Bitcoin as a national currency?

[Mike Christ]

Only a nation of people who are pure of soul would consider it.  Fiat is king because it allows for stealing from the wealth of its holders by the printers of the currency, who can then use a portion of the stolen wealth to buy off the issuer's population and quell their resistance to such actions i.e. keep the process of wealth-extraction afloat, increasing the printer's power indefinitely, even to the point of dictatorship and collapse, parasite killing host and self essentially (Third Reich being among the most obvious disasters.)  For an entire nation to accept a money invincible to infinite monetary expansion means that the society is not kind to bribes in return for their posterity and individual power.  It would be debilitating to empire as there's no way to transfer wealth from individual to empire stealthily, but for democratic entities I can see crypto functioning just fine.

[smith coins]

If that happens then the banks would work with bitcoin, the price will be the same for a long time like the fiat currencies today.
And tipping will be by bitcoin, nice.

[bitcart]

Is is realistic to expect Argentina, Venezuela, or similar to move in this direction? Also could we see a sovereign officially adopt bitcoin when they're considering reissuing a new currency, after failure?

Realistically this is the type of governments that could potentially adopt it. Whether or not they are innovative enough to do it is the question.

[prodigy8]

Is is realistic to expect Argentina, Venezuela, or similar to move in this direction? Also could we see a sovereign officially adopt bitcoin when they're considering reissuing a new currency, after failure?

Realistically this is the type of governments that could potentially adopt it. Whether or not they are innovative enough to do it is the question.

It would be hard for governments to adopt it. Also and the people of these countries will become confused of the new currency

[prodigy8]

It would be hard for governments to adopt it. Also and the people of these countries will become confused of the new currency

Currently, yes, but after a tipping point of humans learns that bitcoin is not simply another consumer product for sale, but a scientific discovery?....When people inevitably learn to trust math over humans, what then?  Will this lesson come too late to save the planet?

No country will adopt bitcoin as its country, since its government cant control it and cant get something useful for them.

So you are saying that if bitcoin allowed its users to control it (users vote on forks, and development avenues), then a government would be more likely to adopt it as their national currency.  I agree, especially if that government received a kickback for every new user that they brought to bitcoin.  A government could easily acquire a very large and "controlling" stake in a coin like this, and then they would indeed be able to have more control over their own destiny.

It is never late, but the people will be hard to understand it.
Or if something else will be invented then the bitcoin would be easy to integrade 

[prodigy8]

It is never late,
Or if something else will be invented then the bitcoin would be easy to integrade 

Never too late?



you have not even seen the poll results:
https://bitcointalk.org/index.php?topic=1132395.msg11946767#msg11946767

I dont think is to late, but the bitcoin needs some time to be implemented to the goverments
Dont know how many years but it will take few to see the changese

[Falconer]

No country will adopt bitcoin as its country, since its government cant control it and cant get something useful for them.

So you are saying that if bitcoin allowed its users to control it (users vote on forks, and development avenues), then a government would be more likely to adopt it as their national currency.  I agree, especially if that government received a kickback for every new user that they brought to bitcoin.  A government could easily acquire a very large and "controlling" stake in a coin like this, and then they would indeed be able to have more control over their own destiny.

Since bitcoin is a decentralized system currency, there is no chance to government take control of it, and if government adopt it, bitcoin will lost its users, same thing like fiat. Some governments have make their virtual currency for their country, I dunno if their product have got many customer or not.

[Derrike]

Nah it will never be a national currency, but it can be a global currency and we are the ones who are going to make it.
As more and more institutions are being established in the field of Bitcoin, it is promoting it towards a global currency.

[barsbars]

It is not possible that one country adopt bitcoin as its currency. With bitcoin it is not possible to do monetary policies and without that politics it is very hard to govern. ...

It is possible. There are many countries that do not have their own currency.

True. Currency substitution usually takes place when a small country's monetary policy fails. If they adopt a strong currency like the dollar, it gives foreign investors confidence to enter the country.

is there a country without investor? so, if bitcoin take over whole nation's financial system, there will be no investor?

[ed_teech]

Also Bitcoin can't support the number of transactions per second needed for a national currency.

[bitcart]

Also Bitcoin can't support the number of transactions per second needed for a national currency.

Why not?

[Amph]

Also Bitcoin can't support the number of transactions per second needed for a national currency.

Why not?

limitation to one 1MB,but you can actually go higher by overwhelming the blochchain, it will be changed in the future or sure, or a better alternative will come out, either way i don't see as a big problem and it will not hinder the adoption

[roadbits]

I predict that new countries or existing countries with small GDP and small populations might welcome Bitcoin and might be influenced to look at converting to Bitcoin

[misterycoins]

It is not possible that one country adopt bitcoin as its currency. With bitcoin it is not possible to do monetary policies and without that politics it is very hard to govern. ...

It is possible. There are many countries that do not have their own currency.

No country will adopt bitcoin as its country, since its government cant control it and cant get something useful for them. The government is just a group of politician, not bitcoin enthusiast.

but what if , it is adopted from the citizens of that country, and they say basically fuck you government? surely their GOV can not stop them if they decide to move in this way

it's not like we are living in dictatorial regime

In theory, sure. A country can generally implement whatever internal economic policy they want, including specifying the official currency or even two currencies.

[hunnaryb]

I predict that new countries or existing countries with small GDP and small populations might welcome Bitcoin and might be influenced to look at converting to Bitcoin

That is not possible, even if it is small country or a big country unless there is involvement and acceptance from the government. If government supports then only it can get into mainstream, but government will never support bitcoins as they don't have a control over it.

[bitcart]

This is already being developed by central banks:

http://www.coindesk.com/deloitte-central-bank-cryptocurrency/

[Jorge320]

I can't imagine the banking cartels or any country with a privatized monetary reserve system would ever allow that control to slip away with the adoption of Bitcoin, rather I see BTC acting as an alternative monetary system that operates within existing economies.

[Blawpaw]

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

[zeraTunerse]

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]

It could n't be acceptable. Since BTC are decentralised so Democratic countries can't be accepted as a National currency.