Bitcoin as the national currency of the United States

[Red-Apple]

bitcoin doesn't belong to only one country. it is a global currency and belongs to the whole world. no country can claim it as "national currency" and they WILL NOT do that either because the government wants, and needs control over their national currency. they need to control the supply of it and the printing of it.

what they will do is that they will adopt bitcoin as a legal way of payment like what Japanese and a couple of other countries have done. they will adopt bitcoin as a currency soon.

[dodziu]

Well, I think this is a good development for bitcoin but I do not agree with it becoming the national currency for the united states as doing this will make it centralized instead of being decentralized as it has always been and again, bitcoin is not for one country alone, it should grow to be a global currency and not national currency.

[Bencus]

There are multiple aspects why Bitcoin would make a horrible national currency.


1. Transaction speeds and costs

Bitcoin transactions are slow and expensive. With around 10 minute block times and 6 needed conformations, it takes about an hour for that transaction to happen.
Transaction costs are too high. The massive computational power it takes to mine a block means it consumes a lot of energy, and lots of hardware is needed. Someone should really apply LCA (Life Cycle Analisys) to bitcoin, to show how polluting and unsustainable Bitcoin really is. Because its not only the power produced that pollutes, but the usage of the infrastructure, and the manufacturing of the hardware also should be taken into account.

There are other coins, that specialise in transaction speeds and costs, which all surpass Bitcoin in these aspects. Steem, Ripple, NEO, EOS etc. make Bitcoin look (and be) completely outdated. They are fast and cheap, making them optimal for the role of a national currency.

2. Scalability issue

Bitcoin has a scalability issue. With increasing difficulty, it will mean the costs of mining, and making transactions will increase inevitably. It would take horrible amount of energy and hardware to make the infrastructure that can handle the amount of transactions that happen with dollars. BTC mining already takes more energy than Venezuela, and it is really close to the amount of energy consumed in Chile. The mining takes around 9,74 million US Dollars every single day! How is that feasible in the long term?
(Source: https://digiconomist.net/bitcoin-energy-consumption)
Other coins mentioned above has much better scaling, as they were designed to be scalable.

3. Limited supply

Limiting the supply of a currency is not a good idea in the long term. Without limiting the supply, we eill have inflation, which is really important, and people acutally cant even feel how important it is for the economy.
If you have a limited supply, and combine it with the increasing difficulty of mining, you will have strong deflation. And take a look at Japan to know why is it so bad.

4. It is not locked to location

Bitcoin can hardly be a national currency, as it is hard to imagine it to belong to a country - it was designed to be the very opposite: to be a global currency, not a national one. Mining operations happen all over the world (mainly China and Russia), having those miners accumulating vast amounts in Bitcoins. Does the US really want high percentage of its national currency in Russian and Chinese hands?

+Other thoughts: The value of a national currency is provided by the economy, and assets backing it, whereas Bitcoin is a highly speculative right now - its only value is given by the technology and the cost of mining behind it. It might change if it would be a national currency, but the reasons I listed would make Bitcoin a really bad contestant for that role. Other, above mentioned coins are better in nearly all, maybe every aspect, and I would see them as a better option.
If there would be any other coin that replaces the US Dollar, should be very similar to it, as of now, it is the optimal choice.

[Taner]

The idea of the author  is interesting, but so far bitcoin is a national means of payment only in Japan, where even cosmetic services can be paid with bitcoin.

[ajqjjj]

I do not believe that exactly bitcoin will become the official currency of any state. Most of the coins found are already owned by whales. For the national economy, a more flexible cryptocurrency is needed.

I believe Bitcoin is a global Crypto currency in future because future Economy is positive in all the country so we expect the official currency. We are move to the updated technology so we just follow the same way. But some countries are creating the restriction at the same everyone supporting to crypto platform automatically they will accept the new trend.

[romero121]

I do not believe that exactly bitcoin will become the official currency of any state. Most of the coins found are already owned by whales. For the national economy, a more flexible cryptocurrency is needed.

I believe Bitcoin is a global Crypto currency in future because future Economy is positive in all the country so we expect the official currency. We are move to the updated technology so we just follow the same way. But some countries are creating the restriction at the same everyone supporting to crypto platform automatically they will accept the new trend.

We can see more and more acceptance from different countries around the world. Technology could take the world step forward and the same won't cause bitcoin to be adopted as the national currency of United States. Already dollar has taken its role dominant over each and every currency that has been used around. Countries that are economically down could adopt bitcoin making it get used similar to fiat and the same will help in overcoming the economic downfall.

[JanyJeand31]

My opinion is one thing, but another is that of government. I like crypto, they try to control it and tax the money flow. But I do not believe they will btc national currency.

[MartiniBlanco]

I don't thin kthat it will be the new national currency in near time. Maybe in 10-20 years, because the usage for normal people is still not so easy to handle and a lot of people are confused. The chances to become a national currency in USA is higher than in Germany, because more Americans know aboiut bitcoin and know how to work with it!

[carlfebz2]

bitcoin doesn't belong to only one country. it is a global currency and belongs to the whole world. no country can claim it as "national currency" and they WILL NOT do that either because the government wants, and needs control over their national currency. they need to control the supply of it and the printing of it.

what they will do is that they will adopt bitcoin as a legal way of payment like what Japanese and a couple of other countries have done. they will adopt bitcoin as a currency soon.

Definitely right and i dont know why they do always say about bitcoin to become a national currency of a particular country which we do know the full feature and characteristic of BTC itself which it cant really be owned by just a single country since all holders or traders of it is on global scale which means its scattered. I dont even think up for a crypto to replaced a traditional fiat currency which is really an impossible thing to happen. Adoption is there but wont really come into that certain extent.

[tdeannova]

I'm sure the revolution to the currency is about to begin, fiat currencies and digital currencies are different. but in the future digital currencies will be more dominally used in everyday life.

[tweetbit]

Words can’t make bitcoin in that position. Are the people ready for this: Bitcoin as the national currency? If no then we have a bigger problem if this be implemented without the majority of the citizens acceptance and even don’t have knowledge what cryptocurrency is. If this the whole world may need to restart and start from the scratch as USD is used worldwide.
If all are done, as a bitcoin user are your ready to be controlled by US government? At this reason, I’m against with it.

Yeah, this is not gonna happen knowing the fact that U.S government wants to control the world currency. Bitcoin is created not to be controlled by any government and for sure investors don’t want to be controlled under the government again.

You’re right, that cryptocurrency is not created to be controlled by any government, but I don’t think it isn’t meant to be a word currency because I believe it will be on that side in the future. I do respect your opinion about that as if we even have the chance to be experiencing that historical moment as I think it would need few decades and a century to happen. I think I’m under the soil at that time.

[Ciucas]

 With 100 Trillion dollars market cap in 10 years, we would all be rich ! Of course, we would all love to see this happening, but the truth is that this is waay to optimistic. We never even touched 1 Trillion dollars in marketcap, and look what a bear market is happening right now. But still , i believe in the future of crypto, and i'm sure that eventually it will be successful across the whole world.

[pageraji]

If bitcoin as the national currency of the united states, may be russian will make ethereum to be national currency, i guess thats vitalik butterin like this opinion.

[passwordnow]

Bitcoin won't become the national currency of United States, many will subject and be worry about it's economy situation if that happens.

I'm more interested with what Tim Draper said about reaching $100 Trillion market cap which is definitely that high. Everyone who holds even just single bitcoin will become that rich.

[cabron]

No country is taking bitcoin as national currency, that would be an insult to their government.  The national bank I guess can facilitiate like having their own chain for their own digital currency. The banks also may not accept bitcoin to be national currency. But I guess no one will disagree that bitcoin will live to have huge huge value in the next years.

[starblocks]

Cryptocurrencies are still too new a technology to be used as a currency for an entire country but that will probably change as the transaction speeds improve and fees become more affordable

[Lock00Live]

If this information is true then perhaps BTC will go to the moon during the end of this year, these news worthy of note, thank you for bringing them to everyone and I will buy the BTC right now.

[yayoyo]

I don't think the United States can control Bitcoin. If so, Bitcoin will definitely fall. No one will buy a centralized digital currency.

[engesi]

The birth of Bitcoin, its mechanism is not only able to replace the dollar, it can replace cash in all countries! However, the greatest difficulty that Bitcoin has encountered today is that countless people use Bitcoin for speculation, making Bitcoin's price unreliable. This makes him a commodity, and commodities cannot replace cash!

[gilangIDR]

Bitcoin won't become the national currency of United States, many will subject and be worry about it's economy situation if that happens.

I'm more interested with what Tim Draper said about reaching $100 Trillion market cap which is definitely that high. Everyone who holds even just single bitcoin will become that rich.

I agree with you because it is impossible. We all know that bitcoin owners are all of us and the form of system owned by bitcoin is centralized so that no country can make bitcoin as the official currency of the country. The most likely thing is that bitcoin becomes a companion currency and is at least recognized for its circulation. The regulation is very possible because each country must have its own currency. By making the right regulation, bitcoin can be one of the most powerful financial systems because it can be recognized globally. It needs cooperation of many countries if you want to be bitcoin much more stable. Bitcoin is a form of technological advancement and if this is applicable then bitcoin is the largest financial system in the future.