If the government supports bitcoin instead of the existing currency. - page 5.

breathlessz

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Quote from: pinoycash on May 21, 2019, 09:28:08 AM

Quote from: shield132 on May 19, 2019, 04:12:23 PM

What so you think guys, they'll just stand up and give yes to all of your wishes? Maybe they'll say yes but it won't happen in action. Overally, they won't let you to mine coin like they won't let you to print money and if we consider mining mechanism, they need something that will be exclusively available for specific cpu or something similar for governments and will be resistance to any other thing or no, there will be limited supply and that will be all (maybe some change in supply sometimes because fed loves doing such things in charge of us).
To sum up and say truth, it won't happen unless they can't control who you are and where your money goes.

Yes Government will not support something that they cannot control, Its like giving back their power to the people Cheesy

that why politicians are against in the nature of cryptocurrency.

All the government can do is to regulate the use of cryptocurrency and release a guidelines to fight money laundering. But it will never come to the point that a government will dump its own currency and start using bitcoin.

I think it is hard for the government to dispose of its own currency. I think the best bitcoin achievement is as a payment facility besides fiat currency. on the other hand many governments only allow bitcoin as an investment asset that is included in the trading market

Leyss

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This will never happen, do not even hope. No state can ever switch to the use of cryptocurrencies. It will be disastrous for its economy. It will always maintain its own centralized national currency. Therefore, nothing substantial will happen in this matter. The national currency of the states will exist as long as there are various states on our planet with their own individual interests.

Xising

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Quote from: lantan81383628 on April 04, 2018, 02:29:28 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 governments would do that, then that would really give cryptocurrencies a big push to be known and be embraced not only locally but globally. As governments, they are big entities that many people trust and listen to when it comes to suggesting how people should look at and appreciate a business scheme or, at least, use them as guide on how they see one asset. Remember, in the previous years, many central banks, basically the business and commerce arm of every government unit, have mixed views on how people go on with their cryptocurrency investments. Those recommendations have truly been a mover on how people have trusted and accepted cryptocurrencies. These days, as more and more countries are accepting it, it's beginning to give cryptocurrencies a positive image that people tend to accept even more so now, than before.

pinoycash

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Quote from: shield132 on May 19, 2019, 04:12:23 PM

What so you think guys, they'll just stand up and give yes to all of your wishes? Maybe they'll say yes but it won't happen in action. Overally, they won't let you to mine coin like they won't let you to print money and if we consider mining mechanism, they need something that will be exclusively available for specific cpu or something similar for governments and will be resistance to any other thing or no, there will be limited supply and that will be all (maybe some change in supply sometimes because fed loves doing such things in charge of us).
To sum up and say truth, it won't happen unless they can't control who you are and where your money goes.

Yes Government will not support something that they cannot control, Its like giving back their power to the people Cheesy

that why politicians are against in the nature of cryptocurrency.

All the government can do is to regulate the use of cryptocurrency and release a guidelines to fight money laundering. But it will never come to the point that a government will dump its own currency and start using bitcoin.

shield132

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What so you think guys, they'll just stand up and give yes to all of your wishes? Maybe they'll say yes but it won't happen in action. Overally, they won't let you to mine coin like they won't let you to print money and if we consider mining mechanism, they need something that will be exclusively available for specific cpu or something similar for governments and will be resistance to any other thing or no, there will be limited supply and that will be all (maybe some change in supply sometimes because fed loves doing such things in charge of us).
To sum up and say truth, it won't happen unless they can't control who you are and where your money goes.

bonker

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Quote from: lantan81383628 on April 04, 2018, 02:29:28 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 will not support the normal currency than the people in this world will not economically developed and the products that they are invested using their normal currency will not giving the profit for them and the people who are in uneducated situation will not get any idea about the money.

usorin

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Quote from: lantan81383628 on April 04, 2018, 02:29:28 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?

A good experiment in this sense is USA and Europe start trading with the equivalent of crypto national coin (USDT an Euro), this could be easier to be accepted in the market then replacing a national coin with Bitcoin.

Renampun

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Quote from: lantan81383628 on April 04, 2018, 02:29:28 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?

this is just my imagination, the economy in the country will be chaotic If the government supports bitcoin instead of the existing currency, but it will be stable if the government in the area issues their own country cryptocurrency.

shoreno

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I think that bitcoin value will skyrocket because every people in every country will use it but the problems is the bitcoins supply which was only limited to 21 million but the world total population is about billions so how can the other countries use a bitcoin ? We also need other crypto coins that has alot of supply or much better if the coin has an unlimited supply . Price wont really matter because we are only talking about payment medium.

MMysterious

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Simple. A country can support bitcoin but will never dump its own currency. But I am curious if that happens. Current bitcoin's Hugh volatility isn't good too. Maybe it will be a success if a country like Japan or Korea does it as they have the fundamentals.

fiulpro

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Unfortunately it's something that can only happen In dreams since we need stability and wide acceptance prior for those steps to be taken.
It's really something that is not going to happen since government owns a quite a reasonable amount of banks and vice versa therefore Bitcoins which is a threat to their own national Currency and banks , is something that Don't want to support at the same time some tax payers hide in Bitcoins to refrain from getting taxes paid and such , these things are hard to be regulated therefore I don't know If government would ever work like that..

abeecrypto

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Well, if you say that about only bitcoin, I will quiet agree that it is quite unlikely for government to support. But for the altcoins, I think it is quite possible. Just like we don't have a general fiat in the world, there would most likely not be general digital coin. So, different countries, might decide to create their own altcoin and make it as a government crypto for people to use as a store of value

pinoycash

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Quote from: legenduim on May 17, 2019, 11:28:52 PM

Quote from: haidil on May 16, 2019, 09:52:30 AM

it's true in my country, the government hasn't legalized bitcoin and again maybe the government is still afraid of being replaced with crypto currency.

I suspect that some people that are in the government (i mean different governments, sure) are cryptocurrencies holders. They will simply never confess in it until crypto is approved in their countries.

Government official that are hating cryptocurrency are nothing but just a hypocrite trying to bring down the solid foundation of bitcoin. These guys probably using Bitcoins or other cryptocurrency to hide their ill gotten wealth from corruptions and lobby money from different greed corporation. They are just using their hate statement against bitcoin as a smoke screen so no one will suspect that they are using it themselves.

legenduim

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Quote from: haidil on May 16, 2019, 09:52:30 AM

it's true in my country, the government hasn't legalized bitcoin and again maybe the government is still afraid of being replaced with crypto currency.

I suspect that some people that are in the government (i mean different governments, sure) are cryptocurrencies holders. They will simply never confess in it until crypto is approved in their countries.

kennen1113

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Quote from: emmybd on May 17, 2019, 12:26:09 AM

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

Of course, they never want to support bitcoin because bitcoin is a financial market, loss and gain always appear here, a concern that the scope of this market is global, if the government supports bitcoin, the currency of the country may be affected when more people invest in crypto. In addition, this system always creates an ideal place for people to avoid taxes and money laundering, the support only encourages many people to become financial criminals, and the government will not be able to solve this workload.

munareal

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The government of a country will not willing want to support a currency that will take control out of its hands. Bitcoin and its technology the blockchain has so many benefits that can not be overlooked. The government will not support Bitcoin for a long time to come because VAT and taxes on transactions are used to support all the public services of a country: health, education, social services, public transport and so much.

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Quote from: millgates on May 17, 2019, 12:56:55 AM

Quote from: emmybd on May 17, 2019, 12:26:09 AM

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

It seems that government will support bitcoin but not more than government support the existing fiat. There are many unicorn that emerged those unicorn also increase country economy. Digital payment method is appropriate for it and bitcoin is the best choice. So based on that it seems that government will support bitcoin.

I agree. it looks like bitcoin is an age development, and unicorns are the result of technological developments. so they can support each other. on the other hand the government must provide a policy to boost the economy, but does not want to lose control, unlike fiat currencies that remain in control

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Quote from: emmybd on May 17, 2019, 12:26:09 AM

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

There's nothing to lose for them if they will start supporting it like to say that it's good to use as an alternative payment. If a gov't doesn't want to support bitcoin then we won't see any country that will allow it on their jurisdictions.

They may not give same national credit with fiat but as long as they are supporting it in a way that they allow it, I think that's already a good indication.

millgates

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Quote from: emmybd on May 17, 2019, 12:26:09 AM

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

It seems that government will support bitcoin but not more than government support the existing fiat. There are many unicorn that emerged those unicorn also increase country economy. Digital payment method is appropriate for it and bitcoin is the best choice. So based on that it seems that government will support bitcoin.

emmybd

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I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

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