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

Let's try to stretch out some points.
Decentralization, of course no government of any nation would want to adopt anything that they cannot have sovereign authority over. It will be fastly rejected upon submission except if it might help generate huge tax to their pockets 
Perhaps, it might become a store of value, as a means of exchange might comes with terms and conditions and I.e if the receiver might want to accept but I don't think it will be compulsory rather an option.
Fiat replacement? Perhaps if every country has a possession of in equality I their treasures otherwise that dream will never be actualize and accomplish.

First, I don’t think that different countries around the world can be making use of Bitcoin as their currency all at once. Maybe they can just say that it is legal for them, but they wouldn’t use it as a replacement for their main currency that they all already have.

Another thing is that the way people see Bitcoin doesn’t really matter, everyone wouldn’t have the same views, it’s always going to be different. There are people who will see as store of value for sure, and there will also be those that will see it as a peer to peer methods of transactions. It’s up to you choose what you think works best for you. You shouldn’t expect others to be the same with you, it’s always going to be different.

I understand what you are saying and it makes sense however the reason they are taking this approach has to do with the culture of each country, the Chinese government controls everything so they can more easily ban something than the US, the US cannot do this so openly or their citizens are going to protest against it, after all why is the US government banning bitcoin when it does not damage anyone? So they are trying to regulate it as much as they can, but we know this path is going to fail as bitcoin was built from the get go to resist regulations coming from centralized parties.

Both US and China will hold their ground as superpowers but clearly, they act the same way to control the people under them. Whether they treat BTC as an asset or not, both of them will try to colonize countries under them. This could be the reason why as of now they are cracking down on tech companies for the data acquired by these tech companies.

Data is the next valuable asset for the two in the future and Bitcoin will be their tool to get these data. China I believe is winning the race because of its 5G and its expansion to the west.

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.

Well, governments are basically accepting bitcoin with open arms in many places? I mean look at USA, they literally let it be so liberal that there is a crypto exchange in the stock market which you can buy a stock of these days, that is something seriously awesome, then there is Germany that already greenlight the whole banks and crypto collaboration thing and now there are over hundreds of billions of dollars worth of  crypto moving to banks instead. Even the whole UK thing is just regulations and there will be something better.

Long story short we are talking about something that is not doing that bad and I feel like it is going to get better in the future as well, hence nations are accepting bitcoin with open arms if you ask me aside from few bad apples like china but when did china ever be nation of freedom anyway? Which is why I believe we should be feeling fine and not be worried about governments.

You can grow your main currency with the help of bitcoin. So let's say you are a small nation with maybe a decent size population, get Nigeria for example which is not a super power at all, economically not a great nation, and still has a very good number of population. Your fiat (Nigerian fiat whatever it's called) is weaker against USD and basically USD is the world's most powerful money for some reason and everything is calculated with it.

Instead of banning bitcoin or disliking it or making it harder for people to use, just support it, make it legal, give regulations and allow people to spend bitcoin freely. What this will do is that people in Nigeria will have the chance to actually get money from other nations, mainly USD since they are biggest, and Nigeria will have more and more bitcoin, which can be cashed out into USD and this will mean Nigeria as a whole will have more USD and that is what powers a nation, having more money of the other nations.

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.

In the future Bitcoin will coexist with the  digital currencies created by the worlds' super powers. Bitcoin is here to stay and will probably be around for a long time.

In the future, the worlds' super powers and Bitcoin investors and champions will find a common ground on its transactional and regulatory issues. While underdeveloped countries may lag behind, they will most probably adopt Bitcoin as a legal tender to boost their economy and attract investors.

No one can control Bitcoin, but the government wants to control the people through fiat currency. If certain countries are allowed to set Bitcoin as legal tender, this is a bit but may be successful. After all, there are many examples of Bitcoin as legal tender. Yes, but there will still be opposition parties. Everyone has a Bitcoin investment mentality. They have not yet used Bitcoin for daily payments. If you use Bitcoin to use legal tender, the government may ban Bitcoin. Because the government feels he cannot control people.

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 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.

In my opinion, i think that bitcoin was created at first to counter the government system, it came to to move from the control forced to us by the system, and with bitcoin getting more and more attention we see a lot of government either banning and taking severe actions against the people who use it, government are controlled y people with limited vison and they only care about their own investment and about the things that they can control, and bitcoin can't be controlled by anyone, so i don't think that bitcoin will ever reach a point where it is fully used in every country.

Exactly, those governments are going to have to be forced to adopt bitcoin, but how this can be done? And it is simple the people will have to force their hand, lets take a look at what is happening with the legalization of cannabis all over the world, cannabis has been illegal for a long time and despite this people want to consume it, this has been going on for so long that governments are literally giving up on chasing their citizens and allowing them to do so and something similar could happen with bitcoin.

Bitcoin gives financial power to its holder, so if there is a currency war, people will just look at Bitcoin more because it is not affected by national economies. We have seen how Bitcoin thrives during pandemics and recessions from 2020. So Bitcoin will only grow stronger if the superpowers attack each other.

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.

Most likely, bitcoin will not affect either supercountries or others. Let me explain.
Bitcoin is not a replacement for the financial system or an alternative development option for the financial structure of the state.
By the way, this is a reason to consider the moves of Venezuela, Panama, Colombia ill-considered - how can the financial system of a state be based on a speculative, unstable asset, with dubious price formation. This is political "infantilism".

The United States and major countries are likely to choose one or more of three options:
- prohibition as a means of payment
- recognition as an investment instrument by analogy with shares
- prohibition of any use.
And any of the options, in fact, nullifies the ability to influence GLOBALLY on some processes. Tell me - will the appearance of the shares of the new company greatly affect the supercountries in the future? The correct answer is NO. As long as the state has centralized control, it is the state that will regulate the market, economy, financial stability, and assets such as cryptocurrency can in no way influence this process.

Bitcoin role for the future is to eliminate superpowers. Why is that? because when we make the only country that pioneered the superpower, we have seen how powerful the impact of arbitrary power, policies and rules.

Bitcoin needs to get over this, and bring each asset down the same path. freedom of individual rights, no attachment to world order, and also no need to expect each other to be centralized states. because with our country we always rely on policies that only prioritize personal and group interests. the economy must have benchmarks, and Bitcoin needs to generalize to the system.

I think some world powers do not support Bitcoin very much. China and the United States have begun to restrict Bitcoin. China is the worst. On the contrary, some countries with poor economies, such as El Salvador, use Bitcoin as their legal tender. In fact, it does not matter what policies the governments of these countries adopt. People's demand for Bitcoin completely allowed it to recover quickly under negative news. Bitcoin is decentralized and does not need to rely on countries.

It's way too early to make such predictions, we need to see how El Salvador's experiment will play out. If it will flop, few countries will want to repeat this, especially with programs like giving away pre-loaded wallets, or just updating their infrastructure to accept Bitcoin transactions, which can be too costly for poor countries. It will take 2-4 years to see the results of El Salvador's decision.

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.