Topic: Bitcoin and the economy (Read 396 times)

Some countries are now supporting bitcoin which is good and it is helping bitcoin adoption, some countries are nothing supporting bitcoin, some went to the extreme by declaring bitcoin illegal. El Salvador accepted bitcoin a legal tender, Kingdom of Tonga with a population of 100000 is making move to make bitcoin a legal tender. Bitcoin has done well because many country make it legal.

I started to wonder about the reason some countries hate bitcoin, it stated in many country by their central bank because they are planing ways to make the currency of their country superior, they see bitcoin as a threat. The banks will not come up straight to the point, all they will say is that bitcoin can bring up illicit activities. what is funny is that the illicit activities that had started many years ago before the creation of bitcoin.

This is not about the lies from the central banks, this is not about lies bitcoin critics are saying, this is about economic downside of bitcoin. Some people will say bitcoin will add nothing good to the economy, Some people are saying making bitcoin a legal tender in a country like El Salvador that do not have their own currency but spending US dollar will not offer anything good but a downside.

See this quote:


Before El Salvador make bitcoin a legal tender, see their dept relating it to GDP in the country from 2012 to 2020. Was there anything good?

See the reaction from many critics about El Salvador bitcoin adoption.

The question I want to ask is about the effect of bitcoin on economy in the countries that make it legal?

You will see that most of the countries that banned Bitcoin has some kind of Autocratic leadership or authoritarian government. The reason why they are banning Bitcoin is simple, because it threatens their control of their people.

They do not want people to have financial freedom or for them to think for themselves. They want to control their money in the corrupt Banking system and they want their people to be poor and dependent on them. 

Bitcoin gives people financial freedom and the choice not to be controlled. Their financial transactions are also pseudo anonymous and most governments hate that. 

I don’t remember seeing in the news that there is any religion that has forbidden people from making use of cryptocurrency. In countries where Bitcoin has been banned, it is usually the government that does it, and it has nothing to do with religion.

And moreover I don’t see how making use of Bitcoin or investing in it is a sin, how exactly is that even a sin? Religion will only forbid you from doing things which are considered a sinful act in the face of God, and Bitcoin is not a sin. Bitcoin is simply a technology that was even introduced to help our lives, and I can bet that a lot of us here that our lives changed when we started making use of bitcoin.

what you need to know is that it is forbidden by religion and not by the state, because this is from several studies by religious leaders from certain countries that prohibit bitcoin as a transaction tool, and usually this is applied by countries with a majority population. population. . residents who are religious and solely directives from state officials to prohibit them according to a belief system that is considered a reference.
In fact, in general, countries that currently prohibit bitcoin have never issued prohibition rules contained in written constitutional rules, but only have opinions in the media.

what you need to know is that it is forbidden by religion and not by the state, because this is from several studies by religious leaders from certain countries that prohibit bitcoin as a transaction tool, and usually this is applied by countries with a majority population. population. . residents who are religious and solely directives from state officials to prohibit them according to a belief system that is considered a reference.

If the countries do not accept it as a legal tender, they should at least make it legal. I believe countries that regulate their currency by their government can not make bitcoin a legal tender, but they can accept it which is still almost the same with little difference.

There is no official news that Turkey will accept bitcoin as a legal tender which some people can be confused, but it is possible that Turkey can make bitcoin legal. What I heard about Turkey is that Turks can use bitcoin but just the bank transactions from crypto organizations are block because of the ban. There are some countries bitcoin is banned but citizens can use it.

El Salvador hardly bought any bitcoin at all, I think it might have been something in the tens of millions which has virtually no effect on the economy. No, it was not due to Bitcoin adoption that the debt/GDP ratio spiraled out of control. It was just due to COVID where the entire global economy tanked, and they have since not recovered. Nearly every country that began to limit their economy ran into uncontrollable debt problems, and they did not have the GDP to support such spending. Ironically enough, had BTC adoption occurred much earlier, they wouldn't have ran into an issue with the debt.

I'm afraid it is not about people. Neither is it about their welfare nor their bright future. This is only about governments trying to preserve their power and dominion. So if a government allows the use of Bitcoin, it does not necessarily mean such government cares about the people and their future. It could simply mean something else.

Anyway, I guess the view that we could quickly earn extra profit from Bitcoin might not really be what Bitcoin is truly all about. I also doubt that Bitcoin has a high potential to cover any economy. Neither do I believe that Bitcoin could be used to eradicate poverty.

Anyway, I guess the view that we could quickly earn extra profit from Bitcoin might not really be what Bitcoin is truly all about. I also doubt that Bitcoin has a high potential to cover any economy. Neither do I believe that Bitcoin could be used to eradicate poverty.

I firmly believe that only those governments who want to support their people and look for their bright future will accept the bitcoins and promote them. Governments who don't want to look at their people and only want to eat their money by applying high taxes will never accept bitcoin and stop everyone from utilizing it. Everybody knows that bitcoin has many benefits, and we can quickly earn extra profit. However, these governments are blind and act like they don't know about anything related to cryptocurrencies. Bitcoin has a high potential to cover any economy. With the help of bitcoins, we can remove poverty from one nation, but they're blind.

The government is supposed to be the most powerful entity in a country. It is not the people really. Neither is it true that the government is the people. One reason why governments are powerful is that they have the control over money. And the strength of their money is more or less the strength of the country. Such is the reason why a decentralized Bitcoin isn’t really attractive to them. And it probably goes to the extent that a government would rather stick to their falling fiat rather than embrace a digital currency which is neither theirs nor could be taken over.

However, I guess it is easier for a country that doesn’t have its own currency, or whose currency is held hostage by powerful economies, or whose currency is so weak it could easily be bullied by stronger currencies to embrace Bitcoin as a viable alternative currency.

Before El Salvador make bitcoin a legal tender, see their dept relating it to GDP in the country from 2012 to 2020. Was there anything good?

See the reaction from many critics about El Salvador bitcoin adoption.

The question I want to ask is about the effect of bitcoin on economy in the countries that make it legal?

Personally, I don’t think there is the need for every country in the world to adopt Bitcoin, it is still going to flourish whether they do it or not. To me, what really matters is that there are people who are making use of it.

Even in countries where it is illegal, as long as people have gotten to know what bitcoin is in that country, I believe that there are many people who would still continue making use of it even if it’s declared illegal. That’s the good thing about decentralization, nobody stops people from making use of bitcoin, not even the government. The government doesn’t know that you’re making use of bitcoin except that you make it known to them.

Personally, I don’t think there is the need for every country in the world to adopt Bitcoin, it is still going to flourish whether they do it or not. To me, what really matters is that there are people who are making use of it.

Even in countries where it is illegal, as long as people have gotten to know what bitcoin is in that country, I believe that there are many people who would still continue making use of it even if it’s declared illegal. That’s the good thing about decentralization, nobody stops people from making use of bitcoin, not even the government. The government doesn’t know that you’re making use of bitcoin except that you make it known to them.

Exactly but sometimes, you need a little push so that you speed up the process which I think is the best thing because it's going to insure that you're technology is going to be used and that people will immediately enjoy the benefits of using it and you can get the profits much faster. I think that we need to speed up the adoption of bitcoin in many countries because I feel like the slower we get, the detractors will arrive first and plant the idea that bitcoin is bad before even trying.