Post
Topic
Board Economics
Re: HOW BITCOIN BENEFITS THE ECONOMY?
by
just_Alice
on 03/08/2018, 17:16:53 UTC
The government in most countries have decided to ban Bitcoin and cryptocurrency as a whole. I begin to wonder why the government for these countries have taken such an initiative. Any idea on the benefits bitcoin offers to the economy? Help me convince my government to accept Bitcoin.

Where did you take that data from? As far as I know Bitcoin status is permissive in most of the countries (majority of them are counties with good economical situation, EU countries and US). In most of the developing and newly industrialized countries Bitcoin legal status is contentious (e.g. India, Indonesia, Georgia). And there are actually only few countries that consider Bitcoin as illegal, like Algeria, Bolivia, Ecuador, Nepal and some others. Now, there's a direct correlation between the economy level in a certain country and BTC status there. As you can see the least developed countries banned Bitcoin, which is quite explicable, as cryptocurrencies may undermine country's economy. If citizens prefer BTC over national currency (and they will, because in this case they'll have more freedom) the price of it will fall, eventually crushing the country's economy.