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Topic: Can Bitcoin play a role in the country's economic growth? - page 4. (Read 778 times)

legendary
Activity: 3248
Merit: 1402
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I agree with the op about the potential use cases of Bitcoin. Attracting foreign investment, creating jobs, allowing more financial opportunities for the unbanked or insufficiently banked, and saving up on international transaction fees are all good points.
But when we talk about Bitcoin, it's also important to consider the risks and challenges. One of them is that Bitcoin largely is not accepted directly as payment, so people often need to sell it for local fiat to make use of it. Also, storing it on centralized platforms poses a big risk of losing your funds, whereas storing coins yourself means that if you lose your password, passphrase or whatever, nobody will be able to help. You'll lock yourself out of your wallet. Then there's price volatility, as well as occasional fee spikes.
Both upsides and downsides need to be considered to make informed decisions.
legendary
Activity: 3346
Merit: 3125
Quote
Remittances are very important for the progress of a country. Bitcoin can play a real role in reducing the fees and time of traditional services when citizens of one country send remittances from another country.
I don't think this is correct.

Sure Bitcoin is cheaper it terms of foreign transactions compared to banks, but it's a case for the citizen, not the country. The country actually get benefit if the citizen use banks instead of Bitcoin.

This is because the government can track the transactions if the user uses his debit/credit card, and that way they can charge taxes, but that can be done too with Bitcoin if the government owns the wallet just like it happens in El Salvador, we know Chivo wallet is a gov project to trace the coins from the civilians and that way charge taxes on their transactions. So, it's the same if you have to use your personal data or do KYC to spend BTC or Money.
hero member
Activity: 952
Merit: 662
Countries such as El Salvador, for example, have explored Bitcoin alongside traditional financial systems to further strengthen their economies, and their scope continues to grow.
El Salvador's economy can grow because Nayib Bukele is an iron fist president, he really care to combat against criminals, that's why he caught many people that have sign like a criminal, he might caught the innocent one.

Quote
Remittances are very important for the progress of a country. Bitcoin can play a real role in reducing the fees and time of traditional services when citizens of one country send remittances from another country.
I don't think this is correct.

Sure Bitcoin is cheaper it terms of foreign transactions compared to banks, but it's a case for the citizen, not the country. The country actually get benefit if the citizen use banks instead of Bitcoin.
legendary
Activity: 2100
Merit: 1042
HODL
What role can Bitcoin play in promoting economic development? First, we need to find out what factors help the economy develop. The government must have reasonable economic policies to support people, create more jobs to help people increase their income, stabilize market prices, and fight corruption...in short, it must somehow ensure people's lives have quality. And to do all that requires combining thousands of factors together. Can Bitcoin do those things? Can it create jobs, can it attract investment into the country...? Looking at countries with leading developing economies, does bitcoin play a role in their economies? We should be realistic.

El Salvador's strengths are tourism and labor export. In addition, El Salvador's trouble is violence, they are the country with the most gangs in the world. But thanks to Nayib Bukele's strong repression policy, the country gradually stabilized and from there their economy gradually stabilized. Making bitcoin legal tender brought worldwide attention to them, but that is not what made their economy grow, all thanks to Nayib Bukele's economic policies.
legendary
Activity: 1554
Merit: 1139
Enhancing Investment and Economic Diversification: A country can attract investment and increase the scope of employment through innovative activities using the wide range of technologies of Bitcoin and Blockchain, which can greatly contribute to the economic growth of the country. Countries such as El Salvador, for example, have explored Bitcoin alongside traditional financial systems to further strengthen their economies, and their scope continues to grow.
El-Salvador did break the internet by having to legalize Bitcoin for a legal tender and since then, they haven’t been off the news as, it’s been met with mixed reactions based on market conditions. Even then, it is possible that Bitcoin and cryptocurrency assets could help the economic growth of a nation. This would be in terms of wealth redistribution.

Where, you can sell your Bitcoin far and near, get some of those funds from where ever to invest in something locally.
Also, by purchasing products from places foreign to you using Bitcoin, your very much involved in import and export of products which is a plus to the economy.

Financial inclusion of common people: Bitcoin can contribute to the economic growth of a country by including a large population by opening access to savings and buying and selling beyond the limited services like conventional banking system.
This comes in play in terms of, the opportunity Bitcoin offers where just anyone could buy in and buy in with as low as they’ve got, using the knowledge they’ve acquired to grow their portfolio.
With citizens being able to make a living through trade, the economy grows.
full member
Activity: 126
Merit: 93
Bitcoin can potentially play a role in the economic growth of a country which can make a huge difference in the multifaceted progress of that country. If Bitcoin can be integrated with the way in which the traditional financial system of the country is growing, the global economic system can be radically changed.
Here are some recommendations:

Enhancing Investment and Economic Diversification: A country can attract investment and increase the scope of employment through innovative activities using the wide range of technologies of Bitcoin and Blockchain, which can greatly contribute to the economic growth of the country. Countries such as El Salvador, for example, have explored Bitcoin alongside traditional financial systems to further strengthen their economies, and their scope continues to grow.

Financial inclusion of common people: Bitcoin can contribute to the economic growth of a country by including a large population by opening access to savings and buying and selling beyond the limited services like conventional banking system.

Exchange of Remittances: Remittances are very important for the progress of a country. Bitcoin can play a real role in reducing the fees and time of traditional services when citizens of one country send remittances from another country.

From an overall perspective, a country can explore Bitcoin with their economy in the light of wide knowledge of the strategies to increase the holding and increase the scope of transactions and access to the exchange, which can contribute to the growth of that country in a big way.

Looking forward to your more recommendations.
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