Bitcoin Forum
December 04, 2021, 01:05:21 AM *
News: Latest Bitcoin Core release: 22.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2  All
  Print  
Author Topic: Can Bitcoin support a country?  (Read 2652 times)
Opsamk
Full Member
***
Offline Offline

Activity: 122
Merit: 100


View Profile
December 14, 2013, 04:22:52 PM
 #1

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

1GPsFkReoJi8isJk1Vyry7NVnL2qpaC9Ja

Feeling generous? Send me some bits Smiley
1638579921
Hero Member
*
Offline Offline

Posts: 1638579921

View Profile Personal Message (Offline)

Ignore
1638579921
Reply with quote  #2

1638579921
Report to moderator
1638579921
Hero Member
*
Offline Offline

Posts: 1638579921

View Profile Personal Message (Offline)

Ignore
1638579921
Reply with quote  #2

1638579921
Report to moderator
1638579921
Hero Member
*
Offline Offline

Posts: 1638579921

View Profile Personal Message (Offline)

Ignore
1638579921
Reply with quote  #2

1638579921
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1638579921
Hero Member
*
Offline Offline

Posts: 1638579921

View Profile Personal Message (Offline)

Ignore
1638579921
Reply with quote  #2

1638579921
Report to moderator
bryant.coleman
Legendary
*
Offline Offline

Activity: 3010
Merit: 1203


★Bitvest.io★ Play Plinko or Invest!


View Profile
December 14, 2013, 04:31:39 PM
 #2

Right now, if some small island nation such as Nauru or Palau adopts it, I think it could be handled without any major issues.



.
.BIG WINNER!.
[15.00000000 BTC]


▄████████████████████▄
██████████████████████
██████████▀▀██████████
█████████░░░░█████████
██████████▄▄██████████
███████▀▀████▀▀███████
██████░░░░██░░░░██████
███████▄▄████▄▄███████
████▀▀████▀▀████▀▀████
███░░░░██░░░░██░░░░███
████▄▄████▄▄████▄▄████
██████████████████████

▀████████████████████▀
▄████████████████████▄
██████████████████████
█████▀▀█▀▀▀▀▀▀██▀▀████
█████░░░░░░░░░░░░░████
█████░░░░░░░░░░░░▄████
█████░░▄███▄░░░░██████
█████▄▄███▀░░░░▄██████
█████████░░░░░░███████
████████░░░░░░░███████
███████░░░░░░░░███████
███████▄▄▄▄▄▄▄▄███████

██████████████████████
▀████████████████████▀
▄████████████████████▄
███████████████▀▀▀▀▀▀▀
███████████▀▀▄▄█░░░░░█
█████████▀░░█████░░░░█
███████▀░░░░░████▀░░░▀
██████░░░░░░░░▀▄▄█████
█████░▄░░░░░▄██████▀▀█
████░████▄░███████░░░░
███░█████░█████████░░█
███░░░▀█░██████████░░█
███░░░░░░████▀▀██▀░░░░
███░░░░░░███░░░░░░░░░░

██░▄▄▄▄░████▄▄██▄░░░░
████████████▀▀▀▀▀▀▀██
█████████████░█▀▀▀█░███
██████████▀▀░█▀░░░▀█░▀▀
███████▀░▄▄█░█░░░░░█░█▄
████▀░▄▄████░▀█░░░█▀░██
███░▄████▀▀░▄░▀█░█▀░▄░▀
█▀░███▀▀▀░░███░▀█▀░███░
▀░███▀░░░░░████▄░▄████░
░███▀░░░░░░░█████████░░
░███░░░░░░░░░███████░░░
███▀░██░░░░░░▀░▄▄▄░▀░░░
███░██████▄▄░▄█████▄░▄▄

██░████████░███████░█
▄████████████████████▄
████████▀▀░░░▀▀███████
███▀▀░░░░░▄▄▄░░░░▀▀▀██
██░▀▀▄▄░░░▀▀▀░░░▄▄▀▀██
██░▄▄░░▀▀▄▄░▄▄▀▀░░░░██
██░▀▀░░░░░░█░░░░░██░██
██░░░▄▄░░░░█░██░░░░░██
██░░░▀▀░░░░█░░░░░░░░██
██░░░░░▄▄░░█░░░░░██░██
██▄░░░░▀▀░░█░██░░░░░██
█████▄▄░░░░█░░░░▄▄████
█████████▄▄█▄▄████████

▀████████████████████▀




Rainbot
Daily Quests
Faucet
AlbertKing
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
December 14, 2013, 04:44:55 PM
 #3

so we can make a sell off and then buy in this whole country? Grin

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?
EvilPanda
Hero Member
*****
Offline Offline

Activity: 658
Merit: 500


Small Red and Bad


View Profile
December 14, 2013, 04:57:01 PM
 #4

so we can make a sell off and then buy in this whole country? Grin

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

There was an idea on the forums to buy an island and declare it a BTC republic. Some of them cost just a few mil $.

hilariousandco
Global Moderator
Legendary
*
Offline Offline

Activity: 2926
Merit: 2086


Join the world-leading crypto sportsbook NOW!


View Profile
December 14, 2013, 05:14:06 PM
 #5

so we can make a sell off and then buy in this whole country? Grin

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

There was an idea on the forums to buy an island and declare it a BTC republic. Some of them cost just a few mil $.

Ha, that would be great. Some of these Bitcoin millionaires should club together and buy their own.

  ▄▄█████▄▄███████▄▄
 ███████████
     ▀▀███▄
█████████████        ▀██▄
█████████████          ██▄
███████████            ██▄
██▀▀█████▀▀              ██
██                       ██
██                       ██
▀██                     ██▀
 ▀██                   ██▀
  ▀██▄               ▄██▀
    ▀███▄▄       ▄▄███▀
       ▀▀█████████▀▀
███████████    LEADING CRYPTO SPORTSBOOK & CASINO    ███████████
MULTI
CURRENCY
1500+
CASINO GAMES
CRYPTO EXCLUSIVE
CLUBHOUSE
FAST & SECURE
PAYMENTS
..PLAY NOW!..
bythesea
Full Member
***
Offline Offline

Activity: 152
Merit: 100


View Profile
December 14, 2013, 05:21:20 PM
 #6

Don't think so. Too much of a hassle.
EvilPanda
Hero Member
*****
Offline Offline

Activity: 658
Merit: 500


Small Red and Bad


View Profile
December 14, 2013, 05:23:29 PM
 #7

so we can make a sell off and then buy in this whole country? Grin

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

There was an idea on the forums to buy an island and declare it a BTC republic. Some of them cost just a few mil $.

Ha, that would be great. Some of these Bitcoin millionaires should club together and buy their own.
And they are really affordable. Just check this out http://www.privateislandsonline.com/islands/nanuya-island-resort

Imagine creating a BTC only town on one of those islands, with some hotels and bungalows for rent. People would go there just to check out the one and only BTC banana republic  Cheesy

melvster
Sr. Member
****
Offline Offline

Activity: 350
Merit: 250


View Profile
December 14, 2013, 05:25:48 PM
 #8

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

Sure, quite easily.

The main gov website would probably do most transactions tho, and the block chain would be used sparingly.
psybits
Legendary
*
Offline Offline

Activity: 1386
Merit: 1000



View Profile
December 14, 2013, 05:26:11 PM
 #9

so we can make a sell off and then buy in this whole country? Grin

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

There was an idea on the forums to buy an island and declare it a BTC republic. Some of them cost just a few mil $.

An artificial island nation would be the go - some BTC billionaires could seriously afford this now.
hilariousandco
Global Moderator
Legendary
*
Offline Offline

Activity: 2926
Merit: 2086


Join the world-leading crypto sportsbook NOW!


View Profile
December 14, 2013, 05:34:31 PM
 #10

so we can make a sell off and then buy in this whole country? Grin

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

There was an idea on the forums to buy an island and declare it a BTC republic. Some of them cost just a few mil $.

Ha, that would be great. Some of these Bitcoin millionaires should club together and buy their own.
And they are really affordable. Just check this out http://www.privateislandsonline.com/islands/nanuya-island-resort

Imagine creating a BTC only town on one of those islands, with some hotels and bungalows for rent. People would go there just to check out the one and only BTC banana republic  Cheesy

Wow. Peeps should actually do this. As long as you can turn it into your own sovereign nation and have Bitcoin as it's currency this would be a great idea. I bet you'd make your money back if you built hotels/property on it. Imagine all the free publicity you would get as the media would be all over this.

  ▄▄█████▄▄███████▄▄
 ███████████
     ▀▀███▄
█████████████        ▀██▄
█████████████          ██▄
███████████            ██▄
██▀▀█████▀▀              ██
██                       ██
██                       ██
▀██                     ██▀
 ▀██                   ██▀
  ▀██▄               ▄██▀
    ▀███▄▄       ▄▄███▀
       ▀▀█████████▀▀
███████████    LEADING CRYPTO SPORTSBOOK & CASINO    ███████████
MULTI
CURRENCY
1500+
CASINO GAMES
CRYPTO EXCLUSIVE
CLUBHOUSE
FAST & SECURE
PAYMENTS
..PLAY NOW!..
zimmah
Legendary
*
Offline Offline

Activity: 1106
Merit: 1005



View Profile
December 14, 2013, 07:06:08 PM
 #11

so we can make a sell off and then buy in this whole country? Grin

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

There was an idea on the forums to buy an island and declare it a BTC republic. Some of them cost just a few mil $.

some cost even less.

i'd be down for donating to buy one, as long as the 'laws' of the republic would be good enough. (altough i don't have that much money)

the cheapest i know of right now is close to canada (but still in the USA) on the eastcoast for  just $40,000, it's just 1 acres though.

I think the best thing would be buy a nice cheap island in a nice climate area and just build some hotels and stuff on it for tourists (just don't build too much because you want to preserve nature), maybe even make some kind of 'open zoo' from the island, as long as you don't mess up the ecosystem too much of course (even better if there's already enough wildlife to begin with).

you could rent out the hotel rooms for bitcoin. (or have a more luxury villa on it instead of a hotel).

maybe we should make a kickstarter for this shit.
Dafar
Legendary
*
Offline Offline

Activity: 1330
Merit: 1000


dafar consulting


View Profile
December 14, 2013, 07:16:09 PM
 #12

so we can make a sell off and then buy in this whole country? Grin

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

There was an idea on the forums to buy an island and declare it a BTC republic. Some of them cost just a few mil $.


How could you do this if you had the money? Are these islands completely free from the gov?




███████████
███████████████
█████████████████████
█████████████████████████
█████████████████████████████████
██████████████████████████████████
██████████████████████████████████████
███████████████░████░░███████████████████
██████████████░░█░░█░█░░█░░██████████████
██████████████░░█░░█░█░░█░███████████████
█████████████████████████████████████████
███████████▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀████████████
██████████████████████████████████
█████████████████████████████████
█████████████████████████
█████████████████████
███████████████
██████████
|
|
|
GigaCoin
Sr. Member
****
Offline Offline

Activity: 308
Merit: 251


Giga


View Profile
December 14, 2013, 07:29:49 PM
 #13

YOu'd have 3 main problems:

1. Declaring a sovereign nation just doesn't happen that easily anymore, every land on the planet is claimed.
2. Even if you buy an island, the government in which you reside under will still tax you to hell might as well just live in the city or countryside.
3. If bitcoin is rejected by governments and made illegal in the future, you run the risk of being labelled as terrorists and then the drone strikes on your island begin Grin

It would be much easier to get a country like in the bahamas or the pacific to adopt bitcoin as their official currency, then migrate and live there.


Gabi
Legendary
*
Offline Offline

Activity: 1148
Merit: 1008


If you want to walk on water, get out of the boat


View Profile
December 14, 2013, 07:46:30 PM
 #14

Doable but the block size must be increased. 7 transactions per second is not enough.

EvilPanda
Hero Member
*****
Offline Offline

Activity: 658
Merit: 500


Small Red and Bad


View Profile
December 14, 2013, 07:51:05 PM
 #15

There are many countries where you can have a lot of freedom, especially if you're willing to help the population. Imagine moving to an island on the Pacific, somewhere near Indonesia or New Guinea. My wild guess is that their governments would greet such investor with open arms, especially with a lot of bitcoiners involved in charity. Of course you'd have to pay taxes but my guess is they woud give you a lot of freedom to accept only BTC on your island and do what you like, as long as you pay.

hilariousandco
Global Moderator
Legendary
*
Offline Offline

Activity: 2926
Merit: 2086


Join the world-leading crypto sportsbook NOW!


View Profile
December 14, 2013, 07:53:40 PM
 #16

YOu'd have 3 main problems:

1. Declaring a sovereign nation just doesn't happen that easily anymore, every land on the planet is claimed.

Anything can be bought if you have the right amount of money  Wink, but yes, it's very hard to create your own nation. I guess it needs to be for obvious reasons. If you piss America or Britain off I'm sure they'd be over there in a jiffy to blast you out of existence, but as a libertarian I do love the idea of Bitcoinland.

  ▄▄█████▄▄███████▄▄
 ███████████
     ▀▀███▄
█████████████        ▀██▄
█████████████          ██▄
███████████            ██▄
██▀▀█████▀▀              ██
██                       ██
██                       ██
▀██                     ██▀
 ▀██                   ██▀
  ▀██▄               ▄██▀
    ▀███▄▄       ▄▄███▀
       ▀▀█████████▀▀
███████████    LEADING CRYPTO SPORTSBOOK & CASINO    ███████████
MULTI
CURRENCY
1500+
CASINO GAMES
CRYPTO EXCLUSIVE
CLUBHOUSE
FAST & SECURE
PAYMENTS
..PLAY NOW!..
proton
Newbie
*
Offline Offline

Activity: 23
Merit: 0


View Profile
December 14, 2013, 08:15:27 PM
 #17

Can BTC replace fiat currency altogether in a country, if that is what they wanted?

7 transaction limit per second means, there is a limit on the amount of economic activity BTC can support.  Based on my calculations, BTC cannot replace FIAT in G20 countries (20 countries with the largest GDP).

It cannot do so for those countries with large populations either, regardless how rich/poor they are. (It goes without saying that it wont work if the infrastructure is not there which leaves out all the poor countries).

The largest country/economy where BTC would work may be those like Norway, Sweden.

Where this would make most sense? It would be for countries like Argentine, Ecuador, Cuba where the national currency is not really trustworthy and where they have a sufficient degree of computer/network infrastructure.
franky1
Legendary
*
Offline Offline

Activity: 3332
Merit: 2215



View Profile
December 14, 2013, 08:22:47 PM
 #18

buying up a private island is cheap.

constructing buildings, residences, utilities, power generation.. that is the lengthy and costly part

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
zimmah
Legendary
*
Offline Offline

Activity: 1106
Merit: 1005



View Profile
December 15, 2013, 12:30:34 AM
 #19

buying up a private island is cheap.

constructing buildings, residences, utilities, power generation.. that is the lengthy and costly part

you can buy islands that come with residences as well.

but if you want an island that can function as an actual nation, rather than a holiday resort, it may get pretty expensive.
nate008
Member
**
Offline Offline

Activity: 70
Merit: 10


View Profile
December 15, 2013, 01:04:43 AM
 #20

If Bitcoin was adopted by a country as an official currency, could the Bitcoin network handle it?

The current network does 7tps. , thats 7 transactions per second , and it comes to around 600000 /day.
Now , if a country bigger than Luxembourg would rely on the current bitcoin network , we would have a major problem.
People will be dealing in back alleys in fiat because they can't get their transactions done with bitcoin Smiley
Pages: [1] 2  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!