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Author Topic: country using bitcoins?  (Read 861 times)
vokain
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April 09, 2013, 05:39:54 PM
 #1

I saw a post earlier that this relatively small country was using bitcoin in its intended use and that bitcoin was on the way to becoming the major currency used in that country. The search function for this site is horrible and I've looked through my history but can't find this particular post. anyone know what i'm talking about?

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April 09, 2013, 05:55:41 PM
 #2

No. No country has or will adopt use of BTC as its currency.
vokain
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April 09, 2013, 05:56:44 PM
 #3

No. No country has or will adopt use of BTC as its currency.

not as an official currency but the people chose to use it. i swear i read that some people in a country, close to the Indies i believe, is using bitcoin in everyday trade in a significant percentage

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April 09, 2013, 05:57:43 PM
 #4

Pretty sure people would be talking more about something like that if it was true, but I haven't heard it so I can't attest to anything.
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April 09, 2013, 05:59:28 PM
 #5

Pretty sure people would be talking more about something like that if it was true, but I haven't heard it so I can't attest to anything.

there's so much talk about the price increase that everything else is getting drowned out

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April 09, 2013, 06:00:03 PM
 #6

No, the true believers around here were all excited about Cyprus (because their govenrment wanted to seize a percentage of citizens bank accounts)...but it certainly isnt in wide adoption there, and there is no evidence to suggest that Cypriots have bought up a significant amount of BTC.
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April 10, 2013, 05:08:11 AM
 #7

You mean the people of the country chose to use it? Doubt it, I think the cyprus rumors were nonsense

My attempt at adding to the bitcoin-using marketplace: https://bitcointalk.org/index.php?topic=171843.0
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April 10, 2013, 05:12:16 AM
 #8

I saw a post earlier that this relatively small country was using bitcoin in its intended use and that bitcoin was on the way to becoming the major currency used in that country. The search function for this site is horrible and I've looked through my history but can't find this particular post. anyone know what i'm talking about?


This would actually be a genius move by a country like Cuba or Greece. They could bypass their external monetary issues, and they could maintain sovereignty by issuing their own currency through their own central bank backed by bitcoin (like what is done with gold and other reserve currencies).. by the very nature of them adopting the price would soar. Other countries like Venezuela, Iran, etc.. that has some monetary gripe (right or wrong) then would have an increasing incentive to jump on board. As the early adopter Cuba or Greece type country would become fabulously wealthy.. almost like if you were the first country to officially recognize gold as valuable.

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April 10, 2013, 05:20:56 AM
 #9

I saw a post earlier that this relatively small country was using bitcoin in its intended use and that bitcoin was on the way to becoming the major currency used in that country. The search function for this site is horrible and I've looked through my history but can't find this particular post. anyone know what i'm talking about?


This would actually be a genius move by a country like Cuba or Greece. They could bypass their external monetary issues, and they could maintain sovereignty by issuing their own currency through their own central bank backed by bitcoin (like what is done with gold and other reserve currencies).. by the very nature of them adopting the price would soar. Other countries like Venezuela, Iran, etc.. that has some monetary gripe (right or wrong) then would have an increasing incentive to jump on board. As the early adopter Cuba or Greece type country would become fabulously wealthy.. almost like if you were the first country to officially recognize gold as valuable.

Greece should do it and call it "Democracy 2.0"  Cool

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April 10, 2013, 07:04:07 AM
 #10

This would actually be a genius move by a country like Cuba or Greece. They could bypass their external monetary issues, and they could maintain sovereignty by issuing their own currency through their own central bank backed by bitcoin (like what is done with gold and other reserve currencies).. by the very nature of them adopting the price would soar. Other countries like Venezuela, Iran, etc.. that has some monetary gripe (right or wrong) then would have an increasing incentive to jump on board. As the early adopter Cuba or Greece type country would become fabulously wealthy.. almost like if you were the first country to officially recognize gold as valuable.

Why wouldn't they just make their own cryptocurrency?
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April 10, 2013, 07:11:24 AM
 #11

This would actually be a genius move by a country like Cuba or Greece. They could bypass their external monetary issues, and they could maintain sovereignty by issuing their own currency through their own central bank backed by bitcoin (like what is done with gold and other reserve currencies).. by the very nature of them adopting the price would soar. Other countries like Venezuela, Iran, etc.. that has some monetary gripe (right or wrong) then would have an increasing incentive to jump on board. As the early adopter Cuba or Greece type country would become fabulously wealthy.. almost like if you were the first country to officially recognize gold as valuable.

Why wouldn't they just make their own cryptocurrency?

+1, they wouldn't but they would undoubtably f*ck it up.

That said, compared to Bitcoin, Cuba and Greece are extraordinarily wealthy economies. That might not always be so, but its true now. A) Greece is in the European union, at least for now, and I think there is Zero chance of the ECB letting Greece exit the euro for Bitcoin. B) Who would be mining on Cuba? The Cubans would have to buy all their bitcoin from us, and the second it came out Cuba would move to bitcoin, we would charge them a trillion dollars to get anyway. So switching would probably impoverish them.

Countries would either start their own, or just plain not switch. What you could see is a rise of the 'shadow economy' where all bitcoin users are members of a pseudo worldwide economy.

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