It could bring a country on its knees If that country didn't regulate bitcoin, If they did then I don't see how this could happen as they will tax it, and make whatever rules they want and since people use exchanges and don't really care about decentralization and their privacy, this is not going to happen. In fact, It's the banking system who will bring bitcoin on Its knees If this continues.

yes it can no doubt about this but i think it will take some more time. as some countries have already started thinking about making bitcion as legal currency. and hope that very soon they will consider bitcoin as legal currency.

If a country's economy relies enough on bitcoin, and if the price of bitcoin suddently drops deep down, or skyrockets, then yes, the country could be taken down in a matter of days.
So, the equation is easy, and it happened in the US, this is why countries protect their currencies. I know that at a moment of their history, USD's price was decided by the president every morning to make it fluctuate, and he was choosing arbitrary numbers based on the content of his newspaper.

So the more you depend on a currency, the more you share both benefits and risks. A price skyrocketing could appear to be good for countries, but it isn't, at it causes lack of stability in budgets repartition.

It is possible if a country allowed its people to drop fiat and move their capital out of the country through Bitcoin. It was happening in China in 2014 and caused the government to impose bans on money transfer.
What happened there was only a small leak, if at least 30% of the citizens thought of this and the government would not react there would be chaos and banks would be the first to fall.

You'd be pushing it if you started to talk about any country larger than somewhere like Thailand.

It would be nearly impossible to bring any first-world country down economically via Bitcoin being used, since there are a lot of other variables in play, including human factors, however, small economies like most of Africa would definitely experience some dramatic competition if Bitcoin ever became a major economic player within their borders. For example, Zimbabwe.

So the more you depend on a currency, the more you share both benefits and risks. A price skyrocketing could appear to be good for countries, but it isn't, at it causes lack of stability in budgets repartition.

Bitcoin is not going to be able to bring bitcoin to it's knees unless someone who is in power in the country to be able to want this all to occur. Countries that are being led by countries that are competent and care for the survival of their own currency are going to want that to thrive.

They'll edge off any rivals in their way, and in this case, Bitcoin is going to be a rival so they're going to make sure to regulate it into oblivion to make sure it doesn't stand a chance at all.


The banking system will just be paying off the politicians in order to make this happen. Going to agree with you on the regulation though.

You're asking the wrong question. The right question is: Do we want Bitcoin to bring any Country to its knees?

The answer is: NO!

Think about what happens if Bitcoin becomes the dominant currency in an Country. The rich and powerful in that country use their wealth and influence to gain control over Bitcoin. Bitcoin then becomes manipulated by these rich and powerful. And Bitcoin becomes the controlled fiat that it originally sought to be an alternative from.

No, let Bitcoin remain on the outside as a less dominating alternative. The longer this can occur the greater change Bitcoin has of surviving.

No it won't happen that politicians will take over on charges of any possible bribes just to make this implemented. People would be the reason why it shoukd be on the country's banking system on digital currency adaptation specially with bitcoin transactions. If politicians will be making this difficult, well its a different story for that and it will deal to silent corruption.

There is a possibility if people on that specific country stop using their government's fiat currency and start adopting the use of digital currency which is bitcoin. Then those corrupted politicians, capitalist has no more control to their people.
Then those people who is living in that country has chance to get a better life because they wont drown in debt no more.