Bitcoin as a National currency!

[krishnaverma]

Why will governments allow it ?
 
Making bitcoin as national currency will make them weak. Why will they do that ?

They want to come back in power and for that the currency should be something they can control and manipulate easily.

[Smack That Ace]

Bitcoin has come a very long way since its launch and the hurdles it has faced has made it wax stronger, that some of those countries who adopted it courageously still benefit from making it a legal tender, even though it has leaned more towards being a strategic reserve asset and as an optional legal tender with fiat currency still an option of choice.
El Salvador remains a good case study as they no longer look at Bitcoin use same way, but have learnt to be dynamic from making Bitcoin mandatory to making it an optional use for transactions and payments and investments.

El Salvador is the only country that has adopted and made bitcoin legal tender with the expectation that it will help improve their economy. But after years of adopting bitcoin, they were forced to abolish that regulation in exchange for a loan from the IMF to save their economy. This shows that they did not benefit or receive any significant advantage from the adoption of bitcoin

To date, just like us, the only benefit they have received from bitcoin is the profit they made from investing in it.

Countries like the U.S, Bhutan also have strategic Bitcoin reserves while other countries like Russia and China and Argentina and UAE are in line to make it a strategic reserve asset that can't be overlooked.

Bhutan's strategic bitcoin reserves come from its utilization of cheap electricity for mining. Meanwhile, the US only uses bitcoin seized from criminal. None of them allocated national budget funds to buy bitcoin

[snowpega]

As of right now, making Bitcoin a national currency in our country is highly unlikely. First of all, not all areas here have internet access yet. There are still so many local communities that aren't even aware of what Bitcoin is.

This is especially true in provincial areas where only a few can actually afford to set up a stable internet connection. Based on what I know, it's just not practical at this point in time.

You mentioned a good point here about internet connectivity, that there are many small cities or locations in the country that do not have internet connection, or if they have, in some way, then still, one bad thing is that they have bad internet connections. And if we talk about making its presence like physical money, then that's still not a logical thing because one good thing that makes bitcoin unique is that no more than 21M can be generated in any way. So that is why it has to be in digital space, but it's a big problem that not every corner of the world has internet connection or a stable connection.

Other than this, your second point is still somewhat valid, that there are some people who are unable to afford an internet connection or a better internet connection. And one more thing I read in the same thread that one member was saying that it is more better to add it to the national strategic reserve rather than making it national currency, and I totally agree with it, as making it national currency can cause many problems for now.

[Catenaccio]

Why will governments allow it ?
 
Making bitcoin as national currency will make them weak. Why will they do that ?

They want to come back in power and for that the currency should be something they can control and manipulate easily.

They don't need to get rid of their national currencies and replace them by Bitcoin while they can add Bitcoin as one of currencies can be used legally in their countries. In other words, Bitcoin is like another currency, an alternative one which can be used legally without issues with governments, banks and other entities.

There will be certainly regulations on AML like all other things related to finance in developed nations while in third-world nations, governments will try to do as best as they are able to do for reducing money laundering as they know that it affects their government budget by losing money in taxations.

Bhutan's strategic bitcoin reserves come from its utilization of cheap electricity for mining. Meanwhile, the US only uses bitcoin seized from criminal. None of them allocated national budget funds to buy bitcoin

Bhutan with their active Bitcoin mining has better advantage than El Salvador in accumulating bitcoins for their national reserves. We know long term and well planned Bitcoin miners get good profit by mining and holding bitcoins a long time. Bhutan with their "free" energy from hydro power that is abundant in their country can accumulate bitcoins from mining and saving their average cost.