So this is just a thing that crossed my mind and I thought it would fit Publish0x, and if you're into crypto it sure has crossed your mind too. But, in a practical way, would it be possible? And how could it be done? Here are some points we should consider
Taxes
One of the first things we have to consider is that, like it or not, countries run on taxes. This is where the government gains money for making people's lives better, or it should be. And the way we can think of the country government actually receiving taxes from the crypto transactions without people evading taxes is the gas fees. So if you like feeless transactions that could be an issue and paying the government for making any type of transaction, like even borrowing it to a friend or a family member could have a big impact in your finances,
Massive adoption
On the other hand, a whole country using a cryptocurrency could make its price grow so much that it could hit the moon. Ok, maybe not the moon, but if you like trading you could have some fine profit if you buy it early. Take Brazil for example, can you imagine over 200 million people using one cryptocurrency to every single transaction every day?
Infrastructure
Well, we all saw what happened to Bitcoin. More people using it and the fees and transaction time started growing exponentially. Can you imagine waiting over an hour for the payment of the restaurant bill being complete? Or the fee of that bill being almost its price? Thankfully, all of this can be upgraded but can take some time, especially for being politics-related. And they just love taxes.
Volatility and Inflation
Crypto is very volatile, and Fiat currency tends to suffer a lot of inflation because of internal and external actions, combining these too can lead to a headache. Countries like Venezuela with super inflation are a good example. Going to a place to eat some snacks for $5, eat it, and when the bill comes it is now costing $12 (plus fees) wouldn't feel good.
Of course, these are just some points I thought about writing. There could be other things too, like staking. It could be profitable.
And how what you? What do you think about a country using only a cryptocurrency? Good idea? Bad idea? Did I say nonsense? Let me you in the comments!
