if bitcoin becomes the country's currency

[deklitt]

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?

[1713950862]

1713950862

[castiel0504]

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.

[Sar elok]

Bitcoin can not become the currency of a country. Bitcoin even closer into the international currency. Like English, bitcoin can become international currencies

[forumsehat]

Indeed, to date the bitcoin issue is about legality, to become an official currency in a country it is impossible because of unstable value.

[alisafidel58]

Looking at that fact is it possible bitcoin will be the currency of a country?

Nope, not possible. Look at each country and their currency, their currency involves their countries history. A countries national currency is their pride. Bitcoin doesnt have a historical pride that can be considered as a countries national currency.

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

A countries economy involves many aspect and bitcoin is not the solution for that. Jobs must be created, inflation rate must be reduce, bitcoin cant provide the solution for this problems.

[jordan1989]

Nothing is impossible. But not everyone in one country uses Bitcoin. There are always those who do not want to know. even some of them who do not know anything about technology, and keep being stupid, because he did not want to learn new things.

[HabBear]

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.

[shhvhd]

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.

[ballerin and giroud]

It is very difficult for bitcoin to be used as a currency used by a country. As is known many countries forbid bitcoin, because they are concerned with the circulation of bitcoin if used as a means of transaction. Everyone will use bitcoin so that the eyes of the previous state will be lost and not valid. I will agree if bitcoin is only used as an asset whether it is a trading tool or an investment. If bitcoin is used as an asset it is not impossible that the government will regulate bitcoin, because it is very good to help the country's economy.

[HabBear]

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?

[jrrsparkles]

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?

No,It can't be a currency of one country because it is a decentralized technology anyone can use it if they want so one single country cannot own bitcoin as their country's currency.But bitcoin is lot better than the current country's money because fiat lose its value day by day but bitcoin getting more value day by day.

[hadveach]

yes, it is very possible, but not easy, because the consequence is if bitcoin is legalized and made into a currency by a country, then the government should eliminate the national currency. and it's hard to do.

so in my opinion, for a while today bitcoin is only used as a means of transaction only, as in japan and also in other countries.

and if bitcoins are made into currencies, then it will certainly improve the economy.

[trecore4]

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?

Feels like this one is already asked. I think my brows were no it can't help nations economy as it is impossible to without any taxes paid to government. The taxation system is still poor when it comes to crypto currency. We can skip developed countries as they have very advance system and some of them already stated roughly that they will incur taxes for any crypto transaction. So that country might just benefit from this all.

Otherwise there is only way for its contribution and that's getting the system in circulation with crypto world and collaborative banking system.

[kpcian]

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 would be a currency of a currency then this situation would not be normal so far i think because of the price uncertainty. not only that but also it would be a threat for the economic condition because of the decentralized system. also government will not recognize how and who is the owner of the Bitcoin.
There is also barrier in this issue, Bitcoin is only used in the virtual life but not all people of a country is not interested in using Internet for the spending or receiving money regarding their daily life. So it's really a difficult for being a currency of a currency.

[slackcryptoz]

Bitcoin becoming the country's currency is possible in the future when more and more governments similar to Japan starts giving importance to the use of bitcoin. Being a country's currency requires lot of legalities to be fulfilled, by this time very few countries agonize for the same.

[ambisyon]

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?

I don't think bitcoin will be consider as currency in any country since each has it's own monetary currency and value. It will be easy to determine what country is using such a currency and I may just say, governments from any country would be implementing tax later once this cryptocurrencies will be legalized and fully implemented in their country as well. Well considering the good side, bitcoin may able to make a country's economy better like helping the unemployed people to earn profit like joining into a signature bounty campaign at least with bitcoin, they may able to lessen their financial burdens. Let bitcoin be consider as an investment for those people wishing to gain profit at a promising result.

[bozo333]

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?

It is possible in all the countries but it take more than 10 to 15 years. Most of the countries are implementing the cryptocurrency legalization at the same time number of countries are poor in the economic status. So we don't expect the global currency in Bitcoin. Once approved in Bitcoin it should be monitored in government so it will change as a centralized cryptocurrency. So currently it is impossible but after 10 years some changes is possible.

[RACallanta]

i think this can't be happened. because not all country has a free Internet to access bitcoin. before you access bitcoin you need some internet usage and we all know that not all people has a bitcoin account and not all people has a andriod phone to easily access in internet otherwise you are willing to brought your own desktop on the store haha

[TWW]

that not possible...as you can see now many countries already ban or restrict bitcoin circulation...because they cant control it or it will make their fiat money lose its price...well if you want that happen maybe you should make your own country which can use bitcoin or altcoin or coup your goverment...hahah

[derigop]

I think it will happen to the future as the technology upgrades. All transactions in the world will be faster and easier if that happens but I am sure it will happen in the future.