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Author Topic: BTC as a national currency?  (Read 12097 times)
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September 04, 2017, 10:45:16 PM
 #261

Bitcoin is extremely a new technology, as many countries continue to adopt this technology there are chances for bitcoin to become national currency but there arises more legal issues. So it is a hard thing, just wait for future.
They are not adopting the technology behind the Bitcoin but the blockchain technology already made them all interested to adopting it, To reduce the cost for the operational and the automatization for the financial sector, that was all of the things that i can get from to implement the blockchain in the financial institution.

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September 04, 2017, 10:49:37 PM
 #262

Making Bitcoin as a national currency is not possible because not all people in the world is using Bitcoin, For this to happen Bitcoin should be recognise first by the government of each country. But since not all people can used Bitcoin because some doesn't have internet connection then getting BTC as a national currency is really not possible.

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September 11, 2017, 02:42:24 PM
 #263

Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017 (beginning of a new fiscal year in many countries).
With the new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to cryptocurrency exchange platforms. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.
The recognition of Bitcoin and other cryptocurrencies as legal payment instruments is good news for the global cryptocurrency ecosystem. Adoption of cryptocurrency is expected to increase among people, which will, in turn, drive demand and price.
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September 11, 2017, 02:48:06 PM
 #264

I can't see bitcoin ever becoming a national currency. There are many issues for any country trying to adopt bitcoin as 'their' currency. Governments normally have control over the supply of their own currency so that they can use this as a tool to manipulate the economy where and when necessary. This would not be possible with bitcoin. Furthermore bitcoin is very volatile which would not suit the needs of a country looking for a suitable currency.

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September 11, 2017, 02:51:48 PM
 #265

Its a fact that a lot of milestone have been achieved by bitcoin beyond what anybody could have imagined possible several years ago but here we are despite the challenges. However, being a national currency is still far from being achieved from my point of view not that its impossible, but to make it possible will be an herculean task which is not easy to achieve because of the following.

1. Our individual currency is our pride, our symbol our authority and our identity and to replace that will mean eroding such.

2. Citizens are too attached to national currency in a subjective way and even from my side, its more or less a taboo to either burn money or tear it even though, its a like a piece of paper and taking this away from people wont be anywhere easy.

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September 11, 2017, 03:23:36 PM
 #266

Bitcoin is extremely a new technology, as many countries continue to adopt this technology there are chances for bitcoin to become national currency but there arises more legal issues. So it is a hard thing, just wait for future.
They are not adopting the technology behind the Bitcoin but the blockchain technology already made them all interested to adopting it, To reduce the cost for the operational and the automatization for the financial sector, that was all of the things that i can get from to implement the blockchain in the financial institution.
Actually Blockchain technology can helps us solve many problems about the field database management or minimize ratio loss data by hacker attack. Of course, some big companies like Microsoft has started to join this field and create some software for business, they know become a leader in this field never make them loss their funds.

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September 11, 2017, 06:04:35 PM
 #267

No Bitcoin is not a national currency.Because There are many country did not accept bitcoin.And lot of people don't know about bitcoin.Bitcoin is very important for all us but some people don't believe in bitcoin.

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September 11, 2017, 06:47:28 PM
 #268

Bitcoin as a national currency wont be because it is not invented by any government of any country. Bitcoin has to go a long way to grow and it has potential to grow with challenges. for this task itself need more time thus it is not possible to be as a national currency.

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September 11, 2017, 07:01:37 PM
 #269

Bitcoin will never become a national currency, because the central bank who is part of the fiat robbery scheme will never give it up voluntarily.

Also, why would a government wants to introduce a currency where it has no influence on it whatsoever? This doesn't make any sense for them!
very many speak of national crypto currency, And this is correct, since many financial structures and institutions use crypto currency technology, so it is very correct to have your national crypto currency. But another question, This is when Bitcoin can be an international crypto currency, for use in real trading cases. I think that this will be a very positive moment for many users and for the world as a whole.

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September 11, 2017, 07:06:35 PM
 #270

Yes why not I personally don't mind Bitcoin being our national currency but for that it has to get a bit more stable than it is now. Also the people in that particular country should be aware of what bitcoin is and how it works and have to accept it. Secondly the market of that country should accept bitcoin as a payment if they don't bitcoin can't become national currency. But I still think bitcoin can't become national currency but will be a dominant type of currency that would be more widespread in the coming future and hopefully get accepted in local markets as well.
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September 11, 2017, 07:49:10 PM
 #271

Making Bitcoin as a national currency is not possible because not all people in the world is using Bitcoin, For this to happen Bitcoin should be recognise first by the government of each country. But since not all people can used Bitcoin because some doesn't have internet connection then getting BTC as a national currency is really not possible.
Even when there are many people using bitcoin in the world, there is no chance for bitcoin become a national currency since there are many restriction come from the government. ANd I do believe that no government will accept bitcoin as their national currency


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September 11, 2017, 10:35:13 PM
 #272

I can't see bitcoin ever becoming a national currency. There are many issues for any country trying to adopt bitcoin as 'their' currency. Governments normally have control over the supply of their own currency so that they can use this as a tool to manipulate the economy where and when necessary. This would not be possible with bitcoin. Furthermore bitcoin is very volatile which would not suit the needs of a country looking for a suitable currency.
to me i think it will take some time when bitcoin will become as nationla currency, because still most of the countries has not yet conisider bitcoin as legal currency, but hope that very soon they will consider it as legal currency and then bitcoin will become as national currency
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September 11, 2017, 11:48:59 PM
 #273

I can't see bitcoin ever becoming a national currency. There are many issues for any country trying to adopt bitcoin as 'their' currency. Governments normally have control over the supply of their own currency so that they can use this as a tool to manipulate the economy where and when necessary. This would not be possible with bitcoin. Furthermore bitcoin is very volatile which would not suit the needs of a country looking for a suitable currency.

This makes the most sense to me.  Governments need centralized currency for manipulation; ergo having BTC as a national currency would defeat any tactics that the Federal Reserve or any other centralized bank could pull.
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September 12, 2017, 01:28:34 AM
 #274

I can't see bitcoin ever becoming a national currency. There are many issues for any country trying to adopt bitcoin as 'their' currency. Governments normally have control over the supply of their own currency so that they can use this as a tool to manipulate the economy where and when necessary. This would not be possible with bitcoin. Furthermore bitcoin is very volatile which would not suit the needs of a country looking for a suitable currency.
to me i think it will take some time when bitcoin will become as nationla currency, because still most of the countries has not yet conisider bitcoin as legal currency, but hope that very soon they will consider it as legal currency and then bitcoin will become as national currency
Even a lot of years will pass then bitcoin is not qualified as a national currency because it is not stable and a lot of people will get confused when they will use bitcoin because most of the people in the world are adult to old people then that will make them a hard time to understand bitcoin so i think it is not good for bitcoin to become a national currency even the governments will treat bitcoin as a legal currency.

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September 12, 2017, 04:02:08 AM
 #275

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.
Yes, I agree with you too. Bitcoin can be an alternative currency but not a national currency. Not all people uses smart phone and not all people have access to it. There are so many people in rural areas who don't know how to use computers and even basic phones.


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September 12, 2017, 04:15:29 AM
 #276


Bitcoin is extremely a new technology, as many countries continue to adopt this technology there are chances for bitcoin to become national currency but there arises more legal issues. So it is a hard thing, just wait for future.



But there is also big problem of how the currency will work as national if the bitcoin is decentralised itself. There is no way to control it and if one specific country try to adopt it as national currency then what would others will do? Just watch the currency get legalised in other countries and we keep watching it grow because of our investment into it? Nah I don't think so that's possible. This is very hard to happen as many complex situation will occur if someone try to adopt it. Plus there is traditional currency of that country which will also be in ambiguity whether to use it or not and what if people just refuse to do so due to their attached emotions to tradition and respect rather than just value of bitcoin.

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September 12, 2017, 06:38:55 AM
 #277

NO only on dream beacuse bitcoin out control government and not need central bank
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September 13, 2017, 10:18:42 AM
 #278

Bitcoin's current state is not suitable to become a national currency mainly because of its unstable price which changes from time to time. Bitcoin being a national currency can be taken into consideration if its price becomes stable but as of now its far from happening


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September 13, 2017, 01:33:41 PM
 #279

In near future we will see this happening. But not sure for name of currency. Maybe bitcoin or estcoin or greekcoin.
Wait for Eurozone crash to see crypto currencies as a national currency. Eurozone will give us good opportunity.

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September 14, 2017, 03:21:47 AM
 #280

Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017 (beginning of a new fiscal year in many countries).
With the new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to cryptocurrency exchange platforms. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements, along with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.
The recognition of Bitcoin and other cryptocurrencies as legal payment instruments is good news for the global cryptocurrency ecosystem. Adoption of cryptocurrency is expected to increase among people, which will, in turn, drive demand and price.

How did you plan on pulling that off that's going to take more than a little bit of Ingenuity since you have to not only get rid of the paper currency you have to get rid of a half a dozen other implementations. How do you get a pass the confirmation time? How do you plan on getting past the fluctuations in price? How do you plan on getting passed legislation?   There are lot of un-answered questions which need to be addressed before bitcoin becoming the mainstream currency.

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