Which country might switch to BTC? | Bitcointalksearch.org

Open4lies

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Quote from: BTC_GHD on November 04, 2013, 04:05:11 PM

Well Germany has had some stuff going on with BitCoin http://www.cnbc.com/id/100971898
so who knows maybe they will

Legalize using bitcoin or Banks including BTC services is completly different from switching Euro to BTC - switch Euro to BTC will not happen

fred1111

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What might happen is that a country would issue a currency backed by Bitcoin instead of Gold for example.

Muslim countries are also good candidates because debt-backed currency is not in accord with Sharia law that prohibits the charging of interest.

BTC_GHD

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Well Germany has had some stuff going on with BitCoin http://www.cnbc.com/id/100971898
so who knows maybe they will

leus

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Currencies are just papers which are very cheap to produced. They have value only because people believe that they have value. They believe they have value because they had experienced that they have had value. Consider island of Yap. Small island in the Caroline Islands of the western Pacific Ocean which is known for its own currency - stone money. So as long as people believe in bit coins / alt coins they can become base currencies in the passage of time. If stones work why not computer bytes?

adicted

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may be each country will use dif coin in the end for currency

reannypleas

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Quote from: cryptoanarchist on November 04, 2013, 10:33:35 AM

Countries can't adopt bitcoin because they wouldn't be able to forcifully extract wealth from its slaves ('citizens') if it did.

They can, you always have some physical asset. You can use coupons already in your shop, it is not much different from Bitcoin.

cryptoanarchist

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Quote from: wmcleod on November 03, 2013, 11:36:32 PM

That's a rather ignorant assertion. Cryptocoins could very easily be integrated into a nation's formal currency. This wouldn't undermine altcoins in the slightest.

By countries you refer to government, which bitcoin was designed to do away with. Countries can't adopt bitcoin because they wouldn't be able to forcifully extract wealth from its slaves ('citizens') if it did.

Shallow

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SmartFi - EARN, LEND & TRADE

A country that has a heavily devalued dollar might make the switch.

InwardContour

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Quote from: forbun on November 03, 2013, 08:45:43 PM

Quote from: BarkinTree on November 03, 2013, 03:24:32 PM

btc goes against a very important power of government that it does not want to lose. this does not make sense unfortunately.

BarkinTree is wrong. As OP stated, many governments don't print their own currency. I think this makes great sense.

are there any with any amount of power in geo-political terms? that's what i would like to know. Huh

if not, maybe he is not wrong, per se.

johncarpe64

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Zimbabwe!!! They aren't using their own currently anyway might as well change to Bitcoin or gold....

wmcleod

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Quote from: cryptoanarchist on November 03, 2013, 11:34:58 PM

Quote from: pvoltaire on October 29, 2013, 07:57:31 AM

One of the potential causes for an explosion in the price of BTC would be if a country decided they wanted use it as the national currency. What countries do you think are potential candidates?

There are currently more than sixty countries who do not have their own currency listed on wikipedia https://en.wikipedia.org/wiki/Dollarization These are governments who don't think it's worth the hassle of printing and managing currency just to have a few extra economic controls.

Some countries, like Somalia, could obviously benefit, but lack the internet infrastructure. There's been a lot of talk about Argentina for example, but I know next to nothing about them. What if a private army like the infamous Kony started using it? Again, infrastructure is an issue. Maybe a rich region could declare independence from a poorer capital, and switch to BTC?

Any ideas?

This is dumb. Cryptocoins are for individuals, not "countries".

That's a rather ignorant assertion. Cryptocoins could very easily be integrated into a nation's formal currency. This wouldn't undermine altcoins in the slightest.

cryptoanarchist

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Quote from: pvoltaire on October 29, 2013, 07:57:31 AM

One of the potential causes for an explosion in the price of BTC would be if a country decided they wanted use it as the national currency. What countries do you think are potential candidates?

There are currently more than sixty countries who do not have their own currency listed on wikipedia https://en.wikipedia.org/wiki/Dollarization These are governments who don't think it's worth the hassle of printing and managing currency just to have a few extra economic controls.

Some countries, like Somalia, could obviously benefit, but lack the internet infrastructure. There's been a lot of talk about Argentina for example, but I know next to nothing about them. What if a private army like the infamous Kony started using it? Again, infrastructure is an issue. Maybe a rich region could declare independence from a poorer capital, and switch to BTC?

Any ideas?

This is dumb. Cryptocoins are for individuals, not "countries".

wmcleod

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I personally do not think any country will switch their formal denomination to Bitcoin. Perhaps an alternate coin, but not Bitcoin. Bitcoin is becoming entrenched with the exact notions nation-states inherently avoid (anonymity, decentralization, to name a few).

This is just my personal opinion though. I recognize that in the last few years we've heard rumblings of failed nation-states adopting Bitcoins as their national currency but nothing ever came to fruition (probably for the best).

CryptoCrazy

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Quote from: EccLipSe on November 03, 2013, 02:17:05 PM

It is freedom without actual financial system. Please watch below video and you will see what happens and what we will get after freedom from cental bank system.

http://www.youtube.com/watch?v=iFDe5kUUyT0&feature=share

wow, great video.

forbun

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Quote from: BarkinTree on November 03, 2013, 03:24:32 PM

btc goes against a very important power of government that it does not want to lose. this does not make sense unfortunately.

BarkinTree is wrong. As OP stated, many governments don't print their own currency. I think this makes great sense.

exstasie

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What about Iceland? We know that they've had 'some' issues with the stability of their economy. Plus Iceland seems to more progressive in their thinking and policies, so who knows! Maybe they'll complete eliminate physical currency!

BarkinTree

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btc goes against a very important power of government that it does not want to lose. this does not make sense unfortunately.

EccLipSe

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It is freedom without actual financial system. Please watch below video and you will see what happens and what we will get after freedom from cental bank system.

http://www.youtube.com/watch?v=iFDe5kUUyT0&feature=share

leus

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Guys,
I recommend you to read Milton Friedman's Money Mischief. He wrote the book in early 90's suggesting that next currency will be made of computer bytes. He was very right in his suggestions. One day we will be paying virtual currency all over the world, I believe. Any Government will not accept that voluntarily, because they strive to rule and make money for them selves. They will try to ignore it but when they realize that money they have been printing eventually does not have any value, it will be too late for them. I am not communist nor socialists but can you imagine world without central bankers with hefty bonuses? It cannot be stopped now. It is too late. Great New World Wink

BitcoinWalker

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$Gangnam works hard, so you don't have to.

Quote from: WishIStartedSooner on October 30, 2013, 08:48:32 AM

A country that doesn't have any centralized regulation control institute.
Maybe some africa countries!

You name it 'the united states of africa'.

Topic: Which country might switch to BTC? (Read 1430 times)