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Author Topic: BTC as a national currency?  (Read 7294 times)
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October 11, 2017, 10:34:08 AM
 #321

It is a long shot. Which country will declare Bitcoin as a national currency? In order to do that, they need to mint Bitcoin metal coins and Bitcoin banknotes. And it will be very difficult, since Bitcoin is a digital asset. Another issue is the availability of the internet.

The difficulty is not whether there will be access to the Internet. The difficulty is that this currency can not be predicted and controlled. For this reason, bitcoin can not become a national currency. The economy is not ready for this

I agree with you and to be honest I don't even think bitcoin will ever attempt on being that. It simply wasn't made to be a national currency, because it's suppose to be decentralized, and not controlled by any government. To be national, is to be centralized and controlled, and bitcoin will never be that. So I guess that bitcoin can attempt to become global decentralized currency, that is much better than to be a national currency.


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October 11, 2017, 01:05:17 PM
 #322

Making BTC as a national currency might put that country at risk. The price of bitcoin rest solely upon is users. As they describe it, bitcoin is bubble. If suddenly bitcoin's price start going down up to 0, then you exposed that country to all kinds of danger. Chaos, war and confusion will cripple in, more and more people will feel the panic and before the news spreads death is already at the door knocking.

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October 11, 2017, 02:19:01 PM
 #323

BTC cannot be like other national currencies. But that is what makes it stronger and unique hence cannot be manipulated for corruption and other similar evil activities.
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October 11, 2017, 02:25:24 PM
 #324

It is a long shot. Which country will declare Bitcoin as a national currency? In order to do that, they need to mint Bitcoin metal coins and Bitcoin banknotes. And it will be very difficult, since Bitcoin is a digital asset. Another issue is the availability of the internet.

The difficulty is not whether there will be access to the Internet. The difficulty is that this currency can not be predicted and controlled. For this reason, bitcoin can not become a national currency. The economy is not ready for this

I agree with you and to be honest I don't even think bitcoin will ever attempt on being that. It simply wasn't made to be a national currency, because it's suppose to be decentralized, and not controlled by any government. To be national, is to be centralized and controlled, and bitcoin will never be that. So I guess that bitcoin can attempt to become global decentralized currency, that is much better than to be a national currency.
This is a good point. Bitcoin being a national currency will only destroy its main purpose which is decentralization. It must not be controlled by any political institutions. So, let's all just live up to that concept and try not to change what has been its purpose. I can't even imagine how will it be a national currency when the price fluctuates not just in every day but every instant.



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October 11, 2017, 05:38:14 PM
 #325

I hope so but it is very difficult to implement a digital currency as national currency of any country. Like if we look at the countries’ currencies every currency is established from the first day of that countries establishment. So it is not that much easy to say that bitcoin can be a national currency of any country but still we can hope for this.

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October 12, 2017, 12:35:23 PM
 #326

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 also believe so. The fiat and Bitcoin system should work together since they have their own specialty like fiats are more like having an instant or urgent transaction while Bitcoin can be used as a mode of transaction in an international scale so you won't need it to convert from one fiat to the other. I wil not elaborate more.
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October 12, 2017, 05:30:26 PM
 #327

bitcoin is kind of currency which can't be handle by single country, when bitcoin become national currency of any country it mean it become centralized by government it mean that government have to make centralized banks take control on bitcoin which can be much difficult for any country.

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October 12, 2017, 05:39:29 PM
 #328

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 14, 2017, 06:08:31 AM
 #329

BTC cannot be like other national currencies. But that is what makes it stronger and unique hence cannot be manipulated for corruption and other similar evil activities.
Don’t be that pessimistic dude. There is nothing wrong in making bitcoin the national currency of a state. Bitcoin is not only a currency but also an investment. This is what makes it stand above all conventional currencies. Bitcoin has changed lives of many worldwide and helped them living a peaceful life. I don’t think so a state that would make bitcoin national currency will suffer in any way.

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October 17, 2017, 10:30:52 AM
 #330

BTC cannot be like other national currencies. But that is what makes it stronger and unique hence cannot be manipulated for corruption and other similar evil activities.
Don’t be that pessimistic dude. There is nothing wrong in making bitcoin the national currency of a state. Bitcoin is not only a currency but also an investment. This is what makes it stand above all conventional currencies. Bitcoin has changed lives of many worldwide and helped them living a peaceful life. I don’t think so a state that would make bitcoin national currency will suffer in any way.
Bitcoin as national currency can in fact being a great revolution for the people living in that country. There is nothing harm in declaring bitcoin as the national currency. The only thing that matters is the interest of the government. If the government is willing to take this step, then I think this will help a lot in making the economy of that country better.

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October 17, 2017, 07:21:57 PM
 #331

i was wondering why should a country adopt as a national currency bitcoin when, i know there is no ground, bitcoin could make it's own digital country, you know like the SIMS for example. Considering how much time people spend in pc games and so on they start to lose the difference from the two worlds. I have seen that out there we can find a lot of crypto lovers, and we all like to trade. We have a currency, we have a digital market, users (Citizens), all we need is a Government and we will be legal. The country of Crypto.

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October 17, 2017, 08:20:43 PM
 #332

I don't see any nation adopting bitcoins as their national currency as bitcoins are decentralized which means that government can't control or track transactions of bitcoins which could be pretty disastrous for an nation if their national currency is bitcoins.National currency also show a nations economy status and bitcoins are highly unstable or volatile and are affected very easily.Also that bitcoins are seen more as an investment rather than currency.But we could surely can't say as bitcoins are unpredictable.

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October 17, 2017, 09:21:51 PM
 #333

I don't see any nation adopting bitcoins as their national currency as bitcoins are decentralized which means that government can't control or track transactions of bitcoins which could be pretty disastrous for an nation if their national currency is bitcoins.National currency also show a nations economy status and bitcoins are highly unstable or volatile and are affected very easily.Also that bitcoins are seen more as an investment rather than currency.But we could surely can't say as bitcoins are unpredictable.
It can be used anywhere that it can be considered as a national cryptocurrency but can't be tagged as one,it's unlike to hapen since some countries bans it and other governments have no knowledge it exist or have no time for it. For now it's indeed an investment and assey at the same times.

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October 17, 2017, 09:34:22 PM
 #334

I think BTC would never be accepted by states as alternative to national currencies. Governments just won't allow it.
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October 17, 2017, 10:30:31 PM
 #335

BTC as a National Currency is a very long story, as of now where bitcoins cannot be used like fiat currency , it is mostly used as investment option or just earn bitcoins and convert them to fiat currency and enjoy it. So moreover Bitcoin is a good investment option rather then it becomes a national currency.














 

 

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October 17, 2017, 10:35:10 PM
 #336

BTC as a National Currency is a very long story, as of now where bitcoins cannot be used like fiat currency , it is mostly used as investment option or just earn bitcoins and convert them to fiat currency and enjoy it. So moreover Bitcoin is a good investment option rather then it becomes a national currency.

That's not strictly true. Not everyone is in it for the investment. There's many of people who do what they can in Bitcoin and then convert their Bitcoin into fiat when they need to pay bills etc.

I don't think Bitcoin will become a national currency per say, at least not for a very long time. It's currently making some waves but, in no way is it currently competing with traditional currencies. Even though it's conversion rate is the biggest it's been. For Bitcoin to become the main stream currency in a country and considered the national currency would require several big movements/organisations/companies to start trading in Bitcoin.

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October 17, 2017, 10:40:04 PM
 #337

I think BTC would never be accepted by states as alternative to national currencies. Governments just won't allow it.
It's happening in Japan as we speak, so you're totally wrong.
It might never be accepted as a main national currency because governments like to have their fiat under control and nobody can control Bitcoin, but it could very well be an alternative currency with 100% adoption and regulation.

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October 26, 2017, 10:51:38 PM
 #338

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?
Its not true that bitcoin can be our currency as long this is not accepted by other country it cannot be our national currency.In japan it would be accepted due to its has no third party and they would like that nobody can control their money but among themselves.Maybe its accepted as alternative currency of us.

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October 26, 2017, 11:14:42 PM
 #339

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
Well if I am the only to decide I guess I can see bitcoin to be a national currency because it is widely being used by all of the users in different company as the main cryoto currency so yes it is international for me but only in the crypto currency world. Because to be international in the real world comes in with many complications and risks for users.

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CarnagexD
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October 26, 2017, 11:22:04 PM
 #340

,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.
Well as for now i already consider it as a national currency because btc in the known crypto currency in every country. It is like a universal language for all of it's users from the different country. But being national only in the crypto world would be nice because being national in the real world that is risky and somehow imposible because every country has it's own.

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