Topic: is it possible to invest in bitcoin to build a country whose economy is down? - page 7. (Read 1028 times)
January 21, 2023, 08:29:39 PM
No, Bitcoin cannot redeem a country's economy. The people could take refuge in Bitcoin if the country's fiat currency is fast losing value, but it doesn't mean it addresses the very reason why the currency is devalued. Investors leaving the country, bad business environment, corruption, terrible bureaucracy, poor infrastructure, bad economic policies, and so on and so forth are some of the reasons why a country's economy could fall. Bitcoin cannot remedy those.
January 21, 2023, 08:17:30 PM
I believe that it is not only about having Bitcoin as a legal tender or instrument to transfer value, OP.
In my opinion, the most profitable thing a country can do with Bitcoin would be to set their own renewable energy mining facilities, like those El Salvador was building.
Bitcoin is still very volatile and while giving the people the option to pay it with and increase adoption, one also needs to remember the fluctuations of the markets can lead to red numbers.
Before transferring wealth, it is necessary to create it.
In my opinion, the most profitable thing a country can do with Bitcoin would be to set their own renewable energy mining facilities, like those El Salvador was building.
Bitcoin is still very volatile and while giving the people the option to pay it with and increase adoption, one also needs to remember the fluctuations of the markets can lead to red numbers.
Before transferring wealth, it is necessary to create it.
January 21, 2023, 07:32:59 PM
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.
but if my think can! a country by adopting bitcoin will help its economy, as long as it is adopted on a large scale.
for example as follows:
: all people who can afford it are obliged to invest in bitcoin, but of course investing in bitcoin is only made as a side job. but of course investing in bitcoin must be in accordance with the capabilities of the community, because society of course consists of rich people and poor people, but in my opinion investment in bitcoin can be achieved by all people, because investing in bitcoin can start with small capital or large capital .
So in that way I think the people's economy will be helped, so in this way a country's economy can also be helped because the community invests in bitcoin.
and finally the government must provide lessons about bitcoin to its people, or add it as a new subject for students, and also provide special lessons for those who are not in school, namely so that people know the risks of investing in bitcoin,
etc.
what is my understanding like that, I ask for your opinion from all of you?
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.
but if my think can! a country by adopting bitcoin will help its economy, as long as it is adopted on a large scale.
for example as follows:
: all people who can afford it are obliged to invest in bitcoin, but of course investing in bitcoin is only made as a side job. but of course investing in bitcoin must be in accordance with the capabilities of the community, because society of course consists of rich people and poor people, but in my opinion investment in bitcoin can be achieved by all people, because investing in bitcoin can start with small capital or large capital .
So in that way I think the people's economy will be helped, so in this way a country's economy can also be helped because the community invests in bitcoin.
and finally the government must provide lessons about bitcoin to its people, or add it as a new subject for students, and also provide special lessons for those who are not in school, namely so that people know the risks of investing in bitcoin,
etc.
what is my understanding like that, I ask for your opinion from all of you?
Bitcoin is definitely not a panacea and shouldn't be treated as such, but... if there are some skillful managers supervising the country's economy I believe they can find a way to improve things using Bitcoin. First, you could use Bitcoin to tackle inflation. And we all know why: total number of Bitcoins is limited (in contrast with all fiat currencies with virtually unlimited supply). Secondly, you can use Bitcoin to launch tax-free Bitcoin-friendly zones/cities (like El Salvador did). Finally, Bitcoin can help improve financial literacy in developing countries as using Bitcoin requires some basic extra knowledge (as opposed to using paper money) of finance and IT. Just my 2c.
January 21, 2023, 07:06:19 PM
In my opinion, if a country wants to develop its economy, the most important thing is, it must be able to eradicate corruption. because even if the people invest in bitcoin, in my opinion, this country will definitely find it difficult to progress because there is still corruption in it.
but I see you are still a beginner in bitcointalk. and your topic I appreciate, because you have the courage to express your opinion.
but I see you are still a beginner in bitcointalk. and your topic I appreciate, because you have the courage to express your opinion.
January 21, 2023, 06:58:30 PM
A country's growth and development depends much on different factors. It is an impossible statement to make these kind of growth relying over bitcoin. If the country have got good set of users then this is possible to make some noise as crypto is decentralised which gives real growth.
January 21, 2023, 06:31:31 PM
Bitcoin is not magic, but it does have at least a couple of properties that might help.
For example, anyone in that country can open a Bitcoin wallet and start receiving money, right now, for free, from anywhere in the world, or locally. Huge benefit compared to opening an account at a bank with huge fees, and not everyone can open a bank account.
Another thing is savings, people can save in Bitcoin and not lose purchasing power in the long term.
So, being able to get money, and being able to not lose purchasing power of that money, will probably help people everywhere. But it's not magic, value must be created by the people.
For example, anyone in that country can open a Bitcoin wallet and start receiving money, right now, for free, from anywhere in the world, or locally. Huge benefit compared to opening an account at a bank with huge fees, and not everyone can open a bank account.
Another thing is savings, people can save in Bitcoin and not lose purchasing power in the long term.
So, being able to get money, and being able to not lose purchasing power of that money, will probably help people everywhere. But it's not magic, value must be created by the people.
January 21, 2023, 06:28:12 PM
El Salvador did and so far it has not worked for them, it can be said that bitcoin has no function to help a country's economy go up. In order for the country's economy to recover and develop, it really needs a lot of factors, not just speculation with a volatile asset class and thinking that it can be changed.
January 21, 2023, 06:04:12 PM
I don't think investing in bitcoin for one country is recommended where as we know the value of bitcoin is very unstable, countries have operations and need money every day to be allocated and developed in a short time, they must also benefit. Instead of investing in bitcoin, it's better to allocate it to a place that can provide benefits for the country quickly, such as medium industry and agriculture as possible
January 21, 2023, 05:55:45 PM
In what way do you think investing in Bitcoin could help your own country's economy?
Look at how El Salvador do it then maybe you will have a guess on how they managed to do it. First thing first, you should have to understand how Bitcoin works because it's different from fiat and not every country accepted it which means if your government plan to use it to pay for something during export/import it might not be accepted. They have to exchange it with your local currency first in order to pay. Not to mention the risk of the price going down for a long time especially during bear market which means it would hinder the growth of your economy.
Look at how El Salvador do it then maybe you will have a guess on how they managed to do it. First thing first, you should have to understand how Bitcoin works because it's different from fiat and not every country accepted it which means if your government plan to use it to pay for something during export/import it might not be accepted. They have to exchange it with your local currency first in order to pay. Not to mention the risk of the price going down for a long time especially during bear market which means it would hinder the growth of your economy.
I don't mean to build a country by relying only on bitcoins, because a country if there is still a lot of corruption and others will certainly not progress, but if people invest it will at least be helped rather than not investing at all, and in my country I often see people whose economy is helped by investing in bitcoin? and I also want to ask, have you ever seen someone's economy being helped because of bitcoin?
and in my opinion, if there are people who are economically helped by investing in bitcoin, I think that is the first step in the progress of a country, starting from small things first?
January 21, 2023, 05:39:23 PM
: all people who can afford it are obliged to invest in bitcoin, but of course investing in bitcoin is only made as a side job. but of course
Can an investment that is looked at for a side job (if we should call it that) actually be someeans to build a nation? I actually think not. It would help for sure with reducing the level of unemployment or the poverty level of a nation and create rroom for the bulk money that would have have used in the printing of fiat notes to be redirected towards other developmental project but certainly won't solve the economy issues within a nation state.At the moment, the world is going through some difficult times, inflation here and there and the most that could have helped to build the economy is being able to produce what you consume more than your imports and actually doing some more exports.
January 21, 2023, 05:37:36 PM
In what way do you think investing in Bitcoin could help your own country's economy?
Look at how El Salvador do it then maybe you will have a guess on how they managed to do it. First thing first, you should have to understand how Bitcoin works because it's different from fiat and not every country accepted it which means if your government plan to use it to pay for something during export/import it might not be accepted. They have to exchange it with your local currency first in order to pay. Not to mention the risk of the price going down for a long time especially during bear market which means it would hinder the growth of your economy.
Look at how El Salvador do it then maybe you will have a guess on how they managed to do it. First thing first, you should have to understand how Bitcoin works because it's different from fiat and not every country accepted it which means if your government plan to use it to pay for something during export/import it might not be accepted. They have to exchange it with your local currency first in order to pay. Not to mention the risk of the price going down for a long time especially during bear market which means it would hinder the growth of your economy.
January 21, 2023, 04:12:11 PM
what is my understanding like that, I ask for your opinion from all of you?
Bitcoin is not a magical stick that fixes all the problems in one country, and I doubt it can help entire country as long as there is corruption and other problems.It can certainly help some individuals in that country, and maybe slowly spread and expand circle of adoption to more and more people.
We have few examples of countries with bad economy trying Bitcoin experiments, but making Bitcoin a legal tender in some country can certainly attract bitcoin oriented investors.
I am also on this side, it is not a miracle currency that can transform the economy of a certain country which has economic problems.
Yes, it may help some of its people but it doesn't mean that making bitcoin a legal tender will be the gateway to economic success.
It depends on how the government will utilize the use of btc to their advantage. As you said, they may use it to attract investors.
However, there is no guarantee for such path as there are too many factors that are involve in the economic situation of each country.
Everyone agrees that by making bitcoin the legal tender, you wont be able to change the economic and financial conditions of the country all of sudden but still it is the first step in the right direction. The good results may take time to come, but slowly and surely the country financial system can become better if the country decides to regulate the cryptocurrencies and bitcoin for its citizen.
January 21, 2023, 04:07:30 PM
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.
There are complex things related to the country's bankruptcy, moreover to help them rise again in the economic field. This will not be easy. Bitcoin may help some individuals, but not all of the whole country's economic field, once more, it is too complicated and complex a problems around. As what the basic reason said by @Bitcoin_Arena is true. However, there are also some other reasons that will make it difficult to realize: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.
- Not all people or citizens in that country will accept Bitcoin and cryptocurrency
- Not all people will be ready with this technology and how it works
- Not all people trust crypto and Bitcoin, moreover because of decentralization and there are no real forms of the cryptocurrency
- They will doubt this because they think that their country has been bankrupt and cannot do anything again
- The worst is in that such conditions, I think that most people will only focus on themselves, their families, and whatever individuals in order to stay and survive during the economic conditions, not willing to think more about the country itself because of the complexity
January 21, 2023, 04:00:54 PM
Investing in bitcoin is something of choice and not a most because it is not everybody that will love the idea to invest in bitcoin. The volatile nature makes it not an assets that can boost the economy of a country but it can help citizens of that country,if the country adopts bitcoin,it will create a self-employed job for individuals and this will help to reduce poverty within the people, but it an't add any positive impact that will help the economy to grow. Bitcoin best way of hodling is a long term one not short term,this is where the challenge lies.
The market is very volatile and taking a bold step in investing in Bitcoin without understanding how the market works might be a great challenge because the main reason why Satoshi Nakamoto developed Bitcoin was to limit the government access to the way to use our funds so there would be no third party that would determine how we would use and spend our money. A country adopting Bitcoin does not means that everything is going to be fine. The country can only make money by investing in Bitcoin and collecting crypto tax from users especially companies thay are registered under them.
January 21, 2023, 03:56:29 PM
what is my understanding like that, I ask for your opinion from all of you?
Bitcoin is not a magical stick that fixes all the problems in one country, and I doubt it can help entire country as long as there is corruption and other problems.It can certainly help some individuals in that country, and maybe slowly spread and expand circle of adoption to more and more people.
We have few examples of countries with bad economy trying Bitcoin experiments, but making Bitcoin a legal tender in some country can certainly attract bitcoin oriented investors.
At least Bitcoin gives another option to help in countries' economic growth. I agree that the development of a country relies upon the people who are in the authority, and if these people are not corrupt, then they can possibly use Bitcoin Industry to boost their economic growth. So far we are only seeing individual/small group profit because of its regulation but I think we will have an example soon of a country that was helped by Bitcoin in terms of economic development.
January 21, 2023, 03:51:18 PM
what is my understanding like that, I ask for your opinion from all of you?
Bitcoin is not a magical stick that fixes all the problems in one country, and I doubt it can help entire country as long as there is corruption and other problems.It can certainly help some individuals in that country, and maybe slowly spread and expand circle of adoption to more and more people.
We have few examples of countries with bad economy trying Bitcoin experiments, but making Bitcoin a legal tender in some country can certainly attract bitcoin oriented investors.
I am also on this side, it is not a miracle currency that can transform the economy of a certain country which has economic problems.
Yes, it may help some of its people but it doesn't mean that making bitcoin a legal tender will be the gateway to economic success.
It depends on how the government will utilize the use of btc to their advantage. As you said, they may use it to attract investors.
However, there is no guarantee for such path as there are too many factors that are involve in the economic situation of each country.
January 21, 2023, 03:46:34 PM
If it will be good or not it will depend on the currently moment the market is facing. For an example, if a government from a bankrupted country advised their citizens to start investing in BTC in November 2022, today they would have seen an increasement of about 45% over their investments, which would consequently boost the local economy of the country, without any doubts.
However it's a risky deal, because in the same manner BTC rised almost 50% of its price in 2 months, it could have also decreased 50% on that same time period, leading the bankrupted country to an even worse scenario.
To rebuild a country from scratches I believe it's needed more than Bitcoin. It's needed a lot of labor, good will, partnership and patriotism from countrymen. When people work together and don't fight among themselves all the time, they can go further. That is the example of evolved nations which developed technology and life quality for their people.
However it's a risky deal, because in the same manner BTC rised almost 50% of its price in 2 months, it could have also decreased 50% on that same time period, leading the bankrupted country to an even worse scenario.
To rebuild a country from scratches I believe it's needed more than Bitcoin. It's needed a lot of labor, good will, partnership and patriotism from countrymen. When people work together and don't fight among themselves all the time, they can go further. That is the example of evolved nations which developed technology and life quality for their people.
January 21, 2023, 03:33:09 PM
what is my understanding like that, I ask for your opinion from all of you?
Bitcoin is not a magical stick that fixes all the problems in one country, and I doubt it can help entire country as long as there is corruption and other problems.It can certainly help some individuals in that country, and maybe slowly spread and expand circle of adoption to more and more people.
We have few examples of countries with bad economy trying Bitcoin experiments, but making Bitcoin a legal tender in some country can certainly attract bitcoin oriented investors.
January 21, 2023, 01:41:18 PM
Investing in bitcoin is something of choice and not a most because it is not everybody that will love the idea to invest in bitcoin. The volatile nature makes it not an assets that can boost the economy of a country but it can help citizens of that country,if the country adopts bitcoin,it will create a self-employed job for individuals and this will help to reduce poverty within the people, but it an't add any positive impact that will help the economy to grow. Bitcoin best way of hodling is a long term one not short term,this is where the challenge lies.
January 21, 2023, 01:30:49 PM
Investing in bitcoin has nothing to do with fixing a country’s economy. Bitcoin can’t fix stupid. It is the other way around. You use bitcoin if you are smart.
If the majority is stupid in a country, whether you use bitcoin, fiat or crypto it doesn’t matter. The result will be the same. People will suffer. They will suffer for their own choices because they are stupid.
You invest in bitcoin or whatever asset you prefer only to reward yourself. It is only your business.
If the majority is stupid in a country, whether you use bitcoin, fiat or crypto it doesn’t matter. The result will be the same. People will suffer. They will suffer for their own choices because they are stupid.
You invest in bitcoin or whatever asset you prefer only to reward yourself. It is only your business.
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