Bitcoin can potentially play a role in the economic growth of a country which can make a huge difference in the multifaceted progress of that country. If Bitcoin can be integrated with the way in which the traditional financial system of the country is growing, the global economic system can be radically changed.
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Enhancing Investment and Economic Diversification: A country can attract investment and increase the scope of employment through innovative activities using the wide range of technologies of Bitcoin and Blockchain, which can greatly contribute to the economic growth of the country. Countries such as El Salvador, for example, have explored Bitcoin alongside traditional financial systems to further strengthen their economies, and their scope continues to grow.
Financial inclusion of common people: Bitcoin can contribute to the economic growth of a country by including a large population by opening access to savings and buying and selling beyond the limited services like conventional banking system.
Exchange of Remittances: Remittances are very important for the progress of a country. Bitcoin can play a real role in reducing the fees and time of traditional services when citizens of one country send remittances from another country.
From an overall perspective, a country can explore Bitcoin with their economy in the light of wide knowledge of the strategies to increase the holding and increase the scope of transactions and access to the exchange, which can contribute to the growth of that country in a big way.
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I think one of the major roles bitcoin can play with regards to the growth of a countries economy, is to help reduce corruption in government parastatals, hence the government can make policies that will make their transactions in terms of finance be on bitcoin, it will help citizens and even the government itself to monitor the transactions of government agencies and parastatals on how they make their expenses, once budgetary allocations has been made to them, both government and citizens can easily monitor this transaction on Blockchain, hence it will help increase efficiency and accountability on the part of government, that way officially corruption will drastically reduce.
Bro here we are far away from the effectiveness of bitcoin to reduce corruption, we are mainly discussing how to strengthen the pursuit of bitcoin for the economic progress of a country. In the modern world, various inventions are being made using blockchain technology and multifaceted technology can develop in important different sectors of a country, for example, by combining the use of blockchain with artificial intelligence (AI), it is possible to make major development in the information technology sector, which can play a leading role in the economy of that country. In addition to the medical field, in the construction of a modern city, the global supply chain management has a much wider scope that the military and civilian sectors and etc.
In addition, in the future, blockchain technology can be used to develop more innovations that can open up new horizons.