Boost of a countries economy - page 3.

TheGreatPython

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Quote from: D-law on September 12, 2021, 09:46:22 AM

Diversification of economy by not focusing mainly on one major source of income boost and increase the economy to a large extent, as well limiting the losses....in a country tourism, technology, Agriculture and Sports mainly football will grow and boost an economy vastly.....why some Countries suffered during the Covid 19 pandemic is all because they focused and operated in one section to generate income, so boosting of an economy can also be achieved in different ways including crypto currency.

You are totally right about that, a country shouldn’t just focus in one particular area to generate income. A country should focus on diverse areas for them to be able to generate income and grow their economy.

I have seen countries where they just focused on their mineral resources or things like that to be generating income for the country but that is totally wrong, because one day something might happen that might affect that country in that particular area and that means there will be no other means for them to generate income and the economy is going to suffer. The government should focus in a lot of things like agriculture , sports , tourism,cryptocurrency and so many more, and they will see their economy growing.

Coyster

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Quote from: D-law on September 12, 2021, 09:46:22 AM

It wouldn't be bad idea if Y'all can share your thoughts and ideas about this from your own point of view.

The thing is, there will most prolly not be a good relationship between Bitcoin and governments, and that's basically just cause Bitcoin is decentralized and governments like to work with only centralized services that they can control either completely or to a certain extent, it's quite clear to governments of today that it's impossible for them to get a foothold on Bitcoin, thus they will rather sanction/ban/regulate it than adopt it.

Having said that, as far as a country's economy is concerned, I think there are very few ways Bitcoin can be of help, Bitcoin is money and you'll most likely need to have money in fiat to get Bitcoin or offer one service or the other to get it, it is not distributed for free, and even if many citizens of a country hold Bitcoin, I don't see how it can positively affect the economy. It's the duty of the government to provide what is necessary in order to improve their economic situation, if the government does such, then Bitcoin can only be an addition.

mindrust

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Quote from: xSkylarx on September 14, 2021, 11:13:15 PM

Quote from: mindrust on September 13, 2021, 05:32:16 AM

Crypto indeed would boost a country's economie. If a country has a high unemployment rate, all it has to do is to adopt bitcoin, open new bitcoin mining farms and employ the unemployed people there. If they work hard enough, they can even export the unused bitcoins to the rest of the world and make a killing. It is almost a no-brainer solution.

Hmm good idea but it was also an expensive one. If these would be implemented by the government i think they should have a huge budget in buying things and equipment so that it could able to mine then after that we all knew that not all the electricity in the countries are cheap so we are also paying huge amount of bills after the end of month unless they will try to make a natural electricity or more Eco friendly like geothermal energy or solar but still it will be needing a lot of effort and also budget.

Of course it needs effort to make it work. Nothing is free of charge. This is still a better choice than staying unemployed. But look on the bright side, the bitcoins they'll mine will become so valuable in the future, it will make up for their huge efforts.

As I said above, It would work best on a country like Venezuela especially because they can't sell their oil right away but maybe they can import the mining equipment and start from there and they basically have free electricity.

LUCKMCFLY

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It is always good to consider that each country has its strength, some are excellent for tourism, others for generating income through industrialization and others because they have a great variety of renewable and non-renewable resources.

Production depends a lot on the economic conditions that the country has at that time, some think that governments have a great role there, investors, and everything that has to do with production, however there is an alternative economy such as that of BTC and cryptocurrencies where many countries want to be protagonists, some like El Salvador adopted BTC despite all the threats from the World Bank, and from many organizations, the curious thing about all this is that having an alternative economy and with more freedoms like the one that offers BTC, the control of Banks and Government decreases, I think that is the main fact why the BTC economy is not accepted by many governments. Production will always depend on the businessman and entrepreneur who trusts in their tools, this is how more economic development can emerge.

xSkylarx

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Quote from: mindrust on September 13, 2021, 05:32:16 AM

Crypto indeed would boost a country's economie. If a country has a high unemployment rate, all it has to do is to adopt bitcoin, open new bitcoin mining farms and employ the unemployed people there. If they work hard enough, they can even export the unused bitcoins to the rest of the world and make a killing. It is almost a no-brainer solution.

Hmm good idea but it was also an expensive one. If these would be implemented by the government i think they should have a huge budget in buying things and equipment so that it could able to mine then after that we all knew that not all the electricity in the countries are cheap so we are also paying huge amount of bills after the end of month unless they will try to make a natural electricity or more Eco friendly like geothermal energy or solar but still it will be needing a lot of effort and also budget.

Hydrogen

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The strength of an economy depends on how effectively it harnesses the creativity and inventiveness of its population.

Giving people more tools and greater options to start businesses, pay bills, buy equipment and achieve other necessary financial and business oriented goals. It reduces the barrier to entry for markets. Inventions like bitcoin make it easier for people to start and operate businesses out of their garage. Which could someday go on to become a corporate giant like google, apple or microsoft.

The statistic has often been quoted that small businesses and start ups account for upwards of 60% of new job creation. Giving small businesses and startups more financial tools which make it easier for them to start businesses are exactly what economies need to achieve growth which can be sustained.

worldofcoins

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Well, We're certainly considering the US dollar in the majority of the market but that doesn't make it acceptable everywhere even after being that long.

Certainly, we're heading into a digital future and everything is going to be digital at least in the developed countries. So payment wise there has to be a way people can transfer money to each other without going to a physical bank...and online banking solved it but didn't solve everything. That's the sole reason many started using bitcoin but even bitcoin has its limit for the economy until it's not regulated...because no one would want to pay their taxes if their earnings are in bitcoin and they're using bitcoin to buy stuff that isn't taxed It will definitely ruin a good chunk of tax income that can be used to promote the future of an economy.

GeorgeJohn

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Quote from: mindrust on September 13, 2021, 05:32:16 AM

Crypto indeed would boost a country's economie. If a country has a high unemployment rate, all it has to do is to adopt bitcoin, open new bitcoin mining farms and employ the unemployed people there. If they work hard enough, they can even export the unused bitcoins to the rest of the world and make a killing. It is almost a no-brainer solution.

Yes of course, bitcoin will as well boost economy of a country due to it's adoption to the country, i have read almost comments of everyone and i found out that some elements of people is refuting the fact that bitcoin can't help boost of country economy, if i may ask can bitcoin damage a country economy? The answer is No, so from my own perspective any nation that embrace's the adoption of bitcoin definitely it will give rise to acceleration of the country.

Sterbens

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Quote from: el kaka22 on September 14, 2021, 11:38:14 AM

Quote from: Kakmakr on September 14, 2021, 02:23:05 AM

The governments of this world will welcome any technology that can boost the economy, if they can control it. They know they can control Fiat currencies and they can monitor all transactions to determine where money is coming and going and where they can get tax income.

A technology like Bitcoin is not under their control, because it is a lot like cash. (pseudo anonymous) ...so governments will be hesitant to allow it to replace Fiat currencies. Most governments are controlled by Banks and large financial companies and they hate Bitcoin too, because it gives people freedom to transfer wealth, without these companies taking a share of that wealth ..in the form of fees. (MoneyGram & Western Digital etc..)

We expect government to pay developers to create "GovCoins" that are regulated and controlled by Reserve Banks and Private companies in the future. Wink

Like I said before, they do not have to do something to control bitcoin, they could let it be and they could still make a lot of money from it. People think that bitcoin is either the main thing or hated thing and there is no grey area. That is wrong, look at El Salvador, you could spend bitcoin but they also have the option of fiat if you want to as well.

So, that means people could basically end up spending anything they want. Other nations do not even have to make it legal tender, just lax the regulations and put a tax on it and you will get yourself a lot of money. My nation did exactly that and it literally helped our fiat to be more valuable in the past year, considering there is also pandemic that was a great thing (albeit pandemic was for everyone). So, I believe it is obvious that crypto could be in the middle, not hated but not the main currency.

Well, this is what every country should really adopt, without the need for them to make it the main payment, at least open some rules that make room for Bitcoin in it. No need to put fiat money aside, they can use fiat money as their main money and Bitcoin as an alternative. But it's all about paying taxes they can't get. So in the end Bitcoin is only generalized as an alternative investment. The rest cannot be categorized for other payments in certain countries. Maybe for the same reasons, namely the absence of full control or some kind of physical office and concrete evidence of value.

add1ct3dd

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Quote from: chaser15 on September 13, 2021, 06:31:50 AM

Crypto is one of the best performing investment during the pandemic but it also creates a mindset for some desperate people especially those who got terminated to their job that putting all money here will be their source of income. They thought crypto can give them a regular source of income without realizing its not how profits works on crypto.

That's so true, really. During the pandemic when many people unfortunately lost their jobs and businesses were slowed down, a lot of them resorted to finding new ways of earning money. Crypto was at a high and that's the reason why so many new traders entered the market but the problem is that these new traders don't understand the difference between a legit and a scam project. Only a handful of these new traders and investors actually realize what they are doing, others are just flowing with the trend.

mindrust

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Quote from: TheGreatPython on September 13, 2021, 12:16:41 PM

Quote from: mindrust on September 13, 2021, 05:32:16 AM

Crypto indeed would boost a country's economie. If a country has a high unemployment rate, all it has to do is to adopt bitcoin, open new bitcoin mining farms and employ the unemployed people there. If they work hard enough, they can even export the unused bitcoins to the rest of the world and make a killing. It is almost a no-brainer solution.

That's a solution but not every country has the resources required to be burnt for the mining process, especially the struggling countries where employment is already a problem.

In some cases, it can help though like in el Salvador bitcoin has given a really good boost to the economy, or at least is expected to do that.

The governments are reluctant against the legalization of bitcoins because of the large number of criminal activities it can be used for and they aren't wrong but these activities are still happening and making crypto legal will actually educate more people against such scams.

I believe it is a very good solution for Venezuela. They have all those oil which they can't sell. Why don't they import mining equipment from China and start a mining business there? People would live like kings. The unemployment would disappear almost overnight. Maybe they can't sell their oil because of the embargo but I am pretty sure they can sell their bitcoins.

el kaka22

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Quote from: Kakmakr on September 14, 2021, 02:23:05 AM

The governments of this world will welcome any technology that can boost the economy, if they can control it. They know they can control Fiat currencies and they can monitor all transactions to determine where money is coming and going and where they can get tax income.

A technology like Bitcoin is not under their control, because it is a lot like cash. (pseudo anonymous) ...so governments will be hesitant to allow it to replace Fiat currencies. Most governments are controlled by Banks and large financial companies and they hate Bitcoin too, because it gives people freedom to transfer wealth, without these companies taking a share of that wealth ..in the form of fees. (MoneyGram & Western Digital etc..)

We expect government to pay developers to create "GovCoins" that are regulated and controlled by Reserve Banks and Private companies in the future. Wink

Like I said before, they do not have to do something to control bitcoin, they could let it be and they could still make a lot of money from it. People think that bitcoin is either the main thing or hated thing and there is no grey area. That is wrong, look at El Salvador, you could spend bitcoin but they also have the option of fiat if you want to as well.

So, that means people could basically end up spending anything they want. Other nations do not even have to make it legal tender, just lax the regulations and put a tax on it and you will get yourself a lot of money. My nation did exactly that and it literally helped our fiat to be more valuable in the past year, considering there is also pandemic that was a great thing (albeit pandemic was for everyone). So, I believe it is obvious that crypto could be in the middle, not hated but not the main currency.

jrrsparkles

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Quote from: D-law on September 12, 2021, 09:46:22 AM

With what you think currently, Crypto currency is one of the major things I think, that has contributed greatly to the growth of a country economy.
It will be totally improper for a country to channel all of its or their sources of income in one direction,the government kicking against crypto currencyus not right and fair from my own perception.

Diversification of economy by not focusing mainly on one major source of income boost and increase the economy to a large extent, as well limiting the losses....in a country tourism, technology, Agriculture and Sports mainly football will grow and boost an economy vastly.....why some Countries suffered during the Covid 19 pandemic is all because they focused and operated in one section to generate income, so boosting of an economy can also be achieved in different ways including crypto currency.

It wouldn't be bad idea if Y'all can share your thoughts and ideas about this from your own point of view.

Crypto currencies made some millionaires which is comparatively less with gold and real estate as of now and bitcoin may help the economy when they regulate and make tax revenue from it but most of the countries are yet to regulate cryptos even now.

A country's economy can be boosted in many ways but the long lasting one is by creating more manufacturing industries and export the products to other countries.

oHnK

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Quote from: Kakmakr on September 14, 2021, 02:23:05 AM

We expect government to pay developers to create "GovCoins" that are regulated and controlled by Reserve Banks and Private companies in the future. Wink

There are several fiat problems that Bitcoin and other cryptos have solved. Such as limitations between countries, being centralized until controlled by a few people, expensive fees, prone to being faked, depreciating values, long transaction times so that the government has full power over fiat in banking. Actually, the state is very aware that Bitcoin is the solution to all the problems caused by Fiat, but they ignore or even prohibit the existence of BTC in their country because they are aware that it will be difficult to collect taxes because government control over banks cannot be compared to government control over blockchain. This latest technology is indeed the answer to the anxiety of the marginalized.

Kakmakr

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The governments of this world will welcome any technology that can boost the economy, if they can control it. They know they can control Fiat currencies and they can monitor all transactions to determine where money is coming and going and where they can get tax income.

A technology like Bitcoin is not under their control, because it is a lot like cash. (pseudo anonymous) ...so governments will be hesitant to allow it to replace Fiat currencies. Most governments are controlled by Banks and large financial companies and they hate Bitcoin too, because it gives people freedom to transfer wealth, without these companies taking a share of that wealth ..in the form of fees. (MoneyGram & Western Digital etc..)

We expect government to pay developers to create "GovCoins" that are regulated and controlled by Reserve Banks and Private companies in the future. Wink

tulusikhlas

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If a country welcomes bitcoin and its other crypto. But not a few of them even come to crypto and are considered a threat of money theft.
As for the large contribution per individual, it may be more appropriate, because it is based on a decentralized basis without any government interference regarding our Bitcoin ownership or crypto financial assets.

Because to harmonize with success in improving a country economy, the country needs to adopt, not even be hostile to crypto.

Fortify

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Quote from: D-law on September 12, 2021, 09:46:22 AM

With what you think currently, Crypto currency is one of the major things I think, that has contributed greatly to the growth of a country economy.
It will be totally improper for a country to channel all of its or their sources of income in one direction,the government kicking against crypto currencyus not right and fair from my own perception.

Diversification of economy by not focusing mainly on one major source of income boost and increase the economy to a large extent, as well limiting the losses....in a country tourism, technology, Agriculture and Sports mainly football will grow and boost an economy vastly.....why some Countries suffered during the Covid 19 pandemic is all because they focused and operated in one section to generate income, so boosting of an economy can also be achieved in different ways including crypto currency.

It wouldn't be bad idea if Y'all can share your thoughts and ideas about this from your own point of view.

Crypto has been around barely 10 years and has barely scratched the surface of the wider economy. While it is slowly opening up as a new asset class, it is a drop in the bucket of the amount of money invested elsewhere and the real useful technology is the blockchain that drives it. Maybe it would help if you share the actual country you are in, because the only place it has made a difference to the average person on the street is maybe El Salvador where it has become one of two official currencies lately. Even then, that country is rather a mess in terms of jobs that they cannot even have their own functioning currency that is accepted by other countries in the form of trade. There seems like little thought or effort has gone into your post, as you don't explain very much at all.

DrBeer

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Quote from: chaser15 on September 13, 2021, 06:31:50 AM

Crypto is one of the best performing investment during the pandemic but it also creates a mindset for some desperate people especially those who got terminated to their job that putting all money here will be their source of income. They thought crypto can give them a regular source of income without realizing its not how profits works on crypto.

People have to think that learn to diversify investment. Crypto is not meant for short-term profits especially for newcomers who are not aware how to make profits out of trading or holding crypto.

But you must understand that the "income of successful investors" is essentially the loss of 90% of unsuccessful investors! You are talking about a successful top, but this process also has an unpleasant side - those who paid for it all out of their own pockets, and there are clearly more of them ...
Therefore, the cryptocurrency, I am talking about today's crypto market, which is far from technological innovative, but still more speculative, cannot be the basis of the economy.

TheGreatPython

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Quote from: mindrust on September 13, 2021, 05:32:16 AM

Crypto indeed would boost a country's economie. If a country has a high unemployment rate, all it has to do is to adopt bitcoin, open new bitcoin mining farms and employ the unemployed people there. If they work hard enough, they can even export the unused bitcoins to the rest of the world and make a killing. It is almost a no-brainer solution.

That's a solution but not every country has the resources required to be burnt for the mining process, especially the struggling countries where employment is already a problem.

In some cases, it can help though like in el Salvador bitcoin has given a really good boost to the economy, or at least is expected to do that.

The governments are reluctant against the legalization of bitcoins because of the large number of criminal activities it can be used for and they aren't wrong but these activities are still happening and making crypto legal will actually educate more people against such scams.

Sterbens

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Quote from: pinggoki on September 12, 2021, 02:32:22 PM

I would 100% agree on this. Countries that couldn't flourish even with enough resources wouldn't work well with cryptocurrency as well because it takes literacy and comprehension, something that may not be rampant within the confines of their territory. Improved state of education, jobs opportunities, clean and safe drinking water, lower crime rate, if at least a number of these are fulfilled a country is sure to develop and improve without the need for cryptocurrency's intervention, and if all of those are still an ongoing problem within a country, then we can safely assume crypto wouldn't do them any help at all.

There is a saying that says "there are no stupid soldiers, except stupid leaders" in other words that the progress of a country and society in increasing its economic strength is with a leader who really has a goal to manage natural resources in his country. become the most reckoned resource in the eyes of the world.

Look at the middle east, they are said to be prosperous and have above average wealth because they manage the oil that is the focus of all countries and even used as a tool of war so that third parties can step in and take advantage of the oil extraction of natural resources.

To form an ideal country and also to grow a prosperous economy, the key is the welfare of the people who are already productive and no longer begging in their own country. Brand as many jobs as possible, prospering clothing, food and shelter. So if we look at the condition of society like that, there are no crimes of theft, murder and also things that are considered vile for the sake of a bite of rice.

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