Does it even matter if governments and banks accept cryptocurrency? - page 3.

drumamat

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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.

Perhaps it will.But why Are you so adamant about democracy?Even if it is not 100%, governments still care about the welfare of their people.About security, I think from robbery and street gang cryptocurrency and new technologies will not save you.Perhaps the banks and their services will become irrelevant, but as far as security is concerned, the governments and security forces will not disappear anywhere.

EasyEconomist

newbie

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Rather than imposing a ban, or imposing strict regulation on crypto-currency trading, the government would do better to cooperate with the community in order to better collect taxes related to the income generated by this activity.

Look at what's happening right now. As China and South Korea impose stricter rules, with the threat of a ban - or the implementation of a ban - other countries could intervene. Yet, if we look at Japan, it is becoming a paradise for crypto-currencies, due to a favourable framework. Even the Philippines is in favour of cryptocurrencies.

saumang2m

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If the government and the bank accept the crypto currency. So this can benefit us. Because many people are not able to use the crypto currency because it is considered illegal to use crypto currency in their country. Because of which the crypto currency is also damaged.

ATMD

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It absolutely matters as government is extremely powerful and high influential in all areas of business and commerce.

ribowo76

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In my opinion, if the government and central bank have received crypto. That means, cryptocurrency has been adopted in bulk. For me personally, that is something that is good, during the intervention of the government and the bank is only limited to, making regulations that aim to bring order

Jackolantern

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I think that governments and banks will accept crypto with time, i don't know whether i should care about this at all as i can use btc at sites freely and i find this very convenient.

brooklynian

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I agree with the statement that cryptocurrency provides more security than government and even banks but government still remains a force to reckon with when it comes to have an enabling environment for cryptocurrency. There will be a better result when governments are in love with cryptocurrency.

ogini

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That means it it legalized and Government will taxes cryptocurrency investors on heavy taxes and also give stick regulations that will be in favor of them.But it will also reduce scam ICO.

antisocial77

jr. member

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ofcourse it matters, people still can call bitcoin scam, which means people doesnt trust crypto even it has many advantages.this is all about perception.can you imagine that if banks accept crypto and how people change their mind about btc?

Silberman

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Quote from: sametyui73 on November 28, 2018, 11:08:03 AM

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.

They are the ones that are more skeptical of bitcoin and other cryptocurrencies and they are skeptical because they understand very well that they are going to lose most of their power if they let the market of cryptocurrencies to prosper but at the same time they are confused about what to do since it is impossible for them to stop the development of this market.

Bennix

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To be honest,it matters if government and banks accept cryptocurrency.However ,many traders are using bitcoin to trade forex of which they convert bitcoin to dollars. This makes bitcoin to be more attractive because of its usage in forex trade.Had it be government banned the use of bitcoin in forex trade many forex traders wouldn't have seen the potential in bitcoin.Now,some forex trading companies are on the verge of integrating forex trading with cryptocurrency because they are not restricted to do it.They are building their own blockchain technology pointing out that brokers and traders will be using its technology for transactions,and they also promise to perform more than traditional liquidity providers by charging low fees transactions.
So,Cryptocurrency will gain a very high financial momentum if government and banks accept it.

martina14

full member

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Yes it matters a lot to the coinor cryptocurrency.
Acceptance from the banks and government will give the boost to the price of the token.
the demand will be high and will result to a big pump in the market.

sametyui73

newbie

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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.

alyssa85

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Quote from: jdbtracker on November 20, 2018, 04:34:50 PM

It does, whether we like it or not, these institutions flawed as they may be are an architecture that has stood the test of time, providing goods and services to support and manage the population. To allow them to witness a better methodology can be a game changer, upon them upgrading their networks; We The People will stand to Gain from this Epoch Making change.
but it is too early, the methods and techniques are yet to be perfected, it will take time before the whole network is working properly to work as a Showcase.

This. People basically trust banks (still!) more than they trust crypto. So we actually need banking to embrace crypto for it to take off.

lipoicChin

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Quote from: Renal on October 19, 2018, 09:20:51 AM

I also think that blockchain will be difficult to work with banks because the government still rejects crypto, so this will be difficult to come to the fore.

yes. The government will never accept crypto, they always try to limit crypto all over the world. I don't think your prediction will come true.

McOwen95

newbie

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Governments and banks have the leverage to step into crypto and guarantee its acceptance so as to win the trust of the masses however, the acceptance does not mean that the era of digital currency suffers without any governments and banks acceptance in the sense of legalisation. The complexity of crypto its self is vast as it can be used to tackle almost every facet of the human life but it just a matter of time that governments and banks need to study and understand the nitty gritty of crypto before accepting it.

denzkilim

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Quote from: dothebeats on October 19, 2018, 09:06:00 AM

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

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.

Why so? Do you think it's easy to topple governments just because AI and blockchain is taking over? I don't think so. We only need the governments and banks approval because they run the whole economic scene; their approval is somewhat valuable if we want to continue using bitcoin and other related services connected to cryptocurrencies without any restrictions and unfair limitations. They don't necessarily need to integrate bitcoin and cryptocurrencies in their infrastructure, but having them approve the existence, trade and exchange of bitcoins and other cryptocurrencies is a huge plus for the confidence of the masses who would want to try it out.

That's correct. some people think that governments don't have any value at all because of the emergence of Crypto Currencies and blockchain technology but these people are absolutely wrong why? because when these governments that they call useless or anything else like that are the ones that let them use Crypto Currencies and if these governments prohibit their citizens to use this kind of innovation and technology in our monetary and payment system there is nothing we can do about it but to follow and obey the rules they created. Imagine if all of the countries in this world prohibit the usage of Bitcoin and other forms of Crypto Currencies, there will be no trades and transactions that will happen and this industry will surely die. Cool

BennyK

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The governments and banks are major concerns of crypto and the more reason for the price determination on the market now. Crypto is largely influenced by the large numbers of people either trooping in to invest or refraining from it. In the light of this, any factor which drives the people to any of this direction has the potential of affecting the market value and price hence needs to be dealt with respectively.
The governments have great influence on the people and once the government ban crypto in a certain country, more than 90% of the entire population of that country lose interest in investing or patronizing crypto. Hence, it really matters if the governments accept cryptocurrency as this can cause the market to skyrocket.

cahbagus555

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Quote from: zitbau on October 27, 2018, 01:59:55 PM

I think it is very important and necessary for the development of bitcoin. Put in case if all the governments do not accept it, I think the investors will give up bitcoin and bitcoin will not be able to grow strongly. If bitcoin is accepted by the government and supported by banks, it will open up more opportunities for future bitcoin development.

Its true, if government and banks accept bitcoin and regulating it as currency, i am believe it will be big step for mass adoption. It will give big effect to market and people will more interesting to invest in cryptomarket

jdbtracker

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It does, whether we like it or not, these institutions flawed as they may be are an architecture that has stood the test of time, providing goods and services to support and manage the population. To allow them to witness a better methodology can be a game changer, upon them upgrading their networks; We The People will stand to Gain from this Epoch Making change.
but it is too early, the methods and techniques are yet to be perfected, it will take time before the whole network is working properly to work as a Showcase.

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