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Author Topic: How can third-world countries counter inflation using bitcoin?  (Read 492 times)
Blitzboy
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September 29, 2023, 03:50:07 PM
 #61

Third-world countries can counter inflation using Bitcoin. Devaluation of the currency is a major problem, and using Bitcoin, they can avoid this devaluation of money, and BTC can be used as a hedge. By regulating Bitcoin, they can influence the general public to invest and store their money in Bitcoin and fight inflation. Facilitate buying and selling of Bitcoin by making a crypto exchange. By implementing a tax on crypto earnings, they generate revenue for welfare projects.
The major concern in doing all this is Bitcoin volatility. Mostly, the less fortunate countries are not implementing this idea because bitcoin prices can not be predicted, and they can lose money. Financial literacy is another major concern in these countries.

Will most people accept Bitcoin and get used to it?

Its great to have Bitcoin as a hedge against falling prices and to get money from taxes on crypto earnings, but the idea is based on the assumption that people know a fair amount about money. To use Bitcoin well, people need to understand how it works. You are right to be worried about how volatile Bitcoin can be. There are two side: it could give support, while it might not.

Governments promoting Bitcoin trading and crypto exchanges are good starts. But what about the prices of infrastructural development? As well as being physical, it is also educational. Its an uphill climb but, without a doubt, a climb worth considering and debating further. This has a lot to unpack and understand

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September 29, 2023, 03:57:56 PM
 #62

Third-world countries can counter inflation using Bitcoin. Devaluation of the currency is a major problem, and using Bitcoin, they can avoid this devaluation of money, and BTC can be used as a hedge. By regulating Bitcoin, they can influence the general public to invest and store their money in Bitcoin and fight inflation. Facilitate buying and selling of Bitcoin by making a crypto exchange. By implementing a tax on crypto earnings, they generate revenue for welfare projects.
The major concern in doing all this is Bitcoin volatility. Mostly, the less fortunate countries are not implementing this idea because bitcoin prices can not be predicted, and they can lose money. Financial literacy is another major concern in these countries.

Have you ever thought about the case of bitcoin losing 80% of its value like in the 2022 bear season, what will happen to that country's economy if they use bitcoin for their economy? Using bitcoin to fight inflation for the national economy is the idea of people who have no knowledge of economics and bitcoin. Bitcoin is a volatile asset, how can a country's economy grow when it only relies on volatile assets?

Does Bitcoin Create Jobs? Does it bring stable income to people? That is the key for a country's economy to develop and when a country has a good economy, inflation and currency devaluation will decrease.

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September 29, 2023, 05:51:50 PM
 #63

I would recommend that third-world countries should slowly adopt it as a way of controlling inflation by having their citizenry access some store of value which is more stable. Further, remittances being done through Bitcoin tremendously lower the cost of transactions while gaining purchasing power and independence from financial instability within the economies they are working with.
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September 29, 2023, 06:36:43 PM
Merited by ginsan (1)
 #64

Bitcoin is unlikely to be able to fully help countries fight inflation, but it can help anyone who uses it fight inflation by using it as a hedge. Bitcoin has good performance and is expected to be able to give you a return of more than 10% in a year (the minimum percentage in my opinion). So, imo this is one of the good asset categories that can protect you from losing the value of fiat currency.

Gold may be one hedge that you can consider against inflation, but I believe several other investment instruments that have the potential to give you commensurate returns are also worth considering. So in conclusion the country cannot fully utilize bitcoin to fight inflation, but bitcoin users who believe in this asset can certainly take advantage of it.

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September 30, 2023, 02:41:03 AM
 #65

Currently, Bitcoin is used not only in Third World countries but all over the world. And Bitcoin is not poverty Bitcoin is the most traded store of value currently and people invest mostly in it to grow money. Moreover, the people of a country can benefit and profit when they transact Bitcoin and do business with BTC. Moreover, there is a lot of Bitcoin validity, and they have adopted Bitcoin as their currency to become economically self-sufficient. Also, some countries have made bitcoin illegal because of the volatility in the price of bitcoins the governments of countries don't trade bitcoins, but of course all countries use bitcoins secretly I think. Moreover, the rate of inflation in many countries is so high that if Bitcoin is traded and used in that country, it will not be able to make that much profit and become economically self-sustainable. However, the countries that traded Bitcoin long ago are currently benefiting from the use of Bitcoin.

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