There is a good/advantage or bad/ disadvantage of bitcoin in the economy. Let us go first in ourself because i believe any changes in our economy should start first within ourselves.
Let us tackle first the good impact of bitcoin, we all know that poverty is one of the leading issue in our country. Because of bitcoin it gives ease life to those people who are victim of poverty. It gives ease life in a way that even without permanent job bitcoin give enough amout that can be use or can be help to have a better life. Even in students it gives good impact to them because they dont need to depend theirselves on their parents, asside from. that they help them also.
Let us now move on to the bad impact of bitcoin. Someone says that though bitcoin can help still there is disadvantage in doing this, in a way that it teaches some people to be lazy, lazy in finding a permanent job for better future of their family.
Topic: What would be the possible impact of BTC in the economy of a country? - page 9. (Read 4286 times)
October 28, 2017, 11:16:26 AM
October 28, 2017, 08:41:45 AM
i believe that bitcoin can make economy of a country grow because a lot of bussiness are entering the blockchain just like those ICOs, after they raised funds of course they will become just like a normal company and if a lot of ICO become successful it will open a lot of job opportunity to everyone and it is all thanks to the bitcoin.
Still in ambiguity whether this kind of investment really make the national economy grow. There is simple fact that grows the economy of nation and that’s how much tax I being paid by different business and individuals. This contributes to national development and everything runs smoothly to give out growth.
In case of crypto currencies as we know it’s completely decentralised and have no regulating body to incur the taxes and all the charges for services it’s not really contributing to it. I’m sure after forming a normal company they will have to work under regulation but there is question, will they really show up all the funds they raised because if they don’t then there is no taxes. No development. No growth.
October 28, 2017, 06:31:09 AM
i think we already talking about this several times ago and the good impact is bitcoin can reduce unemployment people because bitcoin can provide opportunity to makes money and the bad impact maybe in some of countries who admitted bitcoin as illegal then bitcoin users on those countries will against the law
October 28, 2017, 05:32:35 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.
This will help only if bitcoin becomes legal entity of the national services. It will start contributing into national economy when there will control of government on bitcoin or whole crypto community. This is important step because people will not help grow the national economy if they are not paying the bitcoin charges into banks or financial system that they are using. If we are putting money into bitcoin and growing it there and keeping it there only (in the wallet/blockchain) then it will not help the national economy. So it’s decentralised character could restrict little bit. But let’s see what happens in the future and how it contribute to the government and nation.
October 28, 2017, 05:01:53 AM
By using crypto currencies like BitCoins people can make illegal transactions without giving any information about themselves. Crypto currencies like Bitcoins are a way to empower such transactions across the globe which will ultimately result in increased cyber crime.
Lol here we are talking about the impact of bitcoin on economy not use of bitcoin in crimes and those who says that it is fault of bitcoin that is used in illegal transaction they need a doctor and the impact of bitcoin on economy will e very good and one can easily see the difference in the economy of those countries who are using it and those who are not, bitcoin is economy booster, it give stability to economy. 
October 27, 2017, 03:35:41 PM
i believe that bitcoin can make economy of a country grow because a lot of bussiness are entering the blockchain just like those ICOs, after they raised funds of course they will become just like a normal company and if a lot of ICO become successful it will open a lot of job opportunity to everyone and it is all thanks to the bitcoin.
You really have a valid point here.Lots of people all over the world, which we did not really have in the past due to international restrictions and barriers are now investing in companies with prospects, values and product via ICOs which over time as an investor will give them more return and as you have said, we will keep seeing companies most especially related to the IT scene, coming up with ideas and having investors to help build it and gain a lot from it when it shoots.
October 27, 2017, 02:36:36 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.
Related to the association of bitcoin with the national currency, how come Kim Jung Lee has not yet declared bitcoin as their national coin, and how they developed it and so on, you know, like on the olympics, they have won everything, at least this is what says the north Korean government. The effects are not predictable because, as mush as i know, we don't have a model in the back to give as a clue, but i suppose eventually people will go on with it as long as they cand buy all kind of stuff with it. October 27, 2017, 01:42:29 PM
The only thing it can impact on for an economy of a country is of course if it can help the increase in Gross Domestic Product of a country. It is a long shot but if the flow of Bitcoin earnings will help in the increase of the final domestic goods and services produced (GDP) it can affect the growth of an economy. Especially if that growth is from foreigners as foreign investments can help us really improve in the country's growth. But the crucial part of it is really earning Bitcoin first as it is the first step in order to help the economy of a country grow.
October 27, 2017, 01:35:18 PM
The possible impact of the bitcoin in the economy for a country will be good because the people will find faster way of transacting money and transferring money from one point to another. The flow of money will become so much faster and it will make the economy of the country much healthier than before and i think that is the impact of bitcoin and there is nothing to worry about the negative impact because they can be fixed with an ease.
The speed of a bitcoin transaction definitely has not been a strong point for the currency at all points and even though its being improved over time, I think it's not a strong point to build support for the currency on. Instead, support will come more from the fact that bitcoin can be treated as an asset and the fact that it is an anonymous currency. People enjoy being able to spend their money with a certain level of protection -- they get that protection from using bitcoin.
So a time will come when we will just have to convert a piece of our bitcoin to another altcoin for transaction. Like you said, that protection is what people have really craved for and finding it in bitcoin is just like finding a solution to their problems.
October 27, 2017, 12:09:01 PM
Basically, bitcoin is not risky because the scheme of its use is still small, but if changed and if growth of bitcoin grows significantly, it could endanger a country's economy.
Many countries consider virtual currencies such as bitcoin to pose a risk to financial stability if applied on a wide scale.
But my opinion is not like that, i think that bitcoin will bring the economies of developed countries.
Many countries consider virtual currencies such as bitcoin to pose a risk to financial stability if applied on a wide scale.
But my opinion is not like that, i think that bitcoin will bring the economies of developed countries.
October 27, 2017, 10:45:11 AM
The economy rate of a country is measured through the GDP and GNP, and without a proper regulatory system, it is hard o track all Bitcoin transactions which means the government cannot fully record the money that goes in and out of their nation, and that is a bad thing.
Well not only this but a lot of the other systems has been developed and invented for the betterment of the bitcoin and the future of the bitcoin will go more high if we will get the bitcoin and will be in it for the long time so this will be the best thing and the bitcoin price and the value will not get disturb with it so it is good to invest in the bitcoin and to buy the bitcoin for more profit and the secure future.
October 27, 2017, 08:41:48 AM
Bitcoin is a global currency this one reason why many people wants to earn bitcoin it can be use world wide though the acceptability is not that much as of today still this currency has established a market in the world. For the economy of a certain country through bitcoin opportunities are open to a lot of people and the good thing is those unemployed are given the chance to earn and make a better living and as the people lifestyle improves the economic status of a country also improves.
You have a point mate that improving people lifestyle may also improves economic status of the country. But looking through the other side there is also some negative effects of the country's economy as we know that crypto currency is a decentralized system and no other party is involve so the government cannot take an income tax even how much people earn from bitcoin in an instance. If almost all the people quitting there full time job in company where they are oblige to give their income tax to the government, therefore decreasing employment means there is a decrease of country's taxation of labor. October 27, 2017, 08:15:23 AM
As we all know that bitcoin is a life changing that give us hope to have a better future. Although it give us such changes in out life but it won't totally give a huge impact to the economy. Knowing that bitcoin isn't implies to all areas but still have its own purpose and contribution to us. Only the individuals have benefited on this not the entire community, as being taxed by the goverenment it would help to contribute more in the economy.
October 27, 2017, 06:50:37 AM
The possible impact of the bitcoin in the economy for a country will be good because the people will find faster way of transacting money and transferring money from one point to another. The flow of money will become so much faster and it will make the economy of the country much healthier than before and i think that is the impact of bitcoin and there is nothing to worry about the negative impact because they can be fixed with an ease.
The speed of a bitcoin transaction definitely has not been a strong point for the currency at all points and even though its being improved over time, I think it's not a strong point to build support for the currency on. Instead, support will come more from the fact that bitcoin can be treated as an asset and the fact that it is an anonymous currency. People enjoy being able to spend their money with a certain level of protection -- they get that protection from using bitcoin.
So a time will come when we will just have to convert a piece of our bitcoin to another altcoin for transaction. Like you said, that protection is what people have really craved for and finding it in bitcoin is just like finding a solution to their problems.
October 27, 2017, 05:00:00 AM
Bitcoin is a global currency this one reason why many people wants to earn bitcoin it can be use world wide though the acceptability is not that much as of today still this currency has established a market in the world. For the economy of a certain country through bitcoin opportunities are open to a lot of people and the good thing is those unemployed are given the chance to earn and make a better living and as the people lifestyle improves the economic status of a country also improves.
October 27, 2017, 04:11:18 AM
Bitcoin earned when offering online services for a foreign client will bring inflow of money for those offering such services and those bitcoin earned will be exchanged to fiat and increase their purchasing power of those individuals and this will be used to buy goods and services in that country leading to increment of manufacturing companies producing more goods and government will collect their taxes from these companies and this will improve the economy.
October 27, 2017, 03:39:23 AM
Bitcoin affects the usage of money. So, when people in a particular country starts using bitcoin for transactions, it has a negative effect on that country. Unless that country acknowledges bitcoin as an asset or as a valid currency.
October 27, 2017, 03:07:11 AM
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.
I have to disagree with you on this. New innovation bring new job opportunities. People develop new applications linked to global Bitcoin payment options and these new jobs generate income for unemployed workers. People can now do micro tasks for micro payments. < The signature campaigns on this forum is a good example, where people get paid a few dollars for posting on this forum >
Before Bitcoin people used expensive remittance companies to transfer money from one country to the next, charging high fees for this service. Bitcoin has made micro transactions possible for very low fees under the right circumstances. < When the network are not being spammed >
Even faucets can contribute as a income generation for people in third world countries. < I have read about people who bought food with the faucet income a few years ago >
Yeah in fact our central bank issued a policy that’s encouraging financial innovators like BTC crypto currency to be protected against money laundering and financing terrorism activities, because it provide and revolutionized the money remittances of our overseas contract workers to make it faster and economical, as we all know thus remittances is great help our economy.
October 27, 2017, 02:19:04 AM
Bitcoin helps people to gain more money, both the unemployed, low wage people, and actually everyone. Bitcoin, when converted to cash, can increase the amount of money circulating in a country. This is a good thing which thus can boost the economy of a country. On the other hand, if all people and all merchants will move into using bitcoin, then paper money would be useless. It means loss from the production cost of the paper money.
I believe it can help to make everything balanced, but only for those who are serious with it. You can’t cross your legs and wait for money to hit your account, you’ve got to work for it. Bitcoin has created a lot of opportunities, I believe. If I’m going to just surf the internet everyday and gain nothing by the month, I better get into ordinary Faucets and grab a few bucks for surfing the net, cause with the current price rate, even 500,000 Satoshi is worth a thing, it can even help you pay your bills
October 26, 2017, 03:45:35 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.
BTC can definitely make a drastic impact on a country economy. As it can create a whole new parallel economy at the global level. There could be a huge change in the tax collection amount of a country. Some of the other impacts are that it can prevent the situation of recession by creating wealth but on the other hand, it can also be a reason for inflation.
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