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Author Topic: BTC as a national currency?  (Read 7277 times)
ZakariaKan1997
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August 14, 2017, 04:52:09 PM
 #1

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
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August 14, 2017, 06:31:25 PM
 #2

Bitcoin, for now, is not suitable to become a national currency of any country. Bitcoin's value is too volatile so a product or service will always change in price with respect to the price of Bitcoin. Also, a transaction fee is there with every transaction, this is not practical in using in a daily basis. It will be hard for the government to control the scenario. So if a country will make Bitcoin as its national currency then they have to regulate it first.

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August 14, 2017, 09:11:00 PM
 #3

I don't think that Bitcoin can become national currency of any country as Bitcoin can not work offline which simply makes it unsuitable for everyday transactions. Moreover, Bitcoin transaction are not as quick as paper money transactions are.
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August 14, 2017, 10:22:49 PM
 #4

I would love to have bitcoin as a currency of my country the reason for me to sell bitcoins and at the actual rate is impossible i always pay 5% fees whenever i sell bitcoin and selling for paypal is really risky for me. If it is a national currency i can easy use bitcoins without any additional fees

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August 14, 2017, 10:39:36 PM
 #5

Bitcoin can't be a national currency because govs won't let it be.
We're still in the beginning of bitcoin development, still on scale debate to make bitcoin could afford so many transaction per second and we shouldn't pay a higher fees. Another factor that may a big problem is bitcoin volatile, a country can't adopt a currency which always fluctuate, even third world countries in Africa using US Dollars as their legal currency.
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August 14, 2017, 10:46:12 PM
 #6

Bitcoin is not suited for micropayments because users will complain that their fee is bigger than their bill. It is already good as a store of value, remittances and investment. Stretching it to be a national currency is too much.

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August 14, 2017, 11:24:58 PM
 #7

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
I do not think it goes beyond legalizing bitcoin...because when you say make it become a national currency it has to do with controls and regulations by the government(central bank) which is technically not under their control. The only possibility a country would adopt bitcoin is when there economy is collapsing like in the case of Zimbabwe or Venezuela and only temporal solution is to use other currencies.


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August 14, 2017, 11:26:08 PM
 #8

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?

Bitcoin can never become a national currency for any country. because bitcoin is decentralized and no one controls the generation of bitcoins. No enforcement agency can control the supply of bitcoin. Government will never want such a currency to become their national currency where they don't have any control over it.

That's the one simple reason why bitcoin can't become a national currency ever. However, bitcoin has already created a parallel economy worldwide and a lot of people are earning decent income from bitcoin only. The market cap has reached 70 billion which is even more than a lot of countries put together.  

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August 14, 2017, 11:35:43 PM
 #9

Why not? I think a lot of countries including US are looking into Bitcoin and considering their options in terms of how to incorporate this technology into their governments and political systems. And also how to get the people on board, because that could be very hard.



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August 14, 2017, 11:51:09 PM
 #10

I would love to have bitcoin as a currency of my country the reason for me to sell bitcoins and at the actual rate is impossible i always pay 5% fees whenever i sell bitcoin and selling for paypal is really risky for me. If it is a national currency i can easy use bitcoins without any additional fees
hope that very soon bitcoin will become  the national  currency of every country, because they are going to adopt it as legal currency. we have very good example of japan who already turned bitcoin as legal and now people there are using bitcoin as freely. i am sure that very soon we will also be able to use bitcoin as legal currency.

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August 14, 2017, 11:53:30 PM
 #11

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
I wouldn't believe the bitcoin will become the national currency, bitcoin will become the digital currency and it can't be a national currency because the bitcoin doesn't filled the currency aspect that has been listed in the law of the country.

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August 14, 2017, 11:54:54 PM
 #12

I thought the point is to make a bitcoin world-wide used currency, why the hell it should be nationalized?
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August 15, 2017, 12:01:08 AM
 #13

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
As of now there are countries are accepting bitcoin as payment locally and bitcoin was legalized like in japan but it will never be a national currency..
Because the transaction is not too fast and its really need internet before you can use your bitcoin unlike a paper money like the above said. .
Do you think you can buy foods if you don't have internet in your phone? or do you think you can pay bills without phone..
No you need both devices and internet if you want to deal or buy something using bitcoin that is why bitcoin will never be a national currency.

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August 15, 2017, 12:03:48 AM
 #14

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
I think it is great if we do not need to bring cash anymore, just bringing a device then scan it. If will be possible if the society accepts it, if the stores and other markets will start to accept it too. You cant live using bitcoins this period of time because only limite stores are accepting it as a payment so it is very hard to buy things or services. But I know in the future it will become that one.

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August 15, 2017, 12:05:11 AM
 #15

Thats will be good if become national currency. Some country like japan and rusia (if im not forget, correct me if im wrong) already accept bitcoin. And hope it will accepted to another country. But if we see the prices isnt stable. So, for now it cant become national currency.
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August 15, 2017, 12:27:35 AM
 #16

Thats will be good if become national currency. Some country like japan and rusia (if im not forget, correct me if im wrong) already accept bitcoin. And hope it will accepted to another country. But if we see the prices isnt stable. So, for now it cant become national currency.

Only japan.
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August 15, 2017, 12:37:12 AM
 #17

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?

IMO, bitcoin will never be a national currency because of that will be the case, many countries will be making a move to make it their national currency or they will create another digital currency to be used in their country. I think bitcoin will be more like a global currency than being a national currency.

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August 15, 2017, 01:05:47 AM
 #18

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
Could be yes and can also not. Become a national currency is too impossible, because bitcoin crypto currency that exist only in internet world, but can also yes in this world nothing is impossible



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Bitcoincole
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August 15, 2017, 01:30:51 AM
 #19

So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
Could be yes and can also not. Become a national currency is too impossible, because bitcoin crypto currency that exist only in internet world, but can also yes in this world nothing is impossible


Possibility is within reach, it could happen if this will be supported by our government thru exchange rate. But for now we are stablishing whats better for the country.

gabbie2010
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August 15, 2017, 01:44:42 AM
 #20

Bitcoin, for now, is not suitable to become a national currency of any country. Bitcoin's value is too volatile so a product or service will always change in price with respect to the price of Bitcoin. Also, a transaction fee is there with every transaction, this is not practical in using in a daily basis. It will be hard for the government to control the scenario. So if a country will make Bitcoin as its national currency then they have to regulate it first.
I quite agreed with you that bitcoin is too volatile to be used as a national currency , bitcoin being volatile will cause inflation in that particular country that adopted it as a national currency and coupled with the fact that bitcoin is decentralized I.e it is not controlled by anybody will even makes it much more difficult to be used as a national currency.

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