Topic: What would be the possible impact of BTC in the economy of a country? - page 13. (Read 4286 times)
October 22, 2017, 05:06:09 PM
The general impact of BTC to the economy can't be calculated. You should review every economy because most of them are different. For example if the country accept bitcoin it may only benefit in future. But if it will accept BTC then the economy won't only depend on this current country but will also be affected by outer impact.
October 22, 2017, 04:18:48 PM
Just wanted to know people ideas on what is the good and baf impact of BTC in the economy of a country. I am glad to hear different people views regarding this matters and get some ideas from the tenured people around these forum.
That depends on which side the country’s citizens are– whether they’re on the losing side or the winning side. To explain, what I meant to say is if the citizens of a country Investing on Bitcoin bare always losing, then it will affect the country negatively and the rate of their economy will be dropping to a lower level depending on how much the country is losing.But if the citizens of a country keep on making profits from their Investment, then the country’s economy rate will be having a slight increase daily.
October 22, 2017, 11:15:45 AM
Just wanted to know people ideas on what is the good and baf impact of BTC in the economy of a country. I am glad to hear different people views regarding this matters and get some ideas from the tenured people around these forum.
That depends on which side the country’s citizens are– whether they’re on the losing side or the winning side. To explain, what I meant to say is if the citizens of a country Investing on Bitcoin bare always losing, then it will affect the country negatively and the rate of their economy will be dropping to a lower level depending on how much the country is losing.But if the citizens of a country keep on making profits from their Investment, then the country’s economy rate will be having a slight increase daily.
October 22, 2017, 08:52:23 AM
Just wanted to know people ideas on what is the good and baf impact of BTC in the economy of a country. I am glad to hear different people views regarding this matters and get some ideas from the tenured people around these forum.
Bitcoin has the big impact for us like providing our needs, extra job or income and to develop our economy to be the better county. Bitcoin will be the number crypto in the world it will go higher and higher. Bitcoin has also bad effect in our country, it might be used in paying bad things, drugs, gambling and so on. 
October 22, 2017, 08:39:53 AM
Just wanted to know people ideas on what is the good and baf impact of BTC in the economy of a country. I am glad to hear different people views regarding this matters and get some ideas from the tenured people around these forum.
BTC is quietly rich people when you using of it, unemployed people have an income through with cryptocurrency society, why some people do work in here it because by the profitable source. Then therefore the ecomy of our country become less from jobless people got work in here.However we have earned bitcoin without charging pay to our government and still the economy will remains.
October 22, 2017, 08:29:17 AM
Actually bitcoin and crypto currencies gives a big impact if all people using it, since crypto currencies is not yet legalized then all the transaction cant be taxed and that can caused big impact for the country and now bitcoin had become headline news in a lot of country, so I am sure there will be changes and regulation regarding to the crypto in the future
October 22, 2017, 08:24:04 AM
If there is no payment of tax from bitcoin, there can be problem in revenue system.
that is why it is not easy to regulate bitcoin in some states, Because it will only be the citizens will get rich and not the government it self. I mean it would be good it citizens are rich but the country's income wont change and their status wont be uplifted in some world organizations. Because depending on how much country earns, that how they could lend. And if they cant show big money, then they stay as lower class countries.
October 22, 2017, 07:45:45 AM
No doubt, Bitcoin can have a major impact on a country's economy. If majority of people start using Bitcoin there will be a pressure on government to legalize it. As, we all know Bitcoin is a decentralized cryptocurrency so if legalized it can take over the centralized banks which will totally change the country's economic system upside down. It can also overtake fiat currency of a country. But if legalized it will also show some positive impacts on a country's economy by providing a good source of income to a number of people if taxes are also introduced with legalization. If there is no payment of tax from Bitcoin, there can be problem in revenue system.
October 22, 2017, 03:28:09 AM
There can be both positive and negative effects to the economy. Positive effects include more tax revenue from the exchanges, creation of new jobs and the possibility of business ventures such as crypto-exchanges and investment agencies moving to that country. But there can also be negatives, such as the increased possibility of tax evasion and the usage of Bitcoins in crimes.
I agree with you, not always technological advances give a positive effect on the economy of the country but always with negative effects, but if we see the bitcoin and the impact of its legalization, I think the positive impact. the legalization of bitcoin is greater than its negative effect and it seems appropriate if bitcoin is received in each country as an official means of payment in that country.
October 22, 2017, 02:52:59 AM
There can be both positive and negative effects to the economy. Positive effects include more tax revenue from the exchanges, creation of new jobs and the possibility of business ventures such as crypto-exchanges and investment agencies moving to that country. But there can also be negatives, such as the increased possibility of tax evasion and the usage of Bitcoins in crimes.
October 22, 2017, 02:33:43 AM
The good impact of bitcoin to the economy of the country is that it will open a brand new opportunity and jobs to its citizen, brand new development of currency systems to the establishments and corporations implementing the bitcoin or their own digital currency with the help of the blockchain technology. modernization of the currency structure of the state and produce job based on this new currency make the transactions and payment easier and more manageable.
The bad thing about this currency is the anonymity, if the government will completely legalize and adapt to this type of digital currency they need an implementation and restrictions towards the use of wallets and coinbase exchanges locally as this will be a tool to used to any criminal forms of activity and scammers. It is not yet stable, any day it will go up and down to its price making it not advisable to use it in everyday activities. Bitcoin is still an experimental currency but in the near future we will see that some countries will try to adapt to the digital coins.
The bad thing about this currency is the anonymity, if the government will completely legalize and adapt to this type of digital currency they need an implementation and restrictions towards the use of wallets and coinbase exchanges locally as this will be a tool to used to any criminal forms of activity and scammers. It is not yet stable, any day it will go up and down to its price making it not advisable to use it in everyday activities. Bitcoin is still an experimental currency but in the near future we will see that some countries will try to adapt to the digital coins.
October 21, 2017, 07:37:33 PM
Just wanted to know people ideas on what is the good and baf impact of BTC in the economy of a country. I am glad to hear different people views regarding this matters and get some ideas from the tenured people around these forum.
It can obviously give both good and bad effects.
A good effect would be the decreasing number of unemployment in the specific country. Because being a crypto man doesn't require much. It only requires a bit comprehension, intermediate english skills, and a hard working attitude.
The negative effects may be illegal laundering which cannot be traced, illegal transactions including drugs and and other crimes which again, cannot be traced. And tax evasion.
Those are what i think can happen in a country accepting cryptos.
October 21, 2017, 06:29:48 PM
I agree that due to Bitcoin unemployment would go down, people would start earning money many people think that the economic condition of the citizens would get better correct agree, but when people will only use Bitcoin and not their national currency wouldn't that affect the economy of the nation, the government would not collect the same amount of taxes as before in short the economy of the country could go down. That is what I think..
The fact that people don't have jobs has not much to do with BTC being in the economy or not. Just think about it for a moment. What are the reasons people can't find jobs? Usually the main reason is that economy is shit. If there are no companies willing to hire welders, if you add BTC to the mix new companies in need of those welders won't suddenly start to pop up. For them to appear there have to be contracts from governments/companies that are willing to buy their products and there have to be investors willing to put their money into the projects.
October 21, 2017, 04:25:49 PM
I agree that due to Bitcoin unemployment would go down, people would start earning money many people think that the economic condition of the citizens would get better correct agree, but when people will only use Bitcoin and not their national currency wouldn't that affect the economy of the nation, the government would not collect the same amount of taxes as before in short the economy of the country could go down. That is what I think..
The fact that people don't have jobs has not much to do with BTC being in the economy or not. Just think about it for a moment. What are the reasons people can't find jobs? Usually the main reason is that economy is shit. If there are no companies willing to hire welders, if you add BTC to the mix new companies in need of those welders won't suddenly start to pop up. For them to appear there have to be contracts from governments/companies that are willing to buy their products and there have to be investors willing to put their money into the projects.
October 21, 2017, 02:32:40 PM
Can't believe nobody has said this yet, but it would drastically increase globalization. If countries decided to all adopt bitcoin as their official currency, then people would be able to send money to another country, instantly, with very little fees.
October 21, 2017, 02:21:44 PM
Just wanted to know people ideas on what is the good and baf impact of BTC in the economy of a country. I am glad to hear different people views regarding this matters and get some ideas from the tenured people around these forum.
If you are in a country like Venezuela or North Korea, it can make a huge difference to the country (Ouch, I am beginning to sound like Jamie Dimon). In other countries, I don't think the impact of Bitcoin is immediately visible.
October 21, 2017, 02:02:19 PM
I agree that due to Bitcoin unemployment would go down, people would start earning money many people think that the economic condition of the citizens would get better correct agree, but when people will only use Bitcoin and not their national currency wouldn't that affect the economy of the nation, the government would not collect the same amount of taxes as before in short the economy of the country could go down. That is what I think..
October 21, 2017, 01:24:56 PM
the impact on government would be negative as it would restrict their ability to be wasteful.
the impact on regular people would be positive as it would encourage savings and wealth creation.
as mentioned above, this is a pretty common question. i don't think you'll find any real consensus across the board.
the impact on regular people would be positive as it would encourage savings and wealth creation.
as mentioned above, this is a pretty common question. i don't think you'll find any real consensus across the board.
October 21, 2017, 01:22:58 PM
Just wanted to know people ideas on what is the good and baf impact of BTC in the economy of a country. I am glad to hear different people views regarding this matters and get some ideas from the tenured people around these forum.
Best way in which Bitcoin could help economy is saving it from recession. It has provided an additional shield to economy during time of recession by creating new line of wealth. Even if fiat currency of the country hit by high rate of inflation, Bitcoin with its continue surging value save it from immediate downfall. Bitcoin can act as replacement for fiat currency, till it is restructured. Thus it can act as secondary currency during time of recession.
October 21, 2017, 12:44:03 PM
If bitcoin is being widely used on a certain country, let's say for almost every transaction, the local money wouldn't have any circulation thus rendering the whole economy partially paralyzed since the money is not being put to good use. I think that's one of the reasons why the government isn't really friendly about bitcoin: the threat of bitcoin being used widely in local purchases is large that it can render fiat useless in some way.
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