Post
Topic
Board Bitcoin Discussion
Merits 8 from 2 users
Re: Why are some government scared of Bitcoin?
by
Lida93
on 03/12/2022, 09:32:55 UTC
⭐ Merited by The Pharmacist (4) ,CryptopreneurBrainboss (4)

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.
Every government  be it military or democratic enjoys monopoly of control of both economic and political affairs in their territory and they feel threatened when any system comes in that takes them out of control and regulations keeping them oblivious of it's operations.  Apart from that even countries that have it in mind to adopt cryptocurrency as a legal tender finds it difficult to do so due to the volatility of the currency and unlike paper money there might be incongruent match in the price of commodities with the value of the cryptocurrency.

For example, we all aware that within a split seconds the value of a coin can fall very low and in the next minutes rise and fall below average, now how do the average market woman across the street manage to align this together. No doubt cryptocurrency is a great way out of so much interference by the government into private financial life of people and adopting it won't be a bad idea but there are issues that need be attended to in adopting it.