Cryptocurrency is important for a country? or not... - page 10.

Kakmakr

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Let's take Bitcoin as an example :

In some countries... governments are struggling with Hyperinflation and the value of the citizens currency is almost zero, because the government just kept on printing more and more fiat currencies.

In countries like this, citizens might convert their wealth into Bitcoin in the hope that it will sustain it's value or even increase it. (Bitcoin are very volatile, but in the long-term it proved that it is also a good store of value)

In countries like El Salvador, people receive money from their family members that are working in other countries. They make use of remittance companies like MoneyGram and Western Digital to send money home and these companies charge them VERY high fees on those transactions. Bitcoin can help to solve that, by offering cheap and fast money transfers. (using the Lightning Network) Wink

davis196

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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?

None of the above.Cryptocurrencies cannot play a role in the development of a country,but high technology can definitely play such role.Blockchain technology is high tech,so if it gets implemented in daily life in an effective way,if can help certain industries.The problem is how to implement blockchain technology in such effective way,that will bring benefits for the businesses and citizens of a country.
I have never seen cryptocurrencies to cause "extreme damage" to any country in the world so far.
Can you give us an example of such "extreme damage" being caused by cryptocurrencies?

Jaycee99

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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 there could be a chance in the future base on a lot of rich and billionaires are into bitcoin already and it's playing a great role in their company. For sometimes there is a one person or one company, who does it better to affect the growth and giving essential of blessings to its own country.

Sadly for now, and talking about the present. Bitcoin has not played a very essential role for a country because I can not see who can use bitcoin to make it part of one of the essentials of its own country. For a fact bitcoin, is not stable bitcoin is a year has a 10-20 percent gap for lower value to its skyrocket value.

So, therefore when the value goes down (for me this is the reason why some countries ban bitcoin) it can affect the country itself because bitcoin is global and not assigned to one specific country. Plus as I said it is global for it is for each individual it is important for every single person on the planet who knows bitcoin and cryptocurrency.

Lastly, to simply answer your question, not all countries can bitcoin be important. In short it depends

xSkylarx

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There are already several countries that officially accept bitcoin because they do an analysis of bitcoin. this shows that bitcoin is a promising investment and can benefit everyone, countries can get great benefits if they accept bitcoin because it is proven to improve the welfare of its citizens.

Agreed, but based on the question, I'd say it's not really that significant because it's just a tool for them to make money. Even if they hadn't heard of bitcoin a few years ago, the country continued to function, so it doesn't mean they couldn't work without it. Bitcoin is the biggest innovation that could help the countries so it is better to adopt it

Shenzou

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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 wouldn't say its an alternative or it affects the country in a bad way, but for sure it offers an option for the people that they are able to chose and make use for different reasons, because the fiat and the physical money that is being controlled by the government is a subject to many laws and restrictions that making transactions would take a lot of processing, where you can easily do it with crypto without having to go through intermediates or third parties like banks and in a more secure and anonymous way.

Coyster

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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?

On a general note, I don't think it does, the government as well do not think so, cause if they do, they would not be imposing sanctions, regulations and placing bans on crypto, somewhat in a bid to frustrate crypto users. On a personal note though I believe crypto is helpful, it has helped me personally, as well as quite a lot of people, it has also helped institutions retain the value of their funds through using Bitcoin as a hedge for example, Bitcoin has also helped individuals personally through giving them control and freedom of their funds.

Having said that, erroneously, the only crypto the government would consider as being good for the development of their country would be their central bank digital currencies, most governments consider dex crypto as being negative and harmful for the environment, this are all lies to discredit Bitcoin and promote their own CBDC for their citizens to use instead.

Rajamuda

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What we already know is that Bitcoin can advance citizens and reduce poverty is of course related to many things that can be done with Bitcoin so that people can make a certain profit, take advantage of its advantages and compliment people's life in the necessities of life.
But regarding the development of the state and government, I don't think it is fully seen that it really plays an important role in the development of the country, there are many who still consider many things related to cryptocurrencies for all their characteristics.
However, it does not rule out the possibility for the countries to develop if their governments are able to adapt well to Bitcoin and everything in it.

rudolfaxl

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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?

All should not make things too fanciful and delusional about the power of virtual currencies. Imagine a day when the world no longer has internet, surely fiat is still dominant. We shouldn't put too much emphasis on cryptocurrencies and get rid of fiat money because it's still something we actually own and spend pay for daily life. And I don't think cryptocurrencies will have a big impact on the development of a country, it's irrelevant in this regard.

tippytoes

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Quote from: markdario112616 on October 12, 2021, 02:59:33 PM

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

Cryptocurrency is essential for the development of a country?

Not that essential to be honest, there are still a lot more essential things for a country rather than Bitcoin.

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

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?

Well, for innovation this is a Win for a country. It will open new opportunities that can be utilized if the country itself is supporting it. Bitcoin is part of the new world of highly advanced technology, will it hinder it? Nah, it's a breakthrough. It's just that those people that are in positions are seeing this as a threat, well they all have different reasons but yeah this is the sad reality of this world.

I agree with this. It is not important to venture in crypto because a country can continue to exist even without participation in crypto. But would be good for its citizens as it will bring good opportunities that may uplift the status of its people. It has a lot of use cases that its people can benefit from. It may bring some good opportunities to its people rather than cause extreme damage to the country if in case they will explore their chances in crypto.

AakZaki

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Important or unimportant depends on how the country uses cryptocurrencies. If a country adopts cryptocurrency, of course they have a good cause for their country.
Currently, several developing countries provide regulation of cryptocurrency only as a commodity asset and cannot be a legal medium of exchange, that's because crypto has high volatility and is still very risky.

However, several other countries have fully adopted bitcoin such as El Salvador and other countries have followed suit.

wtsimis

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

What do you think about this?

Crypto has a large potential to catch new opportunities. One country can easily get the benefits of crypto. But its does not compulsory industry for developing country. Now still, many countries banned crypto in mainstream use. For instance, Bangladesh is now a developing country but see, the govt. still does not permit to use crypto is mainstream uses. Most people see crypto uses as an illegal activity. So, it is not mandatory. But yes, the crypto ecosystem a huge potential, any country that leg behind will lose those opportunities.

markdario112616

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

Cryptocurrency is essential for the development of a country?

Not that essential to be honest, there are still a lot more essential things for a country rather than Bitcoin.

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

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?

Well, for innovation this is a Win for a country. It will open new opportunities that can be utilized if the country itself is supporting it. Bitcoin is part of the new world of highly advanced technology, will it hinder it? Nah, it's a breakthrough. It's just that those people that are in positions are seeing this as a threat, well they all have different reasons but yeah this is the sad reality of this world.

Maslate

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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?

For me, it was not necessary for the country to adopt crypto as we could still make our economy growing without them. But why we shouldn't have to miss this stuff if this could help your people to improve their living? Not allowing them is selfish, it is just like we are cheating and stealing their freedom to grow that instead they still have the chance.

May having crypto isn't important but as we are in this new era, it somewhat it looks good and probably placing an important role in our life, in our daily activities. We can't just really feel it importance today but might be in the future.

hatshepsut93

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

Cryptocurrency is essential for the development of a country?

Absolutely no. Crypto doesn't offer anything fundamentally better, except for control over own money, which most people don't need and don't want. Cryptocurrency isn't even theoretically suitable for being a backbone of the economy, because there's still no coin that can scale to millions of active users, and without central bank its price is too volatile.

glendall

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Cryptocurrencies can be important for countries that adopt them because they can support existing fiat
but for countries that are anti-crypto, I think the absence of crypto doesn't have much effect on economic growth and the country

Jawhead999

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Quote from: Jawadu on October 12, 2021, 07:04:49 AM

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

Cryptocurrency is essential for the development of a country?

It depends!

There are some countries that have a middle economy, maybe Bitcoin could be one way to boost such country's economy. Perhaps such a country could legitimize Bitcoin in its government and allow citizens to invest in it as a normal business and then pay fewer taxes to the government as a contribution to building its economy (maybe 5%) based on the profit they get from Bitcoin. If 5 million people invest $10,000 in Bitcoin (5m people x $10k = $50b) and maybe their total profit become 30% per annum because it's possible ($50b x 30% ÷ 100% = $15b) it means the government will have a new 5% tax per year from that profit of $15b ($15b x 5% ÷ 100% = $750m)!!! Now for a middle-income country to collect $750m from Bitcoin investors is a very good thing!

It may looks great on theory but not the practical...

5 million peoples can't buy Bitcoin in same price, there will be always a fluctuation when someone bought a Bitcoin. The 5% tax is depends on the country itself, you could be charged more if Bitcoin is categorized as property or asset.... capital gains for short term rate 10-37% and long term 0-20% [1]
For traders the tax is really high and it's not worth it, while for the investors the tax looks not fair as you take high risk but you need to pay some % to government.

Quote

The problem is here, how will the government find a way to be able to track all the accounts of those investors to know how much they have collected per year to get that 5% when Bitcoin is a non-government currency??

No way, all experienced people in this space already know how to hide their Bitcoin. To be honest if you want to pay tax it's based on your personal awareness, not being forced.

[1] https://lexuscarumors.com/

bittraffic

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It may not be important for a country if we look at the example.of what China did to cryptocurrency which they've completely banned it all. Its different in the case of El Salvador because they embraced BTC.

Two different scenarios makes it appear like it all depend to the kind of government a country has. China's reason is that a lot of money they have are sent out from China. For El Salvador, they don't have their own currency.

Marvell1

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It is too early to judge whether that is important to a country. It is true that crypto is popular and growing, but if a country accepts and uses cryptocurrencies not exactly a developed country and vice versa, a country that bans bitcoin can also be a power like China. Clearly, it is not really essential to determine the development of the country.

michellee

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That is too far and too wild to imagine because crypto is not yet in all countries so we can not say that. Besides that, every country has its own currency and does not easily accept crypto as another help to their country. I could say many possibilities for crypto to help the country but maybe the first thing that will get the effect of using crypto is people because they can make money to survive. Out of that, the country still uses its own fiat to develop its country. Maybe crypto can be their reserves funds but with the volatility of crypto price, it will not be easy for the country to accept crypto for their currency.

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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?

Please explain the meaning of development?
What do you really mean by development?
If your sole purpose of development is only in economic aspects, then yes crypto plays an important role.
If a trader from a specific country invest in crypto and wins big, then certainly he and his country will be financially strong.
This is a basic example of how crypto can really add to the development of the country.

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