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

[MarjorieZimmermanGinger]

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.

The potential set out by Nayib Bukele in El Salvador may be widely implemented by other governments, but its nature must reach the same regulatory stage or there are other additions for overall perfection, so that the country's economic potential and other sectors can increase. I believe bitcoin can bring widespread financial freedom when government programs have to be implemented as implemented by El Salvador, the problem is that not all countries are able to see that potential and there is a lot of opposition in it when forced.

Therefore, when the country's globalization is unable to reach this stage, individually we can do it independently. At least adoption like this can bring us to the stage of financial independence even though the government has not fully supported bitcoin. It is impossible for to fully rely on the government when they have not been able to run it, so to find a solution for financial independence we must determine it ourselves.

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[SamReomo]

In some situations Bitcoin can be a very helpful adoption for a country and its economy but still a country which is already bankrupt won't be able to gain any economical advantage by adopting Bitcoin. Let's take the example of Sri Lanka, we all know that the economic condition of that country is in the worst levels possible and adopting to Bitcoin won't help it to become free from economic challenges.

Bitcoin can be helpful for the people of such countries only if they know that they are investing in an asset that is going to be higher in value and should be kept safely because Bitcoin can be hacked and someone who doesn't have proper knowledge about Bitcoin can lose a lot of money due to his/her lack of knowledge.

In a country some people who already have enough money can invest in Bitcoin to make their future life better, but if people who hardly earn a wage to support their families then they won't get better by adopting Bitcoin. Bitcoin is not for rich people only, but still rich people can make far more profits from it then the poor people. I still think that providing awareness about Bitcoin to a community can be very helpful for that community and many people in such countries can improve their lives by adopting Bitcoin.

[yazher]

As we can see other countries are already doing it and others are only partially making bitcoins as one of their choices of investment in their countries. Nevertheless, their results was pretty good because non of those countries are experiencing economic falls after they make bitcoins as choices for their people to invest their money with.

[piercekieran99]

It's possible and  beyond its economic implications, the adoption of bitcoin also holds the potential to foster international cooperation and collaboration. As countries navigate the complexities of cryptocurrency, exchanging knowledge and best practices can lead to shared growth and progress.

[Smart baby]

Utilizing Bitcoin or other cryptocurrencies as a strategy to revive a struggling economy is a multifaceted choice. Cryptocurrencies are recognized for their instability and inherent risks. Before proceeding, it's crucial to conduct comprehensive research and take into account economic, regulatory, and technological factors. Seeking guidance from financial professionals and economists is recommended in this situation.

[Blitzboy]

In some situations Bitcoin can be a very helpful adoption for a country and its economy but still a country which is already bankrupt won't be able to gain any economical advantage by adopting Bitcoin. Let's take the example of Sri Lanka, we all know that the economic condition of that country is in the worst levels possible and adopting to Bitcoin won't help it to become free from economic challenges.

Bitcoin can be helpful for the people of such countries only if they know that they are investing in an asset that is going to be higher in value and should be kept safely because Bitcoin can be hacked and someone who doesn't have proper knowledge about Bitcoin can lose a lot of money due to his/her lack of knowledge.

In a country some people who already have enough money can invest in Bitcoin to make their future life better, but if people who hardly earn a wage to support their families then they won't get better by adopting Bitcoin. Bitcoin is not for rich people only, but still rich people can make far more profits from it then the poor people. I still think that providing awareness about Bitcoin to a community can be very helpful for that community and many people in such countries can improve their lives by adopting Bitcoin.

Sri Lanka suffers difficulties, much like any other country with a struggling economy. To assert, however, that using Bitcoin has no benefits? That is merely ignorant. Bitcoin crosses national boundaries, conventional financial institutions, and systems that have consistently failed numerous nations.

Your claim on Bitcoin's hackability raises serious questions. The blockchain, which powers Bitcoin, is one of the most secure technologies in use right now. You've heard of the hackers? Instead than Bitcoin itself, they are exchanges and wallets, frequently as a result of human error. Before spreading untruths, educate yourself.

Lets also discuss how Bitcoin is making the affluent even richer. Bitcoin or fiat currency, money always creates more money. If you want to portray Bitcoin as some sort of elitist tool, keep in mind that its more about the system than the asset. Power is knowledge. And the general public may very well be able to use Bitcoin's power if they are informed about it.

[WillyAp]

99% of all hacks are not really crypto but Exchanges, Wallets.
One coin sticks out though and that is ETH. Not positive though. In 2016 it led to a split.
https://en.wikipedia.org/wiki/Ethereum_Classic

[krishnaverma]

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?

It can help the economy but only bitcoin cannot save the economy. It can be part of the overall structure. In many fields, adding bitcoin to payments can bring overall transparency. It is going to very profitable for corrupt countries as it can check the practice of corruption.

[nullama]

99% of all hacks are not really crypto but Exchanges, Wallets.
One coin sticks out though and that is ETH. Not positive though. In 2016 it led to a split.
https://en.wikipedia.org/wiki/Ethereum_Classic

Rekt News usually lists a lot of hacks, and some of them are based on the smart contracts of those alt chains.

Other times there is some social engineering going on.

But at the end of the day, Bitcoin is by far the most secure network to store value on the planet.

[ZeeshanTrade]

Of Course! Absolutely but for this, we should understand that bitcoin and crypto are best for making money and also this is the best for coming dollars in your country if we can't understand crypto so this is hard to up the economy this is the best way to make money from home and this is possible to invest in BTC to build a country whose economy is down. this is my prediction.
your prediction?
reply me.

[RewFrew]

It will be more risky i think. It could be possible but huge risky. Previously we saw bitcoin price increase speedily but some times it’s price also fall at large. Any country shouldn’t invest broadly in Bitcoin
Because i think many big crypto whales and many gambler involved in  Bitcoin. They are capable to creat impact on Bitcoin price. They are able to manipulate Bitcoin price. Recently we saw Elon Musk's company SpaceX sold his Bitcoin and Bitcoin price fall near about 8% instantly and for it’s impact still Bitcoin price dumping. So i think  is it possible to invest in bitcoin to build a country whose economy is down. But is is high risky.

[serjent05]

It will be more risky i think. It could be possible but huge risky. Previously we saw bitcoin price increase speedily but some times it’s price also fall at large. Any country shouldn’t invest broadly in Bitcoin
Because i think many big crypto whales and many gambler involved in  Bitcoin. They are capable to creat impact on Bitcoin price. They are able to manipulate Bitcoin price. Recently we saw Elon Musk's company SpaceX sold his Bitcoin and Bitcoin price fall near about 8% instantly and for it’s impact still Bitcoin price dumping. So i think  is it possible to invest in bitcoin to build a country whose economy is down. But is is high risky.

The government does not need to directly invest in the Bitcoin market.  It can just make its country crypto-friendly and create Bitcoin-friendly regulations.  This will attract Bitcoin enthusiast companies to set their country as base operation and get profit from taxes and give jobs to their citizens which means more tax collection.  This way the country does not risk anything but still be able to profit from the Bitcoin economic activities.

Bitcoin itself cannot improve a country's economy but the government taking advantage of the opportunities the Bitcoin Industry brings can make its country get developed and level up its economy.

[Ahli38]

As we can see other countries are already doing it and others are only partially making bitcoins as one of their choices of investment in their countries. Nevertheless, their results was pretty good because non of those countries are experiencing economic falls after they make bitcoins as choices for their people to invest their money with.

So true. No country has fallen economically after adopting bitcoin either as a commodity asset or as a security asset. And in fact El Salvador seems to be enjoying some advantages in the tourism sector after they adopted bitcoin as legal tender in their country. So actually every country that is open with bitcoin and allows its citizens to invest in bitcoin will make the country have more income from the taxes that are collected by the country from the transactions of its citizens on the exchange. Well in my country in Indonesia have done it. And all went well. The government gets additional revenue from crypto taxes and citizens also feel happy because they are free to invest in crypto as a commodity asset.

[nullama]

~snip~
So true. No country has fallen economically after adopting bitcoin either as a commodity asset or as a security asset. And in fact El Salvador seems to be enjoying some advantages in the tourism sector after they adopted bitcoin as legal tender in their country. So actually every country that is open with bitcoin and allows its citizens to invest in bitcoin will make the country have more income from the taxes that are collected by the country from the transactions of its citizens on the exchange. Well in my country in Indonesia have done it. And all went well. The government gets additional revenue from crypto taxes and citizens also feel happy because they are free to invest in crypto as a commodity asset.

Also, the amount of Bitcoin that El Salvador has bought is not a huge percentage of the country's GDP anyway.

I mean, MicroStrategy, a single company from the US has more Bitcoin than El Salvador...

[Luzin]

As we can see other countries are already doing it and others are only partially making bitcoins as one of their choices of investment in their countries. Nevertheless, their results was pretty good because non of those countries are experiencing economic falls after they make bitcoins as choices for their people to invest their money with.

So far, El Salvador has good economic reports in several media. But I don't know in detail, the real problem. One of the reports is an increase in revenue through the tourism sector. Bukele as president mentioned that the main support of tourism is Bitcoin, in addition to promotion, surfing and crime reduction. Even tourism minister Morena Valdez, stated the tourism industry has increased by 30 percent since adopting bitcoin. If this condition is real, I feel happy, hopefully there will be many new countries that adopt Bitcoin as a means of payment.

Source: https://www.liputan6.com/crypto/read/5036264/pendapatan-pariwisata-el-salvador-meningkat-setelah-adopsi-bitcoin

[WillyAp]

The only thing what brings a country forward is education.
The biggest issue is to move forward people employed by the country, those tend to slow things down.

[Blitzboy]

As we can see other countries are already doing it and others are only partially making bitcoins as one of their choices of investment in their countries. Nevertheless, their results was pretty good because non of those countries are experiencing economic falls after they make bitcoins as choices for their people to invest their money with.

So true. No country has fallen economically after adopting bitcoin either as a commodity asset or as a security asset. And in fact El Salvador seems to be enjoying some advantages in the tourism sector after they adopted bitcoin as legal tender in their country. So actually every country that is open with bitcoin and allows its citizens to invest in bitcoin will make the country have more income from the taxes that are collected by the country from the transactions of its citizens on the exchange. Well in my country in Indonesia have done it. And all went well. The government gets additional revenue from crypto taxes and citizens also feel happy because they are free to invest in crypto as a commodity asset.

El Salvador's smart move? Pure genius. The only person who wouldnt see the obvious genius of supporting Bitcoin is an idiot. And the Indonesians? An inspiration to the globe! Unlike many other scared and outmoded governments, yours prioritized advancement over stagnation.

Increased tourism? The actual gain? Financial freedom and flexibility. Well, who wouldnt welcome an additional source of income from cryptocurrency taxes? There is a win-win. Citizens leap forward into the future, and governments reap financial rewards. To be honest, anyone who fails to recognize the generosity of this action needs to have a reality check. Its imperative that countries move past outdated financial structures and prepare for the unavoidable crypto future. If not, how come? Nevertheless, isnt it their loss?

[CryptSafe]

OP as a matter of fact, it is well known that bitcoin is not stable rather it is a volatile asset so therefore it is not guaranteed that one must make profit so sudden upon investing in bitcoin and you know very well that when it comes to do with investment one has the mind set of making profit but in this case it would take a long term holder to actualize that otherwise one opts for a short term and must be at trading.

A nation can only talk about making quick proceeds or revenue from bitcoin when they start taxing bitcoin and crypto related transactions in their nation which means that they must have approved bitcoin s an alternative means of legal tender so in that cause they would start taking tax from transactions which her citizens engage in as long as it is bitcoin related but when it comes to investing in bitcoin, there is no big deal about it but that nation would have to wait for a long term in other to make profit from their investment in bitcoin.

[nullama]

The only thing what brings a country forward is education.
The biggest issue is to move forward people employed by the country, those tend to slow things down.

There are also some gains with migration.

Steve Jobs was the son of a migrant family.

Elon Musk migrated to the US as well.

Etc...

[Xampeuu]

as a citizen, of course, in a situation where the country is in a downturn, bitcoin investment is a good choice for securing the value of its assets, where by investing it can offset the inflation rate in a country that is struggling in terms of the economy. moreover, only one country is in trouble so investing in bitcoin which is an asset for the whole world is not too affected, it is different if there are global economic problems, of course it will more or less affect the development of the crypto market