Bitcoin as a national currency? - page 4.

1Referee

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Quote from: ObscureBean on July 23, 2015, 07:07:48 AM

Quote from: Somekindabitcoin on July 23, 2015, 05:20:58 AM

Quote from: ObscureBean on July 23, 2015, 02:07:31 AM

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket Cheesy

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?

You assume Satoshi owns 1 million btc, which is hard to believe. He wasn't the only miner back then. It was insanely easy to get a ton of coins mined in a very short time.

The value back then was barely worth mentioning; $1 would buy you over 1000 bitcoins. Living with the fear of seeing these potentially "lost" coins being dumped at once is not the way to go.

Herbert2020

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Quote from: Somekindabitcoin on July 21, 2015, 06:43:22 PM

What do you think? Is it possible for Bitcoin to get accepted as a national currency for any real country? It would be definitely amazing, but I'm sad that governments are scared of Bitcoin, because they can't track it like the banks they own. I heard about "mini-country" ( country in a country ) called Liberland with a cryptocurrency as their main payment method. Please reply here what you think and if you would be happy or not if your national currency is BTC.

all the citizens of a country can accept bitcoin as their currency to use everywhere , but i don't think any of the government would like that . so they are not going to allow this to become a thing in their country.

besides bitcoin price is not yet at a stable stage , it is so volatile to be able to be used in those big scales.

ObscureBean

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Quote from: Somekindabitcoin on July 23, 2015, 05:20:58 AM

Quote from: ObscureBean on July 23, 2015, 02:07:31 AM

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket Cheesy

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

1. Bitcoin is way too volatile. For individuals and small companies it is manageable but for a whole country economy to revolve around Bitcoin would be pure insanity.
2. Satoshi owns more than 1,000,000 BTC, can you imagine what would happen if he decided to dump?
3. The Bitcoin network is lawless and relies on trust to function. Anyone owning 51% or more of the mining hashrate would have considerable amount of control over the network. Such a country would have to keep its fingers crossed that it survives the day.
4. Anonymity would also be a problem. Transparency is essential for government, people and the rest of the world to work seamlessly together.

Somekindabitcoin

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Quote from: ObscureBean on July 23, 2015, 02:07:31 AM

Absolutely no way something like that would work with Bitcoin in it's current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket Cheesy

Why do you think this? Can you please explain it to me, why won't it work good?
I can't really see any problem if I don't mind about banks that can't control it..

ObscureBean

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Absolutely no way something like that would work with Bitcoin in its current form. Can you imagine a whole economy trying to adjust to Bitcoin's whims every few minutes? Plus interfacing with the rest of the world would be near impossible, like trying to force an HDMI connector into an AV socket Cheesy

Mr.jatt

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Nah it will never happen.

hunnaryb

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Quote from: ?? on ??

Bitcoin is already a global currency uniting the planet under a fiscal law of incorruptible equality. Why narrow the scope?

No doubt it is a global currency but the fact is how many of them are using it? Is 50% of population across the world is using it? If yes then it can be a global/national currency or else it is not. When 9 out of 10 will start using bitcoins, then it we can say it as a national currency.

dodgecharger

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It would be great to set up a new community somewhere and adopt bitcoin as a small scale social experiment to see how it all plays out.

zeraTunerse

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Quote from: PenguinFire on July 22, 2015, 05:05:06 AM

This is possible in say, 50 years plus time. I do not selling this as a possible thing in the future I am looking at.

But do you think that bitcoin will survive for next 50 years?? Time to think... Huh

As bitcoin is not an end there would be many other currencies which would come into existence and might be better than bitcoins so can't say it as a national currency at a moment.

Racey

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Soon, I have to go away.

This article has some good reading.

Countries Where Bitcoin Is Legal & Illegal

Quote

Iceland

The island nation has been exercising stringent capital controls as a part of its monetary policies adopted after the global economic crisis of 2008. It seeks to protect the outflow of Icelandic currency from the country. Under the same pretext, foreign exchange trading with bitcoin is banned in Iceland as the cryptocurrency is not compatible with the country’s Foreign Exchange Act. Interestingly, a new cryptocurrency called Auroracoin has lauched out of Iceland. Its founders wished to create a viable alternative to the present Icelandic banking system.

grahamdebarra

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For a crypto currency to work as a national currency, there would have to be a weak power held by the central bank. Otherwise regulations will not make it permissible to carry the convenience of a crypto currency.

Secondly bitcoin is too volatile to become adopted as a primary currency by a nation. Perhaps a dual-currency but even then it would have to be hedged to prevent volatility.

Greece would have made for an interesting experiment had it exited from the euro.

bitcart

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Quote from: prodigy8 on July 22, 2015, 05:38:06 PM

Let's imagine the Greece situation and if they would have bitcoin as nation currency, may the banks bankrupt ?

It would certainly mitigate the risk and loss of people's assets which would be spread across two platforms (euro and bitcoin in this case; or Hong Kong dollars and bitcoin like in a previous example).

prodigy8

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Let's imagine the Greece situation and if they would have bitcoin as nation currency, may the banks bankrupt ?

Somekindabitcoin

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I just want to bump this up, so new people in a different time zones can see this thread and respond to us with their suggestions. I'm happy to read everything from you friends!

Somekindabitcoin

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Quote from: bornil267645 on July 22, 2015, 09:22:53 AM

I certainly hope not. The global adoption means that we would be able to use bitcoin at our will. But something like this adopted as a national currency would give more hide seek factor. But I am very much excited to see the adoption of Blockchain technology.

But I don't mean it like that, I already said it.. I didn't want to say that for example Germany took BTC and only their people can use it. Everyone will be able to use it, but just one country will use it as a national currency for them. You can pay with $ in the USA, but you can use them in Germany too, that's what I mean.

bornil267645

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I certainly hope not. The global adoption means that we would be able to use bitcoin at our will. But something like this adopted as a national currency would give more hide seek factor. But I am very much excited to see the adoption of Blockchain technology.

tokeweed

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Quote from: PenguinFire on July 22, 2015, 05:05:06 AM

This is possible in say, 50 years plus time. I do not selling this as a possible thing in the future I am looking at.

I wonder how huge the blockchain is by that time.

Somekindabitcoin

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Quote from: PenguinFire on July 22, 2015, 05:05:06 AM

This is possible in say, 50 years plus time. I do not selling this as a possible thing in the future I am looking at.

Yea, this would be amazing. The question, will Bitcoin be still here in 50 years? It can horribly crash tomorrow, in a year or in a 10 years. That's really hard to say. I would be really happy if there's bitcoin as a national currncy for my country, but somebody should learn people about Bitcoin, how it works and stuff like this..

bitcart

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BTC won't be a national currency because it's global and we are too soon for a global cashless society.

A national crypto currency is very plausible, however.

TransaDox

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If we have learnt anything, it is that you never connect something that is vital to the running of the country to the internet. That makes using Bitcoin as a national currency, problematic.

Topic: Bitcoin as a national currency? - page 4. (Read 4003 times)