BITCOIN AND ECONOMY

[m2017]

Bitcoin has many things to do with the current economic situations in different countries

Bitcoin is connected with the real economy only in that part of the money from there was redistributed (invested) in btc.

first of all it provide employment and source of income thereby regulating the unemployment rate and increasing the efficiency of the economy.

This sounds like nonsense to me.

secondly bitcoin could have hep many countries if they would have acquire some and make it a legal tender years ago.

How could bitcoin help many countries? You are mistaken in thinking that countries only need to buy bitcoin (like El Salvador) and all economic (and other) problems will be solved.

Bitcoin was created as electronic digital money (payment method), and not as a "savior of countries".

thirdly it reduces crime rate in some countries because the reason for some of these crime is unemployment.

"Official" representatives claim the opposite, that bitcoin is tightly tied to crime, and you say the opposite.

The reason for crime is the lack of desire to work and earn money through honest, hard work (and also, the inability to create sources of business income.). Almost like in gambling - the desire to get easy money.

And lastly bitcoin rescues many families and individuals get rid of poverty thereby increasing the quality of life ,helping businesses,and helping the economy in different ways.

What about the unlucky investors who lost money on incorrect purchases and sales of bitcoin?

Bitcoin has really help the economy , this is just a nutshell of some notable works bitcoin has done to economy of many countries so i don't really see the reason why the government of some countries failed to make it a legal tender till now even after seeing what it has done to their economy.

I'm sure you have absolutely no idea what you're saying. No offense.

[CroverNo01]

I think Bitcoin could save the economy of countries like Venezuela with high inflation.

We should be able to comprehend the visionary of the top whales in Venezuela, we're talking about country with massive adoption ratio of bitcoin. The country, Venezuela is purely an example of cryptocurrency massive adoption during the period of economic crisis, the economic sector of Venezuela is transforming to be a phase that deals with hyperinflation. We've watched and observed the economic system of bitcoin, we've gathered enough evidence to lay our high hopes on bitcoin. It's saved most of the outstanding traders and investors anticipating in cryptocurrency, I know it's been really a long run for these category of people.

[Iranus]

I think Bitcoin could save the economy of countries like Venezuela with high inflation.

Do you have any ideas about that? I mean if you think bitcoin can save the economies of countries with double digit inflation then you need to come up with more concrete ideas than just baseless thoughts.

To save an economy that is on the brink of collapse or has collapsed, we need to analyze and find out what caused it. From there we need to have appropriate solutions for each problem. What causes inflation in Venezuela? Do you know? Because there are thousands of causes of inflation while bitcoin is just a currency, it is not a panacea or miracle that can solve everything just by using it.

I have seen many people make similar statements as you but I have yet to see anyone come up with a detailed plan, most just speak their mind but they don't know what they are talking about.

[Gladitorcomeback]

I think Bitcoin could save the economy of countries like Venezuela with high inflation.

How exactly? Those who say things like Bitcoin can save economies and it can take countries out of inflation or it can make people earn money and have employment opportunities, need to understand that Bitcoin is just a different form of money. I know it's volatile, but can't that be a negative point when we talk about it rescuing a country from inflation? What if a country buys Bitcoin as a reserve with whatever money it currently has and Bitcoin starts losing value? How would that make them feel?

There are always two sides to a coin, and we shouldn't make conclusions only by thinking about one side. If Bitcoin can make someone money because of its increasing price, we shouldn't forget that someone can also lose the value of their money if it loses value. Even if you don't sell at a loss, your money wouldn't have the same value, and it isn't possible for a country to keep holding until Bitcoin recovers, especially if they have all their money in Bitcoin.

[RockBell]

Bitcoin the only coin made a lot of millionaires who perfectly realized potential of Bitcoin. I can't ignore a lot of people lost from Bitcoin trading, but it's because of not to realized Bitcoin potential. Unless you have enough patience it's hard to get advantage from the Bitcoin. For me Bitcoin helped a lot, I am living a standard life by trading Bitcoin and earning Bitcoin as well. If someone work hard and learn properly about Bitcoin then it's not hard to make money. We just need patience.

Bitcoin actually benefited the economy in several ways and have fill the gap which the government I've been struggling to be able to fill starting from unemployment to circulation of money in the system, a lot of people have discovered bitcoin and I've made it of earning money for ourselves. There are people that trade for a living. And all they depend on is bitcoin if you do analysis well you will see a lot of money circulating around the markets not just thousands but millions. And those that discovered the potential that bitcoin gives not ready to let it go, their are people that are over ready to put even their investment in bitcoin just because of that numbers. And I believe that people that take their investment seriously patience should not be something that we are going to be worrying about the only thing that they will be worrying about will be how they will invest more money not even about the market. Work hard by getting enough knowledge will help anyone that is a serious minded person and want to do bitcoin fully. And killing emotions is also very important, so that you don't get scared that the market is down and want to sell so you have to have patient.

[Fivestar4everMVP]

Bitcoin has many things to do with the current economic situations in different countries,some of these what bitcoin has done to the economic of many countries are -
 first of all it provide employment and source of income thereby regulating the unemployment rate and increasing the efficiency of the economy.
 secondly bitcoin could have hep many countries if they would have acquire some and make it a legal tender years ago.
 thirdly it reduces crime rate in some countries because the reason for some of these crime is unemployment.
 And lastly bitcoin rescues many families and individuals get rid of poverty thereby increasing the quality of life ,helping businesses,and helping the economy in different ways.
Bitcoin has really help the economy , this is just a nutshell of some notable works bitcoin has done to economy of many countries so i don't really see the reason why the government of some countries failed to make it a legal tender till now even after seeing what it has done to their economy.

Instead of using "economy of many countries", wouldn't it be better to just use "world economy" or "economy of the world".

Generally, I completely agree with all that you have said because my financial life is a very good example, many times I've mentioned on this forum that I used to work for a company where I resume work at 6 am in the morning and close work at 7 pm in the night, and on top of this rather unfair working hours, the pay was peanut.

I discovered bitcoin in 2016 and hopped on, and by 2017, I made my first thousand dollars, this was how I was able to quit from that company I was working for, I started my own business and till date, I've never had any course to regret coming into crypto.

In my country, the rate of poverty is very high, but the rate of crime have reduced even at this because, young boys and girls are now making money for themselves through buying and selling of bitcoin and other crypto assets, and through other means like airdrop farming.
Indeed, bitcoin and cryptocurrencies in general, have greatly added positively to the world economy.

[Jateng]

Bitcoin has many things to do with the current economic situations in different countries,some of these what bitcoin has done to the economic of many countries are -
 first of all it provide employment and source of income thereby regulating the unemployment rate and increasing the efficiency of the economy.
 secondly bitcoin could have hep many countries if they would have acquire some and make it a legal tender years ago.
 thirdly it reduces crime rate in some countries because the reason for some of these crime is unemployment.
 And lastly bitcoin rescues many families and individuals get rid of poverty thereby increasing the quality of life ,helping businesses,and helping the economy in different ways.
Bitcoin has really help the economy , this is just a nutshell of some notable works bitcoin has done to economy of many countries so i don't really see the reason why the government of some countries failed to make it a legal tender till now even after seeing what it has done to their economy.

Why not?  Bitcoin gives us so many things to understand and so many things you can do with it.  I think there is nothing we can't do with Bitcoin.  With this we can also fulfill our desire. but whoever invests his hard work and financial support in Bitcoin will suffer losses.  I don't think he'll go into it, but he'll take it even higher, which will take away from the daily tension and you can live a good life.  Ask people who are running their homes with Bitcoin and they will tell you about how happy and well we can understand it. people are also inspired by it and praise it and keep themselves happy and they are living better now than they used to live.

[SamReomo]

Bitcoin has really help the economy , this is just a nutshell of some notable works bitcoin has done to economy of many countries so i don't really see the reason why the government of some countries failed to make it a legal tender till now even after seeing what it has done to their economy.

Well it's true that Bitcoin has helped economy of some countries that have made it a legal tender or allowed payments with Bitcoin but most of the countries and their governments are still skeptical about Bitcoin and they consider as a way that promotes money laundering and etc.

They won't make it a legal tender unless they change their mindset because with that type of mindset they'll always consider it as a vehicle for money laundering and illegal activities while neglecting that fact that how helpful Bitcoin can be to fight inflation. Only if their mindset gets better then they might consider making Bitcoin a legal tender, otherwise they'll keep saying wrong things about it and about the crypto world in general.

[Smack That Ace]

Bitcoin has many things to do with the current economic situations in different countries,some of these what bitcoin has done to the economic of many countries are -
 first of all it provide employment and source of income thereby regulating the unemployment rate and increasing the efficiency of the economy.
 secondly bitcoin could have hep many countries if they would have acquire some and make it a legal tender years ago.
 thirdly it reduces crime rate in some countries because the reason for some of these crime is unemployment.
 And lastly bitcoin rescues many families and individuals get rid of poverty thereby increasing the quality of life ,helping businesses,and helping the economy in different ways.
Bitcoin has really help the economy , this is just a nutshell of some notable works bitcoin has done to economy of many countries so i don't really see the reason why the government of some countries failed to make it a legal tender till now even after seeing what it has done to their economy.

Why not?  Bitcoin gives us so many things to understand and so many things you can do with it.  I think there is nothing we can't do with Bitcoin.  With this we can also fulfill our desire. but whoever invests his hard work and financial support in Bitcoin will suffer losses.  I don't think he'll go into it, but he'll take it even higher, which will take away from the daily tension and you can live a good life.  Ask people who are running their homes with Bitcoin and they will tell you about how happy and well we can understand it. people are also inspired by it and praise it and keep themselves happy and they are living better now than they used to live.

Yes, bitcoin brings us many useful use cases but which use cases can positively impact a country's economy? First of all we need to know what factors contribute to the economic health of a country and can you tell me what factors we need to grow the economy and what role will bitcoin play? Can Bitcoin prevent corruption, can it create more jobs...?

It is true that bitcoin has improved the lives of some people who invested in it, but not all. Furthermore, that is just on an individual level but here we are talking about a national level and it is much bigger. When it comes to a country's economy, the problems we face and need to solve are much bigger, and honestly, I don't see bitcoin having any impact on a country's economy. I cannot imagine how it will help us fight corruption, create jobs or help people improve their incomes and what role will it play in doing those things?

[NewRanger]

Why not?  Bitcoin gives us so many things to understand and so many things you can do with it.  I think there is nothing we can't do with Bitcoin.  With this we can also fulfill our desire. but whoever invests his hard work and financial support in Bitcoin will suffer losses.  I don't think he'll go into it, but he'll take it even higher, which will take away from the daily tension and you can live a good life.  Ask people who are running their homes with Bitcoin and they will tell you about how happy and well we can understand it. people are also inspired by it and praise it and keep themselves happy and they are living better now than they used to live.

Of course, everything has a beginning, if we enter now and buy of course there will be no results unless the investment we have run is at least 1 year old. So, I think now is the time to continue collecting it and I personally believe in increasing this investment facility.

Indirectly it is recognized that BTC will increase if there is positive and good news, especially if it comes in the near future, the price will be pumped and more and more people will come to buy. The public is waiting for two things, namely confirmation of a decrease in interest rates from the feed which will drive the crypto market to experience a bullish trend.

[tottong]

Bitcoin has many things to do with the current economic situations in different countries,some of these what bitcoin has done to the economic of many countries are -
 first of all it provide employment and source of income thereby regulating the unemployment rate and increasing the efficiency of the economy.
 secondly bitcoin could have hep many countries if they would have acquire some and make it a legal tender years ago.

Bitcoin does have an impact on all the people involved in it and bitcoin can also provide an opportunity for anyone who wants to achieve financial freedom.
But bitcoin will not provide any benefits to people if they are not involved in it and also many people and countries have not seen the potential so they ignore bitcoin.
Not all countries feel the presence of bitcoin is important because they think there is competition in it. Bitcoin can be quite beneficial for individuals because people can set their own freedoms that they want.

El Salvador did something right because it was wrapped in clear regulations and they knew the impact that would arise when doing all that and now they are successful in seeing bitcoin as one of achieving freedom.

[icalical]

Bitcoin has many things to do with the current economic situations in different countries,some of these what bitcoin has done to the economic of many countries are -
 first of all it provide employment and source of income thereby regulating the unemployment rate and increasing the efficiency of the economy.
 secondly bitcoin could have hep many countries if they would have acquire some and make it a legal tender years ago.
 thirdly it reduces crime rate in some countries because the reason for some of these crime is unemployment.
 And lastly bitcoin rescues many families and individuals get rid of poverty thereby increasing the quality of life ,helping businesses,and helping the economy in different ways.
Bitcoin has really help the economy , this is just a nutshell of some notable works bitcoin has done to economy of many countries so i don't really see the reason why the government of some countries failed to make it a legal tender till now even after seeing what it has done to their economy.

I don't mean to spread fud here, but we need to be realistic. The influence of Bitcoin on economies is multilayered. It creates jobs and avenues of investment, as can be seen in the case of El Salvador, but it is too volatile to be deeply integrated into the economy of any nation. By and large, most Salvadorans have not found a way to introduce it into their daily life, and even its promise of inexpensive remittances has only partly materialized. Full reliance on Bitcoin also opens up countries to the risk of financial instability if they are out of the ambit of organizations like the IMF.

Now, regarding crime reduction, Bitcoin's transparency does not make it a good tool to actually help reduce the level of criminality. The transactions in a blockchain are open to all, which deters a certain level of crime, but Bitcoin hasn't proved to be the silver bullet that some in the mainstream might have hoped for. While it may be promising in particular use cases, such as cross-border remittances and financial inclusion, Bitcoin is not a panacea across the board in remedying all economic ailments in every country.

[knowngunman]

I think Bitcoin could save the economy of countries like Venezuela with high inflation.

How exactly? Those who say things like Bitcoin can save economies and it can take countries out of inflation or it can make people earn money and have employment opportunities, need to understand that Bitcoin is just a different form of money. I know it's volatile, but can't that be a negative point when we talk about it rescuing a country from inflation? What if a country buys Bitcoin as a reserve with whatever money it currently has and Bitcoin starts losing value? How would that make them feel?

Unfortunately, people with such beliefs know nothing about bitcoin. They see bitcoin as a poverty alleviation scheme that would perform miracle and gives everyone employment. For goodness sake, bitcoin is just a digital currency and it's volatile in nature. Even if a particular country legalize bitcoin, it doesn't mean everyone will have bitcoin for free, it means you can use it for legal transaction if you have it. You'll still need your own money to acquire it. How on earth is bitcoin giving employment?

There are always two sides to a coin, and we shouldn't make conclusions only by thinking about one side. If Bitcoin can make someone money because of its increasing price, we shouldn't forget that someone can also lose the value of their money if it loses value. Even if you don't sell at a loss, your money wouldn't have the same value, and it isn't possible for a country to keep holding until Bitcoin recovers, especially if they have all their money in Bitcoin.

It's ridiculous how they tend to believe bitcoin is only one way investment which is increasing in value and not decreasing. A country can have a bitcoin on a reserve if they choose to but it's not ideal to have the entire national reserve on bitcoin. If they hold only bitcoin on reserve, their economy will crumble when bitcoin experience massive downtrend. The fact that we are comfortable with bitcoin should not push us to have unrealistic believe about it. Bitcoin is not giving you any employment, in fact, you need employment to acquire bitcoin.

[Zigabel]

Bitcoin has many things to do with the current economic situations in different countries,some of these what bitcoin has done to the economic of many countries are -
 first of all it provide employment and source of income thereby regulating the unemployment rate and increasing the efficiency of the economy.
 secondly bitcoin could have hep many countries if they would have acquire some and make it a legal tender years ago.
 thirdly it reduces crime rate in some countries because the reason for some of these crime is unemployment.
 And lastly bitcoin rescues many families and individuals get rid of poverty thereby increasing the quality of life ,helping businesses,and helping the economy in different ways.
Bitcoin has really help the economy , this is just a nutshell of some notable works bitcoin has done to economy of many countries so i don't really see the reason why the government of some countries failed to make it a legal tender till now even after seeing what it has done to their economy.

This comment of yours isn't wrong but it would have been more relatable if you were more elaborate about the ways this impact have been evident, I mean how realistic we could get to think of it, I'm not doubting as I'm a direct beneficiary of it but the essence of me raising this is so some others don't read this and have a misconception where they get to think of Bitcoin as a get rich quick scheme already without knowing that before Bitcoin gets you to the points mentioned, some level of work has been done and has been put into getting to that point but some now will thinking that just getting to involve in Bitcoin, you have a chance of breaking free from poverty and other things and with time they get disappointed when they discovered is beyond that school of taught.

[synchronym]

Bitcoin has many things to do with the current economic situations in different countries,some of these what bitcoin has done to the economic of many countries are -
 first of all it provide employment and source of income thereby regulating the unemployment rate and increasing the efficiency of the economy.
 secondly bitcoin could have hep many countries if they would have acquire some and make it a legal tender years ago.
 thirdly it reduces crime rate in some countries because the reason for some of these crime is unemployment.
 And lastly bitcoin rescues many families and individuals get rid of poverty thereby increasing the quality of life ,helping businesses,and helping the economy in different ways.
Bitcoin has really help the economy , this is just a nutshell of some notable works bitcoin has done to economy of many countries so i don't really see the reason why the government of some countries failed to make it a legal tender till now even after seeing what it has done to their economy.

Bitcoin can certainly have a big impact on the economy as citizens of countries where Bitcoin is legalized are enthusiastically investing in Bitcoin and driving the economy. But in a country like ours where Bitcoin is not legal, we have to invest in Bitcoin secretly. Of course, it contributes to the economy to some extent. Day by day bitcoin is becoming popular if we can subtract properly in bitcoin of course we can do to get enough muna with bitcoin investment this profit of course if we calculate it has a lot of effect on the economy. In Bitcoin investment many times we lose patience so we should not lose patience if we can invest with patience and plan surely we can achieve a lot of success through modesty.

[iBaba]

I think Bitcoin could save the economy of countries like Venezuela with high inflation.

Do you have any ideas about that? I mean if you think bitcoin can save the economies of countries with double digit inflation then you need to come up with more concrete ideas than just baseless thoughts.

~~~

I have seen many people make similar statements as you but I have yet to see anyone come up with a detailed plan, most just speak their mind but they don't know what they are talking about.

Honestly, if we can also get a comprehensive solution on how he thinks we can save countries with economic crisis using bitcoin as a solution will really go a long way for my country. Nigeria is currently at its worse state of economic downturn and the people are the ones at the receiving end. While I don't have to talk much about the economic instabilities currently bedeviling the country, I hope he can come up with an holistic approach where Bitcoin can be provided as a lasting solution to this unstable economic endemic.

I don't know the major reason why Venezuela are trapped in the economic crisis and hardships they're facing, but the root cause of our economic issues is tied towards the wrong decisions emanating from the side of the government. In my opinion, majority of the Socio-economic problems troubling Nigeria are human factors related, particularly from the side of the few government officials controlling the economy, to get any effective solution that will last long, it has to be people's oriented solution. I know bitcoin is a people's oriented solution but how do you practically craft out the idea in a manner it can be implemented?

[Aanuoluwatofunmi]

Bitcoin has many things to do with the current economic situations in different countries

Bitcoin can actually impact positively on the economy of a country and this may not have to be that we should expect seing the impact within a short period of time, it takes time for us to acheive what we want with bitcoin adoption, not that we can't realize any tangible influence from its adoption, but some things have to be in place as well as the time frame required for it manifestation, maybe when we begin to have countries adopting bitcoin as a legal tender like the way El-Salvador and Central African Republic did, things may be more obvious about the impact of bitcoin on each country's economy.

[fredericktaylor]

Bitcoin is a digital cryptocurrency, which works through digital blog chain technology.Bitcoin is not controlled by central bank or government.Through the technology of digital crypto currency people are getting a direction of earning and solving their many shortages of money and cryptocurrency has given a way for people to earn and the standard of living of a person and the economic status of a country is quite a lot.is changing  All cryptocurrency banking facilities are available from banks in countries where cryptocurrency is legally recognized.Bitcoin has ushered in a new trend in the economy, which is primarily based on digital currency and will have a major impact on future economic structures.

[Zlantann]

I think Bitcoin could save the economy of countries like Venezuela with high inflation.

We should be able to comprehend the visionary of the top whales in Venezuela, we're talking about country with massive adoption ratio of bitcoin. The country, Venezuela is purely an example of cryptocurrency massive adoption during the period of economic crisis, the economic sector of Venezuela is transforming to be a phase that deals with hyperinflation. We've watched and observed the economic system of bitcoin, we've gathered enough evidence to lay our high hopes on bitcoin. It's saved most of the outstanding traders and investors anticipating in cryptocurrency, I know it's been really a long run for these category of people.

Venzuala suffered from devastating inflation in 2019 that led to severe currency devaluation. This harsh economic condition made many citizens use Bitcoin as a hedge against inflation. The country also suffers from diverse sanctions from the West which could hinder economic activities. I also suspect that Bitcoin and other crypto were used to bypass sanctions from the US. These two challenges led to massive Bitcoin adoption in Venezuela. But I doubt if Bitcoin contributed massively to the economic recovery of the country.   

I have seen many people make similar statements as you but I have yet to see anyone come up with a detailed plan, most just speak their mind but they don't know what they are talking about.

Some people want to relate the benefit of Bitcoin to an individual to an entire country. But fail to understand that a nation's economy is bigger and more complex. Bitcoin can only contribute slightly to the growth of the economy of the nation if the government invest massively in it as we are seeing in El Salvador. The country bought Bitcoin at a cheaper rate and is now in profit. El Salvador's friendly policies have also attracted crypto investors and tourists.   

[GeorgeJohn]

Do you have a proof of what bitcoin has done to economy of different countries, if you have a proof that would have be nice for us to see the impact bitcoin has created to countries economy...its when a country embrace Bitcoin by making a bitcoin a legal tender or supporting allows the citizens to use bitcoin partially for their transactions is when you say bitcoin has created impacts to so many countries.

I would like you to know that bitcoin has been under tension since the existence, and what makes Bitcoin to continue fluctuating in the market is as result of the negative informations that comes from different president today. know from today that majority of people who is using bitcoin in some countries almost seventy five percent [75%] don't disclose bitcoin information outside, you see some of exchanges shutdown, its as result of some countries discharge with heavy charges, so bitcoin is use privately from observation and so many people that's involves in bitcoin investment also secured employment opportunities because is not legalized