if bitcoin becomes the country's currency

[followmenot]

If it is going to be declared as one country's currency it would be pumped as hell. Be sure about it. Current market cap of bitcoin is high but I can't even imagine if country like for example, ireland, using it.

[bhyviyt]

Poland is planning to create their cryptocurrency „Digital PLN“ („dPLN“). This coin won't be let used anonymously.

At present, Bitcoin will not become a national currency, because the country is afraid of this, so that the people are really the masters of the world, and the control of the currency itself is tightly held. In fact, the state has realized that the future trend must be the digital currency instead of paper currency, so we must first make strong efforts. Visual Alipay, WeChat is also shivering, and will eventually be banned, universal use of the central bank's digital currency system.

[Semaj123]

The popularity of bitcoin has now grown so rapidly that almost everyone in different countries recognizes and utilizes bitcoin either as a business asset or as a means of payment transactions.
And as we know so far the bitcoin legality is still a consideration for governments in various countries.

Looking at that fact is it possible bitcoin will be the currency of a country?
And can bitcoin change the country's economy for the better?

Bitcoin can change the country's economy for the better there is no doubt about it.  Considering that many unemployed was able to have some earnings because of bitcoin and other cryptocurrency.  As if it is possible that bitcoin will be the currency of a country, I do not think so.  Since it is being used on same rate same price on the whole world.

Positively, crypto will help the economic growth of the country. It's because it gives opportunity to those people seeking jobs in an online industry. So, let's make things easy, bitcoin is already a currency and let's just enjoy its services.

[Arlibtchunt2018]

The popularity of bitcoin has now grown so rapidly that almost everyone in different countries recognizes and utilizes bitcoin either as a business asset or as a means of payment transactions.
And as we know so far the bitcoin legality is still a consideration for governments in various countries.

Looking at that fact is it possible bitcoin will be the currency of a country?
And can bitcoin change the country's economy for the better?

If bitcoin become the currency of a certain country then the economy of that country might not be stable. However if and only if bitcoin could make a way that the price could be stabilized in a certain amount then it would be a blessing for that country having bitcoin as thier currency.

[Jaya1995]

I think it will be the pros and cons for the country .... Because every country already has its own currency .... Then bitcoin will be placed in which country? Maybe zimbabwe want to receive this crypto currency 

[Lamborgini]

The popularity of bitcoin has now grown so rapidly that almost everyone in different countries recognizes and utilizes bitcoin either as a business asset or as a means of payment transactions.
And as we know so far the bitcoin legality is still a consideration for governments in various countries.

Looking at that fact is it possible bitcoin will be the currency of a country?
And can bitcoin change the country's economy for the better?

Bitcoin can indeed change the economy of its users but can not change the country's economy. Because not everyone in the country is using Bitcoin. I do not think Bitcoin could be the currency of a country. Because each country has its own currency. Even if Bitcoin becomes the currency of a country means all the rules about finance will be changed all.

[DoublerHunter]

If bitcoin become the country's currency then it will not be good because a lot of volatility will occur and that is not only available in the market of bitcoin but also to the other market in the country that accept bitcoin like the prices of the goods and the other services will be volatile because they will be depending on the rate of exchange of bitcoin and that is how risky it is to make bitcoin as a national currency of a country.

[jonatuzc]

No its not possible. Because there is no country which has population of same IQ that is needed to use Bitcoin. There is always to be some dumbass, that doesn't know anything about technology, and keep being ignorant, because he/she/it doesn't want to learn new stuff.

Revolution takes time and moreover not everyone can afford to have higher level education in a country cause of many problems that can either be family issues or financial issue. Not every people is literate enough to understand the technology that lies beneath bitcoin or any other crypto currencies.

Bigger changes take time to occur for a mass population, its not a thing that can get applied in a fortnight. And if guided properly each citizen of any country can learn to use bitcoin. Its not them being ignorant and dumbass its you people that thing the same.

[anzhanbei1214068]

The limited number of bitcoins does not guarantee that prices will always rise. The problem with bitcoin is that it has shot up in the short term.

If you like it, it can be valuable, but it can never be a legal tender.

[zwiggel]

bitcoin will never become the national currency. Because bitcoin is a virtual digital currency. Bitcoin is created for every transaction in place of cash. bitcoin has a certain limit value and it will reach the lowest value of zero.

[piterpie]

Yes, at present, not only bitscoin used to pay for goods and services but also other coins have been accepted by some governments as "ETH, Litecoin, Ripple, Dash ... etc. Bitcoin prices will not continue to increase, Bitcoin prices will be at $ 11,000 or lower, because the market is already saturated, and many other altcoins are taking over Bitcoin's market share.

[BelieveInBTC]

Bitcoin is not ready to become used as a national. There's no enough place in the blocks. However, lightning network should solve this problem because it will allow us to move most of the transactions off-chain. It is not a perfect solution because we still have to use on-chain transactions for opening channel which means that higher blocksize will be needed anyway.

[leviathon]

There's no way Bitcoin is becoming the currency of a country. Countries would rather prefer developing their own currency than using something they don't have any control over. What makes you think some country will use Bitcoin on which they have no control but not create their own? You can see an example with Venezuela, which created its own currency petro.

[AnnaGeraMsk]

I think that Bitcoin will not become a coin of the country, since it has become too heavy and is now regarded as an investment product, expensive transactions I think this is the main reason and price!

[sana54210]

The popularity of bitcoin has now grown so rapidly that almost everyone in different countries recognizes and utilizes bitcoin either as a business asset or as a means of payment transactions.

Looking at that fact

What fact?

I do not think it's a fact that "almost everyone in different countries recognizes and utilizes bitcoin". The use of bitcoin is far, far less than that. It's more accurate to say that "someone" in almost every country recognizes and utilizes bitcoin.

is it possible bitcoin will be the currency of a country?

No, not for a major country. It would require a Country to abandon the control of its currency to adopt a currency it has no control over. This would only be a wise decision for a country that is very small and seeking to gain economically from being associated with Bitcoin OR a Country that is weak and has a financial system that is about to collapse.

And can bitcoin change the country's economy for the better?

Yes, absolutely! The bitcoin industry has created wealth, which eventually gets pumped into a local economy in the way of buying goods and services...people can't hold their bitcoin forever!

Additionally, Bitcoin can serve as a safe haven for a Country whose economic system is on the verge of collapse. Of course, if people in a country start selling their currency for Bitcoin the value of their currency will decline faster.

Bitcoin's own monetary order, the anonymous distributed nature and the indirect protection of illegal transactions make it very difficult for the government to recognize. This uncontrolled flow of money is bound to impact the financial environment, while its own risk will also threaten the social and economic order. Therefore, for such an uncontrollable virtual currency, it is very difficult for governments of all countries to show their encouragement and support, which in turn will be related to the smooth development of the future of Bitcoin.

I don’t think what you said is even slight correct, but rather its just the opposite. You are saying that bitcoin provides indirect protection against illegal activities. That’s totally incorrect. Bitcoin has given rise to many illegal activities and funding of terrorist organisations in the world.

It hasn’t provided any protection against illegal activities. I don’t think that’s even gonna stop until the exchanges , etc are regulated in various countries. And ofcoarse government wont declare an asset as a currency which they cant even control.

[heifengli]

Bitcoin can change the economic situation of a country, but becoming a country's legal currency is a little difficult because of its characteristics, it is difficult to receive control, and the country will not allow an uncontrolled currency to become a legal currency.

[tumokatok]

This can happen in different countries because bitcoin has a lot of equipment in all currencies.
 I think it's just that we're having trouble finding no internet as well.

If that happens I'm sure the first thing we need is freedom in the internet connection, because I think without an internet konkesi not possible investors and holders of currency crypto can transact. And changes in financial holders of the crypto currency will be better

[charliegengos]

Well , it might happen in the near future but for me not as country's currency but other payment method or valuable thing.

[Bitcotalk]

Bitcoin's own monetary order, the anonymous distributed nature and the indirect protection of illegal transactions make it very difficult for the government to recognize. This uncontrolled flow of money is bound to impact the financial environment, while its own risk will also threaten the social and economic order. Therefore, for such an uncontrollable virtual currency, it is very difficult for governments of all countries to show their encouragement and support, which in turn will be related to the smooth development of the future of Bitcoin.

Do governments of countries need to show their support of Bitcoin? I don't think so.

Obviously, governments can outlaw the use of Bitcoin for transactions within their jurisdiction, but let's be honest...how much Bitcoin transaction activity is really happening between businesses and consumers? Very little.


What if Bitcoin became a World Reserve Currency that fiat currencies are backed by? Like going back to the gold standard. This seems like the most realistic level of governments embracing Bitcoin.

Thoughts?

Government of country needs to show their support in regulation of bitcoin and not in making it some virtual currency used to buy real world stuffs. Without support of government and without regulating bitcoin and other crypto assets, neither country no crypto market can grow. Bitcoin can never be backed by fiat currency and even if it is backed up by them, it doesn’t solve the volatility and scalability problem of bitcoin.

Government can regulate bitcoin, but it can never be stopped as transactions are anonymous. Bitcoin can never be either considered as a currency and neither can be a reserve backed by fiat currency cause that wont even make sense.

[crisasimo10]

The popularity of bitcoin has now grown so rapidly that almost everyone in different countries recognizes and utilizes bitcoin either as a business asset or as a means of payment transactions.
And as we know so far the bitcoin legality is still a consideration for governments in various countries.

Looking at that fact is it possible bitcoin will be the currency of a country?
And can bitcoin change the country's economy for the better?

Yes, bitcoin will possibly become the country's currency as we can see it is know getting popular, not only that some countries are know adapting bitcoin or crypto as mode of payment as they can see its huge potential, however before it happens I think there will be few steps that government will take before they consider adapting it. Or they need to study how other countries manage to accept bitcoin before making decisions, it would normally take time but for sure, bitcoin will eventually be considered as a cpuntry's accepted currency.