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Author Topic: BTC as a national currency?  (Read 12093 times)
lenovo16
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August 17, 2017, 12:49:21 AM
 #81

Just hoping that bitcoin will become national currency, but I think it takes a tons of decades before it happen.
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August 17, 2017, 12:50:47 AM
 #82

bitcoin as a national currency i think is nothing impossible bitcoin become national currency using by the whole world because all country  they are using internet for faster transactions, the bitcoin cirrency working using the online internet cuurency as decentralized currency so very possible the bitcoin as a national currency sooner.

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August 17, 2017, 01:09:54 AM
 #83

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 I have the same thoughts with others, for now bitcoin can not be used as Nation currency,
the reason are because:
* Bitcoin transactions are still slower than fiat transactions. You know you have to open your phone, open your wallet and send the bitcoin to the seller.
* Every transaction requires internet connection, so it can not be used everywhere.
* Can not be used to buy goods a bit, because it could be a fee biger than the price of goods we want to buy.
* Can not be used in remote areas, because many people still do not know the technology.
But no one knows for sure what will happen in the future. So let's always hope the best for bitcoin.
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August 17, 2017, 01:59:52 AM
 #84

bitcoin as a national currency i think is nothing impossible bitcoin become national currency using by the whole world because all country  they are using internet for faster transactions, the bitcoin cirrency working using the online internet cuurency as decentralized currency so very possible the bitcoin as a national currency sooner.
Yes, the possibilities of bitcoin being a national currency is very low. This is all because each country have different economic situation and have different governance methodology. This could be getting served as an alternate to national currency same as that's happening in Japan, but this being a national currency is hardly difficult to be achieved.

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August 17, 2017, 02:23:18 AM
 #85

Bitcoin as a national currency because Bitcoin is already being used as an alternative to failing fiat currencies around the world.

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August 17, 2017, 02:40:04 AM
 #86

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.
I just didn't get your point. Why would everyone accept dollar as a national currency. Every country has its own. It is simple economics, for a country to run efficiently, there is a need to have a stable currency.

Say for example, a vendor accepted Bitcoin for his item. Now after a month, price might go up or down. But he has to calculate capital gain. How will you effectively calculate your loss or gain in the case of volatility. Even in next month the price will vary heavily.

The only solution to this problem is to convert your Bitcoin to fiat as soon as you got it. This ultimately kills the purpose of Bitcoin as a national currency.

Bitcoin is best suited for investment. Its own reserved cap kills its use as a currency.

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August 17, 2017, 04:02:12 AM
 #87

Do you think this can happen easily? i don't think so, paper money and other national currency stayed there since the beginning, BTC as national currency is unimaginable, i don't think any possibilities that this will happen, not now, not sooner and not later. As for my country some of the people printed on our paper money/ coins are hero or national icons that helped the country, this is absolutely will never happen.
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August 17, 2017, 04:26:13 AM
 #88

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?
Definitely yes, as of now bitcoin is international currency as long as we have internet connection we could access it. However, it is not fully accepted by government, meaning it is illegal in few countries. But  as long as it continue growing day by day there's no doubt that it will become legalize and will become alternative mode of payment.

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August 17, 2017, 05:40:40 AM
 #89

bitcoin may become national currency but thats still far,
government has to think this through which may go on for years arguing about every details, and we still dont know the real price of bitcoin which would be a bit problematic in stores,

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August 17, 2017, 06:42:25 AM
 #90

bitcoin work all over the world that is make it amazing not need to exchange to any other type of money
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August 17, 2017, 06:49:42 AM
 #91

Bitcoin is not suited for micropayments because users will complain that their fee is bigger than their bill. It is already good as a store of value, remittances and investment. Stretching it to be a national currency is too much.
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August 17, 2017, 07:19:28 AM
 #92

I dont think any govt will give up its control on currency. I dont see it coming.

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August 17, 2017, 07:28:57 AM
 #93

No country would take bitcoin as their national currency as they have no control over it. A government can only run if they have control over their economy and if bitcoin is the national currency of a country then the national economy of that country would depend on the price of bitcoin which the government can never control at all.

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August 17, 2017, 07:35:35 AM
 #94

I dont think any govt will give up its control on currency. I dont see it coming.
If to become national currency actually it will not happen for now or in the upcoming years. Because bitcoin is volatile value and it need to be legalized first by the government. There will be a long process before it will happen and as you know it is not easily be adopted by other people that not into use of bitcoin.


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August 17, 2017, 08:06:23 PM
 #95

bitcoin is the international currency and it will stay like this.

I don't think of BTC as a currency. I think of it as a commodity like gold. Sure, BTC is more useful as a medium of exchange than gold, but that doesn't make it ubiquitously accepted (and especially required to be accepted for the payment of debts, like fiat currencies).

It's cliche, but BTC is still Gold 2.0 in my book.

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August 17, 2017, 08:10:30 PM
 #96

Bitcoin is not suited for micropayments because users will complain that their fee is bigger than their bill. It is already good as a store of value, remittances and investment. Stretching it to be a national currency is too much.

Micropayments may not be an issue in the future. We need to see how the Lightning Network pans out. Payment channels with entities like Bitpay could already cut down on peoples' fees considerably. If routing can be adequately figured out to expand that to the Lightning Network, I think that Bitcoin will be unstoppable.

But a national currency? That makes no sense...
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August 17, 2017, 08:15:02 PM
 #97

I dont think any govt will give up its control on currency. I dont see it coming.

That is why bitcoin being a national currency is a fantasy, a dream of a someone naive and not concious the way government take things. Bitcoin will not be a national currency because it may spark a war. War of naming which country bitcoin should be a national currency since bitcoin is decentralized.


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August 17, 2017, 09:08:55 PM
 #98

I can hear the sound of war between governments and bitcoin. if the economy of europe and US goes down, they will take measure for bitcoin.

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August 18, 2017, 02:49:08 AM
 #99

Bitcoin is not suited for micropayments because users will complain that their fee is bigger than their bill. It is already good as a store of value, remittances and investment. Stretching it to be a national currency is too much.



Right. If only they can do soething about the fees then every people can use it on cheap goods everyday. It can be used worldwide but being a national currency is very impossible to happen. Right now, only people who make huge transaction will benefit this after all.
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August 18, 2017, 03:12:23 AM
 #100

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 think it will be nice to become a national currency is the bitcoin.  It seems to be a lot of opportunity given to many people and it has to be a giving money to many people.

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