Will third world country hold their foreign reserve in bitcoin against Dollar? - page 4.

Faiyz

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Quote from: ged00u on June 10, 2017, 07:17:11 PM

Quote from: Bagaji on June 09, 2017, 01:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

There is a report in my country Philippines that the national bank is accepting btc but i dont really have a full speculation about it. It seems that the bank will accept it as a means of payment for any transaction that could take place in the bank. If there are any other Filipinos out there could you please clarify it. What i have in my mind is that you could pay loans directly with. I thought you could pay goods but it was just the bank that accepts it.

ged00u

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Quote from: Bagaji on June 09, 2017, 01:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

Hydrogen

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To a degree one might say iceland experimented with this concept via introducing aurora coin.

Russia too could be experimenting with this with their announced plans of creating a national crypto currency.

One might say: it is already happening.

Most nations are getting into crypto, except for the united states which appears determined to dwell in the currency dark ages forever.

As america is the "best country in the whole world" and thus is exempt from keeping up with emerging technologies or innovations.

JeffBrad12

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The dollar has big domination for the fiat currency. That's why the 3rd countries are using it to hold their foreign reserve. But if the bitcoin can make a domination to the dollar and i can say if that will be possible in the future.

We know that the price of bitcoin will always be increasing every time and it will make the bitcoin has a big deal with the dollar exchange. That will bring more on the economic. that means if that will be a positive impact.

VC George

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Quote from: Bagaji on June 09, 2017, 01:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

That's equal (maybe even worse) to Iraq converting it's foreign currency reserves to Euro before the US invaded to restore the order

Best case scenario I can see is a middle to upper class (in terms of GDP) country converting up to 10~20% of their gold stash into Bitcoin in 10 years from now. The prime reason about that would be the beginning of the space mining industry. A relatively "small" space rock would be enough to inflate the precious metal market enough to convince a country to switch some of their stash into Bitcoin Wink

You can't find Bitcoins in space!

merchantofzeny

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I don't think so. After all, we're third world, not a lot of people even know about this, much less the gov't, which were pretty late to the party. They probably only released guidelines fearing it'll be used to launder money. Besides, like many here pointed out, it's still quite unstable. The increase in price might look attractive but what happens when it crash?

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Quote from: Bagaji on June 09, 2017, 01:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

I don’t think so, would you store something that in theory could be very easy to steal, storing gold, has its issues but stealing gold is difficult because you need to transport a lot of tons of gold, storing dollars is not complicated but even if someone stole them you could always track them or reverse the transaction if it was electronic.

gabbie2010

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It will be a good development if the third world countries hold their reserve in Bitcoin this will curtail the influence of world economies on US dollar. The chinese had been trying to do that using yen if bitcoin is globally accepted then it will be easier to reserve their money in bitcoin.

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Quote from: Bagaji on June 09, 2017, 01:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Is this yet another thread where we will no longer see OP?

Nevertheless, it is next to impossible that countries which hold their reserves in dollars (personally, though, I wouldn't call Japan as a third world country) would switch to buying up bitcoins. Bitcoin is just too marginal for that, it is not even traded on major exchanges (read it is still considered too outlandish by the financial world). Apart from that, countries don't keep the American dollars as such, they stash the US government bonds (Treasuries) on which they receive interest paid by the US government

dihari

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Do you know how's the third world countries population and economics? Maybe some of them knowing bitcoin, but not at all. Not all the people know bitcoin, so how it can give massive impact? I think it's just a little bit confused.

pitham1

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Quote from: Bagaji on June 09, 2017, 01:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Nope. Why would they do so? Foreign reserves are meant to protect their country against a crisis.
If Bitcoin drops suddenly, it could trigger a crisis. Tongue

MMA

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Quote from: Lieldoryn on June 09, 2017, 02:10:31 PM

This will never happen. Third world countries become dependent on the U.S. dollar due loans at very low interest rates. Who will they lend in bitcoins? Besides, no one will take a loan in an unstable currency. It is very dangerous.

yes that is very right and i think most of the backward countries may have no such idea about bitcoin, i think most of the backward countries are taking loan from USA in Dollar form, which they for them most of time do not capable to return, they are every running their countries on foreign donations and loan. and if the donors will stop their donation for them, i do not think that they will survive for a long time.

Lieldoryn

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This will never happen. Third world countries become dependent on the U.S. dollar due loans at very low interest rates. Who will they lend in bitcoins? Besides, no one will take a loan in an unstable currency. It is very dangerous.

arpon11

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Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third world countries' currencies is by using bitcoin as a gold standard for their individual country currency.

TechnoMusic

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That will have positive economy results.Like example for Europe countries will be good because if America have less power than Europe can get that power and more money and better economy.

Bagaji

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Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

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