If Bitcoin was the currency of a country

[qwertyup23]

☞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?

While I respect your opinion about this, let me correct you in saying that bitcoin is NOT a token. Bitcoin is bitcoin- the progenitor of all cryptocurrencies; the father of all cryptos and the beginning of the end.

If a country uses BTC as their currency, both advantages and disadvantages would soon follow. For example, to access BTC, one needs a device to transact. Remember that not all people have the privilege of having electronic devices, etc.

Bitcoin will be operated without the control of the central bank or government of that country. It is capable of preventing inflation. Because it is not possible to print any additional bitcoin.

Printing money is just one cause for inflation as there are lots of factors that contribute inflation as a whole. Even if we were to say that we cannot print BTC, its limited supply of only 21 million would cause deflation but there would be other economic and financial troubles that would follow.

Finally, if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

There are positive outcomes that BTC can bring. But in order to fully utilize its potential, it is necessary to use it as an ALTERNATIVE currency and not as the MAIN currency of a country.

[FortuneFollower]

Although I am all for Bitcoin, realistically I know that a nation would not do good if they adopted Bitcoin as their main currency.  The volatility is the least of the problems it would bring.  The largest issues actually come from the way it works.  There is no way an economy structured like today could work if Bitcoin was the main currency, as in decentralized.  It is not ready for the volume daily use by an entire nation would bring upon either.  For now, that is just a dream of many and nothing more.

That's exactly what I thought too, the fact that Bitcoin is a great asset, it's not possible that a country can use it as their primary currency because of its volatility, price would not always be predictable all the time. What some persons do not understand is that countries have their currency because it is stable and less volatile.

And the capacity for smaller transactions in bigger quantities too - the scalability is not there yet for such a thing to happen..

[Cryptohygenic]

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

You are right and that will become challenging for business owners and clients when the bitcoin values drops. Sure that they would sell at lost and readjusting price is goods and services then so as they would secure their profits will be turned against the clients on over billing or increasing the values of their services.

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

That really will crumble an economy as long as bitcoin volatility keep on fluctuating. Except their bitcoin is converted to the usdt after transacting using bitcoin. In a controversy, they may only be using bitcoin for payments and not holding in bitcoin which may be senseless to say such a country has bitcoin for their legal payment in place of the fiats.

[Donneski]

Although I am all for Bitcoin, realistically I know that a nation would not do good if they adopted Bitcoin as their main currency.  The volatility is the least of the problems it would bring.  The largest issues actually come from the way it works.  There is no way an economy structured like today could work if Bitcoin was the main currency, as in decentralized.  It is not ready for the volume daily use by an entire nation would bring upon either.  For now, that is just a dream of many and nothing more.

Using Bitcoin as a digital cash was actually one of the core objectives of the creator Satoshi Nakamoto. His primary goal was to stop the double-spending problem in digital cash and provide alternative to the common paper currency but at the moment, Bitcoin is now considered more as a store of value instead of a digital cash for regular transaction and that I think I have had a major effect on the volatility of the coin. At the moment, it'll be very difficult for any country to adopt Bitcoin as a digital cash because of the current volatility ratio. Nobody will be happy to lose the value of their money just because they used a particular digital asset.

[betswift]

Although I am all for Bitcoin, realistically I know that a nation would not do good if they adopted Bitcoin as their main currency.  The volatility is the least of the problems it would bring.  The largest issues actually come from the way it works.  There is no way an economy structured like today could work if Bitcoin was the main currency, as in decentralized.  It is not ready for the volume daily use by an entire nation would bring upon either.  For now, that is just a dream of many and nothing more.

Using Bitcoin as a digital cash was actually one of the core objectives of the creator Satoshi Nakamoto. His primary goal was to stop the double-spending problem in digital cash and provide alternative to the common paper currency but at the moment, Bitcoin is now considered more as a store of value instead of a digital cash for regular transaction and that I think I have had a major effect on the volatility of the coin. At the moment, it'll be very difficult for any country to adopt Bitcoin as a digital cash because of the current volatility ratio. Nobody will be happy to lose the value of their money just because they used a particular digital asset.

Bitcoin is the ultimate store of value, currently.

And who knows what will become of it once its scalability will be increased 

[hafiztalha]

Although I am all for Bitcoin, realistically I know that a nation would not do good if they adopted Bitcoin as their main currency.  The volatility is the least of the problems it would bring.  The largest issues actually come from the way it works.  There is no way an economy structured like today could work if Bitcoin was the main currency, as in decentralized.  It is not ready for the volume daily use by an entire nation would bring upon either.  For now, that is just a dream of many and nothing more.

Using Bitcoin as a digital cash was actually one of the core objectives of the creator Satoshi Nakamoto. His primary goal was to stop the double-spending problem in digital cash and provide alternative to the common paper currency but at the moment, Bitcoin is now considered more as a store of value instead of a digital cash for regular transaction and that I think I have had a major effect on the volatility of the coin. At the moment, it'll be very difficult for any country to adopt Bitcoin as a digital cash because of the current volatility ratio. Nobody will be happy to lose the value of their money just because they used a particular digital asset.

Bitcoin is the ultimate store of value, currently.

And who knows what will become of it once its scalability will be increased 

Bitcoin is store of value yes it is true however it cannot be scalable. Bitcoin was the first mover it's only have the first mover advantage apart from that today even the lower end of crypo have better tech than Bitcoin, Bitcoin Can never be day to day currency it's per second transition are very very low, Most newbies in crypo space don't have any idea that from the day Bitcoin is made There codes are the same nothing changed I doubt it could ever change, in future icp could shine for daily transactions but Bitcoin only be in the league of long term investment, But Bitcoin is the great example what Should be look like our future crypo currency, Bitcoin will be the gold standard of crypo, No matter what future is ahead for us.

[Rustam Meraj]

If there is a country that makes Bitcoin its currency, then I say the country will definitely "Advance" and its people will be far from poverty. However, I think that is just a fantasy and it seems impossible to happen to a country, because we know that there are many challenges and rejections in its implementation from various parties. If we assume, it would be possible if a government from that country had a far-sighted view of the potential of Bitcoin and had full power over its government, maybe like an authoritarian. If you have the idea that the country can prevent inflation and reduce corruption, I think it's about how the system will be implemented, and one of them is "Transparency", because I think if the country has a weak system in transparency, then I think it will be difficult, and in my country this is one of its weaknesses.

You make interesting point that if a country used Bitcoin as its currency it could lead to big improvements and less poverty. However you also recognize that there would be many challenges and opposition making it seem unlikely. For this to work government would need to have clear vision and control and transparency would be crucial to prevent corruption. In countries where transparency is weak using Bitcoin as currency would be especially hard so fixing these underlying problems would be necessary for success.

[coinerer]

Finally, if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

That's crazy thought. Replacing fiat currency won't be that easy. And if that happens Bitcoin won't be for a normal user's thing. Bitcoin is currently seen as a digital currency. But instead of digital currency, everyone buys it as digital gold. No one transacts with gold. Just like that, there are no such transactions with Bitcoin. Again, it would be wrong to say that it does not happen at all, but everyone likes to hold Bitcoin as an asset.


Currently, the money supply of the USA is 21 trillion. Suppose Bitcoin replaces this fiat currency, then imagine what will happen. The growing market of Bitcoin is 1.6 trillion. This means that if the market cap of Bitcoin becomes 21 trillion, then the price of Bitcoin will reach 1.1 million. Which is 13 times more than the current position. This is only the money supply of the US. The entire world-wide calculation is still pending. I think we need to hire an AI to do the math.

[Doan9269]

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.

Nothing of such can ever happen, have you considered same with El-Salvador and Central Africa Republic for adopting Bitcoin as a legal tender, has anything happened to them, once they have already set up the ground that could enable for this, then all things are going to work as usual for them, bitcoin could be a volatile currency, but that doesn't makes it a currency that will cause an economic traumatized, bitcoin will help each individual to achieve their financial independences, which we can't expect any country to own bitcoin and still except there will be another development that is entirely different from bitcoin and people are running over it like bitcoin, accepting Bitcoin or not cannot cause an economic revolution except the government involved shows this as part of their incompetencies.

[Patikno]

If there is a country that makes Bitcoin its currency, then I say the country will definitely "Advance" and its people will be far from poverty. However, I think that is just a fantasy and it seems impossible to happen to a country, because we know that there are many challenges and rejections in its implementation from various parties. If we assume, it would be possible if a government from that country had a far-sighted view of the potential of Bitcoin and had full power over its government, maybe like an authoritarian. If you have the idea that the country can prevent inflation and reduce corruption, I think it's about how the system will be implemented, and one of them is "Transparency", because I think if the country has a weak system in transparency, then I think it will be difficult, and in my country this is one of its weaknesses.

You make interesting point that if a country used Bitcoin as its currency it could lead to big improvements and less poverty. However you also recognize that there would be many challenges and opposition making it seem unlikely. For this to work government would need to have clear vision and control and transparency would be crucial to prevent corruption. In countries where transparency is weak using Bitcoin as currency would be especially hard so fixing these underlying problems would be necessary for success.

Yeah, I think it's not just interesting but very interesting, and I even have a big imagination for the country that will first make "Bitcoin" as its currency, I'm sure that country will be the winner (we know that Bitcoin is starting to be fought over by institutions to countries). But once again I say that it is very difficult to implement, and this is based on my monitoring of how my country makes policies or implements them, it is very difficult, but there is only one condition that makes me sure it can be implemented, namely a government in the country has many young people who understand Crypto, especially Bitcoin and is supported by its people who have many users, and if that really exists, I'm sure it will be easy to implement by a country.

[hd49728]

☞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?

Bitcoin will still be Bitcoin, nothing will change.

Bitcoin does not change itself because of any nation and its national policy on Bitcoin. Remember that a nation can change its national policy anytime from friendly to unfriendly. Government can make Bitcoin as its national currency, make it legal tender and can revoke it anytime later by themselves or under pressure of IMF and big nations.

[adzino]

☞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?

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.

Bitcoin will be operated without the control of the central bank or government of that country. It is capable of preventing inflation. Because it is not possible to print any additional bitcoin. For this, the people of that country can do their transaction easily, transparently & faster and will have the potential to reduce corruption rates. However, when all transactions are completely dependent on online, it will be mandatory for all of the country to gain skills in this regard. 

Finally, if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

Not sure where you heard that crypto currency is the fastest transaction medium for people all around the world. There might be some coins that has instant transaction with drawbacks being that they are centralized most likely, but rest of the coins don't instantly transfer to another persons wallet. You need network confirmation for the coins to be actually in your wallet and be yours. If you think of Bitcoin it might take around 10 minutes in a good day. When the network is congested it might take more. Now think of using cards. You tap your card, you made the payment instantly. You send fiat money to another guy, he receives it instantly in most cases. But if you are talking about making cross border payments, then yes, Crypto currencies are better in this case.

[yudi09]

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

It will coexist with fiat currencies. For those who want to invest in Bitcoin, they can easily have Bitcoin by accepting it as a means of payment.

if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

El Salvador has done it. You can follow how it develops there.
Pros and cons cannot be separated. Some are happy and some are not happy with Bitcoin. It has been happening for a long time.

[bitterguy28]

Bitcoin will still be Bitcoin, nothing will change.

Bitcoin does not change itself because of any nation and its national policy on Bitcoin.

the only change i can think of is when bitcoin’s price changes due to market perception by the general public and i think that the government can help a lot in this regard in the sense that if they make bitcoin legal people will trust it more and therefore will be more inclined to buy and use it and just generally have more trust in bitcoin

[Awaklara]

the only change i can think of is when bitcoin’s price changes due to market perception by the general public and i think that the government can help a lot in this regard in the sense that if they make bitcoin legal people will trust it more and therefore will be more inclined to buy and use it and just generally have more trust in bitcoin

I actually also agree if the government or most countries can legalize Bitcoin not only as an investment asset but also as a means of payment. Perhaps more precisely as an alternative to using fiat.
Some people are worried about the value of Bitcoin which continues to change, but can't the price be adjusted to the applicable fiat value? The real challenge lies in how business actors rotate income with expenses obtained from Bitcoin if applied over a long period of time.

[Smack That Ace]

if Bitcoin is the currency of a country, it will start a new economic age of that country. This will improve the economy of that country and some damage. So these positive and negative aspects of that country should be noticed equally.

El Salvador has done it. You can follow how it develops there.
Pros and cons cannot be separated. Some are happy and some are not happy with Bitcoin. It has been happening for a long time.

El Salvador has accepted bitcoin as legal tender and used alongside the USD. But as a currency, has bitcoin brought any new era or significant benefits to their economies? Except for the bitcoin investment giving them a significant return, I don't see any significant positive impact on their economy from using bitcoin as a currency.

We have said this many times, bitcoin is not a magic wand and savior of any national economy. It cannot impact or improve a country's economy just by adopting it. A country's economy depends entirely on the government's economic, domestic and foreign policies, we cannot bet on a speculative asset and hope it will rescue our economy.

[Popkon6]

☞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?

The issue you mentioned is that El Salvador has been accepting Bitcoin as legal tender since 2021. Bitcoin is capable of playing the biggest role in the country's economy, every country's government should keep this valuable Bitcoin so that the country's reserve fund will remain active. In El Salvador, they are investing one Bitcoin every day, and if every country considers Bitcoin seriously as the currency of the country in this way, then the country will easily move towards development.
In a short time, El Salvador has gained a good reputation all over the world and they are investing in Bitcoin regularly, they will be able to play the biggest role in the country's economy.

[Ucy]

Well, people fail to realize that Bitcoin is not fiat currency. It's is a voluntary currency for free societies. Its ideals are incompatible with the ways fiat system operate. Governments will need to first turn it into fiat currency to make it a suitable legal tender for buyers, sellers and others to start accepting and using it as a currency in the governments area of jurisdiction otherwise they wouldn't want anyone to buy and sell with it, atleast on the long-term.. To make Bitcoin a suitable legal tender it'll need to be turned into fiat currency which will involve a great deal of centralization and weaking of Bitcoin as we know it.  But they could allow you to simply use it as an investment within the system they control.
 
We can't just go to countries and impose bitcoin on them since it's a voluntary currency, and we need their permission to use it within their system.  It's sometimes surprising to see people i used to think knew what they were doing  placing Bitcoin/crypto logo in stores, that are under the authority of the fiat system, with the word "Bitcoin accepted here" or something like that. This is not sustainable without the governments making it a legal tender. They will feel threatened by something they have no control over that people under their power can freely use.

The best we could do is to create a parallel system or offgrid/remote societies around the world where we can use Bitcoin both offline and online. We could still mint physical version of Bitcoin in form of coins, with metals and other natural resources, and persuade the global offgrid societies to accept them. A dollar worth of Bitcoin could be just a small silver coin with Bitcoin written on it. We could have copper, gold, aluminum versions of the physical "Bitcoin"..and make sure they are hard to counterfeit. With this, it becomes possible to use "Bitcoin" without the internet. And there won't be need to aquire skill to use it.

[yudi09]

El Salvador has done it. You can follow how it develops there.
Pros and cons cannot be separated. Some are happy and some are not happy with Bitcoin. It has been happening for a long time.

El Salvador has accepted bitcoin as legal tender and used alongside the USD. But as a currency, has bitcoin brought any new era or significant benefits to their economies? Except for the bitcoin investment giving them a significant return, I don't see any significant positive impact on their economy from using bitcoin as a currency.

Maybe that's true. Why should there be the word maybe, because I don't see many sides to the practice of implementing Bitcoin as legal tender in El Salvador.
What I often find in the news, especially via twitter (x.com), is that El Salvador is abuzz with warnings from the IMF regarding their policy because according to the IMF, the policy has no positive results.
When Bitcoin reached a price of $100k, it was very clear that Bitcoin investments got a very large return. That's the advantage.

[Unknown Op]

☞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?

The issue you mentioned is that El Salvador has been accepting Bitcoin as legal tender since 2021. Bitcoin is capable of playing the biggest role in the country's economy, every country's government should keep this valuable Bitcoin so that the country's reserve fund will remain active. In El Salvador, they are investing one Bitcoin every day, and if every country considers Bitcoin seriously as the currency of the country in this way, then the country will easily move towards development.
In a short time, El Salvador has gained a good reputation all over the world and they are investing in Bitcoin regularly, they will be able to play the biggest role in the country's economy.

Many countries want to see BTC in the International market because many countries are tired by the US government because they have control on all countries and countries can't take any step against them because there is no control of them. Many people Invested in cryptocurrency and they want more adaption in cryptocurrency,So they are taking making steps to hold cryptocurrency individually but World has no worth of that . BTC will not be international currency because USA have to face bog loss by that .There millions of people who are getting knowledge on BTC talk and they took part in discussion and they BTC as dominant currency . Donald want to get money from cryptocurrency only.