Bitcoin can be gainful for a deplored economy. - page 2.

Yakamoto

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Quote from: vv181 on April 26, 2019, 02:13:24 PM

Bitcoin is not an option in a collapsing economy, but it is a solution. It is the nature of Bitcoin to fix the problem of conventional currency and conventional economic system. The technologies within Bitcoin allow a completely decentralized system based on a trustless system. That makes the currency are way ahead better than conventional currency, systematically, and in term technologies.

Crashes can still happen with Bitcoin-based economies. Markets still fluctuate and Bitcoin would essentially just be another moniker for fiat in the case of 2008, however, it would have had a different series of events leading up to the market crash.

Notionally, it could be argued that Bitcoin would be worse for a failing economy because the government wouldn't have any ability to pay its debts (in the form of printing money) and would be stuck in a bad economic position for a lot longer. Don't get me wrong, backed currencies (and Bitcoin, by extension) are a boon for an economy's health, but it doesn't fit within the current system that we have. There is a desperate need for a restructuring of the world economy before backed currencies can become viable, and sadly not a lot of countries want to undertake that paradigm shift.

el kaka22

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Quote from: Akash83 on April 25, 2019, 02:42:51 PM

As indicated by the report of Goldman Sachs, Bitcoin and other digital forms of money can be a decent option in contrast to the national cash for nations with an unsteady economy.
Experts at Goldman Sachs Zack Pandle and Charles Himmelberg said that advanced monetary standards and, specifically, Bitcoin, can turn into a reasonable methods for installment in nations where conventional cash isn't adequately given.

I think the allowance and regulations of bitcoin alone could create a lot of tax income for any country, if you are from a country that is in need of fresh money to increase the GDP and give your public a chance to actually survive then creating a cryptocurrency economy will help you a lot by paying you taxes on the crypto income which will in return used for the betterment of that public.

Even companies overseas that are not living under relax regulations for bitcoin or any other crypto will COME to your country just because you have better tax regulations. That will be the savior of any countries economy if only they could take advantage of that but I doubt anywhere big will do that now and all small ones are looked too unstable to test something like that for now.

vv181

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Bitcoin is not an option in a collapsing economy, but it is a solution. It is the nature of Bitcoin to fix the problem of conventional currency and conventional economic system. The technologies within Bitcoin allow a completely decentralized system based on a trustless system. That makes the currency are way ahead better than conventional currency, systematically, and in term technologies.

BitcoinPanther

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Bitcoin can be a great help. Government welcoming Bitcoin also welcomes all the project associated with it. Imagine a country that caters every Bitcoin start up in its domain? That will solve unemployment, elevate the people kind of living and give more revenue to the government.

Quote from: alyssa85 on April 26, 2019, 10:13:40 AM

Also, don't forget the power cuts in Venezuela - that would make it hard to use crypto.

Well with the nation progress comes development, who knows. maybe a possible crypto start up that tackles electric shortage and create electric supply will be established in such kind of environment.

whirlcoin

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Quote from: Akash83 on April 25, 2019, 02:42:51 PM

As indicated by the report of Goldman Sachs, Bitcoin and other digital forms of money can be a decent option in contrast to the national cash for nations with an unsteady economy.
Experts at Goldman Sachs Zack Pandle and Charles Himmelberg said that advanced monetary standards and, specifically, Bitcoin, can turn into a reasonable methods for installment in nations where conventional cash isn't adequately given.

not only this but kind can also helpful for anything to be successful when it comes to the country play the support of government legally then it will be the most useful economic changing currencies in all the time and I trust it will be successful in the future.

alyssa85

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Quote from: samputin on April 26, 2019, 09:23:50 AM

They feel more secured with something they can hold and see physically. We can't blame them though because if I was in their shoes, then I would feel scared as well. They are just afraid of committing themselves again with something they are not certain of. However, their country is surely doing something about it to get them to trust crypto again. Let's just hope that it'll turn out well as time goes by and hope that crypto will play an essential part of it.

Also, don't forget the power cuts in Venezuela - that would make it hard to use crypto.

When a country really goes to pot, paper money, especially US dollars, is the only useful money to have.

samputin

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Quote from: alyssa85 on April 26, 2019, 04:59:55 AM

Quote from: freedomgo on April 25, 2019, 10:41:28 PM

It's a saver of a country that's economy is collapsing, especially the hyper inflation, like venezuela where we know some of the people their are relying on bitcoin to save their money from hyper inflation. It could be the same with other country and those who think that the future economy could collapse, they can bet on bitcoin now.

Apparently only the top 1% in venezuela understand and use bitcoin.

Most Venezuelans are trying to get their hands on dollars and have more faith in the dollar. I think this is because bitcoin has lost so much of it's value since Dec 2017. Imagine if you were a venezuelan who bought bitcoin at the top - it would be like a tragedy on top of everything else that has gone wrong for them.

They feel more secured with something they can hold and see physically. We can't blame them though because if I was in their shoes, then I would feel scared as well. They are just afraid of committing themselves again with something they are not certain of. However, their country is surely doing something about it to get them to trust crypto again. Let's just hope that it'll turn out well as time goes by and hope that crypto will play an essential part of it.

Artemis3

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Quote from: Yakamoto on April 25, 2019, 11:26:47 PM

Bitcoin definitely has a use as a store of value for people in countries like Venezuela, it might have additional practical applications for other countries, however, they would be somewhat more limited. Especially when the country doesn't have reliable internet access, or at least lacks an infrastructure network to maintain uninterrupted daily activities. If employers and their employees can come to an agreement on the type of pay they receive, Bitcoin might be substantially better than the fiat alternative, doubly so in inflation-prone nations.

That would be ideal, but doing that has to be under-wraps, as the only legal payment for employer and employee here is either the garbage fiat or the garbage centralized token and neither is wanted.

Next best is getting the garbage fiat and exchange it for bitcoin asap, and then when you need to buy things, change it to fiat for the smallest possible amount. Of course the major volume of transactions are not people using it to survive hyperinflation, but those trading who are mostly outside the country, as people within the country are too impoverished for this.

Of course this all breaks if internet or power fails, which is sadly becoming more and more frequent. March was a nightmare and things are looking very grim on a national scale.

With the economy destroyed as it is, no jobs within the country are worth getting at this point, but the de-facto gov wants to take a cut from any money coming from abroad people are struggling to obtain to survive. So naturally, ways for avoiding the State meddling are sought by the people.

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Quote from: Akash83 on April 25, 2019, 02:42:51 PM

As indicated by the report of Goldman Sachs, Bitcoin and other digital forms of money can be a decent option in contrast to the national cash for nations with an unsteady economy.
Experts at Goldman Sachs Zack Pandle and Charles Himmelberg said that advanced monetary standards and, specifically, Bitcoin, can turn into a reasonable methods for installment in nations where conventional cash isn't adequately given.

I don't think like that because it will very useful in all type of positions in the people because I have getting a lots of income from this Crypto investment and Bitcoin will be the most valuable thing in my mind so it can definitely been giving Aate pass access to everyone.

bitzizzix

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Quote from: Adriano2010 on April 25, 2019, 02:53:35 PM

Indeed bitcoin and crypto can help and economy, if people get money from crypto and after cashout to fiat and buy things with can help economy from tax, but some governments will not accept so easy bitcoin adoption.

Yes, that is true, and we cannot deny that bitcoin really helps the economy for those who use it, and besides that bitcoin can realize desires that were previously impossible.
and the transaction process is very easy and safe to exchange bitcoin to fiat or real money to be able to buy whatever you want, bitcoin really helps a lot of things and I hope that with the progress of bitcoin there will be more and more to adopt and accept in all countries that Bitcoin can help the economy of their society.

alyssa85

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Quote from: freedomgo on April 25, 2019, 10:41:28 PM

It's a saver of a country that's economy is collapsing, especially the hyper inflation, like venezuela where we know some of the people their are relying on bitcoin to save their money from hyper inflation. It could be the same with other country and those who think that the future economy could collapse, they can bet on bitcoin now.

Apparently only the top 1% in venezuela understand and use bitcoin.

Most Venezuelans are trying to get their hands on dollars and have more faith in the dollar. I think this is because bitcoin has lost so much of it's value since Dec 2017. Imagine if you were a venezuelan who bought bitcoin at the top - it would be like a tragedy on top of everything else that has gone wrong for them.

rizkyhiw

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Indeed, what most people think here looks easy and fast so that everything requires precise and very precise calculations in placing Bitcoin as Fiat's replacement international currency for the future, which might occur with better regulation so that Bitcoin will have a decent position in government, right? No wonder cryptocurrency is still not good and who says cryptocurrency is very stable from Fiat? it's just a faint shadow without seeing the current market reality, I think everything you need to count is not as easy as what you are talking about here.

Kakmakr

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Take the printing of money as an example - Most 3rd world countries are not printing their own fiat currency and they are using a foreign printing press and minting services to do this. All of this come at a very high price, so they are paying lots of money for their citizens to use cash.

Bitcoin is mined at ZERO cost to these nations and citizens can get access to these coins without the limitations of having to wait for their own government to print or mint their local currencies.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: freedomgo on April 25, 2019, 10:41:28 PM

It's a saver of a country that's economy is collapsing, especially the hyper inflation, like venezuela where we know some of the people their are relying on bitcoin to save their money from hyper inflation. It could be the same with other country and those who think that the future economy could collapse, they can bet on bitcoin now.

The fact still lies in whether other countries are going to accept it or not. Big countries considering bigger in terms of economy GDP and population compared to Venezuela which are fed by other countries to side with them may not take the same stance. We have the cold war countries still having sides and they dont want their opposition to gain hands. World politics here is pretty dicy and what the next step will be in entirely speculation.

Some countries can develop a deflationary system in their residing fiat currency and not shift to bitcoin. By all means shift to bitcoin is easy to say but tough to implement considering that an entire country economy is going to run in it. Sad

0t3p0t

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Quote from: Akash83 on April 25, 2019, 02:42:51 PM

As indicated by the report of Goldman Sachs, Bitcoin and other digital forms of money can be a decent option in contrast to the national cash for nations with an unsteady economy.
Experts at Goldman Sachs Zack Pandle and Charles Himmelberg said that advanced monetary standards and, specifically, Bitcoin, can turn into a reasonable methods for installment in nations where conventional cash isn't adequately given.

This is why I think my country supports cryptocurrency though not literally legalized but they implemented regulation and for me it is the sign that they accept it or they might see some potential in crypto for the unstable economy. But what if a country's economy is backed by Bitcoin? Just like any country where their fiat money is backed by gold just to make sure they can prevent economic or financial crisis.

TravelMug

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Quote from: Akash83 on April 25, 2019, 02:42:51 PM

As indicated by the report of Goldman Sachs, Bitcoin and other digital forms of money can be a decent option in contrast to the national cash for nations with an unsteady economy.
Experts at Goldman Sachs Zack Pandle and Charles Himmelberg said that advanced monetary standards and, specifically, Bitcoin, can turn into a reasonable methods for installment in nations where conventional cash isn't adequately given.

It's already proven, just look at Venezuela and Zimbabwe crisis, crypto or bitcoin is being used as leverage for their countries hyper-inflation.

Other nations are also looking at crypto to circumvent sanctions like Iran or Venezuela and to an extend Cuba. And even a lot of third world nation specially around Asia, bitcoin is very popular because it gave them economic freedom.

Yakamoto

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Quote from: Akash83 on April 25, 2019, 02:42:51 PM

As indicated by the report of Goldman Sachs, Bitcoin and other digital forms of money can be a decent option in contrast to the national cash for nations with an unsteady economy.
Experts at Goldman Sachs Zack Pandle and Charles Himmelberg said that advanced monetary standards and, specifically, Bitcoin, can turn into a reasonable methods for installment in nations where conventional cash isn't adequately given.

Bitcoin definitely has a use as a store of value for people in countries like Venezuela, it might have additional practical applications for other countries, however, they would be somewhat more limited. Especially when the country doesn't have reliable internet access, or at least lacks an infrastructure network to maintain uninterrupted daily activities. If employers and their employees can come to an agreement on the type of pay they receive, Bitcoin might be substantially better than the fiat alternative, doubly so in inflation-prone nations.

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It's a saver of a country that's economy is collapsing, especially the hyper inflation, like venezuela where we know some of the people their are relying on bitcoin to save their money from hyper inflation. It could be the same with other country and those who think that the future economy could collapse, they can bet on bitcoin now.

Genemind

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Bitcoin is really a big remedy to a shaky economy. If bitcoin would go and change every users life in a certain country, it will surely have a big impact in the growth of an economy. People who pay taxes through it and the adoption of bitcoin is an advantage in each country. If every country would accept bitcoin, I'm sure that it will help the global economic growth.

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And perhaps with that report from one of the leading banks in the world, people will stop wondering whether bitcoin is really doing something good for this world or just adding up to the evil points this world already has. Venezuela and now Argentina are the finest examples on how useful bitcoin is for the citizens of the mentioned countries which are currently experiencing extreme currency devaluation due to their poor economy. This is not 2013-2015 anymore which bitcoin is only used for drugs and other illicit materials; bitcoin is already helping the world.

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