Topic: What role will Bitcoin play in the face of superpowers in the future? (Read 368 times)

If the time comes that it will become a legal currency then how about the fiat currency of each country? Will it be replaced then?

Or they may say bitcoin will become an "alternative and legal currency", and it will be the other choice for payment system aside from fiat. Government still doesnt want decentralized system and that makes it more complicated because as we all know, government wanted centralized system that can be controlled by them.

I think, at this point, the US might pose an even bigger threat to cryptocurrencies than China. Yes, due to the ban and threats we've lost quite a large portion of miners and users, but mining will recover over time as the new farms will be established and users will always find their underground ways.

The US, on the contrary, acts as if they're in favor of cryptocurrencies, while if we look at the regulations it can be seen how they try to take control and shift the paradigm from currency to asset. China will be out of the game soon, but the US is in, and in case of Bitcoin not using it would be better than misusing. The first can be fixed as Bitcoin spreads all over the world, but the latter is much harder to change.

IMO, governent and financial institutions wouldn't really fit into bitcoin's nature. These organizations won't just even be put in a sentence because they uphold different principles and nature in general. Bitcoin has a decentralized nature while financial institutions such as banks is the total opposite of it. Meanwhile, government is usually the one against the legality of bitcoin in their country. Hence, asking the role of bitcoin in superpower nations sounds ridiculous to me.

The government, particularly of the first-world countries wouldn't accept bitcoin open-arms like how we want to view it. Bitcoin is often scrutinized nowadays due to the various issues associated with it. That is why most countries aren't really in favor of making it legal on their place. Sure, there are several countries that decided to give it a try and make bitcoin legal, but we can't always assume it would go that way in every country. The government will not allow bitcoin to take over, most especially it has decentralized nature that they will not be able to control nor manipulate because they hate that.

Its given that bitcoin contributes welll to the economy but I don't really think they will give a huge role on it interms of economical aspect since as of now China had ban rumorsas Mauser said so for this we can say that they really don't need bitcoin in economic wars and their main focus is to strengthen their main currency on economical stand in the world. Maybe they got an idea with bitcoin but for sure they will just give a low prioritization since they want to deal up heavily on their own currency.

I have known Bitcoin for a while, and I think I understand the value and significance of Bitcoin. But from an economic point of view, I would like to know what role Bitcoin will play in the face of superpowers like China and the United States in the future.

El Salvador has adopted Bitcoin as its country's legal tender. Panama, Colombia and Uruguay also seem to be interested in Bitcoin. Indeed, for some countries that have been unable to control their own economic development through macro-control, Bitcoin gives them another choice. When the volatility of fiat currency in one's own country has far surpassed that of Bitcoin, the biggest shortcoming of Bitcoin as a fiat currency no longer exists. This is a success in the history of Bitcoin, but how about superpower?

Now, the United States regards Bitcoin as an investment asset. China allows Bitcoin to be held but prohibits mining and trading. The world's largest and second-largest economies have very different attitudes towards Bitcoin. But as we all know, Satoshi Nakamoto's definition of Bitcoin is "A Peer-to-Peer Electronic Cash System", and now people seem to be more inclined to define it as a reserve asset or a price anchor. But for the superpower, neither of these two definitions seems impossible. If Bitcoin is used as a currency for daily use, it will undoubtedly destroy the status of the RMB or the US dollar. If Bitcoin is used as a store of value similar to gold, due to the decentralization of Bitcoin, it is difficult to hoard a large amount of Bitcoin together. I am not a student of economics, and Bitcoin seems to be of little use to the current economic system.

I guess that in the coming decades, more and more African or Latin American countries will tend to use Bitcoin as their legal currency, which can help them resist the erosion of the US dollar. However, the Super Congress insisted on issuing its own legal currency and controlling its exchange rate with Bitcoin. I guess that for China, the final result may be to ask the public to hand over its bitcoin to the country and give it the equivalent value of CNY.

I disagree, the fact that they made their own cryptocurrency means that they were inspired by bitcoin or so because if bitcoin wasn't there in the first place, then in a way, digital currency won't be a thing for a really long time. So technically, bitcoin already contributed to the face off of superpower nations as an inspiration.

I don't think that financial authorities and governments of the superpowers will become totally friendly towards Bitcoin unless they have to. When your economy is already strong, the incentive of taking a risk and adopting Bitcoin  is very low. In countries which are economically doing very badly, on the other hand, there's a good incentive because not  only Bitcoin growth can be profited from, but letting in crypto companies means creating jobs, more people having more money to spend and thus other people having resources to produce stuff. Overall, being crypto-friendly can help boost economies of developing countries, but I don't think it's enough to change the balance of economic power in the world.

I think the Super powers are already trying to limit the power of Bitcoins right now. China keeps issuing new warnings about possible future bans. And USA and China both are heavily promoting their own digital currency. Bitcoins will likely play a smaller role in the currency war between the two. So it is more likely that smaller countries will adopt bitcoins to lose dependency on the super powers.

I have known Bitcoin for a while, and I think I understand the value and significance of Bitcoin. But from an economic point of view, I would like to know what role Bitcoin will play in the face of superpowers like China and the United States in the future.

El Salvador has adopted Bitcoin as its country's legal tender. Panama, Colombia and Uruguay also seem to be interested in Bitcoin. Indeed, for some countries that have been unable to control their own economic development through macro-control, Bitcoin gives them another choice. When the volatility of fiat currency in one's own country has far surpassed that of Bitcoin, the biggest shortcoming of Bitcoin as a fiat currency no longer exists. This is a success in the history of Bitcoin, but how about superpower?

Now, the United States regards Bitcoin as an investment asset. China allows Bitcoin to be held but prohibits mining and trading. The world's largest and second-largest economies have very different attitudes towards Bitcoin. But as we all know, Satoshi Nakamoto's definition of Bitcoin is "A Peer-to-Peer Electronic Cash System", and now people seem to be more inclined to define it as a reserve asset or a price anchor. But for the superpower, neither of these two definitions seems impossible. If Bitcoin is used as a currency for daily use, it will undoubtedly destroy the status of the RMB or the US dollar. If Bitcoin is used as a store of value similar to gold, due to the decentralization of Bitcoin, it is difficult to hoard a large amount of Bitcoin together. I am not a student of economics, and Bitcoin seems to be of little use to the current economic system.

I guess that in the coming decades, more and more African or Latin American countries will tend to use Bitcoin as their legal currency, which can help them resist the erosion of the US dollar. However, the Super Congress insisted on issuing its own legal currency and controlling its exchange rate with Bitcoin. I guess that for China, the final result may be to ask the public to hand over its bitcoin to the country and give it the equivalent value of CNY.

I guess that in the coming decades, more and more African or Latin American countries will tend to use Bitcoin as their legal currency, which can help them resist the erosion of the US dollar. However, the Super Congress insisted on issuing its own legal currency and controlling its exchange rate with Bitcoin. I guess that for China, the final result may be to ask the public to hand over its bitcoin to the country and give it the equivalent value of CNY.