Could Bitcoin work as a world currency?

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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?

Jez

Posted 2011-08-31T14:58:04.700

Reputation: 931

Question was closed 2011-08-31T17:37:45.577

2

Off-topic: http://area51.stackexchange.com/proposals/30763/bitcoin/30783#30783

– Stéphane Gimenez – 2011-08-31T15:07:46.440

1While this is a good question I think it is too subjective and argumentative for a stackexchange style site. – lathomas64 – 2011-08-31T15:09:13.130

Related question: http://bitcoin.stackexchange.com/q/256/117

– Gary Rowe – 2011-08-31T15:23:36.283

I think this is on topic. Changed "would" to "could". – ripper234 – 2011-09-08T06:00:27.870

1Not enough to make non-speculative answers possible, nor to make this question on-topic. – eMansipater – 2011-09-08T12:41:30.673

Answers

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.

MaxSan

Posted 2011-08-31T14:58:04.700

Reputation: 3 760