a new subject for students, and also provide special lessons for those who are not in school, namely so that people know the risks of investing in bitcoin,
etc.

what is my understanding like that, I ask for your opinion from all of you?

Bitcoin is definitely not a panacea and shouldn't be treated as such, but... if there are some skillful managers supervising the country's economy I believe they can find a way to improve things using Bitcoin. First, you could use Bitcoin to tackle inflation. And we all know why: total number of Bitcoins is limited (in contrast with all fiat currencies with virtually unlimited supply). Secondly, you can use Bitcoin to launch tax-free Bitcoin-friendly zones/cities (like El Salvador did). Finally, Bitcoin can help improve financial literacy in developing countries as using Bitcoin requires some basic extra knowledge (as opposed to using paper money) of finance and IT. Just my 2c.

[Hispo]

I believe that it is not only about having Bitcoin as a legal tender or instrument to transfer value, OP.
In my opinion, the most profitable thing a country can do with Bitcoin would be to set their own renewable energy mining facilities, like those El Salvador was building.

Bitcoin is still very volatile and while giving the people the option to pay it with and increase adoption, one also needs to remember the fluctuations of the markets can lead to red numbers.

Before transferring wealth, it is necessary to create it.

[Darker45]

No, Bitcoin cannot redeem a country's economy. The people could take refuge in Bitcoin if the country's fiat currency is fast losing value, but it doesn't mean it addresses the very reason why the currency is devalued. Investors leaving the country, bad business environment, corruption, terrible bureaucracy, poor infrastructure, bad economic policies, and so on and so forth are some of the reasons why a country's economy could fall. Bitcoin cannot remedy those.

[Ayers]

In what way do you think investing in Bitcoin could help your own country's economy?

Look at how El Salvador do it then maybe you will have a guess on how they managed to do it. First thing first, you should have to understand how Bitcoin works because it's different from fiat and not every country accepted it which means if your government plan to use it to pay for something during export/import it might not be accepted. They have to exchange it with your local currency first in order to pay. Not to mention the risk of the price going down for a long time especially during bear market which means it would hinder the growth of your economy.

I don't mean to build a country by relying only on bitcoins, because a country if there is still a lot of corruption and others will certainly not progress, but if people invest it will at least be helped rather than not investing at all, and in my country I often see people whose economy is helped by investing in bitcoin? and I also want to ask, have you ever seen someone's economy being helped because of bitcoin?
and in my opinion, if there are people who are economically helped by investing in bitcoin, I think that is the first step in the progress of a country, starting from small things first?

The economy of a country depends on a lot of factors to develop, investing or depending on bitcoin will be very difficult to improve the economy of a nation. For individuals, bitcoin can help, but you also need to remember that investing is not always profitable, there will be risks, so it depends on each person's mindset that there can be a profit or not. Bitcoin is an investment tool like other investments, whether your economy improves or not is up to you to decide, not bitcoin.

[nullama]

~snip~
The economy of a country depends on a lot of factors to develop, investing or depending on bitcoin will be very difficult to improve the economy of a nation. For individuals, bitcoin can help, but you also need to remember that investing is not always profitable, there will be risks, so it depends on each person's mindset that there can be a profit or not. Bitcoin is an investment tool like other investments, whether your economy improves or not is up to you to decide, not bitcoin.

Exactly right. At the end of the day Bitcoin is just money, a great type of money, but money nonetheless.

You need to actually have a healthy economy to grow a country, with different people doing different things.

Bitcoin can help these individuals to provide their goods and services to more people, but they have to actually generate those services themselves.

Also Bitcoin helps to keep value of your savings over the long term, compared to fiat.

[Jawhead999]

First you need to know the reason why Sri Lanka's economy is become worst, it's because the Sri Lanka's government is done a lot corruption. This make the citizens lose their trust to the government and their fiat is suffer high inflation.

If Sri Lanka adopt Bitcoin and make their citizens can use Bitcoin as legal tender, it doesn't solve the inflation on their fiat value, but it does improve their citizens economy in the long run.

But the main problem of Sri Lanka isn't from their fiat, but the government. Accepting Bitcoin as legal tender isn't enough to solve the problem of Sri Lanka's government, because the only way to solve it is kick the functionary which have done corruption including the president.

[romero121]

Entire World have been watching the move of El Salvador which is the first to make bitcoin legal tender. The country have been into criticism, but the country is quite confident in its activities and kept increasing the bitcoin stake. The country is predicted to have a big transformation with respect to the growth of bitcoin.

At present the change is very small and in specific tourism industry have got impacted by the adoption of bitcoin. Slowly this will move to other industries. We even had a thread that El Salvador to turn rich in specific number of years. Achieving such a level isn't possible, but the real adoption will help El Salvador to grow their economy.

This is the story of El Salvador, but depending all upon bitcoin for the economic upliftment of the country is really impossible. So, countries need to focus of diversified economy upliftment strategies.

[Pmalek]

I want to ask everyone, can adopting bitcoin help a country's economy? especially countries that are experiencing bankruptcy, for example, as experienced by our brothers in the country of Sri Lanka.

If the country is bankrupt and people feel the consequences of that bankruptcy in bad education, healthcare, pensions, road infrastructure, etc., where is that investment supposed to come from? It's going to have to be pulled from the already depleted money pools I mentioned above. A bad situation, thus becomes even worse. Imagine then the reaction of the people when they find out that the already terrible healthcare they had is now gone because the funds were invested in Bitcoin which may or may not turn out to be a good investment 3+ years in the future. In the meantime, the citizens are supposed to contribute with thought and prayers and try not to die.  

all people who can afford it are obliged to invest in bitcoin, but of course investing in bitcoin is only made as a side job.

How does that help the economy? My investment is mine investment, not that of my government's. Unless the next stage of your plan is to force the people to hand over their coins to their country. The country could potentially benefit from taxes when those coins are exchanged back into fiat. But we are again talking about a long-term investment of several years if it's going to be worth it for the people. If the country is rotten from the inside, the currency you use won't change much. As the saying goes, "putting lipstick on a pig". It's still a pig.