Bitcoin as a National Currency

Having bitcoin gives you a real edge, increases your worth, and positions you better in the global market. Sure, not every country has fully embraced bitcoin yet, but you can bet there’s a bitcoin user in every corner of the world. This makes me think, why not create a nation where bitcoin is the main way to do business? Just imagine a brand-new country producing everything you could dream of while totally relying on bitcoin tech, almost like we’re channeling Satoshi himself. Picture a nation that’s the quickest to grow on the planet, where folks live as if they’re in a bitcoin wallet and everything they need is free. This vision connects every part of that nation to the development of bitcoin. The idea is simple: every citizen gets a share of the bitcoin budget, making it a community built on crypto. What do you all think about making such an idea a reality? Building a hopeful new world where everyone is treated right, and the rules promote the growth of bitcoin. Let’s create a place where respect and kindness are the norm, all while pushing bitcoin and this unique nation forward.

There are many topics on Bitcoin as a National or Global currency, and you need to search before asking and posting your topic on that discussion. National currency BTC as a national currency? Bitcoin as the national currency of the United States People is doubting Bitcoin being a global currency Use this. https://bitcointalk.org/index.php?action=search With better legality and adoption, Bitcoin will be used as currency in more nations and globally. https://newhedge.io/terminal/bitcoin/legality-map

I don't think using Bitcoin as a national currency is a good idea. El Salvador tried that experiment but with using custodial wallets, and that didn't work like they imagined. It is much more realistic to have Bitcoin as reserve currency, as a backup and alternative to other fiat national currencies.

El Salvador did that hoping that bitcoin as their national currency will save their economy but like you mentioned that did not work well for El Salvador. I think it is country that is in desperate times in their economy that seeks for cover through bitcoin hoping that bitcoin will save their economy.

Governments would never go for it because they wouldnt be able to manipulate it. The best that would happen IMO is that they would allow Bitcoin as legal tender but they would still want FIAT to be the national currency so that they could manipulate it as they do presently. I don't get the infatuation of people wanting Bitcoin to be a national currency. IMO Bitcoin is operational as it is in most countries, we are free to buy, sell and trade it!

In summary Bitcoin fails as money as a medium of exchange and only excels as a store of value If Bitcoin was a national currency which I doubt any Government with a strong Fiat position would embrace LN development and adoption would have gotten farther Which would help with micro transactions.

Governments won't do that like making bitcoin as a national currency although there's a chance that it might have become a legal tender. Anyway, Bitcoin may be able to help a country but I don't think they will make Bitcoin as the national currency as the government doesn't have full control of Bitcoin so they will surely make fiat as the national currency since they have full control and there are some places that doesn't have technology or doesn't know how to use one will have a hard time buying something in the market.

What do you mean by saying that everything you need will be provided by the state through the Bitcoin technology? Where is the budget for the state is coming from if you say that everything will be free for everyone powered by Bitcoin? You realize that Bitcoin is just like any other currency or asset, and you can't get it for free from somewhere, even if you want to mine Bitcoin, you will need a good budget to get started, and then to have a sustainable system for the state and its people the state has to be making a good amount of money every month, and you should also realize that considering the fact that there is only a limited number of bitcoins in total, so its price is going to constantly increase as we move into the future. How will everything be managed in that unknown state you are talking about? Apart from your theory and theoretical nation, Bitcoin is not going to work well as a currency because of its volatility and the confirmation times, it also sometimes gets congested and transactions can get stuck for days, and that can become a serious issue if Bitcoin is being used as the only payment system in a nation, unless every person decides to pay more money in fees than they are going to pay for the goods or services they've received, and I don't think anyone will be willing to do that.

Don't you think using Bitcoin as a national currency will bring lot of blames on Satoshi for manipulating and misleading users into loosing more money and creating more chaotic currency to be used by many? Don't you think there would be more problems while spending Bitcoin Bitcoin for goods and services because of changes in price, transaction fees and network congestion issues and other factors. Since Bitcoin is a highly volatile coin, it doesn't suit for the purpose of using it as a major national currency, stablecoin is the best suit for that purpose.

I always think that Bitcoin as alternative currency to fiat, but I do not think that Bitcoin as a national currency will give a country an edge.  Although I like decentralization, when it comes to national issue, I still prefer the government to have control over the economy, specifically the financial sector of the country. Just imagine using Bitcoin as national currency and there is one person that hold huge amount of Bitcoin, this person can easily manipulate the economy of that country.  And I believe that when a power is being held by one person, it does not bode well.

The idea of Bitcoin as a national currency is interesting but it’s important to separate ideology from practical implementation. Bitcoin works extremely well as a borderless settlement layer and store of value, but using it as a full national currency introduces challenges: price volatility, tax accounting and everyday wage pricing. El Salvador showed that adoption is possible at a legal level but actual daily usage still remains limited compared to fiat. In practice, Bitcoin seems strongest today as a parallel system, not a replacement. Long term, wider adoption will likely come from utility and trust, not mandates.

As of right now, making Bitcoin a national currency in our country is highly unlikely. First of all, not all areas here have internet access yet. There are still so many local communities that aren't even aware of what Bitcoin is. This is especially true in provincial areas where only a few can actually afford to set up a stable internet connection. Based on what I know, it's just not practical at this point in time.

Bitcoin has come a very long way since its launch and the hurdles it has faced has made it wax stronger, that some of those countries who adopted it courageously still benefit from making it a legal tender, even though it has leaned more towards being a strategic reserve asset and as an optional legal tender with fiat currency still an option of choice. El Salvador remains a good case study as they no longer look at Bitcoin use same way, but have learnt to be dynamic from making Bitcoin mandatory to making it an optional use for transactions and payments and investments. Countries like the U.S, Bhutan also have strategic Bitcoin reserves while other countries like Russia and China and Argentina and UAE are in line to make it a strategic reserve asset that can't be overlooked.

Small countries like El Salvador and Bhutan bravely but wisely made their national strategic decisions years ago, and they took advantage of earliest nations adopted bitcoin nation-wide and also added it into their national strategic reserves which have grown up considerably in two latest market cycles. They are small nations but by taking that early national strategic reserve adoption, they are like role models for other nations including very big countries like the USA. The snowball already began years ago with El Salvador, their Bitcoin legal tender, Bitcoin beach, Bitcoin city and more. Bhutan not only adopted bitcoin but also proactively mined bitcoin with their abundant energy from their hydropower resources. The USA under President Trump administration actually has become more friendly with Bitcoin and cryptocurrency in the last one year and it will continue to be better in a next three years of his presidency.

Bitcoin isn't necessarily an antidote to an ailing nation. I don't agree when somebody tries to portray Bitcoin as a magic bullet that transforms a nation. If a nation adopts Bitcoin as a national currency, how would it improve its GDP? How would it boost its production, its economy? Does Bitcoin address hunger, illiteracy, unemployment, peace and order problems, inequality, injustice, corruption, and countless of other problems in a country? I don't think so.

We have talked so much about this .. while this is a very good preposition, know that when something like this  want to be achieved, you cannot use Bitcoin as it is.. you'll want to make use of Sats as Bitcoin has become too big to Maine buy your daily coffee. Using says makes prices more relatable and easy to calculate. But one major drawback which will most likely be why this proposal will fail us volatility. At this point, Bitcoin is too volatile to be used as the only exchanging power of a nation. Price of good will not be stable and will have to change constantly every time

Bitcoin does not have to be everything all at the same time. It has increased astronomically since it was launched and continues to appreciate in value over cycles. It does not need to become a national currency or legal tender now neither was it designed to be. National currencies always have a middle party i.e, the government. They will intensify efforts to centralize Bitcoin communications and make it harder to be completely private. Transaction rate is also slow, it can maybe satisfy a small country but how many people will be willing to wait 5 minutes after making a transaction before it is confirmed?

And you think governments will allow it to happen, I don't think it will happen for bitcoin to be the only currency globally because it will cause a lot of things that will make other government to hate decentralized currency, the issue of who to be controlling the price of bitcoin will be what will make other countries to be against using of bitcoin globally, not that they don't understand the impact of bitcoin but the government that will be in charge of the increasing and decreasing of the price of bitcoin, it will cause a lot of challenges that will make every countries of the world to continue controlling their own currency because they are well understood that bitcoin is a decentralized currency that is not control by government.

You have pointed out a problem that many people are unaware of. Indeed, the use of a decentralized currency would not bring any benefit to the economy of a country or the world. Many problem could arise, and the economy could even collapse. In essence, an overly free economy is a chaotic economy and its collapse is only a matter of time. Ultimately, we will be the ones who suffer the consequences, not anyone else That is why Satoshi said from the beginning that bitcoin is an alternative to fiat, not a replacement.

I will not speculate or try to imagine what might happen in my lifetime; I simply will never see it. So it won’t happen quickly, just look at El Salvador. It takes a very long time to turn your vision into reality. The current situation already makes me very happy; the world has given space, created an industry, and allowed them to continue developing. So far, the world and people have not been able to develop the way you imagine. Because there isn’t full support yet, and the capability hasn’t reached that phase. But I don’t deny that we might be developing in that direction.