BTC as a national currency? - page 36.

covfefe_

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Quote from: Tipstar on August 30, 2017, 03:20:47 AM

Quote from: GoodLuck2 on August 30, 2017, 03:01:23 AM

Quote from: audrey12 on August 29, 2017, 04:10:23 AM

No I don't think bitcoin can become a national currency because there is only limited number of bitcoin and I don't think it can sustain the demand in the market and also if it will become a national currency many country may not accept bitcoin the way it is accepted now.

Yep! It is quite absurd to think of bitcoins as national currency and the main reason you have discussed. Bitcoins are limited edition and moreover decentralized. No country can have full control over bitcoins. Bitcoins are supposed to be international currency used by everyone. They are not meant for any particular community or country.

With the evolution of fiat currency to blockchain based valued tokens, we have changed the way our economy works (at least to some extent).
Who know what the future holds for the definition of a nation.

With your private keys with you, you just need a visa to travel around the world.
Bitcoin shouldn't be a national currency as it is already a global currency.

Tipstar

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Quote from: GoodLuck2 on August 30, 2017, 03:01:23 AM

Quote from: audrey12 on August 29, 2017, 04:10:23 AM

No I don't think bitcoin can become a national currency because there is only limited number of bitcoin and I don't think it can sustain the demand in the market and also if it will become a national currency many country may not accept bitcoin the way it is accepted now.

Yep! It is quite absurd to think of bitcoins as national currency and the main reason you have discussed. Bitcoins are limited edition and moreover decentralized. No country can have full control over bitcoins. Bitcoins are supposed to be international currency used by everyone. They are not meant for any particular community or country.

With the evolution of fiat currency to blockchain based valued tokens, we have changed the way our economy works (at least to some extent).
Who know what the future holds for the definition of a nation.

GoodLuck2

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Quote from: audrey12 on August 29, 2017, 04:10:23 AM

No I don't think bitcoin can become a national currency because there is only limited number of bitcoin and I don't think it can sustain the demand in the market and also if it will become a national currency many country may not accept bitcoin the way it is accepted now.

Yep! It is quite absurd to think of bitcoins as national currency and the main reason you have discussed. Bitcoins are limited edition and moreover decentralized. No country can have full control over bitcoins. Bitcoins are supposed to be international currency used by everyone. They are not meant for any particular community or country.

audrey12

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No I don't think bitcoin can become a national currency because there is only limited number of bitcoin and I don't think it can sustain the demand in the market and also if it will become a national currency many country may not accept bitcoin the way it is accepted now.

Dedewahyu

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Quote from: karmamiu on August 29, 2017, 02:43:16 AM

Quote from: Dedewahyu on August 29, 2017, 02:30:24 AM

I hope bitcoin to be accepted in all countries as a legitimate means of exchange. we do not need to redeem fiat money into money exchange services. if bitcoin can be used to buy plane tickets is great.

It is not that easy, and it will take time to have progress, besides bitcoin yet has a lot to improve. Right now bitcoin is still being talked to so many forums and anywhere, they can see great potential to it as well as us here. In different perspective i think if bitcoin will be legally accepted in the economy and it would be approved by the government, i think we would have to pay more fees because of taxes they put upon.

If bicoin is taxed by the government, it's beyond the concept of bitcoin whitepaper. which carries a free transaction. and peer-peer direct transactions

altseeker

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A truly decentralized currency is the real concept behind Bitcoin. It wouldn't be as popular as today if it is centralized and regulated like normal currency. Remember Silk Road online marketplace that help push the popularity of bitcoin?

karmamiu

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Quote from: Dedewahyu on August 29, 2017, 02:30:24 AM

I hope bitcoin to be accepted in all countries as a legitimate means of exchange. we do not need to redeem fiat money into money exchange services. if bitcoin can be used to buy plane tickets is great.

It is not that easy, and it will take time to have progress, besides bitcoin yet has a lot to improve. Right now bitcoin is still being talked to so many forums and anywhere, they can see great potential to it as well as us here. In different perspective i think if bitcoin will be legally accepted in the economy and it would be approved by the government, i think we would have to pay more fees because of taxes they put upon.

eagle10

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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?

I guess, it cannot be good as national currency because not all people in the world don't want to get involve in the digital world. it is not back by physical asset or gold or any valuable metal stone.

Dedewahyu

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I hope bitcoin to be accepted in all countries as a legitimate means of exchange. we do not need to redeem fiat money into money exchange services. if bitcoin can be used to buy plane tickets is great.

rocketbits

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There’s no country actually going to accept that as a currency other than its own and even if its going to do there would be a lot of regulations before anyone can use it freely.

futile-resistance

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Quote from: BingoDog on August 24, 2017, 04:29:13 AM

I wouldn't like that bitcoin is tied only to one or few countries who will have it as their national currency, I don't think something like this was originaly planed. No matter that being a national currency wouldn't stop bitcoin being used in all other countries I believe that bitcoin belongs to everyone and shouldn't in any way be tied just to some countries because that would also have other consequences.

Nope, there is nothing to worry about if some country is making bitcoins as their national currency. This would not limit bitcoins just to that particular country. Rather it will make bitcoins more famous and increase their worth. Bitcoins are for everyone and this act will not change this fact in any way.

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Bitcoin is "legal" in most countries. Its just not the national currency. Countries would be stupid to give away their fiscal policy.

knightmairesaint

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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?

Maybe yes, if bitcoin become legalise most of the country accept this because of uses and benefits coming from bitcoin. My point is bitcoin is beneficial to us, due to their price, many of us survived in their daily needs, it is one who can help in our economy.

They need a long time before it happen, they need allot of user to become one of the national currency. They need a good images to the old user to hold this currency.

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Quote from: theblack_cat on August 23, 2017, 11:49:13 AM

Currency cryptocurrency or bitcoin in my opinion will not be able to replace the state currency, because if bitcoin will take over the country's currency the government will certainly act immediately to stop bitcoin.

Why government act immediately to stop bitcoin ?
I mean is there any trouble for them or they want to make his national currency continue? But any way I think bitcoin will never be a national currency because bitcoin work good on global level, they unique state can’t be able to maintain that popularity of bitcoin, so it work good just the way it is.

LindaQ

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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?

did you mean a national currency is a currency on just one country? Or whole country in the world? I thought maybe someday bitcoin will replace dollar as a international currency and Everyone know what bitcoin is, just like a dollar. But it will be happen if there's already at least 30% people in this world have know and using it.

Phutr

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Assuming one country would adopt the current Bitcoin as a national currency. This would mean that all the goods and services that you can acquire on the national soil would be payable only with Bitcoins.

I would assume that the drawbacks of a transborder currency (such as EUROS) would scaled proportionnally to the worldwide nature of Bitcoins. Because this would mean than, apart from having no control over the currency itself, this country would be tied by the Bitcoin economy occuring outside of its boundaries. When I refer to EUROS, this is what is happening currently between EURO zone countries yearning for increasing the money supply for developement, and the EURO countries drying the economy for securing savings value.

This would create to much impediments for the national economy to develop accordingly with its needs and ambitions.

ged00u

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Quote from: malikusama on August 23, 2017, 01:32:22 PM

No, a decentralized currency will never be a national currency whose transactions are anonymous and there isn't any interference of government. Bitcoin is pioneer in cryptocurrency world and is one of the best investment for the future but it doesn't mean that it will be accepted as a national currecny, no government will ever do it.

I do agree with you. No matter how great bitcoin or the cryptocurrency can be, the government will never accept them as a national currency because it is anonymity and it protects the users's Identity while the government requires more. They want the ID from all citizens so that they can easily control the world and their economic system state Wink

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Quote from: secdark on August 24, 2017, 07:51:29 AM

Quote from: Pubg_man205 on August 24, 2017, 07:44:47 AM

Bitcoin will never become a national currency. No country will want to accept it as a national currency because of too high and unstable prices. Each country already has its own national currency, which they are proud of.

Ton of countries now accepting bitcoin in their place and sort of there are few countries makes a bill about the bitcoin, it is still capable of being a national currency on a country because of its price and demand, if the demand will go up then that is the time i think they will likely to do a research if it is capable. The price is volatile yes but that is the characteristics of bitcoin and the best is it will go up more

The very nature of bitcoin would not allow any government to adopt it as national currency. It can't be controlled by the government. For the demand that btc generates, some countries have accepted and is promoting its use but not to the point of it becoming a ntional currency

secdark

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Quote from: Pubg_man205 on August 24, 2017, 07:44:47 AM

Bitcoin will never become a national currency. No country will want to accept it as a national currency because of too high and unstable prices. Each country already has its own national currency, which they are proud of.

Ton of countries now accepting bitcoin in their place and sort of there are few countries makes a bill about the bitcoin, it is still capable of being a national currency on a country because of its price and demand, if the demand will go up then that is the time i think they will likely to do a research if it is capable. The price is volatile yes but that is the characteristics of bitcoin and the best is it will go up more

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Bitcoin will never become a national currency. No country will want to accept it as a national currency because of too high and unstable prices. Each country already has its own national currency, which they are proud of.

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