Can bitcoin improve the economy of a country? - page 81.

deisik

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Quote from: gabmen on June 12, 2017, 06:11:36 AM

Quote from: gracia0023 on June 12, 2017, 03:44:25 AM

Quote from: prass tyo on May 03, 2017, 12:19:15 PM

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

I believe that bitcoin can improve the country's economy because bitcoin can be used as a tool to make transactions more efficient if it is only legalized as a form of currency. More efficient because I am pertaining to international business transactions where we can tie up with them with low fees so we can save lot of money through using bitcoin. It also gives additional profit to its user because as the bitcoin value rises, more profit is expected. Even we can't feel its impact right now in our economy, I believe that bitcoin has a great potential in the future. Right now, its impact can only be satisfied by those residence who are using and investing in bitcoin. The more residence using it, the more impact it can contribute in our economy. Remember that the smallest unit of a society is family. Imagine, If more family have good source of income and gained more profit, country's income will follow then, its economy will surely change.

Bitcoin isn't taxable. It can provide comfort and income to users and holders but to make a significant effect on the economy, i think there will be major changes to its current state. Once governments accept btc's they will find a way to make money out of it and first thing in mind would to tax btc transactions. That way it will become more of a factor in a counties economics

This is the first thing which comes to your mind

But that doesn't mean that governments are going to do the same since before going for something you should think whether it is possible to achieve at all. People love to theorize but rarely can explain how their ideas can be implemented in real life. So, how is a government going to tax Bitcoin transactions? Have you thought of that? They might go after miners (which are there to confirm transactions), but that would only lead to people starting to use other coins. The fees are already insane and taxing miners would likely mean quick but painful Bitcoin's demise

hinatashoyou

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If the government can regulate and control bitcoin, of course the bitcoin can improve the economy of a country. Many benefits if that happens, no administrative costs are required, although there is still transaction fees, and of course taxes from bitcoin transactions can improve the economy of a country.

gabmen

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Quote from: gracia0023 on June 12, 2017, 03:44:25 AM

Quote from: prass tyo on May 03, 2017, 12:19:15 PM

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

I believe that bitcoin can improve the country's economy because bitcoin can be used as a tool to make transactions more efficient if it is only legalized as a form of currency. More efficient because I am pertaining to international business transactions where we can tie up with them with low fees so we can save lot of money through using bitcoin. It also gives additional profit to its user because as the bitcoin value rises, more profit is expected. Even we can't feel its impact right now in our economy, I believe that bitcoin has a great potential in the future. Right now, its impact can only be satisfied by those residence who are using and investing in bitcoin. The more residence using it, the more impact it can contribute in our economy. Remember that the smallest unit of a society is family. Imagine, If more family have good source of income and gained more profit, country's income will follow then, its economy will surely change.

Bitcoin isn't taxable. It can provide comfort and income to users and holders but to make a significant effect on the economy, i think there will be major changes to its current state. Once governments accept btc's they will find a way to make money out of it and first thing in mind would to tax btc transactions. That way it will become more of a factor in a counties economics

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Quote from: youdacapt on June 12, 2017, 03:32:49 AM

Many people think if bitcoin is legalized as a legal tender then there will be a lot of taxes levied on bitcoin users as well as lower bitcoin prices being a tax reference for public business accommodation, not to mention the problem of corruption and other governance issues. But I choose bitcoin support for legal recognition because it will simplify our transactions and certainly many local and global businesses will use bitcoin, including in the stock market, this will bring economic benefits to the welfare of their people

Personally, I don't think that many people actually think so

Because accepting Bitcoin as legal tender means that regular taxes are paid with Bitcoin, not Bitcoin as such is taxed (what you claim further). Obviously, you are confusing different notions here, i.e. collecting taxes from Bitcoin operations (taxing Bitcoin itself) versus collecting taxes with Bitcoin. Government don't need to accept Bitcoin as legal tender to levy taxes on it since legalizing and regulating it as some financial asset will more than suffice

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Quote from: prass tyo on May 03, 2017, 12:19:15 PM

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

I believe that bitcoin can improve the country's economy because bitcoin can be used as a tool to make transactions more efficient if it is only legalized as a form of currency. More efficient because I am pertaining to international business transactions where we can tie up with them with low fees so we can save lot of money through using bitcoin. It also gives additional profit to its user because as the bitcoin value rises, more profit is expected. Even we can't feel its impact right now in our economy, I believe that bitcoin has a great potential in the future. Right now, its impact can only be satisfied by those residence who are using and investing in bitcoin. The more residence using it, the more impact it can contribute in our economy. Remember that the smallest unit of a society is family. Imagine, If more family have good source of income and gained more profit, country's income will follow then, its economy will surely change.

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Quote from: Wipro on June 12, 2017, 02:51:16 AM

Quote from: Md Saad on June 12, 2017, 01:25:56 AM

if an economy accepts Bitcoin as a legal currency then the population of this economy will use this form of money, by engaging this segment people can be able to make his or her living standard better. when your individual is in a good position then your society is in a good shape so by this way, your economy will be benefited from this situation.

Yes, bitcoin legalization is best option to solve this issue. If bitcoin is adopted means we can save the more money in international tie ups and business transaction with the low fees. For example you can Check the Japanese Government movement over bitcoin after adopted it as legal. This will give the answer for this thread.

Many people think if bitcoin is legalized as a legal tender then there will be a lot of taxes levied on bitcoin users as well as lower bitcoin prices being a tax reference for public business accommodation, not to mention the problem of corruption and other governance issues. But I choose bitcoin support for legal recognition because it will simplify our transactions and certainly many local and global businesses will use bitcoin, including in the stock market, this will bring economic benefits to the welfare of their people.

orions.belt19

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Bitcoin is not regulated nor taxed in my country (Philippines) so there shouldn't be effects or improvements to its economy. Although bitcoin is recognized and may be used in some places such as convenience stores or may be used to pay the bills through the uses of the local wallet. However, the government hasn't regulated bitcoin, only some business establishments. Bitcoin may probably improve the economy once it is introduced to the regular circulation, or has been contributing to our GDP.

Wipro

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Quote from: Md Saad on June 12, 2017, 01:25:56 AM

if an economy accepts Bitcoin as a legal currency then the population of this economy will use this form of money, by engaging this segment people can be able to make his or her living standard better. when your individual is in a good position then your society is in a good shape so by this way, your economy will be benefited from this situation.

Yes, bitcoin legalization is best option to solve this issue. If bitcoin is adopted means we can save the more money in international tie ups and business transaction with the low fees. For example you can Check the Japanese Government movement over bitcoin after adopted it as legal. This will give the answer for this thread.

magmar

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Since bitcoin gives an opportunity to make profit, have a quicker transactions, and better prortfolio, I can certainly say that it can improve the economy of a country.

Ahimoth

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Quote from: btcking23 on June 10, 2017, 10:01:34 AM

Well i guess in the situation right now,,, bitcoin can't improve the economy of the country you know why? ,,,many of the bitcoin enthusiast having an argue of this because some of the people that doesn't know bitcoin so they judge bitcoin easily by saying that the bitcoin can't make it in the near future. bitcoin can improve the economy if all the people in the world know about it.

Bitcoin has a lot of potential in th future. But at the moment bitcoin have no impact in our economy. If the price fluctuates or not it doesn't affect our economy. Nothings changes. If all people in our country and our government knew or adopted bitcoin as medium of transaction, and government trusted bitcoin enough maybe it will have a small impact in our economy.

Md Saad

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if an economy accepts Bitcoin as a legal currency then the population of this economy will use this form of money, by engaging this segment people can be able to make his or her living standard better. when your individual is in a good position then your society is in a good shape so by this way, your economy will be benefited from this situation.

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Quote from: SoulBargain on June 11, 2017, 10:05:14 PM

I believe so since its citizens are attaining a way to satisfy the needs of their family and add up to their financial income that they will use for a good cause. Though bitcoin should not be used as a means to avoid taxes since it is a duty of every citizen to contribute something to its country.

Yap and even if the citizen are on btc but the government itself doesnt support the idea of then it wont help them. But i think most countries are now trying to adopt the btc in there own banks. Because it also serve as an investment and if the government could accumulate enough btc then it would be a great help for the country and they wont need to lend money from world banks if ever they had a high profit on btc.

SoulBargain

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I believe so since its citizens are attaining a way to satisfy the needs of their family and add up to their financial income that they will use for a good cause. Though bitcoin should not be used as a means to avoid taxes since it is a duty of every citizen to contribute something to its country.

Astvile

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Yes i think but if the government of a particular country will legalized the use of bitcoins and they will regulate and put some taxes into it,thats the only way bitcoins can improve the economical status of an country

malami

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Bitcoin is great for the individual but I fail to see how it directly improves efficiency in any way which is what drives economic growth.

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Quote from: Bedebah on June 10, 2017, 12:21:12 PM

Yes of course it can, it is time the country switched to a better financial system i.e. bitcoin, interesting thing of the bitcoin is acceptable globally so that if any country accept bitcoin then the economy will be better.

Financially better? How can while bitcoin is decentralized can not be controlled its use including the government can not control it. Not a good influence. Precisely financial crime will be greater. If bitcoin is legalized #governmentopinion

Flodemaga

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Country isnt affected directly from bitcoin transactions, Japan might release on the end of the year some report about how is going the exchanges business, with the tax collected they may expose something good, i mean before people were trading and avoid tax, with those fee the country can use to improve.

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Quote from: GlassMaster on June 08, 2017, 01:31:37 PM

Quote from: prass tyo on May 03, 2017, 12:19:15 PM

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

Bitcoin will rather help change the financial situation of residents, not of the country. In many countries, corrupt power and it will not improve the economy of the country.

I think bitcoin has a negative and positive side, and what you say is the negative side, if we look on the positive side, bitcoin provides benefits to users and improves one's economy?

bitbob82

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Quote from: qwertyup23 on June 10, 2017, 12:11:29 PM

In my opinion, bitcoin is a double-edged sword when it comes to affecting the economy of one's country due to its nature. Let's take this for as an example: the money supply in the market is controlled by the central bank and it regulates its liquidity. If a person then suddenly exchanged his/her bitcoin (let's say around 1-2 bitcoins) then there will be an influx in the money supply which then may decrease the value of money or the bitcoin. But also, if someone converts his/her bitcoin to cash, he/she is contributing to the economy. It really depends on the perspective of the person on whether when he/she looks at it.

on other side it is increasing the per capital income, by providing them more opportunities. now those people who were find it hard to complete their basic need from their day job now they are able to fulfill their wishes through bitcoin, it is also helpful in controlling the unemployment ratio of a country and therefore they are really effecting the economy of a country.

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Quote from: CROYA86 on June 10, 2017, 06:37:25 AM

Quote from: peter23 on June 09, 2017, 11:47:44 AM

I dont think so bitcoin is not that popular like any other currency even tho it is the highest value in the crypto currency. but not all of the people know about this bitcoin, so this bitcoin can't improve the economy of country but i think someday will.

But if the country already recognizes the bitcoin as currency then automatically the population can use bitcoin as a means of payment, and I think bitcoin users and focus on bitcoin and some even work to earn income from bitcoin, from there people who focus on bitcoin As a livelihood then the economic condition will rise, and of course it will change the per capita income of the country

One thing is to be allowed to use Bitcoin, the other is to actually use it

As they say, it's a difference that makes the difference. Bitcoin has been considered as a means of payment (read as a currency) in Europe long ago but it didn't boost its adoption there. The same with Japan, the official acceptance of Bitcoin there seems to have greatly contributed to the hype around Bitcoin, not actual adoption of this currency in this country. It may happen in the future, but it is still too early to say, just 2 months after the decision of the Japanese authorities

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