Do you support the Use of Bitcoin as a National Currency? - page 7.

markint

member

Activity: 329

Merit: 14

Quote from: StarKay on March 05, 2018, 10:07:00 PM

While it is good news for Bitcoin users/hodlers that countries allow the use of Bitcoin as a means of transactions within their border, what will be your position if a country decides to take a step further by using Bitcoin as its national currency?

It is impossible for bitcoin to be considered by any consolidated nation as the national currency, because that would mean giving up sovereign decisions pertaining to the country's monetary policy to third parties, when that is the main function of the central banks of every State. However, I have heard that some of the so-called "micronations", most of them without official recognition from any country, have offered a supposed "virtual" nationality through bitcoin payment, which would constitute bitcoin as the de facto currency of those emerging nations.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: lunnatic on March 05, 2018, 11:07:05 PM

I don't think if country will accept to use bitcoin as a national currency. Bitcoin is decentralized very easy to affect the economy moreover the value is often fluctuation. But if the country will accept that risk i will fully support it.

As is, Bitcoin is the most valuable currency around and because of its intimidating attributes, it's a potential threat to the local currency of any country that settles to use it as a national currency. In the light of that, it's worthy of note that only countries with vibrant economies can be able to muster the strength and the wherewithals to give Bitcoin a nod, Japan is an instance. As for the developing countries, almost all of them are already neck deep in economic crises and bringing Bitcoin into the picture, can only exasperate their situations.

Kahoy01

full member

Activity: 481

Merit: 100

It can't be used as a National currency due to its decentralized nature. if you might be pertaining to bitcoin being an international currency, You are right. The wonders of bitcoin are not only useful as an asset but it also can be used as the main currency of the world.However, people should come up first with a solution for bitcoin's high volatility rate in order for bitcoin to be usable in the currency industry.

adriaymati58

hero member

Activity: 812

Merit: 501

Yes. I think it is a good thing for bitcoin to become a national currency and I am sure this is the way it is heading in the next years

Umkar

member

Activity: 364

Merit: 10

I do not support the idea of using bitcoin as a national currency. If this happens, any economy will not last long and fall apart. It's all about the high volatility of bitcoin. When planning the country's economy, it is necessary to link to a certain rate of national money. If the rate of national money is constantly changing, the economy of the country will not last long. Bitcoin can only walk in parallel with national money.

dzhan

sr. member

Activity: 743

Merit: 250

Quote from: StarKay on March 05, 2018, 10:07:00 PM

While it is good news for Bitcoin users/hodlers that countries allow the use of Bitcoin as a means of transactions within their border, what will be your position if a country decides to take a step further by using Bitcoin as its national currency?

This is good for sure, and it will help to support Bitcoin and spread the word even more about it. But in fact it is impossible to happen in my opinion, because Bitcoin is a decentralized currency, and its price is very volatile, and also governments want to support mainly their fiat currencies controlled by them, and they are actually fighting Bitcoin and digital currencies.

nick_nick

full member

Activity: 350

Merit: 100

Quote from: lvincent on March 05, 2018, 10:23:02 PM

I don't think bitcoin will be a national currency, bitcoin is decentralized with just that reason you can tell that government will not gonna adopt bitcoin as national currency and their are a lot more reason like bitcoins price is volatile, another thing is security and etc. How can you even make bitcoin a national currency it is a digital currency it's not tangible so i'm sure that it will not be a national currency although i support anything that is good for bitcoin and cryptocurrency.

Very true. Since bitcoin is not a physical currency but digital it will be very difficult to use a national currency. I don't think all the people in the economy know about it. Again volatility in terms of price and security over transaction would be a major drawback

Carmen01

full member

Activity: 294

Merit: 101

Streamity Decentralized cryptocurrency exchange

No i don't support it but we can say that this can be international money like english language with no regulator because think if we have regulator about this digital currency all will become similar and if that happen what will be happen to some or different coins or tokens here in crypto of course they are all different like developers of it are different too but still it can happen because all are possible

palle11

sr. member

Activity: 2366

Merit: 332

Quote from: StarKay on March 05, 2018, 10:07:00 PM

While it is good news for Bitcoin users/hodlers that countries allow the use of Bitcoin as a means of transactions within their border, what will be your position if a country decides to take a step further by using Bitcoin as its national currency?

Nice question. Seeking my opinion, I would prefer that bitcoin stays as a choice like it is at the moment but it should be recognized as legally accepted in the country. With such acceptance, the two different currencies would exist distinctly and this will grow the economy and there will be choice of payment

Doge dealer

sr. member

Activity: 462

Merit: 252

Thats very unlikely due to the fact the bitcoins are still very volatile ,and still decentralized and pretty much uncontrollable at this point, and there lies the challenges in making it into a national currency,that's because any currency you choose to make your national currency must be fairly stable in price , it must be somewhat centralized ...if you cannot control your currency then you cannot plan because planning requires a certain amount of predicting how it will react and you also must be able to influence its upward or downward movements , and if you cant plan against it then it will become impossible to create fiscal and monetary policies , so if that should happen that would spell economic disaster at this point in bitcoins development.

just_Alice

hero member

Activity: 1274

Merit: 622

Quote from: StarKay on March 05, 2018, 10:07:00 PM

While it is good news for Bitcoin users/hodlers that countries allow the use of Bitcoin as a means of transactions within their border, what will be your position if a country decides to take a step further by using Bitcoin as its national currency?

I doubt this will happen in the nearest future, govs and banks are generally against cryptos, because when all people will realize how much they can benefit from using them, no one will need banks anymore, only if they accept cryptos, but they won't, because that wouldn't be profitable, they wouldn't be able to regulate money flow, as they used to.

crypto_mastermind219

newbie

Activity: 39

Merit: 0

ofcouse, i totally supported the use of bitcoin as a national currency.firstly, national currency is only used in nationally.but, bitcoin can be use in anywhere in the world. secondly, exchange rate will be charged when national currency is traveled to other countries.on the other hand, there is no charge in bitcoin. thirdly, national currency is not 100% secured,otherwise, bitcoin is 100% secured.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

My country does not place a restriction on Bitcoin use and transactions even though the government in the past has warned the citizens to be weary about it. However, as sweet as that may seem I still would not like btc to be proposed a national currency for my country. Everyone isn't literate enough to understand the tech about btc.

Also, allowing btc as a country's national currency is synonymous with allowing a mentally deranged fellow on the steering wheels of an automobile. Expect any erratic behaviour.

wnj4

sr. member

Activity: 660

Merit: 350

NOBT - WNOBT your saving bank◕◡◕

As I understand Bitcoin is software that is mean a technology. It is true modern technology but can't call it as currency. it can be as store of value for us. moreover bitcoin always should be decentralized.

daarul50

legendary

Activity: 1596

Merit: 1034

I am very supportive if a country wants to make a national digital currency because it gives people the option to invest without lagging behind technological advances. However, it also requires government regulation of the country's total national digital currency supply.

yoseph

sr. member

Activity: 868

Merit: 266

Quote from: Keeminakar on March 07, 2018, 02:12:06 PM

I support the use of cryptocurrency in the state, as then payments will become more transparent, corruption may be reduced. And it will be much easier for people to use bitcoin.

I am willing to support it but since its going to be a national currency i am sure that the governments would like to take total control of it and when would want to decentralize it which is an affront to the bitcoin network and since they can't get all those things i am sure that they are going to create their very own.

BingoDog

hero member

Activity: 658

Merit: 505

No, I don't. First of all I don't think that purpose or intention of bitcoin is to be national currency of any country. Bitcoin should be internationl without any specific ties to any specific country.
And second bitcoin is not convenient to become national currency and that economy is based on it. This will not functioning with such high volatility, decentralized system and limited number of coins. Not possible.

Keeminakar

member

Activity: 299

Merit: 14

I support the use of cryptocurrency in the state, as then payments will become more transparent, corruption may be reduced. And it will be much easier for people to use bitcoin.

Glutius

full member

Activity: 602

Merit: 100

I think that this will be a significant breakthrough for both the state and its economy.

MINHAJ_VI

newbie

Activity: 49

Merit: 0

Quote from: StarKay on March 05, 2018, 10:07:00 PM

While it is good news for Bitcoin users/hodlers that countries allow the use of Bitcoin as a means of transactions within their border, what will be your position if a country decides to take a step further by using Bitcoin as its national currency?

As my opinion I will not give ny vote for national currency.& to controll the price of btc is preety much impossible...NATIONAL CURRENCY I don't think so

Topic: Do you support the Use of Bitcoin as a National Currency? - page 7. (Read 911 times)