Topic: Bitcoin and the economy - page 2. (Read 380 times)
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.
as no government wants to lose control of their currency as that gives them huge power.
This is the fight against bitcoin. The identity of every country is important for them and no government head wants to be known as the particular person who gave up there identify. The CBDC is introduced aa the digital aspect of cryptocurrency. We don't see any reason for that struggle between governments to ban btc as they only selfish to protect identify .
as no government wants to lose control of their currency as that gives them huge power.
This is the fight against bitcoin. The identity of every country is important for them and no government head wants to be known as the particular person who gave up there identify. The CBDC is introduced aa the digital aspect of cryptocurrency. We don't see any reason for that struggle between governments to ban btc as they only selfish to protect identify .
The whole world now needs to accept bitcoin.
I second this. One currency, one blockchain, one store of value. Insane profits. The central banks should get their shit together and start dumping their gold reserves because they ain't good. They just sit there! Why don't they buy bitcoin instead is beyond my understanding.
El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.
Saludos to our friends in El Salvador.
I do not understand why bitcoin is a two edged sword. Bitcoin is a revolutionary movement. One funny thing about it is that, as one country is banning it, another is setting plans to adopting it.
It has numerous enemies as well as huge friends. It is the friend of the people but an enemy to the government.
Yet, many people fighting Bitcoin now are still afraid of not joining it, because they might turn out to be the greatest loosers when Bitcoin is finally proven to be a successful.
It has numerous enemies as well as huge friends. It is the friend of the people but an enemy to the government.
Yet, many people fighting Bitcoin now are still afraid of not joining it, because they might turn out to be the greatest loosers when Bitcoin is finally proven to be a successful.
Taxes are where politicians get their money. So, they don't like something that will be kept hidden from them. That is Bitcoin. People do not need to declare it as their asset. It could just sit in one wallet and no one will ever know as long you don't sign it with your name in it. That is what they are scared about and because of that they don't even need to have a debate if it needs to be accepted or not. Obviously, it shouldn't be or they will lose everything and their corrupted ways. I am sure the central bank will back them up with that decision.
Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.
I see if the country of el salvador wants to fully adopt bitcoin in their economy and even they have legalized bitcoin as a legal payment in the country, and even during a bad market like today, the president of el Salvador took a pretty bold step by investing $15 million to add to their portfolio of bitcoin holdings, according to several existing sources, currently el salvador has almost 1500 BTC as their state asset and this proves that el salvador has had a long plan and also great confidence in the prospect of a bright bitcoin future, maybe the current downturn will make some of their citizens panic, but I don't think it will make them lose faith in bitcoin.El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.
Didn't Turkey put a ban on crypto currencies or was it just mining?If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.
Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.
That will be the case if majority of them hodl or have a patience to wait for something good to come with bitcoin, but unfortunately most of the citizens of El Salvador are newbies so maybe they will get panic once seeing the market condition today so hope their government guide them and educate that this is normal phenomenon on crypto industry.
I think they have an knowledge but lack of experience since it was new to them but not all , we could really say that newbies are going to panic sell but it will be overcome later on since they will learn from their mistakes. Not just el Salvador but all of the newbies in crypto. That is why knowledge is power and learn from your mistakes as it makes you stronger
El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.
Didn't Turkey put a ban on crypto currencies or was it just mining?If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.
Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.
That will be the case if majority of them hodl or have a patience to wait for something good to come with bitcoin, but unfortunately most of the citizens of El Salvador are newbies so maybe they will get panic once seeing the market condition today so hope their government guide them and educate that this is normal phenomenon on crypto industry.
and requires a long process to be perfect because not everyone understands and understands bitcoin briefly for El Salvadorans but over time all citizens will get used to all the phenomena that occur in bitcoin and will also enjoy the benefits.
We can't have the whole world embrace a new technology immediately but with time they would definitely be forced to join the train when the see they have no other options. The challenge we have with global Bitcoin adoption at the moment is the fear of the unknown as well as the fear that Bitcoin has come to devaluate their local economy but the truth is no matter how much the fight the technology one day a new government who understands the trend would definitely see into it's adoption
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. 
El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.
Didn't Turkey put a ban on crypto currencies or was it just mining?If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.
Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.
That will be the case if majority of them hodl or have a patience to wait for something good to come with bitcoin, but unfortunately most of the citizens of El Salvador are newbies so maybe they will get panic once seeing the market condition today so hope their government guide them and educate that this is normal phenomenon on crypto industry.
El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.
Didn't Turkey put a ban on crypto currencies or was it just mining?If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.
Same with the Russian news as of late, they wanted to ban that involves bitcoin. In any case, developing countries such as El Salvador should really adopt bitcoin. I mean the effects could be huge for their economy, what if they invest their wealth and then wait for the bull run, for sure they are going to profit from it. And their people using bitcoin to buy things could also make the bitcoin economy flourish. So it's really a win-win and could really be just a matter of time before another developing countries adopt bitcoin legally.
El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.
Didn't Turkey put a ban on crypto currencies or was it just mining?If I remember it right, the gov banned the businesses from accepting crypto. They didn't ban mining, they didn't ban ownership or trading. I believe that happened because it would make it a mess to calculate the taxes. The accountants/businesses may try some shady tricks to avoid paying their taxes and that's a big no no.
The main reason why governments fight Bitcoin is because it is decentralized. This means that they are unable to control the financial system. They do not want it. They want everything in their grasp. Also, because of privacy, they want to monitor and know all the financial transactions of individuals and institutions.
As for the impact of bitcoin on countries that adopt or accept bitcoin, I think it will be very positive, countries that adopt bitcoin and transfer their assets from fiat to bitcoin will have a high hedge towards future risks, which are particularly represented by the inflation that fiat is constantly experiencing, also accepting bitcoin will It causes a great economic movement in the country because of the need for infrastructure commensurate with the new financial system, also the ease of transferring money, fees and taxes will be easy to collect and all of this leads to the recovery of the economy.
As for the impact of bitcoin on countries that adopt or accept bitcoin, I think it will be very positive, countries that adopt bitcoin and transfer their assets from fiat to bitcoin will have a high hedge towards future risks, which are particularly represented by the inflation that fiat is constantly experiencing, also accepting bitcoin will It causes a great economic movement in the country because of the need for infrastructure commensurate with the new financial system, also the ease of transferring money, fees and taxes will be easy to collect and all of this leads to the recovery of the economy.
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.
They hate bitcoin (not hate, scared of it) because most government don't know much about bitcoin or how it works. Others that know about bitcoin and crypto currencies are scared because they don't like decentralization. They don't want to give power to their people. And when it comes to financial aspects, they would never want to give complete control to their people. The government is power hungry. But eventually they will allow bitcoin and might make it a legal tender, but only after imposing strict regulation.El Salvador adopted bitcoin and yesterday there were news saying that Turkey is on the brink of adopting Bitcoin as well. Some say the news were fake but I am not sure about that. Turkey is exactly the country that would adopt crypto.
Didn't Turkey put a ban on crypto currencies or was it just mining? 
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.
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.
The question I want to ask is about the effect of bitcoin on economy in the countries that make it legal?
There should be 3 possibilities:1. Improve their economic strength
2. Worse their economic strength
3. No effects at all
When they make Bitcoin legal, they will do massive efforts to take advantage of Bitcoin. The perfect example is El Salvador, even their president takes a part in Bitcoin promotion and he initiates to build any facilities to optimize Bitcoin usage. At the end of the day, if they do it properly and choose a good strategy, I think a country that legalized Bitcoin can get a good advantage. So, improving their economic strength is possible.
We can't have the whole world embrace a new technology immediately but with time they would definitely be forced to join the train when the see they have no other options. The challenge we have with global Bitcoin adoption at the moment is the fear of the unknown as well as the fear that Bitcoin has come to devaluate their local economy but the truth is no matter how much the fight the technology one day a new government who understands the trend would definitely see into it's adoption
The whole can embrace Bitcoin and expand its adoption but fiat should coexist with it since most of these leaders in the other countries don't like the supremacy of Bitcoin since they can't control the money and that's good for sure. But I don't know if the whole world is ready for that it might take some time to make them use Bitcoin but most of these people don't know what to do of having a wallet address or a private keys.If El Salvador the the set of an example then I think most people in the world can do this also.
The question I want to ask is about the effect of bitcoin on economy in the countries that make it legal?
There has been lots of discussion on US dollars and its inflation problems and when world economy is still being calculated as USD as a base currency, you will find everything get devalued over the time hence obviously adopting bitcoin against dollars will definitely give significant protection against inflation. Moreover, why some of these countries are so head bent on not accepting bitcoin and crypto currency in general is what I am yet to apprehend and some out of their selfish reasons has even go to ban and make crypto illegal, while some won't make it a legal tender and allow it transactions within the country. I think there is a lot of positive impact on the economies of countries that have decided to accept bitcoin and El Salvador should serve as source of conviction for them.
It is clear that small nations could take advantage of this situation whereas big nations will hurt from it. Bitcoin is something that goes up in dollars, and most fiat currencies drop in value against dollar. So, if you leverage your own national currency today, tomorrow when your fiat is less valuable against the dollar, you could sell your bitcoins and could get that difference back. This doesn't help the USA, it is also valid for euro, pound, yuan and so forth.
If you are a big nation AND support bitcoin then you could do it with a lot larger amount and could be great, China buying 1 trillion dollars worth of bitcoin would guarantee their future, either bitcoin will suck because of it and they will be fine, or it will be great and they will still be fine, but they decided to ignore that for some reason and they will hurt because of it as well.
If you are a big nation AND support bitcoin then you could do it with a lot larger amount and could be great, China buying 1 trillion dollars worth of bitcoin would guarantee their future, either bitcoin will suck because of it and they will be fine, or it will be great and they will still be fine, but they decided to ignore that for some reason and they will hurt because of it as well.
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