That would be an ignorant of the government over her masses welfares.
But if it must be then it should be an opened authorization with a legal order but must sanction its users (masses) my the terms and rules that no one would be held accountable for any means of lost in the crypto affairs since the currencies are decentralized.
Topic: POLYGON as a national currency. (Read 767 times)
I honestly do not know why you are thinking of that. There’s also a previous thread I saw a long time ago whether Bitcoin should be a national currency or not. El Salvador made it happen so good for them.
In my own guts and instincts I certainly think Polygon as a national currency is impossible. Although I commend about their developments especially that I have been using them for a while in my DeFi transactions, they are not capable of being a “national currency”, given their own status like the market cap, worldwide adoption, etc.
As Bitcoin is already the OG and the most popular one, certain countries are already adopting it as legal tender. As for Polygon, I do not see it coming anytime in the future.
In my own guts and instincts I certainly think Polygon as a national currency is impossible. Although I commend about their developments especially that I have been using them for a while in my DeFi transactions, they are not capable of being a “national currency”, given their own status like the market cap, worldwide adoption, etc.
As Bitcoin is already the OG and the most popular one, certain countries are already adopting it as legal tender. As for Polygon, I do not see it coming anytime in the future.
That will never happen because Polygon is an altcoin. This means Polygon is inferior to Bitcoin in terms of security/reliability/decentralization. Countries, and especially investors, want something safe and reliable. Bitcoin is the answer, because it's sound money that started it all. Without Bitcoin, none of the other coins would exist.
The only altcoin that might become a national currency (legal tender) after Bitcoin is Ethereum. That's because it's the second-largest cryptocurrency in market cap with a tried-and-tested blockchain network. Not to mention, ETH's ecosystem is the largest one available worldwide (after BTC). I'm fine with Polygon just the way it is as long as it doesn't turn into a "centralized shitcoin" in the long run. Who knows if it will live alongside BTC and ETH for generations? Just my thoughts
What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.
I think even if polygon is friendly, it will never be able to become a country's national currency. where there are too many processes to make it into currency, the first step is outreach to the lay public. Those who are too lazy to discuss this need proper rules. manage distribution and field implementation later
I don't want to say this is something that will never happen, but I don't think we'll see anything like this anytime soon. Polygon is really good, I use it sometimes too. However, for a state to integrate it into its own system is a big event in itself, and there are so many procedures for this to happen that I don't think a power that can do this will come in political position to make it happen. Integrating Polygon or any other altcoin system into any state remains only a dream. The central authority's request for this, convincing the opposition, educating its citizens and getting them to accept it are all very long and difficult processes. It's not impossible, but it's unlikely to happen.
it will never be a national currency but it can be utilized from the perspective of technology to help country have revolutionary technology implemented in their system like NFT for land ownership and many more.
after all polygon is quite good blockchain so if countries utilizes the capability of smart contract blockchain they will have something revolutionary.
but after current CEO of polygon stepping down i don't think it will thrive anymore in regard of the value of polygon but I could be wrong.
but coming back to polygon being used as a national currency, it will never be a good idea, it fluctuates too much, the people will suffer from it, after all the citizens needs currency with stable value.
after all polygon is quite good blockchain so if countries utilizes the capability of smart contract blockchain they will have something revolutionary.
but after current CEO of polygon stepping down i don't think it will thrive anymore in regard of the value of polygon but I could be wrong.
but coming back to polygon being used as a national currency, it will never be a good idea, it fluctuates too much, the people will suffer from it, after all the citizens needs currency with stable value.
What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.
I honestly do not know why you are thinking of that. There’s also a previous thread I saw a long time ago whether Bitcoin should be a national currency or not. El Salvador made it happen so good for them.
In my own guts and instincts I certainly think Polygon as a national currency is impossible. Although I commend about their developments especially that I have been using them for a while in my DeFi transactions, they are not capable of being a “national currency”, given their own status like the market cap, worldwide adoption, etc.
As Bitcoin is already the OG and the most popular one, certain countries are already adopting it as legal tender. As for Polygon, I do not see it coming anytime in the future.
Well after 6 years working on the project the co-founder has stepped down from the company's day to day operations. He said he is still confident about Polygon but wants to put focus on other new businesses like AI.
Polygon is #13 on coinmarketcap. The coin is down 3.4% in the last 24 hours from this news. But it is still up 10% in the last 7 days.
https://beincrypto.com/polygon-co-founder-jaynti-kanani-step-down/
Polygon is #13 on coinmarketcap. The coin is down 3.4% in the last 24 hours from this news. But it is still up 10% in the last 7 days.
https://beincrypto.com/polygon-co-founder-jaynti-kanani-step-down/
Well Polygon now getting steps closer if it wants to be a national currency. Google Cloud has joined Polygon POS network as a validator in 'a ongoing strategic collaboration'.
There is currently more then 100 validators for Ethereum layer 2 transactions.
https://www.cryptopolitan.com/google-cloud-is-now-a-validator-on-polygon/
There is currently more then 100 validators for Ethereum layer 2 transactions.
https://www.cryptopolitan.com/google-cloud-is-now-a-validator-on-polygon/
Polygon has been doing some progress, but it's far from becoming a "national currency" anytime soon. For instance, Polygon is an altcoin. This means Polygon is an alternative to the original Bitcoin blockchain. Investors and the general public feel more confident using BTC than an alternative which is less secure and decentralized.
As a matter of fact, Bitcoin has a deflationary model, as well as, a battle-tested network that's proven to be secure against external attacks. You don't see that coming with Polygon. It's this reason why mainstream countries are adopting BTC as legal tender, instead of an altcoin like Polygon (MATIC) or Ethereum. I'm fine with Polygon just the way it is, as long as it puts decentralization on top of everything else. Maybe it will go as far as becoming the top 5 ranked crypto coin in market cap? Just my opinion
What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.
I think even if polygon is friendly, it will never be able to become a country's national currency. where there are too many processes to make it into currency, the first step is outreach to the lay public. Those who are too lazy to discuss this need proper rules. manage distribution and field implementation later
Well Polygon now getting steps closer if it wants to be a national currency. Google Cloud has joined Polygon POS network as a validator in 'a ongoing strategic collaboration'.
There is currently more then 100 validators for Ethereum layer 2 transactions.
https://www.cryptopolitan.com/google-cloud-is-now-a-validator-on-polygon/
There is currently more then 100 validators for Ethereum layer 2 transactions.
https://www.cryptopolitan.com/google-cloud-is-now-a-validator-on-polygon/
The government of any country directs all efforts to maintain its national currency, over which they have full control. Since the government cannot control the cryptocurrency, they are following the path of issuing Central Bank digital currency, or CBDC for short, which they will fully control.
Exactly. I see no reason why would a government abandon its national currency in favor of something that's outside of their control. Not even El Salvador has done something like this (even though it adopted BTC as legal tender). The Central-American country still has the USD as its secondary currency of choice. Without centralization, I fail to see how mainstream governments will be able to move the economy in their favor.
Whenever it's Polygon (MATIC), Ethereum (ETH), or any other cryptocurrency, all them will remain as an alternative to Fiat currencies forever. I'm fine with that as long as decentralization and censorship-resistance is preserved. Maybe Polygon will live alongside CBDCs for generations? Just my opinion
depending on some random altcoin for a country's economy is definitely a mistake. even the fact that polygon itself is highly volatile is already such a red flag for it to be used for something that directly affect the country's well being.
it's just really bad decision making if some country ever make this altcoin namely polygon as their means of payment and something like that. at best it's only good for money transfer that competes with the like of bank transfers and many more which usually impose quite high fee. but for it to be used as a national currency, seemed silly idea to me.
this thing just doesn't work for that.
Cryptocurrencies as national currencies? That calls for measured deliberation! Doubts about unstable cryptos like Polygon becoming a national standard are reasonable. In an economic landscape, stability reigns - isnt the volatility of cryptos risky? Still, should we judge all crypto projects by LUNA's failure? Each blockchain endeavor is unique, and while one may stumble, another may thrive. Considering cryptocurrencies for global transactions due to their efficiency and affordability is tempting. But as a national standard? Let's proceed cautiously! Can we bet our economy on the erratic crypto market?it's just really bad decision making if some country ever make this altcoin namely polygon as their means of payment and something like that. at best it's only good for money transfer that competes with the like of bank transfers and many more which usually impose quite high fee. but for it to be used as a national currency, seemed silly idea to me.
this thing just doesn't work for that.
This is why it's quite important to remember that it's not going to be a big deal, it's just the fact that we are going to see them be who they are, and that's enough for us. Bitcoin is big enough and that's why we can turn a nations currency completely to bitcoin if we ever wanted to, and even though there would be some tech issues moving that way that requires time, it would make a lot more sense than Polygon at least.
What steps can a country leader takes before adopting POLYGON as a means of payment or transactions in a country with low level of education. As it's known to be one of the best user friendly platform for easy transactions.
Matic is my favorite coin because fee is very low but there is network problem with matic which should be solved first to be presented for mean of payments to the country leader. It's very difficult for leader to accept any coin as a mean of payment because price is not stable and some whales holding large part of matic which can dump coin any time. I agree with your thoughts here. MATIC is an awesome coin that is able to assist in a lot of use cases where Ethereum is too expensive. My concern is also one you mentioned, that there are many large MATIC whales sitting on enormous profits that could dump at any time. I don't think a country wants to make individuals insanely wealthy only to get dumped on in the end, and this is sort of why Bitcoin is the most attractive coin for large entities like countries. MATIC also is growing extremely quickly and experiencing growing pains at times, so I don't think it's ready for widespread use yet. I do see it currently being the most likely metaverse currency though.
Any governments are reluctant and unlikely to implement a payment system that is beyond their own control. Moreover, there is also no urgency or major benefit specifically for the country that has a subpar education system for the implementation and integration of such a system.
Saying Polygon has the best user-friendliness does not get to the point it is worth implementing, besides, a similar coin also have similar characteristic compared with Polygon itself. Worth noting to take an example from the country that has made bitcoins legal tenders, they do have massive challenges to increase its usage and utility.
Before taking any steps towards adopting Polygon, a country leader should carefully assess the potential benefits and drawbacks of implementing this payment system. ~Saying Polygon has the best user-friendliness does not get to the point it is worth implementing, besides, a similar coin also have similar characteristic compared with Polygon itself. Worth noting to take an example from the country that has made bitcoins legal tenders, they do have massive challenges to increase its usage and utility.
In this case also worth noting that countries that have made cryptocurrencies such as Polygon legal tender have faced significant challenges in increasing their usage and utility. ~
They did not have to thoroughly asses the feasibility of cryptocurrency implementation. Most governments can simply by acknowledging that most cryptocurrencies are not centrally controlled should make them refrain to adopt them as legal tender. El Salvador is an exception, but the important thing is we can learn that they struggle to make its population use bitcoins. That is what my main point.
Another essential thing that is completely mistaken is Polygon adoption as legal tender. As of now, there is no country has been implemented the coin as their legal tender. So you better check your sources.
Naah, it won't happened, even for Bitcoin to be a national currency is still nearly impossible, there too many at stake, and the stakeholder will mostly disagree. Politics is very complicated and making something that most people do not understand to be a national currency is not very popular politically.
I've treated Polygon is one of the few projects out there that actually has a working product. While it's true that Polygon has some big partnerships under its belt. But, Polygon has recently been placed on a blacklist in America, so it may be wise to avoid investing in this token at the moment. I have a lot matic, but yesterday trading it for ETH instead.even though Matic is still making good progress even though they are on the American blacklist,
but look at there is no bad news about it, so Matic is still very worth it for investment.
Naah, it won't happened, even for Bitcoin to be a national currency is still nearly impossible, there too many at stake, and the stakeholder will mostly disagree. Politics is very complicated and making something that most people do not understand to be a national currency is not very popular politically.
I've treated Polygon is one of the few projects out there that actually has a working product. While it's true that Polygon has some big partnerships under its belt. But, Polygon has recently been placed on a blacklist in America, so it may be wise to avoid investing in this token at the moment. I have a lot matic, but yesterday trading it for ETH instead.even though Matic is still making good progress even though they are on the American blacklist,
but look at there is no bad news about it, so Matic is still very worth it for investment.
Nope i don,t thinking about than when polygon matic is national currency but we know as well Polygon Matic is very good & very strong project and long term purpose good choice for everyone who love crypto.
I guess you are joking about that. Since when altcoins are strong? SEC was cracking down polygon and it's enough to destroy this token. Relying in the altcoins as national currency is a very big mistake. It has proven that if polygon dumped so hard this time. I think that your statement was not true to call it as strong token.
Every altcoin can be treated as securities, if that is what the direction sEC is going after. And if that happens then obviously, no altcoin can be treated as national currency.
Second, altcoin such as Polygon is very volatile, so I doubt that any government in the world would take it as currency.
Third, the support of the community. Yeah, there could be consensus, but I doubt that it could reach as high as what let's say Ethereum has. If ever there is a good altcoin to be a candidate to become a national currency, perhaps it could be Ethereum.
Naah, it won't happened, even for Bitcoin to be a national currency is still nearly impossible, there too many at stake, and the stakeholder will mostly disagree. Politics is very complicated and making something that most people do not understand to be a national currency is not very popular politically.
I've treated Polygon is one of the few projects out there that actually has a working product. While it's true that Polygon has some big partnerships under its belt. But, Polygon has recently been placed on a blacklist in America, so it may be wise to avoid investing in this token at the moment. I have a lot matic, but yesterday trading it for ETH instead. 
Naah, it won't happened, even for Bitcoin to be a national currency is still nearly impossible, there too many at stake, and the stakeholder will mostly disagree. Politics is very complicated and making something that most people do not understand to be a national currency is not very popular politically.
true, there are many needs to be considered in running a country, it's not like running a business where everything is profit minded but also for the wellbeing of the citizens in general. 
Nope i don,t thinking about than when polygon matic is national currency but we know as well Polygon Matic is very good & very strong project and long term purpose good choice for everyone who love crypto.
I guess you are joking about that. Since when altcoins are strong? SEC was cracking down polygon and it's enough to destroy this token. Relying in the altcoins as national currency is a very big mistake. It has proven that if polygon dumped so hard this time. I think that your statement was not true to call it as strong token.
talking about POLYGON (matic) at the current price drop the price of matic has fallen very significantly when compared to bitcoin and other large altcoins. and this significant price reduction makes matic also out of the top 10 CMC. is this happening because MATIC is a subset of security tokens and the current price drop is due to security issues (SEC)? I don't understand why this is happening, for sure this is the best time to buy a matic.
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