Topic: Bitcoin can be useful for a troubled economy - page 6. (Read 33128 times)

bitcoin is indeed a technology that can be used for a crisis in a country. however, its use must also be appropriate, because after all, adopting bitcoin also has risks. I am sure, if used properly, it can be overcome. but, I think the real use is to use the blockchain.

of course bitcoin will not continue to be unstable and will certainly be stable in the green sense of course if the country is smart they invest when bitcoin is growing as it is today and will surely reap the benefits. a country must also need a business that has large and fast profits such as bitcoin if it's stable.

Bitcoin has created a technology that can do so much. Its technology can be used to create solutions to so many things pertaining to all aspect of our lives. A troubled economy can be stabilized using cryptocurrency just like Venezuela is experiencing due to hyperinflation. They have created a national cryptocurrency so as to come out of the economic crises.

Bitcoin is undoubtedly very useful when it comes to financial sector of any countries. However, bitcoin transactions would not be possible if blockhain technology was not invented. The nature of blockchain technology can be can now be applied to any need for a trustworthy record. The blockchain is a distributed ledger that maintains a shared list of records which can be viewed publicly making it more transparent to the people who are using this technology. Due to the fast growing use of Blockchain, it also reached the medical sector wherein few of the project in the African country which is a 3rd World Economy takes the advantage of using crypto in their healthcare services. It is good to see that they are adapting for a good cause for their country and to their people as well. I like the idea on how they will use crypto for their medical services such as Purchasing Medicine, Ambulance Booking, Health Insurance  and an online Doctor's Appointment packed in one application called Rigour+.

How can unstable Bitcoin be useful for countries with unstable economies, make it even more unstable? I do not understand this statement. Weak countries need to invest not in bitcoin but in small business.

if we focus on developing countries and even more down again, the majority of governments still reject their use, this is really ironic because the economic expectations of individual societies actually benefit. Classic reasons from them are still around inflation and fear of unnatural transactions. However, bitcoin can still be used by anyone without going through the current legal procedures of the government, it is very useful in an individual economy.

if only a portion of the community earns income from crypto, indeed this does not help for economic recovery. but if the government is making changes, like Venezuela, by legalizing and even changing currencies with crypto, maybe things will be different.

It is not such a kind of economic relief, a troubled economy is something that a country experience out of inflation and other forms of corruption, lack of development, lack of proper governance and various other factors. What the earning people get out of cryptocurrency is very low when we talk about the economy of a country. There is possible solution with get rid of economic problems in a country with cryptocurrency adoption, but the same can't be achieved instantly.

The analyst at Goldman Sach are right on this as regard bitcoin, Governments in a failing economy are often the cause, printing more money and causing inflation, I wish JP morgan will listen to these guys

Yeah for me this is true because there are so many countries who are accepting crypto currency because it has given them better economical life and it has given people of the counties more chances of earning with online jobs as in my country now unemployment has become reduced with help of crypto currency so the same way it has good economical effect on our country.

I don't think crypto or bitcoin plays an important role in changing a country's economy because this is an investment, we rely on the fluctuations of bitcoin and crypto to make money and of course, we can also lose money when fluctuations do not follow what we want, so even if the government accepts crypto, the economy is still hard to change dramatically when only a few people can make money, many can become victims. The usefulness of crypto and bitcoin is only for those who manage and use it, it only comes to a small number of individuals, not for all

Cryptocurrency can play a vital role to change economyof any country. Many countries who accepted/approved cryptocurrency to their people are getting the benefit of the cryptocurrency. Those who has not approved those have not got any bless of crypto.

Theoretically, It could be useful but the problem is people are exploited by inflated prices by their fellow countrymen who have some understanding of crypto, people have still not adjusted to better security practice which should protect their coins and there is a lot of other uncertainty surrounding cryptocurrencies!

Then crypto can easily be politized as countries  could be seen trying to avoid sanctions in an effort to improve the countries well being.

This is totally true, since in an unstable economy your local currency may suffer from constant devaluations and when compared with a strong currency, such as the dollar or the euro, you can feel that the domination over the economies is superior.

For countries with inflation rates above 10% it is usually alarming and solutions are being sought to fight, but countries such as Venezuela, where inflation is at an index of more than 3000%, economic disasters and internal economies are events that are not even the same. Economists can find a solution because it escapes any study they have taken, then people look for alternative economies where they completely get rid of the traditional economy, and join an economy where financial freedom is fully achievable and can determine enough value even to live of it.

Venezuela is the first country with more transactions for bitcoin, where more negotiations with bitcoin are generated, this shows that bitcoin is the real solution for countries without economic solutions, where they have to get out of all the laws of the traditional economy, this for many suggest that the traditional economy is not safe, that insurance is new and innovative, that is why both governments and banks with economists will never agree with bitcoin, because simply the control they have it escapes from his hands.

Bitcoin is one of the discovery that is going to change how we do thing. I love the Way everything is going technological wise and having money or coins that is not control by certain groups of people is the best ways to create equality and effectiveness in our society.

Only those who can keep up with the latest tech or their citizens are literate enough to use the bitcoin. I believe that bitcoin is really the answer to make use of money straight to those who are in needs. I always watched many people donating charities with millions of money but it always puzzled that it is not making a huge difference. I found out that greedy people always take a lot of it before it goes to them so blockchain is really going to end this to make a helpless community or economy to stand again.

The troubled economy countries such as Argentina and Venezuela are already experiencing hyperinflation bitcoin and other cryptocurrencies are highly used in those countries

Is it will be perfectly good economic changing equipment for the future biggest Bitcoin has a lots of features involved in it so if the economy was also trusted it will be lots of changes will happen in this world to get the world economy more powerful by using with the help of Bitcoin.

if in a country legalize cryptocurrency the government will certainly take part in making rules for crypto users themselves and thus the government will also take its share to pump the economy in the country by setting annual taxes for the holders of assets in cryptocurrency, of course, it very helps him.
Of course, you will be very familiar if cryptocurrency has been legalized in a country. Until now, I am sure that all circles of society already know a lot about the development of technology from cryptocurrency itself which is quite good in the future.

Bitcoin is still too small to benefit the economy of a whole country but what it can do and it is something that is already happening is that it can help people that were smart enough to see their governments turning their economy into a mess and they used bitcoin to protect themselves from losing it all, this scenario has becoming very common especially in countries where political and economic instability are the norm.