Can Bitcoin ever be use as other country currency

[AjithBtc]

Bitcoin right now in its very early stage of development. We can say more than ten years have crossed from its day of existence. By the same time it hasn't turned out to be the real-time currency as USD or Euro. This requires more time, and bitcoin to be any country's currency isn't likely to happen in the near future. Already more countries support bitcoin, but the real-time usage is very low compared to the traditional currency used around.

[mindrust]

Technically it is not possible. Blockchain cant handle that kind of demand and off-chain solutions don't really make things easier.

So the answer of your question is "no".

This is really simple and good reply because I am newbie but reading about this around here its showing its really technically not possible with many troubles for many things.

Aside from the technical limitations, There are other aspects to that question.

Why would any country put their national currency aside and make bitcoin their official currency instead unless that is that they already have most of the coin supply? (they need to own the majority of the hashrate too)

It doesn't make sense.

The whole point of having a national currency is to have the full control over it.

[pixie85]

It's possible for a country to adopt bitcoin during political turmoil.

Like if you had a country ruled by a government that many people are opposing, a divided country where the government is fighting to stay in power. In such scenario the rebels could choose to use a different currency that is not controlled by the ones they're fighting.

This is only one of many possibilities.

[samputin]

We all know that nothing's impossible. However, making bitcoin as the sole currency of a country is, somewhat, not likely to happen. We all know that there are governments that consider even the use of bitcoin illegal. And we can assume that they only want what they can control. With the decentralized nature of bitcoin, I don't think they'll make it as their currency. An alternative way of paying or as an alternative currency is more probable.

[Zemomtum]

That will be too early to decide now when the Government is bringing a lot of regulation across the crypto space. Using it as a currency means that there will be no more power to print Fiat at will, no central control and everybody will be in the custody of their finances. No frozen of an account by court rule and everybody will just be in financial freedom. That is how it suppose to be, but those who are power greedy will NEVER allow that to see the break of the day

[Rishabh riyz]

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

in my opinion  bitcoins would never be considered a countries main currency , why  would any country want to make a crypto currency that too that has a fluctuating value as their main currency.
if that happens the governing body of the country would find a hard time tracing the transaction and many more problems  that they would have to find solutions first.
it may be accepted as a mode of payment in some countries but not as primary currency.

[Shasha80]

In my opinion it is impossible for Bitcoin to be used as a country's currency, because Bitcoin is decentralized which is against
the government which wants to centralize currency. Because after all Bitcoin will always be a decentralized currency that cannot be
controlled by anyone. This is the reason why Bitcoin cannot be used as a country's currency.

[michellee]

When comparing the properties of Bitcoin and the currencies they are using, Bitcoin is clearly not stable in value compared to the currencies of different countries. So it will not consider as other country currency.

I think we don't have to compare between bitcoin and other currencies because it will be different. The government is not easy to use bitcoin as the currency because they can not control it directly. In some countries, bitcoin can be used for the payment system, but not as a replacement for the currencies. It will better for bitcoin to be beside the currencies, so people don't have to use fiat money only to the payment system because they have another option to pay.

[mezzaluna]

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

It is possible but the probability of that idea happening is still low. Using a digital currency requires that every citizen within that country must be knowledgeable and must know the situation that they will transition into since it would require a large number of citizen that needs to be using a single type of transaction. Cryptocurrencies always present the opportunities that would really help humanity to have a better life and we should grab it while we still can

[angrynerd88]

Most nations really utilize their person fiat as a way to control their economy and to undertake to order ideal arrangements through financial controls. Utilizing Bitcoin as their essential cash seem overcome the reason unless they may hoard sufficient Bitcoin to be able to form their economy work effectively. Some of the fizzled state has utilized other countries' fiat as a way to execute and I envision that might be conceivable with Bitcoin.

[Luthfiyaaa]

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

someday it can, but not just the currency of the country, but the currency of the whole world. Just imagine if starting today many countries leave conventional currencies and switch to bitcoin, all countries in the world will use it because of the convenience and adventages of bitcoin. but it will be difficult to happen considering that not all countries accept the presence of bitcoin, maybe the people have used bitcoin but the country has not accepted it if its used for transactions anytime and anywhere.

[Argoo]

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.

Yes, that's all true. For these reasons, bitcoin will never be used by governments as the main currency. The economy of any state can exist, be planned and developed on the basis of national money, which should be issued in the amount of all goods in circulation. How to plan the economy of the state, sell goods and provide services, if the day before yesterday the price of bitcoin was $ 40,000, yesterday $ 30,000, and today $ 35,000. However, this is only one of the purely technical reasons, and there are a lot of them.

[Sithara007]

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

The governments prefer to have their own national currencies, so that they can print banknotes whenever there is a need. With the controlled supply principle of Bitcoin, that is not possible. Some of the countries have allowed foreign currencies to be used within their jurisdiction on extremely rare occasions (an example is that of Zimbabwe after the Zimbabwe Dollar was withdrawn), but in normal circumstances they will not allow that.

[0t3p0t]

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

Bitcoin can be used as a country's currency but if only if the government will allow that to happen and accept it's volatile and decentralized nature. Unfortunately governments don't allow such thing to happen because we all know they want everything on the spot, I mean in controlled

[jamesde]

Sure, but it relies on the values of its leaders as well as the choice of a majority if its people. In doing so, in the distribution of its resources represented by the cryptocurrency it choose, a country may be able to enhance transactional transparency.

[masterrex]

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

IMHO, I believe it is not, because the government won't allow it to happen anyway how can you fit the centralized governance to the decentralized functions of Bitcoin, it's too complicated, thats, why both systems are, can co-exist without interfering with each other, with the current set up the government will remain using its traditional fiat or somehow they want to build CBDC or the digital version of its currency.   

[blckhawk]

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

I think it is impossible for Bitcoin to become the main currency of one country because it oppose the idea of the centralized government. They could use it as an alternative currency though but mainly use it, no it would mess up the current monetary system. Besides, the transaction speed and fees would also matter or could be a problem upon using Bitcoin as a country currency. Bitcoin was decentralized, meaning everyone has no control over it and the government won't allow these things to fully operate without them managing it.

[Ratash]

As long as bitcoin is exchangable for fiat currencies any goverment can switch to using it as its official currency and use it for daily buy and sell transactions and i think that will be a factor for bitcoin growth and will only have a positive impact on the price so it should solve the volatility issue and prevent people from losing money.

[Conley]

Despite its well known classification as a “cryptocurrency,” Bitcoin cannot be a currency because it has intrinsic value. While some would argue against it, the resources spent to issue new units ensure that, unlike fiat currency, Bitcoins cannot be created out of thin air.

[uneng]

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

I think there isn't any country willing to take the risk of adopting bitcoin as national currency. The economy would be very volatile and unstable. I doubt a country could afford losing 30%-50% of its currency price in just one day, even the smallest ones. Every country needs a stable currency to keep the economy and citizens lives smooth.
Maybe bitcoin can be useful in crisis times for some countries, but not sustainable on long run from a collective perspective.