Is it possible for a country to adopt Bitcoin as its official currency?

[bryant.coleman]

Yes it is possble. Greece might go first though, considering it's volatile economy.

They have no such plans. 99.9% of the Greeks have never heard about BTC, and the vast majority of the population does not have the technological knowhow to safely store Bitcoins and to trade them. Euro will remain as the official currency of Greece for the short-term and mid-term. If they are thrown out of the Eurozone, then they will either print Drachmas, or start using the Russian Ruble.

[Betwrong]

Do you think this can ever happen? Bitcoin or any other form of cryptocurrency.
Which country do you think could be the first to do this (hypothetically)?

I think it's imposible for a country to adopt Bitcoin as its official currency because governments want to control as much as they can and always struggling to control even more and Bitcoin as it is now can't be exactly controlled. But if they will find a way to control it, for example if every citizen will be assigned to a certain wallet and it will be considered a crime to have more than one wallet ... Then, well ... why not? )

[bonski]

No, this is impossible. A country cannot predict and dictate the price of bitcoin thats why its value is very unstable. And it can affect the market of a country it they will make the bitcoin as their official currency. But declaring bitcoin as some kind of other currency, second currency or source of money maybe a country could about this.

[BitcoinBlackjack]

Interesting thought, and yes I do think that it's possible. However counties are usually able to print money in order to control its value and supply. With BTC they won't be able to, which might make it impossible for a country to use BTC as official currency.

I might be wrong though, any economists in here?

[XodhvdjI]

Not at all. The anonymity of Bitcoin is what makes it rather suspicious and untrustworthy. I love Bitcoin but it isn't very safe for mass adoption. Bitcoin in my eyes should always be a plan b. Never a plan a.


That's why it starts with a B.

[myCoin ID]

Don't think it will happen. If anyone tried, they would be bombed back to the stoneage by the bankers

[~BitSy~]

As much as we all like this to happen I think it's impossible because governments wouldn't let something they don't have control of and in this case bitcoin it's the opposite of what their after but if they could somehow create something similar to bitcoin but a centralized version then that has the possibility of usage for countries in crisis.

[davis196]

Impossible.Why are you asking this?

[iluvbitcoins]

I don't see why a country would adopt bitcoin, if it can just create a new cryptocurrency 

[Farhad099]

Bitcoin is digital currency. But Banks not use it. So it's not possible I think.

[aardvark15]

I don't think it will ever be an "official" currency.  But I could see a small undeveloped country relying heavily on it unofficially.

[Farhad099]

How it possible for a century ? After all it,s a new currency of world. And bitcoin is online currency for world.

[Rasa009]

I don,t think it happened. Bitcoin is online currency. And it not for a country. It all of us.

[mOgliE]

Yes, it is possible. In a country where all government are drug addict mental morons.
 

You mean in a government that understands the Fiat system is not only crashing but also flawed from the Base

[Snail2]

No, bitcoin at it's current transaction processing level isn't capable of handling the hundreds of thousands daily transactions what even a smaller country can generate. It would be good for micro nations but certainly not for anything bigger than a thousand people.
Also, states are do not like more or less anonymous unregulated currencies what they cannot control and can swing 40% in value twice a day if a few pumpers got drunk somewhere in China or in the States .

[BADecker]

The nation that adopts Bitcoin formally will be very close to a free market with its people, and complete freedom in the nation.

Two nations that could easily do this if they wanted to really free their people are, America and Switzerland.

As it is, if the people of America understood about jury nullification, they could force the American government to free them without adopting Bitcoin officially.

[designerusa]

Not right now. Not any time soon, I don't think a nation will replace it's currency with bitcoin until bitcoin is very widely adopted and people know how well it actually works. My prediction is that the first country to replace their currency with bitcoin will be doing so sometime after 2040. Maybe in Africa or Latin America.

perfectly agreed.. countries will be doomed to replace their currency with bitcoin in the very late future  but now it doesnt seem quite possible..

[electronicash]

Do you think this can ever happen? Bitcoin or any other form of cryptocurrency.
Which country do you think could be the first to do this (hypothetically)?

Not a chance. why would a country with their own government ruling the people receiving all the money from the people will submit to bitcoin network?
that as very dumb thing to do. i would however think of a possibility for a government to create their own crypto. I think CREVA is one made for koreans.

[Daniel91]

Why not?
In some countries like Switzerland it will be very easy.
People there have right to ask referendum about anything they want to change in their country, even national currency.
If enough signatures collected, government is obliged to call a referendum and accept the decision of the people.
So, if we can inspire people there or find enough Bitcoin lovers in Switzerland, we can help that bitcoin become official currency there
In some countries, of course, it will be very difficult to introduce BTC and be accepted, but in some country it will be more easy.
All will depend on public pressure.

[EUROPEANTURK]

Yes, it is possible. In a country where all government are drug addict mental morons.
 

your quote is quite funny.. i share same idea with you.. bitcoin will never replace the real money.. because people want to touch banknotes .. we want to hear ka-ching..