Topic: Bitcoin Economic Advantage - page 3. (Read 547 times)

technically bitcoin is not 100% helping the country's economy but if the community in the sense of individuals can be fulfilled and their economy is guaranteed with bitcoin as an intermediary if this can be applied to 80% of the people it will indirectly help and lift the country's economic growth stably because I assume the economy a strong and stable country if the economic life of its people is fulfilled and guaranteed

The situation is somewhat the same in my country, the inflation level keeps rising everyday, coupled with unemployment and other social vices, prior to the pandemic our economy was struggling and right now, many months into the pandemic and things are getting worse, the government isn't doing anything to make things better, but just compounding the whole issue. Bitcoin is a great investment/currency, it has created a lot for people who have harnessed the opportunity, but what's most frustrating in my country is that government keeps imposing sanctions on Bitcoin, making it difficult for people to seamlessly use the currency, Bitcoin will prolly not be able to help the economy on a general point of view, but individually it can initiate a change, that's the more reason I feel governments should be more friendly to the network, but they are not, just cause they can't control it, that says a lot about how selfish the government is.

I am holder so I am well aware of the advantages of holding over trading, however I also traded for a time and I know the challenges that a trader will have to face as well, so if someone decides for whatever reason to be a trader instead of a holder then they need to find a way to make it work, and the best way to do so is by doing something similar to what the holders are doing, after all most holders still have their jobs and they can hold at the same time with almost no effort on their part, however this is not possible with trading as you have to actively trade the markets, so the best option is to keep your job and then just trade on your free time.

Sometimes media hype is somewhat the main reason on why we see people keep losing on their trades since they are promoting crypto or bitcoin in wrong way and sometimes they always talk about the gain especially if we are in bear market and report a little risk only which people will not bother to take. Maybe if people will just be there to find knowledge first before going unto their trades for sure they can minimize their losses and also can able to learn the mistake they made on their past trades.

Actually it depends on the coins they have and they should know what coins are good to trade or keep on hold,
after all to profit from crypto we need to be patient everything takes time,
it's a pity that the traders don't have trading skills

I have learnt that why most people don’t prefer HODL, but rather prefers to trade cryptocurrency is because they feel that they will be able to make money quickly through day trading, than in HODL’ing where they will have to be holding for a long time if the market doesn’t go up anytime soon. They want the money to be coming in quick and not taking long, they can’t have that patience to wait for a long time.

Most of them don’t even have skills in trading, maybe they just read some small articles or watch a little video, and see other people who talk about how much they have made from trading and they feel motivated to start trading immediately. But their story ends up as something else, because trading is not an easy work.

I would say that, at government level, it is just "El Salvador". As I have said in previous posts, using an asset that is limited, cannot be printed and is, as of now, deflationary is not valid for a whole country. It does not allow to follow a monetary policy to attenuate crisis and deflation has an very detrimental effect on any economy.

No, bitcoin is not intended to be used by any centralised and politically controlled institution and my take is that this is by design. It is money peer-to-peer, for the people and the individuals.. You can argue that some may want to have some nominal holdings of bitcoin for transactional purposes... the CIA has been mentioned but sources, well, you know, if "I tell you about the sources I would have to kill you after."

Cryptocurrency is a good investment for the youths in your country. I know for sure that it is going to help a lot of them and they will become financially stable. But personally, I don’t think that this is going to be the solution to the bad economy that your government has created in the country for you all. But like I said, it is quite possible that most of the youths that are going to be investing in cryptocurrency, as long as they are doing it right, they are going to be financially stable.

As for the issue of the bad economy, I think this is something that can be solved in another means, and not really through cryptocurrency. People do misunderstand what Bitcoin and cryptocurrency in general is all about, this is not the purpose of it. If you people have plans to fix your economy, then you should fight towards having a better government.

So we have Salvador and that's it, Bahamas is not using Bitcoin but a centralized CDBC and neither is any other country!


You're mistaken what the mayor of Miami does in his personal life with what the city hall of Miami which represents the administration does, as for Ohio they've canceled bitcoins payments two years ago and it was just for paying taxes purposes.

Again, the question was:
Which countries with weak economics have adopted bitcoin?


Name a few government branches that have invested in Bitcoin!

I belong to the same country. It's truly hard to live in such state that has corrupt government officials who only think of themselves and not the betterment of the country's economy and the citizens' welfare. Here in our country, there are a lot of traditional politicians that only aim to bag money from the people's taxes. It's very awful because despite the pandemic crisis, they still have the guts to manipulate and deceive the whole nation with their evil schemes.

In addition, financial literacy isn't really much tackled here resulting to more people falling under the poverty line. There's lack of opportunity, lack of education, high inflation rate, and high unemployment rate that causes the economic status to decline. This is where bitcoin becomes very beneficial to most of us. Right now, most people view bitcoin as a safe haven of their funds because it is lesser prone to inflation. To add, bitcoin is also isn't manipulated or controlled by the government which makes it ideal to be a store of value because they can't just excessively make it out of thin air which could compromise its value. Bitcoin and crypto in general also offer a lot of opportunities that the government can't provide. It's truly a blessing moat especially to those who don't have so much because they can make the most out of their resources if they will just strategize the right way.

This has been the case for most countries, especially third world countries where the governments are corrupt. And I happen to be living in one of those third world countries, and inflation has been really high, especially after this covid19.

Cryptocurrency has really helped a lot of us, and through trading we have been able to make earnings that are enough for us to live a better life and take care of our family, despite how hard that things has been. Imagine that you’re working as a government employee, you are being paid a certain amount and then there happens to be inflation and the cost of things or the cost of living is high, you won’t be able to take care of yourself anymore. This is why we have to work hard and invest in the right assets, which bitcoin is part of it.

Or, better yet, just focus on your job and put trading away from your mind. That's just taking a lot of attention, time, energy, and so on from you. Why don't you just buy Bitcoin, keep it somewhere safe, and give your 100% focus on whatever else that you do?

HODLing gives you minimal risk. Moreover, with HODLing, there's almost no possibility of a loss. And without having to analyze charts, constantly monitor the tiniest movements of the price, follow news, and so on, you could give your all in trying to squeeze out some income from a crippling economy.

Since Bitcoin has risen so much in the last few years it's easy to think that it's some universal source of wealth, however it's really just become part of a big trading game where people are collecting these virtual tokens and hoping to resell them to someone else at a later point for much higher amounts. In reality it was originally created as a virtual currency, to be used similar to fiat currency in useful economic transactions and on a daily basis. However with the flood of cheap money into the world funded by central banks printing like crazy, it has in fact just been a big recipient of that. It's ironic that people complain about rampant money printing and how Bitcoin is a haven from it, when in actual fact a large part of the price increase is because it benefited from that money printing too.

Bitcoin itself is used by El Salvador as we know, used by Bahamas uses it in altcoins and blockchain and network reasons for many official stuff, there are nations who invest into companies for their funds that owns bitcoin, so technically they invest into companies that invest into bitcoin.

There are quite a few interestingly, not a ton but there are some. We also have official branches that invest as well even if not government, like pension funds, mayors, states and so forth in USA that are in billions (Miami mayor, Ohio state, firefighters pension fund) and many other examples like that. All in all it is a trusted and well respected method of investment for many people and many corporations and many government branches all around the world. Sure there are some that want to ban (like China) but there are also more that want to invest.

Without a doubt that is one problem of trading in general, after all it is impossible to generate profits in a consistent manner, after all in a  single month you could generate huge profits and then the next three months you do not generate anything or even suffer some losses and now you need to try to find a way to pay for your bills in some way or form, so I agree with you in the sense that it is better to be a part-time trader and have another job so you can more easily withstand those periods of time where you get no profits with your trading.

Well, I wouldn't be too happy. As for independence, not everything is as good as it seems at first glance. The fact is that without electricity, nothing will work, and since right now the world is covered by an energy crisis, there is a big threat of losing all crypto assets. After all, if a power outage begins, then there will be no access to crypto wallets and our crypto assets. Based on this, I believe that the crypto economy is difficult to be considered reliable, but fortunately those who already use cryptocurrencies have already been able to make good money. I have also been working with cryptocurrencies since 2017 and I can say that this direction really helped me to get additional profit, but I also understand that there are risks and you always need to know about this risk in order to react in time and not lose your assets.

It is good to read that bitcoins helped you to be less dependent on your local Fiat currency. While corruption and inflation is not that high yet in my country I also worry about them. The politicians have so much power within a country, a few wrong reforms can send the economy downward and cripple the currency. Together with inflation this is the biggest risk we face for our savings. That I is why I believe so strongly in bitcoins and other crypto currencies. We need alternatives to the state monopol on monetary supply. It became to easy for politicians to use fiscal stimulus to cover any short falls in the government budget. Crypto currencies are the future and will increase the pressure on countries to get their finances in order.

Yes, you are right. We are in the digital era feel the advantage of the internet that we should not waste it, especially since we knew bitcoin from a long time ago. Many people underestimated if bitcoin could grow as today. Bitcoin itself gives changes to individuals who use bitcoin to make money as they can have a new source to get additional income. That is the positive impact for those who use bitcoin but for the others, bitcoin is like a threat and they will do anything to make sure bitcoin can not grow for more. But bitcoin will grow and show the benefit to many people so they can see that bitcoin can give better finance to them. If they can stick to bitcoin and still search for a way to change their lives from bitcoin, they will have a chance to get it.

You have bigger problems that bitcoin will ever be able to solve

I wonder why everyone is focusing on the gains made by investing, those gains will at one point be minimal, no coin will ever be able to keep an x10 price increase every 2 or 3 years, this will simply be impossible.
So once the advantage from the price increase and you making a profit in $ terms goes away you're still having the same issues, corruption, imbecile politicians and so on which, guess what will those do to your earning? They will dry up in a matter of years because of this system, and you're back to square one.


Name a few!

That is the advantage of bitcoin for any country that made it legalized in the country. It gives power to overcome unemployment and transaction delay in the country. It will improve their economy in every area the economy is not working well before to start functioning in the country. those countries that accepted bitcoin over some years are really doing well with their economy and other businesses activities in the country.