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

[tjtonmoy]

For example, here in Italy all traders are obliged to accept electronic payments via pos but we must also take into account traders who are of an advanced age and not very familiar with technology yet the state has not done any course of use it has simply imposed it and the merchant is required to implement the payment.

Now I am curious to know what kind of effect Italy is having now. As everyone is obliged to implement electronic payment in their business, how things are going on there? Is it good or bad for the businesses where traders don't know about it and are not educated enough? How are they completing trades with those who are willing to pay by electronic payment system? I am asking a lot of questions, but I am really curious and want to know all about it. 

If it's doing good, then in the future other governments could take the same steps. If it is bad, then other governments should avoid such actions. And tell me something that will help improve the situation. What's your take on this?

[ethrhinoceros]

When a country's facing tough times, exploring new avenues like Bitcoin can be tempting. While it's not a cure-all, some folks believe that embracing crypto can bring fresh opportunities and attract investments. But it's not a quick fix, and there are risks involved. Thorough research, proper regulations, and education for the masses are essential.

[usekevin]

Bitcoin had a potential to increase the economy of the country,because it give various income to the people who involved in the crypto trading, crypto mining and from the forum works.Finally the people will start to earn money from the bitcoin and crypto currency as a resource.When the people had a money to inverse in the crypto currency,he can do trading with good coins.So he gain some dollar as an profit,this profit used by that person on the economy.So finally the government get some money as a tax from that person.The government will use that money for people welfare.

[Captain Corporate]

I do agree that its not a bad idea at all, it can be done to make it a little bit better at least. I think it should be considered a good idea to keep improving on your investment as well. There are a lot of nations with high inflation, if they keep on buying bitcoin with some part of that money, they could end up getting a lot better on the long run. I know my country would, Turkey prints money like crazy, and everything is insanely expensive here right now, if we were to spend only just %10 of our governmental expenses on buying bitcoin, that would literally pay for itself and the whole  government for a year in the future without a doubt. But I am sure we won't, it just not common for big nations to do something like that, only small ones like el salvador could.

[darewaller]

Why does people nowadays keep asking this same question , when we can just look at what happened in EL Salvador after their action in which the very first country to adopt bitcoin as legal tender.

is their any big happening in the country? do their economy grows and increases while adoption is happening?

if does then good , but I believe it is a NO? so you already knew what is the answer here?

I don't know whether you follow the economic development of El Salvador or not. But based on what I found the country of El Salvador did have some economic improvements in terms of state revenue in tourism after they officially adopted bitcoin as legal tender. But I don't want to explain it further. because there is already a thread that is always the place to update the latest information regarding the development of bitcoin adoption in El Salvador. namely this one topic. (El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻). I think the country has benefited pretty well after adopting Bitcoin.

I think that part is regarding bitcoin but also regarding getting more attention as well. It's definitely because bitcoin is legal tender there and the people who go there could be regarding bitcoin as well, or there could be a lot more crypto companies that move there because they know it's legally fine.

However, I also think that it got their name out, not a lot of people heard about them or really considered them a tourist spot before this, but after this happened there were a lot of people who started to think about it, regardless of crypto, just as a marketing ploy as well. This is why I believe that we should not really be considering the situation all that weird, it's normal that if El Salvador did it, some other nations could too.

[BitcSeo]

Hi, i'll keep my eye within the comment section below this thread.

I think #Bitcoinarena and some members has provided a comprehensive response.

Bitcoin cannot be use as a tool to build or empower the economic growth of an entire country. Because, there are lot of other factor's which constitute to the economic growth of a country not just adoption of a crypto currency.

Firstly, the govt of a country whose economy is down should start by providiob of consistent power supply, clean water, accessible road and good  transportation system in and outside the rural regions.

These are just a few things which the govt. of any country with a bad economy can do instead of adopting a crypto currency.


Regards
Bitcseo

[mendace]

For example, here in Italy all traders are obliged to accept electronic payments via pos but we must also take into account traders who are of an advanced age and not very familiar with technology yet the state has not done any course of use it has simply imposed it and the merchant is required to implement the payment.

Now I am curious to know what kind of effect Italy is having now. As everyone is obliged to implement electronic payment in their business, how things are going on there? Is it good or bad for the businesses where traders don't know about it and are not educated enough? How are they completing trades with those who are willing to pay by electronic payment system? I am asking a lot of questions, but I am really curious and want to know all about it. 

If it's doing good, then in the future other governments could take the same steps. If it is bad, then other governments should avoid such actions. And tell me something that will help improve the situation. What's your take on this?

The truth lies in the middle, that is, before this forced adjustment many shops already accepted electronic payments but now it is normal to pay for everything by credit card or via smartphone or match, even for very small payments such as bread or coffee.  The problem is that many have not realized that privacy has been lost because all payments are tracked by banks and as a result the government may also request the details.  Bitcoin, on the other hand, would erase precisely this transparency.

[so98nn]

That’s not entirely true and I can’t digest the fact that some currency can change the face of country in terms of economic growth and develop a resistance. I don’t know how we are relying on few examples or Italy example if it just implementation of few rules and regulations. That’s already happening on the highest level in El Salvador or maybe Singapore for that matter. But what’s the result? It just being used as alternate currency and that too by the peeps who are interested in it. They can use it without any hesitation. That’s all it is guys. I mean that’s what I believe, because since centuries we have added various types of assets.

[retreat]

Adopting Bitcoin to be able to save a bankrupt country seems impossible because a country is bankrupt due to several factors and ways to be able to save it can be through loans to the IMF or assisted by its own citizens who together collect their money to build their country, but I think the last method is difficult because most citizens will definitely leave a bankrupt country like this. Even if citizens invest in Bitcoin and then the profits are used for the state, they also need capital for that, where will the capital come from? public private money? and what if instead the Bitcoin price falls and their investment fails? meaning that far more people fall into poverty. Maybe investing in Bitcoin can bring profit, but it can't be used to save a bankrupt country.

[coinwalletonline]

No I don’t think so,

The bitcoin has its own world

In this world ,there is no government,no police,no political party,no tax.

So the current world, we say real
 country, are far away from the bitcoin world.

 

We don’t need to build a real world,a world online is enough.

[Wimex]

It is too early to know for sure, what the impact of bitcoin would be on the economy of a country, it has been possible to compare its utility individually, but not on a large scale, first of all because it was not until recently that certain countries decided take this legal tender digital currency, specifically El Salvador and the Central African Republic as I understand it, but I suppose that as time goes by, at least two years, you will be able to notice the improvements that its adoption brings, and of course this It will depend on how they manipulate these if it will be beneficial or not, for example El Salvador, is instructing its citizens for the proper management of it, however, as I said at the beginning, it is too early to notice how this currency helps the finances of each citizen and therefore to the country, although I consider that this strategy will probably bring good results

[Blitzboy]

I do agree that its not a bad idea at all, it can be done to make it a little bit better at least. I think it should be considered a good idea to keep improving on your investment as well. There are a lot of nations with high inflation, if they keep on buying bitcoin with some part of that money, they could end up getting a lot better on the long run. I know my country would, Turkey prints money like crazy, and everything is insanely expensive here right now, if we were to spend only just %10 of our governmental expenses on buying bitcoin, that would literally pay for itself and the whole  government for a year in the future without a doubt. But I am sure we won't, it just not common for big nations to do something like that, only small ones like el salvador could.

Our world is weird. Who would have thought governments would buy bitcoin? In no way is your theory bad! However, these are government institutions. Public perception of bureaucrats is not daring. Turkey, too! A grocery list takes longer to print than your income. Such massive inflation is unthinkable. But nonetheless! Your theory may be right. In crisis, Bitcoin may be your "inflation buster." With cryptocurrencies, who needs a stable economy? Sadly, though! Large nations dont usually adopt new concepts, right? Perhaps too risky... Little males do all the exploration. Ever the "economic experiment," El Salvador is trustworthy. But one can never be sure. Possibly, your idea will become mainstream...

[Distinctin]

Why not? Bitcoin investment is individual’s freedom so if there is passion and enough resources to invest, then go for it. But never expect that it will bring you immediate profits that you will use for the country’s economy recovery. However, if you continue to hold your bitcoin with indefinite time, maybe in the future you will reap a good harvest on it, and you can do everything you want for your profits. You can chose to reinvest again so you can help your country to progress, or diversify your investment into physical investments like gold or landed properties so that you can also contribute to the progress of your country’s economy.

[DoublerHunter]

Why not? Bitcoin investment is individual’s freedom so if there is passion and enough resources to invest, then go for it. But never expect that it will bring you immediate profits that you will use for the country’s economy recovery. However, if you continue to hold your bitcoin with indefinite time, maybe in the future you will reap a good harvest on it, and you can do everything you want for your profits. You can chose to reinvest again so you can help your country to progress, or diversify your investment into physical investments like gold or landed properties so that you can also contribute to the progress of your country’s economy.

^ It depends because the success of BTCs adoption will largely depend on how well it is managed and regulated within the country. Proper education, awareness, and responsible handling of cryptocurrencies will be crucial to ensuring their potential benefits are realized.
As time goes by and more countries experiment with incorporating digital currencies into their economies, we will have a better understanding of the effects on various economic aspects, including financial inclusion, investment opportunities, cross-border transactions, and government revenues. However, we should put into consideration that every country's economic situation is unique, and what works for one may not work for another, luckily El Salvador has successfully adopt BTC while other did not.

[dezoel]

I thought you were going to talk about the government of a certain country making an investment in Bitcoin to make the economy better because the economy of a country is not in the hands of its citizens, they might have some influence in it but they can't make it good or bad, it's all about how the government governs the state and how they manage things, especially finances so that they keep getting more money from what they have instead of losing it.

Also, since Bitcoin is an unpredictable asset when it comes to its price, you never know what's going to happen tomorrow. What if a government invests $5 Billion in Bitcoin and the price drops 50% within a month, that will be devastating for them and their economy. So I don't really find it to be a viable solution for that problem.

[m2017]

I thought you were going to talk about the government of a certain country making an investment in Bitcoin to make the economy better because the economy of a country is not in the hands of its citizens, they might have some influence in it but they can't make it good or bad, it's all about how the government governs the state and how they manage things, especially finances so that they keep getting more money from what they have instead of losing it.

Also, since Bitcoin is an unpredictable asset when it comes to its price, you never know what's going to happen tomorrow. What if a government invests $5 Billion in Bitcoin and the price drops 50% within a month, that will be devastating for them and their economy. So I don't really find it to be a viable solution for that problem.

Investing in bitcoin should be long term, not monthly. Only in this case, btc brings income. At least within one BTC-cycle, that is, approximately 4 years. This applies to both private investors, institutional investors, and entire countries.

Perhaps the high volatility of bitcoin and unpredictability (although btc is already quite predictable in the long term) makes countries wary of btc and not rush to invest. But if you act deliberately, for many years to come, and not for a month, as in your example, then this is not much more risky than investing in the economies of other countries (where there are not less risks, but even more).

A price drop of 50% will not have any negative effect on the country's economy, because no country will sell at such a discount, especially after investing in a month. I am sure that if some countries take such a step as buying bitcoin, then this financial asset will be frozen (will not be sold) for several years, at least.

[posi]

Why not? Bitcoin investment is individual’s freedom so if there is passion and enough resources to invest, then go for it. But never expect that it will bring you immediate profits that you will use for the country’s economy recovery. However, if you continue to hold your bitcoin with indefinite time, maybe in the future you will reap a good harvest on it, and you can do everything you want for your profits. You can chose to reinvest again so you can help your country to progress, or diversify your investment into physical investments like gold or landed properties so that you can also contribute to the progress of your country’s economy.

As a citizen, if you want to contribute to help the development of the country, you will only have one thing to do, generate income and fully pay taxes to the government. And you invested in bitcoin, do you pay taxes or are you using it to evade taxes? What you are saying is personal gain, I don't see any benefit for your country's economy.

A country is in recession and to overcome that, the government needs to attract foreign investors, create jobs, people with stable income and pay taxes...By doing so will boost the economy of a country, do not rely on an investment in a volatile asset.

[icalical]

I believe that Bitcoin can solve many problems in this world economic but helping a corrupt government is not. It may help the people to have more option while their currency is plunging, but this alone won't have any significant effect if the government do not make any good macro economy policies. A country economic is far too complicated to be solved by Bitcoin alone.

[Latviand]

I think it's a complicated problem that you're trying to solve. A country's economy that's plumetting has a lot of contributing factors and I don't think that bitcoin will be the panacea for those problems, maybe it can help with the financial struggles of that country but if the people in power is corrupt to the bone then that financial injection to help the country's economy will just be pocketed by those corrupt pigs. If we want to really solve the problem in economy, we need to be active at participating in discussions regarding economy, if enough people complain on something, the politicians will be powerlessso they will yield to what the people want. If you're talking on an individual scale, you can definitely survive or live well if you use bitcoin even if you're economy is crumbling down.

[WillyAp]

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.

I think the issues of Sri Lanka are centered around the politicians put into power.
Crypto could be much more successful with more education. The whales of Sri Lanka could open a few educational sites, i.e. that could help.