Topic: The Growth of cryptocurrency over foreign currency. (Read 340 times)

different philosophies between bitcoin and governance are sure to set a high and formidable barrier.
but that doesn't mean it won't be penetrated, the government also can't continue to use a monotonous philosophy to advance its country, surely sooner or later the government of every country that hasn't adopted bitcoin, will switch to a decentralized bitcoin philosophy system.
the residents would definitely agree with that.

Well, unfortunately, I don't think government agencies will adopt bitcoin so easily without continuing to put up a fight, this is because bitcoin is a direct opposition to them and their ethics/plans, those who are in power want to remain in power, they want to remain in control, and adopting bitcoin will automatically seize that power and control from them, this is because bitcoin is a decentralization currency and runs on a decentralized blockchain, it can't be controlled even by the government themselves, this is why bitcoin has not become a globally accepted currency by now.

But the fortunate thing is that, bitcoin is here to stay, they can't stop it, they've tried many times but have not succeeded, and neither will they ever succeed, bitcoin will one day, become a global currency like the US dollar, but the only thing is that, it will take a bit of time..

You should never tell someone what to do with their own money in crypto world. You can show them the benefits and if they are smart enough to understand the potential, they will invest on their own.
And about the post being here, it's the bitcoin forum man. Everyone in here is somewhat connected to cryptocurrency. If you really want people to join the crypto community, then spread these words where people don't have any knowledge about it. Interact to people in a manner that those who haven't heard about crypto can learn about it and get interested.
Here's small advice for you. Tell people to always do their own research after explaining something and for you, never trust anyone on the internet before verifying that they are legit.

You may encourage someone, but if they don't have proper knowledge about either trading or investment. It's a total loss and in the end they will blame you. So teach them the basic of crypto first, then move to the next step.
For example, if you have done your own research and analysis on price movements, then you can give them a hint on which way the market would move. If they can make some profits, only then they will be more interested to stick to crypto.

I do agree that we are not going to end up with a 10-20 year period where nothing happens that easily. We are going to keep having these problems and if we know that the problems will come, maybe we shouldn't be this shocked when it happens and try to find a solution. Governments should find a way to put some money aside for these type of things, it would allow them to be a lot more ready when it happens.

We already know it's going to happen anyway, and depending on the size of the nation, shouldn't it be something government get ready for with some small tiny extra tax and help everyone out when it happens? I know people hate taxes because it goes on spending at wrong places, but if spent correctly, it would be great.

bitcoin and crypto are increasing every year, many people in various countries are investing in bitcoin and crypto.
it must be the government's consideration, what should be done and what appropriate action should be taken.
the choice is to ban bitcoin in the country, or adopt bitcoin legally.
Of course, governments also have long thoughts about what to do for their countries, and it is very likely that in the future there will be many countries that will start adopting bitcoin and crypto.

Developed countries and developing countries are of course very aware of the presence of cryptocurrencies in society. And all government parties also always hold meetings when they want to make a decision to implement new things into the country so that it will not be easy for the government to ignore or throw away their own national currency just like that. Because it relates to state rules and regulations from the country itself, so it needs more mature thought before changing anything that has been running for a long time in the country.

The presence of crypto is certainly not a bad thing for all countries and people, because crypto is here to be an option that can make it easier for everyone in terms of payments. So that crypto can be placed as the second option after the national currency or vice versa without sacrificing anything that has been used by the state for a long time. And this certainly won't make it difficult for the government to change its rules or regulations regarding crypto approval as payment even though crypto cannot be controlled directly by the state.

Whatever happens to the national and world currencies of states, states will never switch to using bitcoin and other decentralized cryptocurrencies instead of their national money. All that a cryptocurrency can count on is a joint circulation with the national currency of states under the external control of these states.
Problems with economic recession and high inflation occur periodically and almost regularly. And this has both negative and positive aspects for the global economy. But these circumstances have never been reasons to switch to a currency that states themselves cannot control.

The truth is that only small countries, countries that are at a stalemate, accept bitcoin as a currency because they have no other solution to revive the economy, bitcoin is the last solution they can. As for the great powers, they have no reason to accept bitcoin or any new currency when they have a stable and sustainable economy. Like rich people, they don't need bitcoin and still live comfortably without it, while poorer people see bitcoin as the only means of becoming rich.

Recognizing bitcoin as legal tender even by the most powerful countries could still possible but in order for this to happen the economic situation will need to get many times worse than what we are going through right now.

At minimum things will need to get as bad as the great depression, but even then there is no way to assure this will happen, but at least the chances to see it will be higher, because at that time governments will be more open to try alternatives with their economies collapsing around them.

Governments have recognized Bitcoin as currency only in 2 or 3 countries in the world. It's never going to happen in large scale because governments feel threatened by Bitcoin's potential of decentralizing finances, while also fearing the volatility of the digital currency, which could potentially damage the countries' economies and stability, becoming easy targets for enemy nations. You can expect only minor countries which are is weak financial conditions to adopt BTC as legal tender, not the shark ones.

Well if it ever got to the point that the government overhauled their currency and adopted crypto, the existing currency was probably already worthless to begin with. The Zimbabwean dollar hyperinflating to the point of no return already displaced citizens out of any reasonable purchasing power so they were essentially starting at zero to begin with. Can't have a sustainable economy with a hyperinflating currency -- they would have been wise to switch to crypto (of course back in 07 during the peak of the inflation crisis crypto didn't exist, but the principle applies to hyperinflating currencies now).

The cryptocurrency market cap is minuscule compared to the world economy. Societies also haven't widely known and comprehended what cryptocurrency actually is. Indeed it does not close the possibility of it being implemented in everyday things but the probability is extremely unlikely.

The world works mostly in a centralized way, so, who would sacrifice the tool of the economy into the hands of many that work in a decentralized way? Some countries have "pride" in their own currency, it is absurd to let others define it. Also, the barrier to entry into the cryptocurrency world is still somewhat difficult, specifically for the non-techies. Speaking about the awareness itself it is doubtful that crypto is being vastly adopted.

If that is going to happen, then we can say that the government had lost its grip to stop the spread of Bitcoin and rather accept it.
But no, I don't see such instances, the government will never lose fiat money on its hands since this is the only currency that it can control. Might it happen that they will support Bitcoin but not to the extent that they will stop the use of fiat money as this will remain available in the market. We can't leave that expectation as I really think that the government will have to find a way in order to control the growth of crypto as they preferred to recommend banks than this.

Before that happened, we saw that many people were starting to try to get into bitcoin and use it as a new investment. Until the time when bitcoin is adopted massively, we will see the growth of the adoption process will increase over time and the number of bitcoin users will also increase. But many governments still have not decided to use bitcoin even though they have allowed their citizens to use it. But that will not stop the mass adoption from growing because people are now seeing crypto as a new source to make money.

Abandoning local fiat for Bitcoin is very risky (because of extreme volatility and how that will affect the instability of consumer prices), something most won't do because of that. It makes sense only when your currency is really collapsing or you don't have your own fiat currency and instead depend on someone else's. Also, I'd say you need a very poor economy to be willing to risk as much. But Bitcoin can coexist with fiat and be partially recognized or adopted for certain purposes even by the governments, as Hispo mentioned already.

The expression of OP is not professional, no economist would subscribe to this as though cryptocurrency is the world's saver, No. There are a lot of investment sectors that have been earned from before people know cryptocurrency, and I am sure that other new ones might still be formulated in the future, so it's not new, and there are still alternatives to give the government or anyone money.

What is mostly awkward with the OP's expression is that countries should rely on crypto in place of fiat, which is out of it. Crypto will never survive without fiat, and whether anyone likes it or not, Bitcoin price will never be reliable as fiat. This does still not stop anyone or the government from investing in it, but not so much depend on it.

I think that's only thought by new investors who haven't known Bitcoin for a long time, so they still feel doubtful about the potential and future of Bitcoin. But for investors who have known Bitcoin for a long time, I think they will never hesitate to place their investment in Bitcoin and of course they will always be patient waiting for the price of Bitcoin to improve in the market. So you also have to be able to distinguish the level of investors who know Bitcoin because there are also investors who prefer to invest but not in Bitcoin.

If these people realize how long other investment has been in existence then they'll realize that they're not late yet investing in Bitcoin instead they're very early. They mightn't be among the very first users that believe in the currency but they won't be late either because Bitcoin has alot of potentially to be among the top assets in years to come.

The country adopting Bitcoin are those undergoing some financial difficulties and I don't think other countries will go in the same direction until results of these countries adopting Bitcoin has come out to be positive to those countries that have done so.

Despite Bitcoin's usefulness as a medium of exchange, its use is nevertheless held back by a variety of problems. There are still a lot of countries that haven't warmed up to bitcoin, and some of those that have have banned or severely limited bitcoin use. Because of this, individuals and businesses have a hard time fully benefiting from bitcoin and other cryptocurrencies. Bitcoin and other digital currencies face significant skepticism regarding their eventual viability. They worry that a lack of oversight and regulation may lead to fraud and other problems. Governments are wary of Bitcoin because of its anonymity, which they fear may make it a tool for money laundering or the funding of illegal activity.

Despite these problems, many experts remain optimistic about bitcoin and other cryptocurrencies. Those who hold this view argue that the advent of digital currencies will fundamentally alter our relationship to and understanding of monetary systems. As time goes on and more people become aware of bitcoin's benefits, it's possible that additional nations will adopt it as legal cash. Bear in mind, though, that it will take some time for cryptocurrencies like bitcoin to gain mainstream adoption. Before governments and the public can fully accept this new technology, some training and adjustment time will be necessary. The most productive use of your time till then is to learn as much as you can on your own about bitcoin and other cryptocurrencies. Because of this, purchasers need to be on high alert

My country was one of those that tried to create their own crypto currency, but it was a project doomed to fail since the beginning, since the people in power here are too authoritarian to even consider to give some actual decentralization to the population. In the end, our project of national cryptocurrency was centralized and does not serve any purpose beyond stealing people's money, by taking advantage of the low liquidity of it in the open market.

People who get paid with those coins are forced to sell them at discount in order to get some real money for them.