Topic: Thoughts about Bitcoin as a small country currency - page 2. (Read 2004 times)
I can't think of any benefit to that government (not the people in that country), and so I don't see why a government will adopt bitcoin (which they have zero control) as its official currency.
We are 5 to 7 years away from a country pegging part of its forex reserves in btc
Though I hope it happens much sooner
Though I hope it happens much sooner
Any thoughts about Bitcoin replacing one of the extremely volatile currencies of a small country?
well giving them something that goes up and down by someone selling 10k bitcoins isn't exactly good. selling 10k bitcoins should not make the price drop by almost 300 bucks, that is bad. bitcoin needs to be used more by consumers to drive demand up for it so the price will stabilize because there is more daily volume.
when that happens it would be ok.
I'd think 2 things would need to be fixed first
1) bitcoin price volitility
2) somebody or some company to open the doors to make it simple technology wise. I'm talking easy/cheap payment methods like Square brought Visa/Mastercard to small businesses and some reliable/safe non-technical wallet service. Relying on phones has its challenges in a 3rd world, dont consider just phones but also data-enabled phones and plans which usually bring up costs.
1) bitcoin price volitility
2) somebody or some company to open the doors to make it simple technology wise. I'm talking easy/cheap payment methods like Square brought Visa/Mastercard to small businesses and some reliable/safe non-technical wallet service. Relying on phones has its challenges in a 3rd world, dont consider just phones but also data-enabled phones and plans which usually bring up costs.
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Probably they are too computer illiterate to operate in BTC as of now and lack the resources.
All you need is a smart phone and an Internet connection.
Bitcoin is not really a currency. It's even more volatile that most FIAT currencies.
It is a currency and it's only volatile when you peg it to other currencies. 1 bitcoin is always worth 1 bitcoin.
Bitcoin is volatile so i don't think it can replace any currency no matter how small the country.
Bitcoin is not really a currency. It's even more volatile that most FIAT currencies.
Any thoughts about Bitcoin replacing one of the extremely volatile currencies of a small country?
Why think small?
Probably they are too computer illiterate to operate in BTC as of now and lack the resources.
Any thoughts about Bitcoin replacing one of the extremely volatile currencies of a small country?
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