POLYGON as a national currency. - page 3.

Abiky

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Quote from: mich on June 09, 2023, 03:07:25 AM

Well there is some 'bullish' news for Matic token and Polygon network. Kraken exchange is going to launch its NFT marketplace on the Polygon network https://nft.kraken.com/

It is out of beta testing phase and the marketplace will have over 250 collections. https://nftnow.com/news/kraken-nft-marketplace-launches-supports-250-nft-collections/

That's certainly good news. But it's not a guarantee MATIC will be made legal tender in the long run. I highly doubt a nation-state will do this, especially when Polygon/MATIC is not as reliable as Bitcoin is. The OP is very optimistic with Polygon, probably because he/she is heavily invested in it. Either MATIC becomes a national currency in the future, or it remains just the way it is.

What's important is that Polygon stays decentralized so that it could stand the test of time. There are so many competing chains on the market, but only one can be the winner. Who knows what the future will bring to Polygon and the whole crypto/Blockchain industry? Just my opinion

mich

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Well there is some 'bullish' news for Matic token and Polygon network. Kraken exchange is going to launch its NFT marketplace on the Polygon network https://nft.kraken.com/

It is out of beta testing phase and the marketplace will have over 250 collections. https://nftnow.com/news/kraken-nft-marketplace-launches-supports-250-nft-collections/

Abiky

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Quote from: poodle63 on May 21, 2023, 07:53:08 PM

The volatility is the reason. People need something that has stable value in real life and that's fiat money. It's no brain to call that a volatile asset to replace national currency.

If polygon will be dumped like luna and i guess there will be many new poor people. I can't even imagine how can people think if that can be done easily. It's a non sense idea to be implemented right now.

Polygon is much more volatile than Bitcoin, so the odds of being adopted as a national currency are slim. It's an altcoin anyways. The original project (Bitcoin) is much more stable, decentralized, and reliable for day-to-day payments. It has a greater chance of being adopted as a national currency than Polygon (MATIC) itself.

I believe BTC will ultimately rule the world as Fiat currencies become a thing of the past (due to inflation, government overspending, etc). Altcoins like Polygon and Ethereum will become "second-class options" that people will use as a last resort when BTC becomes heavily congested. I'm fine with that as long as decentralization and censorship-resistance wins. Who knows what would be of Polygon decades from now? Just my opinion

Godday

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Volatile is a problem in cryptocurrency. I think FIAT money will still be the first choice. Making POLYGON the national currency is a long matter that must be thought through properly. I see that the world has not yet found out how to legislate on cryptocurrencies to avoid disasters such as the collapse of the LUNA project.

davide72

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Quote from: poodle63 on May 21, 2023, 07:53:08 PM

Quote from: davide72 on May 21, 2023, 07:35:41 PM

I do not think the fiat currency will be forever, is already in place in several countries of the world the national CBDC and I do not think any crypto will be taken into consideration to replace national currencies not even the BTC

The volatility is the reason. People need something that has stable value in real life and that's fiat money. It's no brain to call that a volatile asset to replace national currency.

If polygon will be dumped like luna and i guess there will be many new poor people. I can't even imagine how can people think if that can be done easily. It's a non sense idea to be implemented right now.

If you say so all crypto can make crazy dumps like Luna even bitcoin and ethereum, so as you say you should no longer invest in any crypto anymore...

Hispo

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Before Polygon being massively adopted in a country as a legal tender, it would make sense if the banks of the financial institutions of said country saw some value on the use of polygon to fast, cheap and trusless transferences of value. It would be a simplification of banking, once the usefulness and the reliability of such asset is demonstrated amount big players and small retailers, it would be up to the government the give green light to the legal basis of adoption. Otherwise we would continue to see what happens in Argentina, Venezuela or Nigeria. Parallel markets helping people to do what they cannot any longer with traditional banking.

poodle63

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Quote from: davide72 on May 21, 2023, 07:35:41 PM

I do not think the fiat currency will be forever, is already in place in several countries of the world the national CBDC and I do not think any crypto will be taken into consideration to replace national currencies not even the BTC

The volatility is the reason. People need something that has stable value in real life and that's fiat money. It's no brain to call that a volatile asset to replace national currency.

If polygon will be dumped like luna and i guess there will be many new poor people. I can't even imagine how can people think if that can be done easily. It's a non sense idea to be implemented right now.

Psynthax

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I guess it's fine only if the fiat still the primary choice here, maybe use polygon for eliminating the needs for digitalising fiat but eventually convert it back to fiat, after all running a country isn't the same like running a business, it's the lives of millions and the economy of millions depends on you.

davide72

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Quote from: Johnyz on May 02, 2023, 05:29:42 PM

Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

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.

Fiat will stay and crypto will never be a national currency, I’m sure many politicians will also against this one because its too transparent and they don’t want it. Polygon is a good coin but I don’t think a country will never make a move like this, there’s no need for this though. If you believe MATIC will be a good crypto, then better to hold more and know when to take profit, this platform will grow more for sure.

I do not think the fiat currency will be forever, is already in place in several countries of the world the national CBDC and I do not think any crypto will be taken into consideration to replace national currencies not even the BTC

Teraboy

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such drastic steps of recognizing some coin into the national currency is could make chaos if things went south.
you just don't risk the national economy for some obscure idea of recognizing highly volatile and fluctuative money for your citizens to use, it should be the other way around it.

Huppercase

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Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

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.

Polygon has been rechristened as Matic as a layer 2 project that helps the Ethereum chain scale up transaction speed and its performance the last time I checked, so I'm not sure why you want to adopt Matic or Polygon for a whole country, speed and low level of education is contradictory here. There is no country that has fully adopted crypto as a means of payment, Elsalvado did use Bitcoin as legal tender but it appears that didn't end well with their wallets because the value is down and that is an unrealistic loss on the country's savings, that is why there are many things you must consider if you must have polygon as a national currency, there are many disadvantages it will have in the nation if the price crashes.

Abiky

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Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

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.

None. Just because a few countries adopted BTC as legal tender (El Salvador, Central African Republic) doesn't mean the same fate awaits other coins. Polygon is an altcoin with a higher supply than BTC and low merchant acceptance worldwide. Not to mention, the Polygon blockchain is less decentralized compared to Bitcoin. If you think governments will abandon Fiat in favor of crypto, then you're not seeing the bigger picture. Countries that embraced BTC with open arms are only doing it because of the taxation benefits the cryptocurrency provides. Not because they want people to have true financial freedom and privacy.

You can see why El Salvador hasn't abandoned the USD, even after adopting BTC as legal tender. Governments are smart, anyways. We should just carry on with our lives and forget about the rest. As long as crypto stays decentralized, there should be nothing to worry about. Just my opinion

umbara ardian

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This will be unlikely in terms of national economy, they have separate currencies that are operating throughout and there is no reason to innovate even if this market becomes more popular one day, the necessary factor is The change in the approach of the leading countries in this field will lead to countries with lower economies to look and learn. And also that POLYGON is not the name that will be prioritized here, CBDC development is also becoming more and more popular, instead of adopting a decentralized crypto, I think the change is still to hold old values and combine new technologies to match future economic trends.

Velemir Sava

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Quote from: Argoo on May 20, 2023, 02:37:49 AM

Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

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.

Governments can allow cryptocurrency to circulate in their countries, but they will not actively support it, much less grant it the status of a national currency. To do this, they have the opportunity to issue their own CBDC, and they will use this opportunity. But the situation will change more than once, although governments still should not hope for the use of cryptocurrency.
Cryptocurrency has been and will remain the choice of citizens, not their governments.

Changes can take effect at any time. however, if the government is aware I think this can be resolved easily if it happens at any time because it has the full support of competent parties. So. Communities and users are no longer confused about the options, either CBDC or the coin/token to be used meaning that not only one option is used to adopt POLYGON.

Argoo

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Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

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.

Governments can allow cryptocurrency to circulate in their countries, but they will not actively support it, much less grant it the status of a national currency. To do this, they have the opportunity to issue their own CBDC, and they will use this opportunity. But the situation will change more than once, although governments still should not hope for the use of cryptocurrency.
Cryptocurrency has been and will remain the choice of citizens, not their governments.

Rasa nanas

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so why do it have to be polygon? why not bitcoins? currently the most popular crypto is bitcoin.
why not USDT ? USDT has a much more stable value and makes transactions easier. it won't be that easy because small issues of this kind will continue to be debated. I think the best move is for each country to create their own crypto.

yazher

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No doubt about its fast transaction and affordable transaction fees but the competition goes up almost every year right now. I doubt that Matic will be chosen as the national currency of a certain country because that alone needs lots of work and also they need good partnerships with that nation and its people. Honestly, if they chose one of these coins to adopt and make it legal tender in their country, it could help their economy to grow and also gets the opportunity to have more tourists and businesses open there.

yhiaali3

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I think it is difficult for a country to build POLYGON as a means of payment as El Salvador did with Bitcoin, Solana is not at the level of universality and reliability that Bitcoin has.

The first thing you should think about is what if POLYGON collapses? This will cause a complete collapse of the national economy.

fvb

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Of course, I don’t know how this can be done, because basically the leaders of the states in the world do not particularly welcome the introduction of cryptocurrency into the payment system. For them personally, this is quite inconvenient, because it will become worse to control finances.

rybako

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Quote from: Sidra101 on May 02, 2023, 08:48:45 AM

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.

If some country has to make some crypto national currency, it has to be bitcoin. Bitcoin is used by majority and thus adoption will be faster.

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