Bitcoin Forum

If you will be president of small country what is the best way of using blockchain for making life better? May be make your own cryptocurrency to use inside or outside country. Move all the government data to blockchain? Make ICO crowdfunding for new projects in real life insinde country? Or may be make your own bank?

What you think is most valuable?

Country should use and accept cryptocurrency. Now because Bitcoin is volatile, you might prefer to make a colored coin on Bitcoin blockchain.
Not everything should be moved on blockchain, but some things should, like laws and voting for those new laws in a decentralized manner.
ICOs and banks shouldn't be a governments job, so none of that.

In theory, the strongest asset you could get from using the blockchain in government is neutralizing corruption. If all transactions were publicly accessible and recorded, then it could be possible to track how money is spent between all different government departments. It would have to be one of many tools used to prevent corruption but it can be a powerful one.

Thank you, you are right!

What do you think. Is it any reasons for small country to make own coins. What benefits they will get?

you can establish an entire economy, just imagine automating taxes, utility payments, ticketing, food purchases, investments
that would be the most efficient economy in the world

Mostly just independence of the Bitcoin economy. The huge price hikes and falls of Bitcoin wouldn't affect it. That country would guaranty it's value and pretty much no one else. This way someone can have a fixed salary and people would have a sense of the worth of goods and labor in their cryptocurrency. Doing this with Bitcoin would be tricky, since you always have to check it's price as there are huge outside forces on it all the time. If someone wanted to manipulate this cryptocurrency they will have to get hold of it first and the country who made it would be the first one to have it, so they would profit from such a big buy in the first place, where with Bitcoins, a lot of people already have a lot of coins.

As Bitcoin becomes a major global currency, country should switch to Bitcoin, which if they are using colored coins, would be trivial, since everyone would already have bitcoins on the same addresses they used with those colored coins. In a way, there would be no switch other then just treating those colored coins as bitcoins. Maybe just switching to a new wallet and importing the keys would be the only difference. This switch would be backward compatible as well, since it would be on the same blockchain and people won't need to switch if they don't want to, it is just that this way they would be using the same currency as everyone else in the world.