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Author Topic: BTC as a national currency?  (Read 12554 times)
chip211
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December 13, 2017, 05:58:44 AM
 #601

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, I'm sure it could never be the currency of any country since its value always changes with the market so this certainly does not happen.
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December 13, 2017, 06:00:52 AM
 #602

Won't happen ever, A currency become a national currency only if the government supports the money, but Bitcoin can't be controlled and because of that government couldn't get any tax from it so the number one thing that government hate is cryptocurrency.
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December 13, 2017, 06:02:02 AM
 #603

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 possible at this moment we should wait for more development of it and its effects on business, but in my opinion I think it will never happen because there is no government without national currency and it will only happen if all of their legislators agree to it or maybe majority which is very impossible to happen.

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December 13, 2017, 06:16:50 AM
 #604

national currency you talking about same national currency all over the world or just for one nation, either way i think it will be a little difficult to adopt it a world wide currency or national currency , for reasons every country beholds their own set of abilities and resources which makes country to compete and their currency to have upper hand comparing to other nations and it represents power,it might be difficult to do so with bitcoin ,because they can't just put everything  online , talking about  things within nation , i doubt it will make legal tender may be it will but will come second to their existing currency. developing nations consist of large section of society who do not have access to internet and people who work as daily wagers , it will difficult to pay them because they already are surviving with difficulty just fulfilling their basic needs and in some cases these basic needs are not been fulfilled entirely. Introduction of bitcoin will also make the cash to vanish slowly which is a good thing because it brings transparency but what about countries who have more than 50% transaction in cash.

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December 13, 2017, 06:34:16 AM
 #605

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, I'm sure it could never be the currency of any country since its value always changes with the market so this certainly does not happen.
Bitcoin as a national currency is not found around the world, but in specific I find Japan to be the only country that has given importance to bitcoin similar to the national currency. Soon on understanding the growth the country experiencing through bitcoin more countries will give importance similar to their own national currency.

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December 13, 2017, 06:46:53 AM
 #606

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 it could happen but it really takes a long process and time because not everyone can understand about digital currency.

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December 13, 2017, 06:52:30 AM
 #607

Bitcoin is a new technology in the world and it is first digital currency. I think it is a secure currency that's why I think it will be. it is not legal money county.I think  Bitcoin exchanges will also come under additional regulatory scrutiny.we want to see bitcoin as a national currency but it will be a little difficult I think that it is not legal every country. if it legal every country then it will be easy.



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December 13, 2017, 07:07:42 AM
 #608

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?
What country then? Bitcoin is decentralized also it is a digital currency. And with that, I thonk it is impossible for Bitcoin to be a national currency. Bitcoin is not under any form of government or country, so it is really not possible for Bitcoin to be a currency that is a symbol of a culture, history and  trademark of a certain nation.

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December 13, 2017, 07:22:13 AM
 #609

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?

if bitcoin is used as national money then it will cause the bitcoin scarcity and the transaction is very dense and the price will be more expensive, because getting bitcoin is very difficult.
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December 13, 2017, 07:46:42 AM
 #610

I think bitcoin is designed to be used in all countries in the world with low transaction costs, currently bitcoin users are also getting more so it could be bitcoin into an international exchange tool and replace the money
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December 13, 2017, 07:48:25 AM
 #611

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.
i think it is quite possible and I respect your idea on this but as for my view, having such a big value in cryptocurrency,there is a higher chance that bitcoin will be a national currency. I strongly believe that if they allow this to happen, maybe many investors will help each other's country to develop establishments and of course the economy. It sounds valuable and amazing for everybody is using bitcoin for every purchases and the like.
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December 13, 2017, 09:07:38 AM
 #612

National? Maybe in a country who will accept bitcoin. A country that will support bitcoin not banned it. If that time comes other country will support too if they know what bitcoin could did to a poor country. That someday even a poor country will be a riches country or maybe they will not left behind.
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December 14, 2017, 07:06:29 AM
 #613

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?
BTC is originally design as the future currency but sad to say, right now it is impossible for btc to be the national currency. People sees it as an asset where they can invest and gain profit out of it. Every country has their own currency that's why as of now btc will never replace the current currency. It will take long years to make it happwn.

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December 14, 2017, 07:42:05 AM
 #614

For me, bitcoin as a national currency will be complicated because some countries already ban bitcoin for some reason. Yes, you can use bitcoin globally but, some nation already ban bitcoin, and they don’t have any access to bitcoin world. Even bitcoin is a digital currency, and the volume of its value is significant, the acceptance of it is still very low that you can’t use it to buy something in the store or another establishment. But some companies accept bitcoin as payment, and that sounds good. Maybe in the future bitcoin will have a chance to become a national currency.
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December 14, 2017, 07:45:04 AM
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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?
BTC is originally design as the future currency but sad to say, right now it is impossible for btc to be the national currency. People sees it as an asset where they can invest and gain profit out of it. Every country has their own currency that's why as of now btc will never replace the current currency. It will take long years to make it happwn.
The government is in control here so there is no chance for bitcoin to become the future currency, they just believe that the blockchain is quite revolutionary and they can adopt it to the banking system if what is the people want to enjoy. By the word national itself, it refers to a country which is manage by a government officials, they implement that law and they won't allow a certain decentralized coin will take their job away.

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December 14, 2017, 09:29:46 AM
 #616

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

Correct, it wouldn't make sense to adapt bitcoin as someone's national currency since its mode of operation is on the internet which is called world wide web for a reason.

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December 14, 2017, 10:28:48 AM
 #617

I don’t like the idea of btc becoming the national currency of a country.If it become national currency how are we going to get its benefits how will there be profit for the investors  who has already made investment in it more over there isn’t sufficient bitcoins available to provide for the entire population .More over btc is not something which is not affordable by everyone as per the current market situation it has become more difficult for everyone to buy btc. I disagree with the statement btc becoming national currency .

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December 14, 2017, 10:39:37 AM
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Very much doubt it will happen unless its in a 'extra terrestrial' country. Every country wants to regulate its money and thats the major difference between fiat and crypto (most at least).

There is no regulation and its on a limited supply. Also current price fluctuations wont help as if you go to shop to buy something with BTC and if price dropped you have to go source more (there is no predictability). Also sellers view they sell you something for a BTC and the price fluctuate in thousands, especially down he will go bankrupt.

Hope the GOVs wont add a lot of regulation around crypto, it will only make dark sites thrive.
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December 14, 2017, 12:04:56 PM
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I do not think this will ever happen. We all know that Bitcoin is a digital currency and no single group / country can handle it. Everyone in the world today is entitled to use Bitcoin, so Bitcoin is unlikely to be mastered and Bitcoin prices are also influenced by various things, such as the number of transactions and also the number of people using Bitcoin. The more people who use Bitcoin, the higher the quality of Bitcoin. This is the demand factor that makes a Bitcoin more valuable.
Also bitcoins are completely digital and do not have any paper currency. Bitcoins are just been made to be used for online purchases and to generate good income online. Bitcoins should not be used as a national currency as it will affect in the users of bitcoins as being national currency will influence the people of that individual country to use bitcoins and other countries may leave bitcoins back.

Bitcoins are used internationally now and also the demand is increasing day by day which is making a huge pump in the price of bitcoins. Bitcoin market completely depends on demand and supply and being national currency will surely induce more demand.
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December 14, 2017, 02:31:08 PM
 #620

I don't think that Bitcoin can become national currency of any country as Bitcoin can not work offline which simply makes it unsuitable for everyday transactions. Moreover, Bitcoin transaction are not as quick as paper money transactions are.

I support bitcoin totally, don't get me wrong, but I think that it won't become a national currency because those national currencies have been established in each country for a time now. It is not only based on value and other superficial aspects, but it is also based on history and how the country is known for. It is an identifier that is unique to one country, so bitcoin, which is available to all can't be somewhat owned by one country alone. Also, it would be better if every country has a hand in it and for it to keep its public character because it can reach more people and can be used by more people as well.

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