BTC as a national currency? - page 37.

mdripon

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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?

BTC is a national currency. but it has increased, our country national currency Tk, if BTC is legal than this can do our national currency,

BingoDog

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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.

Biggapp

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Quote from: theblack_cat on August 23, 2017, 10:49:13 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.

it will be good to have bitcoin as our national currency but bitcoin is not having that much popularity yet because still in a lot of countries bitcoin is still growing and soon it will be most popular currency because it is being accepted in several countries and it will make bitcoin a legal currency for sure and the price increases the value so it is not so difficult yet.

Gozie51

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It will really be fascinating . The first introduction would really take that particular country like storm, people would initially find it difficult to acclimatize. Enough orientation would go in, confidence would need to be built vis -a - vis / security of the currency and overall ,looting by the government won't start immediately. This I foresee.

1Referee

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Quote from: Tyrantt on August 23, 2017, 02:23:44 PM

Also, sure there might be a cryptocurrency implemented as a national currency, but it most likely won't be bitcoin. Probably some new alt-coin.

It surely will be a completely new currency tool - one that's completely centralized and where the government has the ability to freeze and seize any actual balance with just a few mouse clicks. Another factor is that every coin/token you spend trough their network, will have all your personal information attached to it, and from there the government can follow/track all your movements, purchases, etc. It can even prevent you from donating or paying to whatever entity. It will give people an ultimate form of convenience, but they will have to pay a very heavy price for that. I would never make use of something like that, and neither should others - financial freedom is the goal to aim for, and not going backwards.

Addressed

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For me bitcoin is worldwide currency that people will use here in the internet and to the stores that accept bitcoin as a payment.

batang_bitcoin

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Quote from: theblack_cat on August 23, 2017, 10:49:13 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.

It won't be replacing the state currency but for us who are in the community we can just proclaim bitcoin in our jurisdiction as a national currency even without legislation by the law. And suddenly they will be recognizing it and they can't do something about it as we are only proclaiming it as a national currency inside the community.

yvesp110

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Quote from: theblack_cat on August 23, 2017, 10:49:13 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.

This decision pretty much depends on the public of that country. If people are quite fond of this currency and are ready to treat it as state currency, I don’t think so there would be nay problem in doing so. But what my experience and history says is that it could be used as secondary currency by any state.

Tyrantt

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Nope, not bitcoin and not of any existing country atm. Why would you implement currency, as a national currency, that's so volatile and unstable and when everyone else can mine it. Those are the first things that come to my mind on why not. Also, sure there might be a cryptocurrency implemented as a national currency, but it most likely won't be bitcoin. Probably some new alt-coin.

dmamigo

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Quote from: malikusama on August 23, 2017, 12:32:22 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.

Government won't let that happen really, though its not fully anonymous and even if government uses it or accepts it.
Bitcoin can co exist with the specific centralized currency for sure and it will, but it can never be a national currency. It will effect the economy system of the entire world even if one country does it.

malikusama

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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.

theblack_cat

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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.

Fundalini

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The problem in bitcoin being a national currency is that it can't be used by all and can't be used anytime. People without internet especially those in the 3rd world countries would have a hard time using it.

No country would be insane enough to do this i think. There are far to many risk like the country's wallet getting hacked or illegal transactions booming.Bitcoin i just fine as it is alongside fiat.

KennyR

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Quote from: Lancusters on August 23, 2017, 06:26:59 AM

Bitcoin will always be an alternative currency for the people. The government will never recognize it as the official currency. But it seems to me that the less the state interferes in the circulation of bitcoins the more popularity will have bitcoin.

Well that's true, governments never recognize bitcoin to be a national currency rather than few countries that are good in the technology advancement. If the governments start making it a national currency surely it tries to manipulate the price for economic growth of the country. In this regard I always think that bitcoin will be accepted as an alternative for traditional fiat.

pedrog

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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 cannot, the same way gold isn't used by any nation state and all sovereign currency is detached from gold prices, it leaves the country currency vulnerable to market forces and manipulation way beyond the country's control.

Gold backed sovereign currency caused many problems for the countries who used at some point, the same will happen if a country adopts bitcoin as currency.

perfect999

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That’s actually going to be a dream come true but its going to be very hard to come to pass. No nation would ever agree to let go off its own currency and then pick up a currency in which even the inventor isn’t known.

TheBTCAlex

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Nah, I honestly don't think that BTC is stable enough to become a national currency, the market value of BTC is too volatile and investors, stock traders who currently deal with fiat will be in no way happy to see the introduction of BTC as the major player instead of their fiat. They would almost certainly make huge losses, and on the point of view of the whole country, the economy of the country would take a huge dip if suddenly the value of BTC struck the ground.

First BTC needs to achieve quite a bit of stability to be even considered as a possible national currency, and even then I think as governments won't be able to regulate BTC usage, tax it and stuff, they won't introduce it as an official national currency.

Choyor

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Bitcoin into the national currency. I think not, with the replacement of the currency konpensional by bitcoin that means everyone in the must transact using virtual currency, it means everyone in must use bitcoin, while to join in bitcoin we must have its media, that is computer or smarphone, while For middle and lower society do not have the media. I think it will be difficult.

GlassMaster

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Bitcoin can not be a national currency, because it is anonymous and created by one developer, not a whole state. No one will make a national currency out of it either because of its volatile price.

Lancusters

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Bitcoin will always be an alternative currency for the people. The government will never recognize it as the official currency. But it seems to me that the less the state interferes in the circulation of bitcoins the more popularity will have bitcoin.

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