Bitcoin as a national currency?

[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.

[bitcart]

National currencies based on the blockchain is possible. This is assuming that the government of your country will want decentralised banking.

[countryfree]

That would mean the end of BTC. It's the best side of BTC. It isn't related to any country or even a place anywhere. More and more people don't have a national currency (in Europe, or in Africa), and that's good, even with flaws in most common currencies.

[Somekindabitcoin]

That would mean the end of BTC. It's the best side of BTC. It isn't related to any country or even a place anywhere. More and more people don't have a national currency (in Europe, or in Africa), and that's good, even with flaws in most common currencies.

I don't mean it like this, they won't take our lovely BTC just for them. They will only choose it they national currency. Bitcoin will go up. Just imagine when you have a store and you start accepting Bitcoin, same with a country. That's what I mean.

[yayayo]

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 makes not much sense to "nationalize" Bitcoin, because it can't be controlled. There's no benefit for a state to declare Bitcoin as its official currency - it would make more sense to allow free competition of any form of private money and abandoning the concept of national currency altogether. If a state isn't hostile towards Bitcoin, it may just allow its use without excessive regulations.

What makes more sense for a state would be to buy Bitcoin as reserve / investment. The risk-reward-ratio is extremely good, because if the state would subsequently declare that it has bought Bitcoin, the value would skyrocket from this announcement alone.

ya.ya.yo!

[randy8777]

don't think any country will ever have bitcoin as main currency. something that they can't control will not be allowed. however, they might create their own crypto currency at some point. it's all about control.

[Hopalong]

I dont think bitcoin is going to be accepted as national currency anywhere but a crypto like bitcoin might be. I dont think it would be a bad idea for a country with stable economy to convert all the fiat to crypto.

[--Encrypted--]

What do you think?

I'm not sure.. haven't think that far yet. because it still seems impossible.
but it would be great if a government openly support bitcoin and encourage their citizen to use it.... wait a sec, that's also very unlikely if they have their own currency. AAAAARRRRGHH

[minernoob1]

This could not have happen. If country goes low on money they just print more money to inflate causing people to invest and make purchase. If bitcoin national currency and funds go low they cannot print them more of it.

[odolvlobo]

This could not have happen. ...

Of course it can. There are many countries that don't have their own currency. A country using Bitcoin would be just another one of them.

The interesting part would be the effect on the financial regulations. In the U.S., for example, Bitcoin would change from a "virtual convertible currency", to a "currency", and that would completely which regulations apply to it. Bitcoin would no longer be affected by all the ridiculous "virtual currency" laws and regulations.

[minernoob1]

This could not have happen. ...

There are many countries that don't have their own currency. A country using Bitcoin would be just another one of them.

This is exact reason greece had fail recent. If they were not Euro they could just inflate.

[umaOuma]

What do you think?

I'm not sure.. haven't think that far yet. because it still seems impossible.
but it would be great if a government openly support bitcoin and encourage their citizen to use it.... wait a sec, that's also very unlikely if they have their own currency. AAAAARRRRGHH

It is not possible at a moment that bitcoin becomes a national currency of any country. Governments of the countries will never allow it to happen and they will never support the crypto currency to be the national currency as they don't have any control over it so it would become difficult for them to continue their corrupted activities 

[notlist3d]

Dont see it happening anytime soon.  A country giving up on their fiat can cause panic.   I mean look at Greece trying to stay with euro.

Your country's will lose a lot of stability in minds of investors changing national currency.  Also BTC still has some variance making it hard to be only currency. 

A store for example would be a nightmare to put new tags each time BTC went up or down.

[odolvlobo]

The reason that Bitcoin would not be adopted by any country is that it is currently too small and too volatile.

But, not for any of these reasons:

This could not have happen. ...

There are many countries that don't have their own currency. A country using Bitcoin would be just another one of them.

This is exact reason greece had fail recent. If they were not Euro they could just inflate.

Inflating is not a solution. It just turns the problem into a different problem. Look at Zimbabwe. That is where Argentina is heading, and where Greece would be heading if it could print more money.

Dont see it happening anytime soon.  A country giving up on their fiat can cause panic.

Not necessarily. Countries have switched currencies in the past with no panic.

It is not possible at a moment that bitcoin becomes a national currency of any country. Governments of the countries will never allow it to happen and they will never support the crypto currency to be the national currency as they don't have any control over it...

There are many countries that don't have any control over the currency they use.

[Dire]

Have to agree with everyone who says it's unlikely to be accepted as a national currency. The people having debt speeds up the economy, inflation leads to people with less value in the money that they do have, and encourages them to spend it (or work more generating more tax for the state) rather than save it - again, speeding up the economy.

All of these things are more benefit to the state rather than the people. Which wouldn't be so bad if we could actually trust them and be sure they did sensible things with our money and national currency.

Control the money, control the people.

Bitcoin is backwards to the above, it's like trying to fit a square peg in a round hole. They don't go together. Bitcoin is a good thing for individuals who wish to retain value in their currency/asset, but terrible news for bank monopolies/governments.

There are only two ways to attempt to control Bitcoin.

1. Alter the public perception of Bitcoin to something very negative and keep it that way to try to prevent mass-adoption for as long as possible, at the very least, marginalize it. The biased media is doing this pretty much everyday now. There is a poster on this site who also has some shill accounts who always posts negative titled inflammatory threads. All those thread titles show up on Google searches when now/future people search for anything 'Bitcoin'.

2. Control the end points/buy points. A leaked paper already alluded to this development. It pointed to the fact there would, in effect, be two kinds of Bitcoin, transactions that had already been connected to an ID and can be tracked, and the underside of Bitcoin outside of the system that could never be controlled.

The above two points are already being implemented on a daily basis.

Edit/add: 3. Some form of attack, spam transactions/51% attack. A large group of miners deciding to not accept transactions to the degree, and over a period of time, that they seriously make everyone question the Bitcoin protocol's practicality.


Having said all of that, I could see Canada perhaps going for it one day. It would take major restructuring though.

Good article about banks/Bitcoin here: http://www.coindesk.com/research-banks-unprepared-for-digital-disruption/

[Beliathon]

What do you think?

I think this is exactly as absurd as asking for the internet to be a national telecommunications network.

Bitcoin is already a global currency, it has no need for flags or borders. Such antiquated cultural relics are better suited for museums.

[Dire]

Bitcoin is already a global currency, it has no need for flags or borders. Such antiquated cultural relics are better suited for museums.

This is an excellent point. Although it has to be said, it couldn't hurt the public perception/price of Bitcoin if some country did adopt it.

[b-trading]

It can be reality that bitcoin as a national currency if there is any country adopted it as their currency..i think it is just up to any government of a country to do that..if they want what they need to do is just to make a rule..and it is not hard to do that.

[tokeweed]

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.

I used to think that was possible...  The reality is, no.

[pooya87]

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.

no country (government) in their right mind would do such a thing.

• bitcoin is a global currency so you can not restrict it to one country and also the price of it is not in control of one country
• the government can not control bitcoin so they wouldn't have the power they have with fiat
• they can not track it so it would open a lot of criminal activity in their country
• they can always print out their own money but not bitcoin