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Author Topic: Bitcoin as a national currency?  (Read 3841 times)
Blawpaw
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July 30, 2015, 12:34:44 PM
 #101

That would be a revolution in Banking! It would be simply great if we had governments willing to go against the banking system...
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zeraTunerse
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July 30, 2015, 08:35:44 PM
 #102

That would be a revolution in Banking! It would be simply great if we had governments willing to go against the banking system...


Yeah that would be dream come true, if the governments goes against the banking system, it would directly benefit the individuals who wants bitcoin to get on mainstream and we can get rid of banking system.
Nizam ibrahim.P.N
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August 22, 2015, 12:45:30 PM
 #103

It could n't be acceptable. Since BTC are decentralised so Democratic countries can't be accepted as a National currency.
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September 27, 2015, 01:55:41 PM
Last edit: September 27, 2015, 02:09:35 PM by n2004al
 #104

What do you think? Is it possible for Bitcoin to get accepted as a national currency for any real country? It would be definitely amazing, but I'm sad that governments are scared of Bitcoin, because they can't track it like the banks they own. I heard about "mini-country" ( country in a country ) called Liberland with a cryptocurrency as their main payment method. Please reply here what you think and if you would be happy or not if your national currency is BTC.

It is totally impossible. Are to many the factors that don't allow this and I can named only two. With bitcoin cannot be made monetary policies. So cannot be managed the currency of the nation like the other currencies. In some situation needed to much money in circulation and the Central Banks print more than needed and put those in circulation. With bitcoin is impossible to do this. Bitcoin is produced in the way we all know. Every ten minutes are produced 25 bitcoin, Nor less and nor more. So in the above situation the state will fail because of lack of currency in the market. This is the first reason. The second is that bitcoin is currency of the world is not and cannot be own but one nation only. And if cannot be totally own by the nation cannot be national currency. The economy of that country will be in serious risk if the currency is not owned by that country because of manipulation of the value or manipulation of quantity in circulation. Other reason might be because bitcoin is ignored from the most of countries and a nation cannot have a currency that is not ignored from almost all the world.

As for Liberland it is true that had as a currency bitcoin. I think because the only resident of this country is a bitcoiner and because him cannot create a Central Bank to produce its money.

And at the end you ask if me it will be happy if bitcoin will be the currency of my country. My answer is yes if all the bitcoins in the circulation will be own by my country. I will (the Central Bank of my country) produce even the physical coin so bitcoin will be a full money and can fulfill all the duties of the money. The coins in internet will be produced in our Central Bank and we will have a big amount produced before its launch in circulation.
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September 27, 2015, 02:03:41 PM
 #105

The idea of having a national currency boils down to the ability of the government to influence and control the price and relative exchange rate working to the advantage of the country's stare of economy. In other terms, they need to adjust it according to the economic indicators and that includes the ability to control by printing money. Thus, no matter what they need it to be centralized and for that reason bitcoin will not be able to fit in.

Luqman
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September 27, 2015, 02:25:17 PM
 #106

Yes,it is possible since bitcoin has many features as a digital currency..
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