BTC as a national currency? - page 28.

fianaindriati

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Quote from: mrbnson on November 14, 2017, 08:34:34 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 do not think it will ever become a national currency, there's too much volatility and the ever increasing price is not good to be used as a national currency. Furthermore it is decentralised and so supply cannot be used to influence the economy.

if in my opinion btc is quite difficult, if want to be the national currency. because every country has a government that has been watched and guarded. so that's when bitcoin is willing to become national currency, surely there are government which do not approve it.

Sled

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Quote from: kimpena on November 14, 2017, 11:42:11 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?

That may be possible if all the citizen of that country already uses bitcoin. You cannot make it as national currency if your countrymen doesn't know about it yet. It may take time introducing bitcoin, as well as letting them understand how does it work. Teaching is not that easy specially when they are not interested on what you are teaching. As of now, we cannot see that event, rather there has a chance to have that. When bitcoin becomes the most popular and strongest currency in the world or in a country, it may be consider as their main currency.

Even bitcoin will become a very popular country then it will not become their main currency bitcoin might be the best currency but its characteristics are not good for a country to use it as a main currency like the limited supply of bitcoin and also the volatility that can be a problem for them so if they really want to use bitcoin then it will stay as an option.

Alalex

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Development of bitcoin, bitcoin can produce so many transactions and money that always fluctuates, even other countries use bitcoin as legal currency. Maybe this happens in the future, this country has knowledge about bitcoin and almost most of them use bitcoin.

akiexx

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It might happen in the future if everyone in the country have the knowledge about bitcoin and almost most of them are using it. But as of today it's too far to happen because only in our countries are using it and have the knowledge of bitcoin and its power.

kimpena

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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?

That may be possible if all the citizen of that country already uses bitcoin. You cannot make it as national currency if your countrymen doesn't know about it yet. It may take time introducing bitcoin, as well as letting them understand how does it work. Teaching is not that easy specially when they are not interested on what you are teaching. As of now, we cannot see that event, rather there has a chance to have that. When bitcoin becomes the most popular and strongest currency in the world or in a country, it may be consider as their main currency.

Qiuyue201

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Quote from: pathapoddo on November 14, 2017, 10:44:00 PM

I don't think any country will want to make BTC as their national currency. It is a online currency. It is not suitable for eveyday transactions as well as it's need internet to access. Everyone not afford internet. Bitcoin only can use for occasionally not evetday because it has a high price.

They might if the world just advanced enough, fiat or called cash will bring us nowhere but the destruction of our planet if keeps continueing, BTC in the other hand, could be used as secondary national currency backing up the main currency. worlds keep growing and internet coverage keep expanding, why worrying about it?
However, just see in the future, digital currency will be a major thing dominating the whole financial technology in this world.

moanamakeway

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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?

No. Because then it will be centralized because a country owns or represents that currency. The price will depend on their economy. This is sad for non citizens.

pathapoddo

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I don't think any country will want to make BTC as their national currency. It is a online currency. It is not suitable for eveyday transactions as well as it's need internet to access. Everyone not afford internet. Bitcoin only can use for occasionally not evetday because it has a high price.

pallang

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I think it's impossible that Bitcoin will become as a national currency because it's value is high enough and it's not suitable to use it everyday for daily needs and transactions and it's not appropriate to some people without internet whereas monetary currencies can be used in any transactions the easiest way but if the government will approve it why not

supermam

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I don't think so that bicoin can become a national currency because of it's value and it's not suitable for daily transactions and also in paying small bill payments not.like moneytary currencies it's very easy to use in all transactions

millgates

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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.

I agree, the probability is too small. Government will always support their fiat because they need to control it to make their country's economy stable. Government still afraid about bitcoin volatility, I am sure that the governments are prefer like to choose gold as their national currency rather than bitcoin.

Jedzkie050617

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Quote from: mrbnson on November 14, 2017, 08:34:34 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 do not think it will ever become a national currency, there's too much volatility and the ever increasing price is not good to be used as a national currency. Furthermore it is decentralised and so supply cannot be used to influence the economy.

Bitcoin is a crypto currency that lives in the cyberworld which decentralized was occurred. As far as we know it just a currency in the cyberworld and it will never be a currency as what fiats money we have. Furthermore it is a demand crypto currency which many traders and investors or businessman grabbing an opportunity to have a good profit and to have more good return in the future. Also, bitcoin helps the economy in the country legalized bitcoin since many people want to invest and make there life easier and comfortable like paying transaction processes.

mrbnson

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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 do not think it will ever become a national currency, there's too much volatility and the ever increasing price is not good to be used as a national currency. Furthermore it is decentralised and so supply cannot be used to influence the economy.

qwertyup23

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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?

No. Firstly, you need to consider the nature of bitcoin being decentralized, meaning no government entity or institution can ever regulate its transactions. Second, due to its high volatility, its price is very unstable making products or services inflate in a shorter period of time. Third, bitcoin being digitalized mandates every country to adapt to its system. Since every country have their own technological advancement, countries on the weaker side (developing countries) would have a hard time switching from fiat to bitcoin (some countries still use barter system!). Lastly, bitcoin is always subject to hacking especially if one individual cracks the code and hacks the entire system.

Oasisman

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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?

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.

barefield22

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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.

z38630610

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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 little bit hard for one country. But if there will be many governments which accepted bitcoin like USA UK CHINA or etc, then many of them start to use bitcoin as natural currency. I think national bitcoin currency is a dream which is hard to make it a reality.

sariz12

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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 definitely agreed with you that bitcoin is too volatile to be used as a national currency , bitcoin being volatile will cause inflation in that particular country that adopted it as a national currency and coupled with the fact that bitcoin is decentralized I.e it is not controlled by anybody will even makes it much more difficult to be used as a national currency ... But the other side of my opinion is,there is a big possibility that the bitcoin will become a national currency. Aside from its popularity, it has an advantage from other currency because of it's amazing features that no other currency has. And that features may be the reason for it will become a national currency in the near future ...

deviant99

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It is impossible that bitcoin becomes a national currency because it is still in the process and it's volatility so the price will change varies prior to bitcoins. For most of the countries it will hard for them the regulate it. We'll expect this for the future.

PhucS

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I suspect this, in my view, Bitcoin will not be able to become a national currency, although Bitcoin is of high value and has many benefits but it has a lot of inappropriateness. Bitcoin does not have the necessary basic attributes of a currency, because Bitcoin is just a code sequence generated by complex algorithms. The supply there is also limited, especially as it does not depend on anyone and the currency is under the control of the government. I think Bitcoin can be considered as asset or a high value commodity

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