Topic: If the government supports bitcoin instead of the existing currency. - page 2. (Read 25001 times)
October 24, 2019, 09:47:35 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.
October 24, 2019, 08:44:44 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.
October 24, 2019, 08:17:57 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?
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 24, 2019, 08:00:50 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?
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 24, 2019, 07:19:02 AM
Inflation will decrease, but will face problems that they cannot overcome. Many developed countries are only limited to allowing it informally, but the implications do not go into national policy. They also must respect the economic MoU for multilateral relations. Control over the public will be its own problem, the government has not been able to because they have to maintain their banking policies, many things can change with bitcoin, but must pass through a very risky impact.
October 24, 2019, 07:12:04 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?
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 are very hard to control by the government.
Thats right, that is why the government has been reluctant to legalize bitcoin until now, because the use of fiat may be reduced because the effect of this, although the effect is quite good in terms of the economic of community.
October 24, 2019, 06:49:06 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?
We can never conclude anything yet about it since it hasn't occured yet. If ever bitcoin gets national credit support, maybe the inflation gets resolved but I think it would only be for a short time. As soon as many people get to know about bitcoin, the inflation will get worst back again. The lose of the government's macro-control would be a large contribution for a pure transaction and monetary system, free from greed and free from power tripping of those who are in the higher position which can be a great thing for us. 
October 24, 2019, 06:37:21 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?
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 24, 2019, 12:50:10 AM
If a certain government will do that then expect their traditional currency will be undervalued or the worst will be no value at all in which their economy may collapse because most of the government are depending to their reserves of money therefore i think it is impossible for any goverment to obsolete their traditional currency just for Bitcoin currency.
October 24, 2019, 12:21:58 AM
in my opinion the government will never support bitcoin because they already have a national currency. and they cannot possibly support a currency that cannot be controlled. and the government will not support bitcoin because anonymous bitcoin can be used for criminal acts. like for money laundering and buying and selling drugs. so I am sure the government will not give national credit to bitcoin.
August 30, 2019, 02:42:32 AM
Any government can only inactive support bitcoin and other decentralized cryptocurrencies, that is, create favorable conditions for the cryptocurrency to circulate on its territory. Moreover, no government of any state will ever give up its national money, as this will be detrimental to the existence of this state. The economy of the state cannot work on other people's money that is not controlled by this state. Therefore, cryptocurrency can only exist effectively along with national money.
National currency is always the leading support target of the government when it represents the strength and value of that nation around the world, besides, with the national currency, the government can clearly control activities, seek more benefits and build a stronger country, while bitcoin or crypto, the activities and interests of these two objects are concentrated only for the owner, the government is not involved and has no right to participate. Support only messes up the government's system, let it grow normally, even if necessary, restricting development is a certainty 
August 29, 2019, 11:28:02 PM
Any government can only inactive support bitcoin and other decentralized cryptocurrencies, that is, create favorable conditions for the cryptocurrency to circulate on its territory. Moreover, no government of any state will ever give up its national money, as this will be detrimental to the existence of this state. The economy of the state cannot work on other people's money that is not controlled by this state. Therefore, cryptocurrency can only exist effectively along with national money.
August 29, 2019, 10:35:39 PM
Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit?
Positivity is indeed but let’s not forget the anonymity crypto has implementing I think this will be the issue IncaseQuote
The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result?
Inflation makes the country behind everything so if this can eliminate inflation problem then we don’t be needed macro control(that’s why I guess )Quote
Of course, I know that the government is very unlikely to support bitcoin, but who knows?
Remember that there are already governments that supports bitcoin some possibility is always there though it will surely take some time to happen August 29, 2019, 12:46:11 PM
It would be, to put it mildly, not very. After all, people need something to pay for goods and services, and if the state does not support the national currency,
it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.
The current state of monetary system in every country is valued based on the economy of the country, if we use bitcoin, we won't be able to recognize the status of the economy of a certain country which now we can easily tell based on the value of it's currency and how popularity it is. it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.
Bitcoin cannot be a national currency because every country has different interest, they create their own that they can control, they can't control bitcoin, they can't manipulate it because the big portion was already acquired by private people, for me, there's no chance it's gonna happen.
so far, I only support bitcoin as an alternative payment, and technological development. although this is very difficult to happen, but I think replacing the current currency with bitcoin will only cause some problems from some parties.
August 29, 2019, 06:04:50 AM
It would be, to put it mildly, not very. After all, people need something to pay for goods and services, and if the state does not support the national currency,
it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.
The current state of monetary system in every country is valued based on the economy of the country, if we use bitcoin, we won't be able to recognize the status of the economy of a certain country which now we can easily tell based on the value of it's currency and how popularity it is. it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.
Bitcoin cannot be a national currency because every country has different interest, they create their own that they can control, they can't control bitcoin, they can't manipulate it because the big portion was already acquired by private people, for me, there's no chance it's gonna happen.
August 28, 2019, 06:47:38 PM
It would be, to put it mildly, not very. After all, people need something to pay for goods and services, and if the state does not support the national currency,
it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.
it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.
August 11, 2019, 08:01:19 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?
But they never support crypto currency as their national currency.Because it can destroy the governments revenue so they will keep their fiat money as their national currency forever.But if they do then it will do more benefits to the citizens not to the governments.I am not being pessimistic here but I do not see for now that the government will accept cryptocurrency as our main currency. Because of the reason you have mentioned. In this world where money is power. They will never allow cryptocurrency even if it got too many advantages compared to disadvantages because the government does not want something that they cannot control.
August 11, 2019, 03:59:58 AM
It should be borne in mind that the national currency is not only a national identifier in the financial world, but also a real opportunity to be independent from other states, as well as the ability to control its citizens. Oddly enough, but we, ordinary people, are just small pawns in the big game of the oligarchs and other big family clans that lead our lives, because we only make the choice that is provided to us.
August 10, 2019, 12:01:21 AM
Governments will never give up their national money in favor of a decentralized cryptocurrency. National money is an integral part of the state. Without national money, the state will not be able to function actively. It will not be possible to switch to the use of only cryptocurrencies of the state, if only because the cryptocurrency has practically no interaction with the state economy and has too much volatility.
July 24, 2019, 11:00:52 PM
Cryptocurrency will attain a new high level of adoption if governments accept cryptocurrency and all of its related activities but it must be understood that cryptocurrency and the governments are working on two opposing principles, decentralization and centralization respectively.
Cryptocurrency users should not focus much on the governments because the governments will never forgo fiat. Cryptocurrency users must understand that cryptocurrency will survive irrespective of the governments take on it.
Cryptocurrency users should not focus much on the governments because the governments will never forgo fiat. Cryptocurrency users must understand that cryptocurrency will survive irrespective of the governments take on it.
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