If the government supports bitcoin instead of the existing currency.

[demonz666]

in my opinion it is now impossible. because all countries in the world already have national currencies. and the government always controls it. and I think the government doesn't like something that can't be controlled. and it is very risky to make bitcoin a national currency. for example in that country there is a major disaster and bitcoin's electricity will not be accessible.

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[mersal]

The work from the government is to support the existing ok there own country currencies when there taking an effort to accept the cryptocurrencies it will been giving the space equally with their existing currency so so it cannot be possible in any kind of situation so people we are in this field will not think about that in this situation because cryptocurrencies does not require anything and any support from someone.

[mrdeposit]

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.

Venezuela needs someone who can help it. Already, Iran has also created gold backed currency. JPMorgan, the sixth largest bank in the world, also created its own currency. But these factors can not affect the decentralized system.

[senin]

This can not happen in principle. No state will ever give up their national money and will not switch to using Bitcoin. It is vseravno that give your economy into the hands of another state. Bitcoin is in no way connected with the economy of any state, and if it is accepted as the main payment instrument, its price will continue to show high volatility and economic development planning, the country's budget will be impossible. In the economy, chaos will simply begin.

[poldanmig]

most likely wont happen simply because its decentralize. Government form in centralized manner itself. their own fundamental is centralized and its certainly would not sync well with crypto decentralized ideas

all possibilities can happen if the government uses crypto currency and of course there is a reason for it all and follows the development of technology and technology, of course, the fiat currency will be even better

[BeGoods]

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 we must know that without government support, we will find it difficult to gain the trust of many people, nowadays people really believe in the government, what the government says must be safe, thats what people think, and we really need government support..

[loopes]

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?

Money is government tool to control the country economy. It's nearly impossible to replace fiat money. Some countries which don't ban bitcoin are not mean that it think that bitcoin is more appropriate as national currency rather than fiat money. Bitcoin don't have to become national currency but it only need to recognized by all countries then it is enough.

[Mastercon]

It won't happen. Since using bitcoin mean not willing to pay tax and make it weak. Why would government support bitcoin when they know it can be used in illegal activity. Let me remind you there's no way to trace the transaction so any terrorist can use it for purchasing Guns, Drugs etc

[Best Dreams]

It won't happen. Since using bitcoin mean not willing to pay tax and make it weak. Why would government support bitcoin when they know it can be used in illegal activity. Let me remind you there's no way to trace the transaction so any terrorist can use it for purchasing Guns, Drugs etc

I think government will not be agree to accept the existence of bitcoin, because we are well aware of the nature that bitcoin is so volatile and it is made of decentralized system, as it grows independently and it is not easy to control the progress by the government so benefit is all only for the users not for the government that’s why government is not supporting it,.

[Adriano2010]

Maybe this will not happen and bitcoin or other crypto will be taxes by governments who don't want to ban it and encourage people to use it. Always governments will like fiat money because can be more easy controlled and emission of money.

[rika0223]

most likely wont happen simply because its decentralize. Government form in centralized manner itself. their own fundamental is centralized and its certainly would not sync well with crypto decentralized ideas

is it possible to remove the fiat currency that has become the applicable currency and according to me the government does not leave the fiat currency but uses an economic system that is used crypto currency

[Malsetid]

most likely wont happen simply because its decentralize. Government form in centralized manner itself. their own fundamental is centralized and its certainly would not sync well with crypto decentralized ideas

is it possible to remove the fiat currency that has become the applicable currency and according to me the government does not leave the fiat currency but uses an economic system that is used crypto currency

There's an "if" In the question so it doesn't really matter if its possible or not. Just for the sake of discussion. If that happens, though i don't know how, i think we'll have an entirely different financial structure. Of course what the government promotes is what eventually will be applied so they would have found a way to gain control over crypto then.

[toast]

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

absolutely right and in the country too, bitcoin is only legalized only for exchanges or investment places and will not be used as a currency until whenever

[0t3p0t]

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?

If that thing will happen in the near future then I think this is good news to all of us Bitcoin enthusiasts. But this seems to far from happening because we all know that governments will stick to what they can control like the centralized assets such as fiat. They can implement tax and track every transactions people made. With Bitcoin, governments has no control of our funds and can't even track transactions either it is used in legal or illegal activities unless local exchanges will be regulated.

[Ailmand]

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?

It would be hard for the government to take bitcoin as the national currency but they could use it in some ways. However,  it's still possible to happen in the future because the government is starting to adopt the digital currency. If we're talking about legalization, I guess if a certain government would legalize cryptocurrency, it would be easy for them to support bitcoin.

[akram143]

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?

if the existing currency was not been supported by the government then there will be no government in this world because the taxes are only made the government to run successfully so people everyone had the normal currencies also so the cryptocurrencies lesson number so they support the cryptocurrency that will be lots of functions of development to the Crypto field but the government must be falling into deeper situation.

[jjjfff]

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?

if the existing currency was not been supported by the government then there will be no government in this world because the taxes are only made the government to run successfully so people everyone had the normal currencies also so the cryptocurrencies lesson number so they support the cryptocurrency that will be lots of functions of development to the Crypto field but the government must be falling into deeper situation.

Governments can tax Bitcoin too if they formalize it within their legal framework.

[kyucryp]

in my opinion, crypto currencies will not be a currency that can be credited by the government. the crypto currency is very volatile and inflation does not depend on credit but the price of basic necessities and people's purchasing power. and also influenced by domestic currency exchange rates against foreign currencies

[imstillthebest]

This is possible and its happening already. Before when cryptos are becoming noticeable . governments ( most of them  ) did have an agreement to support cryptos to widen the use of it and make more cryptos more legal and safe to the eyes of the public but they didnt say that they will drop the support for fiat . cryptos are only an alternative but fiats are still the one that people must prioritize as it is more accepted  .

[Visbay]

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?

If that thing will happen in the near future then I think this is good news to all of us Bitcoin enthusiasts. But this seems to far from happening because we all know that governments will stick to what they can control like the centralized assets such as fiat. They can implement tax and track every transactions people made. With Bitcoin, governments has no control of our funds and can't even track transactions either it is used in legal or illegal activities unless local exchanges will be regulated.

No it is not like that mate, some places are accepting the value of bitcoin as currency and some are using it as optional currency, at my place we are able to buy and sell with crypto currency and there is no restriction to use, government is not support it I think it does not affect the value of bitcoin but if they will allow the people to use openly it will improve the abilities of bitcoin even more than this.