Topic: Bitcoin as a national currency? (Read 4020 times)

Yes,it is possible since bitcoin has many features as a digital currency..

The idea of having a national currency boils down to the ability of the government to influence and control the price and relative exchange rate working to the advantage of the country's stare of economy. In other terms, they need to adjust it according to the economic indicators and that includes the ability to control by printing money. Thus, no matter what they need it to be centralized and for that reason bitcoin will not be able to fit in.

It is totally impossible. Are to many the factors that don't allow this and I can named only two. With bitcoin cannot be made monetary policies. So cannot be managed the currency of the nation like the other currencies. In some situation needed to much money in circulation and the Central Banks print more than needed and put those in circulation. With bitcoin is impossible to do this. Bitcoin is produced in the way we all know. Every ten minutes are produced 25 bitcoin, Nor less and nor more. So in the above situation the state will fail because of lack of currency in the market. This is the first reason. The second is that bitcoin is currency of the world is not and cannot be own but one nation only. And if cannot be totally own by the nation cannot be national currency. The economy of that country will be in serious risk if the currency is not owned by that country because of manipulation of the value or manipulation of quantity in circulation. Other reason might be because bitcoin is ignored from the most of countries and a nation cannot have a currency that is not ignored from almost all the world.

As for Liberland it is true that had as a currency bitcoin. I think because the only resident of this country is a bitcoiner and because him cannot create a Central Bank to produce its money.

And at the end you ask if me it will be happy if bitcoin will be the currency of my country. My answer is yes if all the bitcoins in the circulation will be own by my country. I will (the Central Bank of my country) produce even the physical coin so bitcoin will be a full money and can fulfill all the duties of the money. The coins in internet will be produced in our Central Bank and we will have a big amount produced before its launch in circulation.

It could n't be acceptable. Since BTC are decentralised so Democratic countries can't be accepted as a National currency.

Yeah that would be dream come true, if the governments goes against the banking system, it would directly benefit the individuals who wants bitcoin to get on mainstream and we can get rid of banking system.

That would be a revolution in Banking! It would be simply great if we had governments willing to go against the banking system...

I can't imagine the banking cartels or any country with a privatized monetary reserve system would ever allow that control to slip away with the adoption of Bitcoin, rather I see BTC acting as an alternative monetary system that operates within existing economies.

This is already being developed by central banks:

http://www.coindesk.com/deloitte-central-bank-cryptocurrency/

That is not possible, even if it is small country or a big country unless there is involvement and acceptance from the government. If government supports then only it can get into mainstream, but government will never support bitcoins as they don't have a control over it.

In theory, sure. A country can generally implement whatever internal economic policy they want, including specifying the official currency or even two currencies.

I predict that new countries or existing countries with small GDP and small populations might welcome Bitcoin and might be influenced to look at converting to Bitcoin

limitation to one 1MB,but you can actually go higher by overwhelming the blochchain, it will be changed in the future or sure, or a better alternative will come out, either way i don't see as a big problem and it will not hinder the adoption

Why not?

Also Bitcoin can't support the number of transactions per second needed for a national currency.

is there a country without investor? so, if bitcoin take over whole nation's financial system, there will be no investor?

Nah it will never be a national currency, but it can be a global currency and we are the ones who are going to make it.
As more and more institutions are being established in the field of Bitcoin, it is promoting it towards a global currency.

Since bitcoin is a decentralized system currency, there is no chance to government take control of it, and if government adopt it, bitcoin will lost its users, same thing like fiat. Some governments have make their virtual currency for their country, I dunno if their product have got many customer or not.

I dont think is to late, but the bitcoin needs some time to be implemented to the goverments
Dont know how many years but it will take few to see the changese

It is never late, but the people will be hard to understand it.
Or if something else will be invented then the bitcoin would be easy to integrade 

It would be hard for governments to adopt it. Also and the people of these countries will become confused of the new currency