If we can see a country with 'Bitocin standard' monetary system

[Murat]

One thing you have avoided that the most important thing that is decentralization, Ultill Bitcoin would get centralized no country or central bank would count upon it, I think this is the main difference between Bitcoin and another coin, Every central bank and government want to control over the monetary system and the currency, so in terms of mass adoption, it would face a lot of barriers, not only that but also Bitcoin will get accepted around the world because of the price volatility, here is also the main point is decentralization. so things should be changed.

[Webetcoins]

And it will also be very difficult to establish a system of import and export for such a country, because if Bitcoin becomes the single currency of the country, and all transactions and prices for goods are in Bitcoin, then how to buy goods from outside? After all, then you will have to verify the value of Bitcoin relative to its market value, which in turn will make the country dependent on its volatility, if vital things are imported.

I always favor the combined usage of crypto currencies especially bitcoin with fiat. People shall have open choice of whatever they want to use. Government can keep fiat for export and import with countries who are not accepting bitcoin but those who are using bitcoin, such countries will not have issues in accepting bitcoin as a payment mode. Sooner or later we will see bitcoin used in trading internationally.

[xen1oph]

It sounds utopian, but I agree with that.
But I don't think that the authorities themselves will decide to do this, because they are subordinate to the modern financial system too.
We need to start with ourselves, not to use this destructive system.

[jhontwis]

We're making Bitcoin a big deal. I don't think we can solve everything with bitcoin. Bitcoin is just the beginning. There are frauds and frauds in the Bitcoin market. Now what do you need to do. We need to take bitcoin and decentralized structures as examples.

[awik p]

And it will also be very difficult to establish a system of import and export for such a country, because if Bitcoin becomes the single currency of the country, and all transactions and prices for goods are in Bitcoin, then how to buy goods from outside? After all, then you will have to verify the value of Bitcoin relative to its market value, which in turn will make the country dependent on its volatility, if vital things are imported.

I always favor the combined usage of crypto currencies especially bitcoin with fiat. People shall have open choice of whatever they want to use. Government can keep fiat for export and import with countries who are not accepting bitcoin but those who are using bitcoin, such countries will not have issues in accepting bitcoin as a payment mode. Sooner or later we will see bitcoin used in trading internationally.

as we feel now, the combination between fiat and bitcoin in my opinion plays its respective role. with bitcoin we can make a profit so that when converted to fiat, we can use it freely to buy what we need. bitcoin gives us the opportunity to progress, without having to look at education, age, etc.

[Wintersoldier]

We're making Bitcoin a big deal. I don't think we can solve everything with bitcoin. Bitcoin is just the beginning. There are frauds and frauds in the Bitcoin market. Now what do you need to do. We need to take bitcoin and decentralized structures as examples.

We can't really implement the idea of a great monetary system with bitcoin, though it has a huge market capitalization and has already proven effective, but it's efficiency to support the needs of the whole society just like what the fiats does is hard based on the characteristics it has. But if there would be a country that standardized bitcoin to their monetary system, I don't think that country could ever be a third world country. We need allot of money to fund transaction fees regarding the implementation of this idea.

[Silberman]

No fake money but lot of hackers would emerge. For a third world country, I think it would be hard to achieve. A third world country is still a developing country. My country is a third world country and I know that my country isn't ready to adopt bitcoin standard. We're being left behind with technological advancement, so it's hard to adjust with this kind of changes, everyone would swap from fiat to bitcoin.

From time to time, what I've figured out is that, what people especially citizens from a third world country lacking that is considerably the root why they aren't having a financial stability is their lack of knowledge and awareness to technological innovations. Most of the time, they mind is close when we are explaining how good bitcoin is, mainly I can consider it as a low level financial literacy.

Because believe me or not, I do really think that only financially literate individual could really manage to utilize bitcoin in productive ways why? because we need to understand how risky it is to serve us our currency because of volatility, and we need more time and effort to figure out altcoins.

I think this is really the issue, when I first find out about bitcoin I immediately fell in love with the coin because I understood immediately that satoshi not only created a payment system but that he understood the economy in the very same way that I do, so I immediately adopted bitcoin but most people do not really understand that an economy that is based on fiat currencies cannot last and at some point it has to fail but for some reason they are unable to understand that reality.

[kotik085]

The country of the monetary system, led by Bitcoin, it can only be in virtual space. And if you create a separate city on the blockchain.

[breathlessz]

No fake money but lot of hackers would emerge. For a third world country, I think it would be hard to achieve. A third world country is still a developing country. My country is a third world country and I know that my country isn't ready to adopt bitcoin standard. We're being left behind with technological advancement, so it's hard to adjust with this kind of changes, everyone would swap from fiat to bitcoin.

From time to time, what I've figured out is that, what people especially citizens from a third world country lacking that is considerably the root why they aren't having a financial stability is their lack of knowledge and awareness to technological innovations. Most of the time, they mind is close when we are explaining how good bitcoin is, mainly I can consider it as a low level financial literacy.

Because believe me or not, I do really think that only financially literate individual could really manage to utilize bitcoin in productive ways why? because we need to understand how risky it is to serve us our currency because of volatility, and we need more time and effort to figure out altcoins.

I think this is really the issue, when I first find out about bitcoin I immediately fell in love with the coin because I understood immediately that satoshi not only created a payment system but that he understood the economy in the very same way that I do, so I immediately adopted bitcoin but most people do not really understand that an economy that is based on fiat currencies cannot last and at some point it has to fail but for some reason they are unable to understand that reality.

The authorities don't want their control to disappear, so they still consider paper money to be the most relevant payment lat, and nothing seems to be done other than waiting for the government's decision to announce good news to us, so that mass adoption occurs.

[bohr]

From the America history we can know that America was a Deflation economic system . At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetary system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.


- credible
✔ transparency
✔ No money 'printing'
✔ low-level of prices
x low-interest rate


quote: America was a Deflation economic system in about 150years till 1913, and it was the most fast period of enconomy rising in human history.

While we know the fiat system is unsustainable I do not want governments to begin to hoard bitcoin to back their currencies, this will create the same scenario that we have with gold in which governments can buy all the bitcoin they want since they have the printing machine, it is better that bitcoin remains an independent system otherwise the government will just make the same mistakes all over again and we will have to support another cryptocurrency when that happens.