Post
Topic
Board Economics
Re: The Switzerland of Bitcoin
by
legendster
on 29/04/2013, 07:29:48 UTC
Statist/socialists don't like bitcoin because they lose control.

Where is Argentina on this list?
+1

Well, in that case, why is any country on this list? They all stand to lose control of their currency if they adopt Bitcoin.

If the local police didnt loose their jobs because the 'Interpol' existed why would these governments loose their indigenous currency if 'Bitcoins' exist ?
You're talking about a country becoming the "Switzerland" of Bitcoin, ie basing a large percentage, perhaps even 100%, of it's economy on Bitcoin services. Any country that did so would soon find that it's currency was valued in Bitcoins, rather than the other way around, and in any economy where one can live entirely in bitcoin, the local government has officially lost control of that economy. The best it can hope for is to tax around the edges.

We have to look past the fact how the OLD currency system used to work. Everyone knows that paper money is not made for online transactions. So for a country to become the 'switzerland' of bitcoin does not necessarily have to depend it's ENTIRE economy on bitcoin, it can simply adopt it's traditional currency for day to day & physical use  while adopting Bitcoins as the officially recognized currency for online transactions.