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Author Topic: If the government supports bitcoin instead of the existing currency.  (Read 1112 times)
patarfweefwee
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August 14, 2018, 09:38:15 AM
 #201

When they do, and it's only a matter of time, they will eventually move to regulate crypto currency and find a way to tax it. Next they will legislate more laws to protect the citizen's and the government's interest in crypto currency. Then again, bankers will put alot of pressure to the existing government to trash crypto currency in the country.

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bitcoinisbest
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August 14, 2018, 10:10:18 AM
 #202

At present, bitcoins have too much volatility and this can have a negative impact on the economy.

If govt starts supporting the crypto currency it will be good news for all the citizens of that country and to the investors who have invested money in crypto as market will start zooming and the price will rise which may make the portfolio to rise depending upon the coins being hold.

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August 14, 2018, 03:29:57 PM
 #203

At present only a few countries that accept crypto currency while other countries prefer to banded bitcoin. Bitcoin can be legal so in this world seems to be very difficult because there are still many countries that consider cypto could disrupt the stability of the economy.
The government is very careful in making decisions about bitcoin, because the government is worried about losing control over the circulation of money if bitcoin is legal, unlike fiat money which is under government control in this case the central bank as a policy maker. Fiat money is centralized while bitcoin is decentralized, clearly operating outside government authority because transactions are peer to peer, as if we have our own bank.
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August 15, 2018, 03:14:50 AM
 #204

At present only a few countries that accept crypto currency while other countries prefer to banded bitcoin. Bitcoin can be legal so in this world seems to be very difficult because there are still many countries that consider cypto could disrupt the stability of the economy.
The government is very careful in making decisions about bitcoin, because the government is worried about losing control over the circulation of money if bitcoin is legal, unlike fiat money which is under government control in this case the central bank as a policy maker. Fiat money is centralized while bitcoin is decentralized, clearly operating outside government authority because transactions are peer to peer, as if we have our own bank.

This needs be think of a lot of times, we always think that bitcoin is a very big help in our economy however government has its own purpose why, this is just to protect our contry and to lessen the crimes, fraud and any other illigal activites that may happen because of crypto.

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lelahkenabanned
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August 15, 2018, 05:45:31 AM
 #205

in my opinion that might happen when the government has begun to support bitcoin, the price of bitcoin can be very expensive and I am sure it can trigger an increase in bitcoin prices quickly.

Mastsetad
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August 15, 2018, 12:14:00 PM
 #206

I dont think that the government will support cryptocurrency over fiat. Every government have their own fiat and have some regulations when it comes to crypto use due to the risk that it can cause the public. Besides the central bank still dont recognize it as a currency.
Currently its look like so, but I am sure that with the passage of time their attitude toward bitcoin will change. They will very soon make bitcoin a legal currency and will very soon allow their people to use bitcoin for shopping and other purposes, because they are going to know and understand the importance of bitcoin.


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brukva
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August 15, 2018, 12:30:16 PM
 #207

This will not happen in the near future.  People are realistic.
Deubila
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August 16, 2018, 12:54:24 PM
 #208

At present, bitcoins have too much volatility and this can have a negative impact on the economy.
This is unlikely, as some governments have forbidden. Some places are banned and are not interested in the appearance of electronic money. Bitcoin will stabilize again and there are positive future directions.

thunderbitz2717
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August 16, 2018, 01:03:31 PM
 #209

Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit? The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result? Of course, I know that the government is very unlikely to support bitcoin, but who knows?
Probably it will become an easy for us to invest in cryptocurrency and use it legally without thinking that the country we will go harms us from using btc. I believe also that bitcoin will become more stable if ever it happens. But I think it will never become easy and I think there are more years before it will become true.

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Hobo66
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August 23, 2018, 09:24:28 AM
 #210

If the government starts support it, it will clearly go against its own nature.
This is something which has much brighter chances and that this will surely happen in near future as the government of different countries are constantly thinking of making these crypto currencies as legal currencies and that this action will then result in promotion of the crypto currencies and that then people will switch towards these currencies and will leave the regular currencies behind.
May be chances are there, but I do not think that it is going to happen so soon. I think that it will take a lot of time when all the people of the world will start using crypto currencies instead of fiat. I think that still fiat is the strongest currency in the world and it will take a lot of time when crypto will take its place.

pocketfullofpoke
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August 23, 2018, 09:34:22 AM
 #211

If bitcoin has a full support form governments across the world, then probably we'll have a better bitcoin market cap and price that would also be on a stable basis, IMO. Government banning cryptos can give bad impression to their people too so its progress can also be affected through it.

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August 23, 2018, 11:10:21 AM
 #212

Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit? The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result? Of course, I know that the government is very unlikely to support bitcoin, but who knows?
I think that it would be something like that Japanese Woolwich that are attending to have the Bitcoin payment madhav integrated if the government will support that, will be the future.

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Lpim01
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August 23, 2018, 11:21:36 AM
 #213

If bitcoin has a full support form governments across the world, then probably we'll have a better bitcoin market cap and price that would also be on a stable basis, IMO. Government banning cryptos can give bad impression to their people too so its progress can also be affected through it.
Definitely, it attracts more investors once government will do that.  Many investors and establishments owners are still in doubt if investing cause government didn't push it to regulate and do control of any market transactions. Maybe we should accept that we need some modifications in order to move forward.

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August 23, 2018, 11:28:10 AM
 #214

Bitcoin is a "decentralized", global, digital currency, at the price and movement of which someone is controlling. I think that soon the puppet governments (their majority) will support bitcoin instead of the existing fiat.
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August 23, 2018, 12:33:27 PM
 #215

most in the coming future bitcoin will accepted as mainstream currency in most parts of the world the main reason is it is inflation free currency
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August 23, 2018, 01:01:01 PM
 #216

in my opinion,i think it is not easy for the government to support bitcoin because there must be pros and cons and not many people can use it ,it takes a very long process if the government supports bitcoin but I think it is unlikely to happen.
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August 23, 2018, 02:20:12 PM
 #217

in my opinion,i think it is not easy for the government to support bitcoin because there must be pros and cons and not many people can use it ,it takes a very long process if the government supports bitcoin but I think it is unlikely to happen.

Yes because of the anonymity of bitcoin this is the main reason why governments do not support it to be legalize and more cons than pros. It will not really be easy to happen in the near future.
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August 23, 2018, 04:36:13 PM
 #218

Your comments are very interesting. If a country changes with their economic bureau, they can change a lot. Because BTC can cut a lot of costs when operating. No need for money, no ATM, no bank ...
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September 11, 2018, 06:34:38 PM
 #219

I always support government regulations. If you buy goods with USD, Euros, it's illegal. Because transactions in other countries are required with their own currencies. So, don't ask me to ask for bitcoin to be legalized as a currency, because the USD itself is used for payments that are illegal,

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September 11, 2018, 07:25:17 PM
 #220

Getting connected with the Government will surely affect a lot of things.


I think fiat support can still be the order of the day.
Governments will not support what they will not control and this is why bitcoin will hardly be supported, it is decentralized and not centralized to say for example that every country can make individual laws on bitcoin related issues.
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