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Author Topic: BTC as a national currency?  (Read 7254 times)
ydrogios
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November 15, 2017, 11:08:38 AM
 #381

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?

In order to become national currency, cryptocurrency should be regulated and issued by government, therefore, it wouldn't be cryptocurrency anymore as it would become fiat





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November 15, 2017, 07:54:06 PM
 #382

Bitcoin is developed as cryptocurrency in order to avoid third party to make a profit from your transactions. Besides, it's to complicated to do fast and minimal financial transactions. For daily payments it's easier to use physical currency or credit card. Or use your phone for small payments via internet banking.

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November 15, 2017, 08:22:26 PM
 #383

For me it is not become a national currency because it would take a long time when people understand and accept this all coins. And it will be very hard because people are accustomed to normal money

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November 15, 2017, 09:24:32 PM
 #384

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?

In order to become national currency, cryptocurrency should be regulated and issued by government, therefore, it wouldn't be cryptocurrency anymore as it would become fiat

It can be cryptocurrency as long as the government issued it and be their currency.  It came from the root word cryptography, that is why it is called cryptocurrency and  having such foundation to a national currency, it can be called cryptocurrency.  Though I believe BTC will never be a national currency for a specific country.  it can be an international alternative currency but I highly doubt that Bitcoin will be a national currency of certain country.

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November 15, 2017, 09:30:43 PM
 #385

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?

maybe yes , Bitcoin need At last getting attention same as standard coin along the lines for other fiat currencies. The benefit takes after those usage of a new law in japan which categorizes Bitcoin legal payment inside the nation . The much-awaited law went under impact in april 1, 2017.
With those new law’s implementation, Bitcoin exchanges will likewise turn under extra administrative process. The distinguishment for cryptocurrency as a lawful delicate additionally implies those relevance from claiming regulations legislating banks What's more budgetary foundations on cryptocurrency exchange platforms.

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November 15, 2017, 09:46:47 PM
 #386

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?

maybe yes , Bitcoin need At last getting attention same as standard coin along the lines for other fiat currencies. The benefit takes after those usage of a new law in japan which categorizes Bitcoin legal payment inside the nation . The much-awaited law went under impact in april 1, 2017.
With those new law’s implementation, Bitcoin exchanges will likewise turn under extra administrative process. The distinguishment for cryptocurrency as a lawful delicate additionally implies those relevance from claiming regulations legislating banks What's more budgetary foundations on cryptocurrency exchange platforms.

I think not, it will never be happened to be a national currency of a single country because that country will lose it's identity, bitcoin considered as a international cryptocurrency. That's why there's no resaon to make it as a national cryptocurrency because it's already made it.

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November 15, 2017, 10:59:16 PM
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It would absolutely not surprise me that some poor - or less poor country - with a liberal economy, like an offshore country, in seek for gaining a spot in the lucrative offshore world would use Bitcoin as a national currency and would become the haven for crypto-currencies. If I remember correctly, Gibraltar is trying to do it at the moment.

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November 15, 2017, 11:10:31 PM
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I'm not sure BTC will be the national currency in a particular country. But I highly doubt that BTC will be a national money in a particular country. I think if BTC becomes a national money it will take a long time for people to understand or accept all these coins because difficult people are more accustomed to their normal money or national money

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November 15, 2017, 11:52:26 PM
 #389

I'm not sure BTC will be the national currency in a particular country. But I highly doubt that BTC will be a national money in a particular country. I think if BTC becomes a national money it will take a long time for people to understand or accept all these coins because difficult people are more accustomed to their normal money or national money


I agree with you, it seems unsure if bitcoin will become the national currency in a country, because we know bitcoin has various dependencies and weaknesses especially in terms of transactions, bitcoin always requires internet access and electricity in terms of its use, as well as the cost is too high to make a transaction.

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November 16, 2017, 12:05:02 AM
 #390

Of course that is not possible, because it would imply that the government of a country would be willing to cede its monetary policy to unknown or anonymous agents who would have all the power to manipulate that nation's economy through periods of high speculation such as recently It has been seen. And I do not think any country is willing to suffer this type of events without being able to do anything about it.

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November 16, 2017, 12:32:23 AM
 #391

I think it is impossible . because each country has a currency which is also the identity of that country.  bitcoin is a virtual currency, that can never be used offline.

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November 16, 2017, 12:42:58 AM
 #392

Thats will be good if become national currency. Some country like japan and rusia (if im not forget, correct me if im wrong) already accept bitcoin. And hope it will accepted to another country. But if we see the prices isnt stable. So, for now it cant become national currency.
although japan had accepting bitcoin, but to become a major currency, I think it's impossible, because bitcoin will never be able to replace the currency "YEN".

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November 16, 2017, 01:06:17 AM
 #393

It would absolutely not surprise me that some poor - or less poor country - with a liberal economy, like an offshore country, in seek for gaining a spot in the lucrative offshore world would use Bitcoin as a national currency and would become the haven for crypto-currencies. If I remember correctly, Gibraltar is trying to do it at the moment.

If the country has nothing to lose it can be possible, but I think it's more probable these countries still use Bitcoin as an alternative currency or investment, especially to attract foreigner's businesses to their country. I think that is what Gibraltar is planning to do at this moment. They are flexible and business friendly, what makes several investors from rich countries have interest on their places.

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November 18, 2017, 06:43:12 AM
 #394

Bitcoin is a universal monetary valued crypto which is used whole around the world. Who knows even the aliens may use this for transactions with us humans Grin Grin
Yeah this is universal money and many regions are looking forward to declare bitcoin as national currency because this coin really help to boost the economy and take country to the economic stability and the country which will take this decision will surely get the people attention to work in the bitcoin region to earn enormous money in it and I think japan or Singapore will take initiative to get maximum out of btc.

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November 18, 2017, 07:54:35 AM
 #395

I suspect this, in my view, Bitcoin will not be able to become a national currency, although Bitcoin is of high value and has many benefits but it has a lot of inappropriateness. Bitcoin does not have the necessary basic attributes of a currency, because Bitcoin is just a code sequence generated by complex algorithms. The supply there is also limited, especially as it does not depend on anyone and the currency is under the control of the government. I think Bitcoin can be considered as asset or a high value commodity
Yes I also think the same way. It is not possible for the Btcs to take over the market of finance as a national currency. This is because bitcoins are not the belongings of any one nation and they are a form of currency that even has no physical existence at all.

The governmental system is totally dependent upon the finance of the country and hence such serious matters could not be forsaken for risks. Btc is illegal and add up to its value so it is good the way it is in present.

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November 18, 2017, 08:04:14 AM
 #396

I think it's impossible in nearest 50 years. Governments need to take control about national currency. Speaking about Bitcoin I can say that no one government cannot regulate it now.
In as much as governments right now do not have a choice than to accept bitcoin usage and maybe find a way to regulate it, giving up power of control they have with fiat is something that is not possible. Also, bitcoin cannot be used as national currency as that is not feasible. So many people will still prefer the traditional methods, while some will not even have access to bitcoin and with that I do not see bitcoin being used as a national currency.

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HiringYou
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November 18, 2017, 08:47:41 AM
 #397

No doubt demand for Bictoin is increasing and it has a bright and positive future but we can't see Bitcoin as a national currency.The main reasons for this is it's decentralized nature and anonymity. As it is decentralized which means that government is not able to control it so no government will allow such currency over which they have no control to become the national currency.As the transactions through Bitcoin are anonymous so government is not able to identify the people involved in the transaction and so no tax is imposed so this can  also be a reason.Third reason can be the use of Bitcoin in illegal dealings such as drug dealings, ammunitions dealings etc.


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Malaya
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November 18, 2017, 09:10:29 AM
 #398

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 would agree as well on this thought. For now, it can be difficult for a country to adopt bitcoin as their national currency. But there must be a possibility for sure in the future for this to happen. However this will undergo a lot of process and much acceptance from the government. It also varies on how each culture of one's country can go through it. But for now, this might be challenging.

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November 18, 2017, 10:27:48 AM
 #399

Bitcoin will not be the national currency of a country, because to be able to made as the currency required many considerations to be taken by a country, while the country currency is a legal means of exchange set by the law made by parliament.

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November 18, 2017, 10:43:31 AM
 #400

Bitcoin will not be the national currency of a country, because to be able to made as the currency required many considerations to be taken by a country, while the country currency is a legal means of exchange set by the law made by parliament.

   Do you think that bitcoin can not be legal means of exchange set by the law and approved by parliament?
Why not?
   I do not believe that some big country will set bitcoin as main national currency, big countries tend to control
what they can. There are many small countries that can benefit from accepting bitcoin, and regulate it to be
their national currency.
   Before anyone says that this is impossible cause bitcoin volatility, or number of bitcoins in the end will lead to
deflation is wrong. All currencies fluctuate that is first, why you can check if you wish. Banks and governments
are saying that inflation is better then deflation cause they control the money printing and they always have for
their officials.
   This is a question for real experts, and most of the comments in this topic are one line statements without
arguments and explanations.

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