Topic: If the government supports bitcoin instead of the existing currency. (Read 25001 times)
January 12, 2020, 01:46:47 PM
It's unfair to say both fiat or crypto lacking total real value as they do hold. For fiat coins it's the metal, for notes, it's the paper and for crypto, it's the blockchain technology. Hence, I think if government legalize crypto it would be better than the current fiat systems.
January 12, 2020, 11:31:44 AM
In my own personal opinion, if the government will support bitcoin instead of fiat currency there is a chance that everybody in this world will be now using bitcoin or other cryptocurrency as a payment method in exchange for goods and services. But i think it would not happen because bitcoin will remain decentralized that it can't be controlled and be supported by the government.
January 12, 2020, 11:13:35 AM
I think it is very difficult for states to support bitcoin. What could be the reason for supporting Bitcoin? The states that will support Bitcoin must have a very large stock of bitcoin. Bitcoin economies can turn upside down.
Indeed, it seems to be too farfetched for local government at this point in time to support bitcoin. But for the sake of argument, let's say bitcoin is backed by local government and people are urged to use it. More people garnered to use the coin will cause a sudden increase on bitcoin's value. And since it is supported, fewer people leave bitcoin, which could potentially cause a lower volatility rate. 
January 12, 2020, 09:19:18 AM
I think it is very difficult for states to support bitcoin. What could be the reason for supporting Bitcoin? The states that will support Bitcoin must have a very large stock of bitcoin. Bitcoin economies can turn upside down.
January 12, 2020, 08:41:35 AM
Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit? The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result? Of course, I know that the government is very unlikely to support bitcoin, but who knows?
i think it is not possible that any government can dare to cancel their own currency and support bitcoin. at least not yet. Because first of all bitcoin is something against any kind of authority or centralizations. Government will not support the think that they can not monitor or control.
January 11, 2020, 10:16:33 PM
indeed, it is not possible for the government to do that but at least the government can legalize the use of crypto. thus, at least it is enough for bitcoin to get its own place with real uses that can be recognized in many sectors, getting national credit support is not a necessity because as you said they do not have real value, but in fact people believe each currency has a real value recognized
January 11, 2020, 08:56:38 PM
I must say honestly that it is not possible now that the government supports bitcoin. Moreover, bitcoin is a national credit,
such a thing will never happen. Because the government will definitely protect the fiat currency which is indeed a symbol
of the country, if indeed must support bitcoin the government must be prepared to lose control and that will never happen.
Even if the government has to follow technological progress, surely the government will only support the blockchain. And it's
likely to make their own cryptocurrency which is backed up by fiat currency. Like what China has done.
such a thing will never happen. Because the government will definitely protect the fiat currency which is indeed a symbol
of the country, if indeed must support bitcoin the government must be prepared to lose control and that will never happen.
Even if the government has to follow technological progress, surely the government will only support the blockchain. And it's
likely to make their own cryptocurrency which is backed up by fiat currency. Like what China has done.
October 30, 2019, 08:34:25 PM
Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit? The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result? Of course, I know that the government is very unlikely to support bitcoin, but who knows?
in my opinion the government will only support bitcoin and also adopt blockchain but will not use national credit for bitcoin. because they already have a national currency that must be maintained and controlled and the national currency is also a symbol of a country's economic strength. so I think the country will only provide national credit for their currencies not for bitcoin.
October 30, 2019, 07:48:28 PM
Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit? The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result? Of course, I know that the government is very unlikely to support bitcoin, but who knows?
Cryptocurrencies runs on blockchain which consist of complex algorithms that makes it hard to regulate or control by an istitution easily. This is the reason why Bitcoin and other cryptocurrencies was impossible to control by the government. Maybe they can support it in a way that they don't banned it in their country but not in a way that they will regulate it because if this happen the price of cryptos will now be much stable and not volatile.
October 30, 2019, 04:38:48 AM
In my own personal opinion, if the government start to supports bitcoin instead of other currency maybe there will be a chance that bitcoin will be more recognizable for every country that a lot of stores and people would accept bitcoin as payment, so we don't need anymore to cash out our bitcoins or converting it into fiat currency when we will used it as a payment. I also think that the only downside of governments supporting bitcoin is maybe they would put huge fees in every transactions that we make in our bitcoins.
You said it right. Bitcoin is more than popular in other altcoins. so government will give bitcoin as a special treatment if this happens. we know that government is still in to bitcoin to have it by their own. with this we know how exactly people will support and accept cryptocurrency as our main transactional all over the world. that down side put by the government it will still have a way when we all users of crypto will help to lower it. the decisions is in our hands.
October 30, 2019, 04:34:44 AM
there is no need to clearly support it, but prepare their own crypto with their focus on digital transitions through the blockchain. this is the economic foundation that I see in China.
bitcoin transactions cannot be traced flexibly, but macro transaction control can be carried out from their official cryptocurrency (not from fiat) so that it will explicitly maintain the fiat value and further distance from the possibility of inflation.
bitcoin transactions cannot be traced flexibly, but macro transaction control can be carried out from their official cryptocurrency (not from fiat) so that it will explicitly maintain the fiat value and further distance from the possibility of inflation.
October 30, 2019, 04:13:54 AM
Govs will never choose currency that they cant control. its very unsecure and inflation is less important than control
They need to have juridictions it is important to any country to have control over financial aspects. Fiat currency serves as sign of governmentstrength and leaderships. With them to still in full control means that influenced still on their side. Crypto / blockchain might have space improving
the country's financial system, but embracing bitcoin to be recognized as main currency to their jurisdictions have a lots of questions and doubts.
October 30, 2019, 03:10:34 AM
Govs will never choose currency that they cant control. its very unsecure and inflation is less important than control
October 30, 2019, 01:03:14 AM
How can the government prefer bitcoin over their local currency? They use their local currency for the economy and it works very well. Fiat value also depends on their economic conditions. Although we can avoid inflation with bitcoin but bitcoin fluctuations are a big risk for ordinary people who are forced to use bitcoin. Many problems will arise if the government suddenly credit support bitcoin.
October 30, 2019, 12:30:43 AM
in my opinion, maybe the government will support bitcoin, because in my opinion everything can happen. however, if the government supports bitcoin, in my opinion it will not eliminate cash. I think cash and bitcoin can go hand in hand as a transaction tool if the government supports it. and inflation might disappear when all that can happen. if bitcoin and cash could work together, I think that would be a good result. because with the presence of bitcoin or cryptocurrency will make it easier for people to make transactions.
yes, I agree with your opinion, anything can happen. for example the government can support bitcoin, I would also say that paper money is definitely still running normally as usual. with paper money, people can see the value of bitcoin. can not be imagined if paper money just disappear because of the presence of bitcoin in a country. maybe bitcoin will make banks worse off, because bitcoin will become a real rival on the part of the bank if the government supports it. maybe people will prefer to deal with bitcoin, if the public understands and knows that bitcoin can be used as a safe transaction tool everywhere. and people definitely choose bitcoin because they feel that bitcoin is more profitable than banks.
October 29, 2019, 02:09:05 PM
Governments, even purely theorists, cannot support bitcoin instead of their national currency. The economy of each state can work only on the basis of national money. A decentralized cryptocurrency has nothing to do with the economy of any country and therefore cannot serve it. Therefore, purely from a practical side, no state will ever switch to using only a decentralized cryptocurrency.
October 25, 2019, 04:05:39 AM
There are certain reasons why the government does not support bitcoin or cryptocurrency, and the reason is full speculation because there is no official authority and no basic assets that underlie the prices of virtual currencies and trade values are highly volatile and vulnerable to inflation risk.
and besides it is very vulnerable to being misused as a source of money laundering to commit crimes that can harm many people.
and we must respect the reason the government does not support bitcoin or cryptocurrency because everything is for the good of its people, and let things go as they are and hope that in the future there is the best solution for bitcoin or cryptocurrency and can be supported by the government.
and besides it is very vulnerable to being misused as a source of money laundering to commit crimes that can harm many people.
and we must respect the reason the government does not support bitcoin or cryptocurrency because everything is for the good of its people, and let things go as they are and hope that in the future there is the best solution for bitcoin or cryptocurrency and can be supported by the government.
October 24, 2019, 12:09:36 PM
Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit? The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result? Of course, I know that the government is very unlikely to support bitcoin, but who knows?
Bitcoin still has a very high risk, one-sided ratio. Instead of removing macro-control, what if they created their own crypto and their citizens became the community. There are many ideas in my view, regarding blockchain technology and how to keep the government getting many benefits after adopting crypto. October 24, 2019, 11:24:24 AM
Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit? The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result? Of course, I know that the government is very unlikely to support bitcoin, but who knows?
Just thinking how good bitcoin is doing right now that not all government is supporting using it makes me think how great could the market could be. Bitcoin is already doing well without receiving full support from the government that all have ever wanted was to manipulate and take control over it. Now, if the government already gave its support, bitcoin will now be able to surpass and get rid of its downside when it comes to the poor and slow adaption of it for the government has been one of the factors why the massive adaption of bitcoin or the whole cryptocurrency id being suppressed. October 24, 2019, 10:56:07 AM
In my own personal opinion, if the government start to supports bitcoin instead of other currency maybe there will be a chance that bitcoin will be more recognizable for every country that a lot of stores and people would accept bitcoin as payment, so we don't need anymore to cash out our bitcoins or converting it into fiat currency when we will used it as a payment. I also think that the only downside of governments supporting bitcoin is maybe they would put huge fees in every transactions that we make in our bitcoins.
It is a no brainer for us to recognize bitcoin if the government supports bitcoin instead of the existing fiat currency. Bitcoin will get more development as the government will only focus in bitcoin and there could be more improvements that will make the transaction smoother and make the technology behind bitcoin more efficient compare to other existing cryptocurrency. Jump to: