Quote from: Swordsoffreedom on June 22, 2014, 02:56:02 AM

Quote from: zimmah on June 21, 2014, 10:55:20 PM

Quote from: sana8410 on June 20, 2014, 08:22:19 AM

I would really like to know the best way to strengthen a country's currency.
Increase in it's import or export?
Please share some good ideas.

Back it with bitcoins.

That is an interesting idea unlike gold and silver reserves a Bitcoin address is publicly verifiable and accessible
As long as individuals know the Bitcoin address they can see that their is a reserve available.

I am not certain if that would give Bitcoin an official currency status though which may raise a few legal issues but it is a unique approach that a digital economy provides

Verified reserves visible to all and secure from attack seems like a win win win.

there's a reason currencies are currently unbacked, and the reason is governments don't want backed currencies because they limit them too much (they can't print their way out of their problems).

Printing money, while destroying the economy, will bring huge profit to whoever prints them.

Printing money that is backed by something, especially if the reserves are verifiable, will only result in the money becoming worth much less even quicker and even the one who prints it will not really get richer. (Only a very small amount by diluting the value of the other owners of that currency, but it will directly anger them too). Also it might even be considered a crime to print (even for a government) money that is not backed by provable reserves.

So while backing a currency with bitcoin (which is pointless in itself as you may as well just use bitcoin) might seem like a good idea it will never happen.

What might happen however is bitcoin becoming the worlds #1 currency.