Topic: Bitcoin as the national currency of the United States - page 3. (Read 592 times)

Definitely right and i dont know why they do always say about bitcoin to become a national currency of a particular country which we do know the full feature and characteristic of BTC itself which it cant really be owned by just a single country since all holders or traders of it is on global scale which means its scattered. I dont even think up for a crypto to replaced a traditional fiat currency which is really an impossible thing to happen. Adoption is there but wont really come into that certain extent.

I don't thin kthat it will be the new national currency in near time. Maybe in 10-20 years, because the usage for normal people is still not so easy to handle and a lot of people are confused. The chances to become a national currency in USA is higher than in Germany, because more Americans know aboiut bitcoin and know how to work with it!

My opinion is one thing, but another is that of government. I like crypto, they try to control it and tax the money flow. But I do not believe they will btc national currency.

We can see more and more acceptance from different countries around the world. Technology could take the world step forward and the same won't cause bitcoin to be adopted as the national currency of United States. Already dollar has taken its role dominant over each and every currency that has been used around. Countries that are economically down could adopt bitcoin making it get used similar to fiat and the same will help in overcoming the economic downfall.

I believe Bitcoin is a global Crypto currency in future because future Economy is positive in all the country so we expect the official currency. We are move to the updated technology so we just follow the same way. But some countries are creating the restriction at the same everyone supporting to crypto platform automatically they will accept the new trend.

The idea of the author  is interesting, but so far bitcoin is a national means of payment only in Japan, where even cosmetic services can be paid with bitcoin.

There are multiple aspects why Bitcoin would make a horrible national currency.


1. Transaction speeds and costs

Bitcoin transactions are slow and expensive. With around 10 minute block times and 6 needed conformations, it takes about an hour for that transaction to happen.
Transaction costs are too high. The massive computational power it takes to mine a block means it consumes a lot of energy, and lots of hardware is needed. Someone should really apply LCA (Life Cycle Analisys) to bitcoin, to show how polluting and unsustainable Bitcoin really is. Because its not only the power produced that pollutes, but the usage of the infrastructure, and the manufacturing of the hardware also should be taken into account.

There are other coins, that specialise in transaction speeds and costs, which all surpass Bitcoin in these aspects. Steem, Ripple, NEO, EOS etc. make Bitcoin look (and be) completely outdated. They are fast and cheap, making them optimal for the role of a national currency.

2. Scalability issue

Bitcoin has a scalability issue. With increasing difficulty, it will mean the costs of mining, and making transactions will increase inevitably. It would take horrible amount of energy and hardware to make the infrastructure that can handle the amount of transactions that happen with dollars. BTC mining already takes more energy than Venezuela, and it is really close to the amount of energy consumed in Chile. The mining takes around 9,74 million US Dollars every single day! How is that feasible in the long term?
(Source: https://digiconomist.net/bitcoin-energy-consumption)
Other coins mentioned above has much better scaling, as they were designed to be scalable.

3. Limited supply

Limiting the supply of a currency is not a good idea in the long term. Without limiting the supply, we eill have inflation, which is really important, and people acutally cant even feel how important it is for the economy.
If you have a limited supply, and combine it with the increasing difficulty of mining, you will have strong deflation. And take a look at Japan to know why is it so bad.

4. It is not locked to location

Bitcoin can hardly be a national currency, as it is hard to imagine it to belong to a country - it was designed to be the very opposite: to be a global currency, not a national one. Mining operations happen all over the world (mainly China and Russia), having those miners accumulating vast amounts in Bitcoins. Does the US really want high percentage of its national currency in Russian and Chinese hands?

+Other thoughts: The value of a national currency is provided by the economy, and assets backing it, whereas Bitcoin is a highly speculative right now - its only value is given by the technology and the cost of mining behind it. It might change if it would be a national currency, but the reasons I listed would make Bitcoin a really bad contestant for that role. Other, above mentioned coins are better in nearly all, maybe every aspect, and I would see them as a better option.
If there would be any other coin that replaces the US Dollar, should be very similar to it, as of now, it is the optimal choice.

Well, I think this is a good development for bitcoin but I do not agree with it becoming the national currency for the united states as doing this will make it centralized instead of being decentralized as it has always been and again, bitcoin is not for one country alone, it should grow to be a global currency and not national currency.

bitcoin doesn't belong to only one country. it is a global currency and belongs to the whole world. no country can claim it as "national currency" and they WILL NOT do that either because the government wants, and needs control over their national currency. they need to control the supply of it and the printing of it.

what they will do is that they will adopt bitcoin as a legal way of payment like what Japanese and a couple of other countries have done. they will adopt bitcoin as a currency soon.

This will never happen because across globe US Dollar is recognized for decades. And BTC considering as a national currency means other countries who support and accept US dollar also need to accepts btc. But it is possible that country would have banned the crypto currency. It has too many complicated things and such things do not happen.

Yes i also not believe. This is too far dream that will not ever happen. We currenctly has own currency which legalized as nation currency and government always protect this nation currency. There ia no reason to government to replace their cureency with bitcoin. Bitcoin has not enough advantage to bring this happen.

Yeah, this is not gonna happen knowing the fact that U.S government wants to control the world currency. Bitcoin is created not to be controlled by any government and for sure investors don’t want to be controlled under the government again.

Words can’t make bitcoin in that position. Are the people ready for this: Bitcoin as the national currency? If no then we have a bigger problem if this be implemented without the majority of the citizens acceptance and even don’t have knowledge what cryptocurrency is. If this the whole world may need to restart and start from the scratch as USD is used worldwide.
If all are done, as a bitcoin user are your ready to be controlled by US government? At this reason, I’m against with it.

Indeed. The economy now is global, every country is intertwined with every other country, and the idea of a national currency is out of date and needs to be replaced. Crypto is borderless and is for everyone. I don't think the US would ever accept bitcoin as a national currency as the US cannot control bitcoin. As to whether the US accepts bitcoin or other cryptos as global currencies, the decision is really out of their hands. If crypto succeeds it will become a global currency, and the US (or any other country) can either jump aboard or be left behind.

And how it can be possible? The main fiat feature is to print many as need. With BTC it's impossible. That's why no chance. Maybe they make own currency but it will not BTC definitely.

The thing I agree with most in this is that the SEC and CFTC should not be in charge of regulating cryptocurrency alone, they need to create a new body of people who understand and appreciate cryptocurrencies. Will bitcoin replace national currency in 10 years? No chance, but it may compete with it. People are stuck in their ways, it will always take time for change to occur.

i do not think that this is possible. well, Crypto currency replacing Fiat in that matter. There is just a lot to be done if this happens. A lot of people will get affected and in a way will over power somebody in various ways. If Bitcoin will be the national currency of the United States that is great for everyone value will definitely raise. I am bullish on Crypto and Bitcoin in particular but i would like to emphasize that i do not agree for Crypto to replace Fiat money. each countries currency go way beyond history. more likely it represent the its people.

He is dreaming. It is not possible for Bitcoin to become a national currency. Also some news said that Bitcoin would kill the Internet traffic
and it is also too slow and use too much electricity. He is just trying to hype the coin he possess.

While other countries do nothing as a legal regime, the SEC shows that the US is very interested in examining and regulating it to its finest detail.

Only not the US, this country is the first one that really understands the impact of the Crypto-currency and will never be so damaging, no matter how much people want it. Therefore, such statements are hard to believe, the dollar will remain the main currency in the coming decades.