Topic: Which country looses the most when Bitcoin becomes the Currency of Planet Earth (Read 4588 times)

I believe it's the countries where bitcoin is banned or made illegal. Those are the countries who are missing out on bitcoin since they aren't able to do anything that has to do with bitcoin or crypto currencies.

if they join the mining or buy more bitcoins, they will not worry about the crash of their debt, meaning they won't be affected by the financial crisis.
no use on banning bitcoin, get to mix between their fiat and the bitcoin is the best solution.

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US is probably losing the most if bitcoin become the currency of the planet earth i guess, US dollar is the most trusted as of now.

There will be no decentralized currency of the earth or should i say man. We are to far into slavery for anyone to let up and give us some freedom to be our own banks. Of course if it did happen then the US and the dollar and its people would be the ones to loose out the most, but they still have a super army and again to recap it will never be allowed.

Whan US dollar will be no more reserve currency,you will see tsunami in that country,and masive number
of USA emigrantsThay will all like to come to Europe,or any other place

This makes sense that USA would be the ones hit the hardest. Them and China are the one biggest economies on the planet and so the ones that are most tied into which way bitcoin turns from bad to worst as you can see in the current numbers now of the economy.

I would suggest the United States. Why? Because of the US Dollar, which today is the leading currency in international trading. If a virtual coin, such as the Bitcoin, replaces the US Dollar, the US economy would be hit quite hard.

My assumption is USA. No more government conspiracies on printing dollars and different families

i don't think, so because chian has also a very good amount of treasure, in bitcoin, if bitcoin skyrocket they recover from that point easily

we are talking about a major increase here, not bitcoin to $1k or joke value like that

In my opinion,  is like a dream even in the future.
Theres no way that bitcoin will become the currency of the planet earth.
Its so impossible. But if it become in reality and be truth I can say that USA will be the country.

The forces at play are unaffected by human choice/will. The machine set in motion by mankind is already unstoppable, its aim is to unify all of its individual parts so that its control is absolute. As dire as this may sound there is no foul play here. While this unification does override 'free will', it cannot be seen as 'evil' since humans are merely being dragged along by the the way they live.

It's simple, the countries who had invested the majority of fiat's would be in profit and the one's who never cared to invest would be the last or lost one's.
Japan and China would be the leading without any doubt's and maybe Russia the last cause they seem to be banning bitcoin.

I would say the ones that owe the most to other countries. I think those countries would not the exchange rate and would like to be paid in the fiat that they used to give them.
Greece and Iceland come to the forefront to me that are the most in debt to other countries that gave those two bail outs.

Either China or the USA.
Both countries have strong FOREX markets and if bitcoin is taking it over.... well they will lose a lot of money

Today we got 3 major currency's
USD
YUAN
EUR

If bitcoin becomes the main currency, the USD will lose the most then, YUAN en EUR.
Seeing how many countries still depending on the US dollar, i think not only the USA but many countries will see their currency deflate.

USA definitely would be a loser.
We might have some new definitions of nationality and country if Bitcoin really becomes a universal currency. 

I think the countries with very strict capital controls and manipulation will suffer the most, when they still use their local currency.... for years these countries have been

stimulating and manipulating these faked fiat currencies and the citizens of these countries have been carrying the load. A global Bitcoin currency will never happen in any

way, because most countries have a too strong tie with their own fiat currencies. 

A lot of countries would lose out as all banks would go bankrupt and a shit ton of people would lose their jobs. But then more jobs would be created by Bitcoin companies. A lot of governments wouldn't let Bitcoin become the currency of their country though. I really doubt that Bitcoin will ever become the currency of the Earth.

in my opinion usa would loose the most money if bitcoin became the currency of the whole world as all the banks would go bankrupt and countries wouldnt be able to regulate the bitcoin

I never thought of it that way. I always thought that the countries that have banned Bitcoin will lose out the most. But you are very correct. The USD is the the symbol of the USA. If that goes, the USA won't have any power over the other countries. That is a really good view on this topic. Keep up the good work.

The country that has the most to lose is by far the USA I think. The USD is one of the symbol of the USA, so if it stop to exist, USA won't have any influence on the other countries throught the reserve currencies.

The countries that have banned Bitcoin will lose out the most. Their people will still be using fiat while the rest of the world is using Bitcoin. I think those countries will slowly start using Bitcoin because their people will want to use it.

Bitcoin will not replace fiat. He is saying it hypothetically.

Countries are geographic areas and don't care about what primates pass between themselves to organize society.  None are affected.

As to the primates themselves living in these countries, they will OF COURSE be vastly better off to have a powerful tool to use such as uncounterfeitable tokens, were they to need them. 

Any other questions? 

Bitcoin will not replace Fiat currencies soon. Even if that happens the countries which accept Bitcoin will gain benefits and those ban Bitcoin will lose further the value of its own currency. Bitcoin will not fall until there are people interested in it.

I think that no losses will be for every country. To be only bitcoin money of the world and to disappear all the national currencies is totally impossible. First of all because bitcoin is in a limited amount and unable to cover all the needs for money for all the countries. Then for hundred reasons: political and economical firstly.

So the only way to be currency of the world it is to be known and regulated by every country and to be used in addition with the currencies of every country. In this case no one can lose nothing. The change of bitcoin with the national currencies (if already don't exist) will be only a determination of the value of the currency of the given country with bitcoin. Made according to the normal rules used in this cases. Made like is made the determination of the change between us dollar and euro in the year when euro were created. Maybe a little different and to be thought how because bitcoin is not a normal currency. It is not have behind his some economy or power or country which can support it. But loss will not be whatever were be the rules. Because no one can win. Behind bitcoin is no one. So if it will be no one there is be no one which can win (always if it will be something to win).

Then we come to the way in which bitcoin can be made currency of the world. If you have the patience and the desire to read something about this then I invite you te read this thread here when it is exposed an "insane" idea about this: https://bitcointalksearch.org/topic/bitcoin-as-currency-of-currencies-1191118

Naturally the comments are welcomed. 

Good point. I don't think bitcoin can become a world wide currency ,  there is like 0.1 percent that is gonna happen unless all 192 countries adopt the system of BTS. BUT even if it would be , then I think the country with the most restrictions and banning and is very small'minded  and not open towards bitcoin will suffer the most in the situation.

If Bitcoin becomes the universal currency , well this discussion can have diversified aspects. The states would have to drop their currency ,in order to unite with the other ones. And i don't see the possibility of this in near future. However if this happens ever, countries with low development rate and bad internet infrastructure will suffer . The developed ones will the enjoy the benefits.

well it does not need to accomodate every single person of the planet, from my point of view, reaching 1B of acceptance among humans is considered mainstream already

in those countries people don't even have proper basic resources and you are saying that they can build towers or phone communication just to use internet.
Hmm... Bitcoin will take a very very long time to become the currency of the world.

third world is not counted, and anyway can be circumnavigated pretty easily with google satellite for recieving internet connection

not an excuse at all, those country need money more than anything else, but i'm sure they can at least build phone communication, and thus using bitcoin

No the bitcoin cannot be the currency of the world.
See there are many countries around the world where the bas4c facility of internet is not availaible.

Any Currency is only a way of represent a lot of things, so it is not a absolute value,however it could bring benefits to smallest countries  if they decided invest on it..........

i dont think bitcoin to become a currency of earth. but if it does i think u.s will be loosing most because u.s has been regulating almost everything with the use of their currency dollar, but when bitcoin will be accepted worldwide, it will not have control over bitcoin as it is decentralized. if this happens the frequency of illegal work will shoot up

This is a good, interesting question!  I like original ideas that aren't just repeat over and over again on this forum. 

I don't think it will break the bank of any specific country.  Maybe third world countries that many know about bitcoin and have weak currencies so they have chosen to trade with bitcoin?  That would be my guess.

Countries against the Bitcoins (banning them, restricting them etc.) will face some goood losses as they do not know the potential behind bitcoin and the wonders it could do, let alone ban them because their centralized currency wouldn't get much attention since then and they cannot track us all the time. Those which support bitcoins will reap the benefits and they deserve it! Quite obvious.

I think if major adoption takes place, a currency can become the currency of planet earth. If things go as the same rate as they are for bitcoin, we might experience an economic evolution and it might change things for better. GO BITCOIN!

It is highly unlikely for this situation to take place. Nevertheless, if bitcoin does become the currency of the whole world, the country with less educated, less open minded people and those  with a poor or non-existing Internet infrastructure would be excluded from the global financial markets.

It is complicated because BTC is on hands of peoples don´t of goverments of any country until now, but it could change in future, if countries buy gold why dont could will buy BTC? or otherwise goverments could launch his own blockchains based system and leave out of game at BTC.Anyway all
peoples like you and me must only hold BTC even case that it goes to the moon, because it goes the moon goverments or bankers will buy all BTC availables at these moments to have control about this in future.

That's a great question. Although I think the real question here is that which country/countries  will be gaining the most IF Bitcoin becomes the Currency of Earth. It is quite unlikely that Bitcoin will be the currencies of all the countries unless in the future people become more open minded and accept it. But those who will restrict it will obviously lose the most.

No, I think every country loses something and gains something. Its similar to a war. A few people gain a couple things and lose a couple things. The sale of defense mechanics and machines experiences a lot of trade, just like how the economy sees a lot of trade. A few business and trades collapse and a few emerge stronger than ever, just like countries who are in war.

I believe no country going to loose any thing because bitcoin is not going to coming Currency of planet in next few centuries

I also beleive that countries endowed with more natural resources will gain through Bitcoins massively.

they aren't for sure among those that will lose more, at best they will lose those little taxes from who are not declaring bitcoin(i'm wondering how many are actually declaring taxes coming from bitcoin) which could be big if bitcoin reach mainstream, they were also the first to regulate bitcoin

russia also do not want to lose this opportunity and are regulating it, so i think russia is still on track to not lose much from bitcoin if it become big one day

U.S.A is country with many rich also

US Dollar reserves (mostly in the form of United States treasury bonds) accounts for less than 50% of the Chinese Forex Reserves, unlike the case with certain countries such as Japan. And right now, they are dumping those bonds, and increasing other currency holdings such as EUR and UKP, as well as increasing their gold reserves.

Along with the country which holds the largest amount of dollar reserves - China.

The "free-market" bailout solution would be for another exchange, perhaps Bitstamp, to buy Mtgox and assume their customers, assets and liabilities. MtGox itself did this in 2011 with a polish exchange that accidentally lost 17k BTC.

This would, of course, require MtGox to have accurate accounting statements to show potential buyers.

No. Russia will not be affected as much as the other countries, because it is having a positive trade balance (means that it's exports are worth much more than its imports). Russia is a major exporter of minerals, metals and other natural resources, such as crude oil, natural gas, aluminum, copper, steel.etc. It will be left with surplus Bitccoin from its trade balance.

The country with the strongest, the most widespread and the quasi standard of international transactions currency of the world: USA!  

Russia 

The United States import some 9,220,000 barrels of crude every day, worth some $600 million at current prices. The annual crude bill comes to $219 billion. Right now, they don't have a problem with it, as the trade is conducted almost exclusively in the US Dollar. But imagine what would happen, if the producers demand that they pay with Bitcoin. 

To reply to OP's question:
I think that the countries that invested the most into it. Germany and a county in Iceland I think that changed it's name to reflect it's reliance on bitcoin for it's economy.

First off, that will never happen, since there will always be other fiat currencies, that being said, the better question would be;
who would loose the most if/when bitcoin becomes reserve currency? In either case, USD and CNY would suffer the most, since they are,imho, most
spread out and used currently as such, withouth economy prosperous enough to support all the printed/issued money.

cheers

The war plane carriers will be stuck somewhere without fuel, the soldiers team up with local women and start producing vegetables for the free market.

It has not happened, therefore it can not happen. yeah right.

Excactly.

It is not as fees structures sort of, Look Bitcoin is an open accounting system, it is open trading for everyone and it's work based upon p2p environment, there is very very few transactions charges which counts as buying and selling rates, as if you sell and buy anything, their must be some exchange values and profits, it is trading business not a charitable trust or society, But very very worth compare to other financial institutional banking process.

Bitcoin is a beautiful currency. It is digital money that solves many of the problems our current currencies suffer from and introduces many other uncertainties we never had to deal with before. If such a currency becomes the currency of planet earth, of course the planet will benefit. But with the replacement of the other currencies, all markets will be affected and all countries might lose some and gain some. Such a scenario seems highly uncertain as of now.

The Americans will be devastated, if Bitcoin becomes the currency of planet earth. If that happens, how they are going to sell their debt? The United States treasury bonds will lose all their value, and the Americans will be forced to reduce government spending. And in turn, this will slow down the American war machine, thereby saving millions of lives around the world every year.

Well it would not hurt the USA as it not going to happen.

Frankly  it would be an impossibility.

 Most likely it will be a commodity like gold, silver or platinum.

Who controls world economy? USA. (US Dollar)
And they'll loose. (I mean USA's government not people).

Yes I agree

I think bitcoin will never be the currency of this world because there will be too much polemic around this bitcoin. But lets say that bitcoin become the

currency? What will the government do? I dont think they have enough power to control all of bitcoin, because there are some people hold a quite good

amount of bitcoin. I dont think they will let it go just like that to pay taxes

USA in its current incartion will lose most, because the dollar is used for saving all over the place.

But don't forget that all countries will win, because bitcoin is sound money.

Obviously the country with the strongest currency that can, to certain degree influence and manipulate the money market. I don't think I need to go on further about this, as you would have probably got the idea. Oh yeah, and also the countries where their currency becomes the world's reserve currencies.

I don't think there will be any ... Bitcoin can't become the currency of planet earth between one night and another , it takes time and as soon as those haters see that bitcoin is spreading , they will switch to it because all they care about is money and nothing else and they can't afford losing money obviously .

Why does a country have to lose? IF a country loses, it's people lose too. That doesn't allow those people to have much prosperity or wealth to then divert to Bitcoin as an alternative, right?

If Bitcoin becomes the currency of the world it'll be corrupted and manipulated as much as all other currencies are corrupted or manipulated combined!

Any country without ease of access to the internet. Bitcoin will NEVER become a currency(not crypto currency) of anything. It's all virtual.

Is it really so simple?
I do understand that initially the countries with high financial abilities will embrace it, even if the government does not, the people will surely. This does make it seem that such countries will prosper most and benefit most from bitcoin.
Supposedly as time passes only the third world countries are left without wide bitcoin adoption. But as time does pass market forces will work towards ensuring that bitcoin becomes adopted, International Trade for one will, and the mindset of people in such countries will naturally be to prefer payments in the global currency, Profit seekers from the first world and second world countries can then offer to take services and pay in bitcoins.
The second limitation the infrastructure is being bypassed quickly, African countries show how efficiently mobiles can be used for btc, and it is set to develop.

What I seek to say is that as time passes Bitcoin will be adopted throughout the world not limited to technical constraints.
Here are where things get interesting,
Now bitcoin enables each country to earn as much as it has the capability to, the endowment of it's natural resources and the efficiency of it's human capital, will determine it's financial prowess.
Which is unlike a situation that exists today with economic dominance through finance control that exists. The banking on US $ being the reserve currency and each country have to convert to US$ for International Trade. Giving US immense power to arbitrarily balance it's trade payments.

I think your saying is contradictive, because without internet infrastructure you can't adopt bitcoin, you need at least a good internet infrastructure to

support your bitcoin so there will be mass in adoption bitcoin

I think not only the US alone, because the average of each country using the same kind of money to the US. so the possibility of the whole country will experience the same thing

US will be lost more if bitcoin moon and will be main payment in world, because Us dollar will be down
Bitcoin is limited only 21m and Us dollar can printing everyday without limit

Under simplified circumstances that question is easy to answer: Early adopting countries will win over late adopting countries, because Bitcoin's price will rise during adoption. Any central bank could buy a huge slice of Bitcoin's total monetary supply for chump change today. The risk is small, but the reward could be astronomically - imagine what would happen if a central bank would make an announcement of having purchased Bitcoin... it would be a bold statement of trust and would lead to prices skyrocketing, accelerating further adoption. The first central bank to do that will make a very smart move.


Never say never. However I agree with your assessment, also because those countries with bad Internet infrastructure are also be the least likely to adopt Bitcoin in the first place.

ya.ya.yo!

In the extreme long term anything is possible. What I don't see that clear is countries giving up on having a say on how they issue their currency. Then again, it's not like European countries have a say, at least half of Europe does what Merkel wants anyway.

the problem of poor country to take advantage of bitcoin is that for the fact that they are poor, they can't build a good infrastructure to support everything that could benift their activity if they were using bitcoin instead of their currency

instead country that are advanced and have not economic issues, could build a side by side structure that help bitcoin to growth, they don't need to replace fiat, they just need to support those that in their country want to choose bitcoin

and it is not a coincidence that the countries that are adopting bitcoin the most are in fact rich countries(maybe there is some exception...)

Let's make it an hypothetical assumption.
I am not debating on the possibility of such a scenario.
But what if it happens, even hypothetically?

Firstly you are wrongly assuming that "when bitcoin becomes the currency of planet earth" there is to much control a few have over the many to ever let this happen. Do you think they have been gaining all this control for all these years to grant bitcoin to be the currency of the planet and free peolple to an extent, 0% chance of that..

No country loses out because it will not happpen, and nothing will happen to the central banks if they really cared they could print the money and buy the bitcoin supply tomorrow which would cost them close to $0 any ideas why they haven't done this?

Because they could not care less about bitcoin doesn't change anything for them they still have 100% of the control they have always had.

and how about huge banks that takes money now for all transactions? wouldnt they loose a lot of money as bitcoin doesnt require any fees?

No country will loose any single penny, if they adopt the Bitcoin digital currency, despite the political parties and its leaders of any country in this world are the losers. Since after Bitcoin digital currency adoption, they cannot control the people's money as a centralized authority.

It will happen if bitcoin becomes the currency, but it will take a long time to make this happen and I dont think there is any country that didnt have any

internet infrastructure nowadays. To support their work you really need internet, although it is just email.

I don't mean to say now, thinking about the long term.
How about 100 years from now??

Currency of planet earth? What are the chances of that happening? If it does, according to how things are now, countries like north korea which have non existent internet support will be excluded from global markets and other such activities.

How about thinking from another perspective.
These poor countries might not actually have much too loose, as a matter of fact I believe that such countries have much to gain, More efficient remittances, a new reserve currency, a currency for foreign trade that can not be controlled by a nation.

On the other hand countries which have already developed stand to loose a lot, they loose the reserve value of their currency, foreign payments shift to another currency over which they have no control. They can no longer just print and balance their trade.

Not necessarily euro is a collection of nations that dropped their national currencies for a common one.


Let's think about the extreme long term, when Bitcoin is the most used payment method, it will become the reserve currency.
People will believe more in Bitcoin than their own national currency, which will become very variable.

That will never happen, but if it did, countries with less educated people and with a poor or non-existing Internet infrastructure would be excluded from the global financial markets.

I don't think Bitcoin will replace national fiat currencies.. people attach their own currencies to their own countries, as an unique identity for their country. Unless people become more open minded in the future, I don't see it happening. Bitcoin may become the #1 worldwide payment method, but not necessarly replace the national currencies.

Regulators will exist as long as government and state exist.

well obviously those who are against bitcoin and are banning it, are the first that will lose much then you have those that are restrcting it

instead those that are regulating and taxing it i think they will gain more

Which country looses the most when Bitcoin becomes the Currency of Planet Earth?

Additionally what happens to those pesky regulatory/"aiding" bodies, IMF, World Bank, SWIFT.

I have got my presumptions, what's your's?