Bitcoin as a national currency?

[ObscureBean]

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket  

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

1. Bitcoin is way too volatile. For individuals and small companies it is manageable but for a whole country economy to revolve around Bitcoin would be pure insanity.
2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?
3. The Bitcoin network is lawless and relies on trust to function. Anyone owning 51% or more of the mining hashrate would have considerable amount of control over the network. Such a country would have to keep its fingers crossed that it survives the day.
4. Anonymity would also be a problem. Transparency is essential for government, people and the rest of the world to work seamlessly together.

[Herbert2020]

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.

all the citizens of a country can accept bitcoin as their currency to use everywhere , but i don't think any of the government would like that . so they are not going to allow this to become a thing in their country.

besides bitcoin price is not yet at a stable stage , it is so volatile to be able to be used in those big scales.

[1Referee]

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket  

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?

You assume Satoshi owns 1 million btc, which is hard to believe. He wasn't the only miner back then. It was insanely easy to get a ton of coins mined in a very short time.

The value back then was barely worth mentioning; $1 would buy you over 1000 bitcoins. Living with the fear of seeing these potentially "lost" coins being dumped at once is not the way to go.

[BillyBobZorton]

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket  

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

1. Bitcoin is way too volatile. For individuals and small companies it is manageable but for a whole country economy to revolve around Bitcoin would be pure insanity.
2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?
3. The Bitcoin network is lawless and relies on trust to function. Anyone owning 51% or more of the mining hashrate would have considerable amount of control over the network. Such a country would have to keep its fingers crossed that it survives the day.
4. Anonymity would also be a problem. Transparency is essential for government, people and the rest of the world to work seamlessly together.

1. Bitcoin's volatility will decrease with a biggermarketcap.
2. Satoshi will never dump. At this point is reasonable to asume he lost those coins. He would have dumped already.
3. Laws can be applied, which why regulations are going on. 51% attack is not a problem, it's highly overblown:
https://www.youtube.com/watch?v=ncPyMUfNyVM
4. Cash is more anonymous than Bitcoin.

[Amph]

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket  

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?

You assume Satoshi owns 1 million btc, which is hard to believe. He wasn't the only miner back then. It was insanely easy to get a ton of coins mined in a very short time.

The value back then was barely worth mentioning; $1 would buy you over 1000 bitcoins. Living with the fear of seeing these potentially "lost" coins being dumped at once is not the way to go.

it's not hard to believe back then it was possible to mine from 1k to 10k coins and counting per day, i remember that with diff 7k i was mining 0.01-0.02 a day, at the launch of bitcoin diff was 1 7M times lower

even if he was the only miner for 1 month only(probably true, within the first month of bitcoin , none knew about it), he would have mines something around 300k coins already...

[zeraTunerse]

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.

all the citizens of a country can accept bitcoin as their currency to use everywhere , but i don't think any of the government would like that . so they are not going to allow this to become a thing in their country.

besides bitcoin price is not yet at a stable stage , it is so volatile to be able to be used in those big scales.

yes, citizens would accept it as a currency but the government would never come in support of the bitcoin as they are aware that it would be end of their corrupted activities. The government has never thought anything in the benefits of the citizens.

[Somekindabitcoin]

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.

all the citizens of a country can accept bitcoin as their currency to use everywhere , but i don't think any of the government would like that . so they are not going to allow this to become a thing in their country.

besides bitcoin price is not yet at a stable stage , it is so volatile to be able to be used in those big scales.

yes, citizens would accept it as a currency but the government would never come in support of the bitcoin as they are aware that it would be end of their corrupted activities. The government has never thought anything in the benefits of the citizens.

I think the US government had around 30000 BTC, so they basically supported it.
There's an article: http://www.independent.co.uk/life-style/gadgets-and-tech/us-government-sells-20-million-in-bitcoin-to-mystery-bidder-9578336.html

[grahamdebarra]

This can work but bitcoin is too volatile.

[odolvlobo]

it's not hard to believe back then it was possible to mine from 1k to 10k coins and counting per day, iremember that with diff 7k i was mining 0.01-0.02 a day, at the launch of bitcoin diff was 1 7M times lower

even if he was the only miner for 1 month only(probably true, within the first month of bitcoin , none knew about it), he would have mines something around 300k coins already...

No need to estimate badly. According to the block chain, the millionth bitcoin was mined on 7/22/2009. See https://blockchain.info/block-height/19999
Others were mining by then, so he didn't get them all.

Anyway, Satoshi's hoard (and those of the other earliest adopters) are a substantial risk to Bitcoin adoption.

[Slark]

Bitcoin is impossible to be used as primary currency of any real country. Definitely not now in its current form. There are too many problems bitcoin has now,
not to mention we are not ready for totally virtual currency. In the future when society will be more computerized and internet will be in the air everywhere bitcoin could be used as a currency.
But for now it is used mainly as a toy currency of nerds.

[Somekindabitcoin]

The idea of countries basing their money on other than just faith is pretty much gone and to actually only use bitcoin would be expensive. The government would have to provide phones or mobile wallets with internet all paid by the government if they wish to make sure everyone can use it, this may break even after time due to no cost to mint coins or print cash but no I don't see it happening.

Do you know about casascius coins? Government could make something like this, and every time a human with no smartphone / wallet would like to spend it, he can scan QR code from the coin in the shop ( They would have to add it here.. ).

[BitcoinNewbie15]

Bitcoin being used as a national currency would be a very interesting experiment. I think it would be interesting to see how it would affect everyday life living in a nation that exclusively uses Bitcoin. In my opinion, it would be useful and very cool if it were possible to go to an everyday grocery store and pay for your groceries with Bitcoin, instead of cash.

[Hopalong]

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket  

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?

You assume Satoshi owns 1 million btc, which is hard to believe. He wasn't the only miner back then. It was insanely easy to get a ton of coins mined in a very short time.

The value back then was barely worth mentioning; $1 would buy you over 1000 bitcoins. Living with the fear of seeing these potentially "lost" coins being dumped at once is not the way to go.

Less than 100 people owns most of the bitcoins. The bitcoins in circulation is just scraps. Sathoshi is not the only one to hold way to many btc to make btc trustworthy as a real currency.

[kenbytes]

I think a nation would adopt Bitcoin if The people are already using Bitcoin widely

[Amph]

it's not hard to believe back then it was possible to mine from 1k to 10k coins and counting per day, iremember that with diff 7k i was mining 0.01-0.02 a day, at the launch of bitcoin diff was 1 7M times lower

even if he was the only miner for 1 month only(probably true, within the first month of bitcoin , none knew about it), he would have mines something around 300k coins already...

No need to estimate badly. According to the block chain, the millionth bitcoin was mined on 7/22/2009. See https://blockchain.info/block-height/19999
Others were mining by then, so he didn't get them all.

Anyway, Satoshi's hoard (and those of the other earliest adopters) are a substantial risk to Bitcoin adoption.

i'm sure that he didn't stop there and has continued to mine for at least one year, actually i was not arguing that he didn't get the first million, but that he did indeed hold 1M bitcoin...

[grahamdebarra]

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket  

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?

You assume Satoshi owns 1 million btc, which is hard to believe. He wasn't the only miner back then. It was insanely easy to get a ton of coins mined in a very short time.

The value back then was barely worth mentioning; $1 would buy you over 1000 bitcoins. Living with the fear of seeing these potentially "lost" coins being dumped at once is not the way to go.

Less than 100 people owns most of the bitcoins. The bitcoins in circulation is just scraps. Sathoshi is not the only one to hold way to many btc to make btc trustworthy as a real currency.

This is bitcoin's biggest flaw overall. It is for this reason why it could not be adopted as a national currency. It is not equal.

[oblivi]

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket  

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?

You assume Satoshi owns 1 million btc, which is hard to believe. He wasn't the only miner back then. It was insanely easy to get a ton of coins mined in a very short time.

The value back then was barely worth mentioning; $1 would buy you over 1000 bitcoins. Living with the fear of seeing these potentially "lost" coins being dumped at once is not the way to go.

Less than 100 people owns most of the bitcoins. The bitcoins in circulation is just scraps. Sathoshi is not the only one to hold way to many btc to make btc trustworthy as a real currency.

This is bitcoin's biggest flaw overall. It is for this reason why it could not be adopted as a national currency. It is not equal.

This is incredibly ridiculous. Since when fiats are equal?



Wealth distribution in dollar alone is insanely unequal, but guess what, it's a scam, and BTC isn't, because BTC has a fixed supply, and people that bought early on took a huge risk by buying something worthless, so they deserve the wealth, unlike the masters of the dollar that keep printing fake money out of thin air.
Currencies will never be equal unless you want communism, and with BTC we get a fair system. Unequal distribution isn't unfair in BTC.

[odolvlobo]

Less than 100 people owns most of the bitcoins. The bitcoins in circulation is just scraps. Sathoshi is not the only one to hold way to many btc to make btc trustworthy as a real currency.

This is bitcoin's biggest flaw overall. It is for this reason why it could not be adopted as a national currency. It is not equal.

Not only does nobody know how many people control any portion of the bitcoins, but equality (in terms of distribution) of a currency is irrelevant. A person with more bitcoins than 90% of the people on the planet could still be poorer than those 90%. Anyway, equal distribution is impossible because as soon as someone spends theirs, equality is broken --  they have 0 and someone else has twice as many as everyone else.

Wealth distribution in dollar alone is insanely unequal, ...

Wealth distribution in dollars is not the same as distribution of dollars.

[grahamdebarra]

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket  

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?

You assume Satoshi owns 1 million btc, which is hard to believe. He wasn't the only miner back then. It was insanely easy to get a ton of coins mined in a very short time.

The value back then was barely worth mentioning; $1 would buy you over 1000 bitcoins. Living with the fear of seeing these potentially "lost" coins being dumped at once is not the way to go.

Less than 100 people owns most of the bitcoins. The bitcoins in circulation is just scraps. Sathoshi is not the only one to hold way to many btc to make btc trustworthy as a real currency.

This is bitcoin's biggest flaw overall. It is for this reason why it could not be adopted as a national currency. It is not equal.

This is incredibly ridiculous. Since when fiats are equal?

http://i.dailymail.co.uk/i/pix/2014/10/14/1413320598501_Image_galleryImage_image001_png.JPG

Wealth distribution in dollar alone is insanely unequal, but guess what, it's a scam, and BTC isn't, because BTC has a fixed supply, and people that bought early on took a huge risk by buying something worthless, so they deserve the wealth, unlike the masters of the dollar that keep printing fake money out of thin air.
Currencies will never be equal unless you want communism, and with BTC we get a fair system. Unequal distribution isn't unfair in BTC.

Yes I agree that the distribution of dollars is unequal. I think there is a pyramid with bitcoin from hoarded coins when it was created. I would purport that a for a crypto currency to be implemented as a domestic currency it would need to replace the inequality of both the dollar and bitcoin.

[hunnaryb]

Bitcoin being used as a national currency would be a very interesting experiment. I think it would be interesting to see how it would affect everyday life living in a nation that exclusively uses Bitcoin. In my opinion, it would be useful and very cool if it were possible to go to an everyday grocery store and pay for your groceries with Bitcoin, instead of cash.

The people who are in oppose of bitcoins would surely die without food if this is the situation in the coming years where you can buy your stuff by paying bitcoins. And if it becomes mandatory even they have to buy anything using bitcoins.Even if they don't like it.