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Author Topic: BTC as a national currency?  (Read 12097 times)
shileiya
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February 18, 2018, 09:13:00 AM
 #841

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 my opinion, bitcoin can not be a national currency because the government has not supported bitcoin and can not accept bitcoin as currency or as payment.
I agree with you. First, the high transaction cost of bitcoin needs to be solved. Then the bitcoin price fluctuation will make it troublesome for a country to use it.
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February 18, 2018, 09:26:45 AM
 #842

For me it is good to recognize bitcoin as a currency or as a legal tender. But to be recognize to replace the fiat currency of a country be the main currency, I think too many would disagree. Given that not all are technologically advanced yet, the stores , offices and any business establishment everywhere in my country, I think it is so hard to implement such idea.

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February 18, 2018, 09:33:29 AM
 #843

BTC has greater ambition than as a national currency. It wants to be the currency of the people and a currency that transcend borders.

For bitcoin to be officially recognized as one nation's currency would be for the govt to admit that they are not able to maintain credibility
of their own currency and have to adopt BTC as their national currency.. which nation do you think will do that?

anyway there is no need for BTC to be recognized as a nation's currency. What is needed is for cryptocurrencies to be accepted as one
of the medium of exchanges or as a type of financial asset that can be freely traded. This would be the win we want.

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February 18, 2018, 09:58:29 AM
 #844

I don't think bitcoin will become as a national currency because of it's price keep changing every minute it's a high risk for the community if the price would fall.

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February 18, 2018, 11:18:11 AM
 #845

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?
National currency? I think it should not be by this time because o believe that there is a chance for bitcoin to come on that matter. Because we know that bitcoin is still not acceptable by globally. There are nations that totally against with bitcoin so they declared it as illegal, others declared it as legal, while the others are remain silent. This reasons is what I think is the big contribution for the possibility that bitcoin will become a national currency but not by this time.

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February 18, 2018, 11:21:02 AM
 #846

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 does not have the capability to become a national currency because not all people in the world can have access to bitcoin as well as to computers. Not all people does have an idea about bitcoin and does not know if bitcoin even exist.

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February 18, 2018, 12:19:09 PM
 #847

No, bitcoin cannot be our national currency because it could lead to its economic collapse. A deflationary nature of digital currencies would mean that they would not function well as a currency or medium of exchange in modern economies.

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February 18, 2018, 12:22:32 PM
 #848

I think no, because Bitcoin is a string of code generated through a complex algorithm, and does not have inherent value. Added that the virtual nature of digital currencies are their most significant characteristic.

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February 19, 2018, 12:27:31 PM
 #849

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?

Making bitcoin as a national currency is not a good idea, because bitcoin values ​​are unstable and that's very risky in the economy of the country. The value of bitcoin can indeed soar and it is very profitable, need to consider too, bitcoin is very risky.

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February 19, 2018, 12:41:20 PM
 #850

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 from what I am think its hard to be national currency. Its because in many country, they have infrastructur problem, beside that many people still have negative thinking about bitcoin or altcoin. But if bitcoin become investment portfolio, bitcoin is able to be regulated by goverment

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February 20, 2018, 10:31:15 AM
 #851

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 from what I am think its hard to be national currency. Its because in many country, they have infrastructur problem, beside that many people still have negative thinking about bitcoin or altcoin. But if bitcoin become investment portfolio, bitcoin is able to be regulated by goverment
As a national currency, seems very impossible but as an international tool to help transact that would happen.
Still the current different currencies will exist because the world is divided in countries and every country has their own currency, we should not
think the impossible, instead, think how blockchain could change the world.


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February 20, 2018, 12:13:00 PM
 #852

This can't be possible because governments are too hesitant to invest and recognize bitcoins. Bitcoin's volatility is the main problem and there are no market principles that can be attributed to bitcoins. Bitcoins are mere bubbles that will soon be invaluable.

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February 20, 2018, 03:08:12 PM
 #853

My take on this is , I don't think Bitcoin is suitable to be a national currency, if it will be then it will be controlled by the nation's government which defeats the purpose of Bitcoin being decentralized. Plus, its value is very volatile, dependent on internet connection, transaction fees not suitable for everyday transactions. If shopping online and some other stuff why not. But for a national currency, I don't think so.

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February 20, 2018, 03:11:10 PM
 #854

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 depends on the people in our society will prefer to use bitcoins than fiat money. Bitcoin will become international currency if all the people in the world will use bitcoin. I know it is hard to believe that the bitcoin will become international currency but I know that bitcoin has potential.

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February 20, 2018, 07:46:22 PM
 #855

Official national currency or unofficial national currency? I'd say it's approaching unofficial.

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February 21, 2018, 10:48:45 AM
 #856

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 from what I am think its hard to be national currency. Its because in many country, they have infrastructur problem, beside that many people still have negative thinking about bitcoin or altcoin. But if bitcoin become investment portfolio, bitcoin is able to be regulated by goverment
Right in my place as well some people are in favor of bitcoin and some of them are bitcoin haters. Some of them are aware of bitcoin and some are not so it does not mean bitcoin is not having ability for being a national currency, it is all about the national progress and demand of bitcoin. I hope bitcoin will grow in demand then maybe government will make it legal and nation currency.

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February 21, 2018, 11:02:22 AM
 #857

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 soon btc gonna be an international currency  because it is now getting  popular  and getting wide all over the world

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February 21, 2018, 11:39:35 AM
 #858

National currency is any medium of legal tender, be it notes or coins which is under compulsion to be accepted as means of payment for goods and services rendered in that economy, and which is of course under Government regulation. Bitcoin is under an umbrella of Deregulation, and has not yet in any way meet the criteria of being globally, nationally or widely accepted legitimately, because most governments in worldly economies had not yet given BTC their support, if not for Bitcoinners sagacity.

werpak321
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February 21, 2018, 12:00:57 PM
 #859

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 someday it going to be one a national currency because  of it is now popularity and the mode of being an great help to other

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February 21, 2018, 12:11:05 PM
 #860

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.
Before a government consider bitcoin as a national currency, they must replace first their existing currency. And that would be a drastic change specially on the market system. That kind of change needs a lot of research and market analysis because of the properties of bitcoin that will surely make a remarkable impact in the economy.

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