Technically, any county can try to ride on bitcoin and any other cryptocurrency and use it as their main currency. But it won't be a practical solution for day to day transactions as of this time yet. Cryptocurrencies are also very volatile which may see wealth wiped out within just a matter of days if not hours. Imagine the panic in the streets and major online exchanges shutting down due to it being unable to handle the volume of transactions in situations similar to a bank run.
It is very interesting to see the result of Venezuela's use of the Petro in the coming months in relation to this question.
Topic: Countries with weak economies can use cryptocurrency instead the dollars. - page 3. (Read 1427 times)
March 03, 2018, 10:09:04 PM
March 02, 2018, 08:22:50 AM
Yes, the backdoor is already open. Russia, Iran, Venezuela...Some countries already working on that. It's not just about week economies, Russia is battling with sanctions and they try to avoid weakening their economy. Zimbabwe forced Bitcoin to save their debts. Their national currency wiped out.
https://www.newsbtc.com/2017/10/23/businesses-zimbabwe-forced-embrace-bitcoin-pay-bills/
https://www.newsbtc.com/2017/10/23/businesses-zimbabwe-forced-embrace-bitcoin-pay-bills/
March 01, 2018, 12:56:39 PM
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.
I don't know if it will become applicable to use bitcoin instead of dollar and if that certain country that OP was referring would allow it to do, but for me, it is fine to do both so that we can lightened up and add contributions to the economy. Let the country decide on their own, they know what is best for them. 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.
March 01, 2018, 10:17:41 AM
it is very difficlut,wehn crypto replace dollars it will replace the money of that country,the goverment don't like that,they can't control and tax collection
February 28, 2018, 06:32:23 PM
It is a nice way around. Venezuela, Russia and some other countries trying their luck with cryptocurrencies.
It is possible to do it.
It is possible to do it.
February 27, 2018, 06:54:15 AM
Cryptocurrency will help one economy to grow if they fully accept it. I think its not good to replace $ since its a currency that use as one in many countries and thats the currency where every countries have funds on the federal reserve and still government are not so sure about the risk using cryptocurrency, they still need more time for this.
February 27, 2018, 06:36:50 AM
I think no, betcoin affects the country, the more citizens who use bitcoin the stronger their economies, such as America, Japan, Russia, they have a good economy, and the average citizens there use bitcoin or can be called the country legalize the existence transaction bitcoin
It's bitcoin mate, betcoin is an online crypto casino so distinguish the difference of having letter "i" and "e" on the middle. For countries that has weak economies like Zimbabwe, they can literally use crypto and attract people to invest on it and use it as a currency nationwide but only if different agencies of their government will agree. February 27, 2018, 06:08:07 AM
I think no, betcoin affects the country, the more citizens who use bitcoin the stronger their economies, such as America, Japan, Russia, they have a good economy, and the average citizens there use bitcoin or can be called the country legalize the existence transaction bitcoin
February 22, 2018, 05:26:15 AM
Yes cryptocurrency would be a good reserve for a country, but acquisition of btc or other cryptocurrency in the first place would require a lot of money. And a currency/investment with fluctuating value would not be the best option for them.
February 22, 2018, 03:50:52 AM
I'm interested in how this can be applied into practice and within what period it can gain success as it is quite difficult to do this in such a situation.
February 18, 2018, 02:42:46 AM
The question is what cryptocurrency is suitable for that?Feeless and a very fast transactions is what bitcoin should have to be able to help them.
January 30, 2018, 05:09:09 PM
It will be better for them to understand the future value of technologies,Just imagine there are projects which cost milliard of dollars for example lets get google,It’s price is 700 billiard dollar as i remember and there are countries which have 2-3 billiard $ in whole reserve,this is a very good example how goverments can develope economical situation in their countries,so the technology is the future for countries with weak economies,its about not about only blockchain technology and not only bitcoin or another cryptocurrency.As we,As goverments need timely implementation of blockchain technologies for their progress...
January 28, 2018, 11:44:01 PM
I think bitcoin can help the country with have a problem with economies, in bitcoin people can do investment for long term, can do campaign, etc.
Bitcoin already change the people life, they can help their family, friends and the others. Bitcoin not stable yet, because of that the value still profitable more than dollar/gold. So bitcoin still best investment.
Bitcoin already change the people life, they can help their family, friends and the others. Bitcoin not stable yet, because of that the value still profitable more than dollar/gold. So bitcoin still best investment.
January 28, 2018, 02:29:22 PM
B миpe зoлoтa вceгo нa 1-1,5 тpиллиoнa дoллapoв.
Физичecкoгo зoлoтa, a нe бyмaжнoгo зoлoтa.
Этo в 10 paз мeньшe, чeм нaдo миpoвoй экoнoмикe для фyнкцилниpoвaния.
oбopoт дeнeг (фиaтa) в миpe бoлee 10 тpиллиoнoв дoллapoв в гoд.
пoэтoмy нaдo бyдeт yeличивaть цeнy зoлoтa в 10-15 paз или oпять выпycкaть тpeжepиc нa зoлoтo.
Физичecкoгo зoлoтa, a нe бyмaжнoгo зoлoтa.
Этo в 10 paз мeньшe, чeм нaдo миpoвoй экoнoмикe для фyнкцилниpoвaния.
oбopoт дeнeг (фиaтa) в миpe бoлee 10 тpиллиoнoв дoллapoв в гoд.
пoэтoмy нaдo бyдeт yeличивaть цeнy зoлoтa в 10-15 paз или oпять выпycкaть тpeжepиc нa зoлoтo.
January 28, 2018, 02:41:15 AM
It's upon to each country, it's possible, and only advisable if the country has nothing to lose. Bitcoin as reserve unit is too unstable. I believe the main idea of a reserve unit is to have stability on long term, something that Bitcoin doesn't guarantee us. What would be a smart idea for weak economies is to use Bitcoin as reserve unit, but not only Bitcoin, splitting the total budget among some investments. Like 10% in BTC, 60% in Dollars, 20% in Gold, 10% federal securities...
Decreasing risks like an investor do on his personal life.
Decreasing risks like an investor do on his personal life.
Government reserve funds aim at preserving value not so much increasing it. That's basically why developing and wealthy countries like China, Russia, India are huge buyers of physical gold. They know that when there is no more IMF, dollar and bitcoin, gold will still have value. The US may declare some country's holdings of US securities as illegal or just freeze them like it happened to Iran's dollar reserves. But they can't declare illegal gold. And even if they tried, that would only "make gold great again"!
January 27, 2018, 04:52:36 PM
It's upon to each country, it's possible, and only advisable if the country has nothing to lose. Bitcoin as reserve unit is too unstable. I believe the main idea of a reserve unit is to have stability on long term, something that Bitcoin doesn't guarantee us. What would be a smart idea for weak economies is to use Bitcoin as reserve unit, but not only Bitcoin, splitting the total budget among some investments. Like 10% in BTC, 60% in Dollars, 20% in Gold, 10% federal securities...
Decreasing risks like an investor do on his personal life.
Decreasing risks like an investor do on his personal life.
January 27, 2018, 01:15:50 PM
I don't know which helped the international monetary Fund. Therefore, the opinion Christian Lagarde is not my authority. We cannot achieve consensus within the community. The management of the country's economy even more difficult. The use of cryptocurrency is only possible on a primitive level. The state can use it for good or to declare war on bitcoin. But this is the worst option. In war there are no winners. To lose the income.
I think I can explain the whole thing to you. Christian Lagarde and the IMF at large don't care which currency or cryptocurrency a government may choose to use as their reserve currency as long they don't stick to gold. The real owners of the IMF know what's what, they know that Bitcoin and the rest of the pack are not a danger to them as well as international bankers because gold is the only true equalizer. Qaddafi was killed when he had tried to start the gold dinar, a reserve currency for Africa and beyond.
January 27, 2018, 10:13:39 AM
I don't know which helped the international monetary Fund. Therefore, the opinion Christian Lagarde is not my authority. We cannot achieve consensus within the community. The management of the country's economy even more difficult. The use of cryptocurrency is only possible on a primitive level. The state can use it for good or to declare war on bitcoin. But this is the worst option. In war there are no winners. To lose the income.
January 26, 2018, 04:27:38 PM
There’s is a different pressure that this country may face when they use cryptocurrency than dollar that most countries opposes and the financial sector is critically affected. It will affect the economical connection to the rest of a much powerful first world investors that will look this move as a bad sign. I’m not against it, if this will help that particular state or country but reality is, politics works beyond jurisdiction if money is involved.
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