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Author Topic: Which country looses the most when Bitcoin becomes the Currency of Planet Earth  (Read 4384 times)
Aayush
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June 25, 2015, 11:10:13 AM
 #1

Which country looses the most when Bitcoin becomes the Currency of Planet Earth?

Additionally what happens to those pesky regulatory/"aiding" bodies, IMF, World Bank, SWIFT.

I have got my presumptions, what's your's?

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June 25, 2015, 11:22:10 AM
 #2

well obviously those who are against bitcoin and are banning it, are the first that will lose much then you have those that are restrcting it

instead those that are regulating and taxing it i think they will gain more
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June 25, 2015, 11:55:46 AM
 #3

Which country looses the most when Bitcoin becomes the Currency of Planet Earth?

Additionally what happens to those pesky regulatory/"aiding" bodies, IMF, World Bank, SWIFT.

I have got my presumptions, what's your's?

I don't think Bitcoin will replace national fiat currencies.. people attach their own currencies to their own countries, as an unique identity for their country. Unless people become more open minded in the future, I don't see it happening. Bitcoin may become the #1 worldwide payment method, but not necessarly replace the national currencies.

Regulators will exist as long as government and state exist.

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June 25, 2015, 12:17:35 PM
 #4

That will never happen, but if it did, countries with less educated people and with a poor or non-existing Internet infrastructure would be excluded from the global financial markets.

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June 25, 2015, 12:27:36 PM
 #5


I don't think Bitcoin will replace national fiat currencies.. people attach their own currencies to their own countries, as an unique identity for their country. Unless people become more open minded in the future, I don't see it happening. Bitcoin may become the #1 worldwide payment method, but not necessarly replace the national currencies.

Regulators will exist as long as government and state exist.

Not necessarily euro is a collection of nations that dropped their national currencies for a common one.


Let's think about the extreme long term, when Bitcoin is the most used payment method, it will become the reserve currency.
People will believe more in Bitcoin than their own national currency, which will become very variable.

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June 25, 2015, 12:32:03 PM
 #6

That will never happen, but if it did, countries with less educated people and with a poor or non-existing Internet infrastructure would be excluded from the global financial markets.
well obviously those who are against bitcoin and are banning it, are the first that will lose much then you have those that are restricting it

instead those that are regulating and taxing it i think they will gain more

How about thinking from another perspective.
These poor countries might not actually have much too loose, as a matter of fact I believe that such countries have much to gain, More efficient remittances, a new reserve currency, a currency for foreign trade that can not be controlled by a nation.

On the other hand countries which have already developed stand to loose a lot, they loose the reserve value of their currency, foreign payments shift to another currency over which they have no control. They can no longer just print and balance their trade.

Calm
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June 25, 2015, 12:40:55 PM
 #7

Currency of planet earth? What are the chances of that happening? If it does, according to how things are now, countries like north korea which have non existent internet support will be excluded from global markets and other such activities.

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June 25, 2015, 12:57:44 PM
 #8

Currency of planet earth? What are the chances of that happening? If it does, according to how things are now, countries like north korea which have non existent internet support will be excluded from global markets and other such activities.

I don't mean to say now, thinking about the long term.
How about 100 years from now??

Calm
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June 25, 2015, 01:08:03 PM
 #9

That will never happen, but if it did, countries with less educated people and with a poor or non-existing Internet infrastructure would be excluded from the global financial markets.

It will happen if bitcoin becomes the currency, but it will take a long time to make this happen and I dont think there is any country that didnt have any

internet infrastructure nowadays. To support their work you really need internet, although it is just email.
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June 25, 2015, 01:14:15 PM
 #10

Which country looses the most when Bitcoin becomes the Currency of Planet Earth?

Additionally what happens to those pesky regulatory/"aiding" bodies, IMF, World Bank, SWIFT.

I have got my presumptions, what's your's?
No country will loose any single penny, if they adopt the Bitcoin digital currency, despite the political parties and its leaders of any country in this world are the losers. Since after Bitcoin digital currency adoption, they cannot control the people's money as a centralized authority.

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June 25, 2015, 01:17:26 PM
 #11

Which country looses the most when Bitcoin becomes the Currency of Planet Earth?

Additionally what happens to those pesky regulatory/"aiding" bodies, IMF, World Bank, SWIFT.

I have got my presumptions, what's your's?
No country will loose any single penny, if they adopt the Bitcoin digital currency, despite the political parties and its leaders of any country in this world are the losers. Since after Bitcoin digital currency adoption, they cannot control the people's money as a centralized authority.
and how about huge banks that takes money now for all transactions? wouldnt they loose a lot of money as bitcoin doesnt require any fees?

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June 25, 2015, 01:23:41 PM
 #12

Firstly you are wrongly assuming that "when bitcoin becomes the currency of planet earth" there is to much control a few have over the many to ever let this happen. Do you think they have been gaining all this control for all these years to grant bitcoin to be the currency of the planet and free peolple to an extent, 0% chance of that..

No country loses out because it will not happpen, and nothing will happen to the central banks if they really cared they could print the money and buy the bitcoin supply tomorrow which would cost them close to $0 any ideas why they haven't done this?

Because they could not care less about bitcoin doesn't change anything for them they still have 100% of the control they have always had.
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June 25, 2015, 01:55:51 PM
 #13

Firstly you are wrongly assuming that "when bitcoin becomes the currency of planet earth" there is to much control a few have over the many to ever let this happen. Do you think they have been gaining all this control for all these years to grant bitcoin to be the currency of the planet and free peolple to an extent, 0% chance of that..

No country loses out because it will not happpen, and nothing will happen to the central banks if they really cared they could print the money and buy the bitcoin supply tomorrow which would cost them close to $0 any ideas why they haven't done this?

Because they could not care less about bitcoin doesn't change anything for them they still have 100% of the control they have always had.

Let's make it an hypothetical assumption.
I am not debating on the possibility of such a scenario.
But what if it happens, even hypothetically?

Calm
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June 25, 2015, 02:13:21 PM
 #14

That will never happen, but if it did, countries with less educated people and with a poor or non-existing Internet infrastructure would be excluded from the global financial markets.
well obviously those who are against bitcoin and are banning it, are the first that will lose much then you have those that are restricting it

instead those that are regulating and taxing it i think they will gain more

How about thinking from another perspective.
These poor countries might not actually have much too loose, as a matter of fact I believe that such countries have much to gain, More efficient remittances, a new reserve currency, a currency for foreign trade that can not be controlled by a nation.

On the other hand countries which have already developed stand to loose a lot, they loose the reserve value of their currency, foreign payments shift to another currency over which they have no control. They can no longer just print and balance their trade.

the problem of poor country to take advantage of bitcoin is that for the fact that they are poor, they can't build a good infrastructure to support everything that could benift their activity if they were using bitcoin instead of their currency

instead country that are advanced and have not economic issues, could build a side by side structure that help bitcoin to growth, they don't need to replace fiat, they just need to support those that in their country want to choose bitcoin

and it is not a coincidence that the countries that are adopting bitcoin the most are in fact rich countries(maybe there is some exception...)
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June 25, 2015, 11:54:42 PM
 #15


I don't think Bitcoin will replace national fiat currencies.. people attach their own currencies to their own countries, as an unique identity for their country. Unless people become more open minded in the future, I don't see it happening. Bitcoin may become the #1 worldwide payment method, but not necessarly replace the national currencies.

Regulators will exist as long as government and state exist.

Not necessarily euro is a collection of nations that dropped their national currencies for a common one.


Let's think about the extreme long term, when Bitcoin is the most used payment method, it will become the reserve currency.
People will believe more in Bitcoin than their own national currency, which will become very variable.

In the extreme long term anything is possible. What I don't see that clear is countries giving up on having a say on how they issue their currency. Then again, it's not like European countries have a say, at least half of Europe does what Merkel wants anyway.



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June 26, 2015, 12:37:39 AM
 #16

Under simplified circumstances that question is easy to answer: Early adopting countries will win over late adopting countries, because Bitcoin's price will rise during adoption. Any central bank could buy a huge slice of Bitcoin's total monetary supply for chump change today. The risk is small, but the reward could be astronomically - imagine what would happen if a central bank would make an announcement of having purchased Bitcoin... it would be a bold statement of trust and would lead to prices skyrocketing, accelerating further adoption. The first central bank to do that will make a very smart move.

That will never happen, but if it did, countries with less educated people and with a poor or non-existing Internet infrastructure would be excluded from the global financial markets.

Never say never. However I agree with your assessment, also because those countries with bad Internet infrastructure are also be the least likely to adopt Bitcoin in the first place.

ya.ya.yo!
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June 26, 2015, 01:06:46 AM
 #17

Which country looses the most when Bitcoin becomes the Currency of Planet Earth?

Additionally what happens to those pesky regulatory/"aiding" bodies, IMF, World Bank, SWIFT.

I have got my presumptions, what's your's?

US will be lost more if bitcoin moon and will be main payment in world, because Us dollar will be down
Bitcoin is limited only 21m and Us dollar can printing everyday without limit

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June 26, 2015, 01:32:09 AM
 #18

Which country looses the most when Bitcoin becomes the Currency of Planet Earth?

Additionally what happens to those pesky regulatory/"aiding" bodies, IMF, World Bank, SWIFT.

I have got my presumptions, what's your's?

US will be lost more if bitcoin moon and will be main payment in world, because Us dollar will be down
Bitcoin is limited only 21m and Us dollar can printing everyday without limit
I think not only the US alone, because the average of each country using the same kind of money to the US. so the possibility of the whole country will experience the same thing
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June 26, 2015, 03:39:12 AM
 #19

Under simplified circumstances that question is easy to answer: Early adopting countries will win over late adopting countries, because Bitcoin's price will rise during adoption. Any central bank could buy a huge slice of Bitcoin's total monetary supply for chump change today. The risk is small, but the reward could be astronomically - imagine what would happen if a central bank would make an announcement of having purchased Bitcoin... it would be a bold statement of trust and would lead to prices skyrocketing, accelerating further adoption. The first central bank to do that will make a very smart move.

That will never happen, but if it did, countries with less educated people and with a poor or non-existing Internet infrastructure would be excluded from the global financial markets.

Never say never. However I agree with your assessment, also because those countries with bad Internet infrastructure are also be the least likely to adopt Bitcoin in the first place.

ya.ya.yo!

I think your saying is contradictive, because without internet infrastructure you can't adopt bitcoin, you need at least a good internet infrastructure to

support your bitcoin so there will be mass in adoption bitcoin
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June 26, 2015, 04:19:14 AM
 #20


Under simplified circumstances that question is easy to answer: Early adopting countries will win over late adopting countries, because Bitcoin's price will rise during adoption. Any central bank could buy a huge slice of Bitcoin's total monetary supply for chump change today. The risk is small, but the reward could be astronomically - imagine what would happen if a central bank would make an announcement of having purchased Bitcoin... it would be a bold statement of trust and would lead to prices skyrocketing, accelerating further adoption. The first central bank to do that will make a very smart move.

In the extreme long term anything is possible. What I don't see that clear is countries giving up on having a say on how they issue their currency. Then again, it's not like European countries have a say, at least half of Europe does what Merkel wants anyway.
the problem of poor country to take advantage of bitcoin is that for the fact that they are poor, they can't build a good infrastructure to support everything that could benift their activity if they were using bitcoin instead of their currency

instead country that are advanced and have not economic issues, could build a side by side structure that help bitcoin to growth, they don't need to replace fiat, they just need to support those that in their country want to choose bitcoin

and it is not a coincidence that the countries that are adopting bitcoin the most are in fact rich countries(maybe there is some exception...)


Is it really so simple?
I do understand that initially the countries with high financial abilities will embrace it, even if the government does not, the people will surely. This does make it seem that such countries will prosper most and benefit most from bitcoin.
Supposedly as time passes only the third world countries are left without wide bitcoin adoption. But as time does pass market forces will work towards ensuring that bitcoin becomes adopted, International Trade for one will, and the mindset of people in such countries will naturally be to prefer payments in the global currency, Profit seekers from the first world and second world countries can then offer to take services and pay in bitcoins.
The second limitation the infrastructure is being bypassed quickly, African countries show how efficiently mobiles can be used for btc, and it is set to develop.

What I seek to say is that as time passes Bitcoin will be adopted throughout the world not limited to technical constraints.
Here are where things get interesting,
Now bitcoin enables each country to earn as much as it has the capability to, the endowment of it's natural resources and the efficiency of it's human capital, will determine it's financial prowess.
Which is unlike a situation that exists today with economic dominance through finance control that exists. The banking on US $ being the reserve currency and each country have to convert to US$ for International Trade. Giving US immense power to arbitrarily balance it's trade payments.


Calm
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