Quote from: Gladitorcomeback on September 12, 2024, 07:23:52 PM

Quote from: bananahunter67 on September 11, 2024, 01:11:19 PM

I think Bitcoin could save the economy of countries like Venezuela with high inflation.

How exactly? Those who say things like Bitcoin can save economies and it can take countries out of inflation or it can make people earn money and have employment opportunities, need to understand that Bitcoin is just a different form of money. I know it's volatile, but can't that be a negative point when we talk about it rescuing a country from inflation? What if a country buys Bitcoin as a reserve with whatever money it currently has and Bitcoin starts losing value? How would that make them feel?

Unfortunately, people with such beliefs know nothing about bitcoin. They see bitcoin as a poverty alleviation scheme that would perform miracle and gives everyone employment. For goodness sake, bitcoin is just a digital currency and it's volatile in nature. Even if a particular country legalize bitcoin, it doesn't mean everyone will have bitcoin for free, it means you can use it for legal transaction if you have it. You'll still need your own money to acquire it. How on earth is bitcoin giving employment?

[/quote]There are always two sides to a coin, and we shouldn't make conclusions only by thinking about one side. If Bitcoin can make someone money because of its increasing price, we shouldn't forget that someone can also lose the value of their money if it loses value. Even if you don't sell at a loss, your money wouldn't have the same value, and it isn't possible for a country to keep holding until Bitcoin recovers, especially if they have all their money in Bitcoin.
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It's ridiculous how they tend to believe bitcoin is only one way investment which is increasing in value and not decreasing. A country can have a bitcoin on a reserve if they choose to but it's not ideal to have the entire national reserve on bitcoin. If they hold only bitcoin on reserve, their economy will crumble when bitcoin experience massive downtrend. The fact that we are comfortable with bitcoin should not push us to have unrealistic believe about it. Bitcoin is not giving you any employment, in fact, you need employment to acquire bitcoin.