Can Bitcoin bring any country on its knees?

[xIIImaL]

no it can not.
because it is not yet accepted by everyone to begin with so bitcoin is still very small to have any effect. and it needs to be adopted first, that is why price always rises.
and then, bitcoin is just money and money can not do that. government can simply regulate every business that works with bitcoin and we will have the same world with bitcoin as we have with fiat.

If you look at the adoption rate, seriously we are moving on top when compared with the other stocks in the world. Bitcoin will be accepted by the normal people in everywhere but the government and the politicians will not make bitcoin to be legalized money in the country because once it is been implemented then all the funds under government treasure might take under once btc ledger. They cannot loot anything by anyone.

[batang_bitcoin]

There is a chance but the people needs to unite and they need to dump their very own fiat (local currency) and will suggest to the state that they are going to shift into bitcoins. It can also go this way, that the state is the one that will tell the people that it can be a good thing if they will rely to bitcoins which is quite possible.

[ImHash]

Yes especially with a 5 transactions per second capacity network and a cloud like block chain(distributed nodes and mining pools around the world)  with a cloud like vault containing the coins(private keys). the whole world if come together to shut down bitcoin they will not succeed however we all know that united front global nations is impossible it also won't work the other way, not the whole network of bitcoin united can cripple an entire nation's economy.
As the coins are being widely spread there is not much of a strong support in any particular country, you can not allocate enough liquidity in exchange for a large amount of bitcoins with the current marketcap. $20B is nothing compared to the financial back bone of most of the countries.

One of the promising benefits of decentralized currency, you can not use it potentially to do harm more than doing good and balancing the justice between the tyranny of world powers against the peaceful countries.

Reason why the idiots of thinking rooms of governments should start recommending their leaders to accumulate as many bitcoins as they can because since bitcoin is no longer a fancy joke and piece of code and has real impact on different levels of society who ever holds more can do more whether good or bad in the future when price per bitcoin is well above $15K.

[xSkylarx]

We all know the Monetary System and how it works. And in this modern era, we often use fiat money and digital money and since the beginning of the fiat money, debt co-exist with it. The debt ceiling is constantly rising because of the number written in our bank books, on a piece of paper that states we have money.

Now BTC comes and a new type of money emerges. And because of the possible growth of the BTC's value can BTC really bring a country on its knees?

I am not an economist but this seems to be identical to the case of the emergence of fiat money.

It is possible, if we are going to talk about those poor countries like Africa, since that they need money, then, using bitcoin could be there way to rise up from poverty, and they are going to worship money if they are going to get addicted to it, especially those greedy people, and if they are going to worship money, then they are going to bend their knees or do whatever it takes just to earn money.

But this is just my thought about this topic, I am not saying that it will going to happen in the future, I am just giving my opinion about this.

[Idrisu]

It could bring a country on its knees If that country didn't regulate bitcoin, If they did then I don't see how this could happen as they will tax it, and make whatever rules they want and since people use exchanges and don't really care about decentralization and their privacy, this is not going to happen. In fact, It's the banking system who will bring bitcoin on Its knees If this continues.

It can bring country to it knee as Is decentralized that is people can produce more bitcoin without government knowledge and that creates inflation in the country as government cannot control the currencies in the circulation.the only way government can control it is through regulatory agency or body but I see no one is trying to do that except china.

[coin-investor]

I don't know if it is possible,because the creator of Bitcoin has no intention to bring any country's economy down,they can co-exist and support it's other,but of course the government will do everything to control bitcoin and make it their cash cow.

[AjithBtc]

Nowhere bitcoin has gained the potential as a mainstream currency, so it won't affect the economic development of a country. It would serve as a good alternative to serve the financial technology through advanced blockchain technology. When the same get used in several sectors the development will be much than the present. So it makes the country stand strong and grow in economy.

[bitbunnny]

I don't think this could happen, Bitcoin is not that strong. Bitcoin can be alternative and some parallel currency but not the mainstream in some country and people would not stop using fiat currencies and switch to Bitcoin only so there is no danger. But governments are more and more aware of Bitcoin presence and that they have to take it seriously.

[Kemarit]

It won't happen. Bitcoin cannot bring any country on its knees because its not even adopted by mainstream. And even if is mass adopted, the government will not let bitcoin takeover their financial industry like banks because they will be useless if bitcoin became the main currency. Banks are controlled in how much money they can create by Central Banks and Financial Regulators. Banks have controlled the supply of money for so long that they won’t give it up easily. So bitcoin will not bring any country to its knees as far as the financial industry is concern IMHO.

[hurain]

I don't think this could happen, Bitcoin is not that strong. Bitcoin can be alternative and some parallel currency but not the mainstream in some country and people would not stop using fiat currencies and switch to Bitcoin only so there is no danger. But governments are more and more aware of Bitcoin presence and that they have to take it seriously.

yes currency not a single country is going to stop using fiat. but still they will also use bitcoin in addition to fiat and when all the people will  start using bitcoin instead of fiat then the use of fiat will become lesser and lesser.

[crypto1010]

YES it CAN  !! Maybe thats the reason why many countries are afraid of supporting it because it can collapse their economy with traders and whales manipulating its price

[Juggy777]

Are you even serious, how in the world would it bring a country to its knees. First of all no country owns it, it is measurable in $. Maybe one could sell all the btc and wage a war against the particular country, but how long will they last, they won't even last even a while. Plus even before such agencies try they shall be destroyed. So no I don't think any one can do what you are assuming to. But can they cause trouble yes sadly yes they can cause lot of troubles. They could finance terror activities, the thought only sends a chill down my back, what if btc got banned due to these fools.

[DomainMagnate]

Unless btc become international currency officially,I do not think it can bring any nation to it knees.
The currency of any country is pegged against dollar and unless dollar fail or a national currency is pegged with bitcoin,chances of happening that is negligible.

[cengsuwuei]

I think is can't, because bitcoin until now only digital curency not real curency
in china the big user bitcoin in the world still country(PBOC) control bitcoin, not bitcoin control country

[YuginKadoya]

Because of the value of bitcoin today that is why you come up with this topic, but I think even if the value was very great that other fiat money it will not mean any countries down to it's knees because no country is holding bitcoins and it is not controllable by any of that country in fact if a country is using bitcoin they are just manifesting the use of it and because direct transaction was really not a much option with bitcoin the exchanging of fiat to bitcoin or bitcoin to fiat was taxable by some country!

[Xester]

We all know the Monetary System and how it works. And in this modern era, we often use fiat money and digital money and since the beginning of the fiat money, debt co-exist with it. The debt ceiling is constantly rising because of the number written in our bank books, on a piece of paper that states we have money.

Now BTC comes and a new type of money emerges. And because of the possible growth of the BTC's value can BTC really bring a country on its knees?

I am not an economist but this seems to be identical to the case of the emergence of fiat money.

Bitcoin cannot bring any country to its knees. Though there is a possibility of bitcoin adoption the state on the other hand has still the power and control the  use of bitcoin. The government will simply declares the use of bitcoin illegal and it will be worthless on that country. But even though bitcoin cannot make countries fall on its knees but it can befriend countries and work hand in hand with it.

[qiwoman]

There is a possibility if people on that specific country stop using their government's fiat currency and start adopting the use of digital currency which is bitcoin. Then those corrupted politicians, capitalist has no more control to their people.
Then those people who is living in that country has chance to get a better life because they wont drown in debt no more.

Yes but it is not that easy because these corrupt politicians may pass a bill to ban bitcoin with some false accusation to save their backside and also try their best to stop bitcoin from over taking their currency but all i can suggest is bitcoin will not replace any particular currency but it will as best alternative to any fiat.

[Iranus]

It could bring a country on its knees If that country didn't regulate bitcoin, If they did then I don't see how this could happen as they will tax it, and make whatever rules they want and since people use exchanges and don't really care about decentralization and their privacy, this is not going to happen. In fact, It's the banking system who will bring bitcoin on Its knees If this continues.

It can bring country to it knee as Is decentralized that is people can produce more bitcoin without government knowledge and that creates inflation in the country as government cannot control the currencies in the circulation.the only way government can control it is through regulatory agency or body but I see no one is trying to do that except china.

It's a tad suspicious that you're a full member on the forum and yet have no understanding of even the most basic principles of Bitcoin.  Maybe you haven't been here as long as your account suggests.

People can't just create new Bitcoin, the amount of Bitcoin that is created is based on blocks that are mined and is set, to reach a maximum of 21 million around 2040.

I think that if Bitcoin's adoption was reasonably gradual, it would not cause too many problems for the country.  It might be harder to regulate though, which could result in tax evasion (although, legally, you would have to declare your earnings, this could be avoided).

[carlerha]

It could bring a country on its knees If that country didn't regulate bitcoin, If they did then I don't see how this could happen as they will tax it, and make whatever rules they want and since people use exchanges and don't really care about decentralization and their privacy, this is not going to happen. In fact, It's the banking system who will bring bitcoin on Its knees If this continues.

It can bring country to it knee as Is decentralized that is people can produce more bitcoin without government knowledge and that creates inflation in the country as government cannot control the currencies in the circulation.the only way government can control it is through regulatory agency or body but I see no one is trying to do that except china.

but i think currently still there is not a single country who have accepted bitcoin as legal currency. but i think if future there are more chance that government will accept bitcoin as legal currency, because the new generation are taking more interest in bitcoin.

[Zadicar]

There is a chance but the people needs to unite and they need to dump their very own fiat (local currency) and will suggest to the state that they are going to shift into bitcoins. It can also go this way, that the state is the one that will tell the people that it can be a good thing if they will rely to bitcoins which is quite possible.

Dump their own fiat? I dont think so that they would do such action and as long the government would be the ruler they will surely obey on whats the law on that particular country when it terms of currency.As we all know not all people on a country would have the knowledge about bitcoin,we cant still be sure on that. Putting a country to its knees about bitcoin wont happen.