What if bitcoin will be made as the official cryptocurrency?

[13abyknight]

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.

[bbs98]

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.

[Lamisa asfiya]

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.

[Bolt Brownie]

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 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.

[hatshepsut93]

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?

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.

[Agamemnus]

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.

[HeRetiK]

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 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.

[Opquar]

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.

[TUs77777]

I think that the world will definitely a little better

[bitbunnny]

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.

[faceoff97]

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.

[taiwww]

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.

[paul00]

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.

[olubams]

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?

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.

[Chasoid]

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.

[bajing]

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?

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.

[Trivelius]

Practically it's not possible but if you want to imagine then holding 1 BTC will make you rich. now let's imagine what happens if BTC will become official crypto.  

1) The value of BTC will go sky high.
2) Everyone tries to buy bitcoins, you will see the tornado coming from your open eye.
3) Funny thing is Satoshi will be the richest person in the world.
4) transaction of common things like clothes, daily things like grocery, milk, eggs, bread you can use your crypto.
5)cashless economy.
6)transparency of transactions (decrease in black money).

p.s: if anyone wants to add up something in this list, please go ahead.  
p.p.s: correct if you find any mistakes  

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.

[brainape]

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.

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.

[Irvinn]

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.

[stompix]

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?

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

Bitcoin has been official for a long time, as it participates in various official transactions.

No it has not.