Topic: BTC as a national currency? - page 45. (Read 12619 times)
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.
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.
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?
Liberland,a mini nation has made bitcoin as their national currency.But it would not be suitable for bigger nations as they already have their own currencies strong.So,they don't have a must situation to make bitcoin as national currency.More over,bitcoin is highly volatile in its price.So,it would not suit for a government to have such a currency as national currency.What they could do it they could legalize bitcoin as japan or else,they could allow bitcoin to use as a secondary currency.Iran is discussing to use bitcoin as secondary currency to bye pass US sanctions. 
Most governments are too inefficient and dysfunctional to implement a cost effective national cryptocurrency.
The united states spending trillions of dollars on healthcare reform without producing much in the way of tangible positive gains is a good example of this.
A single person like Satoshi, or a small group of developers could do a far better job than a government when it comes to designing, producing and implementing something.
The united states spending trillions of dollars on healthcare reform without producing much in the way of tangible positive gains is a good example of this.
A single person like Satoshi, or a small group of developers could do a far better job than a government when it comes to designing, producing and implementing something.
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.
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. The ability to both monitor and control the fiat money supply is one of the greatest single powers of governments. And BTC, because its price cannot be controlled by various macroeconomic measures, is too volatile to base a national economy around. Producers, merchants, workers and customers all need a stable currency in order to make a stable living.
,i guess yes it is already, even though some of the countries aren't legalizing or not yet legalized bitcoin, there are already exhanges happening in their local currencies or fiats. Maybe there are so many rumors or speculations that it may replace the fiat in terms of value, i don't think it is quiet impossible for now, maybe someday we don't know.
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?
Probably bitcoin won't ever become a national currency. First of all, no country in this world would even consider using something that can be used only in the internet but not while offline. Also governments won't let it since they want a national currency to be controllable by them and not decentralized. Finally, bitcoin's transaction speeds does not confirm in an instant while you can pay instantly with fiat. 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?
Probably not. Because of bitcoin's feature, it would be hardnfor any government to control btc transactions. You can't have a national currency without government control right?
the bitcoin was conceptualized as a payment system and is treated as virtual currency and it is the king of virtual and crypto currency if there will a vitual nation created from a virtual world then bitcoin will be their national virtual currency.
I don't think a specific country will make bitcoin as their national currency. Bitcoin has been using world wide and I think it will stay that way. No particular country will own it and can use it as their national currency
There is a possibility that this will be national currency and yet there will be more competition as it will have a lot of influential banks. There's a lot of talk and there's definitely something to complain about here. Because others do not know bitcoin yet and they can not afford to buy the phone. But we can see the bit more slowly in bitcoin we do not know what's happening right now but there are plenty of improvements in the future of our national currency and if this happens at the same time as our technological development. Also, it is difficult to find that it is a currency because it requires technology before you can pay for any store.
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.
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?
Do you mean BTC as a legitimized currency or BTC as sole national currency?
We're already seing BTC as legitimized currency in one way or another in a lot of countries.
In addition to the already mentioned points of volatility, scalability and politics, BTC as a sole national currency can't work due to it's deflationary nature. At one point BTC could work as national reserve, but some form of inflationary fiat will always be required for economic growth. Without credit, no economic growth. And you definitely don't want to take a long term loan on a deflationary currency.
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 quite 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. 
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?
Could be yes and can also not. Become a national currency is too impossible, because bitcoin crypto currency that exist only in internet world, but can also yes in this world nothing is impossiblePossibility is within reach, it could happen if this will be supported by our government thru exchange rate. But for now we are stablishing whats better for the country.
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?
Could be yes and can also not. Become a national currency is too impossible, because bitcoin crypto currency that exist only in internet world, but can also yes in this world nothing is impossible 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?
IMO, bitcoin will never be a national currency because of that will be the case, many countries will be making a move to make it their national currency or they will create another digital currency to be used in their country. I think bitcoin will be more like a global currency than being a national currency.
Thats will be good if become national currency. Some country like japan and rusia (if im not forget, correct me if im wrong) already accept bitcoin. And hope it will accepted to another country. But if we see the prices isnt stable. So, for now it cant become national currency.
Only japan.
Thats will be good if become national currency. Some country like japan and rusia (if im not forget, correct me if im wrong) already accept bitcoin. And hope it will accepted to another country. But if we see the prices isnt stable. So, for now it cant become national currency.
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