POLYGON as a national currency. - page 4.

Jackl87

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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 as a national currency in the means of replacing the so far existing national currency will never happen in my opinion. A country always wants to be in control of their currency and with crypto this is not the case. That is also the reason why crypto was invented in the first place. I also think it would not be a very wise decision to replace your national currency with a crypto currency, because the price of cryptos is just to unstable. Just imagine you get paid in Polygon on the end of the months for your work and then two days later polygon goes down by 20% or more, which happens quite often. This would be very dangerous to a lot of people.

Halime Anatolia

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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.

Yes. Financial Technology continues to move forward day by day and is hard to avoid. If seen from the first point of view, regulations must be made, both written regional regulations regarding the use of automatic coins for adoption and legalized as a mode of payment for digital currency in a country. for the procedure, I think they can embrace IT personnel who understand and understand this. But I agree and this question is good idea and constructive.

kaseygriffin

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IMO, develop basic education on financial skills and cryptocurrencies for people, especially those who do not have knowledge of cryptocurrencies. Strengthen supervision and management of crypto-related activities to ensure that transactions are carried out honestly and transparently. Create utilities that support the use of cryptocurrencies, including mobile applications to increase convenience in use and transactions. Ensure that the payment system is connected with global payment partners to increase the usability of cryptocurrencies and reduce dependence on traditional payment services. Develop a legal system for the use and transaction of cryptocurrencies, including regulations on consumer protection and ensuring the safety of transactions. Strengthen communication and create trust in the use of cryptocurrencies, through advertising campaigns and public education. And most of what I'm talking about are just assumptions about a future scenario if this market finds a common language with the working world economic system.

crwth

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I have seen videos of people using Polygon, and it's nice compared to other altcoins. I'm still with Bitcoin but I see it being used by many people and knowing what MATIC can do as well. IIRC, they are the ones responsible for it right?

Has anybody had any use case for this?

wxa7115

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Quote from: Rampagoe004 on May 12, 2023, 11:41:41 PM

That will never happen. Because from the start blockchain is a decentralized network where the government does not have full control over the assets. Not to mention that all countries in the world must have their own Federal Bank. Is it possible to make Polygon a Federal Crypto Currency? Of course it is impossible in my opinion.

It is impossible for polygon, but for bitcoin it could be possible that in the future it was adopted by a country and used exclusively on that territory as the only legal tender, now this is not going to happen soon but it is a possibility.

After all there are some countries out there which do not even have their own fiat currency and use the US dollar as a legal tender, so we have cases already of countries forfeiting the right of printing their own currency, and if the US dollar we are to experiment a huge crisis those countries will need to find an alternative, and while unlikely the possibility they could choose bitcoin is not zero.

Xal0lex

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Quote from: Fesatmas on May 11, 2023, 02:20:56 AM

Quote from: Xal0lex on May 02, 2023, 10:42:43 AM

Yes, Matic is very good for transactions and very good for NFT, but I don't think it's the right asset to implement at the national level as a means of payment just because it has low fees. Matic has too short history on the market, it's an altcoin and it's not reliable enough. It is unlikely that any country will choose any altcoin, ignoring bitcoin.

We do not know as effective and how efficient is Polygon is used as a legal payment tool, even though he is fairly early, Altcoin Matic has a good reputation in the world of blockchain. It is quite risky to rely on polygon as an asset that is applied in a national scale, of course if indeed forced there must be a long experience first, so that the bad possibility cannot occur, and the most important thing is not to get disappointment that can kill the country or paralyze a country in its economy.
I also disagree if I ignore Bitcoin, but I am rather skeptical because I have enough coin matic. Grin

A good reputation in the community is not enough to make sure an asset is reliable. Terra also had a good reputation in the community and great liquidity until spring 2022, but something went wrong. In my opinion, the main requirement for accepting a cryptocurrency as a means of payment is the longevity of the asset, as well as the fact of how the asset has behaved throughout its life. So far, no altcoin, not even ETH, can demonstrate a better longevity than bitcoin.

Rampagoe004

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That will never happen. Because from the start blockchain is a decentralized network where the government does not have full control over the assets. Not to mention that all countries in the world must have their own Federal Bank. Is it possible to make Polygon a Federal Crypto Currency? Of course it is impossible in my opinion.

merekamo

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While I acknowledge that Polygon is a user-friendly platform for easy transactions, I believe that adopting it as the primary means of payment in countries with low levels of education may not be the best approach. This is because the population may not have the necessary knowledge and skills to navigate digital platforms effectively, which can lead to confusion and potential misuse of the technology.

Instead, I would recommend that country leaders focus on improving the overall education levels and digital literacy of the population before considering the adoption of any advanced digital platforms. This will ensure that citizens are properly equipped to understand and utilize the technology, ultimately leading to a more successful implementation of Polygon or other digital payment platforms.

One more thing, if a country creates a Polygon to make payments or transactions, then the first to oppose this concept is the World Bank. I don't think it's possible Polygon for payments or transactions

Psynthax

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Quote from: hamba laeh on May 12, 2023, 04:53:59 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.

no country wants to make crypto currency its national currency because cryptocurrencies have high fluctuations that can be fatal for a country and can experience inflation in a country. In my opinion cryptocurrency can only be used and regulated in regulations only as a medium of exchange at the national currency exchange rate.

agreed with the point of fluctuation, even if it was backed by the government it will still rather volatile, it's really different compared with stablecoin even CDBC so I don't think it's even a good idea, considering the fact that even bitcoin still changing its value quite frequently within really short time frame like minutes.

Bolivar_Tony

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I don't see this happening, countries are autonomous and their is no way they will allow such to happen, what they can do is to do mint their own coin popular known as CBDC's and i think CBDC's are something to watch out for in the future because a lot of countries are piloting the test

BitcoinPanther

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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.

The country can create a bill and present it to the panel of regulators and get approved. It is as easy as that. If ever the bill had passed and acknowledged Polygon as legal tender, they should announced and implement the it. Although it is as easy to say as that, the process would be very complicated.

But in my personal thought, Polygon will have a slim chance of getting approved as legal tender due to Bitcoin being more attractive choice.

hamba laeh

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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.

no country wants to make crypto currency its national currency because cryptocurrencies have high fluctuations that can be fatal for a country and can experience inflation in a country. In my opinion cryptocurrency can only be used and regulated in regulations only as a medium of exchange at the national currency exchange rate.

riskarcher

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Legal payment using polygon?, every time someone says that it makes me think how can an asset whose value is fucluative be a legal payment is so funny. I can't imagine the retailer who received the payment will obviously be confused because their income has changed. Easy transactions don't always use crypto because that feature can be obtained from electronic payments or QRIS which is faster.

Magic-Money

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Polygon Network is a very fast network in the cryptocurrency industries, which charge's with a less fees, for any given transaction, that has Coin called Matic Coin, for the nation to adopt the Matic Coin as a means of payment, is a something of a gradual process by introducing to individual and company, which actually serve as a electric money, which everyone knows that cryptocurrency is a digital currency as well.

Fesatmas

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Quote from: Xal0lex on May 02, 2023, 10:42:43 AM

Yes, Matic is very good for transactions and very good for NFT, but I don't think it's the right asset to implement at the national level as a means of payment just because it has low fees. Matic has too short history on the market, it's an altcoin and it's not reliable enough. It is unlikely that any country will choose any altcoin, ignoring bitcoin.

We do not know as effective and how efficient is Polygon is used as a legal payment tool, even though he is fairly early, Altcoin Matic has a good reputation in the world of blockchain. It is quite risky to rely on polygon as an asset that is applied in a national scale, of course if indeed forced there must be a long experience first, so that the bad possibility cannot occur, and the most important thing is not to get disappointment that can kill the country or paralyze a country in its economy.
I also disagree if I ignore Bitcoin, but I am rather skeptical because I have enough coin matic. Grin

Apocollapse

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Bitcoin didn't even get accepted most of countries as a currency, now you're demanding Polygon should get accepted as a currency?

Polygon is a centralized token, it's never been a currency if you read the whitepaper. Only Bitcoin is proposed to become a world currency, some fake Bitcoin is also proposed same, but it's a scam coin. You just need to hope there's no vulnerability or hack on Polygon, that's it, because if it's happen, Polygon might suffer and would become a dead token.

TastyChillySauce00

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Quote from: RussianEnglishTranslation on May 09, 2023, 09:32:57 PM

Even polygon cannot be used as a national currency because to do so would require a TPS of 50k or more. Most countries will utilize their own private chains with 10 or less validators to ramp up the TPS. You could use a public blockchain like Polygon or Q Blockchain for digital ID or voting however as these things do not require transactions, only signing on metamask.

it doesn't even make sense. VISA operated globally owned less than 50k TPS. How can you say that if polygon needs 50k TPs or even more for that? The main concern must be the volatility that owned by polygon caused by it's volatile asset.

TPS didn't matter a lot here. I think that you are making a false claim by taking 50k TPS s requirement to make it happen

Volatility and regulatory concern are main factors that prevent it.

RussianEnglishTranslation

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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.

Even polygon cannot be used as a national currency because to do so would require a TPS of 50k or more. Most countries will utilize their own private chains with 10 or less validators to ramp up the TPS. You could use a public blockchain like Polygon or Q Blockchain for digital ID or voting however as these things do not require transactions, only signing on metamask.

JayTrain

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Adopting POLYGON as a means of payment or transactions in a country with low levels of education would require a comprehensive approach that includes education, accessibility, and infrastructure. First, the country's leaders could prioritize educating their citizens on the use of cryptocurrencies and blockchain technology, ensuring that the public understands the benefits and risks of using POLYGON. Additionally, they could work to improve accessibility by providing resources such as easy-to-use mobile applications and reliable internet access. Finally, the country could invest in developing the necessary infrastructure, such as payment gateways and exchanges, to support POLYGON transactions. By taking these steps, the country could create an environment that is conducive to the adoption and use of POLYGON as a means of payment and transactions

justdimin

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Quote from: usekevin on May 03, 2023, 10:41:46 AM

Many people opinion is bitcoin to became their own country currency,because they are the early adopters of the bitcoin.Most of the people wish the bitcoin to became the world currency like the USD.The world economy will not run without the US dollars,because the USD was the mode of payment to import anything from the United States.So we should have the dollars as our Reserve in their country.Nearly seventy percentage of most of the country population holding the bitcoin as their assets and investments.So as compared to the polygon,Bitcoin and Ethereum had huge opportunities.

They can keep trusting whatever they want to but that doesn't mean that they will change it, I mean countries already have their own currencies and just because a few million people liked some coin doesn't mean they can change it. Bitcoin is the biggest coin ever, and even that had only 200 million ever invested, not actively, but some thing there will be other coins that will be accepted as currency for a nation?

Absolutely not, not even bitcoin will be like that, you need 200 million all in a single nation to make that happen, well depends on population of course, if its less then that would work with less. All in all there is no scenario where polygon is ever nation currency, or any crypto could be national currency, legal tender at best.

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