Topic: the contribution of bitcoin to the individual economy (Read 319 times)

I think it's diffult to improve one economy using bitcoin because some of leaders in different country should not accept bitcoin because it's too difficult to trace payments and they thought that bitcoin is one of the perfect hiding for the criminals. So far, bitcoin can help invidually because they can secure financially by joining online jobs.

I think so hard to improve the economy of the country although bitcoin is more popular day by day, but bitcoin is not enough to improve economy in a country. To improve economy in a country is not as simple as you think and bitcoin value is fluctuate may be could have worsened the economy.

Bitcoin is only a medium of exchange. It doesn't do anything itself the improves an economy. An economy is the aggregate of all the jobs and economic output of the citizens. What about Bitcoin do you think would boost, either in terms of economic activity or jobs, beyond what the local currency facilitates? If a country switches to one currency from another, it doesn't create any new jobs. I don't know why everyone keeps asking this question.

My answer is ,Yes on all three questions. The legality of cryptocurrency can make a big change in its adaptation to businesses and high ranking investors from other markets. And if the numbers of investors profiting in bitcoin or any other alternative currency individually is doubled within a year then the countries economically will be lifted with it. That’s why most country like Venezuela is now on process to implement this technology to help them.

Bitcoin really helps an individual in terms of its financial status. Joining signature campaigns and trading of coins are some of the ways one can have an additional income in crypto industry. In terms of economic growth, cryptocurrency can help a country if they become widely known and fully utilized.

Bitcoin has provided another source of income for those who invest. It has given them the opportunity for growth by extending their financial capabilities. For a simple worker, the earnings from a regular job is enough for the bills, but after having another source, they have the chance to enjoy their life better. They can afford other things that they want, and they can also improve their financial status by making another investment.

Bitcoin is not just helping individual people but also helps the economy as a whole. Cryptocurrency already in a list of main contributors to the world market cap. In fact, cryptocurrency help to boost the economic growth, how? The annual salary or the gross national income of a certain country that used cryptocurrency can rise up. A lot of unemployed people helped by cryptocurrency as well as the bitcoin. The necessities of individual person without any particular job is filled by cryptocurrency.
Therefore, I believe that economic growth is moving up by the help of bitcoin!

bitcoin has proven that it can boost the economic status of a country by offering services paid in btc even to those who are not holding a degree, it has contributed boost in terms of livelihood and can replace day jobs. it offers opportunity to individuals to participate in traiding and e-commerce.

to maximize the full potential of bitcoin, a country should fully embrace the use of bitcoin, maybe some laws to regulate bitcoin transaction to make their people safe from scams and not use bitcoin for illegal activities, im not saying they should control bitcoin but make it more safer by monitoring illegal transactions or maybe putting up a department to monitor bitcoin transactions and not the users.

somehow legalizing bitcoin is needed to create more investors and erase the doubts about bitcoin being legit or truly functional. if legalized, more people will buy, resulting to high demands of bitcoin, then it will create traffic and bitcoin trading will get a better boost in the market.

the level of a country's progress can be seen from the level of economic community tarap that occupy a country. and I think bitcoin will have a good contribution to the economic progress of a country because I think Bitcoin has the potential to revolutionize the financial world. and of course bitcoin as the future financial revolution of course bitcoin will be an excellent alternative to the economic progress of a country.

Well, I think Venezuela is attempting this at the moment. They're trying to create value by releasing their own petrol backed ICO/altcoin. Can it work? We will see.

In a broad sense, bitcoin could provide additional economic and financial opportunities, create jobs and value. It may also empower entrepreneurial solutions, small businesses and industry by providing means of conducting transactions which are deregulated and trustless and thus more efficient, affordable and innovative than many traditional bank implemented solutions.

I think education and information may be the best means to maximize bitcoin function and boost economies. It may already be too late. Those who enter crypto now will never have seen how well it functioned before it became more prone to KYC or regulation. And they'll never seen or know how great bitcoin was before it became a target for spammed DDoS transactions to artificially boost the cost of transactions. Even electrum wallet seems to be set on default to payout approximately $30 on transaction fees, for no reason.

1) Yes it could improve the economic condition of individuals. Not just through bitcoin itself, but the with the experience it bestows upon the users. Trading requires a lot of research on economy and its technology. The experience itself could be applied to almost anything else. Thus, giving the user an edge on other endeavors.

2) Im not yet sure if it could improve a "country". Probably a city. We're still at an early adoption phase, so you wont see effects that span in huge areas. But with enough concentration in a certain small spaces, it could be enough to improve that zone. Count the number of exchanges or bitcoin atm in your area, that would give you an approximation of bitcoins's contribution to your place.

3) Legality and adoption is needed to improve its performance, but it's not necessarily required. Bitcoin works perfectly right now but it could still be better.

Bitcoin has made a huge contribution to the economy and individuals. Bitcoin investment success will help the economy for each individual increase. Can people become rich millionaire or billionaire. A lot of people brilliant success thanks to bitcoin.

Definitely yes, it makes a big contribution to ones economy especially thru its financial stability. It would be much productive when the government in one country was truly legalize and having mass adoption to this. It could be the best way for much improving and better development of economy. It lesser some global crisis that happen in the country like for example is., the unemployment status in the community and the importing or exporting transaction problem of one country to other country because of lack of financial cost. I think all of this will be set off if bitcoin was truly implement to the country. 

I think yes, bitcoin will be the big help to economy of a country. I believe that the best way of maximizing it is by having a massive adoption and governmental legalization therefore, all thru out people can have a full introduction and knowledge about it. Most probably it could be the best way to help improving the country's economy thru it's financial stability and to minimizing the volume of global crisis that they encountered .   

People who own bitcoin use the BTC to reduce the impact of inflation. Venezuelans buy daily supplies from BTC because the local fiat money is bankrupt! The country responded to the economic crisis by issuing oil and gold COINS.

In reality, only a country with a declining economy such as Venezuela or Zimbabwe could aspire to obtain greater wealth through bitcoin, because at this time cryptocurrencies seem to exist outside the formal economy and governments with high institutionalization seem reluctant to incorporate cryptocurrencies into the formal economy.

And the experiments carried out by Venezuela in the field of cryptocurrencies seem to be aimed at failure.

I'm not really sure about your other questions, because i'm not too well-versed in economy... but from a theoretical perspective, if there's a struggling country that suddenly goes all-in on bitcoin and crypto, it could do absolute wonders for that country.

You'll suddenly have a whole country advertising safe haven for crypto investors. The country could enact governmental programs to fund crypto exchange startups, and bitcoin/crypto integration into commerce. Basically, you'd have a crypto-friendly nation that would attract crypto investors worldwide.

It's kind of like how the Swiss attract rich people to their banks because of their unique financial freedom.

So while the rest of the world is banning crypto exchanges, crypto mining, or otherwise just making it impossible for people to buy,sell,use, or trade crypto... you have this goldmine of a country that's opening its arms wide to the world and its crypto-friendly atmosphere.

The crypto exchange revenue alone would be enough to bump the country's ecosystem.

Again, I'm not well-versed in these matters, but they could also help crypto investors bypass their local ICO investing restrictions by acting as a mediator or some kind of loophole where the crypto investors are buying a 1:1 product from the country, but they also get ICO tokens from the ICO they're trying to invest in. <-- something like that, so it's like on the surface, they're buying a product and getting an ICO token as a bonus. When in reality it's the ICO token that the buyers really want

Now, I don't know about you, but if you're from the US or some country where ICO investing is banned... wouldn't you spend the extra 10% to purchase the country's product in order to get the ICO you want to invest in knowing that that ICO has a chance to 40x like all the others?

That kind of deal works so well for that country because they're suddenly selling a physical local product, while also probably charging some kind of handler's fee/tax for selling the ICO token (of course well-shielded into the fees/taxes price).

All these crypto programs could literally take a country out of poverty overnight with the upcoming crypto craze that we all know is going to happen.

Just think about Africa, and how their main income source is tourism... if a country adopts crypto like this, their main income source could be crypto.

Bitcoin has a contribution to the economy of individuals.Some make bitcoin as their source of income,some make as investments and other makes it as an extra income.

Yes, since the money would be handled by the government alone and would not be entrusted to a single central bank which would make matters worse, especially if the country is already in the midst of a massive hyperinflation.


Don't take people's money due to corruption. Encourage the people to build more businesses and only get the only necessary taxes in order for the people to get enticed on expanding his business. In that way, more money would come in to the economy and money circulation would be even better since the people has their own freedom to spend on things they want and need.


Absolutely, since a shaky stance on what is bitcoin could shatter things easily for those who rely heavily on the said crypto. Also, adoption plays a big role since if a lot of people use the same currency in a country, it helps stimulate the economy and get a good circulation of the money going.

When Bitcoin is legal on the country it's because rules were defined about it by the authorities. But in most countries Bitcoin isn't legal or illegal, it's not recognized as means of payment, as you said, but people can still use it without problems, some people call it grey area, and it remains this way until regulations are defined towards the currency. In my opinion that is the best status Bitcoin can have (grey area).

Since the moment regulations are created and it becomes legalized, it doesn't mean only that people will have legitimacy to use the currency and that it will be easier and safer, but that they will have to follow a series of new rules and will have to pay new taxes, in many cases it just increases the bureaucracy and the abusive tributes, so it really depends how the legalization is done to say if it will improve Bitcoin's performance or not.