That is not visible since governments have not started such spending with btc, thus, it is very risky.
Reserves in bitcoin isnt visible for now.
Topic: Will third world country hold their foreign reserve in bitcoin against Dollar? (Read 2580 times)
August 26, 2017, 02:52:29 PM
August 13, 2017, 07:09:06 AM
Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?
I think no. Our country is one of the third world country. Many people in my country is still not yet ware to what is the bitcoin. So I think there is no effect to the ceconomy. August 13, 2017, 07:04:04 AM
nope that would be absurd. why would anyone trust a country's fate to an unstable currency. there are many dangers, for example, someone hacked the private key to a country's reserve, that would end the nation.
i also think that it may not be so easy. as third world country have many financial problems as they cannot even provide jobs to their people and majority of people are jobless therefore i do not think that they may have such reasonable. amount of money to hold them i form of bitcoin. Well i think 3rd world means that its economy is still unstable in itself. From what i know they have yet to stabilize there own infrastructures. Yes everything revolves around in dollars in some countries let alone having btc in there own agendum. There are still many issues to be handled to think outside there country. Some 1st world country are not even basing there reserve in dollars.
August 13, 2017, 03:41:57 AM
I read about ERP on blockchain, guys says there that they can breakthrouth will third world country hold their foreign reserve in bitcoin against Dollar?. Their site www.darfchain.com, are they say truth?
August 08, 2017, 06:22:22 PM
nope that would be absurd. why would anyone trust a country's fate to an unstable currency. there are many dangers, for example, someone hacked the private key to a country's reserve, that would end the nation.
i also think that it may not be so easy. as third world country have many financial problems as they cannot even provide jobs to their people and majority of people are jobless therefore i do not think that they may have such reasonable. amount of money to hold them i form of bitcoin. 
August 08, 2017, 04:44:40 PM
I'd dump any and all reserves to get rid of the debts not denominated in the local currency first.
August 08, 2017, 04:31:46 PM
Yes they will and they should holding gold reserves doesn't give any benefit to the government they can instead build a nice cold storage facility and then store their coins safely. Bitcoin can even allow the government to make good profits every year. I would love the idea of holding bitcoin rather than dollars
August 07, 2017, 05:42:32 PM
I think this way is very difficult, United States is a superpower that keeps its foreign exchange reserves in the form of dollars, even the United States currently controls the stock market, even the uni erofa state, which already has the euro currency as a way to unite the strength of one benuapun Able to match the existence of American dollars, let alone for bitcoin that not many countries know in detail, I think it takes a long time to do this. Even today the United States has invested in industry in every country. This could make the American dollar stronger.
Yes, you have a point there. That will make the American dollar powerful (not very actually). But I still believe a country that uses bitcoin as a currency reserve, it’s likely to compete. For example, they reserve with bitcoin when it’s around $500, and then all of them withdraw around the time it’s $10,000. They’re likely to beat U.S. August 06, 2017, 11:51:34 AM
That will have positive economy results.Like example for Europe countries will be good because if America have less power than Europe can get that power and more money and better economy.
That's idiotic. Foreign countries hold the dollar because it'sstable. Do you really think holding an unstable currency like
bitcoin would be a good idea? That would be economic and political
suicide. If the USD began to fail, countries would probably go with
Yen or the euro. Or gold. I get that people here love bitcoin, but
start using your heads.
You could have still passed you message without having to resort to name calling. However, I still hold same believe as you on the volatility to bitcoin is facing imagine a country having its external reserves in bitcoin and also a third world country which means they will still be import dependent and in the international market, the currency is US dollars how would they even survived and which bank or country would provide them the cover to always convert their bitcoin to dollars before having to import basic things? I am sure that alone will amount ilto frustration and adding volatility to it, will mean disaster.
August 06, 2017, 11:08:31 AM
That will have positive economy results.Like example for Europe countries will be good because if America have less power than Europe can get that power and more money and better economy.
That's idiotic. Foreign countries hold the dollar because it'sstable. Do you really think holding an unstable currency like
bitcoin would be a good idea? That would be economic and political
suicide. If the USD began to fail, countries would probably go with
Yen or the euro. Or gold. I get that people here love bitcoin, but
start using your heads.
August 06, 2017, 11:02:24 AM
I don't see this coming into reality in the near future. Bitcoin can be a very good trading and speculative vehicle but as a reserve currency I don't think it is fit for that role. A reserve currency must be stable and not volatile otherwise without some sort of stability it can create havoc on a nation's planning process and can even affect the whole economy.
In most cases, the choice of reserve currencies are dictated by law and regulations...in many places the use and ownership of Bitcoin can still be illegal or at least not recognized by the government. As it is their system is still working so there is no to shift gear and experience more uncertainties.
In most cases, the choice of reserve currencies are dictated by law and regulations...in many places the use and ownership of Bitcoin can still be illegal or at least not recognized by the government. As it is their system is still working so there is no to shift gear and experience more uncertainties.
August 06, 2017, 10:50:58 AM
I don't think so. All the countries hold their reserves in gold, it is the most secure and only way. It is great risk to experiment such a thing on state level despite the fact that they could improve their wealth on that way. Bitcoin price is unstable, could drop and make them great problem.
August 06, 2017, 07:18:56 AM
Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third world countries' currencies is by using bitcoin as a gold standard for their individual country currency.
Its true but it will take a long time for such countries to hold bitcoins as foreign reserve currency.For that,bitcoin has to be used every where and it has to be legalized.Even now,itself,iran is discussing to use bitcoin as secondary currency to bye pass US sanctions.Iran,China,Russia,North korea,Cuba might adopt bitcoin instead of dollar as their relationship with US is not that good and most of these countries are signing bilateral agreements to pay in otheir own currrencies while trading among themselves.But it would take a long time to happen all over the world. 
August 05, 2017, 04:35:33 AM
Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?
I don't think so, one of the components of Bitcoin which makes it popular and also risky is it's volatility. If bitcoin was more stable, which we know is not possible, I think that that would be feasible, but with the current state of Bitcoin now, it seems highly unlikely for that to happen.
The countries will still use USD, since it provides more advantages over Bitcoin and most importantly, is also stable. I would recommend 3rd world countries to invest in Bitcoin, but still keep the majority of their funds in USD, since it is more stable.
Bitcoin has not received that much media attention and I fee like with more of that, we could see this occur with 3rd world countries.
August 05, 2017, 01:33:49 AM
I think this way is very difficult, United States is a superpower that keeps its foreign exchange reserves in the form of dollars, even the United States currently controls the stock market, even the uni erofa state, which already has the euro currency as a way to unite the strength of one benuapun Able to match the existence of American dollars, let alone for bitcoin that not many countries know in detail, I think it takes a long time to do this. Even today the United States has invested in industry in every country. This could make the American dollar stronger.
June 25, 2017, 03:35:53 PM
If countries will go against the United States which is tantamount to dropping their foreign reserves in dollars and adopting another currency which could either be bitcoin or any other form, then they should be ready for some serious issues because most of these countries prepares their national budget based on the expected grants to be received from the united states, they tackle the issue if polio, malaria, flu based on support from the United States among other support
Hi time people realized all that are carrots before donkeys America uses to remain ahead of other countries and it doesn't solve anything. What these developing countries actually need is not handout from wealth their foreign reserves stacked in dollars obviously generates for America. It is little wonder why Russia and China are now fighting hard to disrupt petrodollar! I sincerely think Bitcoin is a better choice for foreign reserve only it is still very volatile. June 24, 2017, 03:01:48 PM
If countries will go against the United States which is tantamount to dropping their foreign reserves in dollars and adopting another currency which could either be bitcoin or any other form, then they should be ready for some serious issues because most of these countries prepares their national budget based on the expected grants to be received from the united states, they tackle the issue if polio, malaria, flu based on support from the United States among other support
June 24, 2017, 12:31:54 PM
Most of these countries rely on the USD because of loaning and low interest rate on loans, and because of that I doubt if these countries would ever switch their reserves most especially to bitcoin. No country could ever loan in bitcoins, and bitcoin is the kost volatile currency there is, and because of that countries would be wary on holding off these things to their reserves.
June 24, 2017, 12:24:53 PM
Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third world countries' currencies is by using bitcoin as a gold standard for their individual country currency.
Yes also my thoughts but its just like never gonna happen. Bitcoin and dollar is both currency but without dollar, bitcoin will be nothing. Dollar is the the no. 1 currency and its like being use over the world. And yeah bitcoin in third world country is now being known and use, but not all their people is aware of bitcoin as a crypto currency so maybe there's no really impact from bitcoin price
So what about other currencies?
Such as the Euro, Swiss franc, British pound, Japanese yen, Chinese yuan, they don't count according to your reasoning or what? If people are trading their bitcoins, buying and selling them for all these fiat monies, does it mean that they will stop doing that or something will prevent them from doing that if the US dollar goes down the drain one day? As to me, you should first make a small reality check before posting anything along "Bitcoin will be nothing without the dollar"
IMO, correct. BTC does not have to have the US$ to survive. It might be BETTER if so, but as you point out, plenty of BTC trading is down in other currencies.
The larger problem with developing countries holding BTC as a reserve currency is corruption! It might be very difficult for corrupt .gov bankers to keep their hands of the state's BTC. Developing countries are often extremely corrupt
If they are extremely corrupt (which I basically agree with), it doesn't really matter if they steal bitcoins or dollars from their country foreign currency reserves. They will steal them anyway, so going from dollars to bitcoins is meaningless to these governments, and they will likely choose to stick to the US dollar as a more reliable and universal currency. The only advantage that Bitcoin might provide them with is better anonymity. With the dollar they are risking that their stashes can be outlawed and frozen by, say, the US government
Bitcoin gives them more leeway in this regard
June 24, 2017, 11:15:05 AM
Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third world countries' currencies is by using bitcoin as a gold standard for their individual country currency.
Yes also my thoughts but its just like never gonna happen. Bitcoin and dollar is both currency but without dollar, bitcoin will be nothing. Dollar is the the no. 1 currency and its like being use over the world. And yeah bitcoin in third world country is now being known and use, but not all their people is aware of bitcoin as a crypto currency so maybe there's no really impact from bitcoin price
So what about other currencies?
Such as the Euro, Swiss franc, British pound, Japanese yen, Chinese yuan, they don't count according to your reasoning or what? If people are trading their bitcoins, buying and selling them for all these fiat monies, does it mean that they will stop doing that or something will prevent them from doing that if the US dollar goes down the drain one day? As to me, you should first make a small reality check before posting anything along "Bitcoin will be nothing without the dollar"
IMO, correct. BTC does not have to have the US$ to survive. It might be BETTER if so, but as you point out, plenty of BTC trading is down in other currencies.
The larger problem with developing countries holding BTC as a reserve currency is corruption! It might be very difficult for corrupt .gov bankers to keep their hands of the state's BTC. Developing countries are often extremely corrupt.
Jump to: