Topic: If a country adopted bitcoin as their national currency, would the US still be a (Read 5199 times)
April 18, 2018, 09:00:45 AM
In US, bitcoin will adopt bitcoin. Bitcoin can be the national currency in US, because of the good and fast innovations of US, bitcoin can be their own virtual money. Bitcoin can be one of the best innovations for every country. Bitcoin as their national currency is not as easy as changing our paper money to virtual money.
April 18, 2018, 03:27:14 AM
The idea with the nationalization Bitcoin is absurd.
The fact is that the national currency should be controlled by the central bank of the country, Bitcoin can be controlled only in the case of control over the vast majority of miners, but since the miners are distributed around the world, they can not be controlled.
This is why the status of bitcoin in the US will not change.
The fact is that the national currency should be controlled by the central bank of the country, Bitcoin can be controlled only in the case of control over the vast majority of miners, but since the miners are distributed around the world, they can not be controlled.
This is why the status of bitcoin in the US will not change.
April 17, 2018, 04:00:47 PM
the US would bomb them and make them denounce btc.
Why bomb them? If any state makes bitcoin or any altcoin its national currency, their economy will collapse itself. The economy of a modern state can exist only under manual control. Therefore, these ideas of a utopia. Communism will be built faster in the world. April 17, 2018, 12:18:13 PM
the US would bomb them and make them denounce btc.
April 14, 2018, 12:20:44 AM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
It is not going to make a difference in the United States. The US authorities will continue to consider it as a commodity and they will never award the status of currency to Bitcoin irrespective of its legal status in the other countries.
April 13, 2018, 04:38:56 PM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
Here also the question arises: can a country declare bitcoin or another crypto currency its national money? In my opinion, no one has the right to privatize a certain Internet product. All countries have the same right to bitcoin. Therefore, it seems to me that if a state declares bitcoin as national money, such a statement will not have any legal force for other countries. The national crypto currency can only be digital coins issued by this particular state. If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
April 05, 2018, 06:56:30 AM
I do not believe that someday cryptocurrency can become a state. This cannot be because it is contrary to the laws of the economy. But if desired, the Americans may not recognize bitcoin currency indefinitely. There is such a thing as a freely convertible currency. The dollar belongs to this list. Everything else they can not recognize and not exchange.
April 05, 2018, 12:38:36 AM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
As a general rule, any state can present for payment the national money of another state and this state must redeem its money at the expense of gold and foreign exchange reserves. In the event that any state declares bitcoin its national money, this will be impossible. National money has always been considered banknotes, which have all the requisites of money and certain obligations of this state. It is unlikely that this can happen with bitcoin. I do not think that he can become the national money of any state. National national money can still be equated with a national centralized crypto currency, but not the usual decentralized one. If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
March 29, 2018, 03:53:54 PM
Adoption of bitcoin can only mean that bitcoin would be as the official leader. At that time, I think bitcoin would not displace any currency including dollars rather , the bitcoin and fiat would exist differently because they have different mode to be reached?
In any battle the winner is the one who is more powerful. Bitcoin is a fairer currency and therefore poses a threat to any national currency. Governments and bankers control people through Fiat regulation. Do you want to get the same regulated bitcoin? I am sure that if bitcoin is regulated by the government it will mean the death of bitcoin. March 29, 2018, 01:29:39 PM
Adoption of bitcoin can only mean that bitcoin would be as the official leader. At that time, I think bitcoin would not displace any currency including dollars rather , the bitcoin and fiat would exist differently because they have different mode to be reached?
In any battle the winner is the one who is more powerful. Bitcoin is a fairer currency and therefore poses a threat to any national currency. Governments and bankers control people through Fiat regulation. Do you want to get the same regulated bitcoin? I am sure that if bitcoin is regulated by the government it will mean the death of bitcoin. March 28, 2018, 06:57:49 PM
Never ever will a government declare bitcoin as its national currency! If they decide to have a crypto currency as its national currency, then it will be their own issued crypto coin.
The IRS is still be able to declare a government issued crypto coin as a commodity. The key point is not that a foreign declared somethig as their national currency, the key point is that what another country declares as its national currency must also fir the descripton of the US.
To make it clear, if a country declares bananas as its national currency, then IRS will still declare it as a fruit.
The IRS is still be able to declare a government issued crypto coin as a commodity. The key point is not that a foreign declared somethig as their national currency, the key point is that what another country declares as its national currency must also fir the descripton of the US.
To make it clear, if a country declares bananas as its national currency, then IRS will still declare it as a fruit.
March 28, 2018, 06:15:26 PM
Adoption of bitcoin can only mean that bitcoin would be as the official leader. At that time, I think bitcoin would not displace any currency including dollars rather , the bitcoin and fiat would exist differently because they have different mode to be reached?
March 28, 2018, 03:44:08 PM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
The rule of recognizing national money by other states extends to the banknotes of these states. On banknotes it is indicated that they are the property of the state and this state is obliged to redeem its banknote in case it is presented by another state for payment. Such a rule can not be extended to the crypto currency even if the specific state declares this crypto currency its national money. From this crypto currency will not cease to be digital with its inherent features only. If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
March 27, 2018, 07:04:26 PM
It would not be a reason for the US to make such a decision, there is no reason for them to let the decisions of other countries have such an impact in their economy.
The only way they would do that would be if US citizens themselves started using Bitcoin in most of their stores. That way, they would have no choice other than consider Bitcoin to be a legitimate currency.
The only way they would do that would be if US citizens themselves started using Bitcoin in most of their stores. That way, they would have no choice other than consider Bitcoin to be a legitimate currency.
March 27, 2018, 05:32:51 PM
This year the US government (the IRS) declared that bitcoin is a commodity for tax purposes, not a currency.
If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
Whichever country declares bitcoin to be its national currency, the attitude of this other state to it can not change. How to treat the crypto currency is the business of each particular state. The fact that bitcoin vseravno will remain a digital coin, it will not show signs of statehood as on national banknotes. Bitcoin will vseravno belong to the Internet. State banknotes must be recognized by another state, but not by a digital coin, even if it is recognized as national money. If another country were to declare bitcoin their official national currency, would the IRS still be able to call bitcoin a commodity or would it be forced to relabel it a foreign currency?
March 27, 2018, 04:30:55 PM
Jejeje... good question!!!
Well, in my opinion, should become both: a foreign currency and a commodity. But it will still, probably, be a commodity for the most. Try to image a country installing gold as their national currency. Will be then gold a foreign currency?? Of course not.
The same with bitcoin. I think a country can make a digital official crypto of their own, as they can use gold to make coins. But they will never be able of declaring Bitcoin as a national currency., for bitcoin is used worldwide. However, they can use the blockchain in order to make their own currency, as they can use the gold to make their coins, but they will never be able to use gold as a national currency.
Bitcoin as a national currency specially talking on US then its an impossible thing and I would rather believe they would really create on their own using blockchain technology and do use instead of bitcoin.Same as you said btc is being used worldwide which isn't really a proper feature or to consider to make it as a national currency.Thinking off on the current situation on most countries towards bitcoins I don't see a valid reason for it to be considered as one. Well, in my opinion, should become both: a foreign currency and a commodity. But it will still, probably, be a commodity for the most. Try to image a country installing gold as their national currency. Will be then gold a foreign currency?? Of course not.
The same with bitcoin. I think a country can make a digital official crypto of their own, as they can use gold to make coins. But they will never be able of declaring Bitcoin as a national currency., for bitcoin is used worldwide. However, they can use the blockchain in order to make their own currency, as they can use the gold to make their coins, but they will never be able to use gold as a national currency.
March 27, 2018, 02:44:04 PM
Only United State of America cannot change the status of Bitcoin either as a commodity or a currency because is a global crypto currency and is not under any government to determine its status what so ever.
March 27, 2018, 12:23:34 PM
Jejeje... good question!!!
Well, in my opinion, should become both: a foreign currency and a commodity. But it will still, probably, be a commodity for the most. Try to image a country installing gold as their national currency. Will be then gold a foreign currency?? Of course not.
The same with bitcoin. I think a country can make a digital official crypto of their own, as they can use gold to make coins. But they will never be able of declaring Bitcoin as a national currency., for bitcoin is used worldwide. However, they can use the blockchain in order to make their own currency, as they can use the gold to make their coins, but they will never be able to use gold as a national currency.
Well, in my opinion, should become both: a foreign currency and a commodity. But it will still, probably, be a commodity for the most. Try to image a country installing gold as their national currency. Will be then gold a foreign currency?? Of course not.
The same with bitcoin. I think a country can make a digital official crypto of their own, as they can use gold to make coins. But they will never be able of declaring Bitcoin as a national currency., for bitcoin is used worldwide. However, they can use the blockchain in order to make their own currency, as they can use the gold to make their coins, but they will never be able to use gold as a national currency.
March 27, 2018, 07:58:09 AM
unlikely, the dollar will never be replaced, either with bitcoin or with other currencies there are only a few countries that are not racing on the dollar, as China sees the many advantages of using its own currency to replace the US dollar role in global trade. The initial focus is on global oil trade, where China has announced its intention to buy oil in the yuan and allow its trading partners to exchange yuan with gold
March 26, 2018, 07:59:09 PM
The United States never recognizes bitcoin as a currency.
Because they treat it as a commodity and it's applicable for taxation.Even if bitcoin will be recognized by any country as the base currency. There is a certain list of freely convertible currencies. Not included in this list it is impossible to have the official exchange rate of the coins. The state, too, will never make bitcoin the main currency because it is contrary to the laws of the economy.
That's right, they can adopt bitcoin as a commodity or alternative means of payment for goods and services but if it is about the main currency, they really can't.Bitcoin is volatile and doesn't have a stable value and that isn't good for the economy and a country that will treat bitcoin as a main currency can be manipulated by whales.
But the fact that bitcoin is recognized by many countries now doesn't need an explanation.
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