If Bitcoin was the currency of a country

[Mate2237]

Bitcoin is a digital currency so the probability of Bitcoin becoming the currency of a state will be low because every sovereign country must have a physical currency that will be used as the medium of exchange within the country and it's seen as a symbol of the country so Bitcoin will not be a currency of a country because it was originally designed as a digital currency which to me is the best because the implementation is that it's not restricted only to one country but the whole world is connected using Bitcoin.


I think that with time Bitcoin will be a global currency where almost every country will use Bitcoin because Bitcoin to me is the currency that was carefully designed so that it will be an alternative to the different Fiat currencies that are owned by different countries of the world

[Marykeller]

OP, have you thought about why the government of a country showcases a lot of power over its constituents? Is it not because they control the finances of their country? Remove that control of country finances from their hands, and see how weak they will become.

That's what a country government will experience when it replaces its fiat with Bitcoin. The government will no longer have a fiscal policy that will govern the country's finances because Bitcoin can't be controlled by the government. The price of goods and services and the economic reforms of the country are no longer in the government's hands. No country and its citizens will love such a thing when their willpower is taken away from them to place on a volatile asset.

[GideonGono]

It would only happen if, Bitcoin price is stable, the transaction speed doesn't have a delay, and most of all the transaction fee.
If Bitcoin would be the currency of a country then even small transactions would be made in Bitcoin, paying for groceries, daily necessities and other small transactions.

[AYOBA]

Cryptocurrency is known as the fastest transaction medium for people around the world. Bitcoin is most commonly known and used token in cryptocurrency. Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

The price of Bitcoin is unstable. Its price may increase or decrease. If a country accepts Bitcoin as their currency, then there will be an economic revolution in that country.

A word cryptocurrency has been surrounded all over the world after people’s relying that it’s a faster in terms of transaction is just a few countries that has never accepted the a Bitcoins to stand as their currency, if it has been accepted by most of the countries around the globe and the other nations. Because it’s very easier for transactions; it’s not like normally currency.

I think it will be more better if all of the countries all over the world can accept the Bitcoin instead of the normal currency it can really helpful, because it can also develop the country by achieving different kinds of transactions and making it easier to exchange money.

[2Pizza410000BTC]

A word cryptocurrency has been surrounded all over the world after people’s relying that it’s a faster in terms of transaction is just a few countries that has never accepted the a Bitcoins to stand as their currency, if it has been accepted by most of the countries around the globe and the other nations. Because it’s very easier for transactions; it’s not like normally currency.

I think it will be more better if all of the countries all over the world can accept the Bitcoin instead of the normal currency it can really helpful, because it can also develop the country by achieving different kinds of transactions and making it easier to exchange money.

If a country uses Bitcoin instead of its local currency, it will have some disadvantages, one of which is the volatility of Bitcoin. It will be the most difficult for those who do business because it is more convenient for them to have the local currency. However, Bitcoin is suitable for investment. If we can invest in Bitcoin, then Bitcoin will always be suitable for us because Bitcoin can take an investor to the peak of investment success, but using Bitcoin instead of the local currency in a country will not be very convenient.

Imagine if Bitcoin is introduced in my country instead of my local currency, then we will have a lot of difficulty in small transactions with Bitcoin like local currency like buying something worth 5, 2, 1 (taka) local currency. So local currency definitely plays a very important role in a country.

In a country, there are poor, rich, middle class, educated, and uneducated people of all classes. Now, if Bitcoin is introduced in a country instead of the local currency, then maybe those who are educated and rich or middle class will be able to use Bitcoin, but it will be very difficult for uneducated and very poor people to use Bitcoin because a good device will definitely be required to use Bitcoin, which will not be possible for everyone to buy. Therefore, after considering everything, one should think about introducing Bitcoin instead of the local currency in a country, but remember that it will never be possible to introduce Bitcoin instead of the local currency in a country.

[Russlenat]

It would only happen if, Bitcoin price is stable, the transaction speed doesn't have a delay, and most of all the transaction fee.
If Bitcoin would be the currency of a country then even small transactions would be made in Bitcoin, paying for groceries, daily necessities and other small transactions.

I think El Salvador already tried this when they declared Bitcoin as legal currency, but it didn’t really work out.
Businesses were forced to accept it, and they had to deal with the risk of price volatility which was a big problem.

So for now, it’s better to stay away from that idea until the volatility is solved. Maybe the Lightning Network could help in the future if more people actually start using it.

[_BlackStar]

-snip-

I think El Salvador already tried this when they declared Bitcoin as legal currency, but it didn’t really work out.
Businesses were forced to accept it, and they had to deal with the risk of price volatility which was a big problem.

So for now, it’s better to stay away from that idea until the volatility is solved. Maybe the Lightning Network could help in the future if more people actually start using it.

Instead of expecting bitcoin to be fully adopted as a primary currency in every country - I would expect it to be an alternative currency without being a stablecoin. Mass adoption would require price stability - meaning adopters would prefer less price volatility which would ultimately not mess things up. Bitcoin could still be adopted to a certain extent - not to be a primary currency in every country, volatility is always expected.

If bitcoin were to become more stable - then the annual return on investment would be very low. I can imagine that investor interest would change - as adoption increases and some countries will consider bitcoin as a store of value. That might be good - but not for an investment that has so far given great returns to its long-term holders.

[Minor Miner]

Bitcoin is a digital currency so the probability of Bitcoin becoming the currency of a state will be low because every sovereign country must have a physical currency that will be used as the medium of exchange within the country and it's seen as a symbol of the country so Bitcoin will not be a currency of a country because it was originally designed as a digital currency which to me is the best because the implementation is that it's not restricted only to one country but the whole world is connected using Bitcoin.

I think that with time Bitcoin will be a global currency where almost every country will use Bitcoin because Bitcoin to me is the currency that was carefully designed so that it will be an alternative to the different Fiat currencies that are owned by different countries of the world

Countries are also rolling out their own digital currencies, known as CBDCs. In the future, they will even eliminate physical currency and completely adopt digital currency to reduce costs as well as help them increase people's control better. So Bitcoin cannot become a national currency not because it is a digital currency, but because of its decentralization.

Furthermore, becoming a global currency is even more difficult because it would affect the interests of major powers like the United States. The dominance of the USD will decrease significantly if the world uses bitcoin as a global currency, the US will definitely not be happy with that.

[ThemePen]

Bitcoin is a digital currency so the probability of Bitcoin becoming the currency of a state will be low because every sovereign country must have a physical currency that will be used as the medium of exchange within the country and it's seen as a symbol of the country so Bitcoin will not be a currency of a country because it was originally designed as a digital currency which to me is the best because the implementation is that it's not restricted only to one country but the whole world is connected using Bitcoin.


I think that with time Bitcoin will be a global currency where almost every country will use Bitcoin because Bitcoin to me is the currency that was carefully designed so that it will be an alternative to the different Fiat currencies that are owned by different countries of the world

It may be hard for Bitcoin to become official currency of just one country. Usually countries need to have real and touchable money as symbol of their own power and for people to use every day. Bitcoin is only online so is not really like that traditional kind of money.
But as you said and I agree that Bitcoin could become money used by almost every country in world in future. Because it is online everyone across world can use it.Bitcoin was made to be different kind of money than regular money that each country has. So maybe many countries will start using Bitcoin with time.

[Bd officer]

☞If Bitcoin was the currency of a country then what will happen?☜

Cryptocurrency is known as the fastest transaction medium for people around the world. Bitcoin is most commonly known and used token in cryptocurrency. Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

I don't think any country will use Bitcoin instead of their local currency. If used in Bitcoin instead of local currency then there will be various difficulties. Now if it is said about business, then the price of Bitcoin is very unstable, so the price of the product needs to be updated several times a day which is not convenient. Many products under $1 will be available in many countries, resulting in higher fees on small transactions, but not affecting transaction fees on large transactions. Also, not everyone will want to use Bitcoin because Bitcoin is unstable. However, Bitcoin will be more popular instead of time, and in many countries Bitcoin will be legalized, but no country will use Bitcoin instead of local currency.

[Iranus]

It may be hard for Bitcoin to become official currency of just one country. Usually countries need to have real and touchable money as symbol of their own power and for people to use every day. Bitcoin is only online so is not really like that traditional kind of money.
But as you said and I agree that Bitcoin could become money used by almost every country in world in future. Because it is online everyone across world can use it.Bitcoin was made to be different kind of money than regular money that each country has. So maybe many countries will start using Bitcoin with time.

As Minor Miner said, many governments are creating their own CBDC or the US, they have no intention of creating CBDC but they are trying to pass bills to legalize stablecoins to regulate and use them. They even prioritize stablecoin bills over bitcoin. What do they do these things for?

We live in a digital world, online payments and storage are becoming the norm and governments are adapting to this. The reason bitcoin will never become a national currency is because of its volatility, its decentralization, no other reason, IMO.

If countries don't want bitcoin as a national currency, they won't legalize it as a global currency either. Because every country wants its currency to become a global currency, especially superpowers like the US, China, EU...because that is the way to become a world power.

[Princess Leah]

It will be chaotic especially on businesses since its value keeps changing. Businesses need to adjust price regularly including with goods and other services.

Bitcoin is good for investment purposes not as currency that use for regular transactions due to its price volatility.

That's why it didn't achieve one of the aim of being used as day to day means of carrying out transactions for business people and marketers like fiat, cause it's not stable and like you said it would cause chaos for many businesses due to volatility, and cause of that I think it would serve other purpose but would find it difficult to replace fiat.

 We've seen how well it's good for investment so it's best that for area since people can buy and hold it for future purposes to generate wealth I'm the future, it can also serve as a means of security in different industries since they can adopt the use of it's blockchain for that purpose.

[Theupdude]

Actually, utilizing Bitcoin as a national currency would surely shake things up. On one hand the transparency and limited supply might actually assist minimize inflation and corruption. But the volatility is a major danger, Prices increasing every day would make essential items like salaries or groceries unpredictable. Plus not everyone is ready for a fully computerized system. It could spur innovation but it might leave some people behind if the shift isn’t managed appropriately.

[Dr.Bitcoin_Strange]

Well, what you must know is that, even if Bitcoin is a legal tender in a country, Fiat will still be allowed in that country because Fiat is not as volatile as Bitcoin. Bitcoin is very good to be an asset and it's also a hedge for inflation, instead of individuals to start keeping their money in the bank or invest into an asset that would not give them any valuable returns, Bitcoin now fits as the best solution.
If people are accepting Bitcoin for payment in business, some person will likely convert to Fiat so that the value wouldn't drop when they want to spend on buying goods, what am saying is that while Bitcoin can serve a very good advantage, there are also some disadvantages like high liquidity.

[Tmoonz]

Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

A country can never totally abandon to use their own currency and start using Bitcoin alone. In countries where Bitcoin is legally allowed, there are some individuals that are using Bitcoin for their daily transactions. The government of El Salvador has made Bitcoin ba legal tender but that doesn't mean they will stop using their own currency. So, I doubt if there's any country that will totally forsake to use their own currency even if Bitcoin is a legal tender in that country.

There are several reasons why countries will never abandon their own local currency perhaps I don't think if that was even part of Satoshi's reasons for inventing Bitcoin, if clarity can be made and to play fair justification the question is if Bitcoin which is digital is made to abolish people's locally currency what then will the faith of those that are not literate or in those areas where there is no Internet facilities in accessing Bitcoin as a country currency? So you see some time people should should feel that every one is sharing the same privileges they are in light of making of certain assumptions or consideration, Bitcoin and every other locally currency will keep working hand in hand for their purposes and never to be seen as a fight.

[CageMabok]

Actually, utilizing Bitcoin as a national currency would surely shake things up. On one hand the transparency and limited supply might actually assist minimize inflation and corruption. But the volatility is a major danger, Prices increasing every day would make essential items like salaries or groceries unpredictable. Plus not everyone is ready for a fully computerized system. It could spur innovation but it might leave some people behind if the shift isn’t managed appropriately.

Most people are afraid of the price volatility in Bitcoin, but when the holders and enthusiasts have become quite large, of course the resistance to the price itself will also be quite strong in the long term. However, if we look at a system that is indeed quite different from fiat, of course there are people who are not ready for the change and usually it will be felt by people in the interior who are very remote from big cities. But for such changes, it cannot be avoided by many people because now transactions are almost all digital so that it has triggered some people to make transactions with Bitcoin when there is a fair agreement between the two parties.

[Tungbulu]

Suppose a country began to use Bitcoin instead of their currency. Then, what will happen?

A country can never totally abandon to use their own currency and start using Bitcoin alone. In countries where Bitcoin is legally allowed, there are some individuals that are using Bitcoin for their daily transactions. The government of El Salvador has made Bitcoin ba legal tender but that doesn't mean they will stop using their own currency. So, I doubt if there's any country that will totally forsake to use their own currency even if Bitcoin is a legal tender in that country.

There are several reasons why countries will never abandon their own local currency perhaps I don't think if that was even part of Satoshi's reasons for inventing Bitcoin, if clarity can be made and to play fair justification the question is if Bitcoin which is digital is made to abolish people's locally currency what then will the faith of those that are not literate or in those areas where there is no Internet facilities in accessing Bitcoin as a country currency? So you see some time people should should feel that every one is sharing the same privileges they are in light of making of certain assumptions or consideration, Bitcoin and every other locally currency will keep working hand in hand for their purposes and never to be seen as a fight.

You’re right that the sole purpose of Bitcoin isn’t to eradicate or replace the traditional fiat currency but to offer some sort of a safety net that people can fall back on incase they wish to protect their money from inflation, since Bitcoin is immune to inflation. There are several purposes that Bitcoin serves and several other purposes the existence of Bitcoin plans to achieve, and completely replacing the fiat system isn’t one of those purpose. Yes, Bitcoin is still relatively a new technology and many people are yet to hear and get involved with it, so if Bitcoin eventually replaces the traditional fiat system, so many people would suffer, and even when they manage to get involved, they’ll be an easy target for scammers since they’re are still very naive and doesn’t know much about the technology.

[_BlackStar]

-snip-

Most people are afraid of the price volatility in Bitcoin, but when the holders and enthusiasts have become quite large, of course the resistance to the price itself will also be quite strong in the long term. However, if we look at a system that is indeed quite different from fiat, of course there are people who are not ready for the change and usually it will be felt by people in the interior who are very remote from big cities. But for such changes, it cannot be avoided by many people because now transactions are almost all digital so that it has triggered some people to make transactions with Bitcoin when there is a fair agreement between the two parties.

Even if you don't need government approval to use bitcoin as a means of payment - you should still consider the legality if you don't want to break the law. You can still use bitcoin secretly in countries where bitcoin is not yet legal as a means of payment - but such transactions should not be forced without urgent need. If I visit a place where the country has not legalized bitcoin - then the main thing I do is avoid using it as a means of payment, this is a way to respect local laws.

[zeuner]

Many mechanics people are used to are not designed for deflationary currencies, most importantly fixed income. So, there might be much that would have to be re-invented in some way.

[Ethan_Crypto]

For bitcoin to be the currency of a country, there is the need for large scale education for citizens of that country to become skilful with the blockchain technology. I also have opinion that with widespread use of bitcoin and increased transactions, there may be increase in transaction fees