Topic: Bitcoin as the national currency of the United States (Read 602 times)

That is quite an imagination right there because the United States is at present foot dragging in taking cryptocurrency mainstream and yet that could mean missing out of great opportunities in what is set to define the future of money and the financial world in general. I quite understand any initial skepticism but they should pass that stage by now. Bitcoin is set to be adopted en mass across the world.

The idea is good and but I dont think this phenomenon will start from USA, a country like Malta can implement cryptocurrencies way faster than USA because it is small and very less people to educate.

Whales are those who hold large amounts of Bitcoin. I think that only when the government solves the problem of manipulating the price of the whale. Of course, Bitcoin will become the official currency of the world.

I don't think Bitcoin is American. I don't know why you have such a point. I think Bitcoin is a country that does not belong to any country.

This would be cool Isn't it the land of the free?

It's hard it ever happens, but just the possibility makes me believe in that sentence saying that not hodling any bitcoin is almost imprudent.

That is pretty right because Bitcoin is a decentralize crypto and it cannot be claimed by any country. It can rather become an international currency and not a national. Having a status of international currency, it will be accepted by all the countries around the world and might even outshine US dollar. This is a reality that the number of Bitcoin users in America is the most than any other country but this does not mean that Bitcoin will be claimed as an American currency.

it is really impossible.
no bank or no national currency want a rival for itself.
they are scam news or ideas. no coin can be used for a national currrency.

I agree, and I dont think it was created for that purpose too. And it is hard to replace the US Dollars because it had established long ago already, bitcoin is still new and is still striving for its reputation and price.

I don't think that bitcoin will replace the dollar. It doesn't have the necessary characteristics. I believe that crypto currency is the future currency, but bitcoin will not replace the dollar. A separate currency will be developed for these purposes. This is much more meaningful. Think about it.
Concerning the conspiracy to create bitcoin, it does not make sense at all. I do not think that the billionaires are behind his creation. Sleep soundly.

It's okay if the process will be that slow as long as we see the progress has been carefully reviewed and adopted by any state not only on US but for other countries as well.
Satoshi won't create bitcoin in the first place if there's nothing wrong with online payments including the delays, high fees and other concerns that users are feeling the pain.

I think that the US is the last to legalize the crypto currency, since this country is categorically against any cryptographic activity. But I agree with you and I think that this event will necessarily come.

I'm fully sure that the crypto currency was created not by chance. Most likely this was a forced measure, because the world's financial leaders realized that the old financial and economic system is becoming more and more inefficient. I'm confident that the crypto currency will be implemented everywhere, but this process will be very slow.

Then what do you think about stablecoins? I think ones like Havven pave the way to mass adoption since the biggest obstacle to crypto is price volatility. I would NEVER buy coffee with btc lol

if bitcoin can be a national currency in united states it seems good news because with that information and development I'm sure bitcoin can be very expensive because its demand will surely increase. so you better buy bitcoin at this time also while still cheap price.

It will not definetely be a national currency because it has nothing to do with nations and replacing usd with bitcoin as a national currency is nonsense. It will be world currency.

I can not imagine like that america would dare to take this step, even if i personally would like it.
Such an announcement would certainly bring bitcoin to a new ath.
It would be nice, but it is not more than speculation at the present time.

I think its just too much of a speculation if bitcoin would be the national currency of the country United States. It would be useful if it is just tagged or named as it is right now.

Your metaphor is not correct. I don't think Bitcoin is in the United States or in other countries. I think Bitcoin is human and can be used by people in every country. It does not mean that the mining machine has mastered the market and market. No country can control Bitcoin.

idea of decentralized currency is good and we should adopt it soon to save ourselves from fraud banks .
but problem with bitcoin is not only fee and speed , but big issue is the supply dominated by whales , few whales have much supply of bitcoin and if in such case we make it national currency then it is same like giving key of economy to those whales . so we need a better solution for making it truly decentralized and equally distributed currency .

Do not be surprised by this one country, America is a big and advanced country. Americans do not want to be left out of other countries so America wants to make bitcoin as the national currency.

They are a few things that will never happen in the world . This is one of them

Also US economy will be manipulated if they will allow bitcoin as their national currency.

It can be an advantage to us who are holding bitcoin but the government won't do such decisions like that. They are staking their entire country's economy if that happens.

The whale will thinking to break down the country like they pump and dump the crypto market.. besides they(US) have new idea to save a crypto and make it great again. then altcoin will following the success. But rostchild and allied would not do it

I respect his opinion because all of us are free to say what ever we wanna say but that doesnt mean i support hes statements and outviews,yes bitcoin will still dominate the cryptoworld with higher cal just like wht he has having now but being  national currency of america?thats far from reality

We know how hard America fought for his country and counterfeit so i see no reason why the us government will allow this to happen

Just look at the easiness and simplicity Bitcoin has introduced in the world. No printing of money, no nothing. As far as Bitcoin being the national currency of America is concerned, almost a huge part of Bitcoin users are Americans.

This means America already hold a big share of Bitcoin and can be thought of as a hidden big Whale that we have not seen yet. Yes Bitcoin is not owned by anyone but there are manipulators who can do the job of owners. They have a great control over the crypto.

America is influential in all aspects of the global economy so if they make bitcoin a national currency then most other countries will follow. I don't think it will happed in the next few years, but I think it will in other countries - especially in developing economies.

10 years is not long time for new world. in this time many new invent or discover can happen. So btc can be currency for whole world not just for USA or something new replace bitcoin and we wouldnt talk about bitcoin maybe. so there is no a real prediction.
Quantum computers or AI can find new thing for new world. so we'll see

Now in many countries accept as asset.And in U.S ,bitcoin is widely used  investments asset.So bitcoin had some chance to became a national currency in U.S.If any one from U.S,just hold your valuable.When the price of bitcoin reaches maximum,you will get additional dollars.

bitcoin is just one kind of investment. It is convenient money transfer method. But it won’t never replace any national currency. Nobody wants to have all money which price is volatile every single day.

I agree with you because it is impossible. We all know that bitcoin owners are all of us and the form of system owned by bitcoin is centralized so that no country can make bitcoin as the official currency of the country. The most likely thing is that bitcoin becomes a companion currency and is at least recognized for its circulation. The regulation is very possible because each country must have its own currency. By making the right regulation, bitcoin can be one of the most powerful financial systems because it can be recognized globally. It needs cooperation of many countries if you want to be bitcoin much more stable. Bitcoin is a form of technological advancement and if this is applicable then bitcoin is the largest financial system in the future.

The birth of Bitcoin, its mechanism is not only able to replace the dollar, it can replace cash in all countries! However, the greatest difficulty that Bitcoin has encountered today is that countless people use Bitcoin for speculation, making Bitcoin's price unreliable. This makes him a commodity, and commodities cannot replace cash!

I don't think the United States can control Bitcoin. If so, Bitcoin will definitely fall. No one will buy a centralized digital currency.

If this information is true then perhaps BTC will go to the moon during the end of this year, these news worthy of note, thank you for bringing them to everyone and I will buy the BTC right now.

Cryptocurrencies are still too new a technology to be used as a currency for an entire country but that will probably change as the transaction speeds improve and fees become more affordable

No country is taking bitcoin as national currency, that would be an insult to their government.  The national bank I guess can facilitiate like having their own chain for their own digital currency. The banks also may not accept bitcoin to be national currency. But I guess no one will disagree that bitcoin will live to have huge huge value in the next years.

Bitcoin won't become the national currency of United States, many will subject and be worry about it's economy situation if that happens.

I'm more interested with what Tim Draper said about reaching $100 Trillion market cap which is definitely that high. Everyone who holds even just single bitcoin will become that rich.

If bitcoin as the national currency of the united states, may be russian will make ethereum to be national currency, i guess thats vitalik butterin like this opinion.

 With 100 Trillion dollars market cap in 10 years, we would all be rich ! Of course, we would all love to see this happening, but the truth is that this is waay to optimistic. We never even touched 1 Trillion dollars in marketcap, and look what a bear market is happening right now. But still , i believe in the future of crypto, and i'm sure that eventually it will be successful across the whole world.

You’re right, that cryptocurrency is not created to be controlled by any government, but I don’t think it isn’t meant to be a word currency because I believe it will be on that side in the future. I do respect your opinion about that as if we even have the chance to be experiencing that historical moment as I think it would need few decades and a century to happen. I think I’m under the soil at that time.

I'm sure the revolution to the currency is about to begin, fiat currencies and digital currencies are different. but in the future digital currencies will be more dominally used in everyday life.

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.

A global financial slavery will come if bitcoin will become a major currency of united states. This is very good for us early adopters because we can stack more bitcoin specially when bitcoin price is at the lowest price possible. The whales and wealthy people already stored some amount of their bitcoin and they are just waiting for bitcoin to reach a trillion dollar market cap.

This scenario will be bad for all bitcoin haters. 

hopefully what is preached by observers and experts crypto was true, so that can make the currency crypto increasingly in enjoyment and in use by all walks of society, especially America and spread throughout the world, every possibility and prediction is not impossible to be realized, because the longer each people will know that crypto is the right choice to invest

Possible bitcoin become national currency of the most popular country in the world united state of America and on this way united state are become model country to follow some country to accept bitcoin as national currency.

It has been stated by the financial institutional of the bitcoin still not enough to be the currency due to the scalability of bitcoin itself. It's not enough scalable and you can try to read the latest news about that through some reliable articles outta here. i guess you will get a lot of clue about that.

I do not believe that exactly bitcoin will become the official currency of any state. Most of the coins found are already owned by whales. For the national economy, a more flexible cryptocurrency is needed.

Well, that doesn't sound bad. Only I cannot imagine decentralized Bitcoin in use of milions of people regularly in everyday life, I don't think it's possible to realize this.

There is no need to set bitcoin as the national currency rather it should be set as global currency which it already is, selecting it as a national currency for one country will be against its decentralized and borderless concept so i think crypto should be as it was intended too.

This is a very good prediction. I very much hope that Bitcoin will rise wildly because I believe in the future of cryptocurrencies. I can influence the cryptocurrency market in any country, but I do not recognize Bitcoin as the national currency of the United States. I think the government cannot control Bitcoin.

Over the next 10 years, the capitalization of the crypto currency will reach $ 100 trillion, 10% of which will be accounted for by bitcoin. This forecast was voiced by a well-known venture investor Tim Draper in an interview with TheStreet.

A long-time supporter of bitcoin said that the fiat currencies will be out of circulation very soon. Draper also said that he has enough crypto currency to live in the next four to five years without needing anything. Therefore, he is not interested in keeping money in fiat currencies, since they are depreciating over time.

"Recently I talked with people from the Federal Reserve and told them that they should look for a new job in the next 10 years, because during this time there will be no need to use centralized currencies," he said.

According to Draper, if Donald Trump had asked him to develop a "US crypto-currency policy," he would first of all make bitcoin a national currency.

"I think that in the next four years there will be a big change, and people will make mass purchases in the crypto currency," the investor suggested.

In his opinion, the US needs to create a separate body to regulate the crypto-currency market, which would not be subordinated to the Securities and Exchange Commission or the Commodity Futures Trading Commission.

Link to the source https://forklog.com/tim-drejper-ya-by-sdelal-bitkoin-natsionalnoj-valyutoj-ssha/

I have my own opinion about this. Do you think that bitcoin was invented to replace the dollar system with crypto currency? Are the Rothschilds and the Rockefellers standing behind this plan? Will there be global decentralization or will global financial slavery await us?