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Topic: If we can see a country with 'Bitocin standard' monetary system - page 2. (Read 863 times)

full member
Activity: 1093
Merit: 103
This is not about having bitcoin as a reserve, this is not about using bitcoin as a national currency neither. This is about having a national fiat that is backed by bitcoin which is very important for nations to have, not just bitcoin but something to back. Otherwise you will become like USA that prints money out of thin air and has no backing aside from the power of USA government and that's it.

One day if USA becomes not so powerful (which looks like may happen sooner than later) people may reject accepting dollars and will start taking euro or yuan or whatever is strong at that moment and that will destroy the american economy beyond saving. In order to stop stuff like that from happening countries should have something backing their fiat, it could be bitcoin, gold, silver, oil or whatever they want.
I think that we will have to come to terms with what the state is doing and will continue to print their money, just like dollars from the air.  History has already shown that using gold and silver in everyday life is fraught with so many problems.  Of course, cryptocurrency solves a lot of problems, but we must understand that not everyone on the planet can use cryptocurrency as a means of payment.  As for Bitcoin, the actual use of it all over the world is already losing its relevance, since each country can afford to create its own national cryptocurrency, with a limited number and with better technical characteristics than Bitcoin.  but it is likely that Bitcoin could become an international cryptocurrency.
hero member
Activity: 2100
Merit: 546
Leading Crypto Sports Betting & Casino Platform
The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.
Indeed. Even with paper cash, some government officials are using their powers and trying to get money from the people. What more if they'll be given a chance to manipulate cryptocurrency. They might take more. Even if other says that they only want the good for the people who wants crypto and Bitcoin to be legalized, behind that smile for sure they're hiding something on their sleeves. Corrupt can't be removed from the government. They'll just take advantage of our money even with cryptocurrency
In order to cope with these challenges I feel that crypto currencies shall always remain decentralized rather than being governed by any government body. There is no doubt that corrupt people are everywhere no matter how strict the policies or rules are, those in power always find ways to exploit poor. Bitcoin shall be legalized but people shall never accept centralized digital currency.
legendary
Activity: 3710
Merit: 1170
www.Crypto.Games: Multiple coins, multiple games
This is not about having bitcoin as a reserve, this is not about using bitcoin as a national currency neither. This is about having a national fiat that is backed by bitcoin which is very important for nations to have, not just bitcoin but something to back. Otherwise you will become like USA that prints money out of thin air and has no backing aside from the power of USA government and that's it.

One day if USA becomes not so powerful (which looks like may happen sooner than later) people may reject accepting dollars and will start taking euro or yuan or whatever is strong at that moment and that will destroy the american economy beyond saving. In order to stop stuff like that from happening countries should have something backing their fiat, it could be bitcoin, gold, silver, oil or whatever they want.
hero member
Activity: 2828
Merit: 611
I am not sure if a country will have some sort of bitcoin standart but I am pretty sure we are moving to a level where countries will have their own stablecoins which then could potentially have some sort of limitation just like bitcoin having 21 million max cap, those nations with max cap stablecoins could potentially back their money with that stablecoin and that would mean there would be some sort of gold standard type of deal where it is limited and depends on how much people value it.

If USA one day came out and said they will print out 1 trillion dollar worth of stablecoin and that it will never be printed more than that, people would buy it and hope that it would go up in value, sounds like it could "kinda" work. There would be ton of details but certainly better than current "backed by nothing" system.
full member
Activity: 602
Merit: 100
Low brokerage fees. There are many systems that make money from money. Bitcoin can set up an alternative scheme. However, there are many forgeries made using bitcoin. They need to be blocked. Bitcoin is preparing a new future.
sr. member
Activity: 2114
Merit: 309
Bitcoin not standard system with faster payment transaction when country want adopt and accepted bitcoin as legal currency payment, some time when many transaction take tow until three hours for sending bitcoin from one wallet to other wallet. This reason why bitcoin not available become currency digital payment and many country not allowed using bitcoin for payment transaction in their country.
hero member
Activity: 1414
Merit: 505
Backed.Finance
From the America history we can know that America was a Deflation economic system . At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetary system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.


- credible
✔ transparency
✔ No money 'printing'
✔ low-level of prices
x low-interest rate



quote: America was a Deflation economic system in about 150years till 1913, and it was the most fast period of enconomy rising in human history.
The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.

This is of the reason why adoption from from government institution is slow. The government did not know how to control a decentralized blockchain for their own used and advantage. But once the government lays the ground for cryptocurrency, its easy for private institutions  to follow suit since it becomes legal.
sr. member
Activity: 658
Merit: 268
bullsvsbears.io
The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.
Indeed. Even with paper cash, some government officials are using their powers and trying to get money from the people. What more if they'll be given a chance to manipulate cryptocurrency. They might take more. Even if other says that they only want the good for the people who wants crypto and Bitcoin to be legalized, behind that smile for sure they're hiding something on their sleeves. Corrupt can't be removed from the government. They'll just take advantage of our money even with cryptocurrency
sr. member
Activity: 2114
Merit: 309
No fake money but lot of hackers would emerge. For a third world country, I think it would be hard to achieve. A third world country is still a developing country. My country is a third world country and I know that my country isn't ready to adopt bitcoin standard. We're being left behind with technological advancement, so it's hard to adjust with this kind of changes, everyone would swap from fiat to bitcoin.
If bitcoin have been legal as currency payment I think every day many hacker information about stolen bitcoin wallet, no one keep safety their assets in online exchange wallet because very risk where some exchange wallet like Upbit can be hacked how come with our account? But always have way to to protect our account and keep safety for saving a lot of altcoin kinds in wallet address.
legendary
Activity: 2716
Merit: 1383
From the America history we can know that America was a Deflation economic system . At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetary system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.


- credible
✔ transparency
✔ No money 'printing'
✔ low-level of prices
x low-interest rate



quote: America was a Deflation economic system in about 150years till 1913, and it was the most fast period of enconomy rising in human history.
The moment you see any government trying to officially adopt bitcoin you can be sure that they are going to try to manipulate it to their advantage, we know that politicians all around the world are corrupt and it doesn't matter what tool you give to them they are going to try to find a way to get their way with that tool, just look what happened to gold, one of the best forms of money that we have available was corrupted to the point that governments could create mistrust in it and they could introduce their fiat currencies with impunity.
sr. member
Activity: 728
Merit: 254
No fake money but lot of hackers would emerge. For a third world country, I think it would be hard to achieve. A third world country is still a developing country. My country is a third world country and I know that my country isn't ready to adopt bitcoin standard. We're being left behind with technological advancement, so it's hard to adjust with this kind of changes, everyone would swap from fiat to bitcoin.
legendary
Activity: 3346
Merit: 1128
Bitcoin is very good but you got it wrong where you said they will have a really good economy. How did you get to know that? Bitcoin doesn't save the world, it is not magic. The solution to our problems will always be in our hands and not in Bitcoin, because we make the decision for ourselves. Moreover, I don't think that Bitcoin can be a currency, it's not fit to be a country's currency. It is decentralized, and that's the number one thing that disqualified it.

A country's currency is centralized and is controlled by that country and used by them. And another thing is that Bitcoin doesn't have a physical form. Well, I know some people will be against the last point, but you have to know that it's not everyone that makes use of smartphones and computers, there are people who are not interested in all these online payment stuff and all that, they prefer the physical thing they see.
copper member
Activity: 126
Merit: 12
I wonder how people would react to bitcoin monetary system.
Imagine that your countries main currency can drop for >10% in 10 hours (and it is not a rare case for btc).
So you go shopping and while you choose color of the carpet suddenly you don't have enough money to buy it.
(for instance USD is dropping <2% most of the time according to USD index chart)

I believe that we will see a stable cycle of bitcoin value(price) in the near future. Smiley
jr. member
Activity: 37
Merit: 1
I wonder how people would react to bitcoin monetary system.
Imagine that your countries main currency can drop for >10% in 10 hours (and it is not a rare case for btc).
So you go shopping and while you choose color of the carpet suddenly you don't have enough money to buy it.
(for instance USD is dropping <2% most of the time according to USD index chart)
copper member
Activity: 126
Merit: 12
To be honest, it won't happen. A country with a bitcoin standard monetary system is impossible since if they will purely rely or depend on bitcoin in their monetary system then a lot of things will fluctuate especially the prices of the basic goods and services that the people need. It might lead to a chaotic scenario where people are complaining on how unstable the market is.

its possible . there are news on the past which claim's to be that bitcoin is like thier daily currency because they use btc more than they use thier own fiat currency  . that happens because they were having a problem financialy or they simply have a problem with thier own currency so they look for alternative's  .

its been a perfect time because bitcoin that time was starting to get popular    .  other country was still on a process tho and seems not ready yet for this kind of idea  .
A considerable number of countries have supported bitcoin and gradually the use of it as a currency will increase. It is just a matter of time before bitcoin becomes the standard at international level. We are moving towards an era of digital currencies where all countries will have their own national coins and their worth will be measured with respect to bitcoin. Same as bitcoin leads the market today.

Very good imagine, what did you say is a new 'Bretton Woods system', and the new 'USD' in this system will be bitcoin. Nice!
sr. member
Activity: 889
Merit: 253
To be honest, it won't happen. A country with a bitcoin standard monetary system is impossible since if they will purely rely or depend on bitcoin in their monetary system then a lot of things will fluctuate especially the prices of the basic goods and services that the people need. It might lead to a chaotic scenario where people are complaining on how unstable the market is.

its possible . there are news on the past which claim's to be that bitcoin is like thier daily currency because they use btc more than they use thier own fiat currency  . that happens because they were having a problem financialy or they simply have a problem with thier own currency so they look for alternative's  .

its been a perfect time because bitcoin that time was starting to get popular    .  other country was still on a process tho and seems not ready yet for this kind of idea  .
A considerable number of countries have supported bitcoin and gradually the use of it as a currency will increase. It is just a matter of time before bitcoin becomes the standard at international level. We are moving towards an era of digital currencies where all countries will have their own national coins and their worth will be measured with respect to bitcoin. Same as bitcoin leads the market today.
copper member
Activity: 126
Merit: 12
A neutral case, stop print money when value of total monetary system didn't change.
copper member
Activity: 126
Merit: 12
From the America history we can know that America was a Deflation economic system in few years. At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetary system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.


- credible
- transparency
- No money 'printing'
- low-level of prices

Almost all of money currency in the country will have inflation value although cash money of USD, how ever most developed countries like United State their cash money keep lower price after several years later, but many people do not trust with how lower increase of USD after several years later and keep use USD as currency payment and investment assets.

People are always shortsighted

sr. member
Activity: 938
Merit: 251
From the America history we can know that America was a Deflation economic system in few years. At that time USD was maintain and the prices was keeping a low average. This why we need a 'something standard' monetary system but not a credit credentials paper.

You can imaging that if some 'third world countries' become a 'Bitcoin standard' monetary system , and show the Bitcoin savings address, what will happen?

Bitcoin will not be issues over the maximum supply ,and nobody can make a 'fake bitcoin'. These country need to save x bitcoin to issue their monet, they will have a healty economics system, the other countries will happy to keep their money and want to trade will them.
People won't be afraid of inflation , and the prices will not go high in a long cycle times.


- credible
- transparency
- No money 'printing'
- low-level of prices

Almost all of money currency in the country will have inflation value although cash money of USD, how ever most developed countries like United State their cash money keep lower price after several years later, but many people do not trust with how lower increase of USD after several years later and keep use USD as currency payment and investment assets.
copper member
Activity: 126
Merit: 12
snip
It's so easy for any country to publish their own cryptocurrency, but we can't say this kind of cryptocurrency are valueable just according to they are tax havens. How about the Petro in Venezuela, people still don't like it, and we can't see any value from this cryptocurrency. A new fiat using 'bitcoin standard' may can make a stable economy system, and we don't want to invest in any kind of fiat, we just want to hold or use it, that's why we don't need a new cryptocurrency.

Petro failed because people see it as shady, not to mention the regime creating it and the reason. I don't think a government would peg their digital fiat to bitcoin, if that's the case they'd should just use bitcoin, which they won't. They'll just make their own and let it float like the system now.

I'd say let them. Let them back it with whatever they want (or nothing at all) and let the market decide if people find it valuable.

Premise is this country need to use at least one standard, goverment is tricky , they won't let people decide.
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