Could Bitcoin harm the economy of some countries?

[Nomad]

I do not think Bitcoin can actually harm the economy of any countries. If that was true, American and some European economies would be shattered because most of the mining operations are centered in America and Europe.

 

[Alexandoy]

I do not think Bitcoin can actually harm the economy of any countries. If that was true, American and some European economies would be shattered because most of the mining operations are centered in America and Europe.

It is not just the mining but also the trading that may have a harmful effect. But the economy will not really have a visible effect with the crypto coin trading particularly Bitcoin. It is just a commodity that is being traded in the market exchange. If they stop trading then the government has nothing to do with it.

 

[eLdavis]

Well most countries claim it is already harming their economy, what they would have gotten as profit when you use the banks for international transfer has been cut shot by crypto users, there are claims that with crypto, the users collect flat currency without giving anything in return.

 

[Sextafeng23]

yeah it can affect the economy of some country but i have recent growth that bitcoin can bring in the short-term.

 

[akinlolu99]

Obviously it tends to be hurtful to the economy. Bitcoin can be utilized unlawfully, we generally make anonymous transaction which implies we can not follow them or contact that individual who is utilizing it so hoodlums can utilize it to forestall the police and banks

 

[Justin]

I don't see any reasons why bitcoin or any other crypto currencies would harm the economy of any country. Actually bitcoin could help improve income of people

 

[mcjerry]

I don't see it affects the economy of a country. Because no matter how small or big the goods and services we want to pay for, the price will still be rate in the countries currency.

 

[Yusuf]

I don't think Bitcoin or crypto currency exchange Business can harm the economy of any country. Bitcoin is just a Digital currency that helps to save their money In a Digital wallet and thats all

 

[harrypaul]

Yes, because it is volatile.
The uncertainty of it price can be very bad for a country with a struggling economy.
If there is a big fall in the market, it be cause a lot of investors losing out

 

[Bousine123]

With the volatility the tender has now it will harm any country that decides to adopt it now. This is because business people will loss alot because of daily transactions and volatility.

 

[Sotherefore]

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.

I think the reason why India are trying to bann cryptocurrency is because they consider cryptocurrency as a threat to their economy that is why they are trying to stop every citizen from engaging in it.

 

[Setho]

I have not seen any reason to suggest that bitcoin can harm the economy of my country but there are some financial experts that have been trying to explain that it can do.

 

[Sincerem]

I think the reason why India are trying to bann cryptocurrency is because they consider cryptocurrency as a threat to their economy that is why they are trying to stop every citizen from engaging in it.

Currently Indians aren't banning cryptocurrency again, their judiciary intervened which made them cancel the initial plan then. They've wowed crypto, making their cryptocurrency transactions in the last one year improving. You can make more inquiries about that to get more facts.

 

[Sotherefore]

Currently Indians aren't banning cryptocurrency again, their judiciary intervened which made them cancel the initial plan then. They've wowed crypto, making their cryptocurrency transactions in the last one year improving. You can make more inquiries about that to get more facts.

Well I just believe that they do not ban cryptocurrency because of lot of people and some countries are seeing cryptocurrency as a blessing while others are saying it as a threat, it is not nice .cryptocurrency is something all countries should adopt.

 

[Sincerem]

Well I just believe that they do not ban cryptocurrency because of lot of people and some countries are seeing cryptocurrency as a blessing while others are saying it as a threat, it is not nice .cryptocurrency is something all countries should adopt.

Indian government aren't banning again after learning ways of sustaining it, and earning from it to help improve their income to serve their large population count.

 

[Setho]

The decentralized nature of Bitcoin has made it very easy for the money laundering and people who sponsored terrorism to use it's for their criminal activities.

 

[Trexxxy]

The only way it can harm a country's economy is if it becomes the legal tender people prefer to trade and not the local currency, and also there is a huge rise in trading of cryptos and negligence of local currency.

 

[Grant]

I suppose the only way it can hurt an economy, is if that Bitcoin becomes popular enough to where people are mostly using bitcoin, then yet. But I don't think that would ever happen. Because for that to happen, it would need everyone to adapt to using Bitcoin, and I don't see that happening.

 

[Sotherefore]

Indian government aren't banning again after learning ways of sustaining it, and earning from it to help improve their income to serve their large population count.

Do you really mean high population ? I don't think India is even populated just like Nigeria. Nigeria is populated yet they still allowed cryptocurrency to be used in the country. it is just the direct withdrawal of cryptocurrency to bank that was banned.

 

[Sincerem]

Do you really mean high population ? I don't think India is even populated just like Nigeria. Nigeria is populated yet they still allowed cryptocurrency to be used in the country. it is just the direct withdrawal of cryptocurrency to bank that was banned.

Lol, your county's population is simply learning where Indian population falls. We are around 250 million souls, whereas India is above 1 billion people.