Countries with weak economies can use cryptocurrency instead the dollars. - page 2.

Flor1982

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Quote from: cleofila on October 11, 2017, 11:55:46 AM

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

I think that is correct because if the country will keep a huge percentage of Bitcoin it is like they also keep a huge percentage of dollars reserve because the value of Bitcoin currency is base on dollar value as the main currency of the trade therefore it is better for these countries to adapt and legalize Bitcoin as investment as it will reduce the unemployment and increasing the purchasing power of the people making the economy to become strong and stable.

Tigorss

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Quote from: cleofila on October 11, 2017, 11:55:46 AM

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

that's the right choice, I think bitcoin can be one alternative to overcome this, only the risk that if in the long term the country's currency can be very worthless because many people are switching to bitcoin

jonland22

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weak economy = poor internet connection i supposed
We all know that cryptocurrency and the blockchain technology is a really promising technology that could bring innovation for every businesses but using it to boost the health of economy can't be simply done yet since countries with weak economy tend to have a internet connection issues plus the fact that not all can simply understand cryptocurrency.

BitcoinGirl.Club

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I think cryptocurrencies could be used as a side currency and not the main currency because these are volatile and uncontrollable by anyone which do make them not the best unless the crypto price is based on something valuable to us like oil.

bocyaj

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It's good idea.But practically it's difficult.Now the value of bitcoin is keeps moving,they can pay the transcation fee and all.Secondly,the country with weak economy will not have huge internet facility and Not all will have computer.By considering the transcation fee,facility of internet.It's very hard to implement.

Rooster101

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There is a big possibility that bitcoin or any cryptocurency can provide the need for alternative money in many developing countries by using some kind of a mobile payment system that enables people to transact. The idea of cryptocurrency providing opportunities in countries with weak economies is already taking place in some impoverished nations like Venezuela and Zimbabwe. These nations with weak economies had already turned their attention to bitcoin for an innovative solution of payment.

Aikidoka

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How can a country with a weak economy system use a cryptocurrency instead of dollars? I do not what you meant exactly, but many countries will not allow that. If they are going to buy something, they will be only using dollars, not bitcoin or any other altcoin. And even if they want to use crypto, they need lots of money to begin with. We are talking about a whole country here, mate. So I think it is a bad idea.

TrumpD

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I do not this is entirely true. Countries with weak economies base their local value currency on those countries with strong economies such as USD, EUR, GBP. At the end of they day because crytpo is not fully regulated with the local government and currency, payments in crypto will have to be converted into fiat money, and the local fiat value is based on "popular/strong" country currencies, and if crypto value falls against them, it will also affect the value of the weak economies.

Proton2233

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Quote from: JC btc on March 14, 2018, 12:09:18 PM

They cannot do it if the law or their government do not permit to do such thing, why use cyrptocurrency instead of dollar if you can freely do bitcoin. One of the reason why government does not want bitcoin is because it is decentralized, and government will not agree to do bitcoin as an exchange in dollar.

It seems to me that that's not the reason. It is easier for any government to take a dollar loan. Who will give credit to the government in which the officials of the Treasury? Dollars for the United States is just a piece of paper. If you need them print as many as you need. Americans do not lose anything if the loan is not returned to them. But for that money, they get a poor country that never pays off its debts.Such a country can be easily managed.

JC btc

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They cannot do it if the law or their government do not permit to do such thing, why use cyrptocurrency instead of dollar if you can freely do bitcoin. One of the reason why government does not want bitcoin is because it is decentralized, and government will not agree to do bitcoin as an exchange in dollar.

Thanasis

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I don't think any country want to use bitcoin in their country because it is more unstable than the fiat money.But they can create a separate crypto currencies for their government if they want but it will not be only their currency since it is an decentralized everyone can buy and use it from anywhere around the world.

vallentvi4

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Quote from: countryfree on October 11, 2017, 12:26:22 PM

Difficult, if a country has a weak economy, there will be little cash around to buy BTC to begin with. You may also consider that a poor country will have poor infrastructures, I mean poor phone networks, and slow Wi-Fi.

I strongly agree with this, certainly in a weak economic country will be difficult to find the required infrastructure.
And other things, how do they start with a less economy, whereas what we know BTC prices are already soaring up? Will they have enough capital?

Bagaji

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Well, Bitcoin is not only meant for week economy alone but for developed, developing and underdeveloped countries of the world. The developed countries are more at the advantage as compared to underdeveloped countries because of the infrastructural facilities such as telecommunications and the rest of them.

warrior333

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The use of crypto-currencies as the main currency impossible. People who want to know nothing about the economy. Cryptocurrency can serve only trade between people and Fund startups. But now the level of development of cryptocurrencies at such a stage of development that they can not cope even with this task. We are still at the beginning of the road and no one knows what lies ahead. How can you trust such an asset in the fate of the country?

Vektrum

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Quote from: Kronos21 on March 01, 2018, 11:36:46 AM

It is impossible to use cryptocurrency in a real state of the economy. How do you propose to lend businesses in bitcoins? If the price of bitcoin grows, the company will never repay its debt. State for the same reason can not take out loans in bitcoin. Cryptocurrency allows only to attract private investments to the country. But this is happening now in any country. Each of us is changing the bitcoin for dollars and are attracted to your country currency.

That's why it was pointed out that states with a weak economy and an unstable national currency can use the crypto currency only as an alternative currency, rather than the main one. That is, the crypto currency should only go in parallel with the national money. Indeed, if the crypto currency is used as the main currency, it will have a devastating impact on the economy of any country.

Nahl

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weak countries possibly to use bitcoin as instead of dollar but the main problem is they usually do not have facilities to support crypto users because i'm pretty sure in the weak countries most of people at there does not know what is crypto or they can't use internet connections and if there is no internet connections then using crypto as instead of dollar could be useless

danjonbit

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DanJoN

what? weak countries will never used dollars, they have their own currency, also why would they want to replace its national currency with a cryptocurrency, yes cryptocurrency is much more easiest transaction or something to deal with in any trades but almost major country wont accept cryptocurrency even if it is just an alternative.

Rajamuda

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In my opinion.. it's a bit unfit because I think the crypto is just an alternative currency which's not aimed at shifting other currencies in a particular purposes to the interests of the country.
And I think there are still many countries that still worrying about the characteristics of cryptos itself.

Irvinn

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Quote from: cleofila on October 11, 2017, 11:55:46 AM

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

Yes, such a statement is entirely logical. But here it is necessary to bear in mind that this is suitable for countries with unstable national currency, and the crypto currency should go in parallel with the national money. Trying to replace national money with a crypto currency for a country with a weak economy will be simply disastrous for her. Even a strong state is unlikely to withstand bitcoin volatility, the country's economy will simply be feverish.

noorman0

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Quote from: cleofila on October 11, 2017, 11:55:46 AM

Countries with weak economies and unstable currencies can use not the dollars but the crypto currency as a reserve unit. With such a statement made at a conference on the 20th anniversary of the independence of the Bank of England, the managing director of the International Monetary Fund (IMF) Christine Lagarde.

What do you think? Is it possible?

it's not a solution,
if implementing cryptocurrencies as a substitute, then their economic situation increasingly unstable and this will disrupt cooperation in the economic field with other countries,
in addition, the currency in that country will be marginalized.

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