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Author Topic: BTC as a national currency?  (Read 12097 times)
hashtag101
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February 25, 2018, 10:04:08 PM
 #861

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.
Of course, the government can't change the monetary system easy like many people thought. There're many people forget Bitcoin becomes the new monetary system still has many problems at current. Especially about the transaction fees and use without internet.
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West0813
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February 25, 2018, 10:27:16 PM
 #862

No. Because it is not fair to everyone if we use BTC as a national currency. We need internet connection and gadgets to access bitcoin. But not everyone of us know how to use the internet and not all of us have gadgets.

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February 25, 2018, 11:38:41 PM
 #863

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 are some possibly  that it may become  a national  currency but i will take more years before it happen.  I thinks it will happen  if the nation will allow  everyone  to use btc instead  of fiat.

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March 01, 2018, 11:35:55 AM
 #864

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?

Actually theres a big chance that bitcoin will become a national currency,because of its growing widely throughout global capitalization,and if this happen now worldwide, maybe it is the time that bitcoin will become legal to operate without a problem of banning the cryptocurrency to each and every country because thats the time that the world government would make a law to make the bitcoin become a legal investment.

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March 01, 2018, 12:02:04 PM
 #865

Official national currency or unofficial national currency? I'd say it's approaching unofficial.
I dont think that bitcoin is we will be a national currency because not everyone in this world is know bitcoin and also not everyone in this world is not agree on bitcoin, and bitcoin is needed an internet and not all people in this world is active on using internet.

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March 01, 2018, 12:26:31 PM
 #866

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?

The possibility of bitcoin to be the national currency may occur, but for the next few years bitcoin can not become the national currency, unstable bitcoin prices will be the government's consideration to make bitcoin as national money.

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March 01, 2018, 01:31:11 PM
 #867

Not sure it's possible to start. Government always want to have control on their currency but bitcoin is decentralized and they will never accept this fact.

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March 01, 2018, 01:54:01 PM
 #868

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?
every country that has been there have currency state his respectively, therefore, if it later bitcoin will be the National currency. then which country will wear. while now only bitcoin still be controversy in the world

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March 01, 2018, 01:59:26 PM
 #869

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.
other than that bitcoin prices are unstable and always changing so it is difficult to make a transaction with a price unit that has been specified by the trader or even some people who will make transactions. maybe not as currency, but as a barter tool.

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March 01, 2018, 02:22:50 PM
 #870

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 guess not. Even though btc network is growing wider and more popular. But then the government will always seek opportunity or importantly how they can gain enough benefits from it. Using btc national currency is indeed beneficial but it is quite alarming specially on those 1st world countries.

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March 01, 2018, 02:31:48 PM
 #871

bitcoin could be a national currency if all the world also uses bitcoin as a tool of transactions or alternatives to conventional currency changes. so the economic activity of the country will grow. if only one country uses bitcoin as currency, and other countries do not use it. then the country's economy can not grow up.

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March 01, 2018, 02:40:37 PM
 #872

bitcoin could be a national currency if all the world also uses bitcoin as a tool of transactions or alternatives to conventional currency changes. so the economic activity of the country will grow. if only one country uses bitcoin as currency, and other countries do not use it. then the country's economy can not grow up.

Making bitcoin as a national currency is not a easy job and it is not suitable for all people the people are still unstick with crypto currencies it takes longer time but if it is possible many changes will happen with the growth of bitcoin like bitcoin ATM and many easy features to access from bitcoin easily .

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March 01, 2018, 04:01:01 PM
 #873

Bitcoin is used as an international currency, but in any country it will not create a national currency because it will look wrong. Bitcoin can not be used for online, Bitcoin can not be controlled and it can not be made in national currency.

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March 01, 2018, 04:20:35 PM
 #874

Official national currency or unofficial national currency? I'd say it's approaching unofficial.
I dont think that bitcoin is we will be a national currency because not everyone in this world is know bitcoin and also not everyone in this world is not agree on bitcoin, and bitcoin is needed an internet and not all people in this world is active on using internet.
Exactly, bitcoin is not so popular and does not create credibility for people around the world, that makes the door to go to the international currency becomes too far away with it, in addition, it owns some special features, the user likes that but the government does not like it when it prevents the control and benefits of government, even endanger economy, so the government will not allow it to replace or become the national currency. In short, it lacks too many conditions and circumstances appropriate to become a national currency

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March 01, 2018, 04:46:42 PM
 #875

I do not think it will ever be a 'national' currency. Each country will simply develop their own crypto. This is something that we saw happening with Venezuela for example. Also historically countries tend to have their own currency and not just jump of the currency wagon of someone else.

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Harley29
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March 01, 2018, 07:15:26 PM
 #876

Official national currency or unofficial national currency? I'd say it's approaching unofficial.
I dont think that bitcoin is we will be a national currency because not everyone in this world is know bitcoin and also not everyone in this world is not agree on bitcoin, and bitcoin is needed an internet and not all people in this world is active on using internet.
No it is not like this  now mate it is the new era and people are now so fast that they reached the moon so how can you say they are not aware of bitcoin,  if a few people in this word are not agree for bitcoin is can be the lack of knowledge and the financial education, so if we will tell them the real benefit of bitcoin they will be in favor of bitcoin and it will increase the investors of bitcoin, now internet is the most cheap thing to use and to have so every second person is internet expert, so I think it is not so far that bitcoin will be legal and national currency in future.

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March 03, 2018, 12:30:06 PM
 #877

Bitcoin can never become national currency. Bitcoin still not popular enough, Most of people don't know what is bitcoin. So first bitcoin has to become popular and on the top its a banned currency in most countries. Government will never accept it due to its disadvantage and fact called "anonymous".
Dragon5
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March 03, 2018, 09:18:00 PM
 #878

That's a lucrous question))) It cannot be a national currency.. A currency of what? A Bitcoinland? We could found one on Mars, if Saudi Arabia succeed in their new space project.. By the way, a good idea, as it will not be really convenient to have fiat money there...
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March 03, 2018, 09:22:03 PM
 #879

Bitcoin can never become national currency. Bitcoin still not popular enough, Most of people don't know what is bitcoin. So first bitcoin has to become popular and on the top its a banned currency in most countries. Government will never accept it due to its disadvantage and fact called "anonymous".
A national currency of what? There isn't a so called bitcoinland as this member put it
That's a lucrous question))) It cannot be a national currency.. A currency of what? A Bitcoinland? We could found one on Mars, if Saudi Arabia succeed in their new space project.. By the way, a good idea, as it will not be really convenient to have fiat money there...
But yeah if they do colonize a place on mars then they can dedicate a currency for whatever coin there will be by then. As I doubt bitcoin will be still a viable solution by then. As the blockchain will survive but all other coins can be replaced with something better then what we currently have.

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March 03, 2018, 10:34:50 PM
 #880

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?

Why not!Its a big possibility for that because btc now makws people unforgetable experience for earning income.Maybe its not only national currency but i must prepare for international currency because it was really a demand to all over the world right now.

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