Citizens moving savings to Bitcoin, and it's effects on national budget.

[rezakurnia66]

Bitcoin is kind of investment way and make the Citizen why moving saving fund in the bank move to save bitcoin as their assets investment, its effective how to avoid from inflation value although saving in the bank have deposit offer yearly around few percent but not enough back up yet from inflation and decreasing values from saving money.
I don't think is wrong way when the Citizen prefer to save money in bitcoin than keep hold in the bank but what the future impact for government and Bank its self without have many user not saving yet their money in the bank. Have positive impact for the user its self but the government will think more about Bank can't running yet in the future without get much saving money from the Citizen.

[Alphakilo]

I believe this your question is hypothetical in nature because, in reality I don't think that there will be a situation were in a country people will save money in Bitcoin to the point were it will become a problem to the government. I don't see that happening. No every one will adopt crypto that is the fact. Even with the success that crypto currency has been able to record so far, there is still a lot of resentment about Bitcoin from some people.


Bitcoin is made for a selected few , who understand how it works. This is why not everyone will buy into the Idea of Bitcoin and adopt it. Fiat currency will still be in a high supply and circulation to sustain any economy.

Fiat is still the ultimate currency, unless there is an open adoption of Bitcoin and cryptocurrency as a legal tender in such a country.
In cases where the government entertains the idea of Bitcoin and cryptocurrency without fully adopting it, they ensure they make fiscal and monetary policies to ensure they get some returns from Bitcoin investment just as in taxes and it use for remittances in the best use case of transactions.

You are right not everyone would use Bitcoin nor accept its existence, but the few who actually do, are the enlightened ones who are independent and more financially secure with Bitcoin investment as an alternative in the worst financial crisis possible.

[Odogwu-Blockchain]

Bitcoin is made for a selected few , who understand how it works. This is why not everyone will buy into the Idea of Bitcoin and adopt it. Fiat currency will still be in a high supply and circulation to sustain any economy.

There are still many who hasn't understood Bitcoin till now in my country, I told him I can't save my money in the bank, that all my money is in Bitcoin, he got amazed and shocked as to why someone's money could be in Bitcoin and then be used for spending.
I came to understand that there are many people who hasn't really known how Bitcoin works. It's pissed off bro.

[Odusko]

Bitcoin is made for a selected few , who understand how it works. This is why not everyone will buy into the Idea of Bitcoin and adopt it. Fiat currency will still be in a high supply and circulation to sustain any economy.

There are still many who haven't understood Bitcoin till now in my country, I told him I can't save my money in the bank, that all my money is in Bitcoin, he got amazed and shocked as to why someone's money could be in Bitcoin and then be used for spending.
I came to understand that there are many people who haven't really known how Bitcoin works. It's pissed off bro.

Is not only in your country that there is low adoption or awareness of bitcoin is all over the world and low percentage of people in the world have knowledge about bitcoin which is the reason that we most times refer to ourselves as still early adopters of bitcoin., vas majority of people around the world are yet to be fed and open to bitcoin they have zero knowledge of bitcoin meaning they never hard any contact with the subject matter bitcoin.

[Rustam Meraj]

Fiat is still the ultimate currency, unless there is an open adoption of Bitcoin and cryptocurrency as a legal tender in such a country.
In cases where the government entertains the idea of Bitcoin and cryptocurrency without fully adopting it, they ensure they make fiscal and monetary policies to ensure they get some returns from Bitcoin investment just as in taxes and it use for remittances in the best use case of transactions.

You are right not everyone would use Bitcoin nor accept its existence, but the few who actually do, are the enlightened ones who are independent and more financially secure with Bitcoin investment as an alternative in the worst financial crisis possible.

Most governments are making it official money to take money in their daily shopping other than to make money off of it or even to use it as smart savings to support their own cash. At same time, sending money to other countries with help of Bitcoin has never been higher due to its speed and low price compared to old banks.
I think real worth of Bitcoin is that it is fair type of property that cannot be turned off, so it is safe lifeboat in case of money crash when regular money has lost its value because of rising prices and everyone is working hard to buy needed items. Although I do agree that cash is still being used to pay daily taxes and to shop around, your pile, which you hold in Bitcoin, is becoming more and more seen as the true test of long term wealth.

[Fivestar4everMVP]

So you then ask, how will national budgets adapt when there's a stronger store of value in Bitcoin?

What happens to fiscal policy in an economy dominated by Bitcoin's influence?

I think the answer to your question is quite easy, first, we all know that the governments around the world are now finding ways to start regulating bitcoin and the entire cryptocurrency market altogether, one of the reason why the government is making this move is so that they can begin taxing bitcoin and cryptocurrencies holders as well.

Taxing bitcoin and cryptocurrencies holders will definitely become another source of income for different governments around the world, but even before this begin to happen, there is currently no place or country where we can say that Bitcoin have become their only means of saving money, and beside, government have other source and avenue through which they are making money from their citizens, example is transportation, government owned schools, oil and gas, real estate export of local materials and import of foreign foods etc.. Government are making money from taxes collected in all of this businesses and more, they can always fund their budget through this.

[SquirrelJulietGarden]

I think the answer to your question is quite easy, first, we all know that the governments around the world are now finding ways to start regulating bitcoin and the entire cryptocurrency market altogether, one of the reason why the government is making this move is so that they can begin taxing bitcoin and cryptocurrencies holders as well.

Taxing bitcoin and cryptocurrencies holders will definitely become another source of income for different governments around the world, but even before this begin to happen, there is currently no place or country where we can say that Bitcoin have become their only means of saving money, and beside, government have other source and avenue through which they are making money from their citizens, example is transportation, government owned schools, oil and gas, real estate export of local materials and import of foreign foods etc.. Government are making money from taxes collected in all of this businesses and more, they can always fund their budget through this.

When the world change with innovation, people as citizens change themselves, business companies and system change too so governments have to be very adaptive with new technological innovations and social trend in order to do their regulations well. When citizens already changed their practice with their monetary flows from traditional financial systems through banks to blockchains and cryptocurrencies, governments have no other choices rather than adapting to this trend, upgrading laws and regulations for better enforcement. At least they must maintain almost similar regulation efficiency like before appearance of Bitcoin and cryptocurrencies.

It's their minimum objective but we know that with innovative blockchains, governments can do their regulations much better and efficient than with traditional accounting and taxing methods and tools.

[dansus021]

 the total supply of Bitcoin is not enough to give everyone in the world a "full" Bitcoin, but it is technically sufficient for everyone to own a portion of one in satoshi. Tho lets say lot of people in one country start to saving in bitcoin the gov want the share in the form of tax. They removed VAT on crypto transfers but applied a Final Income Tax. It does affect on national basis and the system would start to adpting it.

and hey I dont to believe this kinda system exist fiat whether we like or not gonna co exist with the bitcoin itslef

[Outhue]

OP there are too many people in the world today that don't even care about Bitcoin investment, some don't know what it is and there are some who knows Bitcoin but don't give a two fuck about Bitcoin, Fiat system still got a upper hand and it doesn't matter if everyone have Bitcoin in their investments portfolio. People hardly spend their Bitcoin because to them it's like the tomorrows gold that's needed to be keep rather than spending it, there will never be a negative effect if everyone in the world is moving their money into Bitcoin.

[Dunamisx]

The way out is no more in Fiat if anybody want to have a long time sustainability and change, we can't keep on running under a centralized economy and financial institutions and expect that things change for good, as we know already that freedom is not giving, instead it is been taken and that is why satoshi has helped us true of these by his numerous achievement that led to bitcoin invention.

This is why ever since then, the market has always been increasing as we have an increasing adoption rate as well as the market value for bitcoin ever increasing for our profiting, government should take responsibility of their budgeting and the running of the overall economy because they are in charge and made the policies that always failed us.

[retreat]

The assumption that more people will choose Bitcoin over the fiat system is unfounded, as I am not convinced that more people will opt for Bitcoin even though it is still regarded as an investment asset. Therefore, this assumption is unnecessary as it is highly unlikely. Moreover, the potential for domestic issues leading to a national budget deficit is far more likely to occur than the concern that more people will save in Bitcoin.

[Rockstarguy]

So you then ask, how will national budgets adapt when there's a stronger store of value in Bitcoin?

I don't think the government depends on individuals or citizens when it comes to national budgets. They can always afford to run a budget because they have different resources for how money is generated.

People need to understand that no matter how traditional currency may be, the government will always be able to manage their budget. This is why every individual should take their finances very seriously, because it is only Bitcoin that can make them very valuable.