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

[TheUltraElite]

American have dominance economic from other countries and make their money value have higher price, maybe when their country not have many power full make their money value will be down, but if many countries want to use bitcoin I think USD of american money left the name and many people or companies want to accept bitcoin as currency payment.

Fiat will never stop being here. It will be there even if bitcoin or crypto is accepted into payment systems wide and beyond. Fiat is the biggest mode of transaction even today and there are people who are not willing to accept crypto because of ignorance of what actually controls it, its bad reputation smeared by yellow journalism and so on. Older people are very less likely to accept it too but they will die out soon (<pardon my cold nature here).

However the time at which fiat and crypto usage reaches an equilibrium is far from now. Currently we should focus more on adoption and acceptance of bitcoin in different marketplaces.

[alexsandria]

I'd like to see this one. However bitcoin supply is finite thus, it won't last at some point in time. Though price is fluctuating but in some point in condition. In addition, bitcoin in by default at exactly every 4 years supply is halving which on the other hand has a direct effect in the economy. Bitcoin can act as money but fiats cannot act as crypto.

[GideonGono]

I'd like to see this one. However bitcoin supply is finite thus, it won't last at some point in time. Though price is fluctuating but in some point in condition. In addition, bitcoin in by default at exactly every 4 years supply is halving which on the other hand has a direct effect in the economy. Bitcoin can act as money but fiats cannot act as crypto.

I disagree with your statement that Bitcoin’s limited supply would hinder being used as standard monetary system. We should recognized the fact that Bitcoin has eight decimals hence even when the price soar high then I think it would accommodate the need of the people. Though in your last statement, I am with you.

[Amel]

I'd like to see this one. However bitcoin supply is finite thus, it won't last at some point in time. Though price is fluctuating but in some point in condition. In addition, bitcoin in by default at exactly every 4 years supply is halving which on the other hand has a direct effect in the economy. Bitcoin can act as money but fiats cannot act as crypto.

I disagree with your statement that Bitcoin’s limited supply would hinder being used as standard monetary system. We should recognized the fact that Bitcoin has eight decimals hence even when the price soar high then I think it would accommodate the need of the people. Though in your last statement, I am with you.

Indeed,bitcoin limited supply will not prevent it from being used as a standard monetary system but due to limited supply, the price of bitcoin will continue to soar high. The higher the price, the more inefficient the decimal generated because the decimal number is too small and the amount of money in the world will be difficult to define if only with 8 decimal digits.

[meliodas]

To be honest, it won't happen. A country with a bitcoin standard monetary system is impossible since if they will purely rely or depend on bitcoin in their monetary system then a lot of things will fluctuate especially the prices of the basic goods and services that the people need. It might lead to a chaotic scenario where people are complaining on how unstable the market is.

[imstillthebest]

To be honest, it won't happen. A country with a bitcoin standard monetary system is impossible since if they will purely rely or depend on bitcoin in their monetary system then a lot of things will fluctuate especially the prices of the basic goods and services that the people need. It might lead to a chaotic scenario where people are complaining on how unstable the market is.

its possible . there are news on the past which claim's to be that bitcoin is like thier daily currency because they use btc more than they use thier own fiat currency  . that happens because they were having a problem financialy or they simply have a problem with thier own currency so they look for alternative's  .

its been a perfect time because bitcoin that time was starting to get popular    .  other country was still on a process tho and seems not ready yet for this kind of idea  .

[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?

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.

Besides these positive points, it is certainly not a stable and peaceful country. why? because no country wants to hold or trade currencies that are always highly volatile and manipulative. That is also the reason why many governments hate crypto in general and bitcoin in particular. they are afraid, they are afraid that people will detect this "decentralization" and then carry out money laundering or manipulating operations that the government cannot control. For the financial world, it's one of the worst things no country wants.

American have dominance economic from other countries and make their money value have higher price, maybe when their country not have many power full make their money value will be down, but if many countries want to use bitcoin I think USD of american money left the name and many people or companies want to accept bitcoin as currency payment.

You gave us a good imagine, thank you! But again ,we are talking about 'bitcoin standard' not using bitcoin as monetary.

[yarlungzangbo]

I'd like to see this one. However bitcoin supply is finite thus, it won't last at some point in time. Though price is fluctuating but in some point in condition. In addition, bitcoin in by default at exactly every 4 years supply is halving which on the other hand has a direct effect in the economy. Bitcoin can act as money but fiats cannot act as crypto.

I disagree with your statement that Bitcoin’s limited supply would hinder being used as standard monetary system. We should recognized the fact that Bitcoin has eight decimals hence even when the price soar high then I think it would accommodate the need of the people. Though in your last statement, I am with you.

Indeed,bitcoin limited supply will not prevent it from being used as a standard monetary system but due to limited supply, the price of bitcoin will continue to soar high. The higher the price, the more inefficient the decimal generated because the decimal number is too small and the amount of money in the world will be difficult to define if only with 8 decimal digits.

The limited supply of bitcoin will not limite supply of money.

[yarlungzangbo]

To be honest, it won't happen. A country with a bitcoin standard monetary system is impossible since if they will purely rely or depend on bitcoin in their monetary system then a lot of things will fluctuate especially the prices of the basic goods and services that the people need. It might lead to a chaotic scenario where people are complaining on how unstable the market is.

We are talking about future but not now.However the volatility of bitcoin is low in sometimes, we saw less then 3% volatility of bitcoin price in a part time of October. I believe in the near future , bitcoin price will up to a relatively stable price and it is enough to be a standard subject.

[yarlungzangbo]

American have dominance economic from other countries and make their money value have higher price, maybe when their country not have many power full make their money value will be down, but if many countries want to use bitcoin I think USD of american money left the name and many people or companies want to accept bitcoin as currency payment.

Fiat will never stop being here. It will be there even if bitcoin or crypto is accepted into payment systems wide and beyond. Fiat is the biggest mode of transaction even today and there are people who are not willing to accept crypto because of ignorance of what actually controls it, its bad reputation smeared by yellow journalism and so on. Older people are very less likely to accept it too but they will die out soon (<pardon my cold nature here).

However the time at which fiat and crypto usage reaches an equilibrium is far from now. Currently we should focus more on adoption and acceptance of bitcoin in different marketplaces.

According to the history, gold was using to exchange, and then we saw 'gold standard' . The evolution of history always in an orderly way and step by step.

Let's see.

 

[Mometaskers]

snip

It's so easy for any country to publish their own cryptocurrency, but we can't say this kind of cryptocurrency are valueable just according to they are tax havens. How about the Petro in Venezuela, people still don't like it, and we can't see any value from this cryptocurrency. A new fiat using 'bitcoin standard' may can make a stable economy system, and we don't want to invest in any kind of fiat, we just want to hold or use it, that's why we don't need a new cryptocurrency.

Petro failed because people see it as shady, not to mention the regime creating it and the reason. I don't think a government would peg their digital fiat to bitcoin, if that's the case they'd should just use bitcoin, which they won't. They'll just make their own and let it float like the system now.

I'd say let them. Let them back it with whatever they want (or nothing at all) and let the market decide if people find it valuable.

[yarlungzangbo]

snip

It's so easy for any country to publish their own cryptocurrency, but we can't say this kind of cryptocurrency are valueable just according to they are tax havens. How about the Petro in Venezuela, people still don't like it, and we can't see any value from this cryptocurrency. A new fiat using 'bitcoin standard' may can make a stable economy system, and we don't want to invest in any kind of fiat, we just want to hold or use it, that's why we don't need a new cryptocurrency.

Petro failed because people see it as shady, not to mention the regime creating it and the reason. I don't think a government would peg their digital fiat to bitcoin, if that's the case they'd should just use bitcoin, which they won't. They'll just make their own and let it float like the system now.

I'd say let them. Let them back it with whatever they want (or nothing at all) and let the market decide if people find it valuable.

Premise is this country need to use at least one standard, goverment is tricky , they won't let people decide.

[cutesgirl]

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' 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

Almost all of money currency in the country will have inflation value although cash money of USD, how ever most developed countries like United State their cash money keep lower price after several years later, but many people do not trust with how lower increase of USD after several years later and keep use USD as currency payment and investment assets.

[yarlungzangbo]

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' 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

Almost all of money currency in the country will have inflation value although cash money of USD, how ever most developed countries like United State their cash money keep lower price after several years later, but many people do not trust with how lower increase of USD after several years later and keep use USD as currency payment and investment assets.

People are always shortsighted

[yarlungzangbo]

A neutral case, stop print money when value of total monetary system didn't change.

[huige007]

To be honest, it won't happen. A country with a bitcoin standard monetary system is impossible since if they will purely rely or depend on bitcoin in their monetary system then a lot of things will fluctuate especially the prices of the basic goods and services that the people need. It might lead to a chaotic scenario where people are complaining on how unstable the market is.

its possible . there are news on the past which claim's to be that bitcoin is like thier daily currency because they use btc more than they use thier own fiat currency  . that happens because they were having a problem financialy or they simply have a problem with thier own currency so they look for alternative's  .

its been a perfect time because bitcoin that time was starting to get popular    .  other country was still on a process tho and seems not ready yet for this kind of idea  .

A considerable number of countries have supported bitcoin and gradually the use of it as a currency will increase. It is just a matter of time before bitcoin becomes the standard at international level. We are moving towards an era of digital currencies where all countries will have their own national coins and their worth will be measured with respect to bitcoin. Same as bitcoin leads the market today.

[yarlungzangbo]

To be honest, it won't happen. A country with a bitcoin standard monetary system is impossible since if they will purely rely or depend on bitcoin in their monetary system then a lot of things will fluctuate especially the prices of the basic goods and services that the people need. It might lead to a chaotic scenario where people are complaining on how unstable the market is.

its possible . there are news on the past which claim's to be that bitcoin is like thier daily currency because they use btc more than they use thier own fiat currency  . that happens because they were having a problem financialy or they simply have a problem with thier own currency so they look for alternative's  .

its been a perfect time because bitcoin that time was starting to get popular    .  other country was still on a process tho and seems not ready yet for this kind of idea  .

A considerable number of countries have supported bitcoin and gradually the use of it as a currency will increase. It is just a matter of time before bitcoin becomes the standard at international level. We are moving towards an era of digital currencies where all countries will have their own national coins and their worth will be measured with respect to bitcoin. Same as bitcoin leads the market today.

Very good imagine, what did you say is a new 'Bretton Woods system', and the new 'USD' in this system will be bitcoin. Nice!

[ssamotoev]

I wonder how people would react to bitcoin monetary system.
Imagine that your countries main currency can drop for >10% in 10 hours (and it is not a rare case for btc).
So you go shopping and while you choose color of the carpet suddenly you don't have enough money to buy it.
(for instance USD is dropping <2% most of the time according to USD index chart)

[yarlungzangbo]

I wonder how people would react to bitcoin monetary system.
Imagine that your countries main currency can drop for >10% in 10 hours (and it is not a rare case for btc).
So you go shopping and while you choose color of the carpet suddenly you don't have enough money to buy it.
(for instance USD is dropping <2% most of the time according to USD index chart)

I believe that we will see a stable cycle of bitcoin value(price) in the near future.

[sana54210]

Bitcoin is very good but you got it wrong where you said they will have a really good economy. How did you get to know that? Bitcoin doesn't save the world, it is not magic. The solution to our problems will always be in our hands and not in Bitcoin, because we make the decision for ourselves. Moreover, I don't think that Bitcoin can be a currency, it's not fit to be a country's currency. It is decentralized, and that's the number one thing that disqualified it.

A country's currency is centralized and is controlled by that country and used by them. And another thing is that Bitcoin doesn't have a physical form. Well, I know some people will be against the last point, but you have to know that it's not everyone that makes use of smartphones and computers, there are people who are not interested in all these online payment stuff and all that, they prefer the physical thing they see.