Bitcoin as a national currency?

[miragecash]

According to coin base, Hong Kong is the fastest non-American adopter of Bitcoin. Hong Kong has what is known as a linked currency. The value of Hong Kong dollars is linked to the best currency for international trade. It was pounds, but it is dollars now. It might be bitcoins tomorrow.

Some countries have a dual currency system. For example, in panama, people accept dollars or Panamanian balboas. Balboas are linked to dollars, too.

In other words, many countries do not have the ability to inflate their money supply at will.

[Amph]

liberland was going to accepting, it, while i know their country is a joke is still the first attempt to accept a cryptocurrency as a main currency, and it's the only one where a decentralized payment system will be accepted

because any real country with a governemtns will go against its interest if bitcoin is accepted not only as an alternative

but i could see an exception in those country that have lost their governments because of bankruptcy or because of corruption, if their citizens can start a revolution, the thing might come true

[PenguinFire]

This is possible in say, 50 years plus time.  I do not selling this as a possible thing in the future I am looking at.

[TransaDox]

If we have learnt anything, it is that you never connect something that is vital to the running of the country to the internet. That makes using Bitcoin as a national currency, problematic.

[bitcart]

BTC won't be a national currency because it's global and we are too soon for a global cashless society.

A national crypto currency is very plausible, however.

[Somekindabitcoin]

This is possible in say, 50 years plus time.  I do not selling this as a possible thing in the future I am looking at.

Yea, this would be amazing. The question, will Bitcoin be still here in 50 years? It can horribly crash tomorrow, in a year or in a 10 years. That's really hard to say. I would be really happy if there's bitcoin as a national currncy for my country, but somebody should learn people about Bitcoin, how it works and stuff like this..

[tokeweed]

This is possible in say, 50 years plus time.  I do not selling this as a possible thing in the future I am looking at.

I wonder how huge the blockchain is by that time.

[bornil267645]

I certainly hope not. The global adoption means that we would be able to use bitcoin at our will. But something like this adopted as a national currency would give more hide seek factor. But I am very much excited to see the adoption of Blockchain technology.

[Somekindabitcoin]

I certainly hope not. The global adoption means that we would be able to use bitcoin at our will. But something like this adopted as a national currency would give more hide seek factor. But I am very much excited to see the adoption of Blockchain technology.

But I don't mean it like that, I already said it.. I didn't want to say that for example Germany took BTC and only their people can use it. Everyone will be able to use it, but just one country will use it as a national currency for them. You can pay with $ in the USA, but you can use them in Germany too, that's what I mean.

[Somekindabitcoin]

I just want to bump this up, so new people in a different time zones can see this thread and respond to us with their suggestions. I'm happy to read everything from you friends!

[prodigy8]

Let's imagine the Greece situation and if they would have bitcoin as nation currency, may the banks bankrupt ?

[bitcart]

Let's imagine the Greece situation and if they would have bitcoin as nation currency, may the banks bankrupt ?

It would certainly mitigate the risk and loss of people's assets which would be spread across two platforms (euro and bitcoin in this case; or Hong Kong dollars and bitcoin like in a previous example).

[grahamdebarra]

For a crypto currency to work as a national currency, there would have to be a weak power held by the central bank. Otherwise regulations will not make it permissible to carry the convenience of a crypto currency.

Secondly bitcoin is too volatile to become adopted as a primary currency by a nation. Perhaps a dual-currency but even then it would have to be hedged to prevent volatility.

Greece would have made for an interesting experiment had it exited from the euro.

[Racey]

This article has some good reading.

Countries Where Bitcoin Is Legal & Illegal

Iceland

The island nation has been exercising stringent capital controls as a part of its monetary policies adopted after the global economic crisis of 2008. It seeks to protect the outflow of Icelandic currency from the country. Under the same pretext, foreign exchange trading with bitcoin is banned in Iceland as the cryptocurrency is not compatible with the country’s Foreign Exchange Act. Interestingly, a new cryptocurrency called Auroracoin has lauched out of Iceland. Its founders wished to create a viable alternative to the present Icelandic banking system.

[zeraTunerse]

This is possible in say, 50 years plus time.  I do not selling this as a possible thing in the future I am looking at.

But do you think that bitcoin will survive for next 50 years?? Time to think... As bitcoin is not an end there would be many other currencies which would come into existence and might be better than bitcoins so can't say it as a national currency at a moment.

[dodgecharger]

It would be great to set up a new community somewhere and adopt bitcoin as a small scale social experiment to see how it all plays out.

[hunnaryb]

Bitcoin is already a global currency uniting the planet under a fiscal law of incorruptible equality.  Why narrow the scope?

No doubt it is a global currency but the fact is how many of them are using it? Is 50% of population across the world is using it? If yes then it can be a global/national currency or else it is not. When 9 out of 10 will start using bitcoins, then it we can say it as a national currency.

[Mr.jatt]

Nah it will never happen.

[ObscureBean]

Absolutely no way something like that would work with Bitcoin in its 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  

[Somekindabitcoin]

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..