Topic: Bitcoin needs the support of more sovereign states. (Read 446 times)

Yes. Bitcoin and fiat currency should exist.. And also not all people can adapt bitcoin so they need fiat.
 
Bitcoin started without the support of sovereign states but it still grow and survive until now. But in case they get involved with it and be in a good way it was a really good news and can make a great impact on bitcoins. But if they were just going to set limitations on it then no. Bitcoin doesn't need them because it was built without it or intending to be dependent on it.

- I think no need to wait until your someday, the support of these countries for bitcoin is also very much, sometimes they can be the members who own the largest capitalization in bitcoin, I'm referring to investors and people in sovereign countries here, it won't include the government because when we pay attention to bitcoin, every step of it is based on our support, the government doesn't contribute and they do the opposite, like to destroy and like to warn. A journey without guidance and support from the government

over time, and we see bitcoin's journey from year to year has increased, and more and more people are holding bitcoins, by looking at the significant progress of bitcoin, we can't deny that one day sovereign countries will support bitcoin, the proof is now there are countries who legalized bitcoin..

It was to define that Bitcoin has contributed a lot to the growing economy of the country. If that being said that these countries will give support to the crypto, the more it gains recognition to the community in which they feel secure. Small and big establishments will accept Bitcoin and Banking institutions might be open for such a huge change. It is really be happening in the next couple of years, only just we need to wait.

Let's not get arrogant and claim that the economies can't survive without Bitcoin. If the sovereign states makes Bitcoin fully legal, then it will be mutually beneficial. Look at the state of affairs in China. After they started their latest crackdown on Bitcoin, several of the mining firms and traders have suffered huge losses. Some of the miners have moved their operations to Kazakhstan and other neighboring nations, but not everyone are in a state to do so. A conciliatory stance is beneficial for both the sides.

Bitcoin is gaining recognition and I know with time it will get the support of more sovereign states in the world. Like you said both bitcoin and fiat have its significance in the economy,

Strange that a number of newbie/Jr member accounts are posting in this thread with the similar type of thought process.

Wrong interpretation of my statement. A country accepting bitcoin is a bullish move but it does not weight out the problem bitcoin is facing on the bigger picture. The IMF does not like this move and there will be consequences in future for this. In fact the majority of the people at that country are skeptical about using bitcoin making this whole exercise ending up as a PR stunt, which could have been better, IMO.

I repeat what has been told in several posts, bitcoin does not need the support of any country. It only needs people to use it.

I appreciate the enthusiasm but being on this field for a long period of time, I have learnt that you need to be careful what you wish for. If the IMF takes a wrong turn everything can be brought back to where it was though people might cry. At this point getting bitcoin accepted in bigger countries will take time.

what has.been done by the United States.is very appropriate to provide support for bitcoin considering.that the country is.a large sovereign country both in.the economic.and technological fields.that is.growing.rapidly, with this support we can.expect more bitcoin to increase in.the market global.stock

I totally agree that Bitcoin can develop healthier only if it gains more and more support from countries.SL Salvado is the start of Journey. In few years, we hope to see more countries recognized Bitcoin.

Eventually / they will mate..

maybe at present they are having second thoughts but knowing how the crypto is now making its way to popularity ? this will not take long before those big countries finally make this like what El Salvador does.

Good point, Just letting their people own and circulate crypto in their own ways? that is more than enough support for the whole market.

I agree with the author in some points. I also hope that more sovereign countries will support Bitcoin. Our goal is not a hundredfold return, but the national policy treats Bitcoin more tolerantly and friendly instead of shutting down mining farms like China does. For many miners, it was a disaster. El Saldova is the first country to use Bitcoin as a comparison. I believe that this is conducive to the healthy development of Bitcoin. Why can't we have a desire to benefit the development of Bitcoin? I think you think of us too narrowly.

Increasing the price of bitcoin on the market is done by the demand/supply imbalance. That is the only thing that differs when a government decides to start accepting crypto. The use of crypto does not need government's words and acceptance because it is a p2p and not centralized b2p system.

I would agree that banning something is going back into the timeline of civilization as have many bitcoin advocacy groups already voiced but honestly the government in most countries are run by knowledgeable people even if you think otherwise. They know better and they dont want to put people into prison for nothing. So you can be assured that even if a government does not accept crypto, they cannot ban its transactions completely. As long as you have an electricity supply and internet connection you can transact.

As for the OP, if you are looking for quick short term 100x attempts to sell bitcoin and for that you are having wet dreams of every government accepting crypto then you are seriously having a bad time and should stop trading.

The sole purpose of bitcoin was to provide a p2p mechanism , bitcoin is the answer to many questions, such as safety, privacy, encryption, that the countries who don't support fail to understand. The bitcoin driven blockchain is worth more than what it is priced at the moment and in the coming years many countries would embrace it.

The more it gains support from them, the more it boosts the trust from the community and is able to encourage them to adopt and invest. It creates a huge impact on the market and helps establishments to offer such payment options accepting Bitcoin.
Adoptions aren't too fast because of less support from the big countries and with the FUDs keep spreading, the more it gives doubts to the people around. And that is how important to have that kind of support otherwise, we just stick into this position forever.

Bitcoin was designed to function without government's or any other authorities' help, so it definitely doesn't need governments. As long as they don't bother Bitcoin and don't fight it, it will grow in both value and adoption.

I think government actually can't do much for Bitcoin adoption. They can't fix high fees or price volatility or complex user experience, and if they tried to force Bitcoin on population, it would only cause harm.

In the beginning there was no support from any official entity whatsoever. Interestingly, banks made the first move now before any government did. If all your big banks are involved already, what are you going to do as the government? That will be an interesting situation to be observed in the US!

indeed with some support from a sovereign country it will provide more comfort for crypto businesses but this is not something that must be required to provide support to crypto businesses, but at least with support from a sovereign country it will have more impact on strengthening a business such as increasing the number of the businessman and also for an increase in the price, because the interference of a country is very influential in a business

While you're right that El Salvador's economy is in trouble, they didn't adopt Bitcoin due to fiat inflation because the fiat they use is actually USD, and thus very stable. But Bitcoin can be an investment opportunity there, and also larger crypto-friendly attitude can draw in crypto businesses which is a boost that this economy needs badly.
I also agree with you that fiat isn't going away anytime soon, and will continue to coexist with cryptos.
At the same time, while Bitcoin adoption could benefit from friendly oriented countries, it doesn't need them to grow.

Actually you should reverse your statement and it should be as following:

"Sovereign states need the support of bitcoin to boost their economy with growing inflation and devaluation of their local currency."

Many have stated to realise that they can't stop people to invest and use bitcoin and meanwhile many are opting it and their so called delusion that btc is bubble and used for criminal activities could not last long so it's better to regulate it and earn tax revenue from it and help their economy boost at the same time.

bitcoin needs the support of a sovereign country,,?? my answer,, I think bitcoin does not need support from a sovereign country, but on the contrary it is a sovereign country that needs support from bitcoin, to improve their economy, and can make their people prosperous, no one is unemployed anymore, the proof is that bitcoin first appeared not there is interference from any country, the results can be seen now, bitcoin is growing, and more and more people are holding bitcoin,

Support is support no matter what, there's no buts and ifs in a support. It's necessary because people like are greedy and they want the prices to go up and what better way to grow the prices than to have the support of a government that has authority over millions of people which means that they can influence the market and since they are on support that means the influence will be positive for the market.

I think Bitcoin does not need the support of the state. Bitcoin does not rely on the support of the state to develop. Before everyone did not understand Bitcoin, only the believers of Bitcoin knew that no country supported Bitcoin, and Bitcoin did not. Still developing very well,
Now Bitcoin may be affected by the support of the state, but it is difficult to let sovereign countries set Bitcoin as legal tender because Bitcoin is decentralized. If the government agencies of sovereign countries do not grasp the economic lifeline, Then it is difficult to coordinate resources, and the significance of the existence of the country will be weakened. So their sovereign countries may support Bitcoin, but they will not set Bitcoin as legal tender.

It really contributes to bitcoin improvement if there's support from the sovereign states but it doesn't mean this is necessary. Bitcoin will still function without them and only the government was chasing bitcoin and trying to regulate this. Every country has its own jurisdiction, we can blame the fact that there are some countries banning bitcoin while in opposite fact some of them now start accepted bitcoin and becomes legal tender. Soon they will realize this and regret they rejected bitcoin instead of adopting it.

the support from several sovereign countries is indeed very important but whether the support will have a very good impact on the price of bitcoin, maybe this is of course not because even though there is support from several sovereign countries it does not affect the price of bitcoin. This by investors is a price stability that remains unaffected by a statement and indeed we admit that support from that country is really needed like what the El Salvador state did.

When it comes to survival then Bitcoin does only need demand but we cant really deny that big institutions or big investors would really be significantly good to look at when they do recognize this market.

and since bitcoin is a decentralized thing then expect that there would be criticisms because you cant really please everyone but it doesnt matter because the community is really becoming bigger as the year passed

and the value of bitcoin itself is the proof that we are really heading there. Lets just wait and time can tell on how far we would able to reach out and what matter most here would be always on that demand
that we are seeing on the community.

Bitcoin and cryptocurrency can now exist without the support of sovereign states, that is the greatest part of it's beauty. As long as you have an internet connection you have access to the trading possibility that it possesses. It is the virtual equivalent of cash that can operate without any banking system active. As Covid has shown, the ability to continue transacting with minimal contact (of coins and notes) is extremely helpful. It could also continue the ability of the less fortunate in society to have access to spendable resources that are not controlled by centralized entities who put up barriers to entry - like banks that require identification documents that a homeless person may not have any ability to get.

Dam, how they imagined to write that sentence up there. I dont understand how this claim is true in any sense? There is no tamper proof evidence of bitcoin being used for the "black market" in the early days. That was the era when people did not even believed in the bitcoin story. All of them were just started to understand what the blockchain is and how the bitcoin is working really? With few cents worth bitcoin value I am dam sure black market was off the book. All we hear is pizza exchanges, sister fights and old guy mining hundreds of bitcoin on his jumbo pc at the time.

The early application was actually: to make payments. That's all.

I would say more that sovereign states, if there are any left, need support of Bitcoin more than Bitcoin needs them.
Bitcoin is just a software and it can run even on single computer, but people would benefit more if other countries would follow example of El Salvador, and I am sure they will, but final battle with fiat monetary system is not going to be easy.
EU recently announced planes to ban all Proof-of-Work mining including Bitcoin mining, and it looks like they are following bad example from China.

In my opinion BTC was created and it doesn't need the support of any more sovereign country, but it is the support of a strong community that is most important, if all of us All agree to trade BTC, the more BTC grows, we can't depend too much on the support of other countries.

"Need" is definitely the wrong word.  Bitcoin will continue to have utility regardless of how many nations support or oppose it. 

The bigger issue for me is those misguided people who would willingly make compromises in order to make Bitcoin more palatable to nation states.  Many of them mistakenly believe gaining such approval is more valuable than what we already have.  Any time the conversation swings in that direction, a line gets drawn in the sand.  Always stay on the correct side of that line.

In fact, everything is much more confusing and more complicated. Bitcoin and other decentralized cryptocurrencies cannot be controlled by governments. Therefore, it is unlikely that most states will actively support the introduction of bitcoin into their economies. They can legalize it, but they are unlikely to create the infrastructure for its widespread implementation. Moreover, the states have a good alternative for this - these are their national digitized stable currencies of central banks. Therefore, they will soon begin to regulate and restrict the circulation of various private and commercial stablecoins, because they do not need excessive competition with their stablecoins.

I was going to say that.

Bitcoin was literally designed to ignore support from states. It is an alternative to payment methods supported by central banks and governments.

No, bitcoin doesn't need that kind of support.

A support from countries is good and will certainly help adoption grows faster, but that is not necessary.

I think that a support won't help because I am pretty sure that bitcoin a little support from a country is probably going to speed up the pprocess, imagine if the support happened about 5 or 6 years ago, thATH right now is probably much higher than what's the current ATH. Support from a government means that bitcoin is endorsed to more people and with more people means more demand and more demand means increase in prices.

Bitcoin is decentralized meaning it doesn't need any support from any sovereign states or countries because it will grow no matter what happens why? Simply because it is decentralized. Bitcoin can stand alone without the help of sovereign countries and it's a fact that everyone must be known. Bitcoin is designed for anyone because no one can control it even the power of the sovereign and government will not have an effect on this kind of cryptocurrency.

Correct and Bitcoin is designed such that it is functional without the support of sovereign states. In fact it is designed in a way that sovereign states can do whatever they want but can't stop Bitcoin anyway. Switching off the internet is no option and certainly Satoshi knew that.

What sovereign states can do in their own interest is proactively embrace Bitcoin and allow for infrastructure to be built, but even if they don't the only thing they can do is slow down Bitcoin's progress.

Bitcoin doesn't need any governments to continue to prosper, however in time more and more governments are going to recognize that its in their best interest to participate rather to ignore it or worse yet try to shun or ban it.

I don't think so. Bitcoin is built the way it is right now in just 10 years without the support of any huge organizations, and just literally the power of its community creating platforms and making things happen. Big names, organizations, and countries only started recognizing bitcoin after making breakthroughs. Their support would be greatly appreciated but I don't think they are a necessity for bitcoin's growth and survival. Even if they try to suppress bitcoin's growth by imposing lots of regulations, those who still want to use bitcoin will always find a way to do so. They can demonize bitcoin all they want, but in the end they will just accept it since the demand from the public will be high.

SL Salvador is the first country that declared Bitcoin as legal currency in their country. This is the start of Journey. In the upcoming years, we hope to see more countries coming forward to legalize Bitcoin.


The main problem is here. Most of the countries are still thinking about it. It is decentralized and too much volatile where Govt will have no control over it. A volatile currency isn't helpful for legalization and make index based on it.

no it doesn't

regular people built bitcoin from literally nothing, into a trillion dollar monetary network in little more than 10 years


the main payments rail (the channel network) is just getting started, and you think that a bunch of coiffured ex-advertising used car salesmen will somehow help? It's far more likely they'll help to fuck it up

Bitcoin was originally created to be;

The above quote is gotten from the Bitcoin whitepaper and shows the purpose for which Bitcoin was created, it could have been a coincidence that it came right after the recession of 2008.

There's however no singular use case for Bitcoin, it can be anything the holder wants it to be.

At present, many countries and regions are embracing Bitcoin with open arms, and some companies are encouraged to use Bitcoin for payments and transactions at the national level (such as Japan and South Korea).

Citizens of some countries simply use Bitcoin instead of local currencies to avoid bad things. Inflation risk, these examples let the world see new hope for Bitcoin's development in the world's financial field.
 
For example, El Salvador, I personally think that the President of El Salvador is still very charismatic. The original intention of Bitcoin is to resist the inflation brought about by the economic crisis and re-establish a new global economic order and system.

But there are also negative factors here. The main reason why Bitcoin has become popular around the world is its decentralization and anonymity. The early application of Bitcoin was payment circulation in the underground black market. It evaded national government supervision and was quickly taken to all parts of the world.
 
Therefore, they need to be more tolerant towards Bitcoin. They use Bitcoin to do evil. It does not mean that Bitcoin does evil. Fiat currency is an important part of the social and economic system. If decentralized Bitcoin is used to replace legal currency, it will inevitably affect a country. Economic order and sovereignty.

The final point I want to express is that both Bitcoin and fiat currency will exist. Bitcoin needs the support of various countries, including superpowers. Bitcoin is more like a stabilizer that coordinates the economies of various countries to resist economic inflation. There is no racial discrimination, no ethnic hatred, no dirty trades and conspiracies, and no war.


I seem to be more of an idealist, but I feel that if it comes true, maybe I will not witness history.