What if bitcoin will be made as the official cryptocurrency?

[arnux]

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.

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. 

[daserpent]

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.

[malikusama]

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 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.

[chidrawarster]

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.

[AVAMONEY]

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 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.

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.

[Nameless27]

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.

[layoutph]

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.

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?

[Faruque312]

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.

[kennethlaxamana]

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.

[johnwest]

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.

[Astvile]

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.

[dipok07]

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.

[dreamer81]

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.

[junhasegawa375]

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”.

[dangful]

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.

[btc78]

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

[Rishabh riyz]

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.

[tiggytomb]

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.

[thenameisjay]

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?

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.

[RayvenPierre]

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.