Topic: Bitcoins and a country's economy - page 2. (Read 302 times)
Bitcoin is a global currency. It actually helps the individual not a country only countries citizen who wants to store their riches on BTC. Unfortunately some country don't allow BTC on their country, those countries people don't get any profit. For example, If you take a look at Venezuela's situation, people are now interested in BTC because they now are trying to save their money before they'd be poor while having billions of cash on their vaults. Worse thing they might do right now is to create their own cryptocurrency which I think they were planing to.
Although bitcoin is not that an "official" currency yet, one can say that a country having most of its citizen engaged with a trending, highly-anticipated financial support that should help the country's economic and trading aspect to boom and improve.
We say this, thought of this, but in reality it is hard to imagine how can bitcoins fuel and power up a country and its economical stabilization with almost all of its citizen engaged with it? First of all, it is not an official currency which will give problems regarding to the trading and cycle of currency within a country. And lastly, the management and utilization of it is also a problem.
So, how can we say that the bitcoins are a support to a country and its economy? Is it even possible? How will that happen?
In my opinion, bitcoin has the capability in the economy development of a certain country. Like it provides job and could help people for easier and faster transactions, its a hassle free for everyone. It could really help if it is used worldwide. We say this, thought of this, but in reality it is hard to imagine how can bitcoins fuel and power up a country and its economical stabilization with almost all of its citizen engaged with it? First of all, it is not an official currency which will give problems regarding to the trading and cycle of currency within a country. And lastly, the management and utilization of it is also a problem.
So, how can we say that the bitcoins are a support to a country and its economy? Is it even possible? How will that happen?
Taxation helps a countries economy. It's used for services and using bitcoin removes that. Unless we figure out a way to tax bitcoin then I can't see bitcoin being good for the country. Currently, it may be more of a harmful thing to use bitcoin rather than support the economy.
Unfortunately bitcoin is not the correct tool to support the country, infact it can harm the country with its decentralised, without any supervision the users can used crypto to evade tax, and if all citizen used crypto the fiat circulation will be disturbed and it could be dangerous, bitcoin is not supporting the country but it is supporting the citizens, people buy and invest in crypto to evade inflation and it can prevent them from poverty
One example of seeing how bitcoin is affecting a certain country's economy is thru remittance.
Nowadays, more and more people are using the blockchain to send remittances to their home country.
Low transaction fee as compared to WU or other money transfer payment system.
With the rise of cryptocurrencies, those expats and other foreign workers are learning that crypto is not bad at all.
They are saving time and money, just few clicks on their computer or phone, they can send it right away.
That's why crypto is a big threat to those regular money transfer institutions.
So much projects here are now launched to be the new money transfer system. And it's a multi-million dollar industry after all.
So yeah, one way or another bitcoin or crypto is somehow affecting someone's economy.
Nowadays, more and more people are using the blockchain to send remittances to their home country.
Low transaction fee as compared to WU or other money transfer payment system.
With the rise of cryptocurrencies, those expats and other foreign workers are learning that crypto is not bad at all.
They are saving time and money, just few clicks on their computer or phone, they can send it right away.
That's why crypto is a big threat to those regular money transfer institutions.
So much projects here are now launched to be the new money transfer system. And it's a multi-million dollar industry after all.
So yeah, one way or another bitcoin or crypto is somehow affecting someone's economy.
There is a very close relation between the bitcoin and country's economy because many countries bitcoin could help and overcome the economy while their economy was in trouble. Bitcoin is digital currency which can operate world wide and it is linked with the modern technology. Bitcoins features are attractive to the global investors and so its popularity has wide spread world wide.Bitcoin could help to recover the economic problems of the following countries such as Greece, Japan, Venezuela, Brazil etc.,
That is right that bitcoin help many people in many countries due to the trending and potential of bitcoin. And as you said that it is a problem for the country it self, because people are free taxes in any transaction using bitcoin, so it decreases that income of the country. Imagine if all citizen in certain country use bitcoin as all transactions. Obviously the country's income will decrease. It is hard to say whether bitcoin helps country's economy nor hinder it.
No country is able let alone ready to simply switch over to a fully digital based payment system economy (such as Bitcoin). Society will never allow it (for the time being) and there are far too many obstacles preventing it from happening in a long time.
One great example is Iceland's attempted release of Aura (Auroracoin) which failed miserably (albeit for more reasons than one). Regardless, the world just isn't ready for something like that just yet. We can hope but it'll take quite a long time before we see something like that happening.
One great example is Iceland's attempted release of Aura (Auroracoin) which failed miserably (albeit for more reasons than one). Regardless, the world just isn't ready for something like that just yet. We can hope but it'll take quite a long time before we see something like that happening.
It doesn't help the country's economy but it can support the citizen who wants to store their riches on BTC. If you take a look at Venezuela's situation, people are now interested in BTC because they now are trying to save their money before they'd be poor while having billions of cash on their vaults. Worse thing they might do right now is to create their own cryptocurrency which I think they were planing to.
Although bitcoin is not that an "official" currency yet, one can say that a country having most of its citizen engaged with a trending, highly-anticipated financial support that should help the country's economic and trading aspect to boom and improve.
We say this, thought of this, but in reality it is hard to imagine how can bitcoins fuel and power up a country and its economical stabilization with almost all of its citizen engaged with it? First of all, it is not an official currency which will give problems regarding to the trading and cycle of currency within a country. And lastly, the management and utilization of it is also a problem.
So, how can we say that the bitcoins are a support to a country and its economy? Is it even possible? How will that happen?
We say this, thought of this, but in reality it is hard to imagine how can bitcoins fuel and power up a country and its economical stabilization with almost all of its citizen engaged with it? First of all, it is not an official currency which will give problems regarding to the trading and cycle of currency within a country. And lastly, the management and utilization of it is also a problem.
So, how can we say that the bitcoins are a support to a country and its economy? Is it even possible? How will that happen?
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