Topic: What if bitcoin will be made as the official cryptocurrency? (Read 960 times)
I dont see the chance of bitcoin becoming the official cryptocurrency used universally by all gov't and central banks. they will want complete control of the currency to begin with and since the technology is open sourced, central banks will create their own official cryptocurrency issued probably by BIS/IMF/WBO.
Bitcoin is main cryptocurrency in my opinion, and is most popular. i don't think government will legalize the cryptocurrency soon because they still not prepared them to do so no tax policy ,no security system of hacking, even infrastructure , they not even decided they will accept which coin its very difficult for government to do so in short time . but no thought whenever it will legalize BITCOIN will be there first choice to accept
official cryptocurrency means that government takes part in bitcoin. I don't think people will like it because government might make regulations or even tax for the user and it makes the users feel they are being constrained. the result, however, is many people are lack of interest in bitcoin.
If at all the Government will even allow it to be of the reach of me and you,because BTC will be an essential commodity,making investors lost interest because of the heavy Taxes they will impose on it its transaction. 
This is getting me confused, isn't bitcoin and other cryptocurrencies like ethereum are official? If what you mean is having bitcoin become a legal currency then the first one that would react would be banks for sure because of bitcoin has a wallet that serves like a bank too.
What if bitcoin will be made as the official cryptocurrency, promoted and regulated by the government, what will be the effect to other cryptocurrencies? Is there a chance that others will be banned? How do you if will affect the bitcoin price? Will it be a negative impact on bitcoin itself?
First of all, the price of bitcoins will plumet and more and more alt coins would start popping out because of this. Regulations would control the supply and demand for bitcoins therefore allowing other alt coins to make new coins that's unregulated by the government. Bitcoin will die and eventually alt coins will start ruling.
It will always be the official cryptocurrency but will never be adopted globally by governments, the best they will do is create their own new world crypto.
Well bitcons deserve to be a official crypto currency, because of its advantages and the huge amount of users it has.
But in real life it cannot just happen , we all know that government wants to put taxes on our every transaction , every service that we provide etc:- , they control our native currency, they can peek into our accounts whenever they want .
but after accepting BTC they can not do all these things, BTC gives us max privacy , so no bank or government official can peek into our accounts.
Why would any government accept BTC If they see their loss.
They would not just see loss , but by lack of information about transactions the nation can also become a shadow trade zone.
But in real life it cannot just happen , we all know that government wants to put taxes on our every transaction , every service that we provide etc:- , they control our native currency, they can peek into our accounts whenever they want .
but after accepting BTC they can not do all these things, BTC gives us max privacy , so no bank or government official can peek into our accounts.
Why would any government accept BTC If they see their loss.
They would not just see loss , but by lack of information about transactions the nation can also become a shadow trade zone.
Its impossible to have an official cryptocurrency and very impossible to be regulated by governments,as we all know this is block chain.and this is another side of source of funds.politicians will dis agree on your idea same as we all out here.so pla dont bother asking such question.its nonsense
Impossible, even Bitcoin's value is very high but the maximum cap is only limited. Imagine all people is using Bitcoin as official monetary for daily basic needs. It is impossible to circulate and distribute these kind of monetary currency.
Bitcoin is Legal, Says Central Bank of Cyprus.
“Bitcoin is not illegal” say anonymous sources from the Central Bank of Cyprus (CBC), according to a report by the Cyprus Mail.
The fact remains that bitcoin is in a grey area for banks – neither a currency nor a financial instrument – and the sources warned that the digital currency isn't “subject to control or regulation”.
“Bitcoin is not illegal” say anonymous sources from the Central Bank of Cyprus (CBC), according to a report by the Cyprus Mail.
The fact remains that bitcoin is in a grey area for banks – neither a currency nor a financial instrument – and the sources warned that the digital currency isn't “subject to control or regulation”.
Bitcoin IS the official cryptocurrency allready! There is really no way that any government issued crypto will ever be accepted in the common crypto world because of the fact that government issued cryptos are centralized.
Correctly speaking is difficult, but if the government wants, all the possible Bitcoin are going well with good reputation. Bitcoin can be used everywhere now and some countries still have not got validity.
it will not happen. government will not allow since they cant control bitcoin and the cryptos. they cant tax it like on what they do to fiat.
I dont think any government will accept cryptocurrencies as their official currency because of decentralization. If any country makes it as an official then the price will be 100x of what it is right now as it will be used for everything.
Well i think when bitcoin would be our official cryptocurrency it would be embraced by us truly because it gives us the chance to experience the "future". But there are still what if's in this like what if bitcoin goes down? what if it collapses? like what rick did on the price of the alien's cryptocurrency, he changed the value of cryptocurrency from 1 to 0, all the aliens went crazy because they have nothing and suddenly left planet earth. It's just have pros and cons, you know what i'm saying?. I'm sorry if some of you guys don't know rick, He is a genius scientist whose alcoholism and reckless in "rick and morty" cartoon series and i hope my post is still related to this thread and understand my point hehe.
we know that its very fast and digital currency
And its users Worldwide,
And we can earn many more ways,
So nothing is impossible its can official currency, bitcoin deserve it, cause its help us in our regular days.
And its users Worldwide,
And we can earn many more ways,
So nothing is impossible its can official currency, bitcoin deserve it, cause its help us in our regular days.
This is impossible. Crypto is decentralized and the government wants to put tax to all our transactions.
So this idea is far from reality. But in reality banks hates Bitcoin, but they buy it secretly to gain profit. Ask JP Morgan about it.
So this idea is far from reality. But in reality banks hates Bitcoin, but they buy it secretly to gain profit. Ask JP Morgan about it.
What if bitcoin will be made as the official cryptocurrency, promoted and regulated by the government, what will be the effect to other cryptocurrencies? Is there a chance that others will be banned? How do you if will affect the bitcoin price? Will it be a negative impact on bitcoin itself?
It can happen or it can’t. It’s 50/50 chances for me.
First ~ bitcoin is already the official cryptocurrency wether they recognized it or not.
Second ~ the government has not come to a solution to control it
Third ~ (if only) happens other crypto will decrease its value or vanished
Probability • the financial sectors will not use bitcoin as the center as well as the government but to make they’re own crypto that has the regulation and the control they implement.
First ~ bitcoin is already the official cryptocurrency wether they recognized it or not.
Second ~ the government has not come to a solution to control it
Third ~ (if only) happens other crypto will decrease its value or vanished
Probability • the financial sectors will not use bitcoin as the center as well as the government but to make they’re own crypto that has the regulation and the control they implement.
What if bitcoin will be made as the official cryptocurrency, promoted and regulated by the government, what will be the effect to other cryptocurrencies? Is there a chance that others will be banned? How do you if will affect the bitcoin price? Will it be a negative impact on bitcoin itself?
If you mean national currency then my answer is no, because no government want to accept a decentralized currency as their main or national currency. To answer your question let suppose that government will accept bitcoin as main currency, so every government will want to make their own separate digital currency so they will adopt other altcoins if they don't want to make a new one because it is not possible that a single currency will be made for the whole world as state as well as global currency.
First of all , bitcoin as of now cannot be made official nor in the long term as its not regulated nor taxable. To make it regulated, all countries have to bring banks in tandum with all types of cryptocurrencies to make it official and declare legal tender to enable most of the citizens to use these coins more effectively and more legally. Secondly, after banks, all banks have to then bring it as a deposit and withdrawal option as well at most of the merchants and open widely used ATM's as well to make more usage. But definetely, its going to affect the growth of bitcoin as usage will be more and value will be less, hence this is my logic. Still lets wait and watch.
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