BTC as a national currency? - page 26.

Vatimins

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Quote from: reijusama2583 on November 19, 2017, 02:04:04 AM

Well as of now bitcoin as a national currency was not applicable as a national currency because not all country are well urbanized some of them are still on the process of improvement where in they are all not accessible in technology. So if you think that it can be as national currency well maybe in the near future when it is still well known and all of us has been adopt the technology and it will be possible.

I agree with you. With all the current issues the world faces today, i thnk it will be kind of hard to make bitcoin as a national currency on any country. Just look at the facts, not a lot of places have good internet, or even weak internet,. Plus the confirmation problems, the fees, amd of course the banks and governments. Butaybe when things settle, then maybe that will come. But I don't think anyone here will still be ablr to experience that time.

dalek

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Quote from: katiecbell on November 20, 2017, 12:35:31 AM

Quote from: chelle5 on November 11, 2017, 11:35:55 PM

Maybe not at this moment.There are some factors that need to be considered before making it a national currency.Some countries have bitcoins but not widely used.

You can expect anything to happen in the coming days. There is nothing in this world which is impossible. I think of bitcoin as national currency to be a very good idea. The only thing which matters the most is the role of government in this aspect.

If the government is willing to take positive steps in this regard, then there are likely chances of this thing to happen. This will bring positive impact on society.

Really? I think we have more trouble about society than positive impact on society.
All transactions will create through Bitcoin and no one can knows the source and the person sended or received that amount.
This is really the good thing for anyone wants to use currency for crime.

richlipkin

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BTC is already a de facto national currency in places like Zimbabwe and Venezuela, which have little to no functioning government and hyperinflation of their own currencies (if they even have the latter).

katiecbell

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Quote from: chelle5 on November 11, 2017, 11:35:55 PM

Maybe not at this moment.There are some factors that need to be considered before making it a national currency.Some countries have bitcoins but not widely used.

You can expect anything to happen in the coming days. There is nothing in this world which is impossible. I think of bitcoin as national currency to be a very good idea. The only thing which matters the most is the role of government in this aspect.

If the government is willing to take positive steps in this regard, then there are likely chances of this thing to happen. This will bring positive impact on society.

jam22

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Yes, cause we're using technologies in our daily lives and we want to use technologies in online banking and we also want our money to be virtually, so we want the bitcoin to use in our daily lives cause it easy to use and invest.

piter66

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Quote from: HiringYou on November 18, 2017, 03:47:41 AM

No doubt demand for Bictoin is increasing and it has a bright and positive future but we can't see Bitcoin as a national currency.The main reasons for this is it's decentralized nature and anonymity. As it is decentralized which means that government is not able to control it so no government will allow such currency over which they have no control to become the national currency.As the transactions through Bitcoin are anonymous so government is not able to identify the people involved in the transaction and so no tax is imposed so this can also be a reason.Third reason can be the use of Bitcoin in illegal dealings such as drug dealings, ammunitions dealings etc.

Still there is no such country who have accepted bitcoin as a national currency but it is more possible that in future bitcoin will become accepted as a national currency by many countries in the world because the fans of bitcoin is going increasing day by day.

bitcoinYo.com

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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?

BT is ISO national code for butan.

so , i think butan king have to consider bitcoin make national currency for butan.

it is so double win ! for butan and bitcoin.

reijusama2583

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Well as of now bitcoin as a national currency was not applicable as a national currency because not all country are well urbanized some of them are still on the process of improvement where in they are all not accessible in technology. So if you think that it can be as national currency well maybe in the near future when it is still well known and all of us has been adopt the technology and it will be possible.

Cosbycoin

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Quote from: mifanmuzny on November 12, 2017, 07:27:43 AM

Bitcoin is a universal monetary valued crypto which is used whole around the world. Who knows even the aliens may use this for transactions with us humans Grin

Well if we talk about aliens then we are talking about an ideal case but bitcoin can be used as a national currency not only by one state but by whole the world. If the governments support bitcoin then it can become an international currency and may be used by the countries for import and export rather than using USD. It can unite the whole world on one currency rather than using different currencies used by different states of the world.

nightfury

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It is not far to reality that bitcoins can be considered as a national currency of a particular country because bitcoin have advantages which fiat does not have.

wantjokull

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This has got very less chance of happening. I mean you are thinking from the perspective of your own nation but what about those 200 people from the different nation who thinks the same way as you do? I mean we can’t make the bitcoin as currency of different 200 countries, lolz! That would be chaos isn’t it and then we will have to set up a central bank which is worlds central bank and we will need executives from all over the countries to work in that bank to make sure that bitcoin is being national currency in equal way to all the countries.

Hush! That seems to be lot of work and I’m sure that seems to be not happening real soon. Who would go for such chaos and that too where different countries are friends with different countries with whom few countries are enemies and once agin the things are messy.

Im not sure if this is even right question to make bitcoin as national currency. It can’t be.

Granxis

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Quote from: Aba on November 18, 2017, 05:27:48 AM

Bitcoin will not be the national currency of a country, because to be able to made as the currency required many considerations to be taken by a country, while the country currency is a legal means of exchange set by the law made by parliament.

It does not have to be taken by a country, the word means "nation," it does not mean a country. I do not want to say "bitcoin a national currency". Some things will show time.

nightways

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Quote from: Mr.Anonymous on November 11, 2017, 12:30:50 PM

Quote from: Nathland on October 26, 2017, 06:36:14 PM

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 it might be possible because bitcoin comes with so many benefits and advantages that might be any country's whee it's people will use more bitcoin than regular Fiat will make it their national currency. I believe that you can not predict anything in case of bitcoins. But with due time there are very chances that people will invest more and more in bitcoin. So there are possibilities that it may become the worldwide currency. The system of currency is running from so long. And this digital advancement is the knock of future on our door steps.

National currency means this currency can manage by the government or the national banking system. You forget the government can not manage the transaction of Bitcoin if the business want to evade tax. Because the business do not report the total revenue from their business, the government will can not tax them

This is pretty hard for any government to make bitcoin their national currency and the reason is very obvious. Governments always want to have good control over the assets of the country and wealth or people. If bitcoin is their national currency, they won’t be able to charge have taxes and in that way people will know more be answerable to them for using any services or purchasing goods.

Sirjamesadeiza

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This may or may not happen in Zimbabwe, that country is where bitcoin is most expensive right now due to poor currency. They already have USD for official use

naidray

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Quote from: Oasisman on November 14, 2017, 08:23:00 PM

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?

Its not possible today, Btc needs to develop more innovative changes like, any vouchers you can use as an offline transactions, volatility, and most importantly popularity, its a great factor that could trigger the market or the businesses online to accept Bitcoin as payment or exchange of service due to its high demand. Also one of the factors that Btc may encounter is the government, how can they implement it when Btc is decentralized. I mean you know most (if not all) of the Government in any country WANTS to control over a certain thing going around.

A lot will change and a lot of development will happen in the long run but we certainly know that even at that, government will not in any way want to give up the control they have over fiat. Highest that would happen like we are already seeing is accepting its usage and anyone who feels like can freely make use of it as payment means.

Even if they are to make use of the blockchain technology, most government would start creating their own centralized cryptocurrency which is still something we should not expect would take over paper currency until some generations are totally gone.

arwenphoenix

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Quote from: Aba on November 18, 2017, 05:27:48 AM

Bitcoin will not be the national currency of a country, because to be able to made as the currency required many considerations to be taken by a country, while the country currency is a legal means of exchange set by the law made by parliament.

I think this ideal was just given to make a fiction think about if this is happen what is gonna happen only. Because of course this isn't that much possible to happen in real. It's against the basic features of Bitcoin.

Bezobraznike

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★Bitvest.io★ Play Plinko or Invest!

Quote from: Aba on November 18, 2017, 05:27:48 AM

Bitcoin will not be the national currency of a country, because to be able to made as the currency required many considerations to be taken by a country, while the country currency is a legal means of exchange set by the law made by parliament.

Do you think that bitcoin can not be legal means of exchange set by the law and approved by parliament?
Why not?
I do not believe that some big country will set bitcoin as main national currency, big countries tend to control
what they can. There are many small countries that can benefit from accepting bitcoin, and regulate it to be
their national currency.
Before anyone says that this is impossible cause bitcoin volatility, or number of bitcoins in the end will lead to
deflation is wrong. All currencies fluctuate that is first, why you can check if you wish. Banks and governments
are saying that inflation is better then deflation cause they control the money printing and they always have for
their officials.
This is a question for real experts, and most of the comments in this topic are one line statements without
arguments and explanations.

Aba

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Bitcoin will not be the national currency of a country, because to be able to made as the currency required many considerations to be taken by a country, while the country currency is a legal means of exchange set by the law made by parliament.

Malaya

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Quote from: Cranidos on August 14, 2017, 01:31:25 PM

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.

I would agree as well on this thought. For now, it can be difficult for a country to adopt bitcoin as their national currency. But there must be a possibility for sure in the future for this to happen. However this will undergo a lot of process and much acceptance from the government. It also varies on how each culture of one's country can go through it. But for now, this might be challenging.

HiringYou

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No doubt demand for Bictoin is increasing and it has a bright and positive future but we can't see Bitcoin as a national currency.The main reasons for this is it's decentralized nature and anonymity. As it is decentralized which means that government is not able to control it so no government will allow such currency over which they have no control to become the national currency.As the transactions through Bitcoin are anonymous so government is not able to identify the people involved in the transaction and so no tax is imposed so this can also be a reason.Third reason can be the use of Bitcoin in illegal dealings such as drug dealings, ammunitions dealings etc.

Topic: BTC as a national currency? - page 26. (Read 12619 times)