If we can see a country with 'Bitocin standard' monetary system

[yarlungzangbo]

From the America history we can know that America was a Deflation economic system . At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetary system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.


- credible
✔ transparency
✔ No money 'printing'
✔ low-level of prices
x low-interest rate


quote: America was a Deflation economic system in about 150years till 1913, and it was the most fast period of enconomy rising in human history.

[1Referee]

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'.

If you rely on a central entity to validate transactions and whatnot, you technically don't really know what chain you are dealing with. You just think/hope that they are being honest, which they most of the times are, but please, you shouldn't take that for granted. It only takes one mistake or purposeful scam on their end that will cost you a lot of money.

Only when you run a full node you can be sure to seperate fake from real, which is why I find it so important that people run their own node despite the fact that I know most people will not do that.

In the end, Bitcoin isn't a magical save the world or country pill. If the monetary policies suck, the same corrupt political leaders are in charge, etc the standard they use doesn't really matter because they will screw up eventually anyway. I'm perfectly fine to have Bitcoin be an alternative money similar to Gold. People can adopt Bitcoin right now already. No need to wait for any government to introduce a Gold or Bitcoin standard. Screw them.

[Getmon]

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetray system , and show the Bitcoin savings address, what will happen?

But that Bitcoin standard will also include the freedom to fork or to split from the original coin. I guess this will become a bigger problem when it is tied to a government than when it is tied to the like of an independent and ownerless Bitcoin. If a third world country will adopt the Bitcoin standard in its monetary system, I am seeing a very high probability that there will be so many forks and so many forks coming from those forks themselves that will happen. The government is full of disagreement. Partisan politics will make everything murky. The Bitcoin standard is good within Bitcoin itself.

[teosanru]

The problem is same which occurred with the bitcoin standard System. There will be a maximum capping on how much currency can be created in one go to boost up a financial system going through recession. Government initiated this fiat only to overcome this shortcomings that they suffer. Moreover, third world countries are developing and in some cases they require large funds of money in the economy as they have higher economic growth rates so this makes it even more important for them to stay on fiat.

[alyssa85]

It would work for a small rich tax haven like the Cayman Islands, which currently uses the dollar as their currency (even though they arn't part of the united states).

For these small countries having their own currency is out of the question, and because they are tax havens, they need a SOUND currency. So yes, if the dollar is in trouble, I can see these tax havens switch to bitcoin.

[boris singer]

But that Bitcoin standard will also include the freedom to fork or to split from the original coin. I guess this will become a bigger problem when it is tied to a government than when it is tied to the like of an independent and ownerless Bitcoin. If a third world country will adopt the Bitcoin standard in its monetary system, I am seeing a very high probability that there will be so many forks and so many forks coming from those forks themselves that will happen. The government is full of disagreement. Partisan politics will make everything murky. The Bitcoin standard is good within Bitcoin itself.

If the MoU is final and legally binding, then there will be no more disputes over forking and consensus. geopolitics cannot change the economic policies they have agreed to become regulations.

My mind is more towards multilateral relations, will they still be trusted to work together in every economic relationship? I think it will be similar to Venezuela.

[jseverson]

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not going high in a long cycle times.

If its only advantage over the gold standard is greater transparency and resistance to counterfeiting, I don't see how it could work; the reasons why gold standard was abolished had nothing to do with these factors after all.

I know deflation sounds good on paper, but the reality is that it discourages spending, which drives prices down, which drives businesses out of business, which causes economic collapse. It's not something you would want out of your national currency, or at least not in this modern economy. If you want to escape inflation, you can easily diversify with assets like Bitcoin; there's no need to base your national currency around them.

[Shimmiry]

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not going high in a long cycle times.

If its only advantage over the gold standard is greater transparency and resistance to counterfeiting, I don't see how it could work; the reasons why gold standard was abolished had nothing to do with these factors after all.

I know deflation sounds good on paper, but the reality is that it discourages spending, which drives prices down, which drives businesses out of business, which causes economic collapse. It's not something you would want out of your national currency, or at least not in this modern economy. If you want to escape inflation, you can easily diversify with assets like Bitcoin; there's no need to base your national currency around them.

Today some countries accept the use of bitcoin because they think it helps a lot to improve the transaction and lessen the paper money or the real money. Those are the reasons why people commit crimes because of the greed of too much wealth commonly for cash. Even you have online money. Still, some people are knowledgable in hacking that may steal your data.

Accepting bitcoin and another cryptocurrency may help a lot to have a faster process. It also affects the market price on the crypto because if the coins are demand in different countries. The price may grow up and avoid deflation in the market.

[yarlungzangbo]

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not going high in a long cycle times.

If its only advantage over the gold standard is greater transparency and resistance to counterfeiting, I don't see how it could work; the reasons why gold standard was abolished had nothing to do with these factors after all.

I know deflation sounds good on paper, but the reality is that it discourages spending, which drives prices down, which drives businesses out of business, which causes economic collapse. It's not something you would want out of your national currency, or at least not in this modern economy. If you want to escape inflation, you can easily diversify with assets like Bitcoin; there's no need to base your national currency around them.

The fact is consumption makeing economic growth is a paradox.The lower price will make more consumption.If you believe in Bitcoin you should know what did Hayek said but not traditional economy knowledge.Our world is full of goverment's lie now

[yarlungzangbo]

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetray system , and show the Bitcoin savings address, what will happen?

But that Bitcoin standard will also include the freedom to fork or to split from the original coin. I guess this will become a bigger problem when it is tied to a government than when it is tied to the like of an independent and ownerless Bitcoin. If a third world country will adopt the Bitcoin standard in its monetary system, I am seeing a very high probability that there will be so many forks and so many forks coming from those forks themselves that will happen. The government is full of disagreement. Partisan politics will make everything murky. The Bitcoin standard is good within Bitcoin itself.

We don't need to worry about the 'fork chain' , there is only one real bitcoin, all other fork chain  will go to recession , and we can see only one chain to be the 'Final winner' and it is the real bitcoin . If someone want to do something different with bitcoin want to do , he will lose

[yarlungzangbo]

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'.

If you rely on a central entity to validate transactions and whatnot, you technically don't really know what chain you are dealing with. You just think/hope that they are being honest, which they most of the times are, but please, you shouldn't take that for granted. It only takes one mistake or purposeful scam on their end that will cost you a lot of money.

Only when you run a full node you can be sure to seperate fake from real, which is why I find it so important that people run their own node despite the fact that I know most people will not do that.

In the end, Bitcoin isn't a magical save the world or country pill. If the monetary policies suck, the same corrupt political leaders are in charge, etc the standard they use doesn't really matter because they will screw up eventually anyway. I'm perfectly fine to have Bitcoin be an alternative money similar to Gold. People can adopt Bitcoin right now already. No need to wait for any government to introduce a Gold or Bitcoin standard. Screw them.

Yes, sir. You have a clear understanding of things, what did you say is nice. No goverment will survice in the end, but 'Bitcoin standard‘ is the thing need to do at this time. We don't believe in goverment , but we believe in bitcoin and we know 'the code is law'. No worry about the lie, i believe that the world will have the final answer in the disordered evolution

[sana54210]

Gold standard was a bit different compared to anything technological, gold standard is based on gold and that is a natural resource that exists in the world without human connection, even if there were no humans on earth tomorrow, there will be gold, we don't create the gold.

Yet bitcoin is created by humans, we call them miners just like the gold miners but in reality they are not mining anything themselves, they do have mining equipment like asic or fpga or whatever which mines it automatically even while they sleep instead of them actually using a pickaxe or whatever.

So, if a country moves to a "bitcoin standard" and what not it would actually be a bit confusing because there would be corporations mining it out and making the standard go down eventually.

[aardvark15]

From the America history we can know that America was a Deflation economic system in few years. At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetray system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.

I could see it happen but only with a small or third world country.  It’s also possible that a country would use an altcoins that has features that are more conducive for this purpose such as one with low transaction fees.

[mu_enrico]

To use something as "standard." It should be perceived to have a high and stable value. Gold historically can be used for this purpose, but who knows in the future people might be able to synthesize gold from cheaper materials or people find a new material that can better replace the gold --just for thought experiment by the way.

Back to the topic, In order to use Bitcoin as "standard," the majority of people should perceive Bitcoin as something extraordinary and valuable. It's a tough job for us to convince the masses, with all these forked shitcoins, scams, and manipulations. Maybe (just maybe) after more "testing" in the real world dynamics, if Bitcoin can stay healthy for several more decades, it will get easier to market Bitcoin. Then it naturally becomes standard.

[plast555]

Obviously, I would love to see such a country.
I also wish our prime minister would be Satoshi, lol.
Now maybe there is no country like where 'Bitcoin standard' monetary system, but China and many other countries have started to issue their own cryptocurrencies and I think that this trend will accelerate.

[shield132]

From the America history we can know that America was a Deflation economic system in few years. At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetray system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.

We with our hard work are the only one escape of the problems we caused cause this is the world/nature we changed. We can significantly improve economical situation of every living human but will that happen? No cause we have selfish billionaires, lazy people... We have wars between us for no reason or for the sake of 1-2 person who just get pleasure from it and soldiers kill each other to show them show.
But in this situation bitcoin can be a solution cause they won't be able to fake something that's with fixed value like bitcoin. We don't even need local currencies, one global will be great but trading is a huge business in some countries.

[BigBoy89]

It would work for a small rich tax haven like the Cayman Islands, which currently uses the dollar as their currency (even though they arn't part of the united states).

For these small countries having their own currency is out of the question, and because they are tax havens, they need a SOUND currency. So yes, if the dollar is in trouble, I can see these tax havens switch to bitcoin.

A lot of countries and territories are using Dollar or Euro as a national currency.

Example with the Euro. Countries currently using the euro: (https://www.thoughtco.com/what-countries-use-the-euro-1435138)

Andorra (not an EU member)
Monaco (not in the EU)
Montenegro (not in the EU)
San Marino (not in the EU)
Vatican City (not in the EU)

Territories that use the euro:

Akrotiri and Dhekelia (British territory)
French Southern and Antarctic Lands
Saint Bathelemy (overseas collectivity of France)
Saint Martin (overseas collectivity of France)
Saint Pierre and Miquelon (overseas collectivity of France)

But this is possible only with fiat currencies. You can't force a whole nation or rise a whole nation to the tech level required for mass crypto adoption.

IMO cryptos will remain as a niche currencies for at least few more years.

[hatshepsut93]

No one will seriously entertain Bitcoin standard until Bitcoin stops being so volatile. But even then, the world just doesn't want to go back to hard currencies, for example the ideas of gold-backed national currencies moved to the fringe of modern economics, so even with stable Bitcoin there probably won't be Bitcoin standard. There might be non-government issued currencies that are backed by Bitcoin, kinda like that Ethereum token or some centralized payment systems.

[ecnalubma]

Lets refrain from dreaming about it, government’s won’t allow easily for Bitcoin to become a standard monetary norm. Creating their own cryptocurrency is more feasible where they have full control over their monetary system which they cannot do on Bitcoin.

[yarlungzangbo]

Lets refrain from dreaming about it, government’s won’t allow easily for Bitcoin to become a standard monetary norm. Creating their own cryptocurrency is more feasible where they have full control over their monetary system which they cannot do on Bitcoin.

Yes, monetary system is a tool for big country controlling the other countries. We are talking about the 'third world country' , they need a chance to escape the controlling from big country.