May Or May Not any Digital Currency disturb Any country's Economics?? - page 2.

kryptqnick

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Quote from: peopleupsetmeup on December 16, 2017, 06:42:49 PM

It depends, probably in a small country if everyone start using a crypto currency and left over creditcards, they economy may collApase.

But that's not possible. Cryptocurrencies are mostly kept as investments. People may withdraw some small sums but even then they'll sell them for fiat, which won't result in a collapse, for basically the local fiat will be bought in the end.
I think the problem mostly occurs when people take a lot of fiat and sell it for a cryptocurrency, but I doubt people would do that now, as prices are high. Thus, in fact, I think there's more threat to cryptos in the current situation rather than to fiat.

Rayner77

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Banning or allowing Cryptos into the country have their own pros and cons. For one, money laundering will be made a lot easier if Cryptos are officially accepted in the country since a lot of businessed will definitely use Cryptos to their advantage.

cr_liev

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I think yes, economics of a country can be disturbed by a cryptocurrency. People get money like from nowhere and don't pay taxes. Besides, people give their money to other sources than the state...

davinchi

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Quote from: CHENIEN on December 18, 2017, 08:01:39 AM

For me any kind of currency used will not disturb any country's economy. It is because in every country currency used value will defend only on how the economic status. Not all country are the same value of currency it defends only on how economic income of each country. For my own understanding currency is only followed on what economy level.

That’s a lie, they do, in fact they do it in a big way. Cryptocurrencies affects the economy of some countries badly. China was one of the first countries that got into Bitcoin and cryptocurrencies, but today they are no more into Bitcoin, and has banned some Bitcoin activities, especially ICOs. China has a very big market and Bitcoin affecting pretty bad. Some research can prove that.

Rana590

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From my opinion, Bitcoin is not a curse for any country. Bitcoin is blessing for us. In every country there are a lot of unemployment people. Bitcoin helps them in financial purpose. Indirectly it effects on the economic development of a county. So it is not a disturbance for a country's economy.

audaciousbeing

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Currently, I would say bitcoin does still not pose any threat to the economy of any country. Using my country for example, the total market capitalisation value of bitcoin ( which is the dominant in the entire digital currency value) is $323,071,829,482.00 as at today and according to report, the total value of cheque transactions as at the first quarter when converted gives $4,754,098,360.66 not considering the ATMs transactions, online transactions, over the counter transactions, transfer abroad, POS movement etc and that is for just one country alone for one quarter of the year. This shows that when the bitcoin capitalization that have taken into consideration the entire bitcoin mined to date even with the value at $18000 on the average, when we break it down to country basis, it will have little or no effect at all to distort any economic indices.

dewi91

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I don't think virtual currency can disturb any country's economics, may be it's just the government's worries.. so far no country has declared losses due because of bitcoin.. as far as I know bitcoin can help economy of the country..

lady pink

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Quote from: peopleupsetmeup on December 16, 2017, 06:42:49 PM

Quote from: Bilalrahi on December 16, 2017, 06:36:48 PM

It depends, probably in a small country if everyone start using a crypto currency and left over creditcards, they economy may collApase.

No It is not easy to break a country rule to the level that it's currency will collapse. It can only happen in a country where the hold of government is weaker. The central bank of a country will not this all to happen.

akram143

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In future crypto currency will make a huge change in the countries economy like reducing the revenue of the country.Nowadays we are paying tax for everything and the most important tax of any country is income tax but if people started to use crypto currencies then there is no need to pay that tax to government because crypto transactions are anonymous.

Pleione527

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So far bitcoin do not disturb any economic status of a certain country it is because only few people adopt bitcoin and it is not that popular to many countries added to the fact that it has no any support coming from the governments. But if time comes the legality issues of bitcoin will finally resolved I think bitcoin can become a big help to improve the economic status of a certain country.

Vannie12

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I guess so. Adaptation is a difficult process. Since that every government have their own system and routine, adapting a new technology may disturb the actual flow. Hence, it may also affect because bitcoin is decentralized which on their side is not beneficial to the government.
They can not stop bitcoin that is why some are trying to implement different kind of ways. I think one day can can figure out a way to implement it and put it their own circulation which of course I am expecting to be fair.

CHENIEN

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For me any kind of currency used will not disturb any country's economy. It is because in every country currency used value will defend only on how the economic status. Not all country are the same value of currency it defends only on how economic income of each country. For my own understanding currency is only followed on what economy level.

iamTom123

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Quote from: peopleupsetmeup on December 16, 2017, 06:42:49 PM

Quote from: Bilalrahi on December 16, 2017, 06:36:48 PM

It depends, probably in a small country if everyone start using a crypto currency and left over creditcards, they economy may collApase.

Why would a small economy collapse if more and more people would be using cryptocurrency? Remember that people will be using cryptocurrency to buy local products and if this can be done then the wheel of commerce will even be enhanced and maybe the market can be expanded. I am sure that there would be people that can be disrupted and this is just natural as businesses do come in and go out of business if the market can be shifting. I would say that the use of cryptocurrency can be bringing in fresh ideas, new products and the economy can be refreshed. However, it remains to be seen which of these two scenarios can happen when applied in the real world, though am so optimistic that cryptocurrency can be helping rather then be an agent of destruction (or collapse).

fiulpro

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Digital currency definetely boosts economy when introduced in the nation in controled manner. Well it also depends on the situation of the country and its governmsnt as to how they treat it.

Also, there are countries like china which bans bitcoins for the sake of their own currencies stability and control and at the same time their are countries like japan who are adopting digital currencies in daily life and its helping their economy in a big way.

Usafstar

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for small economies the crypto currency and fiat currency also affect a lot but for big economies digital currency can't create big disturbance like if we look at the European economy British economy and china economy then we can say that digital currency may facilitate the digital currency and it will bring prosperity in the economy in the long run. in small economies the digital currency bring big disturbance because the flow of funds and other big factors will come to disturb the economy.

bitbunnny

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At this moment I don't think there is any country in the world where Bitcoin is formaly introduced into economy, fuly regulated and accepted by businesses. That is the first precondition and without it how could it disturb it.
This could happen only in some hidden area because people use Bitcoins and get some profit out of it but in most cases this is not formaly recorded anywhere in economy.
Still, some rules are changing and Bitcoin will long term influence the economy too. In.what way is yet to see.

extrimals

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Quote from: Bilalrahi on December 16, 2017, 06:36:48 PM

Of course, the uncontrolled spreading of the crypt can destroy the state. But we see what happens when legalized bitcoin, immediately it is banned. So not everything is so good even under his control. Therefore, direct influence is very visible, the consequences are different.

Sexie

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Quote from: Bilalrahi on December 16, 2017, 06:36:48 PM

. Bitcoin I think Will not disturb any country,s economy as long as they Will not Take it as their national currency. Just bear in mind that Bitcoin just can be mined and collect them through internet or you can buy bitcoins any amount you can to invest. As long as everybody Will consider this as passive income , it Will not disturb the economy of a country. Just think of it if everybody Will just Fucos ON bitcoins, who Will do the other things like infrastructures , agriculture , and other government activities. It Will not affect the economy if it Will be controlled.

maxj57634

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Digital currency such as crypto currency cant disturb a countries economy, crypto currency is not even in 1% of any countries revenue value thats why it cant affect the economy of a country, there must be a large revenue that the government is getting into bitcoin before it can largely affect its economy.

nl247

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Quote from: jseverson on December 17, 2017, 06:56:51 AM

Crypto is way too small to cause any kind of substantial effect to any, except maybe the poorest of the poor countries. It has to be noted that they might not even be able to even if they grow big enough; governments are getting smart and are starting to regulate them. There's no way they're going to let cryptocurrencies get out of hand.

One example of crypto making a significant impact on a country though? North Korea. There hasn't been any solid evidence yet, but they've always been in talks about hackings and Bitcoin thefts. Stolen Bitcoins could very well be funding their nuclear program for all we know. No other country seems to be seeking funding from Bitcoin, except maybe the occasional government selling of seized Bitcoins.

It may be small now but the opportunities of it taking over the system should not be discarded. However, I am not sure how this really would affect fiat that much unless of course the larger population have shifted to crypto and that should end up affecting the official economy since most of the crypto users anyway really won't bother and the government may just be forced to either accept crypto usage as it is or maybe find a way to convert the fiat system into digital etc.

Nevertheless, all these things we are looking at are still a bit far from now and it would take some huge years to even get there. There would still be a balance and no one can really say how much effect the use of crypto itself would apparently have as that would totally be based on the government monetary policies at that time and how they perceive cryptocurrency.

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