Post
Topic
Board Economics
Re: Can bitcoin improve the economy of a country?
by
tittensor
on 11/12/2017, 23:21:20 UTC

Today many countries accept bitcoin as a virtual currency, is it because bitcoin is so high that they think bitcoin can change the country's economy, or because the country has many bitcoin users already?

There is a chance that bitcoin could improve the economy of a certain country. For one, all the bitcoin earners living in that particular country would probably use their earnings from bitcoin to buy things within that country. Those things would surely have taxes. On that process, bitcoin is improving the economy of a certain country with the help of it's users.

Yes, you're right. The only way to make bitcoins contribute in a country is to use it as a usual currency like fiat. If all of the merchant accept bitcoins as a payment. They use bitcoin to buy product or services in which could be obviously contribute with the GDP plus the taxes from those products (but still, it depends, more factors to consider)
Although we all understand the problem of Bitcoin to be legally is the tax, but do all the Bitcoin's user accept that? I don't think those who knew the Bitcoin's function will accept to spend money for the tax if they want to evade the tax for their business.
Yeah I have heard about it that in some countries bitcoin is paying tax and I think it is good for the bitcoin legalization because if bitcoin will become legal all people will use bitcoin and it will make bitcoin value go more high. So for me yes bitcoin can probably improve the country economy and it will legal someday. At some time all the transaction and the payments will be dome through bitcoin so bitcoin will be more famous with it.
This is the issue related the world's economy, you can not tell it will be easy happen like that. To be honest, the Bitcoin price and the nature of Bitcoin are not useful to become a currency as the purpose to create Bitcoin of Satoshi Nakamoto. Sadly, the Bitcoin users are using Bitcoin for investment and trading, no one care Bitcoin can be legally or illegally, because they can trade it without the government.