Which country will be the first to switch to Bitcoin?

in GEMS4 years ago

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People say that bitcoin will never be a national currency, but stranger things have happened...

Which country will be the first to adopt bitcoin as a national currency?

I have talked numerous times about how bitcoin works much better as a store of value or as a digital gold compared to that of a currency.

Due to slow transaction times as well as high fees make it somewhat impractical.

However, what if a country decided to buck the trend and go for it anyways due to the advantages it may present over their current currency.

Most think it is impossible for this to happen, but perhaps they are living some place like the United States that has no reason to ever do so, but think about some other countries...

Countries like this:

  • Oil producing country that wants BTC (not dollars) for oil
  • One of 168 countries with lower monetary base than BTC
  • Country that is battling hyperinflation
  • US sanctioned country (cut off from SWIFT)
  • A high tech country (next Silicon Valley)

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There are more possibilities of course but these are some that could be incentivized to make the switch.

What do you think, any chance this actually happens and if so, who is most likely to make the move?

Stay informed my friends.

Image Source:

https://twitter.com/100trillionUSD/status/1281586785638928384

-Doc

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Like many people have said before, Bitcoin is best for transferring large sums of money due to relative fees being smaller.

SWIFT was deprecated about 20 years ago and replaced with another system that doesn't use two different routing codes (BIC+IBAN) for transactions, just single one containing all the information.

It is still possible to send transactions from the new system to old systems only supporting SWIFT as the second routing code (BIC) is automatically deduced from the initial characters of the account number (IBAN).

I think in the end we end up in monetary system where each country sends some products to other country and no actual money is transferred, just like balances of individual banks in balance sheets of central banks.

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