BITCOIN AND ECONOMY

[Fiatless]

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 -

Bitcoin alone cannot improve the economic conditions of a country. The best they can do is to make favourable Bitcoin policies and/or invest in Bitcoin. Making policies like legalizing Bitcoin and giving incentives to crypto companies can attract more investors to the company. This can create employment and increase government revenue via taxes.

Just like El Salvador some countries might buy and keep Bitcoin for a long time. They might make some profit if the price rises in the future.

[Stepstowealth]

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.

Since I knew more about investing in Bitcoin it is easy for me to detect individuals with little knowledge on it based on how they speak of Bitcoin. Bitcoin is not the solution to economic problems and will never be, it provides an opportunity for people to escape from poverty but it is not without them investing and if you are planning to profit from bitcoins, you need to also plan to invest, and if you are poor, investing is harder. In an economic setting, you need find a way to get money first before you plan to invest.

[Nwada001]

Please don't put so much pressure and hope on bitcoin. If you are doing this kind of thinking, you should have some data to back your claim up, like how many countries that Bitcoin has helped to reduce their poverty rate, increase their economic growth, help them in paying debt, and do all the positive things that you have outlined above.
 
Bitcoin is doing it best in a way that it can, but seeing Bitcoin as a God that can help pull off countries from the mess that they have gotten themselves into is just out of this world.
 
You need to understand that it takes more than just buying and holding bitcoin or making Bitcoin a legal tender in order to rescue a country from their bad economy; the government needs to put in some hard work and good working policies in order to achieve that.

[alastantiger]

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.

The only country that Bitcoin has helped their economy are the country that have adopted Bitcoin to be used as the country currency but that isn't the only reason why Bitcoin has helped their economy because they still had to invest in Bitcoin too. The country that accepted Bitcoin had their reasons and the country that haven't invested too have their own reasons. Some country's government are afraid that Bitcoin is going to make them vulnerable to cyber attacks and other attacks by terrorist.

More country are going to be adopting Bitcoin soon as they begin to see that their currency isn't doing well because of inflation, as it keeps on losing value. Bitcoin can only help the economy if it gets used as an investment and not a currency because there's no benefit of Bitcoin to the economy when it gets used for buying and selling of commodity .

[famososMuertos]

Nothing could be further from the truth and it has already been said several times, none of that is possible with bitcoin, at least not in its essential concept of being a p2p and a technology that allows you to protect and have control of your finances, and that is if you so wish, since having "influencer" in everything mentioned depends on other factors that would have to happen...

[The Cryptovator]

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.

[HajiBagi]

I disagree specially for bigger economies. For starters bitcoin is still too small and its adoption is too low to have a strong impact on the economy.
Also you have to make a distinction between income and employment. One may start trading bitcoin or invest in bitcoin and make a lot of profit (which could be called income too) but employment requires jobs, bitcoin related ones. And there aren't that many available yet because there aren't that many bitcoin related businesses created yet to be able to address the employment issue. For example currently there are about 3 million jobless people in Spain, while there aren't even 3 million bitcoin related jobs worldwide to be able to cover that in one country alone.

I don't think that Bitcoin can help economy of a country if the country is not developed, even the country in which Bitcoin becomes legal tender, there are many countries where Bitcoin is allowed and make it legal but if you look at them not everyone has a Bitcoin, is not every one of them that has a job, bitcoin can help but not everyone that bitcoin can help we all know that bitcoin can not be own if you don't buy it to hold for a future and those who have bitcoin is those who have money and they are capable to buy it.

Talking about those who don't have work, every country has those who don't have work and Bitcoin can not solve the problems, there are still some countries that blame Bitcoin that it is the problem for causing a hard economy in the country. We can't just assume that Bitcoin can help all the country, the country that can develop it is because of the performance of the government, not Bitcoin because if the government does not do its duties some people can not have Bitcoin.

[serjent05]

Bitcoin has not yet been adopted enough that it has a large-scale effect over any country’s economy. As small as its impact might be right now, if we see more initiatives similar to what has been going on in El Salvador then it could have massive benefits in the future. Elementary school kids are learning about Bitcoin and many of them could go on to become entrepreneurs. Bitcoin education has to be coupled with other measures dealing with crime reduction and fostering innovation so that people have options besides becoming gang members.

Bitcoin is yet to be ready to be adopted by several country in an on-chain transaction basis.  Imagine if the whole or 30% of the global population is to adopt Bitcoin and doing an on-chain transaction, it would have massive congestion problem and probably this is also the major reason why the Bitcoin adoption is quite conservative.

Anyway, I agree with @OP that if Bitcoin is adopted, it will bring a job demand to the country especially when wealthy people starts integrating Bitcoin in their company or when they decided to put up a company.  In order to use Bitcoin there is a need to make an infrastructure that integrate Bitcoin to a company and that brings a demand for job.

Even though Bitcoin has struggled to gain adoption, I believe El Salvador is doing the right things that will pay off in the long term. Other countries with high poverty and crime should emulate the good things that they have done.

If Bitcoin is to go uptrend in the future, El Salvador sure will benefit from it.  But I hardly hear any news (maybe I am missing something) that national companies in El Salvador is integrating Bitcoin into their system nor the Technology behind Bitcoin is being taking advantage of these companies.

[tabas]

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

Bitcoin don't really provide employment but if that's the point of view that you're seeing, we see it as well because it helps a lot of people to have some hustle and it being tradable makes someone being occupied by that use for them to make money.

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

We will never know on how many of them are really acquiring now. We've been hearing from the news that there were little accumulations that are happening but basically, they're not required to make it a legal tender as long it's legal on them.

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

If there's a statistic that has reduced its crime rate due to Bitcoin, I'd believe.

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.

As an asset or store of value, it did helped a lot of people understand how to deal with poverty and thrive with their personal economies.

[yudi09]

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.

In many positive aspects, the presence of Bitcoin as a system has greatly helped facilitate many groups of people. The most obvious is privacy and freedom. The ease of transacting worldwide without involving a third party as well as low costs and a fast process are the first positive aspects of Bitcoin in my opinion.

As a job market and saving families and individuals from poverty, I think this can still be refuted because Bitcoin is only a digital currency system and in terms of price, currently only people who are financially capable can afford it, although it can still be done in a more flexible way.

[Hamza2424]

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.

OP, TBH Bitcoin is not our savior at least currently Bitcoin is not that capable, I love to write words in Bitcoin's dominance, possibilities, and potential but all of that is for the future, currently I'm not sure how Bitcoin helped in nu-employment as it's just a payment mode, Yup there some indirect possibilities which Bitcoin directly influences.

Buddy, Bitcoin as a potential tool can help people to improve their lives but, Honestly, currently, we are not at that scale we need time, and more adoption to reach that limit to help people with their investment amount in Bitcoin to improve their lives I know such kind of comments are already there but according to the Op's claims these are the only replies we can make as there's no any other angle.

[pooya87]

I believe the mistake people like OP make is that they are extrapolating individual experience to make the conclusion on a bigger scale (ie. country's economy). It is obvious that individuals can benefit greatly from bitcoin. For example someone from lower class being very poor could have spent like 20 bucks on bitcoin (buying 20BTC) and have a million dollar today! But that is not helping the country's economy, specially since most of such people don't even pay taxes!

[Jaycoinz]

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.

Especially now that the value is high, most of the millionaire and billionaire were made during the early adoption of Bitcoin @ early stages. Although with Bitcoin it's never too late but the only clause there is that you definitely and certainly need to understand the importance and virtue of having patience because without patience you can end up getting ahead of yourself make hasty decision that might destroy your investment or Bitcoin holdings.

[examplens]

But that is not helping the country's economy, specially since most of such people don't even pay taxes!

There is another model of using Bitcoin that works against the economy of the country, most applicable in poor and corrupt governments. Where it is now much easier for corrupt authorities to take and hide money using Bitcoin, instead of the current traditional way via offshore accounts.
I've seen such a scenario.

[hd49728]

There is another model of using Bitcoin that works against the economy of the country, most applicable in poor and corrupt governments. Where it is now much easier for corrupt authorities to take and hide money using Bitcoin, instead of the current traditional way via offshore accounts.
I've seen such a scenario.

Your example is excellent that debunks hatred approach and regulation of governments against Bitcoin while they are free to do the same things done by criminals like money laundering.

As human with basic universal human rights and as citizens, we have rights to defend our privacy and Bitcoin helps us to get privacy but governments don't like it and don't want their citizens to maintain privacy in finance.

Why KYC is extremely dangerous – and useless

Governments try to accuse citizens that using bitcoins for fund transfer means money laundering but how about their same activities. Who will accuse them and will they self-admit their corruption and money laundering?

I want to say, I don't imply any citizen uses Bitcoin blockchain is doing money laundering and the automatic assumption of governments on it, is False.

[lovesmayfamilis]

OP, let's start with you. Tell us how Bitcoin has affected you personally, and your family, and how you managed to get rich by owning Bitcoin. How do you make money by receiving Bitcoin to support your claim about employment?
Likewise, you shouldn't talk about what would have happened if... Russians have a saying: if grandma had balls, she would have been a grandpa. Telling us about what neither you nor anyone else did in the past and what would have happened then is very frivolous.
In short, don't assign Bitcoin the status of a god who solves all the problems in the world. This is not and will not happen, and you should start studying Bitcoin more seriously to draw reasonable conclusions about its benefits.

[Salahmu]

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.
 

You are right in some of your statement about Bitcoin but not entirely all the aspect because the first thing you must no is that you cannot be empowered, employed or established through Bitcoin if you do not have the money to startup Bitcoin investment, those who who have been benefiting a little bit from Bitcoin are those who invested, so actually from my own understanding Bitcoin does not reduce unemployment rate but instead it presented a way for people to invest and those who trusted it with there funds were the only ones getting some profits from there investment. In terms of Bitcoin reducing crime in a country I don't really think is possible because human minds are different and even if everything is at there disposal some of them will still choose crime and besides in the case of Bitcoin it involves capital before investing, so how will it reduce the crime of those people who has no money to start? And secondly what are the guarantee that they will be successful after investing on Bitcoin?.

[bananahunter67]

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

[dezoel]

It definitely does help a lot of people in a lot of nations, mainly the poor ones as well. Even a small income would be such a big deal for a lot of people and I think it is going to end up with something much better as well, it is going to be something that will take a while. I believe that we are going to see something bigger so investing into it is one part of the discussion but there is also the possibility of working to make money and a lot of people are using that part, I think it's a quite big deal and we could definitely consider this to be something that benefits us.

We should consider this to be something that will get greater results, and if we can't really see that type of change then we are not going to see something bigger or different. The reality is that we can't really consider this to be a great thing for everyone, it's only applicable for people who are in the crypto world and I think it is a good thing and we benefit from it while others don't.

[Nrcewker]

I don't think it's true because people who commit crimes because they don't have employment are those who have no knowledge or even money to get into Bitcoin or trading in general, they are not the kind of people who could invest money in Bitcoin or trading and earn money from it.

According to me, a person commits crime to earn money in a shorter period of time. He might be making regular investments or earning regularly, but for some of his needs he needs more money, and in order to fulfill this he will commit crime. It’s not appropriate to blame only the uneducated people for the crimes.

Now regarding the OP, then yes, Bitcoins have many benefits, and it has helped a lot. Be it an individual or the whole nation, bitcoins have surely helped to make their cost of living better. By the end of the next bull run, we might see Bitcoins touching new heights, and more achievements will be accomplished by the Bitcoins.