If the government supports bitcoin instead of the existing currency. - page 6.

Botnake

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Quote from: haidil on May 16, 2019, 10:52:30 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'm pretty sure that is not the reason, the fact that it's the government who are regulation bitcoin, they can control it.
No government would allow that their coin currency will be be replace by a decentralized currency like bitcoin, government economy reflects on their money, so how are they going to benefit if there is a big progress in their own economy.

Let's just believe bitcoin can be a secondary currency as it's impossible it will be the primary.

haidil

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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.

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Quote from: awik p on May 15, 2019, 11:00:16 PM

Quote from: pinoycash on May 15, 2019, 07:17:28 PM

Quote from: Rooster101 on May 15, 2019, 07:09:29 PM

Every government has a national currency which also represent their country as a soveriegn nation so it might be impossible for the bitcoin to replace their symbolic currency. Also to use cryptocurrency as the main currency of a country, all citizens should know how to use the internet including those who are living in a far flung areas. So before government replace the fiat with bitcoin, the whole nation should also entirely support it.

Yes, but maybe the OP is meant to say replacing the $ USD as a global money for both export and import trading.

Government Supporting Bitcoin instead of USD, No more Sanctions, no more absolute power for uncle sam to control the world and they will lose their foothold in the global financial market.

logically, like that, uncle sam will lose control if all countries legalize it, in contrast to the dollar. but I don't think they release that easily. certainly will find a way to remain a superpower

This is unlikely to happen, as in the quote everyone wants them to be the superpower of the world. When countries start supporting bitcoin automatically the economic power stands in a decentralized manner. Simultaneously more clash will happen to take power over each other, particularly someone who is strong try to keep bitcoin under control which surely causes destruction to cryptocurrencies.

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Quote from: pinoycash on May 15, 2019, 07:17:28 PM

Quote from: Rooster101 on May 15, 2019, 07:09:29 PM

Every government has a national currency which also represent their country as a soveriegn nation so it might be impossible for the bitcoin to replace their symbolic currency. Also to use cryptocurrency as the main currency of a country, all citizens should know how to use the internet including those who are living in a far flung areas. So before government replace the fiat with bitcoin, the whole nation should also entirely support it.

Yes, but maybe the OP is meant to say replacing the $ USD as a global money for both export and import trading.

Government Supporting Bitcoin instead of USD, No more Sanctions, no more absolute power for uncle sam to control the world and they will lose their foothold in the global financial market.

logically, like that, uncle sam will lose control if all countries legalize it, in contrast to the dollar. but I don't think they release that easily. certainly will find a way to remain a superpower

pinoycash

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Quote from: Rooster101 on May 15, 2019, 07:09:29 PM

Every government has a national currency which also represent their country as a soveriegn nation so it might be impossible for the bitcoin to replace their symbolic currency. Also to use cryptocurrency as the main currency of a country, all citizens should know how to use the internet including those who are living in a far flung areas. So before government replace the fiat with bitcoin, the whole nation should also entirely support it.

Yes, but maybe the OP is meant to say replacing the $ USD as a global money for both export and import trading.

Government Supporting Bitcoin instead of USD, No more Sanctions, no more absolute power for uncle sam to control the world and they will lose their foothold in the global financial market.

Rooster101

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Every government has a national currency which also represent their country as a soveriegn nation so it might be impossible for the bitcoin to replace their symbolic currency. Also to use cryptocurrency as the main currency of a country, all citizens should know how to use the internet including those who are living in a far flung areas. So before government replace the fiat with bitcoin, the whole nation should also entirely support it.

lobster88

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For me, that would be more great if the government supports bitcoin instead of the existing currency. I am much more into the revolution of the digital currencies. Because I can see that in the near future it is the one that will work as a medium for our financial transactions.

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Quote from: posi on April 22, 2019, 03:12:06 AM

Quote from: Ezenwanyi on April 21, 2019, 08:30:07 AM

Government supporting Cryptocurrency over it's national currency is not that possible .
But assuming it happens, I believe it would go a long way in accelerating mainstream adoption of the blockchain technology.

The governments won't support crypto currency over their national currency we both know that but the point here is just for them to support crypto so that most people who are scared to used Bitcoin will join the race. But we have the governments support Bitcoin as the topic says then we'll have no inflation, people will be financial ok and the price of market will be so high.

This is not true. Government are still studying cryptocurrency and they might adopt it as soon as possible. Cryptocurrency's Blockchain has many uses and benefits to the government such as transparent voting. On the other hand we can't deny the fact that government are still somehow not favor of it as they can't fully regulate it yet as of now.

posi

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Quote from: Ezenwanyi on April 21, 2019, 08:30:07 AM

Government supporting Cryptocurrency over it's national currency is not that possible .
But assuming it happens, I believe it would go a long way in accelerating mainstream adoption of the blockchain technology.

The governments won't support crypto currency over their national currency we both know that but the point here is just for them to support crypto so that most people who are scared to used Bitcoin will join the race. But we have the governments support Bitcoin as the topic says then we'll have no inflation, people will be financial ok and the price of market will be so high.

hulla

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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?

Bitcoin eliminating inflation is a good result cause it mean bitcoin fulfill the reason behind it creation. However, we totally cant tell if the governments will support Bitcoin in the future since there's possibility for them create their own national crypto currency in the future due to the IMF boss statement acouple of months ago which drifted the understanding of governments to crypto currency

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Quote from: Farma on April 22, 2019, 01:39:39 AM

I think this is still very difficult to think about, especially now that every country has fiat which is prioritized to have high value. supporting bitcoin as a currency will only reduce that quality. well, we never know, but whatever the government does, I will continue to support it. so far, most governments in the world have supported bitcoin as an alternative payment.

They will entertain bitcoin as an alternative but not a main currency, we all knew what fiat symbolized inside a certain countries, but like you whatever the government decide about this new system I'll support them, they have the authority and they can facilitate or condemn this new payment methods if they think that it will not be beneficial and will not favors the economy.

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The government can use or the language use or support both currencies at the same time.
For the time being the current existing fiat money is still the major instruments to complete any types of transactions.
While bitcoin is just starting to gain foothold to any countries around the world.
As long as the government sees the value it will gets on using bitcoin then it can be an alternative to the current existing currency.
That's what really is the trend before the fiat money, usually gold, silver were instruments to used in an exchange transactions, then as the years gone by, fiat money was introduce. What's next? BTC.

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I think this is still very difficult to think about, especially now that every country has fiat which is prioritized to have high value. supporting bitcoin as a currency will only reduce that quality. well, we never know, but whatever the government does, I will continue to support it. so far, most governments in the world have supported bitcoin as an alternative payment.

Karmakid

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If the government support bitcoin instead of the existing currency then there will be a lot of blockchain projects that can be used as an innovation and start the revolution of our world into a more computer based operated system. Blockchain technology has a lot of advantages and we can maximize that if we will convince the government to support bitcoin and the blockchain technology.

millgates

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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?

There is still very big chance that government will support bitcoin, we can see it if we looks how government try make regulations about bitcoin usage. But government won't supports bitcoin more than it's national currency. Currency is important part in country's economy so actually government always tries to make it's national currency stronger, since all of countries do the same thing then it isn't easy job for government.

CCompression83

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One of the major selling points of BTC was to be decentralized. I wouldn't put it past any government to buy up as much BTC as possible, centralize it, and render it worthless. If I had to guess though, a lot of g-men have their fingers in the crypto pie for all the reasons we do. If governments, regardless of size/sovereignty start digging around in crypto asking where they can get their slice of the pie, I think everyone should be concerned.

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It will lead to a chaotic country if the government will support bitcoin instead of the fiat currency because bitcoin doesn't have a fixed value and it might cause chaos because people will be complaining about the value of their bitcoin and also about to their expenses because they might spend a hundred dollar now and tomorrow it might cost them two hundred dollar worth of bitcoin.

tenakha

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Quote from: 0t3p0t on April 10, 2019, 08:12:05 AM

If that thing will happen in the near future then I think this is good news to all of us Bitcoin enthusiasts. But this seems to far from happening because we all know that governments will stick to what they can control like the centralized assets such as fiat. They can implement tax and track every transactions people made. With Bitcoin, governments has no control of our funds and can't even track transactions either it is used in legal or illegal activities unless local exchanges will be regulated.

Tracking transactions with crypto may be easier than paper money. All the coins have already got the address. After becoming a known address for everyone, it will not be difficult through regulations. The current system is now valid for now, but it will change a lot after crypto is accepted.

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Quote from: gowobonyok on March 29, 2019, 09:19:49 PM

the world will change, and the economy will change completely. it is possible, there will be no such thing as inflation. because if bitcoin is supported by governments all over the world, then the world will use that one currency, namely bitcoin with the same global exchange rate.

What are you, however, naive. With the spread of cryptocurrency, nothing substantial will happen in this world. Cryptocurrency will become one of the types of non-cash forms of payment and will go along with the national currencies of the states.
No state will ever give up their national money. It is vseravno what to abandon the regulation of its economy and give it into the hands of a foreign state

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Quote from: Ucy on March 09, 2019, 02:22:52 PM

Bitcoin actually has great value compared to fiat. What Bitcoin need is worldwide support from people and not really government.
Getting government to support Bitcoin not very good idea.
We should be thinking of how to get most people and businesses to use Bitcoin.

Requesting government approval and support for Bitcoin can be a bad thing. We do not want a hight fee for each transaction because the government taxes it. What we need now is that everyone knows Bitcoin and has a need to own it, which helps push Bitcoin pumps.

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