Does it even matter if governments and banks accept cryptocurrency? - page 10.

pooya87

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Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

these two subjects are very different from each other though.
the government creating their own centralized altcoin is not going to do anything for the cryptocurrency in general. not directly anyways. that is why nobody cares about these gov-coins, for instance the Petro of Venezuela didn't change a thing. their stance about cryptocurrency (the first part of your statement) however changes a lot. a more friendly stance (like Japan) will help the adoption grow fast and easy while a negative stance (like India) will only slow things down and move people to p2p methods.

libert19

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Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

If ever crypto gets green chit from worldwide governments, it will bring masses in. But, if they are against it, it will be pretty hard nut to crack..

Zander Berger

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While the acceptation by the government will help the Cryptocurrency to grow and more people will show interest in it, it will also destroy the decentralized system of the cryptocurrency. Such kind of change will force the cryptocurrency to transforn on the fundamental level and the cryptocurrency will never be the same. It will also effect the crypto market, which in turn will either have flourishing moment or witness a catastrophic result of centralization.

suzanne5223

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Yes, in the past people relies on governments and banks of which they failed and this is why Satoshi N also thought we need a decentralized currency which will be control by the community not the governments or banks. Mind you, we still need the government to endorse the use of cryptocurrency in other for it to be mainstream of payment.

sneeze11

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Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

Yes of course. Cryptocurrency can also provide what we called "security" but unlike banks , crypto is not manage and controlled by governments. People are hesitating whether to invest on bank or in crypto the choice is in their hands but giving them some thoughts and opinion will probably change their mind.

gohan21

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Goverment can't understand what is cryptocurrency but some people. Lot of people explorer's know it already some remedies people already accepting crypto or bitcoins.

aray80

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important, because not all of the bitcoin investors have free time to monitor market movements and also they are used to giving up all matters related to their assets to the services provided by the Bank

b3llsf1l3s

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Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

in my opinion what will be the problem is, how important is the role of the bank and government in this cryptocurrency, is their influence after cryptocurrency accepted can change public opinion? if no changes are obtained after the cryptocurrency is legalized it would be better to delay this.

there should be a strong reason to distinguish between before and after

cxmyifan16

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I think that this will lead to the certain changes but personally for me this won't play much role. I will continue investing in crypto as before and sell coins at a more expensive price

bloodyvio

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i think both are important
because if the government accepts bitcoin as payment in their country then their society knows what cryptocurrency is and this will trigger adoption by many people
as well as banks, because banks are far more users today than cryptocurrency
if the bank accepts cryptocurrency it will increase the interest of many people
even though actually with cryptocurrency we become our own bank, but yeah we need those two things

Btcjunpitz18

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Probably, the government and banks may accept crypto currency if every person gives their identity. I think, the government and banks would not allow to transact if you don't submit your presonal data.

Victorycoin

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Quote from: pawanjain on October 19, 2018, 12:16:39 PM

Yes it does matter if governments and banks starts accepting cryptocurrency because it will open the gate to many other people to join the crypto community and start investing in cryptocurrencies.
It is always better for bitcoin to be regulated and accepted rather than being banned. The bigger the community is the wider the adoption will follow.
When many people starts using cryptocurrencies, more money will flow into crypto and the coins will get widely distributed thus the value of coins will get increased.

It's true banks and governments acceptance of cryptocurrency would boost the mass adoption, but that won't be the end of the story.It would also mean the governments finally got Bitcoin where they wanted and the price would now become what they wish. I see it not going down well and to a very large extent, Bitcoin was created to bypass banks and governments.

Zrs

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I think bank and government may not accept crypto as it is decentralized and peer to peer network. Once bank accept it, crypto will no more decentralized rather it will control by bank and government.

kwakgyimah

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Banks and governments can help stabilise the world of crypto to some extent. I believe it does matter if governments and banks would accept cryptocurrency, as they have the capacity to propagate the good news of blockchain technology and bitcoin to the rest of the world who are still skeptic about the world of crypto.

pawanjain

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Yes it does matter if governments and banks starts accepting cryptocurrency because it will open the gate to many other people to join the crypto community and start investing in cryptocurrencies.
It is always better for bitcoin to be regulated and accepted rather than being banned. The bigger the community is the wider the adoption will follow.
When many people starts using cryptocurrencies, more money will flow into crypto and the coins will get widely distributed thus the value of coins will get increased.

bitvalak

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Quote from: mk4 on October 19, 2018, 09:26:57 AM

It really depends on what you mean by "accept".

If you mean the government "accepts" bitcoin in terms of legality, then sure. It has a significant effect, whether or not if it's actually going to be used for payments or for store-of-value only. While bitcoin will definitely not go anywhere even if it becomes illegal, bitcoin being legal is still quite important. Though bitcoin can still work without their interference. It's just that people are likely more to hold and use bitcoin if it wasn't illegal.

If the government accepts cryptocurrency, the regulation will be made difficult because bitcoin is above fiat money. Which regulation will be used as a way for the government to take unilateral profits. What I know is that there are already a number of developing countries that include cryptocurrency as a commodity, not as a currency.

Ladysmith

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Quote from: jakelyson on October 19, 2018, 10:03:16 AM

Of course it does matter. We live in a society where law and order rules. If we want to be able to continue using bitcoin legally, it needs to be accepted by the government we are in.

We live in a society where laws issued by governments rule for now because we haven't universally integrated blockchain or crypto, and AI hasn't evolved enough. Once this happens, I envision governments as we know them to be irrelevant and a human collective to be the outcome, which would solve a ton of issues.

An Artificial General Super Intelligence would easily be able to take over the global economy, control the media, and take over governance by making elected officials obsolete.

With a desire to achieve world peace and prosperity, it could save us from ourselves and find the most viable ways to prolong humanity's peaceful longevity.

yoseph

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For the banking industry I wouldn't really care if they decide to accept cryptos or not it's not going to have any major effects on cryptos as a whole but when it comes to governments it's a totally different matter and that can affect the value of all cryptos.

Ladysmith

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Quote from: geminiboy on October 19, 2018, 09:13:02 AM

Quote from: Ladysmith on October 19, 2018, 08:45:03 AM

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

if the government and bank accept the cryptocurrency it will be better, because crypto will be stronger, but accepting or not crypto has moved forward with a large community that cannot be stopped

Don't you think this defeats the idealistic purpose of decentralization? To give more power and freedom to the people? I don't think it's a good idea to make crypto stronger just for the hell of it. I agree that it is moving forward anyways, but I don't think centralized acceptance matters. The community will grow once its applications grow and volatility/risks are worked out.

rumexx

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The worst may be the status quo will remain. If governments and his agents does not recognize bitcoin nothing serious will happen rather the situation will remain just as it is now. Much as government tried to control bitcoin and has failed they now decides to kill bitcoin since they can not take over. Since the beginning of this year there has been serious attack on bitcoin from various governments and her agents but it is heartwarming to note that bitcoin has remain resilience against these attacks and have refuse to break the support at $6K. Nothing will happen but it is for their own interest that the recognize bitcoin.

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