Cryptocurrency Adoption by Country by Igor Davidov ...
[question] Imagine that a small country adopts Bitcoin as its second currency. What are possible political and economical consequences?
For example, in the year 2018 Singapore adopts Bitcoin as its second currency. The Singapore dollar will remain in circulation, but Bitcoin will become a legal tender too. Governmental banks will start to accept Bitcoin etc. What are possible consequences of such decision? For the country and for the world.
If a country adopts Bitcoin as an official currency...?
If a country adopts Bitcoin as an official currency, isn't that country just going to have a massive money laundering economy? Or turn into the world's black market central? I don't know if this is the best place to ask this, but I've been going over the option in my head and I can't see it not turning into a hive of white collar criminals.
Many over in /bitcoin talk about the inevitable adoption of butts by various countries, but why on earth would a country hand over control of its fiscal base to at best a ragtag bunch of ancaps, at worst to a potential 51% attack by China? Surely setting up their own independent block chain with centralised control, or control distributed to authorised entities only is the only sensible way to do things?
Is the "killer app" actually a country adopting Bitcoin as their primary currency?
There are no shortage of countries with horrific monetary systems in place. They are incompetent, failing and straight up robbing their citizens. Would it be so bad for some of these countries to adopt Bitcoin as their currency? How could it possibly be worse than what they currently have?
If the Central Bank of any country adopted Bitcoin (concept/idea)
I was thinking about a country adopting Bitcoin as its official currency, and then I thought how the Central Bank could print bank notes that actually contain bitcoin in them:
Since Bitcoin is decentralized, for this to work it would need nodes everywhere, and miners as well.
The country's money would be held in a wallet
Central Bank would generate an address for each note produced
Central Bank would fill this address with the amount of bitcoins the note represents (for example, a 5 bitcoin note would have 5 bitcoins, originated from the country's monetary fund)
Notes would go into circulation
Honestly, I think this is pretty much a decentralized solution because you are only using the money from your country, and you can still run a bitcoin wallet and have your money come from other sources.
Very interesting short documentary about Bitcoin in Argentina 2013. I'm from that country and we suffer from the evil of inflation that destroys our savings every day. That's why I've decided to adopt Bitcoin.
Inside China's mission to create an all-powerful cryptocurrency. Bitcoin miners face severe regulation in China. Instead, the country is creating its own digital currency – and it could be adopted at a fast rate.
On June 29th 2019 I've had the pleasure to interview Indian bitcoiner Rajarshi Maitra. I was curious to find out more about the state of BTC adoption in the world's second most populous country, but I ended up discovering so much more.
On June 29th 2019 I've had the pleasure to interview Indian bitcoiner Rajarshi Maitra. I was curious to find out more about the state of BTC adoption in the world's second most populous country, but I ended up discovering so much more. (x-post from /r/Bitcoin)
Could Antigua and Barbuda be the first country to adopt BitCoin
Could Antigua and Barbuda be the first country to adopt BitCoin? Or the first to create a national currency token on BitCoin? Or both? Could this be the big news Calvin Ayre has alluded to? Either way, in retrospect, these articles from 2017 are interesting.
In Antigua, meanwhile, Ayre began construction in October of a $25 million call centre, saying it was part of his vision for bitcoin and online gaming. Speech notes provided by Ayre’s spokesman, Pownall, show that Ayre said at a launch event: “I see a growing convergence of Bitcoin, online gaming, virtual reality and gamification technologies, and progressive countries like Antigua are poised to take advantage of this convergence by developing a truly global services industry.” According to an overview document and presentation slides reviewed by Reuters, in 2015 Wright planned to propose to the Antigua government that the island adopt bitcoin as its official currency. It is unclear which government department Wright approached, or indeed whether he made the proposal as planned. Requests for comment from three ministries in the Antiguan government produced no response. “Bitcoin is not just a currency,” Wright wrote in his proposal for Antigua to adopt bitcoin. “It's a new backbone and commercial foundation for the internet.”
Bitcoin Usage May Spike Following Cash Restrictions in Malaysia. Malaysia is set to become the latest country to impose restrictions on cash transactions. The move could force more people to look towards bitcoin and crypto adoption in general as a way of getting around such limitations.
The country does not recognize Bitcoin as legal tender, and the Reserve Bank of India, in 2018, issued a notification “prohibiting banks, lenders and other regulated financial institutions from ... With rising inflation and an infamously corrupt government, it’s no surprise that the cryptocurrency scene in this country is booming. Cryptocurrency Adoption Equally High in Colombia . In joint second place for citizens who own some amount of cryptocurrency is Colombia at 18%. With a Bitcoin-friendly government and home to well over a million Venezuelan refugees, many people here are using ... This seems to support the idea that the countries most likely to truly adopt Bitcoin as peer to peer cash, are those experiencing a financial crisis. The underlying problems that caused the 2008 financial crisis have not been solved and Venezuela will not be the last country to experience an economic crisis. This Is the First Country to Adopt a Cryptocurrency As Its Official Currency ... The Marshall Islands says the SOV will require users to identify themselves, thus avoiding the anonymity that has kept bitcoin and other cryptocurrencies from gaining support from governments. “This is a historic moment for our people, finally issuing and using our own currency, alongside the USD (U.S. dollar ... From Bolivars to Bitcoin. In order to deal with ever-growing issues with hyperinflation, the country of Venezuela may soon decide to adopt a new currency: Bitcoin.
Country adopts crypto as national currency! - Duration: 5 minutes, 18 seconds. 2,043 views; 1 year ago; 5:10 . Bitcoin Cash is making people FURIOUS! - Duration: 5 minutes, 10 seconds. 3,318 views ... Bitcoin trading volume exceed the one of gold in Brazil. So what country may adopt Bitcoin as their legal currency first? This is totally my wild guess though. Coinbase CEO Brian Armstrong has been granted a U.S. patent for an invention that makes sending bitcoin as easy as email, literally. Like. Comment. Subscribe. Follow us on Twitter: https://twitter ... The CS for ICT, Joe Mucheru, in an interview with Citizen TV, explained why Kenya needs to adopt the Blockchain technology and embrace cryptocurrencies like Bitcoin. He explained that in order to ... Is #Bitcoin about to close it’s highest monthly candle since the all time high of $20k? Why this could be the most significant 24 hours in the history of bit...