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

[Mauser]

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.

To a certain extend any country could profit from investing in bitcoins, as long as the long term price trend is positive. The problem of course for a country in bankruptcy is that they don't have any money to buy bitcoins in the first place. They could try and print more of their fiat money and buy bitcoins, but nobody would be selling his bitcoins for the inflated fiat money. The bankruptcy comes from not meeting financial obligations that have been given in the past. Somehow Sri Lanka needs to work on restructuring their debt first and try to get their budget in order. Otherwise it will be hard to get foreign investors to help and rebuild the country. Switching to bitcoins as a form of payment could be helpful as well for Sri Lanka. As long as all the people have access to bitcoins it could be a good alternative for the people, but the government will probably not agree. Once switching to bitcoins as a legal tender the government has no influence over the money supply and can't print new money freely.

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[Yatsan]

~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.

Economy is just a broad aspect. Perhaps 100 people in a certain country are known to be the richest in the world, but they are in a third world country. Nit because they are rich, they would be able to carry a country's economy on their shoulders. Which is in line with individualism and generalism. Bitcoin indeed helps an individual financially by means of profit. But that won't lift an economy which is being pulled down by different industries. As you've mentioned as well, profit is not certain in this industry or consistent, which is also another factor to consider. So the answer to this topic's question is definitely no. If you're succeeding in this industry, you'd more likely move to other country.

[TribalBob]

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.

I think investing in bitcoin for a country that is experiencing difficulties is not a good idea, because as we know the value of bitcoin does not always increase, it tends to change. and as we know the country requires quite large operational costs, so btc can't support it all (in my opinion).
btc is only suitable for individual investments not wholesales for example countries

[Oceat]

~

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?

I don't see any connection of how a country's economy would move further because of investing in Bitcoin since a country isn't relying on Bitcoin only. There are different factors that can make a country's economy evolve and one of that is by using the fiat money. Perhaps by taxing people from every transaction they made on exchanges.

Anyway, what do you think of Bitcoin ATM in some country? Isn't that helping them/their economy?

I can't tell exactly what do you mean, perhaps make an ads about of Bitcoin in the TV or social media in your country but I doubt almost everyone would listen to you but I'm sure there are some people that somehow will agree with you.

Bitcoin is just a freedom of using our own hard earned money without a third-party interfering all of your transaction. But it can also be an asset that you can sell.

[Kakmakr]

Well, the adoption of Bitcoin by a country.. cannot change the way that a country are run.... it can add transparency to the way that the tax money are spend. (Leaving a bread crumb trail on the Blockchain for all the transactions that are done with the money)

The citizens of that country can also benefit from this, because they can protect the value of their wealth .. by buying bitcoins and not leaving it in their local Fiat currency that are failing. (Hyper inflation kills the buying power of their local currency)

[nullama]

Well, the adoption of Bitcoin by a country.. cannot change the way that a country are run.... it can add transparency to the way that the tax money are spend. (Leaving a bread crumb trail on the Blockchain for all the transactions that are done with the money)

The citizens of that country can also benefit from this, because they can protect the value of their wealth .. by buying bitcoins and not leaving it in their local Fiat currency that are failing. (Hyper inflation kills the buying power of their local currency)

The main thing about having legal tender is that the recipient of the transaction has to accept the currency, in this case Bitcoin, for the debt they have.

So, even the country has to accept Bitcoin to pay taxes, debts, etc.

Note that in a country where Bitcoin is not legal tender you can still freely transact with Bitcoin as long as the two participants are willing to do so. There's no legal barrier to buy and sell goods and services with Bitcoin.

[serjent05]

Well, the adoption of Bitcoin by a country.. cannot change the way that a country are run.... it can add transparency to the way that the tax money are spend. (Leaving a bread crumb trail on the Blockchain for all the transactions that are done with the money)

Bitcoin cannot change the regulation of a country but a country that adopts bitcoin can change its regulation for Bitcoin to be used or to be implemented in their financial system.

The citizens of that country can also benefit from this, because they can protect the value of their wealth .. by buying bitcoins and not leaving it in their local Fiat currency that are failing. (Hyper inflation kills the buying power of their local currency)

Also, citizens who are unbanked can also take advantage of the frictionless, borderless feature of Bitcoin where there is no need for banks to process transactions internationally.

[n0ne]

With the legalised usage countries can tax the usage in the right way. This can bring revenue and a small contribution to the economy through cryptocurrency usage can be obtained. This doesn't mean they were able to build the economy through bitcoin. Bitcoin is just the currency as Dollar and Euro, and it have got the technology backing. There is always misunderstanding about bitcoin as the way to eliminate poverty, unemployment and so on. Only through its usage one can know what it is all about than just making assumptions.

[fuguebtc]

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.

I think investing in bitcoin for a country that is experiencing difficulties is not a good idea, because as we know the value of bitcoin does not always increase, it tends to change. and as we know the country requires quite large operational costs, so btc can't support it all (in my opinion).
btc is only suitable for individual investments not wholesales for example countries

They can still invest in bitcoin but don't think bitcoin will get them out of trouble or will improve the economy. As many people have said above, bitcoin is just an investment tool like other assets so the government can invest, but it needs to be appropriately calculated to be able to bring them a profit. El Salvador is an example, their investment is not yet profitable, but they know how to take advantage of bitcoin's reputation to promote other things in their country, such as tourism, calling for investment from abroad. That's also a way, not just looking for a return on investment.

[nullama]

With the legalised usage countries can tax the usage in the right way. This can bring revenue and a small contribution to the economy through cryptocurrency usage can be obtained. This doesn't mean they were able to build the economy through bitcoin. Bitcoin is just the currency as Dollar and Euro, and it have got the technology backing. There is always misunderstanding about bitcoin as the way to eliminate poverty, unemployment and so on. Only through its usage one can know what it is all about than just making assumptions.

Legal tender would mean no capital gains tax.

If you man Bitcoin being legal to use, well, most countries in the world are like that already.

I think partly why most countries don't make it legal tender is because the governments would lose on all that tax.

[davis196]

The short answer to your question is NO!
Countries like El Salvador and the Central African republic had accepted Bitcoin as a legal tender. Are they facing massive economic growth?
Nope! Not even close. Small and underdeveloped countries need massive investments in their infrastructure and education systems. They don't necessarily need a cryptocurrency. Many people don't even have computers and electricity. How are they going to use Bitcoin or altcoins?
Bitcoin isn't even a stable currency. It's highly volatile, which is bad for a country, that doesn't have a strong economy.

[aylabadia05]

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

The economic recovery of a country can be done in many ways, one of which is in the investment sector and the types of investment are diverse. Sometimes like El Salvador, which legalised Bitcoin as legal tender with the aim of advancing the Central American country's economy, targeting foreign investors into their territory.

I can answer if for organisations like the government maybe Bitcoin can't help, but to make individual economic changes maybe it can.
In my opinion, the Government can emulate the system of blockchain technology to facilitate their efforts to restore the economy.

[ilovealtcoins]

I think partly why most countries don't make it legal tender is because the governments would lose on all that tax.

Bitcoin legal tender means bitcoin will be the currency of that country, once bitcoin is the currency, their old currency will no longer be used. I think that's why the government will never accept it as legal tender. Only countries whose currencies are losing value will accept bitcoin as legal tender.

[Phyna4]

It's a no for me because of the volatile nature of btc. Bitcoin investment should be an individual thing.

[QueenVera]

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.

Yes but the governor doesn't have to force everybody in the country to buy Bitcoin because ever though they do that, it'll not add to the countries economically growth instead only enrich those individuals that bought and humans been very greedy might run away with all the money they made from the investment.
What the government can do is to invest the countries money into buying of Bitcoin or mining of Bitcoin. Countries like El Salvador are using this strategy of DCA their investment into bitcoin and in couple years time they would had made so much profits that they can invest those profits into other things that'll help revive the economy of their country.
I think this is the best way a country can benefit from Bitcoin helping their economy more effectively through investment in Bitcoin since adoption isn't at its highest peak to rely on taxing companies that carryout operation from your country.

[Ojima-ojo]

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:

Countries who are bankrupt shouldn't see bitcoin as a save heaven because bitcoin is a highly volatile asset, but then Bitcoin have the capacity to transform an economy if bitcoin is bought at the right time and with the right frame of mind, that is taking Bitcoin as an alternative and a long time store of value.

But if a country jump in on Bitcoin when the price is extremely high, it may become another way that the country economy will collapse faster and deeper if the price drop from the high bought amount.

So adopting Bitcoin should not be based on economic recovery, but as a technology that need to be properly studied and understood before verging into it.

[Ucy]

Ofcourse. But I think it's be better to involve those who know how to invest rather than those who can afford to invest so that there won't be much regrets. And that will mean learning/education first, like you suggested, or they could get qualified people (who would never have access to investors private/secret keys) to manage their funds. . There are very few people who could help in this regards.

Ofcourse it's actually possible for members of such countries to earn reasonable amount of income from their Bitcoin investments and use that to take care of their basic needs,but only if they know how to go about it.
Bitcoin economic model is actually sustainable especially now it's in good hands. It can comfortably accommodate everyone in the world without issues, as long as it remains in good hands.

[nullama]

Ofcourse. But I think it's be better to involve those who know how to invest rather than those who can afford to invest so that there won't be much regrets. And that will mean learning/education first, like you suggested, or they could get qualified people (who would never have access to investors private/secret keys) to manage their funds. . There are very few people who could help in this regards.

Ofcourse it's actually possible for members of such countries to earn reasonable amount of income from their Bitcoin investments and use that to take care of their basic needs,but only if they know how to go about it.
Bitcoin economic model is actually sustainable especially now it's in good hands. It can comfortably accommodate everyone in the world without issues, as long as it remains in good hands.

I don't think there is much to learn for a basic usage of Bitcoin.

It really is simply save money in Bitcoin instead of fiat. Of course there are technical aspects that need to be learnt, but those are easy enough to teach, same as how most people are computer literate these days.

The key thing is that you can "invest" your fiat in Bitcoin. Usually you would need to invest your fiat into something, a company, a house, etc. Bitcoin allows you to save your money without actually investing in risky assets.

[Sakanwa]

Making bitcoin known in a country or using it to help a country is probably having the countries heart at risky because if the market raises we will thanks be to God then how about it falls what are we going to say then.
Truly bitcoin investment is a life changer but it still at the owner risky so we can't risky the income or economy of a country to bitcoin that we don't know when it raises or when it falls, so I guess we better not do it that way and think of something to help the country.
Haven't known all the risky it takes to invest in bitcoin as an investor and what it takes to invest,as well as the risky you  to put the country into,you don't hope on it always because it can likely disappoint you too.so we need to be very careful of what we are doing or thinking before put the full country involving in it.

[Fullcoinese]

if their country's fiat has been destroyed, everything must start with government policy. leave fiat behind and start with the massive adoption of Bitcoin for all transactions in the country.
state finances must be completely reorganized. use the money reserves you have to supply Bitcoin to the Community. in the case of a debt-ridden country. this is not an investment, but the adoption of Bitcoin to be used as legal tender.

if countries become so poor, even their fiat has no value anymore. how will they invest? revival will take time, and that also includes countries wisely managing the existing resources in their countries for mutual progress, not being corrupted.