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Author Topic: What country do you think will recognize Bitcoin as an official currency?  (Read 1926 times)
dvyanc
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October 02, 2017, 09:07:28 AM
Last edit: January 15, 2018, 03:51:54 AM by dvyanc
 #1

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

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October 02, 2017, 03:45:28 PM
 #2

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Bitcoin is indeed a real currency.  There are countries who are moving in positive direction of recognizing bitcoin as currency. For that matter Japan has already recognized bitcoin as currency. [1]
Russia is also trying to get hold of bitcoin. One big problem with the bitcoin as currency acceptance is bitcoins nature of decentralized. This lack of control is something bothering govts to act against bitcoin or trade water safely.

[1] http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/
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October 02, 2017, 03:54:32 PM
 #3

What is your definition of currency? Japan already accepts Bitcoins as a legal form of payment, though that may not fit your definition completely. No country has really come close to that as far as I know.
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October 02, 2017, 03:57:18 PM
 #4

That is a massive turn of events in one country if they will truly use bitcoin as their main currency. It will be like deleting their history from the paper money that they have been used to.
I always think of it as a payment option but not the main one. But if this will happen then it can only be Japan who can answer to this kind of change. The technology that they have could deal with bitcoin ATM's and other stuff that will deal with bitcoin.

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October 02, 2017, 04:11:15 PM
 #5

No country will do this. Any currency must have its projected course. If the national Bank recognizes the foreign currency then there should be the exchange rate and all banks which have a license to operate in the country should take for a bitcoin exchange. How do you imagine banks will update the price. In my country the price of the national Bank shall appoint 1 times a day. Commercial banks have the right to change the price only by 5%. No cryptocurrency can not meet this requirement.
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October 02, 2017, 04:27:16 PM
 #6

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Bitcoin is indeed a real currency.  There are countries who are moving in positive direction of recognizing bitcoin as currency. For that matter Japan has already recognized bitcoin as currency. [1]
Russia is also trying to get hold of bitcoin. One big problem with the bitcoin as currency acceptance is bitcoins nature of decentralized. This lack of control is something bothering govts to act against bitcoin or trade water safely.

[1] http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/

I doubt that Russia will adopt bitcoin. For me they are anti crypto-currency. And all the things that they have said for bitcoin and crypto is always changing. So I bet that they are really against any crypto for now.
Its legal tender in Japan. But its not their official currency. It is still Yen. And for that matter, I doubt that any country would make bitcoin their official currency. Its decentralized, volatile. The government or Central Banks of any country don't want any of that nature because its can really affect them financially. They want something that is stable and can be control.

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October 02, 2017, 04:27:39 PM
 #7

No country will Smiley . All the countries will trust their own currency rather then depending on a currency whose price fluctuates a lot and even takes alot of time to confirm sometimes . So why to use such a currency when every country has its own well established currency
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October 02, 2017, 04:36:18 PM
 #8

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

I believe Japan and Australia is having the legal status for bitcoin in their regulatory system and they are being used mode of payment everywhere.

If you are thinking that currency means actual currency where bitcoin will replace the traditional currency then I'm sure no government will allow that. It will not be just possible to change the traditional currency which people are using since couple of hundreds years and that too so close to everyone that they will never accept new form of currency. May be that's why government won't go off the track.
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October 02, 2017, 04:52:35 PM
 #9

I thinks bitcoin will be more than a currency. Currency is a system of money in general use in a particular country. Since bitcoin can use in different countries. It would be more than that. Mostly like a gold which is recognize around the world because of its importance.

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October 02, 2017, 05:04:38 PM
 #10

Maybe in the future bitcoin is not known as currency, but it will be known as a tool to transact on the internet and in the real world, because the use of bitcoin is very flexible and very simple too fast. I do not expect bitcoin to be known as currency, but I hope bitcoin is known as a legitimate means of transactions around the world.

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October 02, 2017, 05:12:22 PM
 #11

It's Autraslia. I can give you a quote to improve this : " Lawmakers in Australia are reportedly pushing for the recognition of bitcoin as an official currency. According the Sydney Morning Herald, representatives from the country's centre and left-leaning political parties are behind the ambitious initiative, one that comes amid a broader call for the government to better accommodate blockchain technology and its evangelists."
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October 02, 2017, 05:17:58 PM
 #12

I would class a currency as something anyone would be willing to accept. I'm not very interested in whether government accepts it. You can't buy your morning coffee with treasury bonds.

There are examples of local government looking into accepting it. There's a canton in Switzerland doing that and a few US states have proposed it for paying state taxes. As ever, all they'd be doing is converting it so you're using BTC in the same way as a debit card which doesn't really qualify as accepting it.

I don't think a national government would ever give it that level of endorsement.

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October 04, 2017, 11:59:54 AM
 #13

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
This will only be in anyone's wildest dream if they think any government will decide to use bitcoin as official currency. The highest that will happen is for it to be adopted and also used as a means of payment alongside the normal currency which is still not a bad idea.

I do not see how such situation of using as an official currency can easily play out. However, some few countries are already shifting gear towards its adoption while some already have declared their interest.
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October 04, 2017, 12:54:37 PM
 #14

Official currency means a currency that's accepted by the government fully and all the transaction and everything that takes place in that country are through that currency only.
Quite frankly changing a currency takes a lot of time, documents , signature of various authorities and many more legal works as required by the government that we Don't even know about.
Firstly this action needs to be passed through multiples tires of the government and I doubt if every single one of them would agree to pass it, also for any commodity for the use of that bitcoins as currency you will also need to talk with the companies and ask them to write...0.00002 btc on the back of the chocolate that they make and it will be very hectic...the chocolate is today for 1 dollar oh no tomorrow it is for 5 dollars... Idk if you are getting it or not but.. thats practically impossible.
They can recognize it and make it legal but not use it as an official currency.



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October 04, 2017, 01:17:20 PM
 #15

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Haven't Japan already done that? I believe bitcoin is accepted as legal tender in Japan, so it has to be recognized as a currency in order to have that status. So I think your question was already answered by Japan government. Although they are the most evolved when it comes to bitcoin regulation, I think bitcoin can already be used as a payment in many other countries as well.

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October 04, 2017, 01:42:53 PM
 #16

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Bitcoin is indeed a real currency.  There are countries who are moving in positive direction of recognizing bitcoin as currency. For that matter Japan has already recognized bitcoin as currency. [1]
Russia is also trying to get hold of bitcoin. One big problem with the bitcoin as currency acceptance is bitcoins nature of decentralized. This lack of control is something bothering govts to act against bitcoin or trade water safely.

[1] http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/

I doubt that Russia will adopt bitcoin. For me they are anti crypto-currency. And all the things that they have said for bitcoin and crypto is always changing. So I bet that they are really against any crypto for now.
Its legal tender in Japan. But its not their official currency. It is still Yen. And for that matter, I doubt that any country would make bitcoin their official currency. Its decentralized, volatile. The government or Central Banks of any country don't want any of that nature because its can really affect them financially. They want something that is stable and can be control.
In every country has their own standard currency I don't think that BTC is become their legal tender,but once BTC is recognizes it has a exchange value in different currency worldwide it will compete any currency in the world.

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October 04, 2017, 04:46:41 PM
 #17

Japan, Canada, South Korea, Philippines and some democratic countries, some of them already recognize it and some have doubts, the majority are all bitcoin free countries that have some regulation in terms of the ICO and some exchanges as the fraud and criminality are vulnerable because btc is the currency of anomity. To accept it as a real currency, the government should make a regulation or a system without compromising the primary attributes of the bitcoin by making the it safer and efficient to use as the criminals will tend to use it for their illegal transaction.

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October 04, 2017, 05:03:11 PM
 #18

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
If bitcoin can a real currency there many government who accept and they recognize bitcoin but there are many countries who did not recognize bitcoin one of one currency in all world
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October 04, 2017, 05:05:03 PM
 #19

I think for bitcoin to be a real currency, government have to accept it first.

Yes, very well said. They have to recognize it first before declaring it as a real currency just to show their support and interest to bitcoin for the public.

So I ask what country do you think will recognize it as a currency?

No one knows and this is impossible to happen, there will be no country that is interested of replacing their very own local currency in exchange for a decentralized cryptocurrency. That will be a risky market and economy for a country that will do that.


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October 04, 2017, 05:16:57 PM
 #20

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
Bitcoin is actually a real but digital currency. Why do you think that government should accept bitcoin for it to become real currency? As long as we use it as a form of paying for goods, it is a "currency".  Japan recognizes bitcoin as a legal payment method, and other countries will soon follow.


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October 04, 2017, 06:36:54 PM
 #21

Bitcoin and cryptocurrencies are very volatile right now, The elites that control the global banking system and governments will never let crypto become a thing unless they have total control over., they might get banned in some countries, but I think they will never go away, So recognize Bitcoin or any cryptocurrency Must accept the Philosophy of the new technology of blockchain. I blieve a lot of democratic countries need to take the opportunity first.
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October 04, 2017, 06:43:41 PM
 #22

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Bitcoin is indeed a real currency.  There are countries who are moving in positive direction of recognizing bitcoin as currency. For that matter Japan has already recognized bitcoin as currency. [1]
Russia is also trying to get hold of bitcoin. One big problem with the bitcoin as currency acceptance is bitcoins nature of decentralized. This lack of control is something bothering govts to act against bitcoin or trade water safely.

[1] http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/

You are quite on the right track. You raised two salient points which are different in there own zones but attending to the core issue. One is that which points op to the fact that countries are already being positive about bitcoin, Japan being in the pack. The other point is that which points to the fear of governments as to the decentralized and uncontrollable nature of bitcoin. To this fact, I think governments would speedily adopt bitcoin if they are able to implore means to check or control it.

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October 04, 2017, 06:52:44 PM
 #23

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
There are categories on what kind of currency you are pertaining to but as far as i understand you are mentioning here about bitcoin being legalized and making it as the main currency of a certain country.I would say there no country would do such thing.They might able to adopt it but replacing their own local fiat currency would really be an impossible thing to happen.
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October 04, 2017, 07:14:53 PM
 #24

When Bitcoin adoption increases and when many people start lefting fiat to deal only with BTCs the governments will try to regulate Bitcoin somehow. The question is how each government will do this. It will depend the characteristics of these governments, if they are more liberal the impacts won't be so hard, but if they are regulatory, controllers it will be worse for Bitcoin enthusiasts.

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October 04, 2017, 07:23:53 PM
 #25

Bitcoin will never be currency its a virtual currency that we are using online. Bitcoin is just made for online payments..
And i think we will not see any country will use bitcoin as official currency but there are some country that bitcoin is legal..
Like japan, paris and  brazil this is what i collected as of now that accepting bitcoin locally as legal..

Also here i think in my country nearly that bitcoin will be use locally since there are people here are using bitcoin to buy or sell product online that only can be sell here in philippines and they use bitcoin as payment gateway. .

 
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October 04, 2017, 07:33:17 PM
 #26

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Trying to say as official currency? No. This is not going to happen anyway, they will only treat bitcoin as a payment method but never as an official currency. Are you not still satisfied for those countries that are recognizing bitcoin and they are helping the economy of bitcoin to grow? Try to clear it bitcoin has been recognized by different countries as a currency but if official currency or becoming their main currency, no.

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October 04, 2017, 07:57:08 PM
 #27

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
There are some countries who already declared bitcoin as a official currency like japan, maybe in Asia's country could be the next that can be recognize bitcoin as an official currency. I hope that here in my country and that is Philippines, bitcoin can be accepted by our government to be bitcoin as a legal currency.

 
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October 04, 2017, 08:19:22 PM
 #28

Some countries already recognized bitcoin as a currency for example Japan. Also Australia has introduced some blockchain lessons in their schools. Russia is upcoming giant, they are already discussing a way to involve blockchain technology in their financial system. I guess if Russia will finaly do this, a lot of countries will follow and recognize bitcoin as well Smiley

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October 04, 2017, 08:23:42 PM
 #29

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
I think here you have some misunderstanding Because here already bitcoin has officially accepted coin in the Japan like big countries .
And also you can check in the Google that bitcoin is already long year ago got approval to use for the public offically .
Now today you can see that how the another countries followed them and accepted bitcoin as a powerful currency and considers that bitcoin will help the economic conditions of the country .
And also many countries who have not still yet declared bitcoin as offically coin to use for the people are looking to legalise it officially because now they understand well that what the bitcoin is now and what will be future .
So here you should be positive if you haven't  yet still innthat country where bitcoin is legalise Because here i am also in country in such country ( India ) where bitcoin is not legal but still government is taking tax to use bitcoin and other cryptocurrency uses .

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October 04, 2017, 08:42:38 PM
 #30

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

I think your title of the thread and the comment both are not matching as in title you are asking which country to recognize bitcoin as an official currency,then the answer is till now their is not any country which is going to announce as an official currency ya but they can declare bitcoin as digital currency to be used as fiat currency but with some restrictions.

 
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October 04, 2017, 10:18:17 PM
 #31

Most probably, smaller countries such as Gibraltar, Switzerland, Estonia are more flexible and can adopt crypto sooner into their economy. As for the other countries, size might be an issue.
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October 04, 2017, 10:33:55 PM
 #32

Lithuanian basketball sponsorship by NEM(XEM) check this out, very popular topic in media
So currently Lithuanian basketball fans can use XEM to purchase game tickets, season passes, and team merchandise. NEM(XEM) is planing to extend usage of XEM across other areas of daily life. Doesn't sound great? It is very promising. The main areas are transport, logistics, supply chains, administration, and banking. So I would bet Lithuania that become first world crypto country. If not Lithuania i would pick country in Asia.
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October 04, 2017, 11:32:05 PM
 #33

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

I am sure no country will accept bitcoin as their official currency ever because bitcoin is not structurally built for it. Bitcoin is aiming towards decentralization and anonymity which the least thing a government will want. Probably some progressive countries like Japan, USA, Canada can legalize it but they won't declare it as their official currency. Their official currency will remain the same while bitcoin transactions will also be accepted in these countries and nothing else. 

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October 04, 2017, 11:34:02 PM
 #34

Most countries would rather build their own cryptocurrency than use bitcoin as the national currencies.. for security reasons I guess
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October 04, 2017, 11:53:14 PM
 #35

Best bet for countries accepting Bitcoin, is unfortunately their economies collapsing. People tend to learn the hard way. Their economy and country needs to go to crap before they will make a change. With that said, we are looking at countries like Greece (although they may be doing better now) or especially Venezuela right now. Any country in economic crisis will be looking for possible solutions to fix it, and Bitcoin is one of those possibilities.
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October 05, 2017, 01:29:29 AM
 #36

Best bet for countries accepting Bitcoin, is unfortunately their economies collapsing. People tend to learn the hard way. Their economy and country needs to go to crap before they will make a change. With that said, we are looking at countries like Greece (although they may be doing better now) or especially Venezuela right now. Any country in economic crisis will be looking for possible solutions to fix it, and Bitcoin is one of those possibilities.
they might consider legalizing and implementing ituch but not to the point they will change their currency,maybe not yet on this moment. Maybe soon.

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October 05, 2017, 02:48:38 AM
 #37

No country will Smiley . All the countries will trust their own currency rather then depending on a currency whose price fluctuates a lot and even takes alot of time to confirm sometimes . So why to use such a currency when every country has its own well established currency

I cant believe most of you have not heard of the Pirate Party from Iceland. They seek to make BTC legal tender in their country.

I dont know what the political landscape in Iceland is but they have been given more and more support, with the last year's Icelandic election having the most success to date.

https://en.wikipedia.org/wiki/Icelandic_parliamentary_election,_2016

Iceland is due to have another parliamentary election on October 28, 2017.


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October 05, 2017, 02:54:01 AM
 #38

By official if you mean legal, then Japan has already done it. But if you mean making it national currency, then that is unlikely to happen. Bitcoin is international currency and is highly volatile since it is decentralized. No country would make such a currency, a national currency whose hold will not be in their hands. That will be a nightmare for the economic growth. If you want foreign investment you need a relatively stable currency not a volatile one like bitcoin and that too out of government's control.

No country will Smiley . All the countries will trust their own currency rather then depending on a currency whose price fluctuates a lot and even takes alot of time to confirm sometimes . So why to use such a currency when every country has its own well established currency

I cant believe most of you have not heard of the Pirate Party from Iceland. They seek to make BTC legal tender in their country.

I dont know what the political landscape in Iceland is but they have been given more and more support, with the last year's Icelandic election having the most success to date.

https://en.wikipedia.org/wiki/Icelandic_parliamentary_election,_2016

Iceland is due to have another parliamentary election on October 28, 2017.



Making it legal and making it national currency are two different things. Bitcoin is legal in many more countries. But adopting it as a national currency over the fiat currency is unlikely to happen.
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October 05, 2017, 03:00:38 AM
 #39

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
This is still too far fetched. Any country right now is not going to make it its official currency, that would mean to dump their fiat and adopt a whole new currency, that will cause a major economic crisis in that country of not handled properly. Most likely what could happen is btc being officially legal in some country, that is relatively possible and some countries are already very close to doing that.
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October 05, 2017, 03:05:21 AM
 #40

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

I think that Japan currently is at the forefront of bitcoin adoption. The government seems to be pretty bitcoin-friendly as well so if bitcoin does get adopted as an official national currency in any country, Japan is probably going to be the first.

Bitcoin is already legalized in Japan and Australia, just not recognized as an official currency.

BTW, bitcoin does not need to be recognized as "official" for it to work its magic.
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October 05, 2017, 03:22:07 AM
 #41

I think plenty of countries had already accepted bitcoin lets say legal currency as what others imposed. They actually could use it not just in exchange but in other transactions that usually use fiat as payment. Japan for example. I am not sure if Sweden and Korea tend to do use bitcoin as legal currency as of the moment though.

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October 05, 2017, 03:24:14 AM
 #42

Just recently, Bitcoin and cryptocurrency have been recognized as legal digital assets by Japan. They also decided to officially legalize cryptocurrency exchanges, recognizing them as legitimate financial institutions.
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October 05, 2017, 03:47:55 AM
 #43

I think plenty of countries had already accepted bitcoin lets say legal currency as what others imposed. They actually could use it not just in exchange but in other transactions that usually use fiat as payment. Japan for example. I am not sure if Sweden and Korea tend to do use bitcoin as legal currency as of the moment though.

not many countries now recognize bitcoin as an official currency and i think its still too far to hope this because bitcoin need to solve the main problem first then maybe government will accepting bitcoin as payment. but if you say japan, i think it could be the first as we know that japan approve bitcoin and the government is allowing people for using bitcoin. i think in japan there is local store that already accepting bitcoin as payment but it doesn't mean that japan will be the first country that will make bitcoin as currency.

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October 05, 2017, 04:31:23 AM
 #44

What do you mean by recognizing bitcoin as an official currency?  Are we talking about considering a legit form of payment, or are we talking about a country adopting it as its official currency?  As other have said, Japan seems to be the furthest along the road to using it as an actual currency.  Given how much they like cutting-edge tech, they will probably continue to lead the world.  If we're talking about bitcoin becoming a country's de facto currency, I doubt that will happen.  It may be recognized alongside another country's own currency, but I don't think it will replace it.  Governments need control over their own currencies or they will end up with economic problems.  Look at the issues that Europe has been having with the Euro over the past several years.
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October 05, 2017, 05:37:24 AM
 #45

I think plenty of countries had already accepted bitcoin lets say legal currency as what others imposed. They actually could use it not just in exchange but in other transactions that usually use fiat as payment. Japan for example. I am not sure if Sweden and Korea tend to do use bitcoin as legal currency as of the moment though.

not many countries now recognize bitcoin as an official currency and i think its still too far to hope this because bitcoin need to solve the problem first then maybe government will accepting bitcoin as payment. but if you say japan, i think it could be the first as we know that japan approve bitcoin and the government is allowing people for using bitcoin. i think in japan there is local store that already accepting bitcoin as payment but it doesn't mean that japan will be the first country that will make bitcoin as currency.
Although majority of state still did not legalize bitcoin, but i think that bitcoin is under discussion there to legalize it, and specially after Japan accepting bitcoin, they are now taking interest in bitcoin to turn it as legal currency. i am sure that Australia and very soon so many other countries are going to turn bitcoin as legal currency. I myself hopeful that very soon our own government will turn bitcoin as legal currency and then we will be able to use bitcoin for anything we want to.
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October 05, 2017, 06:00:04 AM
 #46

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
Bitcoin is now accepted in most of the countries but i don't think so any country will accept it as its official currency due to its decentralized characteristic. Countries will make their own made cryptocurrencies as official or national currency because their own made currency will be under control of them. Bitcoin will remain the boss in the cryptocurrencies world but it will never become an official currency of a particular country.

 
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October 05, 2017, 06:05:03 AM
 #47

I recently read an article about Sweden being very interested in adopting cryptocurrency as an official currency. In Sweden they rarely use cash anymore, I even read a testimonial of someone who never uses cash. They do all their payments via cash or with their phone. So if there was a country who would adopt bitcoin first m, it would be Sweden in my opinion.
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October 05, 2017, 07:31:43 AM
 #48

With bitcoin's price being unstable, I guess no country will be going to have it a go as their official currency, bitcoin will always be an investment. And I still think, that it's work here in the digital world, will remain here; although because of its' easier and faster transactions, users want it to be used also in the physical world for payments.
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October 05, 2017, 05:39:15 PM
 #49

Japan, Canada, South Korea, Philippines and some democratic countries, some of them already recognize it and some have doubts, the majority are all bitcoin free countries that have some regulation in terms of the ICO and some exchanges as the fraud and criminality are vulnerable because btc is the currency of anomity. To accept it as a real currency, the government should make a regulation or a system without compromising the primary attributes of the bitcoin by making the it safer and efficient to use as the criminals will tend to use it for their illegal transaction.

You miss Australia they also accept and they reduce tax on bitcoin if my memory is correct.

Many fill follow mainly Japan example , but with some caution in every step. Biggest countries in Europe will definitely try something like Japan not gonna speculate on this who will be but in this case many can be named. But many consider still bitcoin as something illegal and fraud, this will definitely for some countries be question mark will they come to adoption or just to watch ans be spectators in this.



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October 05, 2017, 05:53:03 PM
 #50

Japan, Canada, South Korea, Philippines and some democratic countries, some of them already recognize it and some have doubts, the majority are all bitcoin free countries that have some regulation in terms of the ICO and some exchanges as the fraud and criminality are vulnerable because btc is the currency of anomity. To accept it as a real currency, the government should make a regulation or a system without compromising the primary attributes of the bitcoin by making the it safer and efficient to use as the criminals will tend to use it for their illegal transaction.

You miss Australia they also accept and they reduce tax on bitcoin if my memory is correct.

Many fill follow mainly Japan example , but with some caution in every step. Biggest countries in Europe will definitely try something like Japan not gonna speculate on this who will be but in this case many can be named. But many consider still bitcoin as something illegal and fraud, this will definitely for some countries be question mark will they come to adoption or just to watch ans be spectators in this.
yes i think most of the developed countries have accepted bitcoin as legal currency, while some countries are going to turn bitcoin as legal currency. but i think still there are so many underdeveloped countries who still do not take a positive step toward bitcoin, but i think people of such people need to introduce bitcoin to them in a good way. so that they may also start using bitcoin and their states should also take a positive step toward bitcoin. 
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October 05, 2017, 06:48:12 PM
Last edit: October 07, 2017, 06:48:27 AM by Mustion
 #51

It will take a long time before a country adopts bitcoin as an official currency. Bitcoin need more developments which can upgrade the Bitcoin Core for fast transaction. The bad thing about Bitcoin's transaction is you can't tell anything about the finished time of one transaction. It's depends too much on fees and how many transaction are going on in the system.
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October 05, 2017, 07:10:27 PM
 #52

Many countries accept Bitcoin and many others just ignore it but do not prohibit its use by their citizens because they know that it is for their own good.
accepting Bitcoin and tolerate its use is something different from making it the official currency wich I think is something infeasible due to the concept of Bitcoin wich is based on decentralization and anonymity. It is better that Bitcoin remains uncontrolled and accessible to anyone without belonging to a specific country.

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October 05, 2017, 08:20:50 PM
 #53

A country with a young and not totally corrupt people who run it and who would like an economic breakthrough
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October 06, 2017, 12:25:49 AM
 #54

First, the most developed economical countries will recognize BTC as an offical currency such as USA, Japan, South Korea...

When it widens community, popularity, and value, almost every country will do the same. That could happen in near future or not, but it's just matter of time.
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October 06, 2017, 12:35:23 AM
 #55

I don't think if any country is going to recognize bitcoin as an official currency reason being bitcoin is decentralized and nobody can have complete control over it. Governments anywhere in the world want total control on their citizens and they use currency for that to keep hence the idea of recognizing bitcoin as official currency by any country is just a dream. They may recognize it as a mode of payment but that's not what makes bitcoin any country's official currency.
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October 06, 2017, 12:44:39 AM
 #56

To be honest if no country accepted it so far as an official currency, it won't happen any time soon.
In my country there are only few ATM's in the capital where you can exchange cash into bitcoins, and most people don't even know for what they are Smiley

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October 06, 2017, 05:01:20 PM
 #57

Japan, Canada, South Korea, Philippines and some democratic countries, some of them already recognize it and some have doubts, the majority are all bitcoin free countries that have some regulation in terms of the ICO and some exchanges as the fraud and criminality are vulnerable because btc is the currency of anomity. To accept it as a real currency, the government should make a regulation or a system without compromising the primary attributes of the bitcoin by making the it safer and efficient to use as the criminals will tend to use it for their illegal transaction.

You miss Australia they also accept and they reduce tax on bitcoin if my memory is correct.

Many fill follow mainly Japan example , but with some caution in every step. Biggest countries in Europe will definitely try something like Japan not gonna speculate on this who will be but in this case many can be named. But many consider still bitcoin as something illegal and fraud, this will definitely for some countries be question mark will they come to adoption or just to watch ans be spectators in this.
yes i think most of the developed countries have accepted bitcoin as legal currency, while some countries are going to turn bitcoin as legal currency. but i think still there are so many underdeveloped countries who still do not take a positive step toward bitcoin, but i think people of such people need to introduce bitcoin to them in a good way. so that they may also start using bitcoin and their states should also take a positive step toward bitcoin. 

True.
There are always one that want to accept and the ones that want to ban it. Many see bitcoin as a treat in some way. Price is not stable and many countries are afraid cuz of that. For many I think that will accept it only if price of bitcoin becomes stable "long enough". This may be crucial factor for many that are temped to make some moves to accept fully bitcoin in day trade but think until bitcoin really becomes stable in price they will have fair and doubt to accept it acknowledge it.
 



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October 06, 2017, 05:13:57 PM
 #58

Japan has accepted bitcoin as a legal form of payment and Australia would be following Japan soon. Actually for any country to make Bitcoin their official currency that would not be that easy or even possible because for that a nation has to be so developed that each and every of its citizens must have the knowledge about bitcoin and overall Internet connection for each and every citizen. I do not think any country is that close to such development.
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October 06, 2017, 05:36:38 PM
 #59

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

All countries and its citizens can use Bitcoin since it was created and going around the internet because there is no rule that there is only a specific race, country or any other kind of identification to be followed when it comes to using it, that's why those people who are skeptical to it are always ranting about that it is a paradise for criminal to use in transacting their crimes online.

Bitcoin is a real currency, a real digital currency and it has a big value right now though. There is no need for bitcoin acceptance to any governments in the world as it is a decentralize cryptocurrencies meaning it is not regulated by anybody. And I think there is no country will ever treat Bitcoin as their official currency because it is an international digital currency that's not created for serving a single nation or represent any country.

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October 06, 2017, 05:39:10 PM
 #60

Most of the countries that accept bitcoin don't really treat it as an official currency but rather a digital asset that carries value and can be used as a form of payment, like what precious stones and gold are. Since it can be traded to fiat, these countries imposed regulations such as AML/KYC to prevent fraud and possible money laundering using these cryptos as tools. I also don't see countries recognizing bitcoin as an official currency, albeit the possibility that they'd allow it to co-exist with theirs just to be ready on the digitalization of money that will happen in the future, and bitcoin is a prime example for that.

 
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October 06, 2017, 05:50:35 PM
 #61

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
In my own opinion, maybe the country that bitcoin can be recognize it as a currency is other asian countries because most of bitcoin users are from asian countries. Like in my country here in the Philippines, bitcoin is being recognize by our government and sooner or later maybe it can be accepted as a legal currency.
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October 06, 2017, 11:51:05 PM
 #62

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
This is still too far fetched. Any country right now is not going to make it its official currency, that would mean to dump their fiat and adopt a whole new currency, that will cause a major economic crisis in that country of not handled properly. Most likely what could happen is btc being officially legal in some country, that is relatively possible and some countries are already very close to doing that.
These are all our prediction about bitcoin and the future. No one actually knows what will happen in the future. There are so many countries which are looking very much positive from their attitudes towards the establishment of bitcoin. It is very much possible that France will be the country who will be recognizing bitcoin as official currency in the near future.

 
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October 07, 2017, 12:40:29 AM
 #63

There is still lots of development to be made before it become a currency. But if you mean, bitcoin as a form of payment there were lot of country adapting bitcoin for this kind of use. Like in my country, it was not yet declared government acknowledged  yet different institutions are accepting bitcoin as a form of paymennt. Government institutions like health and life insurance do accept this kind of payment. Though it is accepted as form of payment in my county, we cant still call it currency. The bitcoin users in my country is not so big in number, maybe just the internet people only knew about it.
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October 07, 2017, 05:51:00 AM
 #64

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
This is still too far fetched. Any country right now is not going to make it its official currency, that would mean to dump their fiat and adopt a whole new currency, that will cause a major economic crisis in that country of not handled properly. Most likely what could happen is btc being officially legal in some country, that is relatively possible and some countries are already very close to doing that.
These are all our prediction about bitcoin and the future. No one actually knows what will happen in the future. There are so many countries which are looking very much positive from their attitudes towards the establishment of bitcoin. It is very much possible that France will be the country who will be recognizing bitcoin as official currency in the near future.

Unlikely to happen. Though it's possible that soon more countries will adopt btc, they won't go as far as making it their own currency. I don't think any government will risk that because they would have limited control over it

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October 07, 2017, 06:02:58 AM
 #65

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
The sure thing i know is the government will going to accept bitcoins but they will not accept it as the main currency bevause they have no power in bitcoins they have no tax or few tax it depends by the rules of a state after accepting bitcoins

 
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October 07, 2017, 06:13:51 AM
 #66

a long way to go Bitcoin for becoming an official currency of a government, because being an official currency there are a lot of formalities have to be maintained. japan and South Korea are considering it as a legal money but not officially, so that Bitcoin has to be more formal and hopefully Bitcoin will be a dominant factor in the digital world.
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October 07, 2017, 06:32:33 AM
 #67

No country will accept bitcoin as their official currency you know why? First of all if all the people in the country will work in cryptocurrency and earned a lot of bitcoin. how are they going to put taxes on every people that earns a lot? How will the government will track people who earns legal and illegal.

It's complicated that bitcoin can be used as a official currency because not all people are not into technology and some of the people can't understand what bitcoin is, how it was earned, produced etc.
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October 07, 2017, 06:49:38 AM
 #68

if i'm not mistaken none of countries currently admit bitcoin as their main currency although there are several countries admit bitcoin as the currency but even so seems they didn't interested to make bitcoin as their official currency and mostly all of them still stick to their local currency and in my view too many issue regarding use bitcoin so the countries won't considering it
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October 07, 2017, 07:55:12 AM
 #69

Japan has accepted bitcoin as a legal form of payment and Australia would be following Japan soon. Actually for any country to make Bitcoin their official currency that would not be that easy or even possible because for that a nation has to be so developed that each and every of its citizens must have the knowledge about bitcoin and overall Internet connection for each and every citizen. I do not think any country is that close to such development.
You're right about what you said concerning the Japanese government and concerning the issue of a country making bitcoin their official currency is not going to happen because such thing will created a sort of challenge/battle between bitcoin and their national currency which is the same reason why the Chinese government are acting weird sometime. Though they didn't endorse bitcoin as currency but they are doing everything they can in other to save their national currency. What the government can do is to create their own National Cryptocurrency

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October 07, 2017, 08:09:17 AM
 #70

No country accepts bitcoin as official currency - there has been a lot of official talks regarding this but no one is ready to accept it. This is understood because the governments run on taxation and there are people who tax the citizens. Bitcoin stops this and does not allow any taxation however a citizen may pay them still if the governments ask for it, but not involuntarily.

Since bitcoins are not regulated there is no way that the countries will be able to tax their citizens and the banks will collapse. Corrupt governments will no longer be able to operate like usual and thus there will be a distortion in the economy.

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October 07, 2017, 09:51:24 AM
 #71

None at all. The very concept of btc is antithetical to the idea of control of finances of the citizens by the state. The only way I see how is if they find a way to control/track the bitcoins any person has, at which point we're back to the present banking system. Plus the blockchain works on verification, and if theres no activity by other peers, transaction times would be lengthy and time consuming, unlike the present scenario where money can be transferred immediately.
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October 07, 2017, 10:11:53 AM
 #72

No country accepts bitcoin as official currency - there has been a lot of official talks regarding this but no one is ready to accept it. This is understood because the governments run on taxation and there are people who tax the citizens. Bitcoin stops this and does not allow any taxation however a citizen may pay them still if the governments ask for it, but not involuntarily.

Since bitcoins are not regulated there is no way that the countries will be able to tax their citizens and the banks will collapse. Corrupt governments will no longer be able to operate like usual and thus there will be a distortion in the economy.
Well,if that's a big possibility then how would our country will look like if that case is a kind of unacceptable in governments? If banks will collapse,then what about if bitcoin will manage which is similar to banks but I guess banks won't collapse that quick. I agree on the part that you mentioned on taxes, taxes are everywhere and it annoys me all the time. If only we can suggest to our presidents to which country we belong and have a votation or survey of this matter.
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October 07, 2017, 10:16:40 AM
 #73

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Many country was already recognized bitcoin or already legal if im not mistaken like bangladish, nigeria, zimbabwe,  canada, united states of america at many to mention that's why here in bitcoin have many investor because of the legality of bitcoin  and the amount of coins was already going up not like past years.

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October 07, 2017, 10:24:23 AM
 #74

No country will make it an official currency.
Reason been that some countries do not officialize or accept cryptocurrencies. So any country that will ever do that is cutting themselves off from trading with countries in the case of raw materials.
Besides, it may sound awkward, but there are many countries in this world that do not know anything about bitcoin or any cryptocurrency.

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October 07, 2017, 10:43:26 AM
 #75

Bitcoin is a limited supply coin so it is a really bad idea if a country announces Bitcoin as an official currency because surely it will effect on their economic growth because they need to use Bitcoin as an alternate currency for payments.


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October 07, 2017, 10:43:53 AM
 #76

In my own opinion the best candidate would be Japan, because they are more technological so basically I wouldn't wonder if Japan would be the first country that will recognize Bitcoin as an official currency. It really makes a lot of sense if that's the case.
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October 07, 2017, 11:06:29 AM
 #77

I think that Japan is the first country candidate to use bitcoin as official and legitimate payment, secondly there is Singapore because singapore is the headquarters for many blockchain start-up.
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October 07, 2017, 02:07:41 PM
 #78

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

The truth is that I don't see any country adopting bitcoin just yet not because its bad or because of all the bad happenings they are quick to ascribe to bitcoin but because of the pride of the managers of the economy. The prefer to continue with policies of Cambridge and Oxford thesis to be imported into their economy without having to understudy what will suit their countries the most even the economy of where the schools are domiciled, are only struggling.

Until when they realise the whole economic method are only temporal for keeping the economy in shape, they would try something else.

 
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October 07, 2017, 03:51:33 PM
 #79

I do not think there will be a country that applies bitcoin as its currency, because the negra already has its own currency, maybe bitcoin as an alternative payment and investment
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October 07, 2017, 04:05:03 PM
 #80

I do not think there will be a country that applies bitcoin as its currency, because the negra already has its own currency, maybe bitcoin as an alternative payment and investment

I believe this is what will happen. Countrys have there own traditional currency and nobody will really capture the bitcoin as there real currency because it doesn't work like that. Currency is completely different thing. The money that flows within the nation or outside the nation is circulated with market cap which is way way way bigger than all the 21 million bitcoin together. Just imagine how much money is generated everyday in the RB and how much is really needed to recirculate. It's completely different thing than virtual currency. So I'm speculating that no country will really or won't be accepting it as officially currency.
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October 07, 2017, 04:11:36 PM
 #81

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
It's hard to know this because every country surely prefer their own digital currency  as the official one. But if i have to choose than maybe it will be Japan, the leading country in term of crypto currency support.

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October 07, 2017, 04:24:32 PM
 #82

I do not think there will be a country that applies bitcoin as its currency, because the negra already has its own currency, maybe bitcoin as an alternative payment and investment

I believe this is what will happen. Countrys have there own traditional currency and nobody will really capture the bitcoin as there real currency because it doesn't work like that. Currency is completely different thing. The money that flows within the nation or outside the nation is circulated with market cap which is way way way bigger than all the 21 million bitcoin together. Just imagine how much money is generated everyday in the RB and how much is really needed to recirculate. It's completely different thing than virtual currency. So I'm speculating that no country will really or won't be accepting it as officially currency.

Though Japan may have already accept it as a currency still JPY is still their national or official currency. I agree with you that no country will make it as their official/national currency because there is already an existing one which is fiat and it would be hard to exclusively use bitcoin as a currency because many people would have difficulty in accessing it because of the lack of tools needed. Those old people who doesn't even use a computer which has been existing for a long time already would have difficulty especially and those that have no gadgets as well would be struggling in accessing it. Bitcoin would be recognize as a digital currency thus making it as payment option but it would not be able to totally eliminate fiat.

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October 07, 2017, 04:27:42 PM
 #83

I think tech giants like South Korea, Japan, and America will be the first countries to embrace bitcoin as an official cuurency. It will start as the official currency for online and digital transactions and then in the latter years of its development, it will envelop the country as a whole and the primary currency for purchase of all goods.

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October 07, 2017, 04:48:06 PM
 #84

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Well, if me and my family use potatoes as currency in our house. It is a currency. Government has no power over us if we stick to what we believe in and fight for it. They are powerless if people open their eyes.

None that i know of, some may be on the process of accepting cryptos.
But one thing im sure of is that majority hates cryptos and will find ways to make it permanently illegal.

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October 07, 2017, 06:24:43 PM
 #85

Japan, Canada, South Korea, Philippines and some democratic countries, some of them already recognize it and some have doubts, the majority are all bitcoin free countries that have some regulation in terms of the ICO and some exchanges as the fraud and criminality are vulnerable because btc is the currency of anomity. To accept it as a real currency, the government should make a regulation or a system without compromising the primary attributes of the bitcoin by making the it safer and efficient to use as the criminals will tend to use it for their illegal transaction.
This is just a matter of time that will decide this thing. It is going to be something really interesting to see and listen. I think that it will be France who will be taking this step in the near future.

The reason being there are the more number of investors and traders of Bitcoin in France as compared to all other countries in the world. Moreover, their Government is also planning to help those investors and traders.

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October 07, 2017, 08:02:30 PM
 #86

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
Yes it's a next step for bitcoin to recognized by government, Since it has massive growth in crypto currency market. And most of the countries are interested in block chain technology and accepting crypto currency like bitcoin, but still they are not strong enough to prioritize this since it may affect their fiat currency. Japan has already started accepting and they are fast enough with block chain technology. All the countries should come forward and accept bitcoin for some retail transaction in the beginning.
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October 07, 2017, 09:08:30 PM
 #87

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
I don't think any country will really recognize bitcoin as it's principal and main currency for many obvious reasons such as volatility and limitation of world supply . Moreover those country will be deprived from taxes payed by citizens . The lack of accessibility of people to bitcoin is another obstacle to face specially the elderly and the youngsters . It may minimize the charges that governments spend on the cash and it's storage and be effective against corruption but it's value changing every second won't ever let it be an official currency for any country .
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October 07, 2017, 09:18:34 PM
 #88

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
Yes i strongly agree that in order to be recognise the government should accept it first, a lot of country has already uses and practicing crypto currencies like bitcoin.The united states has the highest bitcoin users/traders because they have the silicon valley which is the home of cryptocurrency, they have the highest in terms of bitcoin ATM and the pioneer of digital currency. i believe that time comes as the world is now at a digital age the US will recognise bitcoin as their currency.

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October 07, 2017, 10:25:37 PM
 #89

What is your definition of currency? Japan already accepts Bitcoins as a legal form of payment, though that may not fit your definition completely. No country has really come close to that as far as I know.
There is a difference between a currency and a digital one. As a matter of fact, bitcoin is a digital currency. It is an intangible one. I think that is what he meant on his post. He wanted to know if bitcoin is tangible like any other currency in some countries. Added to that, Japan might have recognized bitcoin, but it is not its official currency, it is just, as you said, a form of payment. I do not think it interferes with other stuff.
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October 07, 2017, 10:39:42 PM
 #90

I agree Japan may recognize bitcoin as its official currency seeing how it support bitcoin it seems that this country is prepared in this kind of era and that the government like the idea of cryto currency. I will not be surprise is the biggest ownership of bitcoin will come from this country.

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October 07, 2017, 11:09:08 PM
 #91

I agree Japan may recognize bitcoin as its official currency seeing how it support bitcoin it seems that this country is prepared in this kind of era and that the government like the idea of cryto currency. I will not be surprise is the biggest ownership of bitcoin will come from this country.

japan has long recognized and declared the legality of bitcoin as the official digital currency in their country, and I think they should experience more advanced bitcoin growth when compared to some other countries that have bitcoin legalization.
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October 07, 2017, 11:37:46 PM
 #92

I do not think there will be a country that applies bitcoin as its currency, because the negra already has its own currency, maybe bitcoin as an alternative payment and investment
I think japan will take this owner to make bitcoin as its official currency because the japan economy is fully independent that’s why they free to take decisions. As japan have the world largest export and the world best technology of consumable items like TV. Laptop, computer motor car so if the announce this as their official currency and offer the world trade with them in bitcoin then there will be no power to stop bitcoin from becoming the global currency.
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October 07, 2017, 11:50:31 PM
 #93

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
I think the 1st countries that will approve bitcoin are those deeply affected with inflation , and by accepting bitcoin they will be able to get a currency that is much more powerful and valuable than theirs . And when using it they'll have huge profits and maybe do good by their economic system and improve the spending scale of it's citizens , so 3rd world countries are the ones concerned the more with such decisions .
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October 07, 2017, 11:58:55 PM
 #94

No country will Smiley . All the countries will trust their own currency rather then depending on a currency whose price fluctuates a lot and even takes alot of time to confirm sometimes . So why to use such a currency when every country has its own well established currency

I believed it will be Japan because they have all the reasons to do so like they are proudly creator of Bitcoin because Mr. Satoshi is a Japanese then their economy is much progressing than before after bitcoin was accepted in the market. I think their government  is already starting the process to make it possible to replace their Yen currency.

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October 08, 2017, 01:02:39 AM
 #95

Although some countries already recognized Bitcoin as a currency i do not think a country or a government will recognize Bitcoin as their official currency. They will not eat their pride and most likely if they will move to digital currency they will create their own. Right now I know that some countries
 are studying crypto currency and maybe in the near future a first coin will be  released by a government.

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October 08, 2017, 01:54:59 AM
 #96

Bitcoin is a real currency, the only hindrance for that if government of a particular country accepted Bitcoin as a currency that they can accept as mode of payment by their citizen. There are many countries that really accept Bitcoin and recognized by their government and some of them are Japan, South Korea, many countries in Europe and Canada, USA and some parts of Latin America. Some countries have free access to Bitcoin but some of them also are not recognized as a currency they can call, I wish it will be recognized worldwide.
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October 08, 2017, 02:31:00 AM
 #97

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

I guess that would be Japan because they are in the next steps of letting the retailers in the country to accept bitcoin as payment in transaction and being a high technology country it is very possible to implement the adoption of bitcoin to all its residents.

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October 08, 2017, 04:07:49 AM
 #98

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

For me its Japan because when it comes to crypto currency Japan is very vocal in using it in their country and in fact it would be used by lots of retailers based in japan in accepting payment trabsactions. So i think Japan will be the first country will recognize bitcoin as an official currency.

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October 08, 2017, 04:19:44 AM
 #99

Bitcoin is a real currency, the only hindrance for that if government of a particular country accepted Bitcoin as a currency that they can accept as mode of payment by their citizen. There are many countries that really accept Bitcoin and recognized by their government and some of them are Japan, South Korea, many countries in Europe and Canada, USA and some parts of Latin America. Some countries have free access to Bitcoin but some of them also are not recognized as a currency they can call, I wish it will be recognized worldwide.
Exactly this. Bitcoin does not need to be accepted by a government to be considered a "legitimate currency" or anything of that sort. If countries do start adopting bitcoin as a legal currency or even their official currency, then great. If not, it's not really a worry since bitcoin is global and decentralized anyway.

If we're talking about the first country to do this then i'd say definitely Japan or Korea.

Lots of new ideas in these two asian countries, and a lot of bitcoin trading done their already. Especially Japan.
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October 08, 2017, 04:25:03 AM
 #100

The first country that came to mind is japan then Singapore. As for Singapore, ICO investors have been eying it as a possible 'replacement' for china when they have banned ICOs there last few months. If they become open enough in crypto, there's a high chance that they would recognize bitcoin as an official currency.
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October 08, 2017, 11:38:40 PM
 #101

The first country that came to mind is japan then Singapore. As for Singapore, ICO investors have been eying it as a possible 'replacement' for china when they have banned ICOs there last few months. If they become open enough in crypto, there's a high chance that they would recognize bitcoin as an official currency.
Whoever will accept it as national currency will progress more as compare to rest of world, whether Japan or Singapore both have hold on the bitcoin market and they are developed countries and if any of them do so there will be everyone wanting to go there in these countries and earn as much as he can and I am sure bitcoin will not let that country down which will make it national coin.
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October 08, 2017, 11:45:26 PM
 #102

Vietnam,Vietnamise are using bitcoin a lot for transfering funds.Thay dont trust banks,it is easy there
becouse bitcoin atm's are around any corner.Many of them are living and working outside of Vietnam,so thay save on fees.I can also add that there is strong vietnamise mafia,i suppose thay also like bitcoin for transfering funds.For money laundering thay prefer banks

 
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October 09, 2017, 03:35:25 AM
 #103

I think Japan, the inventor of bitcoin satoshi nakamoto comes from japan, and of course japanese government more respect so that can make bitcoin as an official currency.


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October 09, 2017, 03:39:27 AM
 #104

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Japan would be my idea of this kind of thing, as they were more open for technology upgrades and innovations. But let see if theirs more country who have the same economic strategy that will recognized bitcoin and be part of it. As of now the only thing we can do is wait for bitcoin awareness be matured.
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October 09, 2017, 03:40:30 AM
 #105

in my opinion bitcoin will be acceptable as official in a country when government give the permission to accept this currency as method of receipt and payment. there are several reasons involved in this currency through which it can't be easily acceptable or we can say official of one country.

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October 09, 2017, 03:48:50 AM
 #106

I think no country will apply bitcoin as currency, the government will not want to apply bitcoin because bitcoin can not be controlled circulation while while money can be controlled

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October 09, 2017, 04:05:39 AM
 #107

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

Bitcoin is indeed a real currency.  There are countries who are moving in positive direction of recognizing bitcoin as currency. For that matter Japan has already recognized bitcoin as currency. [1]
Russia is also trying to get hold of bitcoin. One big problem with the bitcoin as currency acceptance is bitcoins nature of decentralized. This lack of control is something bothering govts to act against bitcoin or trade water safely.

[1] http://www.newsbtc.com/2017/04/02/japan-officially-recognises-bitcoin-currency-starting-april-2017/

I doubt that Russia will adopt bitcoin. For me they are anti crypto-currency. And all the things that they have said for bitcoin and crypto is always changing. So I bet that they are really against any crypto for now.
Its legal tender in Japan. But its not their official currency. It is still Yen. And for that matter, I doubt that any country would make bitcoin their official currency. Its decentralized, volatile. The government or Central Banks of any country don't want any of that nature because its can really affect them financially. They want something that is stable and can be control.



                  I think you were right, and since Japan is also accepting bitcoin, it was just an alternate currency, next by Yen their official currency. Even so, replacing ones currency is totally hard, and i certainly like the fact that Japan was doing the first move and setting an example for the rest of the countries.

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ankylotic
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October 09, 2017, 04:27:48 AM
 #108

I think Japan, the inventor of  satoshi nakamoto comes from japan, and of course japanese government more respect so that can make  as an official currency.
i don't think japan will do that first from all of the world. i think it will happen from somewhere in europe and any country from europe will do it first like america or england or there are also chance that they launch their own cryptocurrency in competition with bitcoin. there also very severe chances of china also to launch their own crypto like they have just launches neo and it is very popular.
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October 09, 2017, 06:39:57 AM
 #109

By official if you mean legal, then Japan has already done it. But if you mean making it national currency, then that is unlikely to happen. Bitcoin is international currency and is highly volatile since it is decentralized. No country would make such a currency, a national currency whose hold will not be in their hands. That will be a nightmare for the economic growth. If you want foreign investment you need a relatively stable currency not a volatile one like bitcoin and that too out of government's control.

No country will Smiley . All the countries will trust their own currency rather then depending on a currency whose price fluctuates a lot and even takes alot of time to confirm sometimes . So why to use such a currency when every country has its own well established currency

I cant believe most of you have not heard of the Pirate Party from Iceland. They seek to make BTC legal tender in their country.

I dont know what the political landscape in Iceland is but they have been given more and more support, with the last year's Icelandic election having the most success to date.

https://en.wikipedia.org/wiki/Icelandic_parliamentary_election,_2016

Iceland is due to have another parliamentary election on October 28, 2017.



Making it legal and making it national currency are two different things. Bitcoin is legal in many more countries. But adopting it as a national currency over the fiat currency is unlikely to happen.
If making official means legalizing bitcoin than many countries have made bitcoin legal but if it means using bitcoin as national currency, then I have similar opinion like yours. You can simply use bitcoin as a currency with your national currency but I don’t think so bitcoin were made to be sued as official currencies. They are doing their job best by being the most profitable investment at present.
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October 10, 2017, 05:40:06 AM
 #110

The first country that came to mind is japan then Singapore. As for Singapore, ICO investors have been eying it as a possible 'replacement' for china when they have banned ICOs there last few months. If they become open enough in crypto, there's a high chance that they would recognize bitcoin as an official currency.
I have pretty same opinion. Japan is leading the world in technology and they were the first one to make bitcoin legal in their country so I think after hardly five years, Japan is going to announce bitcoin as their official currency. Singapore as we all know keeps following them in latest trends and is herself quite developed with regard to technology, they will also make bitcoin official soon.

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October 10, 2017, 05:47:08 AM
 #111

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
I do not know yet the country that completely legalized bitcoin. There are countries that have adopted it and vice versa prohibit it. The closest thing to this I think is Japan, progress there is already very fast and in the next 5 years I think everything will happen.

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October 10, 2017, 05:57:25 AM
 #112

I think plenty of countries had already accepted bitcoin lets say legal currency as what others imposed. They actually could use it not just in exchange but in other transactions that usually use fiat as payment. Japan for example. I am not sure if Sweden and Korea tend to do use bitcoin as legal currency as of the moment though.

not many countries now recognize bitcoin as an official currency and i think its still too far to hope this because bitcoin need to solve the main problem first then maybe government will accepting bitcoin as payment. but if you say japan, i think it could be the first as we know that japan approve bitcoin and the government is allowing people for using bitcoin. i think in japan there is local store that already accepting bitcoin as payment but it doesn't mean that japan will be the first country that will make bitcoin as currency.
you says about japan .japan are not first country who accept bitcoin local currency they use only bitcoin look at all country’s they using bitcoin but not make a country currency bitcoin is a digital currency which use any were any place we use bitcoin for trading of investing money of profit
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October 10, 2017, 07:13:13 AM
 #113

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
I do not know yet the country that completely legalized bitcoin. There are countries that have adopted it and vice versa prohibit it. The closest thing to this I think is Japan, progress there is already very fast and in the next 5 years I think everything will happen.

Yes Japan may be more dominating bitcoin after china and maybe they are more potential to declare the legality of bitcoin as the official currency in their country, maybe for the next few years will surely increase the countries adopting bitcoin, so this is certainly very influential on the progress of bitcoin in the future.
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October 10, 2017, 08:17:37 AM
 #114

whichever country it is next it is going to have an advantage and a good headstart
Japan is doing very good in this regard,they legalised bitcoins and the  businesses that accept bitcoins are booming there
its a very technologically advanced country with almost 130 mil of people
South Korea is another good example-the exchanges volumes are at all time high
India,Russia,Singapore,Phillipines are all toying with the idea of legalising crypta,but you cannot be sure until it is official

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October 10, 2017, 12:35:33 PM
 #115

Hasnt Japan made it already, anyway if they havent isnt needed at all, bitcoin is a currencie, store of value and a payment processor due to blockchain, soo it wont means nothing about its value and potencial. If you are considering some country to adopt bitcoin as their currencie i doubt it will happen, because even bitcoin future being amazing, its a huge step to say to the world, hey we need a decentralized currencie since we arent able to manage our own currencie.
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October 10, 2017, 12:39:51 PM
 #116

Bitcoin is a real currency, the only hindrance for that if government of a particular country accepted Bitcoin as a currency that they can accept as mode of payment by their citizen. There are many countries that really accept Bitcoin and recognized by their government and some of them are Japan, South Korea, many countries in Europe and Canada, USA and some parts of Latin America. Some countries have free access to Bitcoin but some of them also are not recognized as a currency they can call, I wish it will be recognized worldwide.
Exactly this. Bitcoin does not need to be accepted by a government to be considered a "legitimate currency" or anything of that sort. If countries do start adopting bitcoin as a legal currency or even their official currency, then great. If not, it's not really a worry since bitcoin is global and decentralized anyway.

If we're talking about the first country to do this then i'd say definitely Japan or Korea.

Lots of new ideas in these two asian countries, and a lot of bitcoin trading done their already. Especially Japan.
I agree about Japan being first country to accept bitcoin as official currency but that will not happen now. It will take much time. Since Japan and China are two countries who are economically too much strong, and they want to become super world. Controlling the international currency will definitely help them to achieve their goal.

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October 10, 2017, 01:05:44 PM
 #117

Depending on the country's point of view and readiness, the point of view in viewing the positive and negative side of bitcoin transactions, and the government's readiness to make regulations about bitcoin transactions itself if bitcoin is recognized as a legal currency, among others who may have bitcoin regulations? what is the requirement? how is the tax? and others.
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October 10, 2017, 01:27:47 PM
 #118

I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

The first thing that comes to my mind is the country where satoshi came from, it all started with him or his group so I guess their countries government can accept it because they are the founders of bitcoin and I think it is beneficial for their country as they were the one who started the digital cryptocurrency community.

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October 10, 2017, 02:00:31 PM
 #119

First of all, Bitcoin will be accepted by banks, and then some country can accept it as an official currency. Without doubt, most BTC users are in USA, but USA will not accept Bitcoin in nearest future. Most probably some small countries can accept Bitcoin, like Bahamas or Seychelles. And then we can wait for larger countries, like Canada or Sweden.  Grin
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October 10, 2017, 06:37:17 PM
 #120

No country would be ready to accept bitcoin as a currency instead of its national currency.Only thing which a country could do is to legalize bitcoin and allow it also to be accepted with its own currency.

Japan has already legalized bitcoin and Australia has already announced that it would treat bitcoin as money on july 1,2017.Liberland, a small multi nation has also made bitcoin as its national reserve currency.Vietnam is getting ready to legalize bitcoin within next year.

India may legalize it within next few months.I think that US and china would never and ever legalize bitcoin as they both see bitcoin as a direct threat to their own national currencies.

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October 10, 2017, 06:57:56 PM
 #121

It's a herculean task to pinpoint a particular country that would localise Bitcoin as an official currency. The cryptocurrency is already enmeshed in series of controversies and uncertainties. Countries of the world already have their currencies which they uniquely identify with. Bitcoin might just get some level of acceptance and recognition but it will be a tall order for any country to make bitcoin an official currency.

 
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