Post
Topic
Board Bitcoin Discussion
Re: BTC is not human, someone have to use it right.
by
ancafe
on 18/08/2024, 08:16:16 UTC
I have read few posts about how crypto and BTC can change the country for the better, and I fully agree to this but what if the leaders of the country are all corrupted? In this case I don't expect Bitcoin to help a bit, the leaders will find ways to start using crypto to their own advantage, maybe embezzlement of the country's fund.

If your leaders are corrupt don't bother trying to force them to do anything that will make the country grow using Bitcoin and crypto, it is not going to work.
I am not so sure that bitcoin can save a country or change it, although if you look at El Salvador as the closest reference that makes all the difference. Bitcoin can save individuals when they are able to take advantage of it while the country must take the approach that El Salvador did. But if the country does not dare to take the approach that they did then bitcoin will not be of any use to the country. Moreover, there are many cases where leaders become very corrupt with the financial resources generated, especially when talking about taxes that can be applied to crypto.

Countries can generate a level of income from legalizing crypto but they must create binding rules because if they do not do it then it is difficult to achieve like El Salvador. The question is are some countries willing to do that? and how they can try to change some of the rules regarding fiat as one of the country's currencies.