Topic: Why inflated countries should adopt Bitcoin to help boost their economy. - page 2. (Read 689 times)

I ask you again, is your country friendly to Bitcoin so far and accepts it as legal payment? Because to pursue your statement, of course it has to be realised, or is it just being open and not taking the hard line to fully adopt it, then the country is considered to have lost? as you mentioned. The fact is that it is not like that and countries that do not adopt Bitcoin do not mean they do not want to provide freedom and progress from an economic perspective. Because even without adopting Bitcoin, they can still manage their resources and play on the world market by collaborating with other countries. Adopting Bitcoin is just a matter of choice, not the only option as an economic solution. There are so many ways depending on which benefit aspect is used as a reference.

El Salvador is a country with a relatively small territory, so managing it is not as complicated as countries with large territories, various beaches, islands, etc. This also needs to be considered because to withdraw the total fiat currency and implement new payment options there needs to be a big meeting, a joint agreement, have a target far in advance and I think the process is not an easy one.

Yep, I agree that Bitcoin is a unique cryptocurrency with many characteristics that can benefit a country's economy, especially amid inflation. We all understand Bitcoin has enormous potential to change the global financial system and become the future of money. But to achieve this, there needs to be cooperation from countries and organizations in regulating and managing Bitcoin effectively.

I always share with people that bitcoin is still very new, because my journey in the space realized that only a small number of people had any real attachment to it and most just came for a drive and left when they get good/bad results. So it is advisable to research Bitcoin and take advantage of the many opportunities, as well as minimize the risks that they coexist with.

We calculate Bitcoin's value in USD, so when a country buys a Bitcoin with its worthless fiat and stores it, waits for the price to rise and then sells it, isn't it going to help them economically? If they buy it at 20K USD and sell at 40K USD, they are doing 2x profit. The profit in USD matters the most for countries with high inflation because they depend on USD for import and export and their national currency is tied to USD because people value real estate, cars and other things in USD when they buy and sell it.

That's true, daily Bitcoin transactions on Bitcoin Blockchain are impossible at a country level where millions of people have to use it daily, Bitcoin wasn't meant for that pressure and can't deal with it right now. The more people use it for transactions, the more expensive it becomes and completely destroys the idea of improving economy when people have to pay huge price for transactions.

Bitcoin is a highly volatile digital asset, it's not even safe for beginners as they will need to do some strong research first before they invest or try to buy Bitcoin, now if a country is going to use Bitcoin as a means of escaping poverty and also boost their economy, they must consist of smart leaders, who knows and understand technology.

The problem here with my own country for example is that all our leaders have no clue what bitcoin is, they don't know what its capable of, they don't understand how they can use it to the benefit of the country, instead they prefer to go against it.

Most countries in Africa has greedy leaderships, I doubt they will even use Bitcoin for the sake of the country, I believe they will be able to do as they like with Bitcoin and still continue their embezzlement acts like they used to do.

Let me ask, how will bitcoin improve the economies of African countries? Because according to my understanding, if a country wants to develop its economy, it needs good foreign policy...creating abundant jobs for people and thereby helping people have a stable income. Meanwhile, bitcoin is a highly volatile investment and investing in it does not guarantee 100% returns. Bitcoin is a financial market and there will be winners and losers, there is no win-win financial market. So how will bitcoin help the national economy?

I believe it is fair to conclude that only a small minority of Africans can afford to pay the existing transaction fees for daily purchases. Bitcoin is still in its early stages, and there are numerous hurdles that must be overcome before it can become a viable option for daily transactions in Africa. It's worth noting that, even if the average transaction fee falls in the future, other barriers to adoption remain, such as a lack of internet connection and the exorbitant cost of smartphones in many parts of Africa.
Regarding your question about my personal use of Bitcoin, I use Bitcoin as often as I can for payment,

It is true that african countries are very underdeveloped and if they adopt bitcoin their economy can improve as well as their economy, but it will depend on the government. Africa has many economic problems but it is difficult for governments to deal with them. Government adoption of bitcoin is good for the economy if people learn about the use of bitcoin and become proficient.

Less Control: Cryptos work without a central authority, so they can be more reliable in unstable economies.

For Everyone: Cryptos can provide financial services to people who don't have access to regular banks.

Save Money: Some cryptocurrencies, like Bitcoin, are seen as a way to protect savings when the local currency loses value quickly.

Global Transactions: Cryptos make it easy to do business with other countries, helping trade and money transfers.

Less Corruption: The technology behind cryptos can make financial systems more transparent and reduce corruption.

New Funding: Cryptos can be used for innovative ways to get money, like Initial Coin Offerings (ICOs).

Move Money Easily: Cryptos let people move money across borders without restrictions, important during economic troubles.

Protection from Inflation: Cryptos, especially those with a fixed supply, can be a way for people to protect their money from losing value in times of inflation.

You think? How many bitcoin users do you know from North Korea?
Bitcoin has never seen a truly heavily enforced ban yet, and hopeful we won't, but to think that all would be ok with one it's just really day dreaming.
How many times would you piss yourself if bitcoin ownership would come with a life sentence in your country and you would hear  knock at the door at 2 am?


How many Africans would afford to pay a tx, right now 63 sat/vB $5.57 for daily purchases?
How many Africans would be able to use Bitcoin since we're talking about a max of 400-500k transactions a day?
Oh, let's make it simpler, how many times have you used bitcoin yourself lately in RL?  

Again people, there some serious differences between personal finances and a nation's economy!

You're right, African countries have been rather slow when it comes to bitcoin adoption, Bitcoin adoption in Africa could turn the state of the continue around. Many African countries are dealing with hyperinflation and other economic issues and there's no doubt that Bitcoin adoption could provide a much better alternative to the failing traditional financial system in the country.

because bitcoin does not have a fixed value, it always goes up and down, it will be difficult for bitcoin to become a valid payment, I think,
and also bitcoin cannot be used as a tool to improve the economy of one country because each country has different problems, and the exchange rate between bitcoin-usdt-local currency will be very influential,
However, for new people, it can provide long-term benefits by investing and making a profit if there is enough of the target

Yeah Bitcoin's like the superhero of money, especially when it comes to fighting inflation. With only 21 million coins ever, it's like a fortress against economic ups and downs plus it's quick and cheap for transactions, making it a dream for businesses and traders. Some countries might be skeptical but look at El Salvador took the plunge and it seems to be working out. Bitcoin might still have some wild swings but it's becoming the cool kid on the global economic block. Countries resisting might want to think twice before missing out on the crypto party that seems to be getting louder

Inflation is one of the most serious problems of a country especially inflation is more or less in all countries but in my Bangladesh inflation is so intense that the purchasing power of common people in our country is out of control due to inflation. Inflation in Bangladesh is not easy to control because the inflation in this country did not happen suddenly but inflation has become so intense due to various incidental reasons that it is not possible to control inflation in this country even by adopting Bitcoin. If there is no change or control in the political environment of Bangladesh and if the foreign remittances are not increased and the foreign debt is not paid then our Bangladesh inflation will be more intense in the future. However, Bitcoin adoption in unique countries in the world is able to reduce Bitcoin inflation, but no matter how much Bitcoin adoption is done in my country, control will never be possible.

I agree. Bitcoin does not have to a legal tender in any jurisdiction. It does not matter whether a nation/country bans BTC. Bitcoin is censorship-resistant to all such old school tactics.

I think African countries should adopt the use of crypto currencies to help boost their economy more. Rather than fighting against the use of bitcoin.

 It is a great privilege to experience the explicit and dynamics of the currency innovation in our local and global markets, transaction platforms and businesses in the day to day life. In one word bitcoin is "REVOLUTIONAL".

Inflation is very difficult to prevent most of the countries in the world are full of inflation today changes interest rates to control inflation. Although governments can help fight inflation through fiscal policy it is possible if the government can cut spending and raise taxes as a way to help reduce inflation. Also in the budget the government takes in more money than it puts into the economy as a result, the overall demand and price level in the economy declines and helps to combat the inflationary situation. It will depend on the government policy to adopt bitcoin. In the country where I live bitcoin is not legal yet. It is not possible to boost the economy by adopting bitcoin.

As that thread repeated, over and over, "legal tender" is not the same as "legal".

The word, "legal tender" has a very specific meaning derived from the US Constitution, and it absolutely means forcing people to accept Bitcoin as a form of payment even if they don't want to accept Bitcoin.

Bitcoin is unsuitable as a mainstream means of payment because transactions can take 30 minutes and cost 30 dollars. This is not a conspiracy by "the government", it's a simple technical limitation of the blockchain architecture and it's not going to be solved. Bitcoin works just fine for what people actually use it for, which is a speculation instrument.

Using the government to force Bitcoin down people's throats won't accomplish anything except making people hate Bitcoin. (And why especially should Bitcoin have this special status? Why not Ethereum? Why not Dogecoin? Why not Haypenny currencies?).



I made the same point above as well: deflation is far, far more dangerous than inflation. No country in the world has based their economy on a static commodity in the last 100 years for good reason. If your primary currency appreciates in value, then you are incentivized to not spend it, which contracts the economy, which deflates it even further, and so on into a depression.

Legal tender doesn't mean that you are forced to use that said currency. It just means that it isn't illegal to use the same and said currency will be accepted and taxed, which goes to the government for the betterment of the public(if used correctly). Lets say for my country India. Bitcoin isn't legal tender but it isn't illegal either. If government legalises and accepts taxes in Bitcoin, more people will be open to the idea of using Bitcoin as a mode of transaction, while also letting India acquire Bitcoins through public, which could be kept as reserves. We can track where the funds are allocated, when used and it would lead to overall transparency of the government.

Regarding the OP's topic. Inflation isn't bad for the economy up to a point, stagnation or deflation could honestly be much worse.  Just that more governments should be held accountable for the endless money printing they are doing without any instant consequence. US as an example, if the currency stronghold falters(which seems more and more possible as countries are becoming less reliant on USD for trade, as years go by. However, US is keeping up with improved trade relations to Europe as most of the energy and military trade EU was doing with Russia has been diverted to US and Arab world. If there wasn't an energy and military reliance for Europe on USA, there was a high probability that US might have gone into inflation leading to recession sooner than later.

My country is full of inflation but my country's inflation cannot be eliminated by Bitcoin adaptation. Inflation in our country is politically created, so if it is to be eliminated, a major change in politics should be made. Moreover, there is no acceptance of Bitcoin in my country, so no matter how much we talk positively about the adoption of Bitcoin, it will never be possible to accept Bitcoin in the context of my country. But if the politics change in our country like other countries and the government and central bank of the country attach importance to the acceptance of Bitcoin then only the inflation in our country can be reduced to a great extent. Other countries of the world have been successful in solving various social and economic problems of that country by approving the acceptance of Bitcoin, but our country still does not think positively about the acceptance of Bitcoin.

They should at least try to use every opportunity to save their country's economy since bitcoins offer another chance to make their country prosper and attract some investors to operate in their country like huge numbers of miners and local crypto exchanges. This will only be possible if they promise them security and low taxes when it comes to building and operating in their countries. Other countries are also offering this but if they have innovative strategies to attract these businessmen because they implemented bitcoins, then they will gonna surely have some chance to slightly increase their economy first and when others see the good result from it, they will also become their business partner as well.