If Bitcoin was the currency of a country

[Nihum342]

☞If Bitcoin was the currency of a country then what will happen?☜

Cryptocurrency is known as the fastest transaction medium for people around the world. Bitcoin is most commonly known and used token in cryptocurrency. Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

The price of Bitcoin is unstable. Its price may increase or decrease. If a country accepts Bitcoin as their currency, then there will be an economic revolution in that country.

Bitcoin will be operated without the control of the central bank or government of that country. It is capable of preventing inflation. Because it is not possible to print any additional bitcoin. For this, the people of that country can do their transaction easily, transparently & faster and will have the potential to reduce corruption rates. However, when all transactions are completely dependent on online, it will be mandatory for all of the country to gain skills in this regard. 

Finally, if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

[Z-tight]

Cryptocurrency is known as the fastest transaction medium for people around the world.

Where did you read that, what could be faster than just bringing out fiat from your pocket and paying for what you have just bought.

Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

We have discussed about this so many times, BTC was not created to replace fiat money, it is fine as an alternative, just like it was in El Salvador. BTC is decentralized, it is also a virtual currency, centralized governments cannot replace their fiat currency with something they cannot print or control.

Bitcoin is most commonly known and used token in cryptocurrency.

BTC is not a token.

[Saint-loup]

I think you're wrong when you claim transactions from people of such country would be more transparent, easier and faster and then it could have the potential to reduce corruption rates of the country. If people use Lightning Network, it won't be convenient to use for them, and transaction won't be transparent because they are not registered on a blockchain, if they use a platform it could be more convenient than making LN transactions and faster than doing on-chain ones, but it wouldn't be transparent neither private at all because the platform would know all the transactions, and would be very unlikely to share them publicly. If people use the blockchain, it wouldn't be fast at all, and it would be very hard to pay anything in a brick and mortar store.
The problem of inflation would be addressed only if Bitcoin's price did not fall.

[Cointxz]

It will be chaotic especially on businesses since its value keeps changing. Businesses need to adjust price regularly including with goods and other services.

Bitcoin is good for investment purposes not as currency that use for regular transactions due to its price volatility.

[kaya11]

☞If Bitcoin was the currency of a country then what will happen?☜

Cryptocurrency is known as the fastest transaction medium for people around the world. Bitcoin is most commonly known and used token in cryptocurrency. Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

The price of Bitcoin is unstable. Its price may increase or decrease. If a country accepts Bitcoin as their currency, then there will be an economic revolution in that country.

Bitcoin will be operated without the control of the central bank or government of that country. It is capable of preventing inflation. Because it is not possible to print any additional bitcoin. For this, the people of that country can do their transaction easily, transparently & faster and will have the potential to reduce corruption rates. However, when all transactions are completely dependent on online, it will be mandatory for all of the country to gain skills in this regard. 

Finally, if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

Unless you can do anything about the volatility of Bitcoin it may never be true. This is far from reality, we really need a stable money to trade goods. Just how furious people would be if the use a currency with and unstable market.

[Frankolala]

☞. Bitcoin is most commonly known and used token in cryptocurrency.

Bitcoin is not a shitcoin and would never be used as the only currency of any country. This is because every country already have their fiat currency which was created by their government. Government will use what they can print easily whenever they want and not bitcoin that mining is a competition.

[Reatim]

Bitcoin is good for investment purposes not as currency that use for regular transactions due to its price volatility.

i still think that it can be used for transactions and this is not wishful thinking either because we have seen people actually use bitcoin for transaction purposes and they were able to do it successfully

the privacy and anonymity that bitcoin provides becomes the massive pull to many people regardless of the volatility but there is a chance that bitcoin stabilizes over time and it can be used globally as a currency

[Ammar M. A.]

A country can survive because of taxes, so, if Bitcoin becomes the only currency in a country, it can certainly make the country unorganized. This is due to tracking which may be difficult for a country to do. The only way is to create its own LN server for a country, but that would reduce the real advantage of Bitcoin, I'm talking about decentralization.

I really can't imagine if this case happens, I think FIAT should still exist, just making Bitcoin as Gold V2 would be better.

- Ammar M. A.

[BIT-BENDER]

You must imagine a Bitcoin heaven in your head right now. By the way I don't mean to burst your burble but some or many of what you are saying are wrong.
Further more every country deserve to have their own currency, is just like say since dollar is a top currency why don't other countries just make it there's, if this was far back maybe but now many countries will like a currency under their control.
I think what's best is the countries allow their citizens who are crypto-currency enthusiasts the freedom to use it.

[Zoomic]

☞If Bitcoin was the currency of a country then what will happen?☜

Cryptocurrency is known as the fastest transaction medium for people around the world. Bitcoin is most commonly known and used token in cryptocurrency. Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

The price of Bitcoin is unstable. Its price may increase or decrease. If a country accepts Bitcoin as their currency, then there will be an economic revolution in that country.

Bitcoin will be operated without the control of the central bank or government of that country. It is capable of preventing inflation. Because it is not possible to print any additional bitcoin. For this, the people of that country can do their transaction easily, transparently & faster and will have the potential to reduce corruption rates. However, when all transactions are completely dependent on online, it will be mandatory for all of the country to gain skills in this regard. 

Finally, if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

Most of the points you've raised are misleading. First, I don't think any country would want to make only Bitcoin the official currency. Even if they wanted to adopt Bitcoin as a legal tender, they would make it an alternative currency and put in place regulations to ensure that the government does not get cheated.

Mind you, Bitcoin is not the solution to the economic and political problems governments are facing. In fact, without being biased, there are even very high tendencies that corruption might increase further because corrupt people and criminals would have a stress-free opportunity to carry out questionable transactions with little to no chance of the transactions being traced. Even if they could be traced, the chances are still very slim.

Bitcoin alone cannot put an end to inflation in a country. In fact, prices of goods and services would become very disorganized. Satoshi thought about this, which is why he said Bitcoin should be an alternative currency.

[nakamura12]

I don't think that will happen. A government want to have full control of the currency and for cryptocurreny they can't have a full control of it so they will surely think that it's better to have their own currency and that's why each country have it's own currency until now like dollar, yen, won and many other currencies. Government doesn't want anything that they can't print of compared to printing money as any other countries have done.

[salad daging]

I don't think that will happen. A government want to have full control of the currency and for cryptocurreny they can't have a full control of it so they will surely think that it's better to have their own currency and that's why each country have it's own currency until now like dollar, yen, won and many other currencies. Government doesn't want anything that they can't print of compared to printing money as any other countries have done.

A country will not accept bitcoin as a legal tender if they do not have control. They want to keep fiat money because they can control and print it again this is the policy of the governments in each country.
Until whenever the country will need fiat, bitcoin is only as a second option that they can use but still as a means of payment for our daily life fiat cannot be avoided and will continue to be used until whenever.

[aoluain]

FIAT is a perfect system for making transactions with but its a terrible form of
investment because its controlled and manipulated by governments.

Bitcoin isnt necessarily the most perfect system for making daily transactions with,
with the lightning network its more workable but overall Bitcoin works best
at a means for investing, countering inflation, wealth management and other
financial tools.

Maybe thats why apart from El Salvador's move a few years ago no other country
is likely to add Bitcoin as a currency.

[Dr.Bitcoin_Strange]

Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

A country can never totally abandon to use their own currency and start using Bitcoin alone. In countries where Bitcoin is legally allowed, there are some individuals that are using Bitcoin for their daily transactions. The government of El Salvador has made Bitcoin ba legal tender but that doesn't mean they will stop using their own currency. So, I doubt if there's any country that will totally forsake to use their own currency even if Bitcoin is a legal tender in that country.

[nakamura12]

A country will not accept bitcoin as a legal tender if they do not have control. They want to keep fiat money because they can control and print it again this is the policy of the governments in each country.
Until whenever the country will need fiat, bitcoin is only as a second option that they can use but still as a means of payment for our daily life fiat cannot be avoided and will continue to be used until whenever.

Even if they don't have full control they can still find a way to make from it like having an exchange that the government regulated. Even if the government accept Bitcoin as a legal tender but still their first choice would be fiat money and bitcoin as a second choice. My guess is that it is what happened in El Salvador accepted bitcoin as a legal tender. In my country, the bitcoin is accepted as a legal tender but there's am exchange in my country that is regulated by the bank central that makes me think is under control of the government in my opinion.

[EluguHcman]

☞If Bitcoin was the currency of a country then what will happen?☜

Cryptocurrency is known as the fastest transaction medium for people around the world. Bitcoin is most commonly known and used token in cryptocurrency. Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

The price of Bitcoin is unstable. Its price may increase or decrease. If a country accepts Bitcoin as their currency, then there will be an economic revolution in that country.

I guess it would interest you being let known that El Salvador is a country that has already adopted Bitcoin for it legal tender which means either it own traditional currency (fiat) is acceptable for any form of payments in it country.
You can read as interestingly El Salvador Adopts Bitcoin as Legal Tender

It is also good to have seen how some other countries especially the US governments proposing to follow the initiative of the El Salvador as the first country being adopted Bitcoin for it legal tenders.

Bitcoin will be operated without the control of the central bank or government of that country. It is capable of preventing inflation.

If Bitcoin is accepted for legal tender in any country it will automatically be controlled by the authorities when facilitates on transaction but though it could still be limited to self custodial  since the non custodial wallets are self moderated.

[mindrust]

No blockchain can handle that kind of load. Blockchains are not designed for that purpose. They can’t replace credit cards because credit cards operate on centralized networks which can confirm hundreds of thousands transactions every minute. Bitcoin can’t do that unless it uses a second layer solution like lightning network.

Bitcoin is safe and decentralized. Not fast.
Credit cards are safe and fast, not decentralized.

Safety, speed, decentralization.

You can only pick two.

[o48o]

☞If Bitcoin was the currency of a country then what will happen?☜

Cryptocurrency is known as the fastest transaction medium for people around the world. Bitcoin is most commonly known and used token in cryptocurrency. Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

The price of Bitcoin is unstable. Its price may increase or decrease. If a country accepts Bitcoin as their currency, then there will be an economic revolution in that country.

Bitcoin will be operated without the control of the central bank or government of that country. It is capable of preventing inflation. Because it is not possible to print any additional bitcoin. For this, the people of that country can do their transaction easily, transparently & faster and will have the potential to reduce corruption rates. However, when all transactions are completely dependent on online, it will be mandatory for all of the country to gain skills in this regard.  

Finally, if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

1. I am not even sure what you mean by fastest transaction medium, but it's not.
2. It's not a token, it's a coin. Tokens (layer 2) are build on top of coins (layer 1).
3. Bitcoin doesn't work as a currency of a country, because it's borderless in core. So it would make as much sense to use gold coins. Fiat money isn't tied to gold for a good reason, as you can't control gold either unless you steal it from your citizens like USA did.
4. Inflation is ok and normal unless it turns to hyper inflation. No one is asking you to invest in money and it doesn't make much sense that money wouldn't be inflationary at all. It's just a tool for trading.
5. Even El Salvador removed Bitcoin's legal tender status, so why do you think they did it if it started new economic age of that country?

[Alone055]

Cryptocurrency is known as the fastest transaction medium for people around the world.

That's not true. Centralized transaction systems are faster if the transactions aren't interrupted by the central authorities having control to those networks. Bitcoin is decentralized, but it's not the fastest when it comes to confirmation of the transactions.

Bitcoin is most commonly known and used token in cryptocurrency. Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

If a country accepts Bitcoin as their currency, then there will be an economic revolution in that country.

How? You need to explain instead of just throwing sentences at us without any valid points to back them up.

It is capable of preventing inflation. Because it is not possible to print any additional bitcoin.

Well, even though the supply of money has a lot to do with inflation, it isn't the only reason for it. The country having Bitcoin as its official currency will still have to import things from other countries, and if the cost of those things increase, there will still be inflation in the country, besides, if the price of Bitcoin decreases, that will also cause inflation.

However, when all transactions are completely dependent on online, it will be mandatory for all of the country to gain skills in this regard. 

That's one of the biggest hurdles. Every single person in a country has to use money for one thing or another, but you can't educate every person about Bitcoin and its usage, you can't provide everyone with a suitable electronic device with an internet connection so that they can use the system because Bitcoin doesn't have a physical existence like fiat.

Finally, if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

Again, how do you think that this is going to improve the economy of a country they are making Bitcoin their official currency?

[PrivacyG]

Although I am all for Bitcoin, realistically I know that a nation would not do good if they adopted Bitcoin as their main currency.  The volatility is the least of the problems it would bring.  The largest issues actually come from the way it works.  There is no way an economy structured like today could work if Bitcoin was the main currency, as in decentralized.  It is not ready for the volume daily use by an entire nation would bring upon either.  For now, that is just a dream of many and nothing more.