Bitcoin is the Best Option: Because of Dollar Rate Cost of Living is on the Peak

[MegameSama]

I always throw away my money and leave a little for daily needs, I allocate large amounts to gold, shares, mutual funds and bitcoin, some in altcoins too. saving money only reduces your wealth, every year it is eaten up by inflation, especially like yesterday's corona, in 2023 our country's money will lose 10% in value. Just imagine if you had $100,000 now it's only worth $90,000, this is really crazy, so if the OP's suggestion is a bitcoin solution, I somewhat agree. Bitcoin is similar in nature - similar to gold, or you could say online gold, or all currencies replaced with gold, I really agree.

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[DapanasFruit]

Bitcoin is not the solution to your nation’s economic problems. Do not be delusional, bitcoin is not magic money that can help get rid of poverty. El Salvador made bitcoin a legal tender and invested heavily in Bitcoin yet the investment has not changed the conditions of those living below middle class. Bitcoin just crossed $50k, how do you suppose people who can’t afford to care for themselves to have enough spare money to invest in Bitcoin? What your country should focus on is their production capacity and implement policies they will help reduce inflation.  

For sure, Bitcoin doesn't solve every money problem. For people who can already make money, but don't make enough to save any money, Bitcoin can't do anything for them. Bitcoin is a great solution for a lot of problems, but it doesn't fix every single money problem in the world. It's just a currency. A lot of money problems have nothing to do with the currency, but rather with the economy/politics/culture/etc.

This is akin to saying that money can buy many things but not the happiness that we are looking for. Money can then be used to buy things that can have positive impact in our lives and from there those things can help us be happy. And this is the same thing with Bitcoin. We are never advocating that Bitcoin is the big solution for any country's malady but in some respect it can help. When people are educated with Bitcoin they will come to realize the folly of the centralized banking to print more money without balancing the side-effects it would have into the future generations. When leaders have this kind of mindset, they will try to rein on things and not allow indiscriminate printing and spending of money.

[PrivacyG]

While there is hope and a high probability that Bitcoin will continue to rise to historical prices, I think it is a mistake to think Bitcoin is the savior particularly in the situation you described.  If cost of living is on the peak then the worst thing you can do is think it is better to have such a volatile Currency to replace yours.

If something bad happens again.  Such as a war or a global crisis.  Bitcoin will probably drop again significantly.  Bitcoin is not the solution to it all, particularly to poverty.  It proves to offer a good profit over long time but few are patient enough to actually profit off it.

[Ojima-ojo]

Bitcoin is not the solution to your nation’s economic problems. Do not be delusional, bitcoin is not magic money that can help get rid of poverty. El Salvador made bitcoin a legal tender and invested heavily in Bitcoin yet the investment has not changed the conditions of those living below middle class. Bitcoin just crossed $50k, how do you suppose people who can’t afford to care for themselves to have enough spare money to invest in Bitcoin? What your country should focus on is their production capacity and implement policies that will help reduce inflation.  

I don't know why some feel that Bitcoin is some form of other thing apart from just being an alternative to fiat currency,  and providing some form of freedom from third-party involvement and control,  so for that, you have to take note of the real ideology of Bitcoin and what it stands for, most time some countries economy suffer drastically due to their economic policy and at that those that have access to global assets like Bitcoin which value is higher than other countries currency will have some form of financial freedom.


That is the main reason why countries like El Salvador 🇸🇻  made it a priority to adopt and invest in Bitcoin due to its ability to give them an edge against inflation in the long term.

[pooya87]

As I said earlier Dollar does affect the fiat currency but it does affect bitcoin to be devalued
dollar does not affect bitcoin

Apart from the fact that you contradicted yourself in two paragraphs, dollar on its own is not affecting the cost of stuff including fiat exchange rate in other countries. What affects them is the decisions of the governments of those countries.

For example when they keep printing their national currency, they devalue that fiat and consequently price of everything goes up against their fiat.

The only case where dollar comes in is when that other country is an importer of US inflation. In simple terms that is when US prints dollar out of thin air and purchases real goods and services from that country.

Now, granted bitcoin has created great opportunities for a small number of individuals in different countries to make some additional money and improve their own personal financial situation, but as a whole it is not affecting the economy at a large scale.

[WatChe]

Apart from the fact that you contradicted yourself in two paragraphs, dollar on its own is not affecting the cost of stuff including fiat exchange rate in other countries. What affects them is the decisions of the governments of those countries.

For example when they keep printing their national currency, they devalue that fiat and consequently price of everything goes up against their fiat.

The only case where dollar comes in is when that other country is an importer of US inflation. In simple terms that is when US prints dollar out of thin air and purchases real goods and services from that country.

Now, granted bitcoin has created great opportunities for a small number of individuals in different countries to make some additional money and improve their own personal financial situation, but as a whole it is not affecting the economy at a large scale.

It makes sense because there are countries who have sanctions imposed by USA and still they are doing good because they are producing stuff internally and not much dependent on imports, for which you need USD. As long as government is determined on self reliance, the USD monopoly cant affect the country economy.

US government is free to print as many USD as they like since it's backed by nothing. Unless the USD printing machine is working fine, US government can print USD currency notes there is absolutely no limit of it.

Bitcoin is in its very initial stages and right now its impact is on individuals. We need to wait and see whether it can have any impact on economy on large scale in the long run.

[doomloop]

If you only get paid $80 per month, that means $1 is valuable for you, but Bitcoin transaction fee now cost for $1 per transaction, it means you're need to spend twice amount when purchase a small thing. Don't talk about lightning network or side chains, it's not yet well adopted right now, don't expect government or businesses to accept it in soon.

The main problem of poor people are the jobs, not the currency.
The main problem of developing countries are the human resources.

For now maybe yes but the fees are not always like that, but sometimes it is lower than a dollar too. If we need a thing often, well yeah it's better to spend or buy in bulk as it can save us not only fee but also time and effort. Lightning Network is not a new thing so I believe the adoption for it is already high but it's just that we don't notice it because many people are still contented with the main chain of BTC and then it was less promoted or supported.

When you say human resources are you referring to the HR when we apply for a job? Well they can be strict because this was their job, so I won't really put the blame on them if we can't get accepted. Maybe we only lack of things that they are looking for, but we can always improve and try again. Sometimes it also has to do with luck.

[southerngentuk]

Bitcoin's transaction fees can fluctuate significantly, potentially hindering its widespread adoption by merchants due to the unpredictability of costs. Additionally, its inherent price volatility poses challenges for everyday transactions, as businesses and consumers may be hesitant to accept or spend an asset with a fluctuating value. The accessibility of Bitcoin infrastructure and technology is a crucial factor. While some may be comfortable navigating digital wallets and exchanges, a significant portion of the population, particularly those with limited technological literacy or access, may face barriers to using Bitcoin effectively. This raises concerns about potential financial exclusion and the need for inclusive solutions to ensure equitable access.

While technological innovations can offer valuable tools, it's important to recognize that they are not panaceas for complex economic challenges. Focusing solely on Bitcoin adoption without addressing fundamental issues like job creation, domestic production, and sound economic policies may not lead to the desired outcomes. A holistic approach that leverages technology alongside other strategies is crucial for achieving sustainable economic development.

[Mate2237]

As I said earlier Dollar does affect the fiat currency but it does affect bitcoin to be devalued
dollar does not affect bitcoin

Apart from the fact that you contradicted yourself in two paragraphs, dollar on its own is not affecting the cost of stuff including fiat exchange rate in other countries. What affects them is the decisions of the governments of those countries.

For example when they keep printing their national currency, they devalue that fiat and consequently price of everything goes up against their fiat.

The only case where dollar comes in is when that other country is an importer of US inflation. In simple terms that is when US prints dollar out of thin air and purchases real goods and services from that country.

Now, granted bitcoin has created great opportunities for a small number of individuals in different countries to make some additional money and improve their own personal financial situation, but as a whole it is not affecting the economy at a large scale.

I am agreed with you on this note, because the government policies are the ones affecting the cost of living in most countries and the increase of the dollar by devalueing their currencies by thinking that by doing that their states economies would be better but the opposite always display for them. Dollar might play a vital role in the increase of things in the country though you have started it and it is very much clear for average educated person to understand and really if the country uses imported goods then it is possible that stuff that were imported from the other country would create inflation in the receiving country.

And for the transaction fee, Bitcoin transaction fee is good now so business can accept bitcoin as one the payment method in the business.

[Abu-Naim]

Some banknotes have value while some did not have good value in global market especially those countries that depend on USDT to import and export goods. Dollar rate has affected many country’s economy which has made their local currency less valuable and as a result of that, inflation affected their economy.

Holding local currency is not advisable because of how inflation is affecting se country’s currency; instead, we should invest in Bitcoin that can store value so as to get the use of your investment anytime you are ready to use your money.

[oktana]

What do you say on this matter?

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If bitcoin transaction is low and retail businesses accept bitcoin as a method of payment. Dollar does devalue bitcoin so the price of things will not be influenced by dollar anymore. But the international market might still affect the price of things because there they would still used dollar for exchange unless the vendors are accepting bitcoin at that level as well.
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Bitcoin transaction fees can be low but it’s unfortunate that it isn’t fixed. The last time I made a transaction, it cost me about $2 but I remember about 2 months ago when it was as much as $12.

Dollar doesn’t devalue Bitcoin. The worth of Bitcoin can be described with any currency (even cryptocurrency) as it must not always be with dollar. People are just fond of using dollar as it has dominated the world. So whether you directly purchase from vendors with Bitcoin or you trade it for dollar, as long as you’re using the money instantly, it’s the same thing. 

[DiMarxist]

As I said earlier Dollar does affect the fiat currency but it does affect bitcoin to be devalued
dollar does not affect bitcoin

Apart from the fact that you contradicted yourself in two paragraphs, dollar on its own is not affecting the cost of stuff including fiat exchange rate in other countries. What affects them is the decisions of the governments of those countries.

Well I will agree with you and also disagree with you. I agree with you in the area that the policy of government affect the exchange rate in the international market and probably the tax the government takes from the international businessmen will make them to increase price to cover up the tax the government has taken from them. So from that angle things would increase in price the customers would suffer for it.
And why I said dollar affect the local production and high cost of living because in my country once dollar rate is increase in the exchange market everything would increase tremendously. Therefore dollar have a big say in my country. Though government policy follow but external body ask the internal body to devalue their currencies.

[Franctoshi]

Banknote and Digital Currency {Bitcoin} are all meant to buy things both in physical shops and online vendors. And countries are trying to adapt to the adoption of the digital currency upon all the restrictions many had laid on it but seen the benefits of it, some lift up the ban.

And many people were excited because bitcoin is decentralized and out of government control and bitcoin is volatile and it is store of value. So people became conscious and like bitcoin the more. If bitcoin transaction is low and retail businesses accept bitcoin as a method of payment. Dollar does devalue bitcoin so the price of things will not be influenced by dollar anymore. But the international market might still affect the price of things because there they would still used dollar for exchange unless the vendors are accepting bitcoin at that level as well. In my own understanding if bitcoin is adopted as a legal tender in my country the cost of living will reduce. The cost of in my country is on the peak that those who are receiving $80 as salary is nothing but a peanut which can't buy anything reasonable in the market again. Dollar is just playing with the Banknote in my country. And the best way is for the retail businesses to accept bitcoin if the transaction fee is low so that things will be okay for the poor. I am very happy that within this almost one year period

When it comes to fiat currency, the United States dollars is the world reserve currency, Switching to Bitcoin running economy isn't still the solution to fixing an economy where inflation is high, because as it stands, I don't think if the world is ready to do away with the fiat currency, the need will still be there, I see Bitcoin play more of the role of Gold, that's a store of value and a hedge against inflation than replacing local currency.

However, an economy can be fixed by increasing or encouraging local production, which will automatically increase supply to put pressure on increasing prices of goods and services and further increase exportation, Government should also build things that will attract foreign investors to invest in the country, thereby increasing the demand for one's local fiat currency and further strengthen and appreciate its value.

[harapan]

The cost of living is as a results of various economical challenge.In a nutshell,the dollar rate has increasingly made the cost of living  threathening and unsafe for us.As the value of the USD erodes due to inflation and other factors, costs of things also rise, thus inducing a higher import cost for businesses and trade.

This means that when the dollar appreciates, other currencies essentially depreciate, making the world poorer and less able to engage in trade. It also makes countries that have dollar-denominated debt less creditworthy, as it makes it harder for them to purchase the U.S. currency to manage their debts.
https://www.reuters.com/plus/how-a-strong-dollar-affects-international-currencies-and-commodities

[Bananington]

Bitcoin might be the best option, but it is a threat to government control over its citizens. Hence why many sue for taxes and details of transactions from the exchanges.

So far, there has been moves to regulate BTC and cryptocurrencies in general, since cryptocurrency can't totally be ignored in this century when AI, web3, virtual reality has been so developed and gaining usership.

Inflation has sure risen and keeps doing so, and many independent businesses accept payments and make payments across borders without spending much on bank fees and charges. Though, it costs a bit to withdraw or send BTC, but as compared to how much tax is expected of everyone and how much the fiat banks would require to complete ones transaction, BTC has sure been a safe haven and would be much accepted before it gets to another ATH in the future.

Still, the dollar rate is as a result of your country using it to purchase goods or should I say import and export produce on a regular basis, without depending on using its fiat to strengthen its economy by patronizing homemade products and development of other initiatives that would alleviate the plight of its citizens.

[Maus0728]

I don't know how bad the economy is in your country but even if everyone in your country uses bitcoin and the price skyrockets to an ungodly price, the economy would still be so bad because of the factor that not every person that's holding a bitcoin is going to be a responsible person, the moment that you get a bitcoin and that you can sell it for so much, a lot of those people are going to choose the route of selling quickly. It will improve the lives of everyone that would sell and may boost the economy for some time but it's not a long-term prosperity that's going to lead anyone to a really good kind of growth. Economics is a difficult thing to tackle on and even harder to solve with just one simple solution, if that was the case, a lot of countries would be fighting over bitcoins that are newly minted and they want to get it as soon as possible so they can improve their economy.

[synchronym]

Do you think that bitcoin can never turn the wheels of a country's economy if the government of that country has not given legitimacy to bitcoin, then they can never transact openly through bitcoin. But some of the investors who are investing in bitcoins may be getting some financial gain as they are able to live comfortably but not as much as they are able to cross the threshold. But day by day people's popularity towards bitcoin is increasing more and more people are showing more interest towards bitcoin thus if the number of bitcoin investors increases and the value of bitcoin increases of course they can do better things through bitcoin in future.

[btc78]

This is certainly the future we are hoping to see. I do think that it’s quite in the long run still especially more and more people becoming interested in bitcoin. We can expect that the mempool will be a lot more congested thus increasing the price value of transaction fees.

Another thing, I do not see my country progressing into adaption of bitcoin any time soon. There are no bans but there really is no support either from the government. This is why I know it will take a lot of time for bitcoin to come close to becoming a legal tender if it will ever be in my country.

[pinggoki]

Do you think that bitcoin can never turn the wheels of a country's economy if the government of that country has not given legitimacy to bitcoin, then they can never transact openly through bitcoin. But some of the investors who are investing in bitcoins may be getting some financial gain as they are able to live comfortably but not as much as they are able to cross the threshold. But day by day people's popularity towards bitcoin is increasing more and more people are showing more interest towards bitcoin thus if the number of bitcoin investors increases and the value of bitcoin increases of course they can do better things through bitcoin in future.

Dude, just look at El Salvador, so far they're not on any economic journals and news yet that says that they're growing as a country because they've legitimized bitcoin in their country, they're probably more famous now with doing a very strong and iron fist policy against crime, the president and the country of El Salvador is cleaning up the streets of gangs and that's where they're focused now. Now when it comes to their adoption of bitcoin, I believe that they'd probably benefit even more and we would see more economic growth if the people of El Salvador is also using it but it seems to be not the case. Sadly, just because bitcoin's a legal tender doesn't mean that it will make a country prosper.

[AVE5]

I'm not aware of bitcoin has ever influenced the naira before or if any of  the centralized currencies has ever influenced bitcoin being a decentralized digital currency before. Dollar is only a universal currency which is rated by the value of the bitcoin else Investors or bitcoin holders wouldn't be able to know the financial values of the holdings of the bitcoin.
Op, I can also tell you that if bitcoin I generally accepted without being restricted as it maybe, it wouldn't still change the economy system of the countries were it's valid. Rather it would offetonly have the potential probabilities to limit poverty specifically to the holders. Hence I know, bitcoin economy is not affiliated with the global economy system.