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

[airdnasxela]

No fake money but lot of hackers would emerge. For a third world country, I think it would be hard to achieve. A third world country is still a developing country. My country is a third world country and I know that my country isn't ready to adopt bitcoin standard. We're being left behind with technological advancement, so it's hard to adjust with this kind of changes, everyone would swap from fiat to bitcoin.

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[Silberman]

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.

The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.

[Oneandpure]

No fake money but lot of hackers would emerge. For a third world country, I think it would be hard to achieve. A third world country is still a developing country. My country is a third world country and I know that my country isn't ready to adopt bitcoin standard. We're being left behind with technological advancement, so it's hard to adjust with this kind of changes, everyone would swap from fiat to bitcoin.

If bitcoin have been legal as currency payment I think every day many hacker information about stolen bitcoin wallet, no one keep safety their assets in online exchange wallet because very risk where some exchange wallet like Upbit can be hacked how come with our account? But always have way to to protect our account and keep safety for saving a lot of altcoin kinds in wallet address.

[Eclipse26]

The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.

Indeed. Even with paper cash, some government officials are using their powers and trying to get money from the people. What more if they'll be given a chance to manipulate cryptocurrency. They might take more. Even if other says that they only want the good for the people who wants crypto and Bitcoin to be legalized, behind that smile for sure they're hiding something on their sleeves. Corrupt can't be removed from the government. They'll just take advantage of our money even with cryptocurrency

[clickerz]

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.

The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.

This is of the reason why adoption from from government institution is slow. The government did not know how to control a decentralized blockchain for their own used and advantage. But once the government lays the ground for cryptocurrency, its easy for private institutions  to follow suit since it becomes legal.

[Oneandpure]

Bitcoin not standard system with faster payment transaction when country want adopt and accepted bitcoin as legal currency payment, some time when many transaction take tow until three hours for sending bitcoin from one wallet to other wallet. This reason why bitcoin not available become currency digital payment and many country not allowed using bitcoin for payment transaction in their country.

[heidikim]

Low brokerage fees. There are many systems that make money from money. Bitcoin can set up an alternative scheme. However, there are many forgeries made using bitcoin. They need to be blocked. Bitcoin is preparing a new future.

[fullhdpixel]

I am not sure if a country will have some sort of bitcoin standart but I am pretty sure we are moving to a level where countries will have their own stablecoins which then could potentially have some sort of limitation just like bitcoin having 21 million max cap, those nations with max cap stablecoins could potentially back their money with that stablecoin and that would mean there would be some sort of gold standard type of deal where it is limited and depends on how much people value it.

If USA one day came out and said they will print out 1 trillion dollar worth of stablecoin and that it will never be printed more than that, people would buy it and hope that it would go up in value, sounds like it could "kinda" work. There would be ton of details but certainly better than current "backed by nothing" system.

[el kaka22]

This is not about having bitcoin as a reserve, this is not about using bitcoin as a national currency neither. This is about having a national fiat that is backed by bitcoin which is very important for nations to have, not just bitcoin but something to back. Otherwise you will become like USA that prints money out of thin air and has no backing aside from the power of USA government and that's it.

One day if USA becomes not so powerful (which looks like may happen sooner than later) people may reject accepting dollars and will start taking euro or yuan or whatever is strong at that moment and that will destroy the american economy beyond saving. In order to stop stuff like that from happening countries should have something backing their fiat, it could be bitcoin, gold, silver, oil or whatever they want.

[Webetcoins]

The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.

Indeed. Even with paper cash, some government officials are using their powers and trying to get money from the people. What more if they'll be given a chance to manipulate cryptocurrency. They might take more. Even if other says that they only want the good for the people who wants crypto and Bitcoin to be legalized, behind that smile for sure they're hiding something on their sleeves. Corrupt can't be removed from the government. They'll just take advantage of our money even with cryptocurrency

In order to cope with these challenges I feel that crypto currencies shall always remain decentralized rather than being governed by any government body. There is no doubt that corrupt people are everywhere no matter how strict the policies or rules are, those in power always find ways to exploit poor. Bitcoin shall be legalized but people shall never accept centralized digital currency.

[whyrqa]

This is not about having bitcoin as a reserve, this is not about using bitcoin as a national currency neither. This is about having a national fiat that is backed by bitcoin which is very important for nations to have, not just bitcoin but something to back. Otherwise you will become like USA that prints money out of thin air and has no backing aside from the power of USA government and that's it.

One day if USA becomes not so powerful (which looks like may happen sooner than later) people may reject accepting dollars and will start taking euro or yuan or whatever is strong at that moment and that will destroy the american economy beyond saving. In order to stop stuff like that from happening countries should have something backing their fiat, it could be bitcoin, gold, silver, oil or whatever they want.

I think that we will have to come to terms with what the state is doing and will continue to print their money, just like dollars from the air.  History has already shown that using gold and silver in everyday life is fraught with so many problems.  Of course, cryptocurrency solves a lot of problems, but we must understand that not everyone on the planet can use cryptocurrency as a means of payment.  As for Bitcoin, the actual use of it all over the world is already losing its relevance, since each country can afford to create its own national cryptocurrency, with a limited number and with better technical characteristics than Bitcoin.  but it is likely that Bitcoin could become an international cryptocurrency.

[webtricks]

I am not sure if a country will have some sort of bitcoin standart but I am pretty sure we are moving to a level where countries will have their own stablecoins which then could potentially have some sort of limitation just like bitcoin having 21 million max cap, those nations with max cap stablecoins could potentially back their money with that stablecoin and that would mean there would be some sort of gold standard type of deal where it is limited and depends on how much people value it.

If USA one day came out and said they will print out 1 trillion dollar worth of stablecoin and that it will never be printed more than that, people would buy it and hope that it would go up in value, sounds like it could "kinda" work. There would be ton of details but certainly better than current "backed by nothing" system.

The things you saying are contradictory with each other. First problem, stablecoins are not capped. It doesn't make much sense to limit the production of stablecoin. In order to measure the increase/decrease in the value of any commodity, you need a variable which changes with the value. Currently fiat money serves that purpose. Suppose, the price of 1 kg onion is $5. Now due to decrease in supply, owning onion has become difficult so price will rise, say to $10. Similarly, the value of all commodities change and such change can be exponential. If the variable i.e. fiat money is limited then you won't be able to measure the increase in value after a certain point which is not right for the economy.

Second problem, the problem of growth. Why do you think price of an item increases? Or salary of an individual increases every year? The underlying problem is the problem of growth. No one wants to remain at same point for all his life. Everyone wants to grow. If you have $100 today, you want to have $150 tomorrow and may be $200 a day later and so on. The concept of growth has given the birth to the concept of inflation and so on. Now if we limit the production of money like you saying, $1 trillion in US Economy. It may sound great solution for now but what about 100 years later? How will US measure its GDP growth once economy will touch $1 trillion mark? You always need an infinite variable.

[CarnagexD]

The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.

Indeed. Even with paper cash, some government officials are using their powers and trying to get money from the people. What more if they'll be given a chance to manipulate cryptocurrency. They might take more. Even if other says that they only want the good for the people who wants crypto and Bitcoin to be legalized, behind that smile for sure they're hiding something on their sleeves. Corrupt can't be removed from the government. They'll just take advantage of our money even with cryptocurrency

In order to cope with these challenges I feel that crypto currencies shall always remain decentralized rather than being governed by any government body. There is no doubt that corrupt people are everywhere no matter how strict the policies or rules are, those in power always find ways to exploit poor. Bitcoin shall be legalized but people shall never accept centralized digital currency.

I agree, instead of monetary system why not just a universal digital currency? Bitcoin to be centralized would just ruin everything from it and small investor will be at silly situation. Any country doesn't need bitcoin, but every people should have bitcoin. We must watch the countries that already engage with bitcoin adoption in many cases like banking so we can learn from it or prevent it to happen.

[jostorres]

I believe that a lot of countries are looking into that, but not in the way that you think. They are not going to eliminate fiat, they are just going to create cryptocurrencies as a part of the system. That way people will be able to convert their money (fiat) to their cryptocurrency, take for example: we have USD and there is USD Cryptocurrency, users can be able to convert the USD to USD-Crypto and then store is as an asset? And they can use it for a quick transaction to anyone around the world just like they would with Bitcoin.

I am saying this because I read about the JPM coin and I believe that it's going to be like that. China is creating their own cryptocurrency and they didn't say that they will be wiping fiat off the paper.

[Silberman]

The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.

This is of the reason why adoption from from government institution is slow. The government did not know how to control a decentralized blockchain for their own used and advantage. But once the government lays the ground for cryptocurrency, its easy for private institutions  to follow suit since it becomes legal.

While they do not have any way in which they can take control of a decentralized currency like bitcoin, they could do the same that they did to gold, slowly they could begin to buy bitcoin and since people still think in the price of bitcoin against fiat they could print all the money that they want in order to get bitcoin, then once their currencies fail they could back them with bitcoin and after some time they could leave this new bitcoin standard and introduce their fiat again because now they will be one of the biggest holders of bitcoin around the world.

[ser7878]

I believe that a lot of countries are looking into that, but not in the way that you think. They are not going to eliminate fiat, they are just going to create cryptocurrencies as a part of the system. That way people will be able to convert their money (fiat) to their cryptocurrency, take for example: we have USD and there is USD Cryptocurrency, users can be able to convert the USD to USD-Crypto and then store is as an asset? And they can use it for a quick transaction to anyone around the world just like they would with Bitcoin.

I am saying this because I read about the JPM coin and I believe that it's going to be like that. China is creating their own cryptocurrency and they didn't say that they will be wiping fiat off the paper.

It is funny that most of the people don't want to admit the power of fiat and that it won't go away in just a moment.
And 10 years that cryptocurrencies exist are like a moment compared to history of fiat money.
Anyway, I believe that most of the countries already has that part in their govs that seeks and systematize info about crypto.

[huige007]

I believe that a lot of countries are looking into that, but not in the way that you think. They are not going to eliminate fiat, they are just going to create cryptocurrencies as a part of the system. That way people will be able to convert their money (fiat) to their cryptocurrency, take for example: we have USD and there is USD Cryptocurrency, users can be able to convert the USD to USD-Crypto and then store is as an asset? And they can use it for a quick transaction to anyone around the world just like they would with Bitcoin.

I am saying this because I read about the JPM coin and I believe that it's going to be like that. China is creating their own cryptocurrency and they didn't say that they will be wiping fiat off the paper.

It is funny that most of the people don't want to admit the power of fiat and that it won't go away in just a moment.
And 10 years that cryptocurrencies exist are like a moment compared to history of fiat money.
Anyway, I believe that most of the countries already has that part in their govs that seeks and systematize info about crypto.

Fiat has undoubtedly been there for centuries and crypto is a latest trend in the market. Fiat is used all over the world because it is easy to understand and operate because it does not need any internet etc. whereas to understand crypto currencies, you need to be literate and understand the laws of technology. Crypto currencies will in future be priority when whole world is aware of them.

[Febo]

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.

Of course it was most prosper time period of human history if America was not economically used while the rest of the world was for millennium.   My question is where you got this data?  I thought prices did not change much. But you are saying prices decline? Do you have any link or how you know this?

[Polar91]

No fake money but lot of hackers would emerge. For a third world country, I think it would be hard to achieve. A third world country is still a developing country. My country is a third world country and I know that my country isn't ready to adopt bitcoin standard. We're being left behind with technological advancement, so it's hard to adjust with this kind of changes, everyone would swap from fiat to bitcoin.

From time to time, what I've figured out is that, what people especially citizens from a third world country lacking that is considerably the root why they aren't having a financial stability is their lack of knowledge and awareness to technological innovations. Most of the time, they mind is close when we are explaining how good bitcoin is, mainly I can consider it as a low level financial literacy.

Because believe me or not, I do really think that only financially literate individual could really manage to utilize bitcoin in productive ways why? because we need to understand how risky it is to serve us our currency because of volatility, and we need more time and effort to figure out altcoins.

[desticy]

And it will also be very difficult to establish a system of import and export for such a country, because if Bitcoin becomes the single currency of the country, and all transactions and prices for goods are in Bitcoin, then how to buy goods from outside? After all, then you will have to verify the value of Bitcoin relative to its market value, which in turn will make the country dependent on its volatility, if vital things are imported.