Topic: BTC as a national currency? - page 13. (Read 12591 times)
A national currency using bitcoin? Well the central banks need to regulate it. Why? Because it is the job of the central bank to make sure the market and nations economy is doing great to fits the demand and supply to be used
So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
I think this would be a fantastic idea because of the fact that bitcoin has always been very helpful to us in many ways. So, having it as a national currency would mean legalizing it and allowing more people to invest in bitcoin and buy more of it, which will increase it's value more as an effect.
There's impossibility more than possibility.Bitcoin is just an online currency. It can't use like a paper money.To be a national currency it's necessary to use like a paper money because most of the people dependent in it. So in that sense i think it is not easy BTC as a national currency.But if it happens i will surely happy.
Bitcoin is not suitable to be a national currency due to its volatility and the anonymity of the inventor. Countries might come up with their own National currency in the future.
So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
This is possible to all rich countries with less population and less poor because they can easily monitored and control all digital transactions like the country of New Zealand in which they are preparing the adoption of cash less transactions in which similar to bitcoin transactions. This is not possible to apply to all poor countries like 3rd world countries because not all people do not know how bitcoin works.
So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
For now Bitcoin can not be categorized as a national currency in any country because of fluctuations in value so that prices that change too fast will affect the price of daily necessities because it follows the value of Bitcoin.
Many countries have accepted bitcoin as a legal currency. They have allowed its functioning as a currency as well as an asset. Japan has opened ATM centres for supporting bitcoin currency. But no country have accepted bitcoin as a national currency. Nation currency is a centralised in nature, every country prints its own currency, and is liable for it. These currencies are supported and controlled by the government or by the central bank of that country. National currency is widely and easily accepted all over the country. Bitcoin has many limitations. It is not possible for developed countries to provide network required for operation of bitcoin. Bitcoin is a decentralised currency so government cannot control it.Due to these reasons bitcoin cannot be a national currency.
So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
I think there is a possiblity that bitcoin can be accepted as a national currency on some country. Because it is decentralized and it has a big advatage on every countries national currency. But I guess government don't want it to become a national currency but just a secondary currency that can help people financially, since as of now it can be seen as a currency good for investment due to it's extreme volatility.
I don't think so. No government would allow that, they even ban using bitcoin in some other countries. I think bitcoin will just stay as it is. A virtual currency most of us use.
So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
I think there is a possiblity that bitcoin can be accepted as a national currency on some country. Because it is decentralized and it has a big advatage on every countries national currency. But I guess government don't want it to become a national currency but just a secondary currency that can help people financially, since as of now it can be seen as a currency good for investment due to it's extreme volatility.
In the short term, this is unlikely to be achieved. Because bitcoin in worldwide circulation, currency of a country usually most in the country, and the government can control other currency usually need a little bit of inflation, which is conducive to economic growth, and inflation may not bitcoin.
Bitcoin as a national currency, I think many countries won't agree for that as already each country will have their own currency how can that currency replaced by the bitcoin and from bitcoin the tax is not generated to the government, So it will be a difficult task to replace it.It can be a national currency using a wallet we have, i mean if you are a worker in other country and you will be paid by bitcoin its easy to send your money to your family by the address and they get it easily.
In the short term, this is unlikely to be achieved. Because bitcoin in worldwide circulation, currency of a country usually most in the country, and the government can control other currency usually need a little bit of inflation, which is conducive to economic growth, and inflation may not bitcoin.
Bitcoin as a national currency, I think many countries won't agree for that as already each country will have their own currency how can that currency replaced by the bitcoin and from bitcoin the tax is not generated to the government, So it will be a difficult task to replace it.It is most likely to change the world's used currency which is dollar. Bitcoin is considered as a universal currency because of the fact that it is decentralized.
In the short term, this is unlikely to be achieved. Because bitcoin in worldwide circulation, currency of a country usually most in the country, and the government can control other currency usually need a little bit of inflation, which is conducive to economic growth, and inflation may not bitcoin.
Bitcoin as a national currency, I think many countries won't agree for that as already each country will have their own currency how can that currency replaced by the bitcoin and from bitcoin the tax is not generated to the government, So it will be a difficult task to replace it. So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
No, its gonna be imposible that Bitcoin be the national currency. The allocation of bitcoin is so small and can't be distributed to everyone. Also, not all people have internet connection. The main problem is how will people distribute and acquire bitcoin if it becomes the national currency.
In the short term, this is unlikely to be achieved. Because bitcoin in worldwide circulation, currency of a country usually most in the country, and the government can control other currency usually need a little bit of inflation, which is conducive to economic growth, and inflation may not bitcoin.
i think it is not suitable if one country will use bitcoin as their national currency since the price of it is too far from other currency like Philippine Peso that a bitcoin costs more than 900,000 php. It is better if it is just use like how it is now, a money that can change thru different currency.
So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
Bitcoin's aceptability percentage is not fully 100% around the globe, and even in one country due to many factors lik internet connections, knowledge about it and the how's and why's in Bitcoin. So for now and I think even in the future, Bitcoin wont become a national currency. It takes a lot of discussion and even arguments about it especially those countries with strong control on their banks and governments.So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
Bitcoin's aceptability percentage is not fully 100% around the globe, and even in one country due to many factors lik internet connections, knowledge about it and the how's and why's in Bitcoin. So for now and I think even in the future, Bitcoin wont become a national currency. It takes a lot of discussion and even arguments about it especially those countries with strong control on their banks and governments. 
This is a very difficult process. Obviously the legal currency can be accepted but it can not be accepted as a state money model because the distribution in the market is not known to be large sums, and accordingly the uncontrolled and decentralized state unacceptable.
Bitcoin, for now, is not suitable to become a national currency of any country. Bitcoin's value is too volatile so a product or service will always change in price with respect to the price of Bitcoin. Also, a transaction fee is there with every transaction, this is not practical in using in a daily basis. It will be hard for the government to control the scenario. So if a country will make Bitcoin as its national currency then they have to regulate it first.
True that, it would not be feasible for the masses to pay a transaction fee for every exchange, as it would discourage transaction and further lead to economic instability So as far as we know BTC currency is growing wide, do you think there will be when it become a national currency?If yes, why?If not, why?
As of now bitcoin is become an international currency not only a national currency.because some of country is already legalized these and accept bitcoin as a digital money and no taxes as of now.
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