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Author Topic: BTC as a national currency?  (Read 11771 times)
danim1130
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August 20, 2017, 03:10:24 PM
 #121

no it can't be many of the people doesn't know about bitcoins though the price of it is very high and bitcoin is so valuable but it doesn't mean that all of the people in the country can accept that, it will take time for sure.

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August 20, 2017, 03:48:39 PM
 #122

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.
Bitcoin is more than a national currency because in all form of currency in every country we could actually used bitcoin on transaction just consider on the acceptance of bitcoin to a specific country. But if you are going to look at bitcoin as a form of universal currency that can be used in all country with all types of transactions. So the best thing to do is to support bitcoin as a form of transaction in a daily basis that may result on further development on bitcoin price, value, transaction and security.

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August 20, 2017, 03:59:23 PM
 #123

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.
Bitcoin is more than a national currency because in all form of currency in every country we could actually used bitcoin on transaction just consider on the acceptance of bitcoin to a specific country. But if you are going to look at bitcoin as a form of universal currency that can be used in all country with all types of transactions.

Bitcoin can be more, but I agree with first comment, bitcoin is still not suitable to become national currency in one big and developed country, maybe in some little island state yes. Until bitcoin become suitable To fulfil all parameters that one serious currency should have we will see the same as what is happening in Japan currently, bitcoin will be legalized currency, available for using, trading, investing, aside from their own national currency.
I said Japan, but there are other countries that did the same, this will be sort of test, we need to wait a year or more to see results of that.


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August 20, 2017, 04:00:08 PM
 #124

Although bitcoin has increased in price from previous years, but many people do not know of bitcoin even most countries are still many who can not formalize bitcoin.
Especially if bitcoin used as a national currency in my opinion it would not be possible because each country has its own currency.
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August 20, 2017, 04:04:33 PM
 #125

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?


At the present time, Bitcoin can hardly become a coin of any country because its price is too high and it is hard to control. However, I believe that in the future, some extremely advanced countries can use it as a national currency, which is really too small for the control of small nations.


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August 21, 2017, 01:39:35 AM
 #126

so there won't be the national bank in that country?
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August 21, 2017, 02:48:44 AM
 #127

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 only a small micro nation named Liberland in europe has made bitcoin as its national currency.It has recently emerged as a nation.It has avoided huge expenses of printing new currencies by announcing bitcoin as their national currency.But,it would be not easy for other big nations to do so,since they already have their national currencies.Volatile nature of bitcoin is the main reason for it.

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August 21, 2017, 02:49:29 AM
 #128

I think not. Not all people in a country has a knowledge aboit bitcoin. And you would need internet in order to use bitcoin. A national currency must be used by everyone.

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August 21, 2017, 03:02:44 AM
 #129

I don't think BTC can become a national currency.  I do believe that an alt coin created specifically for a country CAN be that country's money and economic system.  I don't see it any different that a fiat.

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August 21, 2017, 03:38:45 AM
 #130

I dont think if if bitcoin is national currency becuase many countries and many people dont know all about bitcoin. But many people familliar to bitcoin becuase of this value do much high and continiously to rise . but many people never use this becuase they didnt try .but i think it is a currency for a people who always use internet by using bitcoin.

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August 21, 2017, 03:43:05 AM
 #131

so there won't be the national bank in that country?
Common man think rational, how can btc will a national currency?? what is a national currency? => it is related to a particular nation. so how btc come to be related to any nation? BTC is just an investment and digital currency , some countries might adopt accepting payment in BTC like Japan but it can never be a National Currency.

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August 21, 2017, 03:53:51 AM
 #132

If to become the national currency I think not yet, why? Because until now the price of bitcoin is very volatile. Meaning that his prices sometimes rise quickly but sometimes also go down very drastically

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August 21, 2017, 04:00:24 AM
 #133

If to become the national currency I think not yet, why? Because until now the price of bitcoin is very volatile. Meaning that his prices sometimes rise quickly but sometimes also go down very drastically
You are right if it becomes a national currency and Govt start giving payouts in terms of BTC then a servant will get x amount of btc and it can become equal to Manager's salary by 3-4 days and vice versa.

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August 21, 2017, 04:32:52 AM
 #134

Two words that i could say to this question IN SANE.  We have our national currency here in our country which is hard to earn it's because you need to apply a work or some businesses which can provide to your family. If you have a bitcoin you will need a high tech gadgets in order to access your tokens or BTC or ETH. Maybe in the next millennium will be the coup for this currency.

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August 21, 2017, 05:22:45 AM
 #135

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?
There's a big possibility that it can be a national currency and even international. Because of the development and the continuous growth of value of this maybe some government offices will establish that bitcoin will be the national currency of a country. And if this would be legalized, it will be a good thing but it takes a very long time and effort for it to be used in a country.

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August 21, 2017, 06:00:31 AM
 #136

Volatile nature, people's lack of knowledge, online network requirement for transactions are some of the few hurdles need to be solved first to be used as usable national currency.
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August 21, 2017, 06:09:39 AM
 #137

International, worldwide, that is what i think of bitcoin. It can be seen right now. We are using it like a currency to send money to different countries.
Example is my the one paying signature campaigns. I am from Philippines and if is from the US or other countries then aint it international currency already? They dont send cash but bitcoin and yet I can change bitcoin to cash. That is just the same although I want bitcoin to be spend by itself and nor going thru 3rd parties.

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Farma
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August 21, 2017, 06:12:50 AM
 #138

I think at this time every country has its own currency, even all independent countries have it. I would argue that bitcoin can not be used as a currency in one country, since bitcoin usage is not so free, and may only be used as an alternative.


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frowsiter
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August 21, 2017, 08:18:29 AM
 #139

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?

Believe me if bitcoin surpasses the huddles such as easy way to transact locally and instantly then it is the  first and last currency that we will see as nationalised. Not only one nation but every nation would want to recreate the new coin for themselves which will bring up the stable economy for everyone involved. This will generate equal opportunities in all the countries leading to cheaper world, easy life and much more. Everything will be very cheap and the nations would unit because of bitcoin. Hope that happens soon.

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August 21, 2017, 08:20:57 AM
 #140

It would be nice to have bitcoin as our national currency. But honestly, bitcoin is not fit as a national currency for any country. Its value is too unstable and unpredictable, the service and product price depends on the price of a bitcoin. In addition, it is not practical in a daily basis to have transaction fee every transaction. Transaction is not also as fast as paper money. In the near future, it would be possible if the government would really regulate it well.

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