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Author Topic: BTC as a national currency?  (Read 8037 times)
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September 14, 2017, 03:21:47 AM
 #281

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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September 14, 2017, 06:43:59 AM
 #282

Bitcoin is an international digital crypto currency, no way it can becomes a national currency cause everyone in the world can have access to it. Bitcoin as a national currency is just a dream that never gonna happen.
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September 14, 2017, 11:37:20 PM
 #283

This is true. Bitcoin is growing faster day by day. I don’t know if it will become a national currency. If you look at it practically it does not have the characteristics of a stable national currency at the moment. Bitcoin price is like … all over the place. I thought Bitcoin was continuing to the go up, but then it crashed. Analysts are saying that Bitcoin may even hit as low as 3000 dollars. There are times when that would be a high price, but Bitcoin was so high that it seemed unlikely that such a fall would occur with Bitcoin until a while. But then China happened. Now the crypto world is all messed up. If the price of Bitcoin drops 1000$ in one day and rises 1000$ another day, I wouldn’t want Bitcoin as a national currency. But if this can be fixed, then I’m all ears. 

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September 15, 2017, 03:42:36 AM
 #284

I'm not sure bitcoin can be used legally as a national currency, this is because bitcoin is decentralized so the central bank can not control the use and price of bitcoin.

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September 15, 2017, 05:47:35 PM
 #285

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.
bitcoin can be used as national currency. I have no doubt in saying this that the first country who will declare it as its national currency, will progress more as compare to others. Bitcoin can make new business opportunities and will attract the investor to invest in progressing area.

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September 16, 2017, 04:21:39 AM
 #286

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.

Nothing such is going to happen. I don’t think so bitcoins are going to be used as a national currency by anyone. Bitcoins are never ever going to be owned by any single state because they are meant to be sued by everyone. They are created to be used internationally for buying and selling purposes.

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September 18, 2017, 08:03:32 AM
 #287

Bitcoin is an international digital crypto currency, no way it can becomes a national currency cause everyone in the world can have access to it. Bitcoin as a national currency is just a dream that never gonna happen.
You may be right. But I think there is nothing which cannot happen. I am very much positive to see this Bitcoin as the national currency. It is because of the reason that it will be the most beneficial thing for all the investors and believers of Bitcoin that will ever happen. You should always hope for the best.

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September 18, 2017, 08:48:47 AM
 #288

Bitcoin is an international digital crypto currency, no way it can becomes a national currency cause everyone in the world can have access to it. Bitcoin as a national currency is just a dream that never gonna happen.
Bitcoins are the digital coins that are meant to be used by everyone regardless of their state, gender etc. I don’t think so there is no country that is going to declare bitcoins as their national currency since bitcoins is property of any one country. But they can be used besides national currency.


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September 23, 2017, 09:44:00 AM
 #289

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.
I think everything in t is world take time to overcome the existing things. Like bitcoin is a new digital currency and most of the people do not believe in it. So it is right that it will take more time to overcome all the existence paper currencies of the world.

But one thing is right that as bitcoin gains popularity all over the world, it is possible that one day the whole world will use just one digital currency and that will be bitcoin.



                                                                                                                                                 
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September 23, 2017, 09:52:56 AM
 #290

Bitcoin is an international digital crypto currency, no way it can becomes a national currency cause everyone in the world can have access to it. Bitcoin as a national currency is just a dream that never gonna happen.
Bitcoins are the digital coins that are meant to be used by everyone regardless of their state, gender etc. I don’t think so there is no country that is going to declare bitcoins as their national currency since bitcoins is property of any one country. But they can be used besides national currency.

Neither do I cannot easily say that bitcoins can possibly be the national currency since the adoptions of it needs to go stronger but this one will not surely be implemented for many reasons since there are so many country who differentiate bitcoins as illegal money for them.

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September 23, 2017, 10:27:28 AM
 #291

For now i have not seen / knowed any country that makes BTC as national currency, but this possibility can happen to some country, because remember its value progressively higher from time to time and increasingly popularly known by the public.
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September 23, 2017, 11:25:23 AM
 #292

National Currency is determined by the country and controlled and regulated by them and BTC can't act as a National currency because then the government will have no control over the money and the volatile nature of BTC can highly effect the economic conditions of the country. Also everyone in the state is not connected to internet and also all are not educated to do transactions with BTC so government will never accept BTC as a national currency.

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Freshmen
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September 25, 2017, 08:51:25 AM
 #293

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.
Yes I also agree with you, that till date many people do not have access to bitcoin because of the facilities of internet and laptop or smart phones. But we should not of the day. We should think of the future. May be I think that in the future bitcoin will been accepted as a national digital currency of many nations. As we see that many countries has already accepted and has started its use in their local markets.

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perfect999
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September 25, 2017, 08:51:45 AM
 #294

NO only on dream beacuse bitcoin out control government and not need central bank
As we think of today, the bitcoin is dreaming currency of the future. But as we acknowledge that many things which people have even no idea to be prevail in the world just a few decades, but now they all are used by the people of today’s world.

I just think in the same way that may be in the future not near but after a long time bitcoin may take the place of other currencies all over the world.

xanxus.kun
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September 25, 2017, 09:00:30 AM
 #295

For now it ain't suitable as a national currency, bitcoin's nature is way too erratic. But i do think it's best the way it is now, no need to make it as national currency, we can already use it as payment method (banks, bills, credit card, almost everything) which is one of the goal of digital currency, cheap and almost free transactions. Other thing is we make it as National Currency, Government will handle it, monitoring our cryptocurrency. So it's a No for me.

aencarnaci
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October 04, 2017, 03:13:35 PM
 #296

National Currency is determined by the country and controlled and regulated by them and BTC can't act as a National currency because then the government will have no control over the money and the volatile nature of BTC can highly effect the economic conditions of the country. Also everyone in the state is not connected to internet and also all are not educated to do transactions with BTC so government will never accept BTC as a national currency.
Indeed! If we look at thinks with realistic approach, we will come to conclusion that bitcoins can never ever be the state currency of any country because of the main reasons you have mentioned. It is crystal clear that bitcoins are decentralized in nature and are not controlled by any state.

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October 04, 2017, 03:55:17 PM
 #297

National Currency is determined by the country and controlled and regulated by them and BTC can't act as a National currency because then the government will have no control over the money and the volatile nature of BTC can highly effect the economic conditions of the country. Also everyone in the state is not connected to internet and also all are not educated to do transactions with BTC so government will never accept BTC as a national currency.
Indeed! If we look at thinks with realistic approach, we will come to conclusion that bitcoins can never ever be the state currency of any country because of the main reasons you have mentioned. It is crystal clear that bitcoins are decentralized in nature and are not controlled by any state.
Even, no one can control it, not only the goverment and any force can not do that. Therefore, Bitcoin has a small ratio to be accept by the government, because you also know they not like accept a thing can not gives them any profits. Grin

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inevertell
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October 05, 2017, 07:06:32 PM
 #298

Every country will implent those laws and regulation in their country which will give a great profit to their country. So bitcoins will never be controlled by a person or a group of person or a country and its impossible in future also due to which a country will never accept as a national currency because it will not profitable to any country as their national currency.
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October 07, 2017, 10:43:33 AM
 #299

i think that's hard to consider because bitcoin is a big currency but it cant be the national currency because each and every country has their own
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October 07, 2017, 01:51:33 PM
 #300

Bitcoin as an official currency by any nation actually demonstrates that government’s adherence of fiduciary responsibility to its citizens. In doing so, a government handicaps itself in being able to run to the printing press and debase their currency all the while reducing citizen’s wealth through inflation. Instead, the government returns to what it should be doing, which is justify every item in a budget as well as balance it. This in itself will cause a government to become more transparent and reduce corruption greatly as well as strengthen democracy.
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