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Author Topic: BTC as a national currency?  (Read 12223 times)
HeRetiK
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August 15, 2017, 02:09:51 AM
 #21

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?

Do you mean BTC as a legitimized currency or BTC as sole national currency?

We're already seing BTC as legitimized currency in one way or another in a lot of countries.

In addition to the already mentioned points of volatility, scalability and politics, BTC as a sole national currency can't work due to it's deflationary nature. At one point BTC could work as national reserve, but some form of inflationary fiat will always be required for economic growth. Without credit, no economic growth. And you definitely don't want to take a long term loan on a deflationary currency.

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August 15, 2017, 02:25:06 AM
 #22

I don't think there is a country who will abandoned there local currency for bitcoin. If that happen I don't know if that is also good to bitcoin.

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August 15, 2017, 03:07:50 AM
 #23

There is a possibility that this will be national currency and yet there will be more competition as it will have a lot of influential banks. There's a lot of talk and there's definitely something to complain about here. Because others do not know bitcoin yet and they can not afford to buy the phone. But we can see the bit more slowly in bitcoin we do not know what's happening right now but there are plenty of improvements in the future of our national currency and if this happens at the same time as our technological development. Also, it is difficult to find that it is a currency because it requires technology before you can pay for any store.

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August 15, 2017, 03:10:46 AM
 #24

I don't think a specific country will make bitcoin as their national currency. Bitcoin has been using world wide and I think it will stay that way. No particular country will own it and can use it as their national currency

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August 15, 2017, 03:21:28 AM
 #25

the bitcoin was conceptualized as a payment system and is treated as virtual currency and it is the king of virtual and crypto currency if there will a vitual nation created from a virtual world then bitcoin will be their national virtual currency.
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August 15, 2017, 09:30:48 AM
 #26

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?

Probably not. Because of bitcoin's feature, it would be hardnfor any government to control btc transactions. You can't have a national currency without government control right?

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August 15, 2017, 10:19:48 AM
 #27

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?
Probably bitcoin won't ever become a national currency. First of all, no country in this world would even consider using something that can be used only in the internet but not while offline. Also governments won't let it since they want a national currency to be controllable by them and not decentralized. Finally, bitcoin's transaction speeds does not confirm in an instant while you can pay instantly with fiat.
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August 15, 2017, 10:33:39 AM
 #28

,i guess yes it is already, even though some of the countries aren't legalizing or not yet legalized bitcoin, there are already  exhanges happening in their local currencies or fiats. Maybe there are so many rumors or speculations that it may replace the fiat in terms of value, i don't think it is quiet impossible for now, maybe someday we don't know.

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August 15, 2017, 10:40:24 AM
 #29

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?

No. The ability to both monitor and control the fiat money supply is one of the greatest single powers of governments. And BTC, because its price cannot be controlled by various macroeconomic measures, is too volatile to base a national economy around. Producers, merchants, workers and customers all need a stable currency in order to make a stable living.
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August 15, 2017, 10:45:19 AM
 #30

Never bitcoin will not be used as the national currency. This is not only because the government is deprived of the opportunity to monitor any crypto currency, but because it is impossible to trust in the wrong hands the fate of the state. It is very risky.
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August 15, 2017, 10:46:58 AM
 #31

Most governments are too inefficient and dysfunctional to implement a cost effective national cryptocurrency.

The united states spending trillions of dollars on healthcare reform without producing much in the way of tangible positive gains is a good example of this.

A single person like Satoshi, or a small group of developers could do a far better job than a government when it comes to designing, producing and implementing something.

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August 15, 2017, 10:48:02 AM
 #32

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?
Liberland,a mini nation has made bitcoin as their national currency.But it would not be suitable for bigger nations as they already have their own currencies strong.So,they don't have a  must situation to make bitcoin as national currency.More over,bitcoin is highly volatile in its price.So,it would not suit for a government to have such a currency as national currency.What they could do it they could legalize bitcoin as japan or else,they could allow bitcoin to use as a secondary currency.Iran is discussing to use bitcoin as secondary currency to bye pass US sanctions.

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August 15, 2017, 10:57:03 AM
 #33

Never bitcoin will not be used as the national currency. This is not only because the government is deprived of the opportunity to monitor any crypto currency, but because it is impossible to trust in the wrong hands the fate of the state. It is very risky.

Governments can easily monitor most cryptocurrencies, including Bitcoin. This is one of the reasons that BTC-e was taken down: through blockchain analysis that linked someone to the laundering of ~ 600,000 bitcoins.

The problem lies in the fact that they can't control the currency. Governments (and central banks) want the ability to prop up the economy if necessary. This can't be done with bitcoin as a national currency.
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August 15, 2017, 01:29:47 PM
 #34

Why should any nation declare a particular currency as its national currency, when it can't control the supply and exchange rates? Also, depending on a digital currency instead of fiat has its own disadvantages. A net connection and smartphone is required for the transactions, and the users need to wait until the three confirmations are done.

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August 15, 2017, 02:14:30 PM
 #35

Bitcoin cannot be a national currency because of its lack of supply in the future because bitcoin is not only available in a single country but for the whole world that can access it through the internet. Bitcoin will just serve as an option for the possible payments and money transfers but bitcoin will not become the legit and only currency as acting as national currency in a country.

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August 15, 2017, 02:27:04 PM
 #36

A net connection and smartphone is required for the transactions, and the users need to wait until the three confirmations are done.

This has always been the main disadvantage of crypto currencies. There is no way to exchange value in crypto offline, unless you fully trust the entity you are dealing with, to hand you a private key really containing the promised value. And then still, you can't just leave the funds untouched since you for sure know that you aren't the only one with access to that particular private key. I am actually glad that fiat is doing its job exceptionally well in that regard. I don't even want Bitcoin to function as national currency. Both fiat and Bitcoin have their own use cases, and both can function alongside each other without any problems. One day Bitcoin will do a better job in serving you, while fiat in other cases might be a better option to go for.

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August 15, 2017, 04:40:30 PM
 #37

Actually right now bitcoin is a national currency for everyone over the cryptocurrency world. Why?

1. You can access it from different countries.
2. You can do transaction wherever you are.
3. Can be used as payment.
4. High value.
5. When dumps always recovers

The only disadvatages of bitcoin is that the transaction fee is high and you need a confirmation before the transaction can be successful
.
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August 15, 2017, 06:25:00 PM
 #38

Why should any nation declare a particular currency as its national currency, when it can't control the supply and exchange rates? Also, depending on a digital currency instead of fiat has its own disadvantages. A net connection and smartphone is required for the transactions, and the users need to wait until the three confirmations are done.

It makes no sense at all (except maybe as the currency for an "ancap nation" maybe, which doesn't exist). Controlling the money supply, preventing panic via pegging the forex rates and propping up the economy with printed money: these are the most useful tools for governments to maintain stability and order. That's how they maintain control over their populations: by providing order and stability.
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August 15, 2017, 07:43:08 PM
 #39

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.
Your facts are right, bitcoin is suitable global currency, you cannot make it as national currency, people from whole world know about bitcoin and they work at their homes to earn it. Bitcoin is not a small platform there is a large numbers of team members that regulate and continue its growth and flow in the market which can be very easy for a single country to perform.

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August 15, 2017, 08:18:58 PM
 #40

I think Rogue States like Iran, North Korea, Syria, Israel etc. Can use bitcoin for the supporting to paramilitary groups.

(Rogue States for My opinions. It's not related politics. Just my opinion. Respect!)

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