Just wanted to know people ideas on what is the good and baf impact of BTC in the economy of a country. I am glad to hear different views regarding this matters and get some ideas from the tenured people in this forum. Your opinions/views are highly appreciated.
Regards,
Bitcoin is a currency which runs on a blockchain network it doesn't need a third party or bank like fiat currency that will forever depend on it. With the loss of third parties/banks then it's clear there will no longer be any costs to be incurred in each transaction. In this thing a citizen will benefit greatly.
In my opinion bitcoin is only good for people and not for the country, because people are withdrawing their money from banks and putting in crypto which is not good for the economy of a country. If they have no money in their banks, they will face financial problems and the standard of lining of the people will also effect. I dont know how one can say that bitcoin is good for the economy of a country.
Your logic is the same as mine, when a businessman converts their local currency to usd it will certainly affect the local currency and certainly the local currency will weaken? what if it happens to bitcoin, if a lot of people are converting their money to bitcoin, of course it will affect the rate of their currency? of course it will affect economics in that country?