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Author Topic: If a country adopted bitcoin as their national currency, would the US still be a  (Read 4874 times)
Q7
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February 27, 2015, 09:21:15 PM
 #21

That depends on how widespread bitcoin is accepted as part of the other country's national currency. For example, if they use bitcoin as a form of backing to issue the fiat currency, it will officially make bitcoin tied up and recognized as an accepted form of payment. And all of these still relate back to the acceptance rate. Furthermore, if you have not only a country but several countries all adopting the same system, it will no longer be a commodity anymore.

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March 20, 2018, 01:40:29 AM
 #22

Some country will not use Bitcoin as their national currency  now or in the immediate future because people must be educated regarding  Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin.  For other big countries like US, London  and etc., maybe  it is possible for them.

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March 20, 2018, 06:13:28 AM
 #23

This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.

If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?


I think they would still classify it as a commodity rather than a national currency. For a currency to be recognized as a 'currency' other countries must accept its existence on the market. Considering that only two (2) adapt bitcoin as a currency in their country, I doubt that other countries would see it also as a currency. Be reminded that there exists a huge margin between developed, developing, and underdeveloped countries in terms of economic and technological standards. If an underdeveloped country cannot embrace the implementation of a digitalised currency, then this may potentially pose a threat to their market.

If another country declares bitcoin as their national currency, and the US recognises that country as a nation. The US will have to declare bitcoin as a foreign currency.

I doubt that their hegemonic status would validate that declaration considering that other countries must also embrace its implementation. The US might see bitcoin as an alternative currency rather than a foreign currency but it also depends on the laws of their country regarding cryptocurrencies.
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March 20, 2018, 11:37:27 AM
 #24

Some country will not use Bitcoin as their national currency  now or in the immediate future because people must be educated regarding  Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin.  For other big countries like US, London  and etc., maybe  it is possible for them.
Never, the government does not agree to the use of crypto-currencies as the main currency. The main condition for the economy of any country is the control over the production and turnover of currency. Governments are doing everything to get the maximum taxes from cryptocurrency users but not to let them into the economy of the state. At the moment they are good at it.
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March 20, 2018, 04:14:15 PM
 #25

Some country will not use Bitcoin as their national currency  now or in the immediate future because people must be educated regarding  Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin.  For other big countries like US, London  and etc., maybe  it is possible for them.
Never, the government does not agree to the use of crypto-currencies as the main currency. The main condition for the economy of any country is the control over the production and turnover of currency. Governments are doing everything to get the maximum taxes from cryptocurrency users but not to let them into the economy of the state. At the moment they are good at it.
I agree with your opinion, and unfortunately, many governments afraid of the digital currencies (  especially Bitcoin ) and their existence in the market. Because the big problem for them, if they will recognize those cryptocurrecies as a legal and  main currency, then they cannot control the transactions of money due to those currencies are digital.

In addition to that, the era of crypto has changed the financial transactions for the better. Furthermore, there is a significant evolution in the users  of crypto over time. So I think  If the governments or countries cannot destroy those digital currencies, then it is very possible that they will accept and recognize all of them.
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March 20, 2018, 07:28:23 PM
 #26

Well, as far as I know bitcoin can never be the national currency, because it is decentralized meaning the government has no control over it, even if they can already control it still it won't be a legal tender as this is just limited supply and cannot by physically seen.

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March 26, 2018, 11:07:16 AM
 #27

As Bitcoin got stronger we can see the beginning of some regulations and laws that could be changed. But this is still not enough because they need to see Bitcoin as a serious thing that couldn't be ignored anymore. That time will come, hopefully.

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March 26, 2018, 07:51:45 PM
 #28

The United States never recognizes bitcoin as a currency. Even if bitcoin will be recognized by any country as the base currency. There is a certain list of freely convertible currencies. Not included in this list it is impossible to have the official exchange rate of the coins. The state, too, will never make bitcoin the main currency because it is contrary to the laws of the economy.
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March 26, 2018, 11:59:09 PM
 #29

The United States never recognizes bitcoin as a currency.
Because they treat it as a commodity and it's applicable for taxation.

Even if bitcoin will be recognized by any country as the base currency. There is a certain list of freely convertible currencies. Not included in this list it is impossible to have the official exchange rate of the coins. The state, too, will never make bitcoin the main currency because it is contrary to the laws of the economy.
That's right, they can adopt bitcoin as a commodity or alternative means of payment for goods and services but if it is about the main currency, they really can't.

Bitcoin is volatile and doesn't have a stable value and that isn't good for the economy and a country that will treat bitcoin as a main currency can be manipulated by whales.

But the fact that bitcoin is recognized by many countries now doesn't need an explanation.

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March 27, 2018, 11:58:09 AM
 #30

unlikely, the dollar will never be replaced, either with bitcoin or with other currencies there are only a few countries that are not racing on the dollar, as China sees the many advantages of using its own currency to replace the US dollar role in global trade. The initial focus is on global oil trade, where China has announced its intention to buy oil in the yuan and allow its trading partners to exchange yuan with gold
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March 27, 2018, 04:23:34 PM
 #31

Jejeje... good question!!!
Well, in my opinion, should become both: a foreign currency and a commodity. But it will still, probably, be a commodity for the most. Try to image a country installing gold as their national currency. Will be then gold a foreign currency?? Of course not.
The same with bitcoin. I think a country can make a digital official crypto of their own, as they can use gold to make coins. But they will never be able of declaring Bitcoin as a national currency., for bitcoin is used worldwide. However, they can use the blockchain in order to make their own currency, as they can use the gold to make their coins, but they will never be able to use gold as a national currency.

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March 27, 2018, 06:44:04 PM
 #32

Only United State of America cannot change the status of Bitcoin either as a commodity or a currency because is a global crypto currency and is not under any government to determine its status what so ever.

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March 27, 2018, 08:30:55 PM
 #33

Jejeje... good question!!!
Well, in my opinion, should become both: a foreign currency and a commodity. But it will still, probably, be a commodity for the most. Try to image a country installing gold as their national currency. Will be then gold a foreign currency?? Of course not.
The same with bitcoin. I think a country can make a digital official crypto of their own, as they can use gold to make coins. But they will never be able of declaring Bitcoin as a national currency., for bitcoin is used worldwide. However, they can use the blockchain in order to make their own currency, as they can use the gold to make their coins, but they will never be able to use gold as a national currency.
Bitcoin as a national currency specially talking on US then its an impossible thing and I would rather believe they would really create on their own using blockchain technology and do use instead of bitcoin.Same as you said btc is being used worldwide which isn't really a proper feature or to consider to make it as a national currency.Thinking off on the current situation on most countries towards bitcoins I don't see a valid reason for it to be considered as one.
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March 27, 2018, 09:32:51 PM
 #34

This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.

If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?

Whichever country declares bitcoin to be its national currency, the attitude of this other state to it can not change. How to treat the crypto currency is the business of each particular state. The fact that bitcoin vseravno will remain a digital coin, it will not show signs of statehood as on national banknotes. Bitcoin will vseravno belong to the Internet. State banknotes must be recognized by another state, but not by a digital coin, even if it is recognized as national money.

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March 27, 2018, 11:04:26 PM
 #35

It would not be a reason for the US to make such a decision, there is no reason for them to let the decisions of other countries have such an impact in their economy.
The only way they would do that would be if US citizens themselves started using Bitcoin in most of their stores. That way, they would have no choice other than consider Bitcoin to be a legitimate currency.

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March 28, 2018, 07:44:08 PM
 #36

This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.

If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?

The rule of recognizing national money by other states extends to the banknotes of these states. On banknotes it is indicated that they are the property of the state and this state is obliged to redeem its banknote in case it is presented by another state for payment. Such a rule can not be extended to the crypto currency even if the specific state declares this crypto currency its national money. From this crypto currency will not cease to be digital with its inherent features only.

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March 28, 2018, 10:15:26 PM
 #37

Adoption of bitcoin can only mean that bitcoin would be as the official leader. At that time, I think bitcoin would not displace any currency including dollars rather , the bitcoin and fiat would exist differently because they have different mode to be reached?

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March 28, 2018, 10:57:49 PM
 #38

Never ever will a government declare bitcoin as its national currency! If they decide to have a crypto currency as its national currency, then it will be their own issued crypto coin.

The IRS is still be able to declare a government issued crypto coin as a commodity. The key point is not that a foreign declared somethig as their national currency, the key point is that what another country declares as its national currency must also fir the descripton of the US.

To make it clear, if a country declares bananas as its national currency, then IRS will still declare it as a fruit.
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March 29, 2018, 05:29:39 PM
 #39

Adoption of bitcoin can only mean that bitcoin would be as the official leader. At that time, I think bitcoin would not displace any currency including dollars rather , the bitcoin and fiat would exist differently because they have different mode to be reached?
In any battle the winner is the one who is more powerful. Bitcoin is a fairer currency and therefore poses a threat to any national currency. Governments and bankers control people through Fiat regulation. Do you want to get the same regulated bitcoin? I am sure that if bitcoin is regulated by the government it will mean the death of bitcoin.

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March 29, 2018, 07:53:54 PM
 #40

Adoption of bitcoin can only mean that bitcoin would be as the official leader. At that time, I think bitcoin would not displace any currency including dollars rather , the bitcoin and fiat would exist differently because they have different mode to be reached?
In any battle the winner is the one who is more powerful. Bitcoin is a fairer currency and therefore poses a threat to any national currency. Governments and bankers control people through Fiat regulation. Do you want to get the same regulated bitcoin? I am sure that if bitcoin is regulated by the government it will mean the death of bitcoin.
I don't think that adaptation by a certain government could mean death, for sure it will not, it will actually remove the benefit of doubt of people who are still not believing in the power of cryptocurrency, I don't see it in a negative way but rather than a positive way.

   
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