No country will accept bitcoin as their official currency you know why? First of all if all the people in the country will work in cryptocurrency and earned a lot of bitcoin. how are they going to put taxes on every people that earns a lot? How will the government will track people who earns legal and illegal.
It's complicated that bitcoin can be used as a official currency because not all people are not into technology and some of the people can't understand what bitcoin is, how it was earned, produced etc.
Topic: What country do you think will recognize Bitcoin as an official currency? - page 6. (Read 2097 times)
October 07, 2017, 02:32:33 AM
October 07, 2017, 02:13:51 AM
a long way to go Bitcoin for becoming an official currency of a government, because being an official currency there are a lot of formalities have to be maintained. japan and South Korea are considering it as a legal money but not officially, so that Bitcoin has to be more formal and hopefully Bitcoin will be a dominant factor in the digital world.
October 07, 2017, 02:02:58 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 sure thing i know is the government will going to accept bitcoins but they will not accept it as the main currency bevause they have no power in bitcoins they have no tax or few tax it depends by the rules of a state after accepting bitcoins So I ask what country do you think will recognize it as a currency?
October 07, 2017, 01:51:00 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?
This is still too far fetched. Any country right now is not going to make it its official currency, that would mean to dump their fiat and adopt a whole new currency, that will cause a major economic crisis in that country of not handled properly. Most likely what could happen is btc being officially legal in some country, that is relatively possible and some countries are already very close to doing that. So I ask what country do you think will recognize it as a currency?
Unlikely to happen. Though it's possible that soon more countries will adopt btc, they won't go as far as making it their own currency. I don't think any government will risk that because they would have limited control over it
October 06, 2017, 08:40:29 PM
There is still lots of development to be made before it become a currency. But if you mean, bitcoin as a form of payment there were lot of country adapting bitcoin for this kind of use. Like in my country, it was not yet declared government acknowledged yet different institutions are accepting bitcoin as a form of paymennt. Government institutions like health and life insurance do accept this kind of payment. Though it is accepted as form of payment in my county, we cant still call it currency. The bitcoin users in my country is not so big in number, maybe just the internet people only knew about it.
October 06, 2017, 07:51:05 PM
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?
This is still too far fetched. Any country right now is not going to make it its official currency, that would mean to dump their fiat and adopt a whole new currency, that will cause a major economic crisis in that country of not handled properly. Most likely what could happen is btc being officially legal in some country, that is relatively possible and some countries are already very close to doing that. So I ask what country do you think will recognize it as a currency?
October 06, 2017, 01:50:35 PM
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?
In my own opinion, maybe the country that bitcoin can be recognize it as a currency is other asian countries because most of bitcoin users are from asian countries. Like in my country here in the Philippines, bitcoin is being recognize by our government and sooner or later maybe it can be accepted as a legal currency. So I ask what country do you think will recognize it as a currency?
October 06, 2017, 01:39:10 PM
Most of the countries that accept bitcoin don't really treat it as an official currency but rather a digital asset that carries value and can be used as a form of payment, like what precious stones and gold are. Since it can be traded to fiat, these countries imposed regulations such as AML/KYC to prevent fraud and possible money laundering using these cryptos as tools. I also don't see countries recognizing bitcoin as an official currency, albeit the possibility that they'd allow it to co-exist with theirs just to be ready on the digitalization of money that will happen in the future, and bitcoin is a prime example for that.
October 06, 2017, 01:36:38 PM
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?
So I ask what country do you think will recognize it as a currency?
All countries and its citizens can use Bitcoin since it was created and going around the internet because there is no rule that there is only a specific race, country or any other kind of identification to be followed when it comes to using it, that's why those people who are skeptical to it are always ranting about that it is a paradise for criminal to use in transacting their crimes online.
Bitcoin is a real currency, a real digital currency and it has a big value right now though. There is no need for bitcoin acceptance to any governments in the world as it is a decentralize cryptocurrencies meaning it is not regulated by anybody. And I think there is no country will ever treat Bitcoin as their official currency because it is an international digital currency that's not created for serving a single nation or represent any country.
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.
October 06, 2017, 01:01:20 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.
You miss Australia they also accept and they reduce tax on bitcoin if my memory is correct.
Many fill follow mainly Japan example , but with some caution in every step. Biggest countries in Europe will definitely try something like Japan not gonna speculate on this who will be but in this case many can be named. But many consider still bitcoin as something illegal and fraud, this will definitely for some countries be question mark will they come to adoption or just to watch ans be spectators in this.
True.
There are always one that want to accept and the ones that want to ban it. Many see bitcoin as a treat in some way. Price is not stable and many countries are afraid cuz of that. For many I think that will accept it only if price of bitcoin becomes stable "long enough". This may be crucial factor for many that are temped to make some moves to accept fully bitcoin in day trade but think until bitcoin really becomes stable in price they will have fair and doubt to accept it acknowledge it.
October 05, 2017, 08:44:39 PM
To be honest if no country accepted it so far as an official currency, it won't happen any time soon.
In my country there are only few ATM's in the capital where you can exchange cash into bitcoins, and most people don't even know for what they are
In my country there are only few ATM's in the capital where you can exchange cash into bitcoins, and most people don't even know for what they are
October 05, 2017, 08:35:23 PM
I don't think if any country is going to recognize bitcoin as an official currency reason being bitcoin is decentralized and nobody can have complete control over it. Governments anywhere in the world want total control on their citizens and they use currency for that to keep hence the idea of recognizing bitcoin as official currency by any country is just a dream. They may recognize it as a mode of payment but that's not what makes bitcoin any country's official currency.
October 05, 2017, 08:25:49 PM
First, the most developed economical countries will recognize BTC as an offical currency such as USA, Japan, South Korea...
When it widens community, popularity, and value, almost every country will do the same. That could happen in near future or not, but it's just matter of time.
When it widens community, popularity, and value, almost every country will do the same. That could happen in near future or not, but it's just matter of time.
October 05, 2017, 04:20:50 PM
A country with a young and not totally corrupt people who run it and who would like an economic breakthrough
October 05, 2017, 03:10:27 PM
Many countries accept Bitcoin and many others just ignore it but do not prohibit its use by their citizens because they know that it is for their own good.
accepting Bitcoin and tolerate its use is something different from making it the official currency wich I think is something infeasible due to the concept of Bitcoin wich is based on decentralization and anonymity. It is better that Bitcoin remains uncontrolled and accessible to anyone without belonging to a specific country.
accepting Bitcoin and tolerate its use is something different from making it the official currency wich I think is something infeasible due to the concept of Bitcoin wich is based on decentralization and anonymity. It is better that Bitcoin remains uncontrolled and accessible to anyone without belonging to a specific country.
October 05, 2017, 02:48:12 PM
It will take a long time before a country adopts bitcoin as an official currency. Bitcoin need more developments which can upgrade the Bitcoin Core for fast transaction. The bad thing about Bitcoin's transaction is you can't tell anything about the finished time of one transaction. It's depends too much on fees and how many transaction are going on in the system.
October 05, 2017, 01:53:03 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.
You miss Australia they also accept and they reduce tax on bitcoin if my memory is correct.
Many fill follow mainly Japan example , but with some caution in every step. Biggest countries in Europe will definitely try something like Japan not gonna speculate on this who will be but in this case many can be named. But many consider still bitcoin as something illegal and fraud, this will definitely for some countries be question mark will they come to adoption or just to watch ans be spectators in this.
October 05, 2017, 01:39:15 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.
You miss Australia they also accept and they reduce tax on bitcoin if my memory is correct.
Many fill follow mainly Japan example , but with some caution in every step. Biggest countries in Europe will definitely try something like Japan not gonna speculate on this who will be but in this case many can be named. But many consider still bitcoin as something illegal and fraud, this will definitely for some countries be question mark will they come to adoption or just to watch ans be spectators in this.
October 05, 2017, 03:31:43 AM
With bitcoin's price being unstable, I guess no country will be going to have it a go as their official currency, bitcoin will always be an investment. And I still think, that it's work here in the digital world, will remain here; although because of its' easier and faster transactions, users want it to be used also in the physical world for payments.
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