So...bitcoin is now a national currency ("nation" of 4 people)

[Elwar]

So this small island off of Portugal, Principality of the Pontinha, has been a sovereign nation by royal decree since the 1400s. It has been handed down and changed hands a few times. The current leader has decreed that bitcoin is the nation's official currency.

This could literally kick off a lot of things. Bitcoin would officially become a foreign currency for all nations.

Equador, which is the only country to actually pass a law banning Bitcoin (which the law only banned Bitcoin from running on its banking network) had a stipulation that it would be recognized if it became a national currency. So by passing such a law...they may have potentially forced themselves to recognize bitcoin as an official currency.

I wonder how US will deal with considering Bitcoin a commodity when it is officially a foreign currency as well.


http://www.newsbtc.com/2015/12/13/bitcoin-atlantis-currency/

Edit: Wow, I didn't think this thread would go on as long as it has. If you actually read the article there are only 4 people in this "nation" part time.

[WENGER]

This is a great news, care to share the source?  Regarding US way of dealing with Bitcoin regardless of being a foreign currency or a commodity, I don't think there would be huge differences as long as both be used as source of monetary activities so in terms of outcome for using is pretty much the same unless your statement is for something that I'm missing.

[jt byte]

This is good to hear that bitcoins is a National Currency. In 2016 I think more and more country will accept bitcoin.
Also it would be nice that is more atm for bitcoins so that when I go to other country I just can cash out or that the store accepts bitcoins.
Oh well we will see what well happen in 2016 this is year is almost over and it is a good year for now.

[Bitcoiner2015]

So this small island off of Portugal, Principality of the Pontinha, has been a sovereign nation by royal decree since the 1400s. It has been handed down and changed hands a few times. The current leader has decreed that bitcoin is the nation's official currency.

This could literally kick off a lot of things. Bitcoin would officially become a foreign currency for all nations.

Equador, which is the only country to actually pass a law banning Bitcoin (which the law only banned Bitcoin from running on its banking network) had a stipulation that it would be recognized if it became a national currency. So by passing such a law...they may have potentially forced themselves to recognize bitcoin as an official currency.

I wonder how US will deal with considering Bitcoin a commodity when it is officially a foreign currency as well.


http://www.newsbtc.com/2015/12/13/bitcoin-atlantis-currency/

I thought it was going to be a few hundred people, not just 4, all one family..
That isn't really news, that is just someone using bitcoin.

[eternalgloom]

So this small island off of Portugal, Principality of the Pontinha, has been a sovereign nation by royal decree since the 1400s. It has been handed down and changed hands a few times. The current leader has decreed that bitcoin is the nation's official currency.

This could literally kick off a lot of things. Bitcoin would officially become a foreign currency for all nations.

Equador, which is the only country to actually pass a law banning Bitcoin (which the law only banned Bitcoin from running on its banking network) had a stipulation that it would be recognized if it became a national currency. So by passing such a law...they may have potentially forced themselves to recognize bitcoin as an official currency.

I wonder how US will deal with considering Bitcoin a commodity when it is officially a foreign currency as well.


http://www.newsbtc.com/2015/12/13/bitcoin-atlantis-currency/

I thought it was going to be a few hundred people, not just 4, all one family..
That isn't really news, that is just someone using bitcoin.

Oh lol, this isn't really news then, I do know of another newly formed country that has declared Bitcoin its currency.

https://www.cryptocoinsnews.com/welcome-liberland-bitcoin-national-currency

They appear to have a bit more citizens

[Snail2]

So this small island off of Portugal, Principality of the Pontinha, has been a sovereign nation by royal decree since the 1400s. It has been handed down and changed hands a few times. The current leader has decreed that bitcoin is the nation's official currency.

This could literally kick off a lot of things. Bitcoin would officially become a foreign currency for all nations.

Equador, which is the only country to actually pass a law banning Bitcoin (which the law only banned Bitcoin from running on its banking network) had a stipulation that it would be recognized if it became a national currency. So by passing such a law...they may have potentially forced themselves to recognize bitcoin as an official currency.

I wonder how US will deal with considering Bitcoin a commodity when it is officially a foreign currency as well.


http://www.newsbtc.com/2015/12/13/bitcoin-atlantis-currency/

Gold and silver (islamic dinar and dirham) are both recognized official currency in Indonesia and in parts of Malaysia, (and on IS territories) but it still considered as commodity almost everywhere else. One swallow doesn't make a summer. Especially such a little swallow as Pontinha
.

[funkydog]

Good news! We have to start somewhere... 

[5dollarbill]

this is complete crap! I'm Portuguese and that island is basically a joke... the guy thinks he's a king of that place, or something like that, lol! And yes, nobody lives there basically, and there is no commerce... no real places to use Bitcoin, to make it circulate.

as discussed on this forum quite a few times, Bitcoin can't really be a national currency but it can be widely adopted... But on places where more than half a dozen people live and where there's commerce

[Pierre 2]

This is good headline and good publicity. It may help btc's credibility.
BUT it is not enough. Btc needs much more recognize.

[fracorcled]

It is good news. But Altantis (Principality of the Pontinha)  is too small nation. Is it recognized by Equador government?

[LuckyYOU]

This is very good news for bitcoin. But it's not nearly enough to get bitcoin more known. It's only good for that island.
There are still people in the world who are not aware of what bitcoin is exactly.

[calkob]

Good title, but seriously this bit of land is 178m,sq .  Hardly a world leader in global finance.  We use Bitcoin in my house also, and you know what they say, "every English mans home is his castle"  so on my lands i decree that Bitcoin is the national currency also.

[Kepler510]

This is a very exciting news.
because the recognition of BTC as the currency in portugal made the BTC is getting famous and perhaps other Nations will also deepen about the BTC and  finally nations admit BTC as currency .


Finally the BTC as alternative currencies
 

[xuan87]

waow it is a fantastic news, so finally bitcoin is one of recognized currency,

its mean that bitcoin will get more popular and bitcoin cant be shutdown by any party

but i am wondering how are they going maintain the bitcoin in society..

[pawel7777]

Good news but it will have zero impact regarding recognition of BTC as foreign currency, unless it's recognised as independent country by the UN, but, even then, things will unlikely to change.

As for now, it's not much different than Liberland which also considered to make BTC its official currency.

[hunnaryb]

Comon.. this is a joke.. Its a family of 4 people

[mezzomix]

this is complete crap! I'm Portuguese and that island is basically a joke... the guy thinks he's a king of that place, or something like that, lol!

They will find out who is the real king when they start to not pay the taxes anymore.  

BTW are they connected to the internet?!  

[newcoins1978]

Comon.. this is a joke.. Its a family of 4 people

Lol that sucks. I guess 4 citizens won't make much of a difference but it's a good place to start.
We need way more people to be aware and adapt to bitcoin for an actual change to happen.

[Amph]

isn't this omething akin to the liberland thing, that was accepting bitcoin a a national currency, at least they are a bit bigger than this new "country"

there are also no taxes to pay there

[Elwar]