Post
Topic
Board Bitcoin Discussion
Re: If Bitcoin was the currency of a country
by
Chilwell
on 04/06/2025, 14:44:44 UTC

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.

Exactly, several countries fiat currency has been inflating day by day. But I think permitting the whole country to be using bitcoin as their means of payment is going to make things more complicated. Because from the look of things corruption has already damaged the value of our local currencies. This is possible because the banks are centralised and they are owned and control by the government, some agencies or groups of individuals.

Introducing Bitcoin to some people is going to be difficult, because some people haven't heard of the word "bitcoin" before, talk less of knowing what it is, and how important it is to them. Some people that have knowledge about bitcoin might use this opportunity to deceive them and steal everything from them.

Making bitcoin as a universal acceptable currency has advantages and also it has several disadvantages. Just as it going to be beneficial to some people, it will also take away a lots from some people. I know that some riches will be very glad to hear that, because they will the ability and confidence to store/keep their assets safely under their care/observation without any intermediary. But at least we should be considerate about the safety of the middle class people.