Can Bitcoin ever be use as other country currency

[Wisbrown]

Can Bitcoin ever be use as other country currency and it will still maintain it decentralized digital currency?

[Charles-Tim]

Just know that bitcoin is not for any country, it is for the world and only for the people that are buying and making use of it. Bitcoin is completely decentralized in its entirety and completely open source. Even the creator, Satoshi Nakamoto do not have any control over bitcoin while governments and other central bodies do not have control over bitcoin, not to comment of it becoming the currency of some particular countries. Even, China mining most amount of bitcoin, but people and organizations from another country are buying it. Bitcoin can not be centralized but remain decentralized, what can make it to become centralized will not happen but results into hardfork while bitcoin will remain being bitcoin.

[mk4]

Certain countries using Bitcoin won't really directly make Bitcoin more or less decentralized.

With that said, Bitcoin as a country's currency? Very very unlikely especially for the bigger more established countries. Bitcoin as one of the accepted payment currencies along with the country's local currency? Sure.

[YuginKadoya]

I know we all believe that Bitcoin can do such incredible things and being a currency for a certain country could be possible if that countries economy is failing and the only answer was an online transaction with Bitcoin, in my opinion, it could be possible but Bitcoin can not become that countries official currency.

Bitcoin can not be stuck in 1 country only it is free for all countries to be legalized and be used.

[bitmover]

Can Bitcoin ever be use as other country currency and it will still maintain it decentralized digital currency?

Decentralization has nothing to do with that.

Bitcoin is decentralized because there is no single point of failure. You cannot shut down the network attacking one person, or one company.
Bitcoin is decentralized because nobody owns the code. There is no single person who says what miners or developers should do.
Bitcoin is decentralized because there are thousands of full nodes. Anyone can be a full node.
And so on.

if a country decides to use it as a national currency, none of those things will change.
However, bitcoin the **only** currency was never bitcoin goal. Bitcoin is an alternative to the fiat system, but they are not competing. Both can coexist.

[ichi]

Simply realize that bitcoin isn't for any nation, it is for the world and just for the individuals that are purchasing and utilizing it. Bitcoin is totally decentralized completely and totally open-source. Indeed, even the maker, Satoshi Nakamoto doesn't have any command over bitcoin while governments and other focal bodies don't have authority over bitcoin, not to remark on it turning into the cash of some specific nations. Indeed, China mining most measures of bitcoin, yet individuals and associations from another nation are getting it. Bitcoin can not be unified yet stay decentralized, what can cause it to become brought together won't occur however results in hardfork while bitcoin will stay to be bitcoin.

[aysha9853]

bitcoin to accept payments is possible, but to be a currency in a country probably not, and getting bitcoin is currently a little difficult

[ranochigo]

Most countries actually use their individual fiat as a way to regulate their economy and to try to enact favourable policies through monetary controls. Using Bitcoin as their primary currency could defeat the purpose unless they could amass enough Bitcoin to be able to make their economy work effectively.

Some of the failed state has used other countries' fiat as a way to transact and I imagine that could be possible with Bitcoin as well. But for it to work, it isn't as easy as it seems.

[adzino]

Can Bitcoin ever be use as other country currency and it will still maintain it decentralized digital currency?

Bitcoin at its current state being used as an official currency? Not going to happen. Anyone that says that it is possible is actually being delusional. Look at all the current problems bitcoin has. At this current stage, people aren't using it as a currency for regular transaction, let alone a nation. The fee and waiting time is what making people not to use it as a currency. Hence people find it more suitable to use it as a form of investment due to its store of value.
A country may eventually make their own centralized crypto currencies though. There is no denying to that.

[Sebas.tian]

Can Bitcoin ever be use as other country currency and it will still maintain it decentralized digital currency?

No country can use Bitcoin as a currency becasue of it nature, it is well decentralized, we'll know the technology came into the world to give freedom to the oppressed and for any country to claim Bitcoin as it currency won't be possible. But countries can adopt this said Bitcoin as a currency and also as payment method which is been use for. There are countries that now accept Bitcoin as payment method and may consider it to be country accepted currency.

[zeingrind777]

Can Bitcoin ever be use as other country currency and it will still maintain it decentralized digital currency?

If it is used as a means of payment in another country (buying / paying for something with bitcoin), I don't think so. Because several countries have banned the use of cryptocurrency as currency. Also, not many shops or merchants accept bitcoin as a means of payment.

However, if used to exchange FIAT, of course you can. I think every country has an exchange that will convert bitcoin to their national currency such as USD, KRW, IDR and others.

[serjent05]

I do not think that Bitcoin will be used as an official currency of a country. We all know that the government will always want to have a grasp of everything so Bitcoin being known as decentralized won't be attractive to the authority to use as their national currency.  Even with the label of being an alternative currency, Bitcoin will always be a personal option but will never be a country's official alternative currency for the same reason why it won't be use as national currency of a country.

[Upgrade00]

<...>

This right here.
Legal tenders are currencies accepted by that country or jurisdiction as the means of exchange and one of its main qualities is the ability of the government to regulate it; control money printing and operate the banking system. This is not possible with Bitcoin, the country would not control it as it is not centralized and they cannot account for it when it is used for trades in other countries. It's sort of like accepting to use something virtually every other nation is using anyways.

While the idea sounds interesting, it is not practical, at least not in the way current societies are run.

Some of the failed state has used other countries' fiat as a way to transact and I imagine that could be possible with Bitcoin as well. But for it to work, it isn't as easy as it seems.

Correct me if I'm wrong but when countries do this they do not directly adopt fiats of other nations but rather create their currency system which ideally mirrors that of the other country. So their fiat value would depend on the value of the original currency, such as what we have with the Sudanese Pounds. However, as with the SDG, internal economic crisis could influence the value of the currency and it could become devalued against its parent currency.

[kryptqnick]

Can Bitcoin ever be use as other country currency and it will still maintain it decentralized digital currency?

Mr. Robot TV show explores this topic a bit, with China adopting Bitcoin while the US adopts a centralized Libra-like cryptocurrency. I think a country with a catastrophic economic collapse could adopt Bitcoin if its volatility is lower than the volatility of their local fiat. However, there would be many problems with that. For one, the technical capability of accepting Bitcoin everywhere can be challenging. But more importantly, this would put such a big load on Blockchain that transaction fees would spike and transactions would get stuck. So there would be serious challenges with fully transferring to Bitcoin on such a scale.

[GeorgeJohn]

Can Bitcoin ever be use as other country currency and it will still maintain it decentralized digital currency?

See, it's impossible for  one country to manage a btc or inherit it as a source of everything and if it happens btc is in control of such particular country and is no longer a decentralized currency, and it's obvious that many countries are using bitcoin as a means of payment due to how influential bitcoin it, but that really means that such country have a control over it's regulations.

[dothebeats]

Highly unlikely. Bitcoin’s specifications do not allow for easier alterations on supply, which has been the primary tool/feature used by governments to stimulate their economy or to adjust anything that is related to the economy one way or another, with the involvement of change in money supply. Plus, it would not do bitcoin any favor as this means more centralization due to regulations and such.

[bitbunnny]

You probably wanted to ask if Bitcoin could be used as a national currency in some country.
I don't think that is possible because Bitcoin is not centralised currency and I don't think that any country would like to have economy that is dependent on volatile, limited and unregulated currency. So, no, that will not happen
Besides Bitcoin is not meant to be dedicated just to one country.

[ranochigo]

Correct me if I'm wrong but when countries do this they do not directly adopt fiats of other nations but rather create their currency system which ideally mirrors that of the other country. So their fiat value would depend on the value of the original currency, such as what we have with the Sudanese Pounds. However, as with the SDG, internal economic crisis could influence the value of the currency and it could become devalued against its parent currency.

I think it's more of a stopgap measures adopted by them. For Zimbabwe, I'm aware that they adopted the other currencies to transact during the period of hyperinflation. They did adopt a new currency system which, I don't really think worked because the crux of the problem doesn't exactly lie on their currency but with the government.

Perhaps, there's an argument to be made for the people in these situations, when the state fails it's functions.

[bitcoinermatt]

Yes I believe, in countries which are underbanked or underdeveloped. Bitcoin would surely fix problems such as counterfeit money. It is never going to be a country's main currency though.

[Smartvirus]

I seriously doubt that @OP. I don't see a way Bitcoin can become a nations currency no, it won't happen. A country's currency is an ID of that country or nation and as such, it would feel so wrong having Bitcoin tied to a single nation. It won't attain that universal nature of it and it would be very much a way of centralizing the idea of Bitcoin which puts it in check or under control and Bitcoin is supposed to be a decentralized network so, it would be going against the ideas that surrounds Bitcoin.