For example I am in Canada. If our country here stopped the USA dollar altogether for the trade transaction between USA and Canada there be serious consequences, even if my country Canada the government dropped the Canadian dollar or any fiat system in the country and moved to a new system, like BTC or some non fiat money system on the national system. There would be very serious sequences coming back from other governments in other countries.
Would this be a case of intimidation from more dominate countries that is preventing other governments from wanting to change the financial system?
Thoughts?
That’s the misconception many people have about bitcoin they actually think that its usage as a legal tender will make them not to use other currencies like the fiat system again. This is wrong because bitcoin is only here to act as an alternative for fiat currency. So if your country Canada makes it a legal tender that doesn’t stops them from using other currencies like the US Dollar to do transactions with other countries that do not allow the use of bitcoin.
The Saudi government is currently working on accepting gold as a means of payment for their international transactions also countries like China Russia and fellow BrICs have also agreed on using yuan currency for their transactions but this doesn’t stops them from using the Dollar currency. It simply means they are looking at way where they would limit the supremacy of the dollar and also the political influence of the US.