Could Bitcoin harm the economy of some countries?

[hani20980]

Do you think Bitcoin can harm the economy of some countries and how ?

 

[Niftyyem]

I really do not see how it will harm the economy but maybe if we are looking at an adoption of bitcoin that could lead to less use of fiat in transactions bringing about fiat losing value.

 

[ahmedo24]

Bitcoin is a volatile coin that can easily harm a struggling economy if it falls anytime it means people holding will experience loss and it will affect trading activities of the investors.

 

[Ryan]

Of course it can be harmful to the economy. Bitcoin can be used illegally, we always make anonmouys trasaction which means we can not trace them or reach that person who is using it so criminals can use it in order to prevent the poilce and banks

 

[ahmedo24]

Of course it can be harmful to the economy. Bitcoin can be used illegally, we always make anonmouys trasaction which means we can not trace them or reach that person who is using it so criminals can use it in order to prevent the poilce and banks

This is not really a big factor because even fiat currencies are been laundered but the unique effect it could have on the economy is it volatile nature because big not of recent the price has been significantly and reasonably fluctuating before it was abnormal.

 

[Machismo]

The volatility or uncertainty of Bitcoin and other digital currencies is the major problem, the fluctuations cause quite a lot of harm to the economy, especially a struggling country.

 

[WhiteHouse]

let's say there exists a currency P where 1 P is one potato so it's pretty much the same value everywhere. If everyone would tend to exchange their country's currency, say A, for bitcoins, bitcoin would be worth more potatoes as demand would raise and offer would decrease. On the other hand, A would be worth less and less potatoes because everyone would want to get rid of it (as its value decreases, more people will want to get out of it) and exchange it for bitcoins. Note that this works similarly for everything from oil to currencies to potatoes in reality. Regarding today's bitcoin situation, that happens in small unstable countries like Venezuela. But it is unlikely to happen in large rich countries anytime soon except if there is some big deep global financial crisis.

 

[mahdi304]

I think it could affect the economy and the currency exchange rate of some countries for the worst in the worst case scenario, but at the same time, it could be an opportunity to make the overall economy of a country better and more powerful, that is, if everything is planned well.

 

[Sincerem]

I don't see how Bitcoin will cause a menace to countries economic system. It will improve every countries economic system, being a plus for easier transactions. Even if lots of people don't fancy Bitcoin, I believe it's still on the development currently.

 

[Asad Ali]

My answer is yes because Bitcoin value is increasing from last 10 years and now when we see doller is still going down in front of Bitcoin.

 

[Ralphjoe]

Bitcoin is not capable of harming any country's economy instead it improves economy of the world by making rich citizens who will contribute to the GDP of that country.
It can also creates job to the jobless by making entrepreneurs of so many investors.

 

[Mika]

Due to its nature of volatility, bitcoin has a lot of risks. What if the bitcoin price goes down drastically? It has happened in the past, after reaching 20k mark, bitcoin went down to 7k. This could happen again. Bitcoin cannot be used as a foreign currency reserve or gold reserve.

 

[Hammad1245]

Do you think Bitcoin can harm the economy of some countries and how ?

I think it can't harm the economy. I actually don't know much about this but as far as I know it is harmless to economy of a country. If any one knows about it properly tell me in reply. Your ideas and why you think so. So that I shall learn about ideas.

 

[GoldenLady]

Bitcoin has so many disadvantages tat make it unsuitable for use.

It's volatility can make a country lose valuable money. It's untraceable, so fraud involving large sums means the money is lost totally.

 

[MRizwan530]

Do you think Bitcoin can harm the economy of some countries and how ?

It is horrible situation bitcoin price is touching to the moon and those countries whose economy is not very much between investment is increasing from the whole budget of those countries and the investment is not productive and they are not making the product which can facilitate the common people so I am worried about it.

 

[Bilal0087]

Do you think Bitcoin can harm the economy of some countries and how ?

I don't think so, its an decentralized digital currency which is now world most trustable and reliable currency for investors to trade with. It just revolutionised the world of cryptocurrency, it will not affect the economy of a country.

 

[Kennysplash]

Do you think Bitcoin can harm the economy of some countries and how ?

No, I don't see how Bitcoin can harm the economy of any country. Bitcoin will stay in it's place and the country's economy or Fiat money will stay differently. It is just an alternative to payment system and it actually plays its own role in every country economy.

 

[Trojan8]

Well, the volatility of bitcoin is a problem that regular currencies do not suffer from. And then money is regulated by government, but bitcoin is not regulated. It's controlled by the forces of demand and supply.

 

[khaled]

Do you think Bitcoin can harm the economy of some countries and how ?

Recently there were reports that Bitcoin had the impact of boosting the Japanese economy by 0.3%. Not secure with different nations, however. As I would like to think grasping innovation is an easy decision. A lot of cash to be made. However, It allows people to leave the country with their money.

 

[Janita]

So, it's safe to say that Bitcoin propels economic growth throughout the world by providing much easier access to capital and financial services, especially in developing countries.There may be several more reasons the harm the eceonomy of the country.