0

We've seen the issues taking place with the Eurozone, notably that countries who share monetary union seem to ultimately need to share economic union, which tends to lead to political union.

Is there a plausible scenario whereby Bitcoin (or similar) could become a world currency, yet somehow different countries could avoid economic/political union and maintain sovereignty?

Improve this question
5

1 Answer 1

Reset to default
2

It all boils down to the amount of people who adopt it as a stanard as measurement of wealth. if around 10% of the country were to use it as a form of payment (requesting it for wages, using it in shops and so forth) the likelyhood of it taking of would be signifcantly higher, below this it would never happen.

[EDIT - Found it] http://pre.aps.org/abstract/PRE/v84/i1/e011130

The other issue is government buying into the idea of a currency they could not control, although this would be relevantly null if they were to hold a substantial amount of any given currency, there is little reason they couldnt "mint" their own chain and distribute the funds.

Both ideas are entirely possible with widespread adoption but until the magic 10% figure is hit it will never happen.

Improve this answer

Not the answer you're looking for? Browse other questions tagged or ask your own question.