Post
Topic
Board Economics
Re: Bitcoins and a country's economy
by
rickadone
on 18/08/2018, 19:00:31 UTC
Although bitcoin is not that an "official" currency yet, one can say that a country having most of its citizen engaged with a trending, highly-anticipated financial support that should help the country's economic and trading aspect to boom and improve.

We say this, thought of this, but in reality it is hard to imagine how can bitcoins fuel and power up a country and its economical stabilization with almost all of its citizen engaged with it? First of all, it is not an official currency which will give problems regarding to the trading and cycle of currency within a country. And lastly, the management and utilization of it is also a problem.

So, how can we say that the bitcoins are a support to a country and its economy? Is it even possible? How will that happen?
I live in a country that has its fiat currency very volatile and currently horribly undervalued and bitcoin has been great to us. Even tho bitcoin has been dropping like mad, it has been going up because against the dollar our currency went down which caused bitcoin to go up because bitcoin is valued with dollar. I think having that fall back option of bitcoin helps us more than we assume. I have been paid in "dollars" and with bitcoin and out of the two I will always select bitcoin, because if bitcoin goes up, my money goes up, if bitcoin goes down my money goes up anyway because dollar increases in value against my fiat currency.