Can Bitcoin bring any country on its knees?

[RodeoX]

Well, Tulips have brought countries to their knees. So, maybe?

[fanbeila]

Decentralization, in my opinion, can be the cause of bringing a country on its knees. As far as i know, BTC is an international internet/digital money which is decentralized and there is no one that regulates/control it. Since anyone with BTC can have transactions anywhere in the world without the consent of a government, this may deflate or decrease a country's currency value. Doesn't this contributes to the possibility of having more debt in an international bank or whatever, thus making a country's economy down.

Only for that reason,china fears bitcoin and has given regulations to the bitcoin exchanges in its country.China does not want its country's assets to go outside via bitcoin.If china has not implied these regulations,in future,bitcoin would have brought china on its knees.when bitcoin can do it to such a big country,its clear smaller countries cant even stand against bitcoin.

[iqlimasyadiqa]

the conclusion is that bitcoin can provide a big change in a country. bitcoin give different financial system of a country.
anyone could take it with positive and some are not.

[BitcoinHodler]

nah, i don't think so. bitcoin is not big enough to do such a thing. you are looking at a small picture, instead you should start zooming out, compare bitcoin with other things in the world that are similar and you will see. financially it is too small in my opinion.

[szpalata]

Well, Tulips have brought countries to their knees. So, maybe?

If it will bring any country to its knees then that will be the United States, because Bitcoin is quoted in US dollar terms than any other currency.

[Dem-artini]

Well, Tulips have brought countries to their knees. So, maybe?

If it will bring any country to its knees then that will be the United States, because Bitcoin is quoted in US dollar terms than any other currency.

If people want to use bitcoin and at the same time remain anonymous, then states will simply cease to exist, because they will lose their means of subsistence. And the fact is that due to taxes the country keeps on the level.

[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.

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.

And if that is so, then there's no chance on making it possible. Unless the government is the one that will introduce it to the people and explains clearly that bitcoin can help their economy to boost. They need to be good on explaining it to their people so that their citizens will be encourage easier and in the nicest way.

[BitDane]

I do not think Bitcoin will bring anyone country to its knee.  First it won't be adopted as main currency and if ever acknowledge will always be an alternative.  Nation won't make use of Bitcoin to run its economy so definitely it has not much negative effect on a country's financial status.

[Qunenin]

I guess it will not bring any country down, because not everyone adopt bitcoin, and we still need a lot to this thing to happen, despite the debt rises, the country will not let that things to happen, to let them down. But in future maybe after 10 years, bitcoin will be the only currency acceptable everywhere.

[asuryan180]

I really doubt that will happen,yeah it's true that BTC hold a lot of power but at that moment it's highly unlikely for it to have such an influence over any country,I guess the only reason for that would be the country to be in front of a bankruptcy and BTC to be some sort of rescue.And even then it won't be exactly the scenario where BTC will put the country on it's knees,but rather BTC will be the rescuer

[Subrojit Roy]

If a country’s economy relies enough on bitcoin, and if the price of bitcoin suddently drops deep down, or skyrockets, then yes, the country could be taken down in a matter of days.
So, the equation is easy, and it happened in the US, this is why countries protect their currencies.
So the more you depend on a currency, the more you share both benefits and risks. A price skyrocketing could appear to be good for countries, but it isn’t, at it causes lack of stability in budgets repartition.

[Zadicar]

I really doubt that will happen,yeah it's true that BTC hold a lot of power but at that moment it's highly unlikely for it to have such an influence over any country,I guess the only reason for that would be the country to be in front of a bankruptcy and BTC to be some sort of rescue.And even then it won't be exactly the scenario where BTC will put the country on it's knees,but rather BTC will be the rescuer

As a rescuer it would be possible but not would be the main thing that a certain country would put down to its knees.We might see the goodness and potential of bitcoin and somehow we could really say that a country must able to adopt it completely but government would really see not to convincing at all seeing on the aspects and features of bitcoin.

[speem28]

I doubt that it will bring any country to its knees, as other countries still ban the use of bitcoin. refer to ..https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/ . Other countries has different views about Bitcoin and that they only see the downsides that it may induce in their community. They are being very cautious about bitcoin and I guess by the time they accept and realized the positive effects of bitcoin, they will have their own back-up plan in case Bitcoin goes south and greatly affects their financial system.

[audaciousbeing]

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.

Unfortunately I will have to subscribe to this thinking because its actually what countries are scared of especially the movers and shapers of the economy because one thing they want is to find a leak in the system and so far they are yet to get. The implication of adopting bitcoin without the leak is intepreted to mean full liberation and on the negative part could make movement of money easy without any trace which could literally bring the country to its knees.

[Oilacris]

I guess it will not bring any country down, because not everyone adopt bitcoin, and we still need a lot to this thing to happen, despite the debt rises, the country will not let that things to happen, to let them down. But in future maybe after 10 years, bitcoin will be the only currency acceptable everywhere.

Even on 10 years time bitcoin isnt the only currency would be acceptable anywhere and thats my point of view even the adoption is on the process it cant bring a country to its knees since its already independent even on without bitcoins existence which means they cant rely or see benefits from it specially to government which really dont like on decentralized things like bitcoin.

[Jet Cash]

Debt, trading imbalances, bank fraud, bad government, and the EU are bringing countries onto their knees. Bitcoin is just one of the ways sensible people can safeguard their futures.

[Vorth]

It is possible if a country allowed its people to drop fiat and move their capital out of the country through Bitcoin. It was happening in China in 2014 and caused the government to impose bans on money transfer.
What happened there was only a small leak, if at least 30% of the citizens thought of this and the government would not react there would be chaos and banks would be the first to fall.

[btvlGainer]

I think that such a threat exists for countries with a weak economic system. Where the population is poor. People who find out about Bitcoin will use it because of small commissions. The economy will suffer losses. The budget of the country will not be filled, and this is very negative.
Countries with a strong economy simply will not feel the influence of bitcoin