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Author Topic: BTC as a national currency?  (Read 12189 times)
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December 12, 2017, 02:44:03 AM
 #581

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?

bitcoin into the national currency seems very difficult because of the very limited availability of bitcoin makes the circulation of bitcoin very dense if bitcoin is made into the national currency.

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December 12, 2017, 06:43:29 AM
 #582

As Bitcoin continues to grow in popularity and garner more attention by investors, everyday users and even politicians, the inevitable reality of Bitcoin becoming a national currency is on the horizon. Such a currency contains the potential to prevent the financial roller coaster that is being observed in nations such as Venezuela and Zimbabwe. Yet, in the interim, early adopters will face many challenges and impediments as they transition into a Bitcoin-based monetary system but such bumps will pay off in the long term.
Bitcoin is no doubt very much capable of becoming the national currency but the fact is it is not an easy thing. There are number of factors which matters while deciding this thing.

The most important thing which will make the difference will be the interest of the government in declaring bitcoin as legal currency. If the government is willing to do so, then there are chances that bitcoin will come out as a national currency as well.

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December 12, 2017, 07:19:23 AM
 #583

Bitcoin can not perform the role of the national currency, because it has a lot of volatility. Also it can not be emitted at will. And the total number of bitcoins is limited. Bitcoin is the object of investment, that's all.

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December 12, 2017, 07:31:19 AM
 #584

I don't think that BTC will be a national currency. The price of BTC is very volatile and it is not applicable being a currency due to it's market condition.

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December 12, 2017, 08:04:22 AM
 #585

bitcoin can not become National currency.Because it needs to be Internet connection for Trancaction.Everyone can not be able to use service without Internet.
It can't be a become national currency but it can be used by the community as the world's currency since everyone would love to use bitcoin for transacting. There are people who are sticking to bitcoin now and mostly relying their lives with it.
There is no harm even if it becomes a national currency because there are no restrictions in having more than one national currencies. Any country with their previous currency can declare bitcoin as a national currency and I am sure they are soon going to boom their economy beyond limits. Bitcoin is already a world currency which is a level beyond national currency. This currency can be used at any level.


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December 12, 2017, 08:09:35 AM
 #586

BTC as a national currency nah ,Its volatile value and the huge fee will break the economy of the nation
BTC can be used as the side currency but not as a official
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December 12, 2017, 08:13:17 AM
 #587

In my opinion, it can happen BTC into world currency.
but it will take a very long time,
Because in small countries no one knows about BTC, and must get approval from the United Nations. because it concerns the world's finances.

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December 12, 2017, 08:19:51 AM
 #588

Before bitcoin becom a national currency, Lawmakers should set a law for this and will talk all the possibilities where the government can earn tax from it.
bitcoin is a transaction with just blocks and not documented for the government to have taxes through receipts.
Once bitcoin become a national currency it will be a big problem on the economic of one country if there will be no tax to collect.

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December 12, 2017, 08:28:18 AM
 #589

Its sounds really good. Bitcoin is the decentralised most flexible, easily transferable currency. If it is used as a national currency it will save lot of time and money of countrymen. Generally currencies are controlled by the government of that country they use it to keep hold on economy. So it is impossible that any government will allow btc or any currency to act like a national currency. In fact countries where bitcoin was allowed to function as a mode of transaction are banning it by having reasons like security to their fiat currency or security reasons. Some countries are planning to introduce their own cryptocurrency

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December 12, 2017, 08:35:10 AM
 #590

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 don't think that countries all over the world will just give up their respective currencies for bitcoin to take over. It is a matter of confusion within the countries income and economy. Although, if it is considered it is actually possible as long as there is a country willing to do it. It would be a stepping stone for advancement.

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December 12, 2017, 08:38:44 AM
 #591

I think it is not possible for a country to adapt bitcoin as their main type of currency, the thing is all countries economy is base on the fiat currency to roll the economy well and it will took long discussion, but the possibility is always open.
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December 12, 2017, 08:49:51 AM
 #592

It would be nice to all of us bitcoiner but it will not be good for a country to use bitcoin as a main currency because all countries i know is using their respective currency, but i can see it will replace dollar as world currency considering it continue growing now
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December 12, 2017, 08:50:47 AM
 #593

Are not. Bitcoin operates independently and is not a currency of any country. So, we can use Bitcoin all over the world. In the future, this will not change because no country can control this currency. If they want, they will lose the essence of it, people do not want this and they will abandon it. At best, it should remain independent and not subject to any organization

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December 12, 2017, 09:23:00 AM
 #594

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?
Lets understand what is a currency and what makes any object to become a currency. First thing first a currency:
* material required for creating a currency should be available in quantity
* material should not be overly available as well. Like a silica or ice.
* A ruling government should be the sole owner its national currency. Otherwise forces from outside will demolish that country v\by manipulating the price/value of currency.
* That is why  government should be the one who make the decision when it comes to a currency.

Considering above points we understand that earlier copper, silver, gold were used as currency. At some point in history aluminum and other things like sea-shells, beads were also used as currency. However as time evolved due to one thing or other these material were abandoned as currency. For example aluminum became much cheaper and easy to extract. beads and other things became obsolete because of oversupply. gold, silver, copper coins followed same suit due to scarcity and expensive nature of these material. 
As time evolved, paper currency became widely accepted as currency medium by almost all countries. Paper is readily available however type of paper required for the currency is not easy to acquire. So paper currency become mainstream. Over the period of time e-money became popular and more and more people are tend to use the e-money (creadit, debit, internet transactions).

* Cryptocurrency is an active concept from the economics point of view. Some countries are/may be considering to shift their own cryptocurrency.

* At this point we saw what makes for something to qualify for a currency. Coming back to bitcoin, as it is clear that bitcoin is decentralized by its nature, any country or outside force will change its price at will. This is a disaster for economy.
* Next point is bitcoin value is too much volatile to qualify for a currency.
* Value of bitcoin is way to much costly to qualify for a currency.

Bitcoin can not be a national currency. Forget national currency.. at this stage it can not act as a currency in first place. Bitcoin is the best commodity we have on this planet right now which IS giving highest return on investment.
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December 12, 2017, 10:10:32 AM
 #595

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 think it is quite impossible because nobody owns the internet in the first place and bitcoin's developers true identity is yet to be known, all we know about bitcoin is its system and credibility as a currency and I think it is not enough for any nation to claim it and declare it as their national currency.

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December 12, 2017, 01:51:38 PM
 #596

I don't believe it will ever be, since governments want to have control over the money
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December 12, 2017, 01:56:42 PM
 #597

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?

bitcoin into the national currency may experience many obstacles because the main factor is the availability of bitcoin is still very limited and bitcoin still not stable this will make the users will feel afraid if the price suddenly become collapsed.

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December 13, 2017, 02:10:31 AM
 #598

I think the US government is developing its own cryptocurrency right now, which might become a national currency
National currency will be accepted by a country when there are large number of people follow the same currency and I think bitcoin is not still at that stage but it is more possible that bitcoin will cross this target and will become national currency.

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“The Future of Security Tokens”


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December 13, 2017, 04:40:52 AM
 #599

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 think bitcoin can't be a national currency because every countries have their own currency that their citizen use in the old times until now. But bitcoin could be a side payment because everyone can't block technology improvement, now many e-commerce spread worldwide with many options to pay for their products and services. People could pay in cash, paypal, credit card, even bitcoin can use to pay for it.

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December 13, 2017, 05:40:58 AM
 #600

I think BTC can never be a national currency although it is a widely accepted digital currency.  National currency has a reserve of physical gold in the national treasury of a certain country or single administrator while BTC works without a central Bank or single administrator.  On the other hand, national currency transactions are physical and known while BTC transactions are anonymous. 
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