☞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?
El Salvador has accepted bitcoin for quite some time now to be used as a legal tender. Checking from there, which economy revolution can you corn out from that country, that is how far you can say bitcoin can help in the economy of a country, then compare it with if bigger countries adopts it and takes on the same part with them, it’ll be more openly explanatory to what the outcome of it will be to them and to their economy most importantly. Bitcoin has lots of advantages but when compared to its disadvantages when it is used as currency, you’ll see that it’s not something feasible.
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.
You’ve just mentioned one of the disadvantages of using bitcoin as a currency in the country. Many people will not be able to use it because of their lack of knowledge in bitcoin or no literacy generally of the internet. You may have mentioned other good points that makes it a suitable option for use but when it can’t take everyone along, it becomes complex and not everyone will buy the idea to use it as they use the fiat. Remember that this currency was never invented to replace the fiat currency but only to serve as an alternative to it.