BTC as a national currency? - page 24.

X-ray

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Quote from: Granxis on November 26, 2017, 09:53:50 PM

Quote from: MakeMoneyBtc on November 25, 2017, 06:19:08 PM

It is impossible for bitcoin to become a national currency from a lot of reason. First of all the transaction fees are t high and also the time that it takes for a transaction to be confirmed is pretty big if you pay a small fee. If you want to buy a coffe or a juice you would have to pay 5-6$ for the product + 4-5$ the fee for transaction so at the end you pay double the price.

The second problem is the big fluctuations of the price. One day a bitcoin can worth 8000$ then the next day it worths 6000$. This will obviously affect a lot of merchants because most of them have to calculate their profits everyday or every 2-3 days.

Everyone complains that the transaction fees are high, but what does this have to do with the issue, do you think Bitcoin will not be a national currency because of high transaction fees?

I think yes, if the transaction fees on the bitcoin goes high and what will be happening with those are thinking about the crypto fees was so cheap compared with the bank transaction.
The people are using crypto to get an alternative way to get cheap transaction. just like if you are making a transaction and it cost 3 cent for each transaction.

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Quote from: MakeMoneyBtc on November 25, 2017, 06:19:08 PM

It is impossible for bitcoin to become a national currency from a lot of reason. First of all the transaction fees are t high and also the time that it takes for a transaction to be confirmed is pretty big if you pay a small fee. If you want to buy a coffe or a juice you would have to pay 5-6$ for the product + 4-5$ the fee for transaction so at the end you pay double the price.

The second problem is the big fluctuations of the price. One day a bitcoin can worth 8000$ then the next day it worths 6000$. This will obviously affect a lot of merchants because most of them have to calculate their profits everyday or every 2-3 days.

Everyone complains that the transaction fees are high, but what does this have to do with the issue, do you think Bitcoin will not be a national currency because of high transaction fees?

MakeMoneyBtc

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It is impossible for bitcoin to become a national currency from a lot of reason. First of all the transaction fees are t high and also the time that it takes for a transaction to be confirmed is pretty big if you pay a small fee. If you want to buy a coffe or a juice you would have to pay 5-6$ for the product + 4-5$ the fee for transaction so at the end you pay double the price.

The second problem is the big fluctuations of the price. One day a bitcoin can worth 8000$ then the next day it worths 6000$. This will obviously affect a lot of merchants because most of them have to calculate their profits everyday or every 2-3 days.

fuer44

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Quote from: thecoder2017 on November 24, 2017, 08:14:59 PM

I don't think so because once that Bitcoin will become a national currency people living in poor countries will be affected because they don't have the modem technology to use in their transactions and it's very hard to use especially when you buy on small stores and also in paying small transactions

I agree with you, I also live in the same country as you, where technology has not been so following the developed countries. I think it will be tough when bitcoin becomes the nasonal currency, because for some people, they will find it hard to get it.

thecoder2017

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I don't think so because once that Bitcoin will become a national currency people living in poor countries will be affected because they don't have the modem technology to use in their transactions and it's very hard to use especially when you buy on small stores and also in paying small transactions

Adrianoff

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Bitcoin cannot be a national currency. Maybe, it could become an international. But to say honesty, I would bet on Ether, because I'm quite tired when I need to wait for BTC transaction confirmation for a couple of hours when I needed to transfer asap. Ether is doing much better there. However, I believe in BTC, but it is hyper-volatile.

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Quote from: ZakariaKan1997 on August 14, 2017, 11:52:09 AM

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 bitcoin will not be anymore a national currency since some of the countries in the world already banned bitcoin. Maybe in the future, most of the countries will legalize bitcoin so that we can use it to buy something we want or even to pay any expenses for traveling around the world.

gesdan

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for the short time i think bitcoin can't be the national currencies maybe in the next 10 years or more bitcoin can changed the physic payment in offline store, you just need your bitcoin in your phone to pay something, but bitcoin can't be the national currencies because national currencies in a country is an identity for them about their country

Mainman08

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Bitcoin will not become a national currency. Because bitcoin can't be use by all levels of the society. And not all individual know what bitcoin is.

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Quote from: sumanto on November 24, 2017, 03:02:38 AM

Quote from: ZakariaKan1997 on August 14, 2017, 11:52:09 AM

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?

yes of course bitcoin can be a world currency, when bitcoin has been received in the whole world then this will be the trigger of bitcoin price increase, bitcoin price will be more expensive because they are in droves to get bitcoin.

Nope, bitcoin cannot be a world currency because world currency means all of the people are using it but with the supply of bitcoin which is only limited to 21 Millions then it is not enough for the a lot of billions of our population. Bitcoin cannot become a world currency but it can be an option for our world's mode of payment.

sumanto

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Quote from: ZakariaKan1997 on August 14, 2017, 11:52:09 AM

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?

yes of course bitcoin can be a world currency, when bitcoin has been received in the whole world then this will be the trigger of bitcoin price increase, bitcoin price will be more expensive because they are in droves to get bitcoin.

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Quote from: barefield22 on November 14, 2017, 05:43:50 PM

I think it's impossible in nearest 50 years. Governments need to take control about national currency. Speaking about Bitcoin I can say that no one government cannot regulate it now.

The big hurdle for government to make it a national currency is the same that you have explained. Government want to control bitcoin and this is the only reason why they are all the time working on methods for fighting against it. Some countries have that’s why declared it illegal because they cannot put tax on bitcoin and don’t earn from it. Bitcoin is public currency not government.

Kindless

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If my country accepts BTC as a national currency I would love em.

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Quote from: ZakariaKan1997 on August 14, 2017, 11:52:09 AM

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?

It is a huge risk if a country adopts Bitcoin as its main national currency. Not only the price is so much volatile and it can spike up or go down any minute.

ethn0centrism

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This might happen because people usually innovating. Anything always has weak points, specifically for degree of state and forex are things and forms that are important to find out lifestyle and legal standing that protect it from punctures. Not everything can be solved by digitizing. Bitcoin is given to facilitate things related to financial, but difficult to adopt as forex a Country.

Honest Tim

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Quote from: CyberKuro on August 14, 2017, 05:39:36 PM

Bitcoin can't be a national currency because govs won't let it be.
We're still in the beginning of bitcoin development, still on scale debate to make bitcoin could afford so many transaction per second and we shouldn't pay a higher fees. Another factor that may a big problem is bitcoin volatile, a country can't adopt a currency which always fluctuate, even third world countries in Africa using US Dollars as their legal currency.

this is so true, already bitcoin has created a threat in the mind of government and others as bitcoins has a transaction transparency which cause no idea to the government about the online transactions so that they won't keep an check on these and neither they get to know about it. Not even these bitcoin is free from any transaction fees which make government lose the opportunity to imposed tax on the people's on every transactions. So this is what trouble them more. So I don't think so that this will be going to take place ever in future that bitcoin is accepted as a national currency in a country.

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Quote from: Fulmand on November 23, 2017, 01:15:46 AM

Quote from: batang_bitcoin on November 23, 2017, 12:54:33 AM

Quote from: larrylegend33 on November 20, 2017, 08:14:38 PM

There is no way! Bitcoin can't be a any nations currency, it's impossible. No one would let this happen. But i think that BTC will be all countries currency soon. Around 2020.

There's a way you know that bitcoin has been used everywhere you are. And in everywhere country I guess there's a bitcoin user, bitcoin doesn't have to be a national currency because it's also being used as everyone's currency that are mostly living in the web. Government is obviously not going to give an idea to people that they will be adopting a cryptocurrency that is decentralized, if they to use a cryptocurrency as national currency, they will just make one.

Bitcoin are heading to a national currency not this year but soon. Bitcoin is still in the beginning of development. Still on many debate to make the bitcoin could afford of so many transaction per second. Other factor that may have a hig problem is bitcoin volatility, whi h always flactuate.

I don't have any insights or never heard of a rumor that bitcoin will be used a national currency. I'm thinking more of it as a secondary payment method or an alternative currency but government will never declare it as a national currency. That's a big deal when a country calls bitcoin as their national currency, they are taking a big risk for doing it so and besides not all the people can adopt this such technology.

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Bitcoin's present state is not suitable to become national currency mainly because of its unstable price which changes every so often. Bitcoin being a nationwide forex can be taken into consideration if its cost gets steady but as of this moment its far from happening

There is also a problem in scalabilities. Expert try to solve it by try to do fork, but I am not sure that it is good idea. Bitcoin users are very much now. I think its enough to make bitcoin survive. Bitcoin isn't to become a national currency.

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Quote from: batang_bitcoin on November 23, 2017, 12:54:33 AM

Quote from: larrylegend33 on November 20, 2017, 08:14:38 PM

There is no way! Bitcoin can't be a any nations currency, it's impossible. No one would let this happen. But i think that BTC will be all countries currency soon. Around 2020.

There's a way you know that bitcoin has been used everywhere you are. And in everywhere country I guess there's a bitcoin user, bitcoin doesn't have to be a national currency because it's also being used as everyone's currency that are mostly living in the web. Government is obviously not going to give an idea to people that they will be adopting a cryptocurrency that is decentralized, if they to use a cryptocurrency as national currency, they will just make one.
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Bitcoin are heading to a national currency not this year but soon. Bitcoin is still in the beginning of development. Still on many debate to make the bitcoin could afford of so many transaction per second. Other factor that may have a hig problem is bitcoin volatility, whi h always flactuate.

batang_bitcoin

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Quote from: larrylegend33 on November 20, 2017, 08:14:38 PM

There is no way! Bitcoin can't be a any nations currency, it's impossible. No one would let this happen. But i think that BTC will be all countries currency soon. Around 2020.

There's a way you know that bitcoin has been used everywhere you are. And in everywhere country I guess there's a bitcoin user, bitcoin doesn't have to be a national currency because it's also being used as everyone's currency that are mostly living in the web. Government is obviously not going to give an idea to people that they will be adopting a cryptocurrency that is decentralized, if they to use a cryptocurrency as national currency, they will just make one.

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