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Topic: What country do you think will recognize Bitcoin as an official currency? - page 3. (Read 2097 times)

hero member
Activity: 1036
Merit: 500
First of all, Bitcoin will be accepted by banks, and then some country can accept it as an official currency. Without doubt, most BTC users are in USA, but USA will not accept Bitcoin in nearest future. Most probably some small countries can accept Bitcoin, like Bahamas or Seychelles. And then we can wait for larger countries, like Canada or Sweden.  Grin
No matters which country will take initiative the thing which will matter is the economic growth of that country and that country will lead the economy of world single handedly, and more chances of japan are being predicted that it will be considering it as to make national currency and many believes that japan will be more developed as compared to now.
sr. member
Activity: 1236
Merit: 252
The first country that came to mind is japan then Singapore. As for Singapore, ICO investors have been eying it as a possible 'replacement' for china when they have banned ICOs there last few months. If they become open enough in crypto, there's a high chance that they would recognize bitcoin as an official currency.
Yes its true there are some countries like Korea, japan, Australia who accept bitcoin officially but I believe there are a lot of some countries who have accepted bitcoin in their country but they accepted it secretly I don’t know what is the reason behind this but I am sure they in coming time they will disclose bitcoin officially in their country.
hero member
Activity: 798
Merit: 527
I think plenty of countries had already accepted bitcoin lets say legal currency as what others imposed. They actually could use it not just in exchange but in other transactions that usually use fiat as payment. Japan for example. I am not sure if Sweden and Korea tend to do use bitcoin as legal currency as of the moment though.

not many countries now recognize bitcoin as an official currency and i think its still too far to hope this because bitcoin need to solve the main problem first then maybe government will accepting bitcoin as payment. but if you say japan, i think it could be the first as we know that japan approve bitcoin and the government is allowing people for using bitcoin. i think in japan there is local store that already accepting bitcoin as payment but it doesn't mean that japan will be the first country that will make bitcoin as currency.
you says about japan .japan are not first country who accept bitcoin local currency they use only bitcoin look at all country’s they using bitcoin but not make a country currency bitcoin is a digital currency which use any were any place we use bitcoin for trading of investing money of profit
Exactly Japan seems more enthusiastic about legalizing bitcoin properly so that it can be said as official currency of the country. There are few other countries like US, UK and few more who have legalized it to some extent and progresses are going on there too. But yes Japan will be doing it in near future and they will make some amazing inventions.
full member
Activity: 293
Merit: 100
I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
No, I don't think any country will do that. Government will always go against it. Due to its decentralization it is hard to control and that bothers the government the most. There own local currency will always remain a currency for every country. But despite all that, many people chase bitcoin in the future . I don't really know for sure how governments would act if that time will come.I'm still hoping for the best for bitcoin though. For me, it is unstoppable!:)
hero member
Activity: 504
Merit: 500
No country would be ready to accept bitcoin as a currency instead of its national currency.Only thing which a country could do is to legalize bitcoin and allow it also to be accepted with its own currency.

Japan has already legalized bitcoin and Australia has already announced that it would treat bitcoin as money on july 1,2017.Liberland, a small multi nation has also made bitcoin as its national reserve currency.Vietnam is getting ready to legalize bitcoin within next year.

India may legalize it within next few months.I think that US and china would never and ever legalize bitcoin as they both see bitcoin as a direct threat to their own national currencies.
As I have heard 1vietanam is the first country who have started bitcoin acceptance as a legal currency in their local markets. And I think they will be the first to announce bitcoin as their regular currency for all kind of buying and selling. Many other countries like South Africa, Russia and India have also started trading in bitcoin in their local markets and the next I think is United Kingdom.
member
Activity: 87
Merit: 10
No country will. Best case-issue national cryptocurrency
sr. member
Activity: 1330
Merit: 291
It's a herculean task to pinpoint a particular country that would localise Bitcoin as an official currency. The cryptocurrency is already enmeshed in series of controversies and uncertainties. Countries of the world already have their currencies which they uniquely identify with. Bitcoin might just get some level of acceptance and recognition but it will be a tall order for any country to make bitcoin an official currency.
sr. member
Activity: 392
Merit: 250
No country would be ready to accept bitcoin as a currency instead of its national currency.Only thing which a country could do is to legalize bitcoin and allow it also to be accepted with its own currency.

Japan has already legalized bitcoin and Australia has already announced that it would treat bitcoin as money on july 1,2017.Liberland, a small multi nation has also made bitcoin as its national reserve currency.Vietnam is getting ready to legalize bitcoin within next year.

India may legalize it within next few months.I think that US and china would never and ever legalize bitcoin as they both see bitcoin as a direct threat to their own national currencies.
sr. member
Activity: 435
Merit: 251
First of all, Bitcoin will be accepted by banks, and then some country can accept it as an official currency. Without doubt, most BTC users are in USA, but USA will not accept Bitcoin in nearest future. Most probably some small countries can accept Bitcoin, like Bahamas or Seychelles. And then we can wait for larger countries, like Canada or Sweden.  Grin
member
Activity: 126
Merit: 11
One of a kind
I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?

The first thing that comes to my mind is the country where satoshi came from, it all started with him or his group so I guess their countries government can accept it because they are the founders of bitcoin and I think it is beneficial for their country as they were the one who started the digital cryptocurrency community.
full member
Activity: 322
Merit: 100
Depending on the country's point of view and readiness, the point of view in viewing the positive and negative side of bitcoin transactions, and the government's readiness to make regulations about bitcoin transactions itself if bitcoin is recognized as a legal currency, among others who may have bitcoin regulations? what is the requirement? how is the tax? and others.
sr. member
Activity: 572
Merit: 250
Bitcoin is a real currency, the only hindrance for that if government of a particular country accepted Bitcoin as a currency that they can accept as mode of payment by their citizen. There are many countries that really accept Bitcoin and recognized by their government and some of them are Japan, South Korea, many countries in Europe and Canada, USA and some parts of Latin America. Some countries have free access to Bitcoin but some of them also are not recognized as a currency they can call, I wish it will be recognized worldwide.
Exactly this. Bitcoin does not need to be accepted by a government to be considered a "legitimate currency" or anything of that sort. If countries do start adopting bitcoin as a legal currency or even their official currency, then great. If not, it's not really a worry since bitcoin is global and decentralized anyway.

If we're talking about the first country to do this then i'd say definitely Japan or Korea.

Lots of new ideas in these two asian countries, and a lot of bitcoin trading done their already. Especially Japan.
I agree about Japan being first country to accept bitcoin as official currency but that will not happen now. It will take much time. Since Japan and China are two countries who are economically too much strong, and they want to become super world. Controlling the international currency will definitely help them to achieve their goal.

hero member
Activity: 868
Merit: 500
Hasnt Japan made it already, anyway if they havent isnt needed at all, bitcoin is a currencie, store of value and a payment processor due to blockchain, soo it wont means nothing about its value and potencial. If you are considering some country to adopt bitcoin as their currencie i doubt it will happen, because even bitcoin future being amazing, its a huge step to say to the world, hey we need a decentralized currencie since we arent able to manage our own currencie.
legendary
Activity: 2016
Merit: 1106
whichever country it is next it is going to have an advantage and a good headstart
Japan is doing very good in this regard,they legalised bitcoins and the  businesses that accept bitcoins are booming there
its a very technologically advanced country with almost 130 mil of people
South Korea is another good example-the exchanges volumes are at all time high
India,Russia,Singapore,Phillipines are all toying with the idea of legalising crypta,but you cannot be sure until it is official
sr. member
Activity: 397
Merit: 252
I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
I do not know yet the country that completely legalized bitcoin. There are countries that have adopted it and vice versa prohibit it. The closest thing to this I think is Japan, progress there is already very fast and in the next 5 years I think everything will happen.

Yes Japan may be more dominating bitcoin after china and maybe they are more potential to declare the legality of bitcoin as the official currency in their country, maybe for the next few years will surely increase the countries adopting bitcoin, so this is certainly very influential on the progress of bitcoin in the future.
full member
Activity: 504
Merit: 102
I think plenty of countries had already accepted bitcoin lets say legal currency as what others imposed. They actually could use it not just in exchange but in other transactions that usually use fiat as payment. Japan for example. I am not sure if Sweden and Korea tend to do use bitcoin as legal currency as of the moment though.

not many countries now recognize bitcoin as an official currency and i think its still too far to hope this because bitcoin need to solve the main problem first then maybe government will accepting bitcoin as payment. but if you say japan, i think it could be the first as we know that japan approve bitcoin and the government is allowing people for using bitcoin. i think in japan there is local store that already accepting bitcoin as payment but it doesn't mean that japan will be the first country that will make bitcoin as currency.
you says about japan .japan are not first country who accept bitcoin local currency they use only bitcoin look at all country’s they using bitcoin but not make a country currency bitcoin is a digital currency which use any were any place we use bitcoin for trading of investing money of profit
full member
Activity: 345
Merit: 100
I think for bitcoin to be a real currency, government have to accept it first.

So I ask what country do you think will recognize it as a currency?
I do not know yet the country that completely legalized bitcoin. There are countries that have adopted it and vice versa prohibit it. The closest thing to this I think is Japan, progress there is already very fast and in the next 5 years I think everything will happen.
legendary
Activity: 2842
Merit: 1130
Leading Crypto Sports Betting & Casino Platform
The first country that came to mind is japan then Singapore. As for Singapore, ICO investors have been eying it as a possible 'replacement' for china when they have banned ICOs there last few months. If they become open enough in crypto, there's a high chance that they would recognize bitcoin as an official currency.
I have pretty same opinion. Japan is leading the world in technology and they were the first one to make bitcoin legal in their country so I think after hardly five years, Japan is going to announce bitcoin as their official currency. Singapore as we all know keeps following them in latest trends and is herself quite developed with regard to technology, they will also make bitcoin official soon.
hero member
Activity: 952
Merit: 503
By official if you mean legal, then Japan has already done it. But if you mean making it national currency, then that is unlikely to happen. Bitcoin is international currency and is highly volatile since it is decentralized. No country would make such a currency, a national currency whose hold will not be in their hands. That will be a nightmare for the economic growth. If you want foreign investment you need a relatively stable currency not a volatile one like bitcoin and that too out of government's control.

No country will Smiley . All the countries will trust their own currency rather then depending on a currency whose price fluctuates a lot and even takes alot of time to confirm sometimes . So why to use such a currency when every country has its own well established currency

I cant believe most of you have not heard of the Pirate Party from Iceland. They seek to make BTC legal tender in their country.

I dont know what the political landscape in Iceland is but they have been given more and more support, with the last year's Icelandic election having the most success to date.

https://en.wikipedia.org/wiki/Icelandic_parliamentary_election,_2016

Iceland is due to have another parliamentary election on October 28, 2017.



Making it legal and making it national currency are two different things. Bitcoin is legal in many more countries. But adopting it as a national currency over the fiat currency is unlikely to happen.
If making official means legalizing bitcoin than many countries have made bitcoin legal but if it means using bitcoin as national currency, then I have similar opinion like yours. You can simply use bitcoin as a currency with your national currency but I don’t think so bitcoin were made to be sued as official currencies. They are doing their job best by being the most profitable investment at present.
sr. member
Activity: 477
Merit: 501
I think Japan, the inventor of  satoshi nakamoto comes from japan, and of course japanese government more respect so that can make  as an official currency.
i don't think japan will do that first from all of the world. i think it will happen from somewhere in europe and any country from europe will do it first like america or england or there are also chance that they launch their own cryptocurrency in competition with bitcoin. there also very severe chances of china also to launch their own crypto like they have just launches neo and it is very popular.
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