what happened to Bitcoin and cryptocurrency? - page 2.

FlightyPouch

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Quote from: BTCappu on November 13, 2020, 03:31:53 PM

Quote from: FlightyPouch on November 12, 2020, 09:28:00 AM

I think people would continue to use it. I don't think that it would be legal at that time but I am not saying that it will be illegal, what I am saying is that I guess it would be an alternative to fiat and even though we are using the digital representation of fiats at that future, bitcoin will be the popular way to transact on the internet.

What I know for real is that it is going to be legal in so many countries, even places where it is illegal, they will learn and understand it better and allow people to use it. But by then the government will look for ways to be regulating it, and it’s going to be through centralized exchanges, which a lot of people are making use of.

But this still depends on what will happen to the adoption of crypto currencies. The price of bitcoin is increasing thanks to the demand and the people riding in, if this continues we might see the adoption increasing and that is when the government of countries would have the idea of regulating it. Right now, we still don't know, we will see that in the next few years.

hajirkhalid2

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Cryptocurrency is a best platform and makes better future for young people's and bitcoin is the virtual currency it could be have better future.

abderrazak belkhir

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This is really a good qeustion but no one can know what will happen to bitcoin and other currencies if those countries make their own currencies
But as you now the crypto world is huge and i think that bitcoin will always be needed and used in many sectors

verita1

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I think it would be a good outlook for Bitcoin and cryptocurrencies. It only takes the digital currencies of the countries to change the paradigm and that will be very soon. As we know, China has taken a step forward and is doing its tests to launch the digital Yuan. It was to be expected because Bitcoin has evolved the way we handle money. The current situation has allowed it now that the economy has become more digital.

Lanatsa

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Quote from: kevinzxz on November 06, 2020, 01:34:50 AM

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Don't know if Digital Yuan is already launched or not https://www.bloomberg.com/news/articles/2020-09-08/how-china-is-closing-in-on-its-own-digital-currency-quicktake

but they are already considering such thing and regarding on the question if it really affect bitcoin? Definitely no.

It has nothing to do with those government backed digital currencies, no matter how many they would create, nothing beats out with Bitcoin and its decentralization

which is the main thing on why lots had been supporting it.

serjent05

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Quote from: kevinzxz on November 06, 2020, 01:34:50 AM

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system),

Let us be true here, the government will never create a cryptocurrency that has the same decentralized system as Bitcoin. The government always wanted to be in control and to do that, they need the information of all coin holders. Thus, they will always implement KYC to fulfill that desire.

Quote from: kevinzxz on November 06, 2020, 01:34:50 AM

... then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Bitcoin and other cryptocurrencies will, for sure, continue to exist and possibly serve as an alternative currency. I am sure once the government decided to create their own cryptocurrency, many small time cryptos will be weed out and only those who were well established will remain.

BTCappu

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Quote from: kevinzxz on November 06, 2020, 01:34:50 AM

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

It’s not government or countries that are going to adopt Bitcoin, it’s we the individuals that truly understands it that will adopt it and be making use of it. It’s going to be separated from the real currencies, it’s going to be on its own to be truly decentralized. If it can actually be controlled by a government, then it is not decentralized any longer.

Quote from: FlightyPouch on November 12, 2020, 09:28:00 AM

I think people would continue to use it. I don't think that it would be legal at that time but I am not saying that it will be illegal, what I am saying is that I guess it would be an alternative to fiat and even though we are using the digital representation of fiats at that future, bitcoin will be the popular way to transact on the internet.

What I know for real is that it is going to be legal in so many countries, even places where it is illegal, they will learn and understand it better and allow people to use it. But by then the government will look for ways to be regulating it, and it’s going to be through centralized exchanges, which a lot of people are making use of.

adzino

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Quote from: kevinzxz on November 06, 2020, 01:34:50 AM

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Same system as Bitcoin? You mean decentralized? Lol, that is not going to happen. The best they can do is make a centralized currency where they have full control of the chain. Which means they can manipulate anything on the chain without any issue.
So if they make something like that, people will still be using bitcoin and other decentralized crypto currencies because they know the advantage of currencies like this over currencies like those that will be made my the government. So, nothing will happen to bitcoin. In fact we might see the price skyrocketing!

Fredomago

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Quote from: MCobian on November 12, 2020, 08:46:51 AM

I am sure big countries like America and China will definitely make their own digital currency in the future, but I believe it will not
threaten the existence of Bitcoin.

They will once they've seen how their citizen support and embrace this kind of system, for sure it will be part of their plans
knowing that in anyhow they need to work with it.

Quote

Because it is certain that the digital currency that is made by America and China is controlled by the government, so users are not given the freedom to manage their own finances.

Correct, bitcoin believers will continue to support how things being manage around this environment even their governments
already implement their oown crypto system,
Most are not willing to be controlled the same way how the financial system are being done with this current setup of every
nation in the world.

Quote

Then regarding privacy issues, don't expect to get it from the digital currency created by the government. Because the government will require KYC procedures to be able to use the digital currency they make.

For sure, KYC will be the first thing as government wanted to make sue that they know who's holding the coins and how
they are using it, they need to be in control.

Quote

With this Bitcoin still has advantages that are not owned by digital currencies created by the government,
so I believe Bitcoin will survive.

With this currrent developements, the chances of surviving is really high for this coin, unless there are supressions that widely
implemented all over that might affect everythign.

abel1337

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Quote from: FlightyPouch on November 12, 2020, 09:28:00 AM

I think people would continue to use it. I don't think that it would be legal at that time but I am not saying that it will be illegal, what I am saying is that I guess it would be an alternative to fiat and even though we are using the digital representation of fiats at that future, bitcoin will be the popular way to transact on the internet.

I think this could affect to bitcoin price, but it will not be really a hindrance since I believe still there will more people that will choose bitcoin among us and china digital currency, because we all know if a certain country that government is involved it is far different from bitcoin blockchain that we all want because of its security and untraceable transfer of assets, so I conclude it will not affect.

FlightyPouch

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I think people would continue to use it. I don't think that it would be legal at that time but I am not saying that it will be illegal, what I am saying is that I guess it would be an alternative to fiat and even though we are using the digital representation of fiats at that future, bitcoin will be the popular way to transact on the internet.

btc78

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Quote from: shoreno on November 12, 2020, 08:54:31 AM

Quote from: nemey on November 12, 2020, 08:38:21 AM

I really hope bitcoin as well as cryptocurrency will become legal. So that it can provide a sense of security and comfort when investing in crypto. This is important to me, because if we feel safe and comfortable it will be more comfortable to be in crypto. And I think if this crypto becomes legal there will be more crypto enthusiasts, crypto will be known to the wider community. And this crypto will also be able to survive longer because its existence is recognized.

it is legal in general but depending on the country you are living the government can put restrictions and other rules if they are bitter but some dont care and accept cryptos as what they are and what they meant to .

some countries has no banning but also has no support from the government meaning they are neutral countries and people can do anything using their coins.

and if you are restricted in using this then better quit or just hold your coins.

Quote

i like this attitude better . being totally legal dont provide security , online crimes are still there and your the only one that is responsible for your actions but comfort can be possible because you wont hesitate anymore and youl be confident when you know that btc have that status . its longetivity will still be the same but if its totally legal , we can widen its support .

hackers,scammers and all elements that has idea about what is bitcoin will surely find ways to take our currencies.

shoreno

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Quote from: nemey on November 12, 2020, 08:38:21 AM

I really hope bitcoin as well as cryptocurrency will become legal. So that it can provide a sense of security and comfort when investing in crypto. This is important to me, because if we feel safe and comfortable it will be more comfortable to be in crypto. And I think if this crypto becomes legal there will be more crypto enthusiasts, crypto will be known to the wider community. And this crypto will also be able to survive longer because its existence is recognized.

it is legal in general but depending on the country you are living the government can put restrictions and other rules if they are bitter but some dont care and accept cryptos as what they are and what they meant to .

i like this attitude better . being totally legal dont provide security , online crimes are still there and your the only one that is responsible for your actions but comfort can be possible because you wont hesitate anymore and youl be confident when you know that btc have that status . its longetivity will still be the same but if its totally legal , we can widen its support .

MCobian

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I am sure big countries like America and China will definitely make their own digital currency in the future, but I believe it will not
threaten the existence of Bitcoin. Because it is certain that the digital currency that is made by America and China is controlled by
the government, so users are not given the freedom to manage their own finances. Then regarding privacy issues, don't expect to
get it from the digital currency created by the government. Because the government will require KYC procedures to be able to use
the digital currency they make. With this Bitcoin still has advantages that are not owned by digital currencies created by the government,
so I believe Bitcoin will survive.

nemey

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Catena X

I really hope bitcoin as well as cryptocurrency will become legal. So that it can provide a sense of security and comfort when investing in crypto. This is important to me, because if we feel safe and comfortable it will be more comfortable to be in crypto. And I think if this crypto becomes legal there will be more crypto enthusiasts, crypto will be known to the wider community. And this crypto will also be able to survive longer because its existence is recognized.

sayaya17

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Bitcoin, which was once ostracized, is now something to learn to emulate, but many countries don’t want to legalize it. They just want to create
their own digital currency whose character is like Bitcoin. Equally digital. If so, Bitcoin is increasingly exerting influence globally.
Now many central banks in the world such as China are ready to create their own digital currencies.
If the long-popular Bitcoin we know goes with no one monitoring, then the central bank and the law will guarantee the digital currency of the government’s version
But still Bitcoin is used almost all over the world other than as a currency, and an investment asset. The government’s version of the digital currency, it is still questionable, because it is not yet officially circulating in a country.

lhance

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bitcoin is one of the first digital currencies and the world's considerable cryptocurrency.If America and China will concieve there own digital currency i believe that bitcoin and cryptocurrency will hold up against all the hindrance because many people believes the power of bitcoin and of how it works for how many years.

Chuky92

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The first thing everyone knows about Bitcoin is that, it is decentralized which leads to more trust and reliability, it also means that users are in charge of their Bitcoin; this can also be applied to other cryptocurrencies based on decentralized blockchains. Now having this in mind and thinking of the government, one will realise that, it can not work, that is, the government loves power and control, and hence cannot create a digital currency which they can't control. One thing is, a country creating a digital currency will attract a lot of attention from people because it is from the government but another thing is, when it comes to the privacy aspect and they understands that Bitcoin is unique, they will be forced to hold more of their assets in Bitcoin. In addition to that, talking about Bitcoin becoming legal looks like saying it will be under the control of the government, which of course cannot work. Lastly, Bitcoin will surely survive no matter the action any government takes because of its trustworthy nature but same cannot be said for a lot of other cryptocurrencies out there.

Emitdama

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Quote from: kevinzxz on November 06, 2020, 01:34:50 AM

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

I don’t think any of Satoshi’s visions includes Bitcoin replacing our main currencies, I think Bitcoin is meant to be a currency on its own that people can use if and whenever they want it, and is not something that’s going to be a must for everyone to make use of. It’s on its own, and then the USD, Euro, and other currencies are on their own.

Bitcoin is there so that whenever we want to send money to other countries it will be easy and cheap, although it’s no longer less as it used to be, the fees has increased and the time, and I’m hoping that they get it fixed so that everything will keep flowing.

Lintel

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Quote from: masphie on November 06, 2020, 04:54:25 AM

Survive ? i think yes if bitcoin and crypto legal in all country.
But, If we talk about prices, maybe we can see the exchange rate of dollars around the world.
If bitcoin or crypto legal, i think they same with dollars condition, they will always dump and pump.

I completely agree with you. Bitcoin survives even it is not legal in some countries how much more if it will become legal. Dollars are everywhere and you can exchange it from any money exchange around the world because it is US currency whereas Bitcoin is digital currency so its limited when it comes to usage. And it is volatile, the price is not stable.

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