POLYGON as a national currency.

[davide72]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Fiat will stay and crypto will never be a national currency, I’m sure many politicians will also against this one because its too transparent and they don’t want it. Polygon is a good coin but I don’t think a country will never make a move like this, there’s no need for this though. If you believe MATIC will be a good crypto, then better to hold more and know when to take profit, this platform will grow more for sure.

I do not think the fiat currency will be forever, is already in place in several countries of the world the national CBDC and I do not think any crypto will be taken into consideration to replace national currencies not even the BTC

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[Psynthax]

I guess it's fine only if the fiat still the primary choice here, maybe use polygon for eliminating the needs for digitalising fiat but eventually convert it back to fiat, after all running a country isn't the same like running a business, it's the lives of millions and the economy of millions depends on you.

[poodle63]

I do not think the fiat currency will be forever, is already in place in several countries of the world the national CBDC and I do not think any crypto will be taken into consideration to replace national currencies not even the BTC

The volatility is the reason. People need something that has stable value in real life and that's fiat money. It's no brain to call that a volatile asset to replace national currency.

If polygon will be dumped like luna and i guess there will be many new poor people. I can't even imagine how can people think if that can be done easily. It's a non sense idea to be implemented right now.

[Hispo]

Before Polygon being massively adopted in a country as a legal tender, it would make sense if the banks of the financial institutions of said country saw some value on the use of polygon to fast, cheap and trusless transferences of value. It would be a simplification of banking, once the usefulness and the reliability of such asset is demonstrated amount big players and small retailers, it would be up to the government the give green light to the legal basis of adoption. Otherwise we would continue to see what happens in Argentina, Venezuela or Nigeria. Parallel markets helping people to do what they cannot any longer with traditional banking.

[davide72]

I do not think the fiat currency will be forever, is already in place in several countries of the world the national CBDC and I do not think any crypto will be taken into consideration to replace national currencies not even the BTC

The volatility is the reason. People need something that has stable value in real life and that's fiat money. It's no brain to call that a volatile asset to replace national currency.

If polygon will be dumped like luna and i guess there will be many new poor people. I can't even imagine how can people think if that can be done easily. It's a non sense idea to be implemented right now.

If you say so all crypto can make crazy dumps like Luna even bitcoin and ethereum, so as you say you should no longer invest in any crypto anymore...

[Godday]

Volatile is a problem in cryptocurrency. I think FIAT money will still be the first choice. Making POLYGON the national currency is a long matter that must be thought through properly. I see that the world has not yet found out how to legislate on cryptocurrencies to avoid disasters such as the collapse of the LUNA project.

[Abiky]

The volatility is the reason. People need something that has stable value in real life and that's fiat money. It's no brain to call that a volatile asset to replace national currency.

If polygon will be dumped like luna and i guess there will be many new poor people. I can't even imagine how can people think if that can be done easily. It's a non sense idea to be implemented right now.

Polygon is much more volatile than Bitcoin, so the odds of being adopted as a national currency are slim. It's an altcoin anyways. The original project (Bitcoin) is much more stable, decentralized, and reliable for day-to-day payments. It has a greater chance of being adopted as a national currency than Polygon (MATIC) itself.

I believe BTC will ultimately rule the world as Fiat currencies become a thing of the past (due to inflation, government overspending, etc). Altcoins like Polygon and Ethereum will become "second-class options" that people will use as a last resort when BTC becomes heavily congested. I'm fine with that as long as decentralization and censorship-resistance wins. Who knows what would be of Polygon decades from now? Just my opinion

[mich]

Well there is some 'bullish' news for Matic token and Polygon network. Kraken exchange is going to launch its NFT marketplace on the Polygon network https://nft.kraken.com/

It is out of beta testing phase and the marketplace will have over 250 collections. https://nftnow.com/news/kraken-nft-marketplace-launches-supports-250-nft-collections/

[Abiky]

Well there is some 'bullish' news for Matic token and Polygon network. Kraken exchange is going to launch its NFT marketplace on the Polygon network https://nft.kraken.com/

It is out of beta testing phase and the marketplace will have over 250 collections. https://nftnow.com/news/kraken-nft-marketplace-launches-supports-250-nft-collections/

That's certainly good news. But it's not a guarantee MATIC will be made legal tender in the long run. I highly doubt a nation-state will do this, especially when Polygon/MATIC is not as reliable as Bitcoin is. The OP is very optimistic with Polygon, probably because he/she is heavily invested in it. Either MATIC becomes a national currency in the future, or it remains just the way it is.

What's important is that Polygon stays decentralized so that it could stand the test of time. There are so many competing chains on the market, but only one can be the winner. Who knows what the future will bring to Polygon and the whole crypto/Blockchain industry? Just my opinion

[WalkerIVIV]

Well there is some 'bullish' news for Matic token and Polygon network. Kraken exchange is going to launch its NFT marketplace on the Polygon network

I guess this is the reason this coin is having good increase despite other coin just desperately having massive corrections following the lawsuits.
but i wonder if NFT market gonna be that signficant for long, but it can't be denied though that polygon recently has made quite the innovations and development added with the fact that kraken trying to deploy their nft marketplace in there.

[KingsDen]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

POLYGON is the layer 2 solution to Ethereum high fees problem that may fail to be an attractive currency if many variables occur, such as:

 - POLYGON fees go up
 - Ethereum failure or any problems happen with Ethereum will effect it because it is built on top of it.
 - High fees are no longer a problem for Ethereum.
 - New coin appears  with cheaper fees and more efficient.

With all that I mentioned, can this currency be a national currency that millions of people rely on and whose lives are affected by it? of course not.

Thanks senior colleague for this insight. I was going to make a few minutes research on the polygon matter.  I do not know anything about Polygon, I don't even own any quantity of etheruem, so it won't be surprising that I do not know about this.
Thanks to Best_Change who launched his anniversary nft, and requested for an Etheruem or polygon address. This could be Mt start of being interested in altcoins.

[shinratensei_]

Volatile is a problem in cryptocurrency. I think FIAT money will still be the first choice. Making POLYGON the national currency is a long matter that must be thought through properly. I see that the world has not yet found out how to legislate on cryptocurrencies to avoid disasters such as the collapse of the LUNA project.

depending on some random altcoin for a country's economy is definitely a mistake. even the fact that polygon itself is highly volatile is already such a red flag for it to be used for something that directly affect the country's well being.
it's just really bad decision making if some country ever make this altcoin namely polygon as their means of payment and something like that. at best it's only good for money transfer that competes with the like of bank transfers and many more which usually impose quite high fee. but for it to be used as a national currency, seemed silly idea to me.
this thing just doesn't work for that.

[poodle63]

You can imagine if polygon being adopted as national currency and another news from SEC to crach down it will come. Polygon will be going down 50% and you can imagine how many poor guys will be there.

It's so stupid to take altcoin to replace the national currency which is always stable caused by it's backed by the economic from the country itself.

[Blitzboy]

Volatile is a problem in cryptocurrency. I think FIAT money will still be the first choice. Making POLYGON the national currency is a long matter that must be thought through properly. I see that the world has not yet found out how to legislate on cryptocurrencies to avoid disasters such as the collapse of the LUNA project.

depending on some random altcoin for a country's economy is definitely a mistake. even the fact that polygon itself is highly volatile is already such a red flag for it to be used for something that directly affect the country's well being.
it's just really bad decision making if some country ever make this altcoin namely polygon as their means of payment and something like that. at best it's only good for money transfer that competes with the like of bank transfers and many more which usually impose quite high fee. but for it to be used as a national currency, seemed silly idea to me.
this thing just doesn't work for that.

Cryptocurrencies as national currencies? That calls for measured deliberation! Doubts about unstable cryptos like Polygon becoming a national standard are reasonable. In an economic landscape, stability reigns - isnt the volatility of cryptos risky? Still, should we judge all crypto projects by LUNA's failure? Each blockchain endeavor is unique, and while one may stumble, another may thrive. Considering cryptocurrencies for global transactions due to their efficiency and affordability is tempting. But as a national standard? Let's proceed cautiously! Can we bet our economy on the erratic crypto market?

[so98nn]

Woh, I never thought this discussion would ever come up with any Altcoins. I am not sure why you chose to discuss this over polygon and not let us say XRP or may be Bitcoin for that matter. First thing, it has got no meaning because it is weird how we could expect an alt to become world currency which is also not as stable as let us say dollar for that matter. There is no exchange value for the polygon when it comes to adoption. There are not enough users for the alts and neither there will be world wide adoption due to other infra based restrictions. We can’t even say this about bitcoin which is obviously the best currency in terms of crypto.

[CapGelatik]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

crypto currency is still not adopted by the State for payment, because the state has its laws and already has their own currency,
moreover polygon is just an altcoin and could be a scam, I don't know!. Currently several countries also have plans to create their own blockchain,
such as China with digital yuan, Indonesia with digital rupiah, and Elsalvador with their own bitcoin.

[uneng]

In a democratic country the president or first minister can send a project to the legislative house regards the adoption of a determined cryptocurrency as legal tender. Then the congressmen will vote if they agree with the proposal or will vote changes inside the proposal to best fulfill their interests before it is approved. I can't generalize, but you can expect it to be an immediately discarded project or that it will take a long time until they reach a conclusion in most countries (especially regards an altcoin like POLYGON).

Moreover, few politicians are crypto enthusiasts and most of them have traditional economists backing their public stances. They are like little gears of a complex engine we call "system" or "matrix".

[OgNasty]

It was nice to see MATIC’s price bounce after the recent massacre. It’s still down quite a bit but the freefall from altcoins being attacked by the Untied States seems to have left the worst behind. I have a lot of expectation that MATIC will do very well as the metaverse becomes more developed, but it’s been a bumpy ride this cycle so far.

[Abiky]

You can imagine if polygon being adopted as national currency and another news from SEC to crach down it will come. Polygon will be going down 50% and you can imagine how many poor guys will be there.

It's so stupid to take altcoin to replace the national currency which is always stable caused by it's backed by the economic from the country itself.

The risks of loss are simply too high to bear. Bitcoin has less risks, even though volatility is still there. Why would a nation-state adopt something as unstable and unpredictable as an altcoin? Polygon is an altcoin, even though it's much more reliable than other centralized "shitcoins". I wouldn't count on it becoming a national currency now or in the future. It's fine just the way it is.

What will take over the world is not Bitcoin or any other cryptocurrency, but rather government-issued digital currencies (CBDCs). Everything else will remain as an alternative for those looking into decentralization, censorship-resistance, or privacy/anonymity/freedom. No one can predict the future, but I'm certain Polygon will survive because of its solid foundation built upon it. As long as developers keep innovating and bringing use cases to the platform, nothing should be able to stand in its way. Just my opinion

[mdzahed134]

What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.

Matic is highly potential coin and yeah it’s very fast transaction with low transaction fees, it’s my favourite coin and i think it’s team is very hard working to implement new thing in this project. Whatever i don’t think it’s not enough trustworthy to adopt as a national currency, you know where only one Country (El Salvador) adopted BTC. So, i don’t see any possibility to even in the future.