If the government supports bitcoin instead of the existing currency. - page 3.

Vaskiy

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Quote from: Genamant on July 24, 2019, 09:43:15 AM

Quote from: lantan81383628 on April 04, 2018, 03:29:28 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 would rather not want bitcoin to be supported or be adopted by a certain country to be used as means for trading purposes legally ,if it happen bitcoin will need to have a stable value and be centralized like banks.

Bitcoin needs to grow independent, very few country have given legal support for the usage of cryptocurrency. No country will intend to use bitcoin leaving their own currency. Such a scenario will make the bitcoin network under the control of an authority. We can expect more countries to support bitcoin in the future.

dat.ho12492

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Quote from: semobo on July 24, 2019, 01:47:23 AM

Quote from: lantan81383628 on April 04, 2018, 03:29:28 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?

if the Government support only the Bitcoin instead of other currencies then their economy will fully changed into Bitcoin system this is probably good and bad filled with both positive and negative we cannot be very sure about how it is possible but if it is possible then the good changes is also available.

And I believe that negative things will be bigger than positive things when the bitcoin community is too small while the user community using cash is too big, therefore, with sudden change and unexpected support from the government, many people will be hard to accept this truth. A more annoying thing is that the community will become chaotic when converting the trend of daily currency trading, they will be embarrassed not knowing whether they should choose bitcoin or available currency, the economy will be delayed for a while

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Quote from: lantan81383628 on April 04, 2018, 03:29:28 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 would rather not want bitcoin to be supported or be adopted by a certain country to be used as means for trading purposes legally ,if it happen bitcoin will need to have a stable value and be centralized like banks.

semobo

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Quote from: lantan81383628 on April 04, 2018, 03:29:28 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?

if the Government support only the Bitcoin instead of other currencies then their economy will fully changed into Bitcoin system this is probably good and bad filled with both positive and negative we cannot be very sure about how it is possible but if it is possible then the good changes is also available.

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Quote from: Vishnu.Reang on July 20, 2019, 12:50:28 AM

Some of the governments are tolerating the existence of Bitcoin now, but that shouldn't be taken as a sign that in future Bitcoin is going to be legal everywhere. Right now the number of users is a few tens of millions (I am counting only the active users) and just 1% of the coins are being used for illegal transactions. But the government response will change if the user-base expands.

I agree. we can imagine if the user has reached 30% of the world population, of course this will urge the government to make policies. although it is not directly recognized as a means of payment, we must celebrate every development

The governments are going to act much before that. If 30% of the citizens make investments in Bitcoin, that means that a lot of the investment in equities, real estate, bullion.etc may be pulled up. And this can result in a major financial crisis. The situation is ripe for something like that happening. Check the stock market. Many of the stocks are overpriced, with heavily inflated P/E ratios. People continue to invest in stocks, because they don't have any alternative option. And the authorities are happy about this situation.

However, if Bitcoin establishes itself as a reliable form of investment asset, then a lot of funds currently invested in overpriced assets such as equities and real estate may move towards crypto. This will result in stock prices crashing, and a decline in the real estate valuations.

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Quote from: Vishnu.Reang on July 20, 2019, 12:50:28 AM

Some of the governments are tolerating the existence of Bitcoin now, but that shouldn't be taken as a sign that in future Bitcoin is going to be legal everywhere. Right now the number of users is a few tens of millions (I am counting only the active users) and just 1% of the coins are being used for illegal transactions. But the government response will change if the user-base expands.

Simply governments will use Bitcoin scheme to create their own cryptocurrency that will be profitable for them. Bitcoin will not give them anything but a lot of worries: the national currency is threated by BTC they think and they do not support BTC.

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Any possibility can occur even though it is impossible for the government to support bitcoin as a currency, because bitcoin has no form at all only digital assets so it will be very difficult to adopt a legitimate currency in a country, but if the opportunity is recognized as a tool or place of investment it could happen for this time

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if ever that will happen,I think it's good for bitcoiners and other people who support crypto currency. But it is not easy to regulate bitcoin because it is decentralized digital currency.

Vishnu.Reang

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Some of the governments are tolerating the existence of Bitcoin now, but that shouldn't be taken as a sign that in future Bitcoin is going to be legal everywhere. Right now the number of users is a few tens of millions (I am counting only the active users) and just 1% of the coins are being used for illegal transactions. But the government response will change if the user-base expands.

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I dont think the government would ever consider bitcoin as their national currency. There are a number of reasons as to why governments "fear" bitcoin. First of all, bitcoin is decentralized, a peer to peer network between users that does not need central authority. The lack of central authority is one of the many reasons why the government is against bitcoin, of course this does not apply to all because of how other countries are completely adapting to cryptocurrency. Fiat money however, grants the government control over their currency. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement, dictate who profits from that movement, collect taxes on it, and trace criminal activity.

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Quote from: Argoo on July 19, 2019, 12:17:33 AM

Quote from: Leyss on June 16, 2019, 02:17:02 AM

It has not been the case for the government of any country to support Bitcoin or any other decentralized cryptocurrency instead of its national money. I am absolutely sure that this will never happen. No state will ever give up their money in favor of a decentralized cryptocurrency. Therefore, there can be no substantive discussion on this topic.

I agree with this statement that no state will ever give up its national money and will not switch to full use of cryptocurrency. This is contrary to the functions and tasks of the state. In addition, a decentralized cryptocurrency can not directly interact with the country's economy, it will be hampered by its high price volatility. Still, nothing can replace the national currency yet.

That is why no government is hesitant to legalize cryptocurrency, although they still found ways out of this situation in Japan. I think that if the majority of the world community follows the Japanese example, the cryptocurrency will have a very good future in the near future.

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Quote from: Leyss on June 16, 2019, 02:17:02 AM

It has not been the case for the government of any country to support Bitcoin or any other decentralized cryptocurrency instead of its national money. I am absolutely sure that this will never happen. No state will ever give up their money in favor of a decentralized cryptocurrency. Therefore, there can be no substantive discussion on this topic.

I agree with this statement that no state will ever give up its national money and will not switch to full use of cryptocurrency. This is contrary to the functions and tasks of the state. In addition, a decentralized cryptocurrency can not directly interact with the country's economy, it will be hampered by its high price volatility. Still, nothing can replace the national currency yet.

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At any instant none of the government is gonna promote the usage of bitcoin and slow down the usage of their own currency. From my view if there exists a decentralized currency and it gets used in a large scale in some specific location or country then automatically the country experience a decline in its money value, this is what every government think.

I don't know whether I'm wrong or right, but when Japan started using bitcoin more support was provided by the government for people to move towards digital transactions using bitcoin. Same time more merchants started accepting bitcoin.

Why the value of Japan currency didn't fell low in value. What's the truth, more the usage of bitcoin will cause decline in money value or not?

Mihaylovic

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i do not think that any government would support bitcoin instead of existing currencies. because they can not control the transactions and wallet. so i dont think they would be that much open minded to support bitcoin.

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Quote from: costanos02 on June 01, 2019, 06:22:05 PM

It would be nice if the government support bitcoin, but we know the fact that it is impossible for now, bitcoin is not stable coin, prices changes time to time, as of present most transaction or payment required exact amount.

If you look at forex exchange the price are not stable either, the price changes differ all the time according to the exchange rate at that particular time, so telling you cannot accept bitcoin because of its volatility is not a sound defense Wink

, not sure what you mean by requiring exact amount Roll Eyes

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Quote from: shannelcoin on June 01, 2019, 07:38:56 PM

I think if government support bitcoin it will be manipulated by the government so people will be hard use bitcoin and will having a tax like centralized money. And I think it will never happen that they replace the currency they have, Bitcoin is not stable coin so it will be hard for everyone to use as currency.

You cannot manipulate a decentralized global market until you have millions of bitcoin, you need to still pay your taxes for the profits you make with bitcoin and there is no exception for that but the dream about some country replacing their national country for bitcoin is the wildest dream anyone could have as the realistic possibility to see that happening is zero.

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It has not been the case for the government of any country to support Bitcoin or any other decentralized cryptocurrency instead of its national money. I am absolutely sure that this will never happen. No state will ever give up their money in favor of a decentralized cryptocurrency. Therefore, there can be no substantive discussion on this topic.

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Quote from: costanos02 on June 01, 2019, 06:22:05 PM

It would be nice if the government support bitcoin, but we know the fact that it is impossible for now, bitcoin is not stable coin, prices changes time to time, as of present most transaction or payment required exact amount.

It may not be beneficial for the government to do that because then their national currency would come in danger and no one would like to do that as use of the btc will rise and their Fiat would get reduce which means their would be drop in their currency value .

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I think government will not support it totally instead of the existing currency. Well, Bitcoin can be open for all and be a medium of exchange also but fiat will be overweight that Bitcoin. Having a support from the government means that they will also impart policies to it. This will be good thing if they will strengthen the security of btc.

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Some of the governments don't really accept or support bitcoin as payment for transactions because it might affect the economic state of the country. That's why I understand my government will try to implement a fee on every transaction that is made in the blockchain. Now, It's a huge factor that the government must consider because bitcoin is growing and more users are getting used to it in their daily lives.

Quote from: LUCKMCFLY on June 02, 2019, 12:07:47 PM

Well I do not think any government supports Bitcoin, because they always have economic advisers who do not trust the volatility of the bitcoin market, prefer safe stocks, such as gold, oil, diamonds, precious stones. So far the first country that has wanted to establish this technology has been in Venezuela, but it has not been possible, because everything is very badly done, and it is not with bitcoin but with a token that they launched.

Yes, they always prefer stocks than crypto because stocks are very essential on the economic rate than crypto.

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Quote from: lantan81383628 on April 04, 2018, 03:29:28 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?

Government wants to control money-supply, inflation is just a small price to pay, it won’t happen.

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