What if bitcoin will be made as the official cryptocurrency?

[Cranidos]

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?

[Envrin]

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.

[Aura]

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.

[unamis76]

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.

[HeRetiK]

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?

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.

[Daniel91]

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 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!

[Armstand]

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.

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.  

[Adbitco]

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.

[rebel92]

It can be soon in USA. Bitcoin’s first crypto now, so why not?

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.

[LeoEspansq]

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.

[ibrohim]

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.

[Ayush rana]

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.

[Saisher]

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?

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

[Baconn]

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

[Fretcy]

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.

[Snaic]

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.

[Immakillya]

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.

[Hamphser]

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.

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.

[ajmapalo22]

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.

[AVAMONEY]

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.