Post
Topic
Board Bitcoin Discussion
Re: Crypto can help poor nations a lot
by
justdimin
on 16/08/2024, 09:38:34 UTC
To be honest, I still haven't figured out how bitcoin will help the country's economy develop even if the government supports it and urges people to use it. Basically to own bitcoin, people need to have money, which means the government needs to create jobs, more jobs and motivate people to work together to create money. From there, everyone's lives will improve and will boost the domestic economy. Meanwhile bitcoin is just a currency or even just an investment asset like gold. Bitcoin doesn't create jobs, can't help attract foreign investment and build domestic businesses...so I don't think if the government supports bitcoin they can improve their economy.
That means people would be more open to it, and that means people could benefit when the price goes down as well. I am not saying that it will be overnight, but at the same time considering how fiat goes down, that means we are talking about something that will not be too simple, and can't be done some other way, we have to accept that fiat is gone and bitcoin is far superior.

So if you are a poor nation, trusting your fiat will not help you, whereas trusting bitcoin will. How and Why? Because if you hold that poor nations fiat then it will go down and that will make you poor, whereas if you hold bitcoin then that will go up and it will make you richer. This is why I believe that we are going to end up with something that would benefit the poor nation citizens a lot.