Topic: If a country adopted bitcoin as their national currency, would the US still be a (Read 5225 times)
April 18, 2018, 08:00:45 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, 02:27:14 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, 03:00:47 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, 11:18:13 AM
the US would bomb them and make them denounce btc.
April 13, 2018, 11:20:44 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?
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, 03:38:56 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, 05:56:30 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 04, 2018, 11:38:36 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?
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, 02:53:54 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, 12:29:39 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, 05:57:49 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, 05:15:26 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, 02:44:08 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, 06:04:26 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, 04:32:51 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, 03:30:55 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, 01:44:04 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, 11:23:34 AM
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, 06:58:09 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, 06:59:09 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.
March 26, 2018, 02:51:45 PM
The United States never recognizes bitcoin as a currency. 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.
March 26, 2018, 06:07:16 AM
As Bitcoin got stronger we can see the beginning of some regulations and laws that could be changed. But this is still not enough because they need to see Bitcoin as a serious thing that couldn't be ignored anymore. That time will come, hopefully.
March 20, 2018, 02:28:23 PM
Well, as far as I know bitcoin can never be the national currency, because it is decentralized meaning the government has no control over it, even if they can already control it still it won't be a legal tender as this is just limited supply and cannot by physically seen.
March 20, 2018, 11:14:15 AM
Some country will not use Bitcoin as their national currency now or in the immediate future because people must be educated regarding Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin. For other big countries like US, London and etc., maybe it is possible for them.
Never, the government does not agree to the use of crypto-currencies as the main currency. The main condition for the economy of any country is the control over the production and turnover of currency. Governments are doing everything to get the maximum taxes from cryptocurrency users but not to let them into the economy of the state. At the moment they are good at it.In addition to that, the era of crypto has changed the financial transactions for the better. Furthermore, there is a significant evolution in the users of crypto over time. So I think If the governments or countries cannot destroy those digital currencies, then it is very possible that they will accept and recognize all of them.
March 20, 2018, 06:37:27 AM
Some country will not use Bitcoin as their national currency now or in the immediate future because people must be educated regarding Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin. For other big countries like US, London and etc., maybe it is possible for them.
Never, the government does not agree to the use of crypto-currencies as the main currency. The main condition for the economy of any country is the control over the production and turnover of currency. Governments are doing everything to get the maximum taxes from cryptocurrency users but not to let them into the economy of the state. At the moment they are good at it. March 20, 2018, 01:13:28 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?
I think they would still classify it as a commodity rather than a national currency. For a currency to be recognized as a 'currency' other countries must accept its existence on the market. Considering that only two (2) adapt bitcoin as a currency in their country, I doubt that other countries would see it also as a currency. Be reminded that there exists a huge margin between developed, developing, and underdeveloped countries in terms of economic and technological standards. If an underdeveloped country cannot embrace the implementation of a digitalised currency, then this may potentially pose a threat to their market.
If another country declares bitcoin as their national currency, and the US recognises that country as a nation. The US will have to declare bitcoin as a foreign currency.
I doubt that their hegemonic status would validate that declaration considering that other countries must also embrace its implementation. The US might see bitcoin as an alternative currency rather than a foreign currency but it also depends on the laws of their country regarding cryptocurrencies.
March 19, 2018, 08:40:29 PM
Some country will not use Bitcoin as their national currency now or in the immediate future because people must be educated regarding Bitcoin and it will take time. How can they purchase foods and other essentials for their living if they don not know how to navigate or acquire bitcoins, they must be teached of the ways of Bitcoin. For other big countries like US, London and etc., maybe it is possible for them.
February 27, 2015, 04:21:15 PM
That depends on how widespread bitcoin is accepted as part of the other country's national currency. For example, if they use bitcoin as a form of backing to issue the fiat currency, it will officially make bitcoin tied up and recognized as an accepted form of payment. And all of these still relate back to the acceptance rate. Furthermore, if you have not only a country but several countries all adopting the same system, it will no longer be a commodity anymore.
February 27, 2015, 02:49:35 PM
when any country make bitcoin their official currency then it will called a currency of that specific country
but i don't think any country will do this, may be they used bitcoin concept to create their digital currency but hardly possible they will accept bitcoin
but i don't think any country will do this, may be they used bitcoin concept to create their digital currency but hardly possible they will accept bitcoin
February 24, 2015, 01:38:48 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?
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?
Any country with some sense will not make Bitcoin their official currency. But however it is quite possible to make it one of the major currencies of the nation.
The volatility of price will just make it too risky to manage. Imports, exports, forex will be too complicated.
The price will go too high and what if some whale cashes out?
If a nation accepts it as a currency, then it should be deemed as a currency at least by current definition. Otherwise the dealings of US with the country will be
February 24, 2015, 12:43:57 AM
1. The IRS generally passes rules that enhance the collection of taxes. That is their job.
2. If a foreign country magically adopted BTC as its currency it is unlikely the IRS would change its taxation policy. (Why would it?)
2. If a foreign country magically adopted BTC as its currency it is unlikely the IRS would change its taxation policy. (Why would it?)
February 21, 2015, 02:50:49 PM
Bitcoin may never be adopted as a country's currency but it should definitely be recognized as atleast a virtual currency having a value of its own. It will take time for bitocin to grow and once it becomes a recognized currency, PP and other websites will adopt it.
February 21, 2015, 02:45:02 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?
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?
Wouldn't happen many countries have also classed as many different things from currency, to shares to bonds it gets very messy with bitcoin in different parts of the world. UK is a whole different game all together compared with the US. However it is not national as theri main currency but have classed as alternative currency in some parts of the world. US just want to b greedy and regulate it like in their exchange that come out and to be honest its not doing good.
February 16, 2015, 06:52:56 PM
Bitcoin is a currency, the US dollar is a commodity now, pretty much just an oil certificate.
February 13, 2015, 06:24:31 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?
Bitcoin is a commodity for tax purposes? What's that means? If i have income in bitcoins then i have to pay taxes in bitcoin? Why its a commodity then?
http://www.irs.gov/pub/irs-drop/n-14-21.pdf - This document confirms what I am saying (but could be superseded by new guidance or regulation in the future if it hasn't been already). It also references other IRS documents you can search for.
http://www.irs.gov/pub/irs-pdf/p17.pdf - Until/unless the classification of virtual currency is changed this document is a good reference because it talks about capital gains and losses in depth, chapter 14 of the 2014 tax year version of this document is where the meat is, although there may be definitions earlier in the document. Note I include this document because it is not referenced in the previous document (although it may be referenced in the other documents that are referenced in the first link).
February 13, 2015, 02:31:46 AM
Bitcoin will never be a national currency, or at least no one of these actual nations. Any democratic govern will want to take possession of it, but it is decentralized and they cannot... It is complicated as situation.
YES. It is much more suitable to an international, non-national, non-political currency.There are some weird legal and regulatory effects of a country making it a national currency in many jurisdictions, they aren't particularly beneficial for Bitcoin, just a different set of laws. Some are kinda good, others not so much.
I agree with you, bitcoin will stay a valid alternative for send large quantity of money with the lowest fees in the "World". It is also a great technology (thanks to the blockchain) and maybe only some microNation can use it as a "national" currency like Woodland Patchwork (http://mw.micronation.org/wiki/Woodland_Patchwork).
February 12, 2015, 06:25:19 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?
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?
Bitcoin is a commodity for tax purposes? What's that means? If i have income in bitcoins then i have to pay taxes in bitcoin? Why its a commodity then?
February 09, 2015, 02:47:26 PM
Bitcoin will never be a national currency, or at least no one of these actual nations. Any democratic govern will want to take possession of it, but it is decentralized and they cannot... It is complicated as situation.
YES. It is much more suitable to an international, non-national, non-political currency.There are some weird legal and regulatory effects of a country making it a national currency in many jurisdictions, they aren't particularly beneficial for Bitcoin, just a different set of laws. Some are kinda good, others not so much.
February 07, 2015, 05:37:32 PM
Bitcoin will never be a national currency, or at least no one of these actual nations. Any democratic govern will want to take possession of it, but it is decentralized and they cannot... It is complicated as situation.
February 07, 2015, 05:25:14 PM
It will be hard to any goverment declare Bitcoin their national currency, they will make one before that.
January 18, 2015, 12:09:35 AM
If another country declares bitcoin as their national currency, and the US recognises that country as a nation. The US will have to declare bitcoin as a foreign currency.
January 17, 2015, 11:32:26 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?
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?
Let's form our own country and find out! Or... in a way, we sort of did in a very minute way. BTC pioneers carved out an entire economy complete with secure communications (and not so secure). There are distribution routes and otherwise taxable dollars are being diverted into a counter-economy.
Watch out for those drone strikes!
January 17, 2015, 10:59:57 AM
Probably a foreign currency, and then there will start a whole new pile of crap to deal with.
January 12, 2015, 09:29:03 AM
Any sovereignty will need to have complete control over an altcoin (which they can't have on the BTC unless they buy it out completely...and why should they ? when they can re create in a day or two) to make it their official currency.
Just my humble opinion.
Just my humble opinion.
^^ Ecuador is planning this. ^^
http://www.idgconnect.com/blog-abstract/9010/ecuador-how-new-ecash-affects-crypto-currency
If bitcoin were a national currency, this could also bring it under governance of the IMF.
January 12, 2015, 12:40:15 AM
Any sovereignty will need to have complete control over an altcoin (which they can't have on the BTC unless they buy it out completely...and why should they ? when they can re create in a day or two) to make it their official currency.
Just my humble opinion.
Just my humble opinion.
January 11, 2015, 02:06:37 AM
In my humble opinion it s too early to ask such questions, cos right now nobody can predict what will happen with this currency in 2-3 years. Banks loose money cos of this transactions behind their backs without tax and if one day most of people would start use such way to send money, governments of US and Europe can start "cyber-war" against all of this system. So, the point is that it s pretty complicated to find a country in our world, who will be ready to protect such unstable currency against US and others.
December 30, 2014, 07:55:15 PM
By their current definitions, governments would have to classify it as a currency. They could change those definitions, though.
December 29, 2014, 08:27:21 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?
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?
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