Bitcoin Forum

So this small island off of Portugal, Principality of the Pontinha, has been a sovereign nation by royal decree since the 1400s. It has been handed down and changed hands a few times. The current leader has decreed that bitcoin is the nation's official currency.

This could literally kick off a lot of things. Bitcoin would officially become a foreign currency for all nations.

Equador, which is the only country to actually pass a law banning Bitcoin (which the law only banned Bitcoin from running on its banking network) had a stipulation that it would be recognized if it became a national currency. So by passing such a law...they may have potentially forced themselves to recognize bitcoin as an official currency.

I wonder how US will deal with considering Bitcoin a commodity when it is officially a foreign currency as well.


http://www.newsbtc.com/2015/12/13/bitcoin-atlantis-currency/

Edit: Wow, I didn't think this thread would go on as long as it has. If you actually read the article there are only 4 people in this "nation" part time.

This is a great news, care to share the source? :)  Regarding US way of dealing with Bitcoin regardless of being a foreign currency or a commodity, I don't think there would be huge differences as long as both be used as source of monetary activities so in terms of outcome for using is pretty much the same unless your statement is for something that I'm missing.

This is good to hear that bitcoins is a National Currency. In 2016 I think more and more country will accept bitcoin.
Also it would be nice that is more atm for bitcoins so that when I go to other country I just can cash out or that the store accepts bitcoins.
Oh well we will see what well happen in 2016 this is year is almost over and it is a good year for now.

I thought it was going to be a few hundred people, not just 4, all one family..
That isn't really news, that is just someone using bitcoin.

Oh lol, this isn't really news then, I do know of another newly formed country that has declared Bitcoin its currency.

https://www.cryptocoinsnews.com/welcome-liberland-bitcoin-national-currency (https://www.cryptocoinsnews.com/welcome-liberland-bitcoin-national-currency)

They appear to have a bit more citizens :)

Gold and silver (islamic dinar and dirham) are both recognized official currency in Indonesia and in parts of Malaysia, (and on IS territories) but it still considered as commodity almost everywhere else. One swallow doesn't make a summer. Especially such a little swallow as Pontinha
.

Good news! We have to start somewhere...  ;D

this is complete crap! I'm Portuguese and that island is basically a joke... the guy thinks he's a king of that place, or something like that, lol! And yes, nobody lives there basically, and there is no commerce... no real places to use Bitcoin, to make it circulate.

as discussed on this forum quite a few times, Bitcoin can't really be a national currency but it can be widely adopted... But on places where more than half a dozen people live and where there's commerce ::)

This is good headline and good publicity. It may help btc's credibility.
BUT it is not enough. Btc needs much more recognize.

It is good news. But Altantis (Principality of the Pontinha)  is too small nation. Is it recognized by Equador government?

This is very good news for bitcoin. But it's not nearly enough to get bitcoin more known. It's only good for that island.
There are still people in the world who are not aware of what bitcoin is exactly.

Good title, but seriously this bit of land is 178m,sq .  Hardly a world leader in global finance.  We use Bitcoin in my house also, and you know what they say, "every English mans home is his castle"  so on my lands i decree that Bitcoin is the national currency also.

This is a very exciting news.
because the recognition of BTC as the currency in portugal made the BTC is getting famous and perhaps other Nations will also deepen about the BTC and  finally nations admit BTC as currency .


Finally the BTC as alternative currencies
 :D :D :D

waow it is a fantastic news, so finally bitcoin is one of recognized currency,

its mean that bitcoin will get more popular and bitcoin cant be shutdown by any party

but i am wondering how are they going maintain the bitcoin in society..

Good news but it will have zero impact regarding recognition of BTC as foreign currency, unless it's recognised as independent country by the UN, but, even then, things will unlikely to change.

As for now, it's not much different than Liberland (https://en.wikipedia.org/wiki/Liberland) which also considered to make BTC its official currency.

Comon.. this is a joke.. Its a family of 4 people

They will find out who is the real king when they start to not pay the taxes anymore.  ;D

BTW are they connected to the internet?!  ;)

Lol that sucks. I guess 4 citizens won't make much of a difference but it's a good place to start.
We need way more people to be aware and adapt to bitcoin for an actual change to happen.

isn't this omething akin to the liberland thing, that was accepting bitcoin a a national currency, at least they are a bit bigger than this new "country"

there are also no taxes to pay there

Not a country, not an island, just a building:


https://www.google.pt/maps/place/Funchal/@32.64118,-16.9180759,142m/data=!3m1!1e3!4m2!3m1!1s0xc605fc3501f8bab:0xffd84d2c15cda139!6m1!1e1 (https://www.google.pt/maps/place/Funchal/@32.64118,-16.9180759,142m/data=!3m1!1e3!4m2!3m1!1s0xc605fc3501f8bab:0xffd84d2c15cda139!6m1!1e1)

Maybe you're right, Bitcoin is decentralized and freedom, not a government will start them can not control the money

No matter how small the "island" is, this is a good start. Who knows, maybe next year Bitcoin will be a foreign currency in every country. :)

My info differ from yours.... The wiki says it has a area of 4.64 km2 ---> https://en.wikipedia.org/wiki/Pontinha_%28Odivelas%29 .... It's a start... let's not underestimate the

significance of this....  It's a sovereign nation and they using Bitcoin as a national currency... They are setting a example for other bigger nations to follow. It's one small step, but one

giant leap for Bitcoin.  ;D

That is not the same Pontinha, check my previous post.

Thank God, at least one not hyped comment.

I hope Bitcoin will go more higher, not just a national currency but an international currency

It is more a curiosity, but is nice it get some advertising and discussion. If it gets people talking about Bitcoin, that is something.

As for other countries taking notice of it to change their points of view about Bitcoin, it does not seem it is going to be so  ;D

4 citizen :D

Well.. its the beginning! BTC

Awsome news! :) good find

World class troll post Elwar! I'm impressed. lol

 Yeah but your a fictional character who dosn't actually exist in real life....... size does matter.... :D :D :D :D

or should i say "errrr, fictional you are, in real life you do not exist, matter size does"   ;D ;D ;D

no it is not because that is only a clown country.

The Principality of the Pontinha (Portuguese: Principado da Pontinha or Principado do Ilhéu da Pontinha), is located about 70 meters off Madeira Island, the principal island of the archipelago, and with Porto Santo Island the only inhabited island. It has an area of about 178 square metres, or 1,916 square feet.

http://fifthworld.wikia.com/wiki/Principality_of_the_Pontinha

BTC is national currency for 4 ( four ) people in this small island. I think it is not very large country  ;D

This is great. We sometimes forget that out there, people live in really remote islands. It's actually pretty shocking to thing but it happens a lot. People in the middle of the nowhere surrounded by water. All those places get internet due satellites, but usually have a lot of problems when dealing with international transactions. Bitcoin would be able to deliver instant international commerce to all those remote islands.

Any way, at least this is some official start for bitcoin.
We had to start somewhere, isn't it? :)
Hopefully soon bigger countries will follow.

Well, this place 'Atlantis' is not actually a nation.  They hope they can organize a nation.  It might turn out to be a bit harder than they imagine.  But hey, everyone has fantasies.

That's what I think too.

Bitcoin can be the answer to a real problem that these remote communities experience and can bring them into the digital age. :)

national currency hell no , bitcoin is much like a commodity. .

Lots of good news are coming at the end of this year about bitcoin, we may touch new ath by 16. Accepted as national currency is quite mindblowing. But bitcoin have to go through several ups and down to be accepted as national and legal currency in europe and america.

Bitcoin is a currency and a commodity just like the gold and silver coins of ancient times.

I guess I would rely with these because he is Portugese. He knows a lot better than us. If there are just few people there that is still not counted as a growth for bitcoin. Maybe worst could happen if they use it in different ways.

Irrelevant. The point still stands: Bitcoin could help a lot of people out there that happen to have access to the internet, but have a really hard time dealing with remittances. Look up a bit the amount of random islands out there with populations ranging from 1000 to 10000 people. All of those will be on Bitcoin in 10 years.

Well at least this time its an actual nation, and not just one founded to say 'f*ck the world' https://www.cryptocoinsnews.com/welcome-liberland-bitcoin-national-currency/

This is nothing major but still a step in a good direction, will probably lead to more people learning about Bitcoin who research into this particular place.

Even if I'd have prefered that a "real" country, rich or poor (a lot more probabilities that it would be a poor one), that's still good news. If it come to be recognized as an official national currency by a G20 country, let me tell you that we'll be all rich soon ;D !

Horrible news!

I wish BTC to remain independent from all countries. It's a cryptocurrency not linked to any territory. Happily, the news are wrong since the country mentioned above doesn't exist in any history book. It only exists in the mind of 4 people from the same family, and the UN have never heard of them.

Also no one actually lives there.

Here's a small video showing the "nation" insides:

https://www.youtube.com/watch?v=2cChgVc4FRA

And here's the king or prince:

http://static.globalnoticias.pt/storage/DN/2013/medium/ng2662585.jpg

It may not be a lot of people but it's a start for bitcoin for going world wide.

This is awesome news, is this the reason why bitcoin price has been increased a bit these days?

Good lord, ROFL

sadly, with some of the points raised here, I think this may become another 'BTC joke'. Many things so far have had a detrimental effect on the price and adoption of bitcoin, hopefully theres something big around the corner.

This kind of great news will open new doors for bitcoin and this would be more helpful to catch attention from so many new investors and big merchants through this and soon it will go to mainstream.

I'm not sure how a narcissist lunatic deciding that BTC is the offical currency of his wanna country will help the cause in any way.

A pretty fair portion of our bitcoin community is so fucking dumb - it hurts.  I am starting to think something like 90% are complete imbeciles

Either that or in their very early teens.

I guess the most possible large country that will recognize bitcoin is Switzerland, their traditional secret banking service has been heavily affected by the US after 911, bitcoin could give them another opportunity

And I have explained in this post  https://bitcointalk.org/index.php?topic=1283729.msg13211430#msg13211430 (https://bitcointalk.org/index.php?topic=1283729.msg13211430#msg13211430)  it does not really matter if there is a country behind bitcoin, because anyway people will not use their precious bitcoin to exchange useless goods and services, they already have fiat money for that purpose. Bitcoin's main advantage is to store value and do international remittance, both resides in finance area. It has almost nothing to do with legacy economy, and is not affected by any legacy economy either

Man I am ROFL!! This is truly priceless! :)

So now if China decides to recognize bitcoin as a national currency that surely will have an impact.

This is... Rather amazing in fact.

I just wonder how it can be dealt with foreign exchanges, isn't it a bit hard to plan anything for a company if they use a currency so volatile?

Anyway I find it really cool that a government decided to do it. I'd like to see that in France, and the government could even go mining, with all our useless nuclear electricity  ;D

Finally a country adopts Bitcoin as it's national currency, only downside is that it's the smallest country in the world.  ;D

It's the smallest country but Bitcoin has to start somewhere ;D

Bitcoin is designed to be internationally used though.

Sucks.. LOL
That place just a small country and live in by a family with 4 people, it was totally a joke I have ever seen ..

Ths Swiss love their Swiss Franc and they will keep it forever. They're very tolerant towards the use of other currencies though, and most shops in Geneva accept Euros. Some of them are also BTC-friendly. I remember there was a BTC ATM in Geneva a while ago, it's gone now, but the Swiww have always been at the forefront of financial innovation.


I'm not talking about value, I'm talking about image. I think BTC should stay totally international, without any link to any territory anywhere, but cyberspace.

I thought of that too sometimes. What if bitcoin was so popular. Many people will try different things to make it more bad. Just like how people try to fake real money. Those can be the risks when bitcoin booms all over.

Although there are only 4 people in the "country" I think this is a big step for Bitcoin. And also this is a very smart move from their side too (I mean the Government of the nation :) ) From now on they will be in the history of Bitcoin forever.

This is more of a novelty news I guess but I recently created a thread about Argentina's new president relationship with Bitcoin, so this is all great news that governments of the world are taking into consideration these new technologies and acknowledging their benefits even if they are not massively adopted yet.

When i first read this thread i thought we had some kind of major adoption. Not quite  :(

Bitcoin is designed to be used by everyone world wide but this case seems interesting.
How can people now deal in that country or how the payment and bills are processed?
This is a great news for us but i think that there is still some space to be improved.

so it is starting as far as i can see... its only a question of time when other countries will start making bitcoins as their national currency this will mean the bitcoin price will start booming to the sky and that i will start making money of my investments

Hope this helps

http://www.odditycentral.com/news/portuguese-man-buys-tiny-island-successfully-establishes-his-own-kingdom.html

The website "www.newsbtc.com" does not exist or is currently not reachable.
Here is a google-powered list of suggestions.
oh i hate that,are sure that information can be trusted?i dont think you are spammer,but i found that when i open your link :(

I guess you mean that the new high price for bitcoin. Due to up coming halving, there are lot of chances for that to break the previous higher price of $502 of this year. I do always check for news on bitcoin ecosystem on google news search.

Like many people here, for me too higher price of bitcoin is the good news, always expecting eagerly. But the real trigger of higher price must be adoption of bitcoin by any market giants. That will eventually get the good news, we are always awaiting for.

You're just a senile character from a movie.

Or maybe senile...?

Good to hear that bitcoin is a national currency of an country (that to tell the right, is the firs time that I hear its name). I cannot understand how will be able the govern of that country to manage the monetary policy and what will use the people of that country to buy the bread of every day, but if choosen mean that the responsible people who has made this has thought for everything. Anyhow I am curious to know how will continue this story. I am curious even to learn when will find them the needed bitcoin to maintain their administration. Which needed continuously. Without end.

I haven't found any data about this "country" in internet and cannot tell more. But seems something that make me smile. It is the the possible impact that will have such choice in the entire world according to the main poster. But really think him that a "country" about which don't exist any kind of data in internet will be able to have such impact in the world (including United States) as mentioned in its post?

Beh, I want that bitcoin be important but not ridiculous. Such choices may be good ones, but important only for them who made them. Pretend that a "country" with 5 or 6 people (like could be with to much probability this kind of country) have impact in the entire world (including United States) is a pure fiction. This "country" could have the same impact in the world like Liberland which has chosen before the above mentioned, bitcoin as a national currency (to tell the right I am not founding more news about this fact but I have read it when this country has declared the self-independence) and has only 1 person as inhabitant who is everything in that country.

I think that we must be more serious. United States are "banning" states like Russia with their international monetary policies and must accept bitcoin as a foreign currency only because a family or two (or even more) have decided to declare it as a "national" "personal" currency of themselves? Cannot comment more.

This is great news to all the bitcoiners as I believe this will promote another price rise.

Would like to see China adopt BTC as their informal currency though.

Pontinha is a tiny islet, about the size of a one-bedroom house, or smaller according to some visitors.
There are no shops on Pontinha, no commerce and no services. It is, more or less, a rock with a cave and a few ruins on it.

Pontinha is a micronation, not a country. A micronation is defined as a land mass that claims independence but isn’t recognized by any governing authority or state. What that means, is that Pontinha isn’t a nation at all, outside of the minds of the small population that claim citizenship to the island.

And just how small is that population? When Pontinha first grabbed media attention it claimed four citizens, none of whom lived on Pontinha full time. While that number may have increased recently, there are no indications that anyone “lives” in the micronation. Essentially, Bitcoin just became the “official currency” of a joke of a rogue nation state with a population between, depending on the time of day, zero and four people. (The article did mention that the population was four in 2014, but did not mention that none of the four people live there)

http://coinjournal.net/no-a-nation-did-not-just-adopt-bitcoin-as-its-national-currency/

This is just beginning of the new era although it became the national currency of the world smallest country but this is really big news so this would be wonderful step for other countries to follow this and adopt this revolutionary next generation crypto currency soon we will hear more big news about its adoption from marketing giant.

Practically speaking it is actually impossible for a real country to adopt a no-physical currency system like BTC now, also how many countries accepted and announced that it's a country? is it a member of the un?. Countries would need to accept BTC as a foreign language only in these cases. Also the 2 posts above reply made me lose the slight interest I had, only 4 non-residing citizens?

This sounds a little bit complicated to adopt no physical currency for any government because it required 100% internet access over the whole country with 100% knowledge how to use this for their daily use i think it will take more time to become more popular around globe.

Doesn't matter to the real world. 4 citizens, Means no business to take bitcoin, no employees to pay in bitcoin. no bitcoin economy! This is a stupid story just to get some headlines.

This is a great article!

Not very common to encounter a reality based article in bitcoinsphere.

It's a micro...what?

That's what Im saying. How is 4 people a nation?

so you are comparing US with small island off of Portugal? ah dont kidding,its can't be trusted news,nd really hard if you wish US will deal with bitcoin as near 2 years again.
and sometime i think ecuador will have many follower,i mean many more country banning bitcoin,anyway..use your bitcoin daily,and spread it to your town.

You want to know what the greatest nation in the world is?

The Do-nation     1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa   badum tish

Thank you, thank you - I'll be playing here all week. Tell your friends.

well, yeah, i think there's cellular there ...


size matter here, i guess ;D ;D

Maybe you're right, Bitcoin is decentralized and freedom, not a government will start them can not control the money
[/quote]

haha, this is not about government! those guys on that island are basically in charge of nothing ;D


watching interviews from the guy who thinks he rules the palce is hialrious, he was on national TV once or twice, lol. actually a bit sad to see this related with BTC ...


lol hilarious haha, thanks for the amazing post pedrog :) :) :)

Oh, really. if our bitcoins is recognized as a national currency then the time is not very far that the present bitcoins user will be the richest person at that time in future. if all the nation accept bitcoins same as dollars around the world. There will be demand and price rise of bitcoins.

It was always a national currency. At least in my heart.

Indeed great news.  Being declared a national currency is good for the reputation and you can bet that other countries will watch and see how it goes with Portugal and possibly follow suit.  It could have a cascade effect that moves quicker than we think.

I don't see how it matters if it is declared a currency by any governing body anywhere.  Bitcoin is a currency because WE say bitcoin is a currency.  It is not governed by any body, nor does any body have the power to control its value.  That is what makes bitcoin so special and empowering...it is a decentralized asset so we get to decide where we spend bitcoin, not any government or controlling agency anywhere.

Not in the near or medium future. The Chinese currency will devalue a lot when foreign money fly out of it.

yes i'am agree with you,its not enough to make bitcoin become national currency,it took more than the recognition of the citizens and government, but also organizations that can regulate how bitcoin may actually be able to sustain the country's economy.

I can see that happening. They tried to ban it at some point but now they are revering it as super money and I am being to see that as true if it can be recognized as a national currency.

I think bitcoin can be a potential danger for many of currencies, since governments do not have control over it.

For me doesn't matter if bitcoin will be a national currency is just good that it can go so high to reach people know what it is.
Also the price is nice that it can grow.

I want to ask if the bitcoin currency used what it looks like? Because in general should have a form of currency, if it does not have it can not be called a form of currency.
Is it already proven their news?

In my opinion bitcoin is similar to something like gold rather than a currency although it has a complicated mechanism but it is not a currency since no government support it.

Lol people are here are crazy, calling it revolutionary. Did you guys even read the article? It's a small island, owned by a family.

Read the article before you respond, besides it's not declared by any government so no, I don't see this as something revolutionary.

bictoin my country has not made a national currency , and has not been legalized , hopefully in the near future bitcoin will be legalized.

Governments.. a handful of people... whats the difference right ?

https://blockchain.info/pools

What will you do WHEN Big Bro decides to cut/limit your power and/or internet access ?

What will you do WHEN they bait an RFID chip with your BTC/cryptofiat, then ask that you bend over ? lol

I don't know if I could agree with that statement, it would seem pretty crazy that the Chinese government would allow Bitcoin, or endorse it when they have no control over it whatsoever.
Maybe we'll see some state-run mining operations by the Chinese in the future, they would certainly embrace it then :)

These are just some of the things that I have been expecting this new year when it comes to the bitcoin. I do tell you that the coin this 2016 will be accepted in very many countries. With that, we can confidently say that the bitcoin is spreading and people have really seen the importance and benefits associated to it. I a few months to come, I am so sure that there will be a leader who will also officially make the bitcoin a form of currency that can be used in the country. I am watching.

While the original article of this thread s more of a joke than real news, the Isle of Man may not have adopted Bitcoin as a local currency yet but it's already known as the Bitcoin Island...

How The Isle Of Man Became ‘Bitcoin Island’
https://www.cryptocoinsnews.com/isle-man-became-bitcoin-island/

They use the Cesidian root for their TLD.

I have declared the space between my balls and my arsehole an independent country. The beauty of this is that I can constantly keep it moving to avoid invasion. Bitcoin is of course the national currency so add another to the list.

That could work, but only on international waters or unclaimed territory.

I've been studying legal documents for several decades in preparation. I believe that if that area doesn't touch the ground of another sovereign country it can remain sovereign itself. Ergo I haven't sat down for several months unless I'm in international waters.

OK, I'll give you that.

Now you just need official flag, coat of arms and... website with bitcoin donations addy ;)

wow, the news is very, very good for bitcoin users, with this bitcoin ileh be known all around the world, I wonder if they make banknotes of bitcoin also if the news were true  ;D

I'm not in it for the money. Some refugees have moved in and opened a mushroom farm down there. I'll leave the administrative stuff to them.

ROFL - you got to be careful with those butt mushrooms. They can do some weird stuff.

https://i.imgur.com/0Bw4ojz.jpg

Yes in addition to becoming the currency should have a form while bitcoin has no form.
Bitcoin only crypto although almost as much as money as buying and selling

Yes, it can only be used for the trade but currency needs much more features that bitcoin does not have them.

Still not in my country . My countrymens dont even know about this and i think they dont deserve to use this wounderful currency but i know some peoples are still there who can yse it well. i am from india and i know in my country internet is nothing more than a chatting stuff. They dont even know anythung about internet properly mabe about 30% of people know about real internet surfing

i don't think that bitcoin to be a national currency
because
The legal status of bitcoin varies substantially from
country to country and is still undefined or changing in
many of them. While some countries have explicitly
allowed its use and trade, others have banned or
restricted it. Likewise, various government agencies,
departments, and courts have classified bitcoins
differently. While this article provides the legal status
of bitcoin, regulations and bans that apply to this
cryptocurrency likely extend to similar systems as well.

I think it will not, many countries will not replace their currency, the government will not do that,
but maybe bitcoin will be legal currency in many countries, but not into the currency of a country

I think it is impossible, unless there is a new country that doesnt have a currency, perhaps they will use bitcoin or a country that has a currency, but the currency was not have value against other currencies

This is extraordinarily good news. With this bitcoin will be more popular, and more and more people are joining

yes i also think that this is really good news,bitcoin start it expansion,start accepted on whole some countries,and now become national currency,i dont fully trust this,because i think this article not give enough proof,but anyway i hope bitcoin more greater this year.

That's very interesting and good to hear.
What I am wondering is why no large news sites wrote about this. It is clear to me the media are against bitcoin.

No one wrote about it because it's bullshit!

Just read from the second page...

It is very important. With the current drops (while the btc price remained the same), it will be hard to get roi before the halving. Even worse after the halving you will certainly get it back.
Which makes me worried.

it is good to hear that someone of thousands has started accepting btc is national official currency..
weather it is fake news or real..
now i hope more country will start accepting btc as official currency..
and i don't think so that it is a big problem of dealing with anyone,

It actualy not a national currency since Portugal didn't reconized the site as a independent island. And to tell you the truth, Portugal will never grant independence to the island.

Yes, even though OP does not provide any proof, I'm also so excited on hearing such a news. Bitcoin price is now a days staying stable as other currency, so I think it'll be a foreighn currency like USD/EURO.
Its a electronic currency and so we can expect more adaptability and big advantageous for purchase or use as currency.

Soo the new owner of those island will rule and accept bitcoin and declare it a currency,when will we see what will happen ,but there is something to spend some comerce or just one house to holidays?

Century of Enslavement: The History of The Federal Reserve --> https://www.corbettreport.com/federalreserve/

The similarities between this and today's cryptoFIAT movement are disturbing.

I can see that the bitcoin is spreading and to me it wont come as a surprise to see that the bitcoin is being used all over as an official currency. It is the dream I have always had and am so hoping that it will come to pass soon than later.

Yes probably if no country is willing to make bitcoin as a currency of the country that may occur.
But must be made in the currency bitcoin to meet the requirement that a currency must have the form as a medium of exchange

Bitcoin can be a national currency for countries that are about to be bankrupted and their national currency having downfall.

Not need to be case but one off possible scenarios and might happend to any country

Nobody lives there, it is not a county, it is a rock a guy bought for 25,000 euros (likely much less, that was the offer price). The guy who bought it declared it a country himself and declared himself a prince. Nobody else recognizes it as a country and nobody cares because there is nothing there but a rock. The story:

http://www.theguardian.com/lifeandstyle/2014/nov/14/experience-i-founded-my-own-country

No, bitcoin can't be a national currency for countries that are about to have their currency wiped out. Zimbabwe switched to the US dollar when its currency failed and was able to borrow US dollars to do it. They are now trying to switch back their own currency because they want control over their own currency.

If Zimbabwe's own currency fails, are you going to lend billions worth of Zimbabwe bitcoins to use as a currency? How exactly would the people of Zimbabwe, who had no money for computers, use bitcoins at all? Where are they going to get the bitcoins to use as currency in the first place? And do you think they would be OK with using a system where an anonymous hacker could steal all the government's money overnight or some hard fork done by China made it all worthless? And that's just the start, the list of reasons it would never be done is almost endless.

Bitcoin (capital 'B') can not be an effective national currency nor should it become one.

if bitcoin into the national currency means the currency that existed previously will be little used. and the effect of the currency will be eroded its value.

Yes, but it's great for bitcoin.
Sure it is not a country that matters in the world economy, but it's a great step.

I thought it was impossible a country adopts bitcoin as the currency of their country,
for now bitcoin is not suitable to be the country's currency

I say a bitcoin with us$ or zimbabwe currency does not differ and I suggest btc us dollar and not paper dollar.

If Bitcoin becomes a national currency, the government cannot print it easily. It has to earn it.

That has indeed been the case. But not everyone uses it. Dollar and Euro are many more uses.
Because some people do not even know what Bitcoins and whether it is safe.

Uow, I was tottaly unaware of these events. That's such great news for the whole bitcoin network!

I hope we can solve bitcoin's problems fast do adoption becomes larger and larger!

It not as simple as it seems, quantitative easing is not the biggest problem for normal currency users they don't care.
In the long run it is economic issue, true. What is the most important is stability of the money, bitcoin with its horrendous fluctuation and explosive volatility is not good fit for national currency of any kind.
At least for now.

Yeah but we all know and expect that as the coin becomes more largely used and reaches widespread adoption that high volatility tends to become a past issue.

The fact that it's already used as a way to move money internationally already qualifies it as an "international currency". as adoption grows, this will be more and more consensus.

Yes, but as a National Currency that won't be happening in the near future yet. Their economy will be volatile if that would be the case as the bitcoin price varies so as the value of their money.

My same thoughts. This could be possible, but i have to say not yet. Perhaps what's going on is this town is patronizing BTCs more than their own currency.

Its a great news and It is using by all people around the world and easy to manage as well in anywhere. So all would agree bitcoin is not international currency. not USD.

I was relatively HYPE'd Until I saw the post mentioning there are 4 part-time residents, it won't be actually a local currency if there isn't a country at all, No country actually agreed to it as a country so no country would be forced to recognize BTC as a foreign currency.

it's already used and although the country thing is a bit of an exaggeration it still deserve to be considered a global currency, many countries are already dealing with it as a currency rather than a commodity.

That's pretty much HYIPing the news, that place is just a tiny island that no place has accepted as a country and therefore it's not a foreign currency in any place, it's better to wait for an actual place to accept BTC.

i just wondering about this news today,if this news is real,why i never see this article on popular bitcoin portal like CCN or coindesk,and if you think that US will considering bitcoin becuse bitcoin officially a foreign currency,i dont think so,its hard for US goverment considering about bitcoin for now,even if some countries start accept bitcoin as national currency.