Topic: What role will Bitcoin play in the face of superpowers in the future? - page 2. (Read 324 times)

China chased all the miners out of their country.  Even before doing so, they couldn't have staged a 51% attack because they couldn't control all the mining going on in the country.  But now, what was already not feasible has become impossible.

Probably for now bitcoin is not that important when it comes to the economy of a country since a country could totally operate without bitcoin because it has its own fiat currency that's operating.

I think bitcoin could potentially be a national currency as well that is going to affect the economy of a country just like what El Salvador do I think it is also possible to do it in other countries when El Salvador already did it.

It is not just some superpower but it might be a part of the growth of a country if one country started to support bitcoin as a national currency does The potential of bitcoin was just so high at this point since we already see one country to do it.

Whenever we are talking about superpowers there is one word that is inseparable which is dominance. These countries control a majority of the cash inflow, they also give loans to small Nations. Now when we talk about bitcoins. It's one thing that they cannot control. Which means bitcoins is far away from their dominance, their corruption.

Now how I see it is kind of a model supported by everyone. If even one of the pillar collapses we are still good to go. Now these big countries account for a bigger support in terms of investments etc.. which helps in maintaining the whole stability of Bitcoins, it helps make it even stronger, more or so bitcoins as a whole helps people grow as a whole. Therefore no matter where you are from, your investment is going to help everyone. I think it's more like a win win situation for everyone.

Investments help in the growth of Bitcoins as a whole so over the time you are not only helping yourself but you are also helping the whole idea of non centralized cryptocurrencies.

               The use of this currency(bitcoin) is a taboo for most of the people that are not into new things or have just heard of it recently, but for those who have been immersed in this industry for a long time, bitcoin is so much more than a currency and has uses reliant to the person or people possessing it. Now whether the superpowers in the future will be able to take advantage of this is something that we can only speculate about since there is still a huge difference in the beliefs of the people who are with and against the thought of crypto currencies and their functions that may hinder or allow a lot of things. Either way, it would be better to take advantage of this since it is in its very early stage and make the most out of this opportunity to be in control or to earn(depending on why you are into bitcoins) while we still can.

First of all how you define about superpowers nations and why you mention China as the superpower nation?

China has no control of Bitcoin itself, more precisely there's no nations nor government have a control of Bitcoin. Even though China has over 51% mining hashrate, it doesn't mean they have over 51% control of Bitcoin. The 51% attack is depends on the miners who want to do malicious by switch pools, but it would cost a lot expense and time which doesn't worth it. If you refers to FUD about China ban Bitcoin and cause Bitcoin dump, it's not because of China control. It's caused by weak hands and people were panicking of FUDs.

You don't know what you're talking about superpower nations, look at what China did to the market after it cracked down on mining, that is just the tip of the iceberg of what they can do, superpower nations have the nukes, the supercomputers and the money to do what they want if they see it fitting their interests. Also, these nations aren't just going to join in, that's a sign of being defeated for them and no one easily yields like superpower nations.

I'd explain Bitcoin as it is, a decentralized system with its own currency which has a fix supply which makes it immune to constant devaluation. I'd say it is censor-resistant and permissionless and makes people more independent and free. I'd say it works beyond the frailties and incompetence of humans. It is volatile but it will probably reach a certain level of stability by the time it has reached a much wider adoption. As to its anonymity, well, cash is anonymous.

Its role? Well, it should be offered to all citizens of the world as an alternative.

I don't know about this but China is doing it wrong in terms of trying to damage the crypto population of the other superpower nation like the USA. I would disagree with you about Bitcoin playing a small role this century because the nations that are at war with each other are smarter now, they focus their efforts now on cyberspace, finances and global trade. The one who excels at those three will dominate the world although in a less obvious way. War is fought with information and money now.

There's no need to think of those matters.

Bitcoin is already quite established and there's no need to worry about those super powers and countries that are too big for it. Just as the usual thing when there's an opponent and they cannot beat it.

Soon, they'll join.

Those with the superpowers that hinders bitcoin from progressing will surely be a trouble but we should take consideration of the fact that bitcoin is also improving each day. In the future, such problems that can be considered as a huge problem right now will just be like a pinch for bitcoin in the future. Those countries that restrics bitcoin right now will surely regret it in the futire as bitcoin begins to become much more successful. For now, bitcoin might still be doubted but the things it will do will surpass all the circumstances it is facing.

The government doesn't think that they can control bitcoin that is why some countries are having a rules that if they caught someone owning a bitcoin will be put to jail. You would surely know this especially China prohibits trading and mining. I think bitcoin doesn't have a role to the government since any government can't control bitcoin because it is a decentralized cryptocurrency not a centralized cryptocurrency.

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 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.

You're getting it all wrong mate, you're talking about countries/government, Bitcoin is neither of that, I mean it doesn't even have a central organization/body/leader to even start with, it's free, and you, that's if you're a user and every other person who uses or wishes to use Bitcoin in the future controls their funds themselves, in a few words, we are basically "our own bank". On the centralized economic front, you should rather be asking what the benefits of CBDC's will be to these nations that are obviously clamoring for it and not Bitcoin.
This isn't true, notwithstanding any economic condition, most governments wouldn't even consider Bitcoin an option, how can they even? When they can't control it, or print and distribute it as they seem fit, El Salvador may have done something good, but look at China, the U.K, Nigeria etc, they have all come up with one sanction or the other; I believe there will be more and more regulations going forward, the government is obsessed with control, and that is what Bitcoin doesn't give to them, hence they mete out hostility towards it.
The thing is Bitcoin can't destroy any fiat currency or stop it's use, Bitcoin can't even be the only currency in use, it'd either be used with fiat or not used at all, cause if one is to give way in the society, it'll be Bitcoin, and then again you can have no trouble holding as many Bitcoins as you can afford, like I said earlier Bitcoin gives it's user the liberty of freedom and control as regards their funds, it's also a hedge to fiat inflation and devaluation, it of course plays an important financial role for individuals in this financial system.

First of all, as a decentralized virtual currency, Bitcoin cannot become the national currency of a superpower.It may be a means to affect the economies of other countries.

This is an independent asset that you are talking about and no government has control over it but to follow the bitcoin move. Governments including the superpowers are to go the bitcoin crypto way. This is why the governments are trying to develop a crypto currency that they can run to in direct exchange of their local currency and not to give preeminence to bitcoin but unfortunately the fight of regulation can't be worn by any government. Super powers are still under the global wave of crypto currency.

Nothing...Zero..Nada..!!

Bitcoin has no role for the governments and you shouldn't be explaining it to your government employer. Bitcoin is a system of value that is agreed upon by people like you and me. We don't necessarily need to know each other, or even like each other to agree that Bitcoin has value. For example, I perceive that you are probably a CCP sock puppet and I don't like you. Then i see some of your posts about Bitcoin and think that maybe, this guy gets it. Maybe he is not CCP.

Maybe he is just another free thinking person who finds the freedom AND the responsibility that comes with crypto liberating. Maybe he too holds out the belief that human society and world finance shouldn't completely depend on Central bankers, politicians and corporates making things easier for themselves while making them hard for everyone else.

If thats what you believe, then we can work with bitcoin no matter what we think of each other. And it doesn't matter what the governments think of it as long as they get their cut out of it and stay off our backs.

I don't know much how superpower nations think but I think that if they use bitcoin the right way, they can probably cripple a country's economy like the rumored 51% attack capability of China, I think that's probably how they are going to do their attacks, I think at this day and age, bombs and bullets aren't the seeds we plant during a war, it's information and money now.

If you are a government employee, how should you explain Bitcoin to your government? How to explain his volatility? How to explain his anonymity? The most important thing is, what role does he have for the country.

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.