Quote from: shield132 on Today at 07:48:48 AM

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.

I can't imagine how Bitcoin can be the currency of a country when it's decentralised and mined worldwide. The country needs a centralised currency to have control on it, to do different monetary polices and have some level of control on it. Since Bitcoin is decentralised and worldwide, it's a very bad choice for any country. Also, Bitcoin doesn't have a cash version, which makes it very impractical and unusable. Using of Bitcoin is not one of the easiest thing, transactions are also slow and sometimes expensive, you need to wait for a few minutes and sometimes up to an hour or a little bit more to get your transaction confirmed and for 3 or six confirmations, sometimes you need to wait longer.

Therefore, it would be better if bitcoin functioned as something that Satoshi had intended from the start where its role was only an alternative option, not the core, so that some unexpected things including the worst possibilities would not happen.

Although bitcoin's progress is very good and their development is extraordinary, we must be aware that in the end the risk always remains for bitcoin and the main function of bitcoin is also not as a replacement but an alternative, so just focus there.
When forcing to replace fiat in a country, it is clearly very risky for the country itself. It does not mean that in this context, confidence in bitcoin is fading, but we also cannot force it too much as if everything can be done by bitcoin and we certainly know that when Satoshi said that bitcoin was only an alternative, of course this was in very good consideration and had been thought out very carefully.