BTC as a national currency? - page 44.

bamboylee

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Quote from: HAARP on August 15, 2017, 06:25:01 PM

BTC has no nation, no country, no government, no state, no rule, no borders. Why are you guys attempting to make it a national currency so that it could be under a centralized power's control. This doesn't make any sense.

You are right in there. It seems that some people still do not grasp the idea of decentralization and still stuck in their centralized form of currency. It is hard to change when you have been that way for your whole life.

michellee

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in my opinion, it is better for bitcoin as a global currency and not as national currency because if bitcoin as national currency, the government will interfere inside the bitcoin community and blockchain technology and want to dominate and its not fair and not good for bitcoin itself. if bitcoin as a global currency, then the government will not trying to interfere because there will be many people and many country that do not want this happen.

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Quote from: stolendata on August 15, 2017, 07:08:53 PM

Quote from: Basmic on August 15, 2017, 06:45:19 AM

Never bitcoin will not be used as the national currency. This is not only because the government is deprived of the opportunity to monitor any crypto currency, but because it is impossible to trust in the wrong hands the fate of the state. It is very risky.

i think currently it look like impossible but i think in future we can expect that bitcoin will become national currency of every country because every country is going to accept bitcoin.

The country just want to accept the bitcoin as a national currency. But bitcoin will be considerable as alternative currency that gives the more possibility to make the digital transaction will be so easy.
but the chance for bitcoin to be a national currency is zero.

xuan87

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No that will not happened and it is a bad idea for a country to adopt Bitcoin as a national currency, Bitcoin volatility is very high and uncontrollable, with this condition it can caused the price for daily needs to be fluctuated, and when the supply of Bitcoin is not enough it can caused a big inflation, the country economic will be ruined and unpredictable and the citizen will be suffering

Creepings

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Quote from: HAARP on August 15, 2017, 06:25:01 PM

BTC has no nation, no country, no government, no state, no rule, no borders. Why are you guys attempting to make it a national currency so that it could be under a centralized power's control. This doesn't make any sense.

I don't know the why did they think of this mattee but one thing for sure, it will not be happening. Also, if this happen, no one will be taking a liking into the new bitcoin that is a centralized one. I'd rather transfer my savings into another digital currency if that happens.

stolendata

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Quote from: Basmic on August 15, 2017, 06:45:19 AM

Never bitcoin will not be used as the national currency. This is not only because the government is deprived of the opportunity to monitor any crypto currency, but because it is impossible to trust in the wrong hands the fate of the state. It is very risky.

i think currently it look like impossible but i think in future we can expect that bitcoin will become national currency of every country because every country is going to accept bitcoin. Japan has already accepted bitcoin as legal currency and now they are using it as normal currency in their country, i am sure that very soon other countries will also follow them and turn bitcoin as legal currency because the new generation are too much interested in online currency.

SirPereira

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Totally impossible in my opinion. Too much volatile and being decentralized is totally a no go for any government at all. Governments need to control their own coin. A coin value can change everything.

And as already been said, the time for a transaction to be confirmed plays another huge factor on it.

HAARP

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BTC has no nation, no country, no government, no state, no rule, no borders. Why are you guys attempting to make it a national currency so that it could be under a centralized power's control. This doesn't make any sense.

manchester93

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Quote from: allohha on August 15, 2017, 06:11:11 PM

Quote from: bluefirecorp on August 15, 2017, 06:04:29 PM

Quote from: romani245 on August 15, 2017, 06:57:03 AM

Quote from: Basmic on August 15, 2017, 06:45:19 AM

Never bitcoin will not be used as the national currency. This is not only because the government is deprived of the opportunity to monitor any crypto currency, but because it is impossible to trust in the wrong hands the fate of the state. It is very risky.

Governments can easily monitor most cryptocurrencies, including Bitcoin. This is one of the reasons that BTC-e was taken down: through blockchain analysis that linked someone to the laundering of ~ 600,000 bitcoins.

The problem lies in the fact that they can't control the currency. Governments (and central banks) want the ability to prop up the economy if necessary. This can't be done with bitcoin as a national currency.

Yes. This is the major reason bitcoins are not being treated as a state currency by any government. Bitcoins give maximum liberty to people and that is not accepted by governments. All governments want to rule and control their people completely whereas bitcoins have contradictory objectives.

The fact is that many users will still speak very different words than those that speak today. As soon as the government starts the procedure for legalization of the crypto currency, each user will have to prepare to pay taxes, the finance verse that they extract using the crypto currency. I think that many will not be ready for this issue and therefore all legalization will be of no benefit to anyone.

Legalization will be of great benefit to the venture capitalists and investment bankers who are entering the space. They need the green light from government to fully pile into the Bitcoin space. I think that from a startup perspective, it was pretty risky to be in the Bitcoin industry until this year.

Now, it seems like regulation is happening fast. I bet we'll see an ETF within the next year or two. I think we will also see more law enforcement actions against unregulated exchanges. Undecided

allohha

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Quote from: bluefirecorp on August 15, 2017, 06:04:29 PM

Quote from: romani245 on August 15, 2017, 06:57:03 AM

Quote from: Basmic on August 15, 2017, 06:45:19 AM

Never bitcoin will not be used as the national currency. This is not only because the government is deprived of the opportunity to monitor any crypto currency, but because it is impossible to trust in the wrong hands the fate of the state. It is very risky.

Governments can easily monitor most cryptocurrencies, including Bitcoin. This is one of the reasons that BTC-e was taken down: through blockchain analysis that linked someone to the laundering of ~ 600,000 bitcoins.

The problem lies in the fact that they can't control the currency. Governments (and central banks) want the ability to prop up the economy if necessary. This can't be done with bitcoin as a national currency.

Yes. This is the major reason bitcoins are not being treated as a state currency by any government. Bitcoins give maximum liberty to people and that is not accepted by governments. All governments want to rule and control their people completely whereas bitcoins have contradictory objectives.

The fact is that many users will still speak very different words than those that speak today. As soon as the government starts the procedure for legalization of the crypto currency, each user will have to prepare to pay taxes, the finance verse that they extract using the crypto currency. I think that many will not be ready for this issue and therefore all legalization will be of no benefit to anyone.

bluefirecorp

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Quote from: romani245 on August 15, 2017, 06:57:03 AM

Quote from: Basmic on August 15, 2017, 06:45:19 AM

Never bitcoin will not be used as the national currency. This is not only because the government is deprived of the opportunity to monitor any crypto currency, but because it is impossible to trust in the wrong hands the fate of the state. It is very risky.

Governments can easily monitor most cryptocurrencies, including Bitcoin. This is one of the reasons that BTC-e was taken down: through blockchain analysis that linked someone to the laundering of ~ 600,000 bitcoins.

The problem lies in the fact that they can't control the currency. Governments (and central banks) want the ability to prop up the economy if necessary. This can't be done with bitcoin as a national currency.

Yes. This is the major reason bitcoins are not being treated as a state currency by any government. Bitcoins give maximum liberty to people and that is not accepted by governments. All governments want to rule and control their people completely whereas bitcoins have contradictory objectives.

Celsiuss

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Quote from: Nathland on August 14, 2017, 05:11:00 PM

I don't think that Bitcoin can become national currency of any country as Bitcoin can not work offline which simply makes it unsuitable for everyday transactions. Moreover, Bitcoin transaction are not as quick as paper money transactions are.

This, just this. I mean, to use bitcoin, you HAVE to walk around with your smartphone with a internet connection! I mean, how would you give a little kid some money to buy ice cream? To buy something with bitcoin, you make the payment, wait 30-45 minutes then you walk away. That's just not suitable for everyday life.

ModGirl

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Quote from: tweetbit on August 14, 2017, 10:25:06 PM

I don't think there is a country who will abandoned there local currency for bitcoin. If that happen I don't know if that is also good to bitcoin.

you are right I also think from your prospective but there is lot other things came in my mind, bitcoin is working globally so why any country want to make it it’s national currency? There is money system in every country and this would be good for country, and also if some country want to make bitcoin as a national currency then it will be impossible for them to make new budget and bank cycles according to bitcoin and control its price.

pitham1

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Quote from: themystick on August 15, 2017, 04:18:58 PM

I think Rogue States like Iran, North Korea, Syria, Israel etc. Can use bitcoin for the supporting to paramilitary groups.

(Rogue States for My opinions. It's not related politics. Just my opinion. Respect!)

These countries may receive money from different people in the form of Bitcoin, but it is impractical for them to actually use bitcoin within their countries on any substantial basis. All Bitcoin does in these cases is transfers value.

themystick

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I think Rogue States like Iran, North Korea, Syria, Israel etc. Can use bitcoin for the supporting to paramilitary groups.

(Rogue States for My opinions. It's not related politics. Just my opinion. Respect!)

Vikingr

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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.

Your facts are right, bitcoin is suitable global currency, you cannot make it as national currency, people from whole world know about bitcoin and they work at their homes to earn it. Bitcoin is not a small platform there is a large numbers of team members that regulate and continue its growth and flow in the market which can be very easy for a single country to perform.

romani245

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Quote from: RamBahadur.Gurung on August 15, 2017, 09:29:47 AM

Why should any nation declare a particular currency as its national currency, when it can't control the supply and exchange rates? Also, depending on a digital currency instead of fiat has its own disadvantages. A net connection and smartphone is required for the transactions, and the users need to wait until the three confirmations are done.

It makes no sense at all (except maybe as the currency for an "ancap nation" maybe, which doesn't exist). Controlling the money supply, preventing panic via pegging the forex rates and propping up the economy with printed money: these are the most useful tools for governments to maintain stability and order. That's how they maintain control over their populations: by providing order and stability.

Heyyyrenz

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Actually right now bitcoin is a national currency for everyone over the cryptocurrency world. Why?

1. You can access it from different countries.
2. You can do transaction wherever you are.
3. Can be used as payment.
4. High value.
5. When dumps always recovers

The only disadvatages of bitcoin is that the transaction fee is high and you need a confirmation before the transaction can be successful
.

1Referee

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Quote from: RamBahadur.Gurung on August 15, 2017, 09:29:47 AM

A net connection and smartphone is required for the transactions, and the users need to wait until the three confirmations are done.

This has always been the main disadvantage of crypto currencies. There is no way to exchange value in crypto offline, unless you fully trust the entity you are dealing with, to hand you a private key really containing the promised value. And then still, you can't just leave the funds untouched since you for sure know that you aren't the only one with access to that particular private key. I am actually glad that fiat is doing its job exceptionally well in that regard. I don't even want Bitcoin to function as national currency. Both fiat and Bitcoin have their own use cases, and both can function alongside each other without any problems. One day Bitcoin will do a better job in serving you, while fiat in other cases might be a better option to go for.

Sled

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Bitcoin cannot be a national currency because of its lack of supply in the future because bitcoin is not only available in a single country but for the whole world that can access it through the internet. Bitcoin will just serve as an option for the possible payments and money transfers but bitcoin will not become the legit and only currency as acting as national currency in a country.

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