Cryptocurrency is important for a country? or not...

_BlackStar

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Quote from: noormcs5 on January 26, 2022, 11:32:45 AM

There are many countries that are already developed without cryptocurrency, therefore cryptocurrency is NOT essential for the development of the country. However, if the country adopts bitcoin, it can further be helpful for their growth. Also, it will be good for the people as they can freely use the crypto and it opens a new horizon for earning through mining's etc. Adoption of bitcoin will be recognized for your country. For example, before making bitcoin a legal tender no one knew about El Salvador but now everyone knows about this country.

Some of the things I can imagine from adopting bitcoin in a country are:

Tax receipts from cryptocurrency
Save money Remittance
Increase the interest of foreign investors to do crypto business in the country ^{[exchange, mining farms, crypto-based services, etc.]}
Microeconomic growth among crypto users [traders, investors, miners and other services]

Some of the things above are what I can imagine from a country that is willing to adopt crypto as a currency or as a means of payment. However, for developed countries such as the United States, it is still possible only within certain limits as an alternative means of payment without legalizing it as currency.

Argoo

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Quote from: Odusko on January 26, 2022, 10:44:11 AM

Quote from: tokyohd on October 12, 2021, 05:12:34 AM

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

Cryptocurrencies can develop a county by providing job for jobless youths instead of them doing nothing they can start trading with bitcoin, it can also damage a country economy by leading to inflation if bitcoin price became too high,so it has both advantage and disadvantage.

In the question of the necessity and usefulness of cryptocurrencies, it is necessary to distinguish between such usefulness and necessity for the state and its government, as well as for citizens. For citizens, of course, cryptocurrency provides new opportunities and is very useful. I hope that over time, people's interest in cryptocurrency will only increase and its need will grow. But for the state and its government, cryptocurrency creates more problems and is minimally useful for them, but not necessary. States will not widely use cryptocurrency. On the contrary, they will try to regulate its circulation in the country as much as possible.

ReiMomo

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Its just another platform to invest and earn I would say. But yes a most wanted trending platform where everyone has an eye on it. It does not mean that country has to depend on it or the country finds crypto as an important tool to develop their economy. Its another tool to where everyone can hope to get returns by investing. Yes government plays the vital role in providing opportunities to its citizens to earn. Many countries have yes accepted crypto. Yes expect other countries soon.

noormcs5

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Quote from: tokyohd on October 12, 2021, 05:12:34 AM

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

There are many countries that are already developed without cryptocurrency, therefore cryptocurrency is NOT essential for the development of the country. However, if the country adopts bitcoin, it can further be helpful for their growth. Also, it will be good for the people as they can freely use the crypto and it opens a new horizon for earning through mining's etc. Adoption of bitcoin will be recognized for your country. For example, before making bitcoin a legal tender no one knew about El Salvador but now everyone knows about this country.

Odusko

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Quote from: tokyohd on October 12, 2021, 05:12:34 AM

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

Cryptocurrencies can develop a county by providing job for jobless youths instead of them doing nothing they can start trading with bitcoin, it can also damage a country economy by leading to inflation if bitcoin price became too high,so it has both advantage and disadvantage.

lenovop-70

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Depending on the resources and resilience of a country I think, Cryptocurrencies are like a double-edged sword, if we use it wrong it will be destroyed, but if we use it properly, it will bring prosperity to us. So in my opinion, cryptocurrencies are a great way for a country with standardized resources to go ahead and surpass other countries.

Alert31

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Quote from: tokyohd on October 12, 2021, 05:12:34 AM

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

I think it is just essential for individual who are using cryptocurrency but not for the development of the country unless it will be legalize and taxable. Or maybe on the other hand it is essential for the development of the country because it provides job, alternative or other source of income that can help the government or the country to increase the number of people having a good living.

masterrex

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I think it's not, but the underlying technology that cryptocurrency was used is maybe useful to any country that adopted it because Blockchain is useful in promoting transparency that's why it's not more on the crypto thing but on the technology itself so let us say that cryptocurrency is not that important because it's only a choice the more important is the technology.

Jazzi Mahesh

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Cryptocurrencies offer many incentives to entrepreneurs around the world. It makes it easier for entrepreneurs to enter the international market, rather than strictly stick to the domestic market.

Ozero

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Quote from: tokyohd on October 12, 2021, 05:12:34 AM

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

It is still difficult to say how the development of cryptocurrency will affect the economy of countries in the future. Previously, there was information regarding Japan for 2017-2018 after the legalization of the cryptocurrency there in April 2017 that the country's gross domestic income as a result of the circulation of the cryptocurrency increased a little, it seems, a little more than one percent. It was also noted that as a result of the circulation of cryptocurrency, the general well-being of people has increased.
But until today, states have shown very little interest in cryptocurrencies.

oemar bakrie

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it all depends on our understanding and also the purpose of using bitcoin for a country if it is used positively without any legal deviations it can automatically provide progress for a country, especially in the economic center.but it all depends on the status of bitcoin if it is in .legalize in a country..

panukurap

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I think the importance of Bitcoin in a country depends on each individual who uses it. If they use Bitcoin properly and make a profit from it, I think this can benefit the country because the poverty rate may decrease, unemployment will decrease, and people can still be productive even though they are only at home. bad, such as crime, drugs or others.So be smart in choosing and sorting out how the right action is taken.

Henrobakkara

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Quote from: tokyohd on October 12, 2021, 05:12:34 AM

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

I don't think there is a clear cut to this so I think it is relative. Before the existence of crypto, countries were already striving in a good direction when we look at most developed countries, and even with the development of crypto, some countries are still finding it difficult to develop, crypto has not changed their situation. so, it can help a country if many people adopt it by way of trading or investment and probably not rely heavily on the government.

virasisog

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As for me, it isn't essential yet it helps especially now that we're still amid the pandemic. It provides opportunities and relief for those who have lost jobs during this crisis. It also help the economy recover in so many ways. Cryptocurrency could actually be considered a savior during this situation and I must say that it now plays a vital role.

TheNineClub

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There are so many factors at play here, it would be hard to give a definative answer. For instance, is that country getting financial aid from other countries? If so, in what currency. Is it geting foreign investments? If so, they are still coming via some maxor currency. Is there a big enough market for it's citizens to only depend on BTC?

With all of that in mind, I would say no, crypto in general can not be the only thing that helps with a countries development.

rahmad2nd

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Depend how each country decision with cryptocurrency because still have manipulated or giving bad news about development of cryptocurrency and make country looks afraid for adopting bitcoin or altcoin as legal transaction. They do not know about how benefit by adopting cryptocurrency and all transaction transparent and most faster than using Bank as way for sending or receiving money, beside with cryptocurrency never have any inflation value and keep increase with how much growing up bitcoin and altcoin price for the future, need time and change mind of many countries how effective if adopt bitcoin and altcoin as legal transaction impact.

KingTin

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I think blockchain tech would solve quite a few issues but I don't think it's world changing tech that we all think it is.

I simple cannot see web 3.0 working well if everyone needs to own a lot of tokens in order to interact with each other, it removes a lot of accessibility for people and honestly, unnecessary.
But I do think it will help a lot in some important areas, like anti censorship and more ways to interact with the web, better accessibility to financial services.

But bitcoin is the one I believe will change the world, it will change the entire geopolitical dynamics and how companies can raise capitals with the ordinary plebs.
Personally I think it has already done a lot of important job, which is to educate the general public about what exactly is money.

Mam009

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Nowadays bitcoin is stand is own position and people are now also interested about cryptocurrency. If Bitcoin takes its place in this way, it will certainly play an important role in the development of any country, Developed countries are now moving fast through digital transactions.So, in the future we will definitely see the development of the country by the trend of bitcoin.

LUCKMCFLY

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Quote from: JayTrain on January 18, 2022, 05:24:01 AM

Quote from: tokyohd on October 12, 2021, 05:12:34 AM

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

the cryptocurrency itself carries a certain risk for the traditional financial sector, many countries are afraid of cryptocurrencies precisely because of this, but I see some advantages, novelty, idea in this, but the most important value of any country is the blockchain technology, it is unknown how countries will apply this technology.

In fact, if I think that a cryptocurrency is essential for a country, 'because it is entering a market totally different from the others, where the rules are different and everything runs under laws that can be changed with having a lot of money, while a market like the stock market obeys its support and everything that has to do with supply and demand, with respect to the BTC market, volatility must be dealt with in order to have guaranteed success, I think this is the secret of everything, and a country, a The ruler and his people must have this calm, for me it is essential to handle BTC.

Peanutswar

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It's not an important thing because they can make a success without it but of course, this is the new trend for now and it is good if the organization or a country accept and supports this kind of trend so they can get more users, supports, taxes if they use this as a centralized with the use of a platform. Again it depends on the country recently we saw that Russia does not accept yet the use of cryptocurrency and one of the reasons is to decline the market and we experience another downtrend it has an impact if a country accepts or decline the crypto innovation.

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