Topic: BTC as a national currency? - page 17. (Read 12591 times)

I think it is quite impossible because nobody owns the internet in the first place and bitcoin's developers true identity is yet to be known, all we know about bitcoin is its system and credibility as a currency and I think it is not enough for any nation to claim it and declare it as their national currency.

Lets understand what is a currency and what makes any object to become a currency. First thing first a currency:
* material required for creating a currency should be available in quantity
* material should not be overly available as well. Like a silica or ice.
* A ruling government should be the sole owner its national currency. Otherwise forces from outside will demolish that country v\by manipulating the price/value of currency.
* That is why  government should be the one who make the decision when it comes to a currency.

Considering above points we understand that earlier copper, silver, gold were used as currency. At some point in history aluminum and other things like sea-shells, beads were also used as currency. However as time evolved due to one thing or other these material were abandoned as currency. For example aluminum became much cheaper and easy to extract. beads and other things became obsolete because of oversupply. gold, silver, copper coins followed same suit due to scarcity and expensive nature of these material. 
As time evolved, paper currency became widely accepted as currency medium by almost all countries. Paper is readily available however type of paper required for the currency is not easy to acquire. So paper currency become mainstream. Over the period of time e-money became popular and more and more people are tend to use the e-money (creadit, debit, internet transactions).

* Cryptocurrency is an active concept from the economics point of view. Some countries are/may be considering to shift their own cryptocurrency.

* At this point we saw what makes for something to qualify for a currency. Coming back to bitcoin, as it is clear that bitcoin is decentralized by its nature, any country or outside force will change its price at will. This is a disaster for economy.
* Next point is bitcoin value is too much volatile to qualify for a currency.
* Value of bitcoin is way to much costly to qualify for a currency.

Bitcoin can not be a national currency. Forget national currency.. at this stage it can not act as a currency in first place. Bitcoin is the best commodity we have on this planet right now which IS giving highest return on investment.

Are not. Bitcoin operates independently and is not a currency of any country. So, we can use Bitcoin all over the world. In the future, this will not change because no country can control this currency. If they want, they will lose the essence of it, people do not want this and they will abandon it. At best, it should remain independent and not subject to any organization

It would be nice to all of us bitcoiner but it will not be good for a country to use bitcoin as a main currency because all countries i know is using their respective currency, but i can see it will replace dollar as world currency considering it continue growing now

I think it is not possible for a country to adapt bitcoin as their main type of currency, the thing is all countries economy is base on the fiat currency to roll the economy well and it will took long discussion, but the possibility is always open.

I don't think that countries all over the world will just give up their respective currencies for bitcoin to take over. It is a matter of confusion within the countries income and economy. Although, if it is considered it is actually possible as long as there is a country willing to do it. It would be a stepping stone for advancement.

Its sounds really good. Bitcoin is the decentralised most flexible, easily transferable currency. If it is used as a national currency it will save lot of time and money of countrymen. Generally currencies are controlled by the government of that country they use it to keep hold on economy. So it is impossible that any government will allow btc or any currency to act like a national currency. In fact countries where bitcoin was allowed to function as a mode of transaction are banning it by having reasons like security to their fiat currency or security reasons. Some countries are planning to introduce their own cryptocurrency

Before bitcoin becom a national currency, Lawmakers should set a law for this and will talk all the possibilities where the government can earn tax from it.
bitcoin is a transaction with just blocks and not documented for the government to have taxes through receipts.
Once bitcoin become a national currency it will be a big problem on the economic of one country if there will be no tax to collect.

In my opinion, it can happen BTC into world currency.
but it will take a very long time,
Because in small countries no one knows about BTC, and must get approval from the United Nations. because it concerns the world's finances.

BTC as a national currency nah ,Its volatile value and the huge fee will break the economy of the nation
BTC can be used as the side currency but not as a official

There is no harm even if it becomes a national currency because there are no restrictions in having more than one national currencies. Any country with their previous currency can declare bitcoin as a national currency and I am sure they are soon going to boom their economy beyond limits. Bitcoin is already a world currency which is a level beyond national currency. This currency can be used at any level.

I don't think that BTC will be a national currency. The price of BTC is very volatile and it is not applicable being a currency due to it's market condition.

Bitcoin can not perform the role of the national currency, because it has a lot of volatility. Also it can not be emitted at will. And the total number of bitcoins is limited. Bitcoin is the object of investment, that's all.

Bitcoin is no doubt very much capable of becoming the national currency but the fact is it is not an easy thing. There are number of factors which matters while deciding this thing.

The most important thing which will make the difference will be the interest of the government in declaring bitcoin as legal currency. If the government is willing to do so, then there are chances that bitcoin will come out as a national currency as well.

bitcoin into the national currency seems very difficult because of the very limited availability of bitcoin makes the circulation of bitcoin very dense if bitcoin is made into the national currency.

I think it's possible to have a crypto in currency ( states can create their own crypto ) but it will never be bitcoin because countries and banks won't let bitcoin become their currency.

It is unlikely that is going to happen anytime soon, bitcoin is too expensive and too slow for that to happen and no country is going to willingly give up their rights to print their own currency, only a country that is destroyed by a war or by their own government is going to adopt bitcoin that much.

Bitcoin is the international currency because as you're saying , noone can control it which means it's not belong to anything so Bitcoin isn't a national currency .

Exactly, most governments wants to control their finances and so wouldn't let bitcoin see the light of day in their jurisdictions but they will rather create theirs and be able to control it like you said of venezuella and i also know of the United Arab emirate and their impending emirate coin.

What you say is perfectly possible to be true even though the BTC is not currently popular, little known and even banned in some countries around the world. At present, the world's currencies are being used offline mainly, online payments are mostly made through intermediaries, and BTC is the opposite, only used when there is an Internet connection. For that reason, I believe the BTC will be the currency of the future - when the form of online payment becomes popular in the world.