Quote from: m2017 on September 23, 2023, 05:00:56 PM

Quote from: Tellek Garing on September 23, 2023, 05:45:32 AM

Bitcoin alongside other cryptocurrencies has aided the economic development of many countries. Bitcoin is typically used for online transaction and businesses in third world countries despite widespread poverty, this is because people can easily connect to the internet and participate in the crypto economy in many developing countries such as India and continent like Africa have high cryptocurrency adaptation rate. After purchasing bitcoin through platforms accessible to their countries, bitcoin holders in third world countries can trade Bitcoin for profits or hold onto their tokens as an investment. Inflation which is characterised by devaluation of currency alongside increasing price of goods and services, this has made people to turn to cryptocurrency like bitcoin an asset that maintain its value over time to hedge against inflation.

I answer the question in the title: no way.

In the title you talk about countries, and in the post you write about the inhabitants of these countries. These are different things and bitcoin will have completely different effects in both cases.

Give examples of countries for which bitcoin contributed to economic development. It seems to me that you are mistaken in voicing this, because btc is not capable of changing the backward economies of third world countries and such examples do not exist at the moment. The problem with the economy of such countries must be eliminated in a different way, through a set of measures and actions, and not just by buying and selling bitcoin. BTC is not able to solve all the economic problems of both individuals and entire countries and is not a panacea for this.

But bitcoin can help solve the problem of inflation of individual people. There's certainly no arguing here.

If bitcoin serves as currency, it will be used in commodity transactions, how can it help improve a country's economy? If bitcoin is an investment, meaning there will be risks and depending on the possibility there will be profits or will lead to serious losses, how can bitcoin improve the national economy? Many people are too delusional and exaggerated about the power of bitcoin, they think that bitcoin is a miracle medicine that can cure all diseases in this world, LOL.

You are right, bitcoin will only have an impact on the individual and whether that individual can improve their economy or not depends entirely on their skills. Bitcoin is just a support tool, Bitcoin does not guarantee anyone's economic improvement.