The impact of bitcoin on the financial stability of a country - page 9.

dunfida

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Quote from: Bezobraznike on January 29, 2018, 05:50:40 PM

Quote from: Pab on January 29, 2018, 05:10:23 PM

There was a lot news that bitcoin can have negative impact on economys financial stability
In all that voices i most i most like that what Mario Draghi told,bitcoin has no impact on EU economy
Dear economist maybe first look and something with your economys ,banks,corporations,hiding taxes and corruption than lets talk about crypto or look how crypto may improve economys

That are just rumors that governments spread to protect their
asset. They do not have way to tax Bitcoins, they do not have
ways to earn from Bitcoins and they spread lies about it.
I think that BlockChain is transparent and that is not suitable for
people who are in power, they will not be able to hide their suspicious
activities.
Pab you are right when you say that they should sit on the table and
talk how crypto-currencies can improve economy, than to talk how to
ban it.

They cant really hide anything since address can really be seen on how much money is being store and activities can really possibly be seen. Even myself can really see that bitcoin can give impact on ones economy once its being decided to be adopted but on most cases or normal reactions on neglecting those proposals will surely be on the opposite site which isnt really surprising though.

eyebags1994

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Bitcoin gives a very big impact on the financial stability of a country. Because a lot of people making big money from bitcoin gaining big salary from bitcoin and when they get that big amount of money they can invest it the country money . at the same time

Bezobraznike

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Quote from: Pab on January 29, 2018, 05:10:23 PM

There was a lot news that bitcoin can have negative impact on economys financial stability
In all that voices i most i most like that what Mario Draghi told,bitcoin has no impact on EU economy
Dear economist maybe first look and something with your economys ,banks,corporations,hiding taxes and corruption than lets talk about crypto or look how crypto may improve economys

That are just rumors that governments spread to protect their
asset. They do not have way to tax Bitcoins, they do not have
ways to earn from Bitcoins and they spread lies about it.
I think that BlockChain is transparent and that is not suitable for
people who are in power, they will not be able to hide their suspicious
activities.
Pab you are right when you say that they should sit on the table and
talk how crypto-currencies can improve economy, than to talk how to
ban it.

Pab

legendary

Activity: 1862

Merit: 1012

There was a lot news that bitcoin can have negative impact on economys financial stability
In all that voices i most i most like that what Mario Draghi told,bitcoin has no impact on EU economy
Dear economist maybe first look and something with your economys ,banks,corporations,hiding taxes and corruption than lets talk about crypto or look how crypto may improve economys

paul00

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Based on my experience so far, I can say that bitcoin has favored in the financial stability of each individual users. On its aggregate impact on countrys financial stability, I am not actually sure if it has a huge effect since there is not actual statistics which claims such thing. However if we would base the assumption on how other countries legalizing it, then I think it certainly has a good impact on the financial stability of the country.

Rossy Akbar

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I think if in my own country legalize bitcoin become a legitimate thing, it will have an huge impact for the economic progress of a country, one of them is to reduce unemployment for the reason because we can join the bounty project in according with existing rules on each bounty project which is can make some money for the participant especially.

Dragon5

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I doubt it has any inpact on economy of a country, only in banking, as I understand the system. Transaction and service fees in this sphere are considerable, and banks would lose much profit. However, systems are flexible, somethings become useless, others appear.

Minnie1928

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Quote from: just_Alice on January 28, 2018, 10:18:47 AM

Quote from: GreenDee on January 22, 2018, 01:57:09 PM

What is the impact of bitcoin in a country's financial stability?

There will be no principal impact of cryptocurrencies on a country until they're legalized. Not so many people inside the country purchase and sell bitcoins and even though they do, there are negligibly few countries, where BTC is taxed, which makes it somehow participating in country economics.

Bitcoin alone isn't the determinable factor for the instability of the specific country. Many countries are fearing that in a long-term Bitcoin will shake the financial stability and suppress the FIAT backward. Right now the countries are only in gain with the people using the Bitcoin because the payment methods are still presented in the FIAT and any Bitcoin income must be reported to the authorities and that can be only a plus for the financial state of the country.

To the most people Bitcoin is still a hobby and they have a proper job which is paid in FIAT( taxable). Bitcoin is additional income ( must be reported and taxable) which can be only profitable for a certain country.

raven7886

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Quote from: rat03gopoh on January 27, 2018, 09:32:16 PM

for countries that prohibit bitcoin, then transactions must be outside the country, of course it resulted in no tax revenue. We know the tax is one of the largest state income

I don’t believe that bitcoin can make much impact to the financial stability of any country, even if it does, I don’t think it will cross 5% and when governments talk about banning bitcoin, there are reasons behind that. But things may change in near future until then we need to focus on saving bitcoins because it will have big impact on our wealth for sure.

Quote from: torch2121 on January 27, 2018, 09:13:54 PM

Actually I don't know the impact. As long as I can buy foods, clothes or anything that I need its fine for me.

Lol, seems like I just came across someone that lives life just like me lol. I don’t even care about all these economy blablabla…. When I’ve got things that I need, they don’t make sense to me, so no need to bother.

just_Alice

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Quote from: GreenDee on January 22, 2018, 01:57:09 PM

What is the impact of bitcoin in a country's financial stability?

There will be no principal impact of cryptocurrencies on country, until they're legalized. Not so many people inside the country purchase and sell bitcoins and even though they do, there are negligibly few countries, where BTC is taxed, which makes it somehow participating in country economics.

jseverson

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Quote from: kevin go on January 28, 2018, 12:05:05 AM

Bitcoin holds more than 51% share in cryptocurrency market.

Not true. Bitcoin's market dominance is down to 33.7% as of writing, according to Coinmarketcap.

As for a country's financial stability, I don't think Bitcoin has any significant impacts yet. It did help Japan because the new crypto wealth spurred spending, but that's the only country I'm aware of. Other countries could also be experiencing the same thing, but on a smaller, less observable scale, considering Japan's outright support for crypto.

One thing to consider about Japan's case though, is that with their support comes taxation, and it could be a model other countries will look to emulate.

Ctn

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Quote from: GreenDee on January 22, 2018, 01:57:09 PM

What is the impact of bitcoin in a country's financial stability?

Country's Financial system depends on few factors like this :

GDP of that country, it is measure of Gross Domestic Products which are produce of different products and services within the country and sold within the same country with specific period of time.

** 1) According to sources everything depends on internal and external factors of the country such as, nature sources, infrastructure, human capital, laws, labor cost etc.
**2) Apart from this there are some factors related to economic growth such as business cycle, exportation and import cycle of that specific country and majorly the commodity exports.

Now the question where does our bitcoin fall in these all? Does it have any place in the different factors that we have discussed above? I believe that it falls in the commodity exports where our money is actually being spent on virtual commodity like Bitcoin and other crypto currencies.

The net effect is simple, we are showering the money out of our country's economic circulation considering the fact that bitcoin is decentralised and the stream line is completely different.

So the impact seems to be negative. If we don't consider that the taxes are being paid for the every transaction that has made against the bitcoin purchase or sell.

** References: https://www.intelligenteconomist.com/economic-growth/

mrcash02

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Quote from: kevin go on January 28, 2018, 12:05:05 AM

Bitcoin holds more than 51% share in cryptocurrency market. If we see popularity of bitcoin in last five years it may affect the economy of any country. Bitcoin`s rising price attracting more and more investors all over the world. These investors are pulling money from their traditional investments and investing it in bitcoin currency. Similarly they stopped using fiat currency in their day to day life. As a result circulation of fiat currency get disturbed so as the economy. As a result Indonesia and other countries banned bitcoin currency completely from their economy by giving security and stability reasons. In future many more countries can ban or regulate bitcoin currency.

How could people have stopped using fiat on their daily life if there are only about 100.000 businesses in the world accepting Bitcoin as payment? We can't live without fiat. Bitcoin boosts countries economies a lot when people convert their Bitcoin profit to fiat. You are putting money in circulation in your country, the government should feel proud of their people and not ban Bitcoins.

Bitcoin is unstable and doesn't guarantee any stability for your country, if using it as store of value, but on the individual life it has only advantages.

kevin go

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Bitcoin holds more than 51% share in cryptocurrency market. If we see popularity of bitcoin in last five years it may affect the economy of any country. Bitcoin`s rising price attracting more and more investors all over the world. These investors are pulling money from their traditional investments and investing it in bitcoin currency. Similarly they stopped using fiat currency in their day to day life. As a result circulation of fiat currency get disturbed so as the economy. As a result Indonesia and other countries banned bitcoin currency completely from their economy by giving security and stability reasons. In future many more countries can ban or regulate bitcoin currency.

Protected101

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Bitcoin has a big impact in economies financial stability,many people now engage in digital currency due to its benefits that can gave to us.Because of it we can buy and sustained what we needs in our family through working on cryptocurrency it make our stable in financial needs.
I think if that would happen government did not banned anymore the bitcoin.It has a huge development to us and they will gave law by it by being legal in every country.

GoodTrout55

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Actually, there's no impact on it or whatsoever. One thing that can affect the financial stability of a country if once bitcoin or cryptocurrency is mainly used which is not the case.

KourtneyK

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It could have a huge impact on the financial stability of a country especially the economy of the country itself. Especially if the government is willing to compromise but then again problems would arise regarding the taxes and all that.

Yakamoto

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Quote from: GreenDee on January 22, 2018, 01:57:09 PM

What is the impact of bitcoin in a country's financial stability?

It would probably weaken the stability of a country in a majority of conventional terms, to be honest. It would take away from most of the normal statistical valuations of most standard measurement means, but there isn't anything that would actually be lost because of Bitcoin being used in a country. Governments that can't prove their own country's value and their economic stability and prosperity sure as hell won't be able to maintain their country for long if they can't show they have trade value and take out debt to help their country run. Well, it's possible, but unlikely anyways.

mayo2u

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Quote from: GreenDee on January 22, 2018, 01:57:09 PM

What is the impact of bitcoin in a country's financial stability?

Right now Bitcoin and all crypto-currencies have absolutely zero impact on developed countries. But, it can, have a huge impact on countries such as Venezuela and Greece and Iran.

If you think that people will try to move their savings away from unstable regimes then yes crypto will have an affect in those areas. If you live in a place where you think the valuation of the currency is stable for the immediate future then Bitcoin is simply an investment or of philosophical interest. If, however, you live in a place where you're worried that the government may seize your wealth (Greece, China) then Bitcoin becomes ever more important.

Now, can it help the stability of the country? Yes, in that it allows one to have wealth stored and transported outside of the government's control. Now, there are ramifications to this - as all countries would consider this to be tax evasion (if not economic treason). So, does Bitcoin contribute to the stability of a country? I'll let Milton Friedman debate that with John Maynard Keynes.

lionheart89

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If some people make transactions specifically using digital currency, then the Bank's ability to lead the needs of this group can be disrupted.

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