I thought you were going to talk about the government of a certain country making an investment in Bitcoin to make the economy better because the economy of a country is not in the hands of its citizens, they might have some influence in it but they can't make it good or bad, it's all about how the government governs the state and how they manage things, especially finances so that they keep getting more money from what they have instead of losing it.
Also, since Bitcoin is an unpredictable asset when it comes to its price, you never know what's going to happen tomorrow. What if a government invests $5 Billion in Bitcoin and the price drops 50% within a month, that will be devastating for them and their economy. So I don't really find it to be a viable solution for that problem.
Topic: is it possible to invest in bitcoin to build a country whose economy is down? - page 3. (Read 1026 times)
August 05, 2023, 12:39:10 AM
August 04, 2023, 05:13:42 PM
Why not? Bitcoin investment is individual’s freedom so if there is passion and enough resources to invest, then go for it. But never expect that it will bring you immediate profits that you will use for the country’s economy recovery. However, if you continue to hold your bitcoin with indefinite time, maybe in the future you will reap a good harvest on it, and you can do everything you want for your profits. You can chose to reinvest again so you can help your country to progress, or diversify your investment into physical investments like gold or landed properties so that you can also contribute to the progress of your country’s economy.
^ It depends because the success of BTCs adoption will largely depend on how well it is managed and regulated within the country. Proper education, awareness, and responsible handling of cryptocurrencies will be crucial to ensuring their potential benefits are realized.As time goes by and more countries experiment with incorporating digital currencies into their economies, we will have a better understanding of the effects on various economic aspects, including financial inclusion, investment opportunities, cross-border transactions, and government revenues. However, we should put into consideration that every country's economic situation is unique, and what works for one may not work for another, luckily El Salvador has successfully adopt BTC while other did not.
August 04, 2023, 04:59:27 PM
Why not? Bitcoin investment is individual’s freedom so if there is passion and enough resources to invest, then go for it. But never expect that it will bring you immediate profits that you will use for the country’s economy recovery. However, if you continue to hold your bitcoin with indefinite time, maybe in the future you will reap a good harvest on it, and you can do everything you want for your profits. You can chose to reinvest again so you can help your country to progress, or diversify your investment into physical investments like gold or landed properties so that you can also contribute to the progress of your country’s economy.
August 04, 2023, 04:53:55 PM
I do agree that its not a bad idea at all, it can be done to make it a little bit better at least. I think it should be considered a good idea to keep improving on your investment as well. There are a lot of nations with high inflation, if they keep on buying bitcoin with some part of that money, they could end up getting a lot better on the long run. I know my country would, Turkey prints money like crazy, and everything is insanely expensive here right now, if we were to spend only just %10 of our governmental expenses on buying bitcoin, that would literally pay for itself and the whole government for a year in the future without a doubt. But I am sure we won't, it just not common for big nations to do something like that, only small ones like el salvador could.
Our world is weird. Who would have thought governments would buy bitcoin? In no way is your theory bad! However, these are government institutions. Public perception of bureaucrats is not daring. Turkey, too! A grocery list takes longer to print than your income. Such massive inflation is unthinkable. But nonetheless! Your theory may be right. In crisis, Bitcoin may be your "inflation buster." With cryptocurrencies, who needs a stable economy? Sadly, though! Large nations dont usually adopt new concepts, right? Perhaps too risky... Little males do all the exploration. Ever the "economic experiment," El Salvador is trustworthy. But one can never be sure. Possibly, your idea will become mainstream... August 04, 2023, 02:34:06 PM
It is too early to know for sure, what the impact of bitcoin would be on the economy of a country, it has been possible to compare its utility individually, but not on a large scale, first of all because it was not until recently that certain countries decided take this legal tender digital currency, specifically El Salvador and the Central African Republic as I understand it, but I suppose that as time goes by, at least two years, you will be able to notice the improvements that its adoption brings, and of course this It will depend on how they manipulate these if it will be beneficial or not, for example El Salvador, is instructing its citizens for the proper management of it, however, as I said at the beginning, it is too early to notice how this currency helps the finances of each citizen and therefore to the country, although I consider that this strategy will probably bring good results
August 04, 2023, 01:38:59 PM
No I don’t think so,
The bitcoin has its own world
In this world ,there is no government,no police,no political party,no tax.
So the current world, we say real
country, are far away from the bitcoin world.
We don’t need to build a real world,a world online is enough.
The bitcoin has its own world
In this world ,there is no government,no police,no political party,no tax.
So the current world, we say real
country, are far away from the bitcoin world.
We don’t need to build a real world,a world online is enough.
August 04, 2023, 12:57:06 PM
Adopting Bitcoin to be able to save a bankrupt country seems impossible because a country is bankrupt due to several factors and ways to be able to save it can be through loans to the IMF or assisted by its own citizens who together collect their money to build their country, but I think the last method is difficult because most citizens will definitely leave a bankrupt country like this. Even if citizens invest in Bitcoin and then the profits are used for the state, they also need capital for that, where will the capital come from? public private money? and what if instead the Bitcoin price falls and their investment fails? meaning that far more people fall into poverty. Maybe investing in Bitcoin can bring profit, but it can't be used to save a bankrupt country.
August 04, 2023, 12:41:12 PM
That’s not entirely true and I can’t digest the fact that some currency can change the face of country in terms of economic growth and develop a resistance. I don’t know how we are relying on few examples or Italy example if it just implementation of few rules and regulations. That’s already happening on the highest level in El Salvador or maybe Singapore for that matter. But what’s the result? It just being used as alternate currency and that too by the peeps who are interested in it. They can use it without any hesitation. That’s all it is guys. I mean that’s what I believe, because since centuries we have added various types of assets.
August 03, 2023, 04:26:15 PM
For example, here in Italy all traders are obliged to accept electronic payments via pos but we must also take into account traders who are of an advanced age and not very familiar with technology yet the state has not done any course of use it has simply imposed it and the merchant is required to implement the payment.
Now I am curious to know what kind of effect Italy is having now. As everyone is obliged to implement electronic payment in their business, how things are going on there? Is it good or bad for the businesses where traders don't know about it and are not educated enough? How are they completing trades with those who are willing to pay by electronic payment system? I am asking a lot of questions, but I am really curious and want to know all about it.
If it's doing good, then in the future other governments could take the same steps. If it is bad, then other governments should avoid such actions. And tell me something that will help improve the situation. What's your take on this?
The truth lies in the middle, that is, before this forced adjustment many shops already accepted electronic payments but now it is normal to pay for everything by credit card or via smartphone or match, even for very small payments such as bread or coffee. The problem is that many have not realized that privacy has been lost because all payments are tracked by banks and as a result the government may also request the details. Bitcoin, on the other hand, would erase precisely this transparency.
August 03, 2023, 04:11:23 PM
Hi, i'll keep my eye within the comment section below this thread.
I think #Bitcoinarena and some members has provided a comprehensive response.
Bitcoin cannot be use as a tool to build or empower the economic growth of an entire country. Because, there are lot of other factor's which constitute to the economic growth of a country not just adoption of a crypto currency.
Firstly, the govt of a country whose economy is down should start by providiob of consistent power supply, clean water, accessible road and good transportation system in and outside the rural regions.
These are just a few things which the govt. of any country with a bad economy can do instead of adopting a crypto currency.
Regards
Bitcseo
I think #Bitcoinarena and some members has provided a comprehensive response.
Bitcoin cannot be use as a tool to build or empower the economic growth of an entire country. Because, there are lot of other factor's which constitute to the economic growth of a country not just adoption of a crypto currency.
Firstly, the govt of a country whose economy is down should start by providiob of consistent power supply, clean water, accessible road and good transportation system in and outside the rural regions.
These are just a few things which the govt. of any country with a bad economy can do instead of adopting a crypto currency.
Regards
Bitcseo
August 03, 2023, 02:10:59 PM
Why does people nowadays keep asking this same question , when we can just look at what happened in EL Salvador after their action in which the very first country to adopt bitcoin as legal tender.
is their any big happening in the country? do their economy grows and increases while adoption is happening?
if does then good , but I believe it is a NO? so you already knew what is the answer here?
I don't know whether you follow the economic development of El Salvador or not. But based on what I found the country of El Salvador did have some economic improvements in terms of state revenue in tourism after they officially adopted bitcoin as legal tender. But I don't want to explain it further. because there is already a thread that is always the place to update the latest information regarding the development of bitcoin adoption in El Salvador. namely this one topic. (El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻). I think the country has benefited pretty well after adopting Bitcoin.is their any big happening in the country? do their economy grows and increases while adoption is happening?
if does then good , but I believe it is a NO? so you already knew what is the answer here?
However, I also think that it got their name out, not a lot of people heard about them or really considered them a tourist spot before this, but after this happened there were a lot of people who started to think about it, regardless of crypto, just as a marketing ploy as well. This is why I believe that we should not really be considering the situation all that weird, it's normal that if El Salvador did it, some other nations could too.
August 03, 2023, 12:48:14 PM
I do agree that its not a bad idea at all, it can be done to make it a little bit better at least. I think it should be considered a good idea to keep improving on your investment as well. There are a lot of nations with high inflation, if they keep on buying bitcoin with some part of that money, they could end up getting a lot better on the long run. I know my country would, Turkey prints money like crazy, and everything is insanely expensive here right now, if we were to spend only just %10 of our governmental expenses on buying bitcoin, that would literally pay for itself and the whole government for a year in the future without a doubt. But I am sure we won't, it just not common for big nations to do something like that, only small ones like el salvador could.
August 03, 2023, 12:12:33 PM
Bitcoin had a potential to increase the economy of the country,because it give various income to the people who involved in the crypto trading, crypto mining and from the forum works.Finally the people will start to earn money from the bitcoin and crypto currency as a resource.When the people had a money to inverse in the crypto currency,he can do trading with good coins.So he gain some dollar as an profit,this profit used by that person on the economy.So finally the government get some money as a tax from that person.The government will use that money for people welfare.
August 03, 2023, 11:59:49 AM
When a country's facing tough times, exploring new avenues like Bitcoin can be tempting. While it's not a cure-all, some folks believe that embracing crypto can bring fresh opportunities and attract investments. But it's not a quick fix, and there are risks involved. Thorough research, proper regulations, and education for the masses are essential.
August 03, 2023, 11:17:38 AM
For example, here in Italy all traders are obliged to accept electronic payments via pos but we must also take into account traders who are of an advanced age and not very familiar with technology yet the state has not done any course of use it has simply imposed it and the merchant is required to implement the payment.
Now I am curious to know what kind of effect Italy is having now. As everyone is obliged to implement electronic payment in their business, how things are going on there? Is it good or bad for the businesses where traders don't know about it and are not educated enough? How are they completing trades with those who are willing to pay by electronic payment system? I am asking a lot of questions, but I am really curious and want to know all about it.
If it's doing good, then in the future other governments could take the same steps. If it is bad, then other governments should avoid such actions. And tell me something that will help improve the situation. What's your take on this?
August 03, 2023, 05:11:39 AM
Why does people nowadays keep asking this same question , when we can just look at what happened in EL Salvador after their action in which the very first country to adopt bitcoin as legal tender.
is their any big happening in the country? do their economy grows and increases while adoption is happening?
if does then good , but I believe it is a NO? so you already knew what is the answer here?
I don't know whether you follow the economic development of El Salvador or not. But based on what I found the country of El Salvador did have some economic improvements in terms of state revenue in tourism after they officially adopted bitcoin as legal tender. But I don't want to explain it further. because there is already a thread that is always the place to update the latest information regarding the development of bitcoin adoption in El Salvador. namely this one topic. (El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻). I think the country has benefited pretty well after adopting Bitcoin.is their any big happening in the country? do their economy grows and increases while adoption is happening?
if does then good , but I believe it is a NO? so you already knew what is the answer here?
Aside this you've mentioned, any country can make use of the opportunity in a decentralized network to build their own independent economy and finds a means to survive the corrupt economy challenges and its inflation, if bitcoin has the potential to make one rich, then if a country should adopt bitcoin can change their history for good just as in case of El-Savador which was made as an example, when you're tired of having same result over time, then try to adopt in new approach for a new change in opportunity which was same thing El-Savador did by adopting bitcoin as a legal tender, more good news are still coming about El-Savador's not until after the next Halving they will begin to reveal to the world, we are looking to see more countries adopting bitcoin for that changes they deserve.
Currently in several countries, although they have not yet adopted bitcoin as a legal tender. But governments in some countries allow some companies to accept bitcoin as legal tender specifically for that company. Whether it's a hotel company or something else. So, indirectly, many countries are actually interested in bitcoin, it's just that they haven't dared to take big steps like those taken by El Salvador and the Central African Republic.
August 03, 2023, 04:16:21 AM
It can definitely help to increase the economy of the country. If Bitcoins are adapted, then definitely there will be lot many transactions of the coin. Also the government can buy the coins and hold it in order to make profits from it in the later period of time. But the sad part is that, due to the decentralised nature of the coin, the government doesn’t show interest in adapting it. They cannot control the coins and economy attached with this.
August 03, 2023, 03:21:54 AM
Of course, we certainly know that not all countries in the world are progressing, especially in the economic field.
I want to ask everyone, can adopting bitcoin help a country's economy? especially countries that are experiencing bankruptcy, for example, as experienced by our brothers in the country of Sri Lanka.
The problem of Sri Lanka and poor countries is not a fiat or payment method, the problem is that these poor countries are usually highly corrupted, there is no freedom of business and there is a monopoly on many things, there is a lack of educated people in country and another bigger problem is that one may find job via nepotism instead of education and skills.I want to ask everyone, can adopting bitcoin help a country's economy? especially countries that are experiencing bankruptcy, for example, as experienced by our brothers in the country of Sri Lanka.
Education is really important. If you have a lot of money but don't know how to use it, then it's just an invaluable paper. Bitcoin is not a magic thing that automatically grows. Look at it like a pool where each bitcoin proportionally represents the money that's in the pool. The more money we put, the higher the value but when we take out money, then value decreases.
I don't think that current pressure on Bitcoin payment adoption in El-Salvador is the best idea, nor is it performing well because people should have access to computer and internet and know how to use them in order to move on bitcoin payments.
August 03, 2023, 02:24:09 AM
The problem is this :
Those governments control and manipulate their local economy and their local currency. They will not want to legalize Bitcoin as legal tender, because it is a threat to their control.
Those governments control and manipulate their local economy and their local currency. They will not want to legalize Bitcoin as legal tender, because it is a threat to their control.
Let's take a look at El Salvador. If they succeed in the end, perhaps some countries will try to emulate and emulate their steps. Digital money is a new breakthrough, it takes a process to become a transaction tool recognized by many countries. At this time, if the world does not forbid, it is already very pleasant. This decentralization issue is as opposed to governments and governments trying to make a counterpoint to CBDC and many countries of the world have done careful planning.
August 03, 2023, 02:00:42 AM
The problem is this :
Those governments control and manipulate their local economy and their local currency. They will not want to legalize Bitcoin as legal tender, because it is a threat to their control.
So, the citizens of those countries should protect their wealth from their own governments actions and failures, by buying some bitcoins with a more stable value. (Hyper inflation kills most struggling Fiat currencies)
Those governments control and manipulate their local economy and their local currency. They will not want to legalize Bitcoin as legal tender, because it is a threat to their control.
So, the citizens of those countries should protect their wealth from their own governments actions and failures, by buying some bitcoins with a more stable value. (Hyper inflation kills most struggling Fiat currencies)
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