Topic: What country do you think will recognize Bitcoin as an official currency? - page 7. (Read 2097 times)
October 05, 2017, 02:05:03 AM
I recently read an article about Sweden being very interested in adopting cryptocurrency as an official currency. In Sweden they rarely use cash anymore, I even read a testimonial of someone who never uses cash. They do all their payments via cash or with their phone. So if there was a country who would adopt bitcoin first m, it would be Sweden in my opinion.
October 05, 2017, 02:00:04 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?
Bitcoin is now accepted in most of the countries but i don't think so any country will accept it as its official currency due to its decentralized characteristic. Countries will make their own made cryptocurrencies as official or national currency because their own made currency will be under control of them. Bitcoin will remain the boss in the cryptocurrencies world but it will never become an official currency of a particular country. So I ask what country do you think will recognize it as a currency?
October 05, 2017, 01:37:24 AM
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 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.
October 05, 2017, 12:31:23 AM
What do you mean by recognizing bitcoin as an official currency? Are we talking about considering a legit form of payment, or are we talking about a country adopting it as its official currency? As other have said, Japan seems to be the furthest along the road to using it as an actual currency. Given how much they like cutting-edge tech, they will probably continue to lead the world. If we're talking about bitcoin becoming a country's de facto currency, I doubt that will happen. It may be recognized alongside another country's own currency, but I don't think it will replace it. Governments need control over their own currencies or they will end up with economic problems. Look at the issues that Europe has been having with the Euro over the past several years.
October 04, 2017, 11:47:55 PM
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.
October 04, 2017, 11:24:14 PM
Just recently, Bitcoin and cryptocurrency have been recognized as legal digital assets by Japan. They also decided to officially legalize cryptocurrency exchanges, recognizing them as legitimate financial institutions.
October 04, 2017, 11:22:07 PM
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.
October 04, 2017, 11:05:21 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?
I think that Japan currently is at the forefront of bitcoin adoption. The government seems to be pretty bitcoin-friendly as well so if bitcoin does get adopted as an official national currency in any country, Japan is probably going to be the first.
Bitcoin is already legalized in Japan and Australia, just not recognized as an official currency.
BTW, bitcoin does not need to be recognized as "official" for it to work its magic.
October 04, 2017, 11:00:38 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?
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 04, 2017, 10:54:01 PM
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.
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.
No country will 
. 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
. 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 currencyI 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.
October 04, 2017, 10:48:38 PM
No country will . 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
. 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 currencyI 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.
October 04, 2017, 07:53:14 PM
Best bet for countries accepting Bitcoin, is unfortunately their economies collapsing. People tend to learn the hard way. Their economy and country needs to go to crap before they will make a change. With that said, we are looking at countries like Greece (although they may be doing better now) or especially Venezuela right now. Any country in economic crisis will be looking for possible solutions to fix it, and Bitcoin is one of those possibilities.
October 04, 2017, 07:34:02 PM
Most countries would rather build their own cryptocurrency than use bitcoin as the national currencies.. for security reasons I guess
October 04, 2017, 07:32:05 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?
So I ask what country do you think will recognize it as a currency?
I am sure no country will accept bitcoin as their official currency ever because bitcoin is not structurally built for it. Bitcoin is aiming towards decentralization and anonymity which the least thing a government will want. Probably some progressive countries like Japan, USA, Canada can legalize it but they won't declare it as their official currency. Their official currency will remain the same while bitcoin transactions will also be accepted in these countries and nothing else.
October 04, 2017, 06:33:55 PM
Lithuanian basketball sponsorship by NEM(XEM) check this out, very popular topic in media
So currently Lithuanian basketball fans can use XEM to purchase game tickets, season passes, and team merchandise. NEM(XEM) is planing to extend usage of XEM across other areas of daily life. Doesn't sound great? It is very promising. The main areas are transport, logistics, supply chains, administration, and banking. So I would bet Lithuania that become first world crypto country. If not Lithuania i would pick country in Asia.
So currently Lithuanian basketball fans can use XEM to purchase game tickets, season passes, and team merchandise. NEM(XEM) is planing to extend usage of XEM across other areas of daily life. Doesn't sound great? It is very promising. The main areas are transport, logistics, supply chains, administration, and banking. So I would bet Lithuania that become first world crypto country. If not Lithuania i would pick country in Asia.
October 04, 2017, 06:18:17 PM
Most probably, smaller countries such as Gibraltar, Switzerland, Estonia are more flexible and can adopt crypto sooner into their economy. As for the other countries, size might be an issue.
October 04, 2017, 04:42:38 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?
I think your title of the thread and the comment both are not matching as in title you are asking which country to recognize bitcoin as an official currency,then the answer is till now their is not any country which is going to announce as an official currency ya but they can declare bitcoin as digital currency to be used as fiat currency but with some restrictions.
October 04, 2017, 04:23:42 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?
I think here you have some misunderstanding Because here already bitcoin has officially accepted coin in the Japan like big countries .So I ask what country do you think will recognize it as a currency?
And also you can check in the Google that bitcoin is already long year ago got approval to use for the public offically .
Now today you can see that how the another countries followed them and accepted bitcoin as a powerful currency and considers that bitcoin will help the economic conditions of the country .
And also many countries who have not still yet declared bitcoin as offically coin to use for the people are looking to legalise it officially because now they understand well that what the bitcoin is now and what will be future .
So here you should be positive if you haven't yet still innthat country where bitcoin is legalise Because here i am also in country in such country ( India ) where bitcoin is not legal but still government is taking tax to use bitcoin and other cryptocurrency uses .
October 04, 2017, 04:19:22 PM
Some countries already recognized bitcoin as a currency for example Japan. Also Australia has introduced some blockchain lessons in their schools. Russia is upcoming giant, they are already discussing a way to involve blockchain technology in their financial system. I guess if Russia will finaly do this, a lot of countries will follow and recognize bitcoin as well
October 04, 2017, 03:57:08 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?
There are some countries who already declared bitcoin as a official currency like japan, maybe in Asia's country could be the next that can be recognize bitcoin as an official currency. I hope that here in my country and that is Philippines, bitcoin can be accepted by our government to be bitcoin as a legal currency. So I ask what country do you think will recognize it as a currency?
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