Quote from: justdimin on August 16, 2024, 09:38:34 AM

Quote from: Smack That Ace on July 24, 2024, 06:31:15 AM

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.

The reason why countries are poor is because the government's economic policies are too weak, do not create jobs and do not help people earn a significant income, the government is corrupt and does not care about citizens' lives...Therefore, to solve the problem of poverty, we need to come up with solutions to thoroughly handle those outstanding problems. Meanwhile, bitcoin is just a currency and a means of payment, it cannot solve the problem as I mentioned. So that's why I don't think bitcoin can help alleviate poverty in a country.

Bitcoin is just a peer-to-peer currency or an investment, we should stop exaggerating it can cure all the problems in this world.