What country do you think will recognize Bitcoin as an official currency? - page 5.

betMaster

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Quote from: dvyanc on October 02, 2017, 05:07:28 AM

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 don't think any country will really recognize bitcoin as it's principal and main currency for many obvious reasons such as volatility and limitation of world supply . Moreover those country will be deprived from taxes payed by citizens . The lack of accessibility of people to bitcoin is another obstacle to face specially the elderly and the youngsters . It may minimize the charges that governments spend on the cash and it's storage and be effective against corruption but it's value changing every second won't ever let it be an official currency for any country .

KaliLinux

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Quote from: dvyanc on October 02, 2017, 05:07:28 AM

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?

Yes it's a next step for bitcoin to recognized by government, Since it has massive growth in crypto currency market. And most of the countries are interested in block chain technology and accepting crypto currency like bitcoin, but still they are not strong enough to prioritize this since it may affect their fiat currency. Japan has already started accepting and they are fast enough with block chain technology. All the countries should come forward and accept bitcoin for some retail transaction in the beginning.

jpoker272727

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Quote from: miyaka26 on October 04, 2017, 12:46:41 PM

Japan, Canada, South Korea, Philippines and some democratic countries, some of them already recognize it and some have doubts, the majority are all bitcoin free countries that have some regulation in terms of the ICO and some exchanges as the fraud and criminality are vulnerable because btc is the currency of anomity. To accept it as a real currency, the government should make a regulation or a system without compromising the primary attributes of the bitcoin by making the it safer and efficient to use as the criminals will tend to use it for their illegal transaction.

This is just a matter of time that will decide this thing. It is going to be something really interesting to see and listen. I think that it will be France who will be taking this step in the near future.

The reason being there are the more number of investors and traders of Bitcoin in France as compared to all other countries in the world. Moreover, their Government is also planning to help those investors and traders.

redhondaxrm125

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Quote from: dvyanc on October 02, 2017, 05:07:28 AM

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?

Well, if me and my family use potatoes as currency in our house. It is a currency. Government has no power over us if we stick to what we believe in and fight for it. They are powerless if people open their eyes.

None that i know of, some may be on the process of accepting cryptos.
But one thing im sure of is that majority hates cryptos and will find ways to make it permanently illegal.

KingOfWinterfell01

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I think tech giants like South Korea, Japan, and America will be the first countries to embrace bitcoin as an official cuurency. It will start as the official currency for online and digital transactions and then in the latter years of its development, it will envelop the country as a whole and the primary currency for purchase of all goods.

entrepmind23

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Quote from: ss890 on October 07, 2017, 12:05:03 PM

Quote from: Hasbro27 on October 07, 2017, 11:51:33 AM

I do not think there will be a country that applies bitcoin as its currency, because the negra already has its own currency, maybe bitcoin as an alternative payment and investment

I believe this is what will happen. Countrys have there own traditional currency and nobody will really capture the bitcoin as there real currency because it doesn't work like that. Currency is completely different thing. The money that flows within the nation or outside the nation is circulated with market cap which is way way way bigger than all the 21 million bitcoin together. Just imagine how much money is generated everyday in the RB and how much is really needed to recirculate. It's completely different thing than virtual currency. So I'm speculating that no country will really or won't be accepting it as officially currency.

Though Japan may have already accept it as a currency still JPY is still their national or official currency. I agree with you that no country will make it as their official/national currency because there is already an existing one which is fiat and it would be hard to exclusively use bitcoin as a currency because many people would have difficulty in accessing it because of the lack of tools needed. Those old people who doesn't even use a computer which has been existing for a long time already would have difficulty especially and those that have no gadgets as well would be struggling in accessing it. Bitcoin would be recognize as a digital currency thus making it as payment option but it would not be able to totally eliminate fiat.

Freezingel

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Quote from: dvyanc on October 02, 2017, 05:07:28 AM

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?

It's hard to know this because every country surely prefer their own digital currency as the official one. But if i have to choose than maybe it will be Japan, the leading country in term of crypto currency support.

ss890

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Quote from: Hasbro27 on October 07, 2017, 11:51:33 AM

I do not think there will be a country that applies bitcoin as its currency, because the negra already has its own currency, maybe bitcoin as an alternative payment and investment

I believe this is what will happen. Countrys have there own traditional currency and nobody will really capture the bitcoin as there real currency because it doesn't work like that. Currency is completely different thing. The money that flows within the nation or outside the nation is circulated with market cap which is way way way bigger than all the 21 million bitcoin together. Just imagine how much money is generated everyday in the RB and how much is really needed to recirculate. It's completely different thing than virtual currency. So I'm speculating that no country will really or won't be accepting it as officially currency.

Hasbro27

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I do not think there will be a country that applies bitcoin as its currency, because the negra already has its own currency, maybe bitcoin as an alternative payment and investment

audaciousbeing

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Quote from: dvyanc on October 02, 2017, 05:07:28 AM

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 truth is that I don't see any country adopting bitcoin just yet not because its bad or because of all the bad happenings they are quick to ascribe to bitcoin but because of the pride of the managers of the economy. The prefer to continue with policies of Cambridge and Oxford thesis to be imported into their economy without having to understudy what will suit their countries the most even the economy of where the schools are domiciled, are only struggling.

Until when they realise the whole economic method are only temporal for keeping the economy in shape, they would try something else.

Thyaga

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I think that Japan is the first country candidate to use bitcoin as official and legitimate payment, secondly there is Singapore because singapore is the headquarters for many blockchain start-up.

okissabam

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In my own opinion the best candidate would be Japan, because they are more technological so basically I wouldn't wonder if Japan would be the first country that will recognize Bitcoin as an official currency. It really makes a lot of sense if that's the case.

mkmdoc

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Bitcoin is a limited supply coin so it is a really bad idea if a country announces Bitcoin as an official currency because surely it will effect on their economic growth because they need to use Bitcoin as an alternate currency for payments.

vintages

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No country will make it an official currency.
Reason been that some countries do not officialize or accept cryptocurrencies. So any country that will ever do that is cutting themselves off from trading with countries in the case of raw materials.
Besides, it may sound awkward, but there are many countries in this world that do not know anything about bitcoin or any cryptocurrency.

a4techer

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Quote from: dvyanc on October 02, 2017, 05:07:28 AM

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?

Many country was already recognized bitcoin or already legal if im not mistaken like bangladish, nigeria, zimbabwe, canada, united states of america at many to mention that's why here in bitcoin have many investor because of the legality of bitcoin and the amount of coins was already going up not like past years.

chickenado

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Quote from: TheUltraElite on October 07, 2017, 04:09:17 AM

No country accepts bitcoin as official currency - there has been a lot of official talks regarding this but no one is ready to accept it. This is understood because the governments run on taxation and there are people who tax the citizens. Bitcoin stops this and does not allow any taxation however a citizen may pay them still if the governments ask for it, but not involuntarily.

Since bitcoins are not regulated there is no way that the countries will be able to tax their citizens and the banks will collapse. Corrupt governments will no longer be able to operate like usual and thus there will be a distortion in the economy.

Well,if that's a big possibility then how would our country will look like if that case is a kind of unacceptable in governments? If banks will collapse,then what about if bitcoin will manage which is similar to banks but I guess banks won't collapse that quick. I agree on the part that you mentioned on taxes, taxes are everywhere and it annoys me all the time. If only we can suggest to our presidents to which country we belong and have a votation or survey of this matter.

atc1-REAL

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None at all. The very concept of btc is antithetical to the idea of control of finances of the citizens by the state. The only way I see how is if they find a way to control/track the bitcoins any person has, at which point we're back to the present banking system. Plus the blockchain works on verification, and if theres no activity by other peers, transaction times would be lengthy and time consuming, unlike the present scenario where money can be transferred immediately.

TheUltraElite

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So anyway, I applied as a merit source :)

No country accepts bitcoin as official currency - there has been a lot of official talks regarding this but no one is ready to accept it. This is understood because the governments run on taxation and there are people who tax the citizens. Bitcoin stops this and does not allow any taxation however a citizen may pay them still if the governments ask for it, but not involuntarily.

Since bitcoins are not regulated there is no way that the countries will be able to tax their citizens and the banks will collapse. Corrupt governments will no longer be able to operate like usual and thus there will be a distortion in the economy.

suzanne5223

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Quote from: Sasuke102001 on October 06, 2017, 01:13:57 PM

Japan has accepted bitcoin as a legal form of payment and Australia would be following Japan soon. Actually for any country to make Bitcoin their official currency that would not be that easy or even possible because for that a nation has to be so developed that each and every of its citizens must have the knowledge about bitcoin and overall Internet connection for each and every citizen. I do not think any country is that close to such development.

You're right about what you said concerning the Japanese government and concerning the issue of a country making bitcoin their official currency is not going to happen because such thing will created a sort of challenge/battle between bitcoin and their national currency which is the same reason why the Chinese government are acting weird sometime. Though they didn't endorse bitcoin as currency but they are doing everything they can in other to save their national currency. What the government can do is to create their own National Cryptocurrency

Nahl

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if i'm not mistaken none of countries currently admit bitcoin as their main currency although there are several countries admit bitcoin as the currency but even so seems they didn't interested to make bitcoin as their official currency and mostly all of them still stick to their local currency and in my view too many issue regarding use bitcoin so the countries won't considering it

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