BTC as a national currency? - page 30.

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Quote from: equator on October 17, 2017, 06:30:31 PM

BTC as a National Currency is a very long story, as of now where bitcoins cannot be used like fiat currency , it is mostly used as investment option or just earn bitcoins and convert them to fiat currency and enjoy it. So moreover Bitcoin is a good investment option rather then it becomes a national currency.

That's not strictly true. Not everyone is in it for the investment. There's many of people who do what they can in Bitcoin and then convert their Bitcoin into fiat when they need to pay bills etc.

I don't think Bitcoin will become a national currency per say, at least not for a very long time. It's currently making some waves but, in no way is it currently competing with traditional currencies. Even though it's conversion rate is the biggest it's been. For Bitcoin to become the main stream currency in a country and considered the national currency would require several big movements/organisations/companies to start trading in Bitcoin.

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BTC as a National Currency is a very long story, as of now where bitcoins cannot be used like fiat currency , it is mostly used as investment option or just earn bitcoins and convert them to fiat currency and enjoy it. So moreover Bitcoin is a good investment option rather then it becomes a national currency.

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I think BTC would never be accepted by states as alternative to national currencies. Governments just won't allow it.

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Quote from: Akash1243 on October 17, 2017, 04:20:43 PM

I don't see any nation adopting bitcoins as their national currency as bitcoins are decentralized which means that government can't control or track transactions of bitcoins which could be pretty disastrous for an nation if their national currency is bitcoins.National currency also show a nations economy status and bitcoins are highly unstable or volatile and are affected very easily.Also that bitcoins are seen more as an investment rather than currency.But we could surely can't say as bitcoins are unpredictable.

It can be used anywhere that it can be considered as a national cryptocurrency but can't be tagged as one,it's unlike to hapen since some countries bans it and other governments have no knowledge it exist or have no time for it. For now it's indeed an investment and assey at the same times.

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I don't see any nation adopting bitcoins as their national currency as bitcoins are decentralized which means that government can't control or track transactions of bitcoins which could be pretty disastrous for an nation if their national currency is bitcoins.National currency also show a nations economy status and bitcoins are highly unstable or volatile and are affected very easily.Also that bitcoins are seen more as an investment rather than currency.But we could surely can't say as bitcoins are unpredictable.

usorin

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i was wondering why should a country adopt as a national currency bitcoin when, i know there is no ground, bitcoin could make it's own digital country, you know like the SIMS for example. Considering how much time people spend in pc games and so on they start to lose the difference from the two worlds. I have seen that out there we can find a lot of crypto lovers, and we all like to trade. We have a currency, we have a digital market, users (Citizens), all we need is a Government and we will be legal. The country of Crypto.

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Quote from: fasdorcas on October 14, 2017, 02:08:31 AM

Quote from: BitBuff2000 on October 11, 2017, 10:19:01 AM

BTC cannot be like other national currencies. But that is what makes it stronger and unique hence cannot be manipulated for corruption and other similar evil activities.

Don’t be that pessimistic dude. There is nothing wrong in making bitcoin the national currency of a state. Bitcoin is not only a currency but also an investment. This is what makes it stand above all conventional currencies. Bitcoin has changed lives of many worldwide and helped them living a peaceful life. I don’t think so a state that would make bitcoin national currency will suffer in any way.

Bitcoin as national currency can in fact being a great revolution for the people living in that country. There is nothing harm in declaring bitcoin as the national currency. The only thing that matters is the interest of the government. If the government is willing to take this step, then I think this will help a lot in making the economy of that country better.

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Quote from: BitBuff2000 on October 11, 2017, 10:19:01 AM

BTC cannot be like other national currencies. But that is what makes it stronger and unique hence cannot be manipulated for corruption and other similar evil activities.

Don’t be that pessimistic dude. There is nothing wrong in making bitcoin the national currency of a state. Bitcoin is not only a currency but also an investment. This is what makes it stand above all conventional currencies. Bitcoin has changed lives of many worldwide and helped them living a peaceful life. I don’t think so a state that would make bitcoin national currency will suffer in any way.

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Every country will implent those laws and regulation in their country which will give a great profit to their country. So bitcoins will never be controlled by a person or a group of person or a country and its impossible in future also due to which a country will never accept as a national currency because it will not profitable to any country as their national currency.

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bitcoin is kind of currency which can't be handle by single country, when bitcoin become national currency of any country it mean it become centralized by government it mean that government have to make centralized banks take control on bitcoin which can be much difficult for any country.

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Quote from: Cranidos on August 14, 2017, 02:31:25 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 also believe so. The fiat and Bitcoin system should work together since they have their own specialty like fiats are more like having an instant or urgent transaction while Bitcoin can be used as a mode of transaction in an international scale so you won't need it to convert from one fiat to the other. I wil not elaborate more.

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I hope so but it is very difficult to implement a digital currency as national currency of any country. Like if we look at the countries’ currencies every currency is established from the first day of that countries establishment. So it is not that much easy to say that bitcoin can be a national currency of any country but still we can hope for this.

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Quote from: Bolt Brownie on October 11, 2017, 06:34:08 AM

Quote from: Gaos on October 11, 2017, 06:15:35 AM

Quote from: RamBahadur.Gurung on October 11, 2017, 06:12:42 AM

It is a long shot. Which country will declare Bitcoin as a national currency? In order to do that, they need to mint Bitcoin metal coins and Bitcoin banknotes. And it will be very difficult, since Bitcoin is a digital asset. Another issue is the availability of the internet.

The difficulty is not whether there will be access to the Internet. The difficulty is that this currency can not be predicted and controlled. For this reason, bitcoin can not become a national currency. The economy is not ready for this

I agree with you and to be honest I don't even think bitcoin will ever attempt on being that. It simply wasn't made to be a national currency, because it's suppose to be decentralized, and not controlled by any government. To be national, is to be centralized and controlled, and bitcoin will never be that. So I guess that bitcoin can attempt to become global decentralized currency, that is much better than to be a national currency.

This is a good point. Bitcoin being a national currency will only destroy its main purpose which is decentralization. It must not be controlled by any political institutions. So, let's all just live up to that concept and try not to change what has been its purpose. I can't even imagine how will it be a national currency when the price fluctuates not just in every day but every instant.

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BTC cannot be like other national currencies. But that is what makes it stronger and unique hence cannot be manipulated for corruption and other similar evil activities.

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Making BTC as a national currency might put that country at risk. The price of bitcoin rest solely upon is users. As they describe it, bitcoin is bubble. If suddenly bitcoin's price start going down up to 0, then you exposed that country to all kinds of danger. Chaos, war and confusion will cripple in, more and more people will feel the panic and before the news spreads death is already at the door knocking.

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Quote from: Gaos on October 11, 2017, 06:15:35 AM

Quote from: RamBahadur.Gurung on October 11, 2017, 06:12:42 AM

It is a long shot. Which country will declare Bitcoin as a national currency? In order to do that, they need to mint Bitcoin metal coins and Bitcoin banknotes. And it will be very difficult, since Bitcoin is a digital asset. Another issue is the availability of the internet.

The difficulty is not whether there will be access to the Internet. The difficulty is that this currency can not be predicted and controlled. For this reason, bitcoin can not become a national currency. The economy is not ready for this

I agree with you and to be honest I don't even think bitcoin will ever attempt on being that. It simply wasn't made to be a national currency, because it's suppose to be decentralized, and not controlled by any government. To be national, is to be centralized and controlled, and bitcoin will never be that. So I guess that bitcoin can attempt to become global decentralized currency, that is much better than to be a national currency.

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Quote from: RamBahadur.Gurung on October 11, 2017, 06:12:42 AM

It is a long shot. Which country will declare Bitcoin as a national currency? In order to do that, they need to mint Bitcoin metal coins and Bitcoin banknotes. And it will be very difficult, since Bitcoin is a digital asset. Another issue is the availability of the internet.

The difficulty is not whether there will be access to the Internet. The difficulty is that this currency can not be predicted and controlled. For this reason, bitcoin can not become a national currency. The economy is not ready for this

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It is a long shot. Which country will declare Bitcoin as a national currency? In order to do that, they need to mint Bitcoin metal coins and Bitcoin banknotes. And it will be very difficult, since Bitcoin is a digital asset. Another issue is the availability of the internet.

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Quote from: gameK on October 09, 2017, 09:39:20 AM

Quote from: jc89 on October 09, 2017, 07:06:18 AM

Quote from: ZakariaKan1997 on August 14, 2017, 12:52:09 PM

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?

There's no chance btc can become a national currency. Why? It's because first of all, there are the banks who would protest and of course the government will definitely won't allow it. The threat of money laundering is always present with btc and that will always be the case that the govt will reason out. And besides they have no power over btc. They cannot control it and iy can also be used by politicians who don't wish to share their net worth most especially if they are involved in illegal transactions.

But there is any chance, example like after any kind of hardfork, it's become crypto currency that belong to some only in one nation. That could be happen any chance? And if it happen what things will happen besides?

That may be possible in next five to six years and the countries who are been predicted to do so are japan and Singapore, because at the present moment these two countries are making more profit from bitcoin as compare to any other region of the world and anyone who will declare bitcoin as national currency will lead the world due to its economy factor and everyone wants to enter bitcoin country.

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Quote from: ferdaus on October 09, 2017, 04:10:06 AM

Bitcoin is difficult to consider because of a big coin but it can not be a national currency. Each country has its own currency system. This way, doing bitcoin nationalization is not just easy, it can be rowdy.

It's not going to happen and I doubt it that bitcoin will become a national currency because it is decentralized and the gov't will never get that adoption for real. They can treat bitcoin as alternative currency but it will never be called as a national currency and it's not even physically generated so it's impossible to see in the future that bitcoin will be a national currency, unless you are at a bitcoin community.

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