can Bitcoin set a corrupted country free?

[Antotena]

I had this discuss with some friends a while ago and one is standing on the fact that this is the way forward, he claimed that it will be transparent and every citizens of the country will know how many Bitcoin the country is generating, where the fund is going and how its been spend since Bitcoin is traceable, I don't want to argue with him so I decide to bring this on here, do you think it will work for a country to be transparent about how many Bitcoin they generate or do you think that corrupiotn will still take over this idea?

I agreed with what you said but it should have been a concept of Bitcoin and not really Bitcoin per say. I'm not sure an economy can survive with Bitcoin as a currency but might be a good way to save for reserve under some diversification but currency will be bad. How do you think the economy would react if they have -15% value of their currency, almost everyone in the country will be frustrated seeing how their investment has devalue or money can't buy what they want.

Perhaps if the government can implement the ways of Bitcoin by making every transaction on the economy transparent to see where every penny spent will be going, this will reduce corruption as possible but they wouldn't allow and they will give you excused of privacy because some money aren't meant to be public observation and this is the reason why people steal money from their positions. I'm not sure if they will ever going to adopt this kind of method for transparent transaction.

[CryptoHeadlineNews]

My country is capable of feeding electricity to another country and this have been going on for many years, yet we are struggling due to bad economy, I have always dream of the advantage that Bitcoin can bring to my country if I become a president or of the president can divert that electricity to Bitcoin mining instead, since I am even hearing that the country that is enjoying the excess electricity isn't even paying up, they are owing alot, but since the corruption is too big to defeat they can still cheat if they use the electricity to mine Bitcoin.

Diversifying Electricity into Bitcoin mining is not a bad idea, but proper management is one thing that can kill such project if a Bitcoin farm is established by government and yet there are corrupt people placed in charge, just as how those who were placed in charge of Electricity distribution in your country were corrupt. Because despite that Bitcoin transaction is transparent, but if it's converted into fiat, it fails to be transparent anymore. But just that by such project by government, it will literally increase the adoption of Bitcoin by citizens of such country

do you think it will work for a country to be transparent about how many Bitcoin they generate or do you think that corrupiotn will still take over this idea?

Since it's a public fund, it won't be bad to be transparent with citizens, as that will build trust to whoever is in charge of government that period.

[AmoreJaz]

From my observation in cryptocurrency I believe that there is no country that can be corrupt free through a cryptocurrency most especially in Bitcoin so I know quite well that most of people who invest in Bitcoin is afraid of government intervention and also a manual business that is why majority of persons find bitcoin very straightforward to partner with so I believe that this is one of the concept that makes many people to involve their Lifeline Bitcoin it is not that bitcoin can make a corrupt country to be free from corruption because investing in Bitcoin is a personal investment is not a massive investment and the many countries kick against the development of Bitcoin and till date no country has accepted a bitcoin as a legal tender

Are you sure with what you said in your last statement? El Salvador is the first sovereign nation to make bitcoin as legal tender. And today, Central African Republic followed the footsteps of El Salvador.

On the goal of having bitcoin to influence a corrupted country, I guess, this is quite a hard feat. Though transparency is one of the features that you can get from using bitcoin currency, but people can still find a way around on how they can avoid such liability. For now, there are other aspects that a government can alter in terms of how they are dealing with its people to lessen the corruption in their country, if not totally eradicating such long-running sickness in most countries.

[Mr.right85]

My country is capable of feeding electricity to another country and this have been going on for many years, yet we are struggling due to bad economy, I have always dream of the advantage that Bitcoin can bring to my country if I become a president or of the president can divert that electricity to Bitcoin mining instead, since I am even hearing that the country that is enjoying the excess electricity isn't even paying up, they are owing alot, but since the corruption is too big to defeat they can still cheat if they use the electricity to mine Bitcoin.

I feel we are of the same nation and I’ll tell you this,

It’s simply politics! They call it a dirty game and having the life’s of many govern by a dirty game, you could always expect dirt to be dished out for us all.

That aside, Bitcoin is a finance revolution and that have got little to do with how a country is run, how the people is being govern and how human character might be affected. I say this with particular reference to the politicians and the corrupt minds of leaders haven’t assumed their office.
Bitcoin doesn’t do nothing to a selfish interest, it’s not some moral teacher but, it only creates a means to be financially liberated in the sense that, you don’t get your finances watched or controlled by any entity but yourself.

[SatoPrincess]

From my observation in cryptocurrency I believe that there is no country that can be corrupt free through a cryptocurrency most especially in Bitcoin so I know quite well that most of people who invest in Bitcoin is afraid of government intervention and also a manual business that is why majority of persons find bitcoin very straightforward to partner with so I believe that this is one of the concept that makes many people to involve their Lifeline Bitcoin it is not that bitcoin can make a corrupt country to be free from corruption because investing in Bitcoin is a personal investment is not a massive investment and the many countries kick against the development of Bitcoin and till date no country has accepted a bitcoin as a legal tender

El Salvador and Central African Republic have both accepted bitcoin as a legal tender in their respective countries. I would assumed everyone on the forum knows this as it was one of the highlights of 2021.

Let’s not try to make Bitcoin what it is not. Bitcoin cannot change the corrupt nature of man. A person who is corrupt will always find a means to steal from others either through fiat, metals or cryptocurrency.

[Wexnident]

~

It's not a freedom fighter man lol. And no it's also not a magical solution that would fix corruption. Even implementing Bitcoin as a legal tender would probably not completely eliminate corruption in the government. Corruption doesn't only stem from being transparent, there's probably a lot of ways and methods where they can still get away with their corrupt ways, both in legal and illegal ways. It's just seeped in there, in humanity itself. It's not for a reason that even in the past after a rebellion was successful, corrupt officials would still pop up a few years later.

Running a country ain't that simple.

[Iranus]

Running a country ain't that simple.

This is something that people have never wondered or cared about. Every time people encounter difficulties, they begin to complain, criticize, and curse the government heavily while they have no idea how difficult it is to run a country. I do not deny that corruption in politics is a terrible thing and my country is also facing it, but solving it is not as simple as we think.

Even developed countries with leading economies such as the US, Europe, and China also have corruption and cannot completely eliminate it. Therefore, it is not difficult for us to understand that poor countries will be more corrupt.

I am pessimistic that there will be no solution to eliminate corruption. Greed is human nature, what guarantees that if we are politicians we will never be corrupt?
https://www.theguardian.com/world/article/2024/jul/26/russia-arrests-former-deputy-defence-minister-dmitry-bulgakov-corruption-charges

[uneng]

~

It's not a freedom fighter man lol. And no it's also not a magical solution that would fix corruption. Even implementing Bitcoin as a legal tender would probably not completely eliminate corruption in the government. Corruption doesn't only stem from being transparent, there's probably a lot of ways and methods where they can still get away with their corrupt ways, both in legal and illegal ways. It's just seeped in there, in humanity itself. It's not for a reason that even in the past after a rebellion was successful, corrupt officials would still pop up a few years later.

Running a country ain't that simple.

After all Bitcoin is just a tool which can be used for the good or evil, depending who is behind it. If the local administration is corrupt, it's not Bitcoin which is going to change their character. Rather, they will just use Bitcoin for their corrupt goals and the population won't see any improvements at all.

On the other hand, everything is not lost yet. By being able to use Bitcoin, you have access to a more decentralized mean of transacting money, investing your funds and storing it for the future. Therefore, the bad consequences and impacts of the corrupt government over your life will be reduced, so BTC gives you more chances of thriving and overcoming the opression of the government on long run.

Bitcoin helps individuals on their private lives, but doesn't make much difference on collective instances, because thinking on groups of people, especially the largest ones, it's much more complex and there are many factors to influence the outcomes.

[Saint-loup]

The advantage of BTC blockchain technology, is to allow transparency and privacy as you decide. So if a wallet only send funds to indentified addresses, it will be easy for everyone to monitor the funds and to see where they go and how they are used. If it's used this way, it prevents corruption and embezzlement. But if the organization owning the funds make too much transactions to unknown addresses, it quickly becomes impossible to track financial flows and to guess the actual balance of the entity.

[Adbitco]

Mining bitcoin from country without the government approval is illegal and still it's a corruption. How do you judge your corruption from people, is it by only taking money or looting from the poor people around you?
Corruption is when you are doing what is not good and yet you know that it's something that could benefits the country and you are doing it alone is still corruption. Nevertheless, bitcoin can't eliminate or erase corruption from a country if is not financially issues.

[Sonia_123]

Bitcoin can help control corruption and fraudulent actions because it will be easy to get any information you want to get at any time from the blockchain,cross checking ,also help to know how money are being spent efficiently and for the right purpose, Implementation and how development can be increased within the country, because any transaction made on the block is recorded and can't be tempered,if any is tempered means altering all existing block.
Transparent ,one can use blockchain to track how live transfer and how cryptocurrency are being transferred and used having an edge protection over inflation because of its hard cap on every produced coin that will be created . It can't be monopolized by anyone or government .

[GigaBit]

We cannot expect anything good from countries that are heavily involved in corruption. Because they will turn that good thing into bad through corruption. Anything can be done in favor of the oppressed country. Bitcoin mining will lead corrupt people in those countries to buy mining software and hardware devices because they can steal large sums of money. They may also provide different information about the mined bitcoins since the general public will not have the opportunity to know about the mined bitcoins. Moreover, even if there are opportunities, they will not want to disclose them to the public, citing security concerns. From mixer platforms they will make those bitcoins more obscure which will help them enjoy that money. You may want to use your own power energy with a good intention but it is not possible to do it in a corrupted country which can increase loss rather than gain.

[Yatsan]

Definitely not. Bitcoin is simply a digital currency or asset and it won't stop a long existing economic problem same goes with inflation although it is not mentioned in this discussion. Corruption is an output of authority's wrongdoings. As long as such leaders are in the administration then nothing will change. If ever this thing is possible through Bitcoin then it should have been used to do so, early. As long as there is a will for corrupt leaders then such thing will be continuous.

Bitcoin can help control corruption and fraudulent actions because it will be easy to get any information you want to get at any time from the blockchain,cross checking ,also help to know how money are being spent efficiently and for the right purpose, Implementation and how development can be increased within the country, because any transaction made on the block is recorded and can't be tempered,if any is tempered means altering all existing block.
Transparent ,one can use blockchain to track how live transfer and how cryptocurrency are being transferred and used having an edge protection over inflation because of its hard cap on every produced coin that will be created . It can't be monopolized by anyone or government .

Decemtralization and anonymity are the biggest advantages of Bitcoin over any digital currency so how come informations would be easily tracked with blockchain? It's definitely the total opposite of cryptocurrency's capabilities. Same reason why this industry is even prone to money laundering schemes.

[tottong]

Mining bitcoin from country without the government approval is illegal and still it's a corruption. How do you judge your corruption from people, is it by only taking money or looting from the poor people around you?

Any form that is prohibited by the government is illegal and that means we are violating and learning corrupt practices.
Although we see bitcoin as a concept of freedom in terms of achieving better financial capabilities.
I agree with you that there is no need to associate bitcoin with the freedom of a corrupted country because bitcoin is independent and can be used by every individual.

Corruption is when you are doing what is not good and yet you know that it's something that could benefits the country and you are doing it alone is still corruption. Nevertheless, bitcoin can't eliminate or erase corruption from a country if is not financially issues.

I don't think it is bitcoin's job to eliminate corruption because the problem is actually the people who do it.
Corruption has become a much bigger problem and is difficult to eliminate if the people in it have no ethics and no shame.
Why does corruption still continue to occur, it is because people lose the essence of the position they have.

[bubilas]

My country is capable of feeding electricity to another country and this have been going on for many years, yet we are struggling due to bad economy, I have always dream of the advantage that Bitcoin can bring to my country if I become a president or of the president can divert that electricity to Bitcoin mining instead, since I am even hearing that the country that is enjoying the excess electricity isn't even paying up, they are owing alot, but since the corruption is too big to defeat they can still cheat if they use the electricity to mine Bitcoin.

I had this discuss with some friends a while ago and one is standing on the fact that this is the way forward, he claimed that it will be transparent and every citizens of the country will know how many Bitcoin the country is generating, where the fund is going and how its been spend since Bitcoin is traceable, I don't want to argue with him so I decide to bring this on here, do you think it will work for a country to be transparent about how many Bitcoin they generate or do you think that corrupiotn will still take over this idea?

Unfortunately, Bitcoin and similar crypto-pluses will not be able to ensure a complete revolution in the economy when the country is in the situation you described. Because ultimately, we withdraw cryptocurrencies into Fiat through cards or bank transfers, and the state can easily control this method of withdrawing money. And take control of everyone who withdraws this way. Nevertheless, among the advantages is that we independently earn and store, and also send our crypto.

[shield132]

My country is capable of feeding electricity to another country and this have been going on for many years, yet we are struggling due to bad economy, I have always dream of the advantage that Bitcoin can bring to my country if I become a president or of the president can divert that electricity to Bitcoin mining instead, since I am even hearing that the country that is enjoying the excess electricity isn't even paying up, they are owing alot, but since the corruption is too big to defeat they can still cheat if they use the electricity to mine Bitcoin.

I had this discuss with some friends a while ago and one is standing on the fact that this is the way forward, he claimed that it will be transparent and every citizens of the country will know how many Bitcoin the country is generating, where the fund is going and how its been spend since Bitcoin is traceable, I don't want to argue with him so I decide to bring this on here, do you think it will work for a country to be transparent about how many Bitcoin they generate or do you think that corrupiotn will still take over this idea?

Bitcoin can't set a corrupted country free. My country which is occupied by oligarch, is a good example. With the help of our government, BitFury opened a Bitcoin datacenter in our country but our oligarch owns some part of it. Exclusively for BitFury, our government created a tax-free zone. When BitFury imports anything, they don't pay taxes, they also don't pay taxes on their profit, it's a heaven on earth for them. They get the cheapest electricity rates, their rate is half of what a household pays for electricity.
Opening of Bitcoin mining datacenter and tax-free zone for BitFury resulted in increased electricity prices for us, citizens and residents. Instead of improving anything, it caused worse in terms of the economy.

If your country is corupt, mining is only going to make life expensive for an average citizen. Nothing will be transparent, don't believe that.

[ultrloa]

Some people thin about the possibilities since it somehow set freedom for people who use it in some ways. But if a country will regulate bitcoin then for sure there would be a taxation will happen so by that cases if corrupt officials is really doing this even bitcoin doesn't exist on their country well they may have now another option to get some funds on other sources. So what I think bitcoin regulation will make their wallet fat again since corrupt officials will remain corrupt. For sure there will be no change of hearts just because they like the technology, but rather they would take advantage again for their personal gain. Corruption will never stop if leaders is a bad leader so people should not hope for changes since they can only make their country out of corruption if they eliminate those greedy guys and elect honest leaders.

[LandDAO]

Bitcoin's transparency could help reduce corruption by making it easier for everyone to see how funds are generated and spent. But for this to work, you'd need strong governance to ensure the benefits actually reach the people. Bitcoin could help, but it won't magically solve the deeper issues of corruption on its own