Can Bitcoin really stabilize any country's economy level? - page 3.

futile-resistance

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Quote from: Rooster101 on April 24, 2019, 04:02:14 AM

It is unlikely for the bitcoin to stabilize a country's economy because of its limited supply and volatility. Being an unstable currency, government will be having a hard time controlling the wild fluctuations of bitcoin and this situation might deteriorate the economy, instead of stabilizing it. It is still to be proven if bitcoin will really diminish the use of fiat because a lot of people will still prefer fiats over bitcoin because it is more convenient to use.

Why would anyone now be talking about making Bitcoin a currency? Lol, Bitcoin is money, but it is not a currency. And most people who are into bitcoin are into it because it cannot be controlled by the government, they feel like it gives them freedom to do whatever they like and also to do cheap and quick transactions.

Based on research that I have done, Bitcoin is a threat to the economy of any country. Unlike the official we make use of, Bitcoin have no corresponding liability. It only works based on our willingness to treat them as valuable.

dupee419

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I think it can and I think it cannot, if it means about economy then we should be giving out a focal point on the 3rd world countries since their economy level are the ones that need to be improved, 3rd world countries tend to have low economy level and the rest is going to be a domino effect, having BTC in a 3rd world country can possibly stabilize an economy level of a country and it can do completely nothing with the economy, and not only that but I don't think that BTC can singlehandedly help a country's poor economy level, it's just too much yet it can be a help to a country nevertheless.

geegaw

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Quote from: mornabo on April 24, 2019, 10:54:46 AM

Quote from: usorin on April 20, 2019, 03:14:39 PM

For bitcoin to be efficient there is a need for minimum technology for example pc and a good internet connection, this is the reason why bitcoin is not a solution for every country. I am sorry to say this.

You know that economic problems in a country are very complex, and even developed countries still have a lot of poor people and their economies sometimes go up and down, bitcoin can't make a country's economy stable, because a country's economic problems are not just unemployment, but many other things and more complex

Agree, a country's economy depends very much on different factors, that could be a government strategy, that could be a natural and environmental problem and condition, or it could be a problem of education, and a lot of different issues. And with so many problems, bitcoin really can't solve all, the condition for it to be beneficial for everyone is that they need, conditional to own the right equipment, and more, and with so many conditions, only very few individuals can change lives with bitcoin, which is something we see very clearly

mornabo

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Quote from: usorin on April 20, 2019, 03:14:39 PM

For bitcoin to be efficient there is a need for minimum technology for example pc and a good internet connection, this is the reason why bitcoin is not a solution for every country. I am sorry to say this.

You know that economic problems in a country are very complex, and even developed countries still have a lot of poor people and their economies sometimes go up and down, bitcoin can't make a country's economy stable, because a country's economic problems are not just unemployment, but many other things and more complex

pushups44

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Bitcoin can stabilize individuals and nations. Obviously, it's a lot easier for people to take financial matters into their own hands than convincing a State to be fiscally or monetarily responsible. Over time, I expect nations to officially embrace bitcoin as a legitimate currency. More than likely some are secretly mining it right now.

fiulpro

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It is really important to understand that the government doesn't officially recognize Bitcoins as something that they would allow changing their economy, except few cases where time and again Bitcoins have shown too Worthy.
It can but only if the margin of volatility is taken into account, you cannot rely on something easily influenced by the market biggest holders because in this way it could be used be a number of agencies to specifically target any country or audience.
In Bitcoin the more you have , the more power you have over the economy of Bitcoin itself , therefore it's not a power that is centralized , given that government cannot rely on it completely but in a time of a worst case scenario it could prove helpful .

n0ne

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Quote from: Rooster101 on April 24, 2019, 04:02:14 AM

It is unlikely for the bitcoin to stabilize a country's economy because of its limited supply and volatility. Being an unstable currency, government will be having a hard time controlling the wild fluctuations of bitcoin and this situation might deteriorate the economy, instead of stabilizing it. It is still to be proven if bitcoin will really diminish the use of fiat because a lot of people will still prefer fiats over bitcoin because it is more convenient to use.

Volatility will never let the economy of a country get stabilized. Market fluctuation is common with the world market but there is no such level of volatility as bitcoin. As stated most of the governments fear of legalizing bitcoin of the country's money value. When bitcoin is legally accepted people prefer bitcoin than fiat this will affect the money value of the local fiat. To me let bitcoin be the same as now serving as an alternate to the fiat.

Rooster101

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It is unlikely for the bitcoin to stabilize a country's economy because of its limited supply and volatility. Being an unstable currency, government will be having a hard time controlling the wild fluctuations of bitcoin and this situation might deteriorate the economy, instead of stabilizing it. It is still to be proven if bitcoin will really diminish the use of fiat because a lot of people will still prefer fiats over bitcoin because it is more convenient to use.

TheUltraElite

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Quote from: usorin on April 20, 2019, 03:14:39 PM

For bitcoin to be efficient there is a need for minimum technology for example pc and a good internet connection, this is the reason why bitcoin is not a solution for every country. I am sorry to say this.

To make bitcoin efficient there is no need to do anything because it is already efficient enough. What you are trying to say is probably the transaction possibility and that will need basic devices and internet connectivity. Now considering the fact that everyone has at least an android smartphone and at least a 3G connection if not more than that - that much is covered.

Whether it is a solution or not is far from speculation but we have seen some countries develop their own cryptocurrency like Venezuela and although its making a splash this may be the emergence of something new in this niche.

Cosbycoin

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Quote from: Stedsm on October 03, 2018, 12:46:10 PM

As we all have been speaking many times that Bitcoin possesses the power to diminish the use of fiat in a country where it's welcomed with full hearts, I wish to know that does it really have the ability to cope up with the challenges a country's economy faces? Can it help in the growth of their GDP?

As we know, Bitcoin is limited in number whereas Federal Reserve has the power to do monetary easing when things go wild with their economy levels. So with such limitations, can Bitcoin really stabilize any country's economic issues?

Diminish fiat ? Hmph… there are lots of other online payments, that are far much better than Bitcoin, so I don’t know why you think that’s going to happen. And by the way, Bitcoin has nothing to do with economy, so it does not have any impact on any country’s economy. Bitcoin is on its own.

I believe if any recession occur in global economy then we may see how bitcoin may help people in hard time. I guess that alone will be a practical way of understanding how bitcoin may influence in stabilizing one country's economy level.

Donceng

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if bitcoin can be legalized by every country, of course bitcoin can help stabilize the economy of each country, but not entirely the system of the country's economy can be repaired by the existence of bitcoin. the value of the currency is certainly the main factor that can affect the economy of each country. if bitcoin is located like the US dollar which has a global currency center, it is likely to stabilize the economy of all countries

3x2

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It is hard to say if it can stabilize a country's economy or not, but it can defensively stabilize ones economic condition. Just as a key note i would say look at the scenario of Zimbabwe, there most citizen use USD and crypto over Zimbabwe Dollar, it is because they have no trust over country fiat.

oaz7t

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Bitcoin is limited but it is not limited in accordance with the prices! I mean look at the past to future prices of bitcoin. Its been few cents and few thousand dollars all the time. So in future it could be equivalent to million dollars or may be billion in the future (practical but not needed). All you gotta do is trade your satoshi's with the world tagged with thousand dollar price. Its non ending cycle, the more demand in the future the more its price would be.

Coming to the point of stabilising country's economy level, I guess its not helpful in that regards. Its just limited to alternate system of payment process. Sometime easeful sometimes difficult.

Babylon

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Bitcoin is volatile and i don't think that there is a chance for bitcoin to stabilize any country's economy level because there is no chance for bitcoin to help the economy of a country because its price itself is not stable. Bitcoin can just help the country to have an option for investment but in the sense of stabilizing their economy level then there is no chance for that.

Zooplus

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Quote from: usorin on April 20, 2019, 03:14:39 PM

For bitcoin to be efficient there is a need for minimum technology for example pc and a good internet connection, this is the reason why bitcoin is not a solution for every country. I am sorry to say this.

If bitcoin will lead to creation of job that would help to improve the economy.
It's not fiat or paper money that is simple and easy to use but crypto is very useful for online transaction, and the low cost and fast transaction
is needed to open opportunity to easily send money in every country.

In terms of investment, this does not generally help the economy as only holders will benefit, the usefulness of crypto
will be more appreciated if a massive adoption will happen.

actmyname

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Quote from: usorin on April 20, 2019, 03:14:39 PM

For bitcoin to be efficient there is a need for minimum technology for example pc and a good internet connection, this is the reason why bitcoin is not a solution for every country. I am sorry to say this.

Hypothetically, you only need a very basic computer (or even a phone) as well as mediocre internet.
It doesn't have to be good. All you're doing is broadcasting a transaction. A hash.
You are not uploading 2 GB images.

usorin

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For bitcoin to be efficient there is a need for minimum technology for example pc and a good internet connection, this is the reason why bitcoin is not a solution for every country. I am sorry to say this.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Ailmand on April 15, 2019, 12:39:08 AM

Bitcoin is volatile so it eiol not stabilze a country's economic level. One of the factots why cryptocurrency is not yet ideal to be used or replace fiat is because of volatility. Imagine if a country is using crypto as a main currency, just one crypto crush, the economic situation of the country will really be affected.

That is why the acceptance of crypto as a regular currency for everyday work is not popular. There may be price fluctuations in such extent that people have to stop buying necessary stuff. This wont happen in future unless fiat is totally overruled which is having low probability. Unless some method can be found which pegs the value of bitcoin to something totally stable or a value of its own this wont happen.

Quote from: darkr on April 16, 2019, 12:23:20 AM

Naturally. The economy of the country cannot be improved if they adopt Bitcoin.

How exactly? Bitcoin was built for a purpose.

Quote

The government should do a lot to change it.

Governments want least involvement in crypto.

Quote

However, people can make their lives better working with BTC.

Would love to see that come to reality, but for now lets focus on whats happening. Cheesy

geegaw

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Quote from: darkr on April 16, 2019, 12:23:20 AM

Quote from: karanggatak on April 14, 2019, 10:33:46 PM

I think not because the economy of a country involves many things. if a country adopts bitcoin the country's economy will not immediately stabilize. Bitcoin can only benefit investors and users. if in one country there are many people who become bitcoin investors, maybe the economy level of the citizens will increase.

Naturally. The economy of the country cannot be improved if they adopt Bitcoin. The government should do a lot to change it. However, people can make their lives better working with BTC.

Yes, Bitcoin will not be able to influence or create too much fluctuation for the economy of a country, this is a very clear thing that people can see because the rate for governments to accept bitcoin is still too low, and even if they accept, only a few people can afford to make money with bitcoin, the rest can only get lost. So the stability of the economy is dependent on the government, if a large system like the government cannot solve the economy, Bitcoin will also not help anything when it is just a normal technology product, but it is more special than other products when it has a lot of useful features and helps users to make money

darkr

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Quote from: karanggatak on April 14, 2019, 10:33:46 PM

I think not because the economy of a country involves many things. if a country adopts bitcoin the country's economy will not immediately stabilize. Bitcoin can only benefit investors and users. if in one country there are many people who become bitcoin investors, maybe the economy level of the citizens will increase.

Naturally. The economy of the country cannot be improved if they adopt Bitcoin. The government should do a lot to change it. However, people can make their lives better working with BTC.

Topic: Can Bitcoin really stabilize any country's economy level? - page 3. (Read 2604 times)