Bitcoin Forum

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 bitcoin is made official, it will significantly affect its growth, but most likely this will not happen in the near future, because politicians can not regulate it and tax it. And this is important for them. ::) :-\

Bitcoin is already the main or official cryptocurrency in my opinion, it is the first and most popular.
I don't see the government promoting cryptocurrency but if it would happen, Bitcoin has the most potential.
When the government finds a way to regulate cryptocurrencies they will do it, not for one crypto but for all.
There is a chance that some cryptocurrencies especially ICOs will get banned in more countries, it already happened in China and South Korea.
This will affect the price of Bitcoin positively on long term, because the demand for ICOs will drop and the demand for Bitcoin will grow because crypto enthusiasts will change their ICO tokens for coins like Bitcoin.

There's no such thing as an "official" cryptocurrency and it's impossible that any government would like to connect itself with Bitcoin or any other coin that's not a private blockchain. So it's pretty much impossible to answer your questions.

I doubt we'll ever see the day where Bitcoin will become legal tender, but I could imagine reaching a point where the first country decides to build Bitcoin reserves.

As soon as that happens it will only be a matter of time for other governments to follow suits. Needless to say this would be one of the scenarios where Bitcoin would come close too, if not surpass, Gold's market cap.

I agree with you.
As we know, by definition, bitcoin is decentralized, virtual currency.
It means, no one controls bitcoin.
So, for example, what if a businessman buys something with bitcoin and does not get paid service or goods (or someone steals his bitcoin funds), what can he do, where he can complain?
There is no bank behind bitcoin.
There is no government or country behind bitcoin.
It's obvious that bitcoin can't become official currency or replace any other official currency in the world. No way!

Cryptocurrencies cant be official since there are tendency that it can lose its value for there are lots of alts or cryptos being launched almost everyday, and we can't dependbon only one crypto.  

Official currency? Who can make bitcoin an official currency? If the US government announces it to be their official currency obviously it's not official currency in the UK so the question of making bitcoin an official currency doesn't arise when the official currencies of various different countries already have been existent. But if I were to suppose any such thing going to happen in the future yes I agree it's not going to be in favor of bitcoin, it's no longer going to stay decentralized, it's not going to stay anonymous. I don't think it's going to do any good to bitcoin.

Bitcoin is in no way fiat as no government has decreed it to be money. Rather, its role as money and value is being determined by the market, by people voluntarily exchanging their work or fiat currency for bitcoins. The big difference between bitcoins and dollars is that bitcoins are a scarce electronic commodity.

If bitcoin starts to be controlled by the state, then it will simply lose the interest of many users. Everyone started using it because of anonymity and a rapid price increase, which all will disappear with legalization.

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 government make bitcoin a official cryptocurrency then i think it will make a negative impact on other crypto currencies because then every one will only take interest in bitcoins.

I think Nakamoto did not create Bitcoin to be regulated by bank or government and it's costly for the government part to monitor each user and transactions I do not want to see Bitcoin being regulated because they will just tax it and made money from every transactions

Well, when someone says cryptocurrency the first thing that goes through my mind is bitcoin so for my opinion bitcoin is already "Official" thing.
As for the government and that kinda legal thing i don't think that's gonna happen anytime soon.But i think they will unofficially start collecting large amounts of bitcoin ;)

Official cryptocurrencies means the central government has control over the network in such a case it cannot be decentralised, on the other hand bitcoin network is a decentralised network as there is no central authority like the government to control the mechanism of bitcoin and blockchain technology, only users have full control over their earned bitcoins. As the bitcoin network is decentralised no one will be able to stop the bitcoin protocol and this cryptocurrency has been widely accepted by people all over the world. If the government brings a new regulated cryptocurrency then they will impose tax on every transaction and for holding cryptocurrencies.

Any state has the right to recognize bitcoin or other crypto currency as a means of payment. The official currency can not become bitcoin, since the crypto currency is not tied to any state.

The question does not make any sense to me. How come bitcoin is not an official cryptocurrency?
 Bitcoin is an official cryptocurrency already and so as the other cryptocurrencies in the market. Did you mean official currency? But government will not endorse this kind of technology because it can't be regulate. Bitcoin is not well developed to be an official currency. But if government decides to support this technology, then it will boost the progress of bitcoin because it's endorsed by the government. But like i said, it is impossible because bitcoin is against the government at the first place.

Some countries now studying blockchain technolgy. So it's more likely they want to create their own cryptocurrency. China just state that they are gonna create their own cryptocurrency and so as Japan. It is owned by government, of course they are gonna support it.

This is true,they wont regulate such thing so easily because they know they cant really impose taxes on it and thinking off that bitcoin is a decentralized thing which most of them would see this as a red flag. If it would be accepted then for sure it would affect its price since the demand on a certain country would goes up since its being promoted but this kind of thing is just like a dream.Hopefuly some countries would do such thing but i dont really expect at all because of bitcoin features it would really be hardly to accept.

I think if bitcoin will become the official crypto currency other Cryptos will be benefited because surely they will be introduce in the !market as a way of trading with bitcoin like what is currently happening the good thing is more people will trust yradimng because of the good value appreciation of bitcoin.

if it would be take as official, it could be controlled by some group people power only.
we can not have freedom to make it anonymous.

Bitcoin is already considered as the official cryptocurrency, the first of its kind, father of all coins and so on. Just have a look at this forum itself, being a forum for Bitcoin, it gave the foundation idea for all the cryptocurrencies that exist today and all the ANN threads hosted here. Even if any coin surpasses Bitcoin in value which is unlikely, Bitcoin will still remain the father.

if i have an opinion on this issue,
Bitcoin will be fully regulated by the government because the value of bitcoin trade in a country is very high, and with government regulation, it can affect the bitcoin price itself.
But better bitcoins like now are not bound by anything, bitcoin prices can rise and fall only affected by the market rather than by the government.

Bitcoin is the most popular crypto currency in the crypto world. as i think bitcoin is already official. but if government will be made bitcoin as their official currency. it will makes other crypto currency disappeare.it makes bad impact on them.

I don't think that will ever happen. Bitcoin can, and probably will be considered as an asset and as a currency, since it can be both, but it wont be officially backed by the government, as in "controlled by it". Bitcoin is suppose to be decentralized, and it will remain that way. The only thing governments can do, is to ask for licenses from exchanges, and make citizens pay taxes on bitcoins, as they already do on gold and other stores of value.
I don't think it will have any effects on other crypto. If they are for real, they will be used just like bitcoin, and be regulated the same way.

Just take a look to Japan, and Switzerland, they are good examples of what governments can do to crypto, in order to have a good relation with them. Or even Russia, that right now keep sending different messages to public, but the last information I read about it, is that Moscow Stock Exchange plans on trading cryptocurrencies, so again, this looks like a good way to do regulation.

It depends on what government exactly would do such thing. If it's some influential government like the US, the effect might be noticeable, otherwise not so much. Many traditional investors will get in as they will see regulation as some guarantee of safety, so Bitcoin's price might get a big boost. However, some small groups of people would start getting suspicions that if Bitcoin is supported by government, maybe there's some hidden reason, and theoretical ban on altcoins might reassure this thinking. But cryptocurrencies were designed to operate regardless of the laws and regulations, so even if prices would be fluctuating, the networks themselves won't suffer much and that's what important - you will always be able to use cryptocurrency however you like no one can take this freedom from you on a technical level.

Bitcoin IS the official cryptocurrency. Look at the price and it's qualities. There is nothing that comes even close, not even gold. So nevermind the official cryptocurrency it'll be the official money of the world.

Bitcoin prices are already affected by governments, if only for a short while. Nonetheless even given a high grade of government regulation full control over the Bitcoin price is luckily unattainable, even less so than with other commodities. Fiat value can be controlled by simply issuing more of it, no such thing with Bitcoin.

It can't be made official. It's one of the effects of decentralization. No one controls it, and no one can make it their own. If we're talking purely theoretical though, then its value would boom. Think about the number of people who would be using it versus the 21 million maximum total supply. Even holding just 1 BTC would make you rich.

I think that the world will definitely a little better

What exactly do you have in mind, how could Bitcoin become official cryptocurrency? I beleive that suggests something like regulation so there should be some official body in charge and since Bitcoin is decentralized I don't see how this could be done.
Besides we don't need some official declaration that Bitcoin is virtual currency that is allowed to be used, acceptance and increasing number of users speak for themselves.

The truth is bitcoin can't be controlled by anyone even the government, simply because it is Bitcoin's unique feature (decentralized). But considering a country will adopt to make bitcoin as official currency, government can regulate the system of bitcoin but without full control over it. The idea of making is as official currency but I think it will not happen in near future. It might be possible but there are still lot of development to be done.if that woukd happen, rest assured that bitcoin value will totally hit and pump in value.

Firstly it will not happen in near future. All physical currencies are controlled by the governments, they use these currencies a tool to manipulate economies, so they will never let their centralized power to decentralized crypto currencies. As Bitocin is a decentralized and autonomous currency when it goes in the hands of government people will loose confidence in bitcoin. It may get manipulated by government.

If bitocoin will take effect as an official cryto currency, then it will be the first official digital currency that we have. However since there are already regulating bodies the value of the bitcoin will highly decrease or increaae due to the changes that it will undergo. Despite its approval i don't think that other currencies will be banned but the possibility that it will not be fully accepted by some countries are not suprising at all. For now, let's just enjoy the benfits that we get from bitcoin and be glad that we are part of it.

This will not happen now matter how we all wished it should for the reasons such as

1. This is negate the primary reason of bitcoin which is decentralisation because government regulating will then mean bitcoin is now centralised into one authority.

2. Which government exactly, if governments of two countries finds it difficult to agree on simple issues such as borders would now agree on the issue of currency? That will never happen.

I do not understand what steps should be taken by governments to "make" bitcoin the official currency of any country, or the world in general. Given that bitcoin is initially decentralized, it is simply impossible.

Bitoin and altcoin it's already be the official cryptocurrency. Well, that's where the problem is still faced by some crypto currency users because until now there are still few governments that legalize crypto currency but even though the government has legalized crypto currency, I'm sure the government only can attract taxes because until whenever they will never can regulated cryptocurrency.

First of all I think bitcoins will become official concurrency very soon because as all know bitcoin is a virtual currency, decentralizes currency and hope that very soon government will also turn bitcoin as official currency.

I don’t think so and I am not agree with this statement because we all know bitcoin is a digital and decentralize cryptocurrency and it means that bitcoin is a currency which is unstoppable and noe one can demand on bitcoin and its growth and just only because people also love it and invest and from this thing we can observe that bitcoin cannot be used as a official cryptocurrency.

Bitcoin has been official for a long time, as it participates in various official transactions. He does not particularly need official recognition of it as a separate state and can not depend on them. This is an international digital currency. If the crypto currency for any reason loses its independence and will be dependent on some state or group of individuals, it will not be a real crypto currency.

By what government , this was probably the most important question in your scenario.
By the government of Lesotho? Probably the movement will be 0.00006.

If the US does this ( chances are also slim to 0) the impact will be huuuuge.
I don't see them banning other altcoins but I also don't see them adopting something as official as bitcoin is rather global, there is no precedent in this in finances, at least not in first world countries


No it has not.

I'm not sure how you have come to that conclusion. It's not official at all and is currently still struggling to establish itself in everyday life. 

It is the number one candidate for any instituion or govt to legalise because this is the crypto that started it all and has stoodod the test of time.

It has been so well engineered that no one has been able to take it down for so many years.

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.

your opinion is true if the government takes bitcoin in the official currency list, it will certainly impact on some other altcoins, if other altcoins have proposed a similar thing to become the official currency of the country, certainly many problems will coming.

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.

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.

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.

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.

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.

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.

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.

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.

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”.

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.

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

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.

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.

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.

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.

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.

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

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.