Topic: would you live in a country that use bitcoin as official currency? - page 18. (Read 5273 times)

I think the concept of bitcoin becoming an official current for a specific country mostly point out the openness of bitcoin in terms of transaction, investment and trading that allows people to get into Bitcoin in a more wider scale. Becasue they could actually earn and have profit out of bitcoin by using it as a form of currency or as a crypto-currency for future currency.

Is this thing true or it is just you are from Venezuela and that you just want to share your insight from your country.  Anyways I will always love to live in a country where bitcoin is the currency.  Just make a little adjustment as to the price of all commodity and everything will be fine.

     


       If I am living in Venezuela , has already adopted bitcoin as their official currency while they were suffering the hyper inflation the people of the country tempted to use bitcoin as their currency  to survive from the inflation and finally government adopted bitcoin as their official currency

I don't want to, at least until they found a solution for small transactions fee. The current problem with bitcoin is the fee is considered expensive for small transactions, and if i live in a country that use bitcoin as official currency, then i will have to make a lot of small transactions (to buy food, transportation fee etc) and i have to pay a lot for the fees.

I think it will never apply. anything you say will never be a question. because the impact of the unstable value will greatly affect the economy of a country.

isn't it better to create an ethical society, where there is no need for black accounting? probably this is not achieved...

Yes of course I would live in a country that use bitcoin as an official currency; it would help me to pay my bills, do groceries and even have some left with my salary to buy things I really need and some for savings. Why not and who wouldn't want that kind of life? I think less would be poor by then if that will really happen in a country, everyone would get to afford things they need daily but just as long as they work hard for it too. 

Definitely not! Let me tell you what I remember while I was studying my economics subject in college sometime ago. The basic yet one of the most important foundations the economy is money. The value of money is affected on how much gold reserves the country has. More gold means the higher the value of money. And that money must remain constantly high as much as possible for the economy to flourish. Since a country is represented by its currency there are few ways to devaluate it. Unlike what’s happening now to cryptocuurency since china’s ban on the ICO’s the value of bitcoin has been decreased. So if a country’s major currency is cryptocurrency the result will be a catastrophe. The economy of that country will fall leading to higher price of common commodities thus making it citizens suffer. But that won’t happen with gold because it value never depreciates and it is much safer to store gold in bullion reserve that can be retrieve anytime especially in times of crisis that gold is used to rescue the economy. Unlike crytpocurrency that is volatile and if the value quickly decreases just because of a simple banning of ICO by a country. So in short cryptocurrency will never replaced traditional money used by countries. But it doesn’t mean that cryptocurrency is bad for the economy the problem only problem is it cannot be stable for a long time like traditional currency. Never the less I love cryptocurrecy because it gives us much more opportunity than traditional currency.

I think it's a bad idea, and I do not want to live there, because in that country definitely the bitcoin price will be very high, and very difficult to produce bitcoin, let alone the salary was paid with bitcoin, surely the competition will be very high

Well that will be a huge problem for instantion, organization, or government that implement bitcoin as their currency, the volatility will bring them unstability to their economic.
they can't determine how much money they have since the price always changing.

I think it will never happen. No country or government will allow it. Because Bitcoin is not money, it's only a digital asset that works as a currency and it is not tied to a bank or government.

Bitcoin as official currency in a country? I think no. I would agree if Bitcoin would be a worldwide currency where everyone can use it, but if it is an official currency of a country, that may be hard because bitcoin is unstable. If bitcoin will be converted in our local currency that would be alright for me, because I convert my earned bitcoins regularly.

of course I want that. although it has great consequences because I have to be strong if I see the condition of bitcoin prices are very easy to move. living in a country that accepted and acknowledged bitcoin officially of course a lot of benefits, will be many places and stores that receive payments via bitcoin. but bitcoin will be so familiar that it can help increase the bitcoin price in the country, I'm sure bitcoin prices in countries that recognize bitcoin will be much greater than in countries that have not made a decision on bitcoin. so I can easily work and earn a much better economy. this is a great happiness but I still hope that my country can recognize bitcoin because then I will have a higher level of nationalism. of course everyone wants to live happily and also they want to stay in their birthplace.

yes I would ,,, if it does not matter to me ,,,, and now it can be done in different countries ,,, to note is only by we see how the conditions in a particular country ,, and will be more safe if bitcoin becomes world currency ,,

I like the idea of living in a country when bitcoin is accepted everywhere but i don't like the idea of having my regular salary with such a volatile currency.
No economy can afford currency dumping 20% or more in just few hours.

Well it depends on what do you mean by OFFICIAL currency... if its official then it means that somebody is controlling it and that kind of beats the purpose of bitcoins... But if some country officially accepts that bitcoin is completely Legal without implying some silly norms to take the Bitcoin's spirit under control then yes definitely... but thats hardly unlikely to happen but we never know... one day bit coiners buy some island and name it Bitcoin nation... a decentralised blockchain country

Since the value of bitcoin rises and falls it would be a chaos if it becomes an official currency. BTC should be BTC or what is it now. Doing it as a currency change something. Like for example, identification of a country since a certain country can also be identified through their currencies

Decide to move from our country is not easy,  we have to adapt with the culture, language, weather and many more.  It is not all about currency that we use. But I hope there are merchants in my area that accept bitcoin. So I do need to always bring my wallet with my pocket money in it, then I only need to bring my smartphone with online bitcoin wallet in it to buy something in my area,  it is more practical. Bitcoin must be more stable than now to become the world main currency.

it's just impossible to have a country that use bitcoin as an official currency. since bitcoin is a crypto currency that runs around the internet. the thing that is possible is a country that uses a coin similar to bitcoin. like uno coin of india but it's not their official currency.

Pump and dump is occurring in every business and in bitcoin its ratio is not high. And I would prefer to live in such country where I will be able to earn more bitcoins and earn more profit .this idea is very wonderful and no one will refuse to live in such a strong economic and profitable country.