If Bitcoin was the currency of a country

[hero_the_bossman]

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.

Agreed. Even if we are talking about a small nation - and imagine a big one congesting everything with small purchases.

[Rockstarguy]

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.

No country will adopt Bitcoin as it only currency because bitcoin is very volatile, though if a country adopts bitcoin as t only currency their are positive consequences and negative consequences but because of the negative consequences I don't think it will make any sense for bitcoin to be the only currency.

Since every country depends on economy and Bitcoin being very volatile it can destabilise the economy of the country. It makes good sense when bitcoin becomes an alternative currency in a country,  the country can benefit from the good advantage bitcoin has.

[BADERO]

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.
 

Accept?!!!!   How dare you say something like that? Bitcoin doesn’t need anyone

[hero_the_bossman]

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.
 

Accept?!!!!   How dare you say something like that? Bitcoin doesn’t need anyone

He meant it in a way that a country would do it themselves, nothing wrong here, imo.
But nobody would do so.

[uneng]

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.

The closest experience to that concept was El Salvador, even though they didn't adopt exclusively Bitcoin as currency, but also maintained dollar as the main country's currency. What we saw was that BTC adoption wasn't wide, and in the end they just retreated threatened by IMF and decided to abandon Bitcoin legal tender.

Now, in the hypothetical scenario Bitcoin was adopted as main and only currency, being enforced to every citizens, I think the scenario would be pretty unstable. Just imagine, Bitcoin was above 100,000$ weeks ago, then it crashed in a very short time interval to 80,000$'s. The impact over the economy of this hypothetical country would be huge, like an emotional rollercoaster for all its citizens.

People need stability to live, thrive and develop themselves. Too much risk and uncertainities aren't healthy, with potential of bringing long term financial and emotional damage.

[FortuneFollower]

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.

The closest experience to that concept was El Salvador, even though they didn't adopt exclusively Bitcoin as currency, but also maintained dollar as the main country's currency. What we saw was that BTC adoption wasn't wide, and in the end they just retreated threatened by IMF and decided to abandon Bitcoin legal tender.

Now, in the hypothetical scenario Bitcoin was adopted as main and only currency, being enforced to every citizens, I think the scenario would be pretty unstable. Just imagine, Bitcoin was above 100,000$ weeks ago, then it crashed in a very short time interval to 80,000$'s. The impact over the economy of this hypothetical country would be huge, like an emotional rollercoaster for all its citizens.

People need stability to live, thrive and develop themselves. Too much risk and uncertainities aren't healthy, with potential of bringing long term financial and emotional damage.

That's why BTC is a tool, but not a solution, the one that would solve basically most of the problems.

[Zanab247]

It will reduce unemployment from the country that use it as a currency because many  will like to involve BTC in their businesses where customers will be buying goods and services and pay with BTC. It will eliminate delay in their BTC transaction, those that have encounter delay in their fiat money transaction will know that BTC is the right currency to use for any kind of transaction because is faster and safe.

It will boost their economy, if BTC is a currency of a country because many people will be investing on it and hodl for bull run to occur before they can sell to increase their profits, which is the major key that is attracting some countries to adopt BTC in their countries.

[Aanuoluwatofunmi]

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

Lots may happen, it's either the country sees the opportunity ahead that lies in the adoption of bitcoin right before them or they were just persuaded by the vibes of adoption without having any plan or preparation on ground towards the adoption, fine and good the people will appreciate that, because bitcoin was targeted at the people and for them to have a financial freedom.

The price of Bitcoin is unstable. Its price may increase or decrease.

Volatility has always been part of the network, whereby people are buying and the same time some are selling, there lies the way of making the profit and loss, for those who want to enter the market, but we can always be a long time holders.

[Salahmu]

☞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 be operated without the control of the central bank or government of that country.

It would have an undefined meaning of stability because the price will not be at the same place as other currencies of other countries, so in putting Bitcoin on that shoes will have a negative impact to some other countries because they cannot convert their currency into Bitcoin and have something they can boost of because it will be too small unless they do it with a bigger amount, however have we also consider an international people who would be visiting such country that use only Bitcoin as their currency on how they will be affected financially in terms of raising money to worth a large quantity of Bitcoin. However we have not also consider the fact that before Bitcoin will be used as a country currency it must be regulated by the government and if they cannot do that they may not consent to it.

[fikrett]

The price of Bitcoin is unstable. Its price may increase or decrease.

Volatility has always been part of the network, whereby people are buying and the same time some are selling, there lies the way of making the profit and loss, for those who want to enter the market, but we can always be a long time holders.

That's why BTC wouldn't be suited to be some country's currency, though.

There would always be a need for something that would be used daily, and that would be suited for such needs.

[Hyphen(-)]

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. 

Government is a centralized body that can never accept anything decentralized because most of them are not transparent in their transactions.
If Government if a country can accept Bitcoin an their means of exchange, the country’s economy will have huge growth especially if they have started before now, but the problem is, how will the price of goods be controlled especially if Bitcoin goes up?

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.

It will be good for the country if f the government uses Bitcoin as their reserve, the county will have no more effect if deflation, and when the price of Bitcoin goes up, the country can do their work with the money they effectively, but if they hold money instead of investing on Bitcoin, inflation will affect them.

[Fivestar4everMVP]

☞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.

Sorry but I disagree with you bud, as much as we all love bitcoin and some of us have invested heavily in it and wants it to become a big success in every country of the world, lets not turn a blind eye to the downsides of bitcoin for nothing made by man is Everly and completely perfect without some flaws.

If a country will turn to bitcoin as her only means of buying and selling, it will be very challenging for many citizens in that country for many reasons..
1. During network congestion period, fees skyrocket and transport can take days to get a confirmation.
2. Every one including the elderly will have to become educated and internet savvy to be able to buy and sell in that country.
3. Hackers will increase in that country because many users won't know how to properly safeguard their keys to ensure security of their fund..

This and many other reasons are why I think even if a country is allowing her citizens to use bitcoin for buying and selling in the country, it's more appropriate to make it optional.

[Pi-network314159]

☞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 was not designed to be used as a major currency of a country at the first place, but an alternative to fiat or banking system, which means that aside or in the absent of fiat then cryptocurrency will be used, since its a decentralized financial system that is the opposite of what fiat was never. so cryptocurrency is cryptocurrency and fiat is fiat, so both are seperate both in function and in nature.

reason why cryptocurrency can not be used as fiat especially bitcoin
1] bitcoin runs on blockchain, which makes it impossible for any transaction to be reversed when mistake is made, unlike the bank that you can lay complains to when such issues rises.
2] bitcoin is limited in supply unlike fiat that is printed from thin air every time and has no limit,
3] bitcoin is a digital pay system which the payment can only be done via wallet to wallet transfer and not a physical paper money.
4] bitcoin is too volatile to be a currency of country. imagine having $90k in your wallet and you want to go and purchase an item of $90k but before reaching the place of the purchase of the goods and bitcoin fell to $80k that means you have lost $10k without doing anything. although the case is a vise versa of gain too but the lost is more painful than the gain.
5] bitcoin is too expensive, and this makes the transaction fee high. so it will be difficult to transact with an amount less than $5

theses are the few reasons i think why bitcoin or cryptocurrency will not be used as fiat.  

[Jawhead999]

If Bitcoin was the currency of a country, most of the citizen are poor and criminal rate would be very high. It's because population are keep increasing, which mean they need to have money in order to survive, since Bitcoin is limited, the government can't give Bitcoin for free unlike fiat.

The poor people know that the rich and government hold Bitcoin, hence they will try to steal that.

So, I don't think a country that only accept Bitcoin as legal tender would be successful.

[moneystery]

bitcoin is not the fastest transaction medium in the world. there are still many other cryptocurrencies that offer better speed and scalability compared to bitcoin.

and talking about whether it is suitable to be used as a country's currency, it is not suitable at all. first the waiting time, it takes a few minutes to be confirmed and you need fees. its volatility will also be a problem, imagine if you buy food, but the price in a few can change more expensive or cheaper. also the government can't control it, making monetary policy to overcome inflation more difficult.

so bitcoin can only be used as an alternative, where people can use it either in cross-country transactions, or to secure their transactions only or for long-term investment.

[Synchronice]

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

It's pointless to continue discussion further because first of all, it's impossible for countries to use Bitcoin instead of their own currencies. Bitcoin has a limited block size, which makes it impractical for any country because even if we take a very small country with population of 500 thousand people, Bitcoin won't be able to fulfill their needs because on average, I assume, each person makes more than 2 transactions daily and Bitcoin can't confirm that many transaction daily and second of all, transactions need 6 confirmation to consider them safely transferred, which can takes from a few minutes to a few hours, which makes it very impractical currency in the society.

[FortuneFollower]

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

It's pointless to continue discussion further because first of all, it's impossible for countries to use Bitcoin instead of their own currencies. Bitcoin has a limited block size, which makes it impractical for any country because even if we take a very small country with population of 500 thousand people, Bitcoin won't be able to fulfill their needs because on average, I assume, each person makes more than 2 transactions daily and Bitcoin can't confirm that many transaction daily and second of all, transactions need 6 confirmation to consider them safely transferred, which can takes from a few minutes to a few hours, which makes it very impractical currency in the society.

Agreed. Fiat would still be needed in such cases, where each person wants to do small transactions daily.

[Dr.Bitcoin_Strange]

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.

[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.

[rodskee]

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.

No country will adopt Bitcoin as it only currency because bitcoin is very volatile, though if a country adopts bitcoin as t only currency their are positive consequences and negative consequences but because of the negative consequences I don't think it will make any sense for bitcoin to be the only currency.

no country will replace their fiat only for bitcoin for many reasons concerning economic factors but also because a currency is also a reflection of a country's identity and a statement of their economic power

getting rid of that to use bitcoin instead will erase the country's individualism no matter how bitcoin can be useful for global transactions and profit making i do not any country will do this ever

It makes good sense when bitcoin becomes an alternative currency in a country,  the country can benefit from the good advantage bitcoin has.

bitcoin's purpose was to never replace completely fiat but only to serve as an alternative so we should treat bitcoin as such