Quote from: Nihum342 on March 09, 2025, 04:34:03 PM

☞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.

There are already a few countries out there with fiat money that have incredible levels of inflation, like Venezuela, Turkey, Argentina, etc, people see price changes in goods and services almost in real time. I don't think that would be something new with Bitcoin, which is nowadays getting more and more stable anyway.

The interesting thing is that it changes the concept of money, basically with fiat wealthy people try to stay away as much as possible from having cash and instead buy assets with it, because they know the value of cash will go down in the future. With Bitcoin though, it is the opposite, the value will probably go up, like an asset, so people have the opportunity to receive money, and just save it, without having to buy an asset. Bitcoin is an asset in itself. That's revolutionary.