☞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.
On the part of fast and easy transaction, cash payment is the fastest in such realm. When goods are purchased directly in front of you, making transfer from you native bank account is not even fast to compare with paying directly with the cash in your pocket. Bitcoin's form of transaction is made easy because of it is not bound to a certain region or country.
Bitcoin is made to be an alternative, not a replacement, and it is yet only El Salvador that is using Bitcoin as a means of payment, as they do not have their own currency.