So...bitcoin is now a national currency ("nation" of 4 people)

ctlaltdefeat

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Quote from: Elwar on December 14, 2015, 05:17:34 AM

So this small island off of Portugal, Principality of the Pontinha, has been a sovereign nation by royal decree since the 1400s. It has been handed down and changed hands a few times. The current leader has decreed that bitcoin is the nation's official currency.

This could literally kick off a lot of things. Bitcoin would officially become a foreign currency for all nations.

Equador, which is the only country to actually pass a law banning Bitcoin (which the law only banned Bitcoin from running on its banking network) had a stipulation that it would be recognized if it became a national currency. So by passing such a law...they may have potentially forced themselves to recognize bitcoin as an official currency.

I wonder how US will deal with considering Bitcoin a commodity when it is officially a foreign currency as well.

http://www.newsbtc.com/2015/12/13/bitcoin-atlantis-currency/

i just wondering about this news today,if this news is real,why i never see this article on popular bitcoin portal like CCN or coindesk,and if you think that US will considering bitcoin becuse bitcoin officially a foreign currency,i dont think so,its hard for US goverment considering about bitcoin for now,even if some countries start accept bitcoin as national currency.

randchingo

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That's pretty much HYIPing the news, that place is just a tiny island that no place has accepted as a country and therefore it's not a foreign currency in any place, it's better to wait for an actual place to accept BTC.

jchst

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it's already used and although the country thing is a bit of an exaggeration it still deserve to be considered a global currency, many countries are already dealing with it as a currency rather than a commodity.

starbook

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I was relatively HYPE'd Until I saw the post mentioning there are 4 part-time residents, it won't be actually a local currency if there isn't a country at all, No country actually agreed to it as a country so no country would be forced to recognize BTC as a foreign currency.

CryingMidget

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Quote from: blackraven1425 on February 03, 2016, 06:19:49 AM

The fact that it's already used as a way to move money internationally already qualifies it as an "international currency". as adoption grows, this will be more and more consensus.

Its a great news and It is using by all people around the world and easy to manage as well in anywhere. So all would agree bitcoin is not international currency. not USD.

gregyoung14

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Quote from: Dekker3D on February 03, 2016, 06:22:29 AM

Quote from: blackraven1425 on February 03, 2016, 06:19:49 AM

The fact that it's already used as a way to move money internationally already qualifies it as an "international currency". as adoption grows, this will be more and more consensus.

Yes, but as a National Currency that won't be happening in the near future yet. Their economy will be volatile if that would be the case as the bitcoin price varies so as the value of their money.

My same thoughts. This could be possible, but i have to say not yet. Perhaps what's going on is this town is patronizing BTCs more than their own currency.

Dekker3D

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Quote from: blackraven1425 on February 03, 2016, 06:19:49 AM

The fact that it's already used as a way to move money internationally already qualifies it as an "international currency". as adoption grows, this will be more and more consensus.

Yes, but as a National Currency that won't be happening in the near future yet. Their economy will be volatile if that would be the case as the bitcoin price varies so as the value of their money.

blackraven1425

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The fact that it's already used as a way to move money internationally already qualifies it as an "international currency". as adoption grows, this will be more and more consensus.

labwork

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Quote from: Snorek on February 03, 2016, 05:32:04 AM

Quote from: fracorcled on February 03, 2016, 04:42:49 AM

Quote from: c0ffer on January 21, 2016, 05:34:53 PM

Bitcoin (capital 'B') can not be an effective national currency nor should it become one.

If Bitcoin becomes a national currency, the government cannot print it easily. It has to earn it.

It not as simple as it seems, quantitative easing is not the biggest problem for normal currency users they don't care.
In the long run it is economic issue, true. What is the most important is stability of the money, bitcoin with its horrendous fluctuation and explosive volatility is not good fit for national currency of any kind.
At least for now.

Yeah but we all know and expect that as the coin becomes more largely used and reaches widespread adoption that high volatility tends to become a past issue.

Snorek

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Quote from: fracorcled on February 03, 2016, 04:42:49 AM

Quote from: c0ffer on January 21, 2016, 05:34:53 PM

Bitcoin (capital 'B') can not be an effective national currency nor should it become one.

If Bitcoin becomes a national currency, the government cannot print it easily. It has to earn it.

It not as simple as it seems, quantitative easing is not the biggest problem for normal currency users they don't care.
In the long run it is economic issue, true. What is the most important is stability of the money, bitcoin with its horrendous fluctuation and explosive volatility is not good fit for national currency of any kind.
At least for now.

lostintranslation

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Quote from: Elwar on December 14, 2015, 05:17:34 AM

So this small island off of Portugal, Principality of the Pontinha, has been a sovereign nation by royal decree since the 1400s. It has been handed down and changed hands a few times. The current leader has decreed that bitcoin is the nation's official currency.

This could literally kick off a lot of things. Bitcoin would officially become a foreign currency for all nations.

Equador, which is the only country to actually pass a law banning Bitcoin (which the law only banned Bitcoin from running on its banking network) had a stipulation that it would be recognized if it became a national currency. So by passing such a law...they may have potentially forced themselves to recognize bitcoin as an official currency.

I wonder how US will deal with considering Bitcoin a commodity when it is officially a foreign currency as well.

http://www.newsbtc.com/2015/12/13/bitcoin-atlantis-currency/

Uow, I was tottaly unaware of these events. That's such great news for the whole bitcoin network!

I hope we can solve bitcoin's problems fast do adoption becomes larger and larger!

praprata

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That has indeed been the case. But not everyone uses it. Dollar and Euro are many more uses.
Because some people do not even know what Bitcoins and whether it is safe.

fracorcled

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Quote from: c0ffer on January 21, 2016, 05:34:53 PM

Bitcoin (capital 'B') can not be an effective national currency nor should it become one.

If Bitcoin becomes a national currency, the government cannot print it easily. It has to earn it.

expert4knowledge

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Quote from: Preclus on January 21, 2016, 05:34:12 PM

Quote from: expert4knowledge on January 21, 2016, 04:54:07 PM

Bitcoin can be a national currency for countries that are about to be bankrupted and their national currency having downfall.

No, bitcoin can't be a national currency for countries that are about to have their currency wiped out. Zimbabwe switched to the US dollar when its currency failed and was able to borrow US dollars to do it. They are now trying to switch back their own currency because they want control over their own currency.

If Zimbabwe's own currency fails, are you going to lend billions worth of Zimbabwe bitcoins to use as a currency? How exactly would the people of Zimbabwe, who had no money for computers, use bitcoins at all? Where are they going to get the bitcoins to use as currency in the first place? And do you think they would be OK with using a system where an anonymous hacker could steal all the government's money overnight or some hard fork done by China made it all worthless? And that's just the start, the list of reasons it would never be done is almost endless.

I say a bitcoin with us$ or zimbabwe currency does not differ and I suggest btc us dollar and not paper dollar.

joinal

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I thought it was impossible a country adopts bitcoin as the currency of their country,
for now bitcoin is not suitable to be the country's currency

phreaky

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Quote from: gilangIDR on January 21, 2016, 05:38:28 PM

if bitcoin into the national currency means the currency that existed previously will be little used. and the effect of the currency will be eroded its value.

Yes, but it's great for bitcoin.
Sure it is not a country that matters in the world economy, but it's a great step.

gilangIDR

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if bitcoin into the national currency means the currency that existed previously will be little used. and the effect of the currency will be eroded its value.

c0ffer

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Gems:Crypto

Bitcoin (capital 'B') can not be an effective national currency nor should it become one.

Preclus

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Quote from: expert4knowledge on January 21, 2016, 04:54:07 PM

Bitcoin can be a national currency for countries that are about to be bankrupted and their national currency having downfall.

No, bitcoin can't be a national currency for countries that are about to have their currency wiped out. Zimbabwe switched to the US dollar when its currency failed and was able to borrow US dollars to do it. They are now trying to switch back their own currency because they want control over their own currency.

If Zimbabwe's own currency fails, are you going to lend billions worth of Zimbabwe bitcoins to use as a currency? How exactly would the people of Zimbabwe, who had no money for computers, use bitcoins at all? Where are they going to get the bitcoins to use as currency in the first place? And do you think they would be OK with using a system where an anonymous hacker could steal all the government's money overnight or some hard fork done by China made it all worthless? And that's just the start, the list of reasons it would never be done is almost endless.

Preclus

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Nobody lives there, it is not a county, it is a rock a guy bought for 25,000 euros (likely much less, that was the offer price). The guy who bought it declared it a country himself and declared himself a prince. Nobody else recognizes it as a country and nobody cares because there is nothing there but a rock. The story:

http://www.theguardian.com/lifeandstyle/2014/nov/14/experience-i-founded-my-own-country

Topic: So...bitcoin is now a national currency ("nation" of 4 people) (Read 7060 times)