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Author Topic: BTC as a national currency?  (Read 12208 times)
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August 16, 2017, 05:00:51 PM
 #61

I do not think it would be wise to make bitcoin the currency of a state.
Your whole economy would be out of your hands.
As a state you should always be able to influence your currency in a way that economy benefits from it.
In a worst case scenario other states might even try to mess up with bitcoin in order to weaken your economy.
And that would be bad for all of us.

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There are several different types of Bitcoin clients. Hybrid server-assisted clients like Electrum get a lot of their network information from centralized servers, but they also check the server's results using blockchain header data. This is perhaps somewhat more secure than either server-assisted clients or header-only clients.
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August 16, 2017, 05:02:37 PM
 #62

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?

It will never happen. This would mean the governments will not have any control over the money their people uses.
Losing control over their people will be troublesome, so they will never allow it. It would mean that they can no longer
control inflation too.
I'm not even sure that bitcoin will ever be recognized as a currency. All States to be afraid of, and even Japan has recognized bitcoin only as a payment instrument. I think this route will go to other States to have the legal right to take taxes from bitcoin users.
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August 16, 2017, 05:14:58 PM
 #63

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?

There is actually no way that it will become a national currency of a particular country, however it will most likely become world widely recognized currency, meaning you will be able to pay with bitcoins in probably every country eventually. It is too unstable and the price fluctuates too much to any country seriously rely on a coin that can easily be manipulated by whales pump and dumps. But its aim was to create a fast and anonymous payment method so that you can send money in a matter of minutes to a person in totally different part of world and it has succeeded in that matter. You can easily get your payment from whoever you want, even from the most government controlled and closed countries in the World. Then you can exchange your bitcoins to your local fiat currency and you that's all, there is no need for any official national currency announcements.
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August 16, 2017, 05:25:00 PM
 #64

Bitcoin has inbuilt deflation and will reach its ceiling of 21 million by 2140. Thus, if accepted as a national currency it will constraint economic growth. Its high volatility wouldn't attract foreign investment. An entire economy can collapse due to Bitcoin's high volatility. Thus, Bitcoin isn't ideal as a nation currency.
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August 16, 2017, 06:27:34 PM
 #65

Bitcoin has inbuilt deflation and will reach its ceiling of 21 million by 2140. Thus, if accepted as a national currency it will constraint economic growth. Its high volatility wouldn't attract foreign investment. An entire economy can collapse due to Bitcoin's high volatility. Thus, Bitcoin isn't ideal as a nation currency.

How you come to a conclusion that bitcoin is not a national currency. Many not even accept dollar as a national currency due you know that.I think you are obviously not.If so means you will not talk like this.It's very easy to blame a unknown thing .It's very common to all.You will see soon, bitcoin will replace the dollar.

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August 16, 2017, 06:37:36 PM
 #66

Bitcoin has inbuilt deflation and will reach its ceiling of 21 million by 2140. Thus, if accepted as a national currency it will constraint economic growth. Its high volatility wouldn't attract foreign investment. An entire economy can collapse due to Bitcoin's high volatility. Thus, Bitcoin isn't ideal as a nation currency.
Bitcoin has the volatility because to him, there is no regulation mechanisms. It's like a thermometer shows the temperature of the economy. All of the national currency regulated by the government and is far from economic indicators. If to speak about investments, inflation can also destroy your income.
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August 16, 2017, 06:43:42 PM
 #67

I Do believe that bitcoin or one of the cryptocurrency will become national currency one day. Bitcoin has out perform many currencies and after study the  Nature of cryptocurrency I think it will be a great help for the Third World countries in breaking the limitations  most world major currencies has placed on them. Bitcoin is good for inflation control. Fiat created the poverty, self agradizement and looting the nations are facing today.

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August 16, 2017, 07:03:37 PM
 #68

I thought the point is to make a bitcoin world-wide used currency, why the hell it should be nationalized?

bitcoin was created as a payment method, dude... making it a world-wide-used-currency probably meant as making it globally accepted payment method.
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August 16, 2017, 07:14:26 PM
 #69

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 do not think that bitcoin will be declared as national currency.  There are several grounds that make bitcoin not suitable as national currency in a financial institution point of view.  Bitcoin is not regulated.  This is one of the major reason why several nation are quite hostile with bitcoin.  Aside from that those who have a huge chunk of bitcoin will definitely dictate the economy of that country and government does not want that.

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August 16, 2017, 07:30:39 PM
 #70

btc cant bee national curency
first need come in live not only online
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August 16, 2017, 07:52:05 PM
 #71

Bitcoin has inbuilt deflation and will reach its ceiling of 21 million by 2140. Thus, if accepted as a national currency it will constraint economic growth. Its high volatility wouldn't attract foreign investment. An entire economy can collapse due to Bitcoin's high volatility. Thus, Bitcoin isn't ideal as a nation currency.

How you come to a conclusion that bitcoin is not a national currency. Many not even accept dollar as a national currency due you know that.I think you are obviously not.If so means you will not talk like this.It's very easy to blame a unknown thing .It's very common to all.You will see soon, bitcoin will replace the dollar.

It's not that easy to make this as national currency and for now it will just take a long process to implement this to the society, because many people who were still innocent about it. Fiat money currency is the main mode of spending to people nowadays and as I had observed most of the bitcoin investors really cashed out their bitcoin in exchanged to fiat money. Dollar will not be replaced that easily and there must be proper education about it, maybe there is an option to accept it in some stores at our local place but not into general idea to replace the fiat cash or to be a national currency.


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August 16, 2017, 08:10:46 PM
 #72

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 is not suited to be main currency used every day by every citizen of a nation - it will be always store of value currency and auxiliary type of asset.
Country's economy might be backed by bitcoin, it could be used as a reserve currency, in the way precious metals like gold are used now.
Volatility and almost negative inflation (or constant rise of value which might be considered as almost the same) bitcoin is experiencing is making BTC unfit for standard "fiat-like" usage.




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August 16, 2017, 08:24:51 PM
 #73

The Bitcoin it is used in all world for very companies and peoples
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August 16, 2017, 09:52:42 PM
 #74

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?
No, it won’t be possible. Bitcoin can not be used as a national currency, because it’s not really suitable for such with its volatility. Another reason Bitcoin cannot be a national currency is because it’s of being controlled by the government. So it’s 100% not possible.

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manchester93
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August 16, 2017, 11:41:28 PM
 #75

Country's economy might be backed by bitcoin, it could be used as a reserve currency, in the way precious metals like gold are used now.
Volatility and almost negative inflation (or constant rise of value which might be considered as almost the same) bitcoin is experiencing is making BTC unfit for standard "fiat-like" usage.

I have no doubt that governments are accumulating bitcoins (or at least, they will be doing so in the future). I think it will be used by governments exactly as gold is used today, to hedge the economy. That's the role Bitcoin will play. It makes no sense to use such a volatile asset (which governments and central banks cannot control in any way) as a national currency. It would be disastrous for economic stability. 
btccashacc
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August 16, 2017, 11:53:41 PM
 #76

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?
No, it's not gonna be a national currency at least for this period, Bitcoin is a decentralized currency which is can't control by the government, no one can control it, we all know that government hates it, and it's too impossible for the bitcoin to be adopted. However If someday the government adopt cryptocurrency as their official currency, it might not be Bitcoin it should be a centralized one, they might create their own cryptocurrency, something just like turned their currency to crypto, not the bitcoin.
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August 17, 2017, 12:06:26 AM
 #77

There's no way Bitcoin could be a national currency. There are two points that would drive a government and it's people totally insane:


1- Access: I can't think of a country (yet) who can boast a 100% internet access to every single one of its citizens. How are those people going to buy things without a proper device/internet connection?

2- Volatility: imagine a middle/lower class citizen that sets apart money at the beginning of the month to pay for his bills at the end of the month. Bitcoin price went down in this month and now he has to pay more bitcoins because the price crashed. That's a no no. Maybe the opposite happened and now he has to pay less, but of course, people would complain HARD about the first scenario.
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August 17, 2017, 12:14:49 AM
 #78

bitcoin is the international currency and it will stay like this.
Nameless27
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August 17, 2017, 12:23:17 AM
 #79

What country would it be? To be honest, government of its country wants to be identified by what there countries culture and by the means what they are for many decades. All I mean is who will adopt bitcoin and dump there 💯 years currency. Bitcoin I would say is just an alternative currency of every country's and I think it's better is that way.
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August 17, 2017, 12:41:18 AM
 #80

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?

Not now, it would take a way long process before it become a national currency. The government would review first about it. And also, everybody even the poorest should know about bitcoin before it become a national currency. There are so many things to consider and to be done before it happen. But what matters now is that bitcoin is definitely doing great.

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