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Author Topic: The use of Bitcoin as a local currency!  (Read 958 times)
Sanugarid
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September 06, 2021, 08:27:37 AM
 #121

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

It was really a good indication of global adaptation to some other countries who lift the ban for BTC or cryptocurrency as a whole but I think its impossible for BTC to be a local currency since the government wont even allow it. Maybe they will allow it but not to the extent of treating it as their own local currency.

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September 06, 2021, 01:12:43 PM
 #122

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

People all over the world are already using Bitcoin as a currency, that was it's very purpose from day one. If you mean will all countries start to accept Bitcoin alongside their normal currency, as we see with El Salvador, it is highly unlikely. El Salvador is a rather unique case, as they use the US Dollar as their regular currency and had nothing to lose by setting up a second official currency. Most countries around the world prefer having their own currency because it allows the government and/or central bank much more control over their economic policy - if they convince other countries to accept it for debts, then they can print money and effectively inflate away the debt that they owe. This is what we see regularly happening in the US and China who try to devalue their currencies and subsequently their debts.

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qwertyup23
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September 06, 2021, 03:53:36 PM
 #123

Everyone on the forum knows what Bitcoin is. We already know that many countries have removed this currency from the ban. I mean, will all the nations of the world use Bitcoin as a currency?How important will it be? It will not go to the good side to the bad side?I want to know the opinion-

I think you are missing a very important detail: BTC is intangible.

With this in mind, imagine having to transact everything digitally- this would put underdeveloped and developing countries at a prejudice since most do not even have access to basic education and food. This would put developed countries at the pedestal (makes them richer) and poor countries poorer! Though the idea may be implemented, I do not see it happening in the near future.

R


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