If the government supports bitcoin instead of the existing currency.

[panganib999]

I don’t think government would use BTC for their currency. The reason is all government want some control their own currency, it is hard to control with BTC. BTC can be the future nternational currency, maybe between the governments, but for individual government, I think most governments would create their own cryptocurrency.

yes this is what i also think of, why would the government take a lead on what they cant have the control of ? Centralized over decentralized ? its very impossible, what the government can do is to set some regulations over external factors.

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[Irvinn]

This will never happen. No government will ever agree to give up their national money and will not fully switch to the use of cryptocurrency, especially decentralized. Decentralized cryptocurrency is not able to support the economy of any state as the national money of the states does. It can only go in parallel with the national money, it is not capable of replacing their cryptocurrency.

[Robotbitcoin22]

only government Japan gave the same importance bitcoin and fiat currency and it is healthy growth for both the currencies hopefully most of the developing countries may follow

Every country is certainly conducting an evaluation of cryptocurrency in my country that already has rules that bitcoin and cryptocurrency are trading commodities

[shesheboy]

I don’t think government would use BTC for their currency. The reason is all government want some control their own currency, it is hard to control with BTC. BTC can be the future nternational currency, maybe between the governments, but for individual government, I think most governments would create their own cryptocurrency.

yes this is what i also think of, why would the government take a lead on what they cant have the control of ? Centralized over decentralized ? its very impossible, what the government can do is to set some regulations over external factors.

whats the purpose of government controlling the currencies ? because they are corrupt ? they want tax ? but i see that majority of the governments are now supporting bitcoin/cryptos  . that simply means that they arent courrpt or greedy  . they only want the best for thier country men because they also see that crypto is too useful and can provide alot of oppurtunities to the people so that people wont heavily depend on the government  .

[wendiar19]

only government Japan gave the same importance bitcoin and fiat currency and it is healthy growth for both the currencies hopefully most of the developing countries may follow

Every country is certainly conducting an evaluation of cryptocurrency in my country that already has rules that bitcoin and cryptocurrency are trading commodities

indeed in every country must definitely need clear regulations on the use of cryptocurrency but it is very difficult and usually the government will be able to accept and understand bitcoin when economic conditions in the country are developing.

[Ranly123]

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?

In my country, I don't think the government did not support Bitcoin. All I can say is they support Bitcoin but in different approach than Fiat money because of the risk it carries. Maybe if the volatility is resolved then that might be the time that the authority will find ways to control what Bitcoin has to offer to the public.

[bitbunnny]

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?

In my country, I don't think the government did not support Bitcoin. All I can say is they support Bitcoin but in different approach than Fiat money because of the risk it carries. Maybe if the volatility is resolved then that might be the time that the authority will find ways to control what Bitcoin has to offer to the public.

Volatility is one of the problems of Bitcoin that is obstacle for larger support but it's not the only one. Governments can't function without fiat currencies and stable economies and this is the reason why Bitcoin will never replace fiat and it's impossibe that Bitcoin and other cryptocurrencies will be supported as national currencies. But with good regulation and better adoption policies it could be more integrated and become more equal to fiat.

[Forbiddenone]

it will never happen but for small country it might be possible but not as state currency but as side currency like for settling overseas payment.similar attempt was done by venezuelas  when they use petro crypto for oil exchange but still other countries are not trading with them using petro payment even when their giving off on settling debt or purchasing via their crypto currency,so in future we might see countries taking step forward for this approach.

[zemper]

it will never happen but for small country it might be possible but not as state currency but as side currency like for settling overseas payment.similar attempt was done by venezuelas  when they use petro crypto for oil exchange but still other countries are not trading with them using petro payment even when their giving off on settling debt or purchasing via their crypto currency,so in future we might see countries taking step forward for this approach.

It won't happen immediately or even in a few years. But you can't be sure than cryptocurrencies won't be an official payment instrument in 10 years or more.

[joshy23]

only government Japan gave the same importance bitcoin and fiat currency and it is healthy growth for both the currencies hopefully most of the developing countries may follow

Every country is certainly conducting an evaluation of cryptocurrency in my country that already has rules that bitcoin and cryptocurrency are trading commodities

They needed to assess everything first before dealing with this, this should only happen with government that have full knowledge about crypto
and already have a lots of grounds to take full responsibilities, there's major obstacle that needs to settle if a country or government wants to
keep this system instead of using the existing currency.

[juperos]

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?

This is absolutely impossible. Because bitcoin is decentralized electronic money and the government cannot control supply as the government did with fiat. Bitcoin's features are almost against government management. In my opinion, government can support bitcoin as a new payment method.

[PlusOne88]

The government wouldn't be losing control over currency. It could be possible that it will support bitcoin but not in its entirety. The use of bitcoin as a national currency would not support the idea of resolving inflation as well. I don't actually see it's possible. Inflation is a thing that the government has the control over otherwise it could go severe and would cause national economic problems. Inflation is inevitable but somehow controllable to a certain extent.

[conected]

This will never happen. No government will ever agree to give up their national money and will not fully switch to the use of cryptocurrency, especially decentralized. Decentralized cryptocurrency is not able to support the economy of any state as the national money of the states does. It can only go in parallel with the national money, it is not capable of replacing their cryptocurrency.

- Of course, governments of countries will never give up support for their currencies and move to other currencies such as bitcoin because currency is a symbol of the economy, if they give up supporting it, it could be a signal of economic problems, greatly influencing people's thinking in society, even make other countries suspicious and do not continue to cooperate. Another reason is that bitcoin is not a product that governments create, they cannot control it easily while the currency they create, they can manage very closely, why they need to support bitcoin against them

[Kimonoe]

The government wouldn't be losing control over currency. It could be possible that it will support bitcoin but not in its entirety. The use of bitcoin as a national currency would not support the idea of resolving inflation as well. I don't actually see it's possible. Inflation is a thing that the government has the control over otherwise it could go severe and would cause national economic problems. Inflation is inevitable but somehow controllable to a certain extent.

right, like in my country, the government plans to support bitcoin to enter the stock market, but does not allow it to be used as a currency. this may be because the government does not want to lose control

[karanggatak]

in my opinion it is a difficult thing to do. because the value of bitcoin is very volatile if the government legalizes bitcoin and can provide bitcoin credit loans to its customers. then how is the payment system when borrowing the price of bitcoin $ 3500 then when paying credit the price of bitcoin changes to $ 4000 of course this will burden the customers. and I think if this is like that no one would want to borrow bitcoin.

[Ucy]

Bitcoin actually has great value compared to fiat. What Bitcoin need is worldwide support from people and not really government.
Getting government to support Bitcoin not very good idea.
We should be thinking of how to get most people and businesses to use Bitcoin.

[gowobonyok]

the world will change, and the economy will change completely. it is possible, there will be no such thing as inflation. because if bitcoin is supported by governments all over the world, then the world will use that one currency, namely bitcoin with the same global exchange rate.

[andriarto]

Bitcoin actually has great value compared to fiat. What Bitcoin need is worldwide support from people and not really government.
Getting government to support Bitcoin not very good idea.
We should be thinking of how to get most people and businesses to use Bitcoin.

but the government takes many other aspects into account, many of which calculate their effects on the country's economy if the legalization of bitcoin is a currency. but like the government in a country I will only legalize it on the exchange, not as a currency, with various alibis each

[dimox]

you know in government there are many bad and good people. not all people support and vice verza. but people that hate bitcoin will always not support and make own way to earn profit without it. give effort to this thing is not be obstacle for their profit. but for them that supoorting bitcoin will accept it because its good for future.
if some government want to decide about bitcoin exitence, they will make a lot of consideration thats good for their country or it have many disadvantages for them.

[AppliedOptimal]

Venezuella already gave credit to their own coin, I think it is on NEM blockchain, and it is called Petro. Guess what? Did not help a bit because you know, it is the government over there.