Does it even matter if governments and banks accept cryptocurrency? - page 9.

zazarb

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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.

it is undoubtedly important, because people really trust banks as an institution. The bank is often associated with security and reliability, so if we want people's opinions to change equally about crytocurency it is essential for the support of the banks.

Markus Good

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Yes,it does. 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.

Braeden Hahn

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If the Governments start to legalize crypto currency then it will be a huge influence for all the existing and potential investors. Because of the Goverment provided security, the investors will invest without any fear.

Red-Apple

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it is hard to give an absolute answer like yes or no to this question because it is so much more complicated than that. there is a lot of pros and cons in both when government and banks accept cryptocurrency and in when they reject them.
we have to study all of them to see which one is better in different countries. for instance in a country with a technology friendly government accepting bitcoin will be beneficial compared to another third world country that they only want it to make profit.

jakezyrus

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Whether they accept it or not, for me it does not really matter because what matter the most for me is that i could still use cryptos even with restrictions . though acceptance from the said platform can greatly boost the image of cryptos thru the public which is i think okay since it can also help increase the price thoroughly .

Anyway , as what ive seen . there were now many banks/govt's that accepts and legalize cryptos but we cant still avoid the market from being dump too much .

jrrsparkles

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It will be helpful for the mass adoption because peoplw will believe that cryptos can be legally used in their country so they can buy ad spend if it possible but banks never accepts crypto currecncies just because it was against their centralized money system if they get accept then it just like digging a hole for burying themselves.

Ezenwanyi

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Of course , it matters a lot if the bank and the government should accept cryptocurrency.
This singular act of accptance would launch cryptocurrency to becoming mainstream..
Which drives adoption rate.
It would be a welcomed development as a matter of fact.

Rodney Cobb

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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.

Well, if the currency and value remains the same, then it won't matter much to the investors. But if the coin gets global, the transaction will be so much more and also the usage will grow. Also the exchange will be much more easier. But dunno about the govt. state who will have to handle it properly.

Janation

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Quote from: gohan21 on October 20, 2018, 12:05:52 PM

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.

What are you saying? The government knows it more than we do, that is the reason other countries ban it, others regulate it since they want to protect their citizens to it.

They are aware of what might happen to their citizens, that is the reason they are regulating it. Doesn't mean that they banned Bitcoin, they do not know what cryptocurrency is. They have their own reasons why they banned Bitcoin and this might concern their traditions or their currency that is being used.

Joshua Hill

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Well, if the currency and value remains the same, then it won't matter much to the investors. But if the coin gets global, the transaction will be so much more and also the usage will grow. Also the exchange will be much more easier. But dunno about the govt. state who will have to handle it properly.

xbossJ

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The current shape of the cryptocurrency market is not unconnected with government and the banks! They are the ones wedging this war against cryptocurrencies! They understand how disruptive the technology is, they are threading cautiously in dealing with cryptocurrencies! If they stop the fight and accept cryptocurrencies, it could be a very significant victory for the technology and the market, this would see the level of trust for cryptocurrency skyrocket and its growth would be rapid.

Kakmakr

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The private sector is profit driven and the government only provide services, so there are no reason why they should be motivated to do any better. You have a bunch of politicians that are voted in with the help of funding from the richest companies and individuals in the world and they dictate the mandate for the government employees to do their bidding.

If they want laws passed, they just buy the people in government to amend the laws in a way that would suit them. Dark money fund many things in governments. Roll Eyes

They will not use a transparent Blockchain for this, so just forget about this.

brooklynian

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Banks are subject to government regulations and can not do anything in isolation unless it is in line with the central bank rules. If governments accept cryptocurrency, it means that banks will likely be able to deal freely with cryptocurrency. This will be good for cryptocurrency users.

Hivalley

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How many nations(governments),have cracked down on the system within its shores/jurisdiction?,a lot have done that, and the reason being they do not approve/endorse(accept) the currency due to various and varying reasons, so I think it's pertinent we gain government acceptance/approval,it will not only help promote bitcoin/alt coins, it will also propagate our desire for mass adoption

As for the banks they definitely work hand in hand with the government,so an approval on the other side is also an approval on theirs, probably in the near future the blockchain technology will be adopted in banks and by the government,Bitcoin/B chain is not looking to oust fiat/banking system(as that's never going to happen), but to be able to work side by side with it, and become as prominent as it is

Buttermellow

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

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

Absolutely, This may true for some time in our country the regulations of cryptocurrency was being imposed and so far there is no problem with how it works only is that there is no anonymity in our local exchange for we have undergone one time KYC. However, the effect is good because scammers had no courage already to scam others unless if they want to be jailed.

Callanta787

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I've created a thread like this in the past and the response I got is not satisfying ,I still believe that government involvement will help crypto in most ways ,especially in ICOs area where people are getting scammed ,ICO fraud will reduce a lot but for other reasons like not distributing wealth I can't say

xbossJ

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Invest and play

The current shape of the cryptocurrency market is not unconnected with government and the banks! They are the ones wedging this war against cryptocurrencies! They understand how disruptive the technology is, they are threading cautiously in dealing with cryptocurrencies! If they stop the fight and accept cryptocurrencies, it could be a very significant victory for the technology and the market, this would see the level of trust for cryptocurrency skyrocket and its growth would be rapid.

xfaqs01

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if it happens to be that banks and governments accept cryptocurrencies then many will become billionaire because of huge distribution of wealth, many will be happier, but its not gonna happen i think, they are the predators of the financial system so whatever they should they will only make huge profit and not distributing wealth.

Pursuer

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technically it should not matter because of the way bitcoin is designed to be. a decentralized currency like bitcoin should never be affected by the way government and banks treat it because it needs neither of them and more importantly it was created so that we can have a system without either governments or banks!

but of course it is obvious that bitcoin can flourish a lot faster and easier in an environment that is friendly towards it rather than in a hostile environment. and the advancement of the technology will be a lot easier too.

market-beta

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certainly very important, bro. because with the joining of the government and the Bank can provide at the same time a positive impetus for the world of bitcoin bro. to be more advanced. and many people invest in it ..

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