If the government supports bitcoin instead of the existing currency.

[lantan81383628]

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?

[spikyz]

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

[BitTrident]

     This goes against the very nature of Bitcoin itself. The whole purpose of the cryptocurrency is to be a decentralized currency that is not controlled by any governing agency. I think you are assuming that only positive things would come out of a government's regulatory use of cryptocurrency.

     Entangling the success of a cryptocurrency with the success of a government imposes many risks. Cryptocurrency needs to stand alone on its own merits. Governments are prone to war, shifts in power, and corruption. Only because cryptocurrency is not backed by any government agency, it can outlive any governing body.

[RamonBTC]

It’s impossible for now with the mindset of our politicians and people.. If future technology requires cashless and much higher standards on digital transactions then they won’t have any other choice, but to reconsider the blockchain technology mass adaptation and implementation.

Only pressure from new generation or 20th century to demand or expand the market and usage of cryptocurrency mainstream. This is only possible on the future.

[St4yInTh3D4rk]

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?

But they never support crypto currency as their national currency.Because it can destroy the governments revenue so they will keep their fiat money as their national currency forever.But if they do then it will do more benefits to the citizens not to the governments.

[Kevin77]

It’s impossible for now with the mindset of our politicians and people.. If future technology requires cashless and much higher standards on digital transactions then they won’t have any other choice, but to reconsider the blockchain technology mass adaptation and implementation.

Only pressure from new generation or 20th century to demand or expand the market and usage of cryptocurrency mainstream. This is only possible on the future.

Not even about people, there is a huge monopoly everywhere with the fiat based system and we do not expect that government will just wake up one morning and throw it all away for the idea of decentralization. The only way they cannot fight what is at hand is because they do not see it as threat yet and it is already beyond them. What else do we expect from a government that is basically after taking away from the people ?

I really do not even want to imagine what would occur if that happen because there is no need. The government will obviously not give up control they have over fiat as that is how they have always enslaved the citizens to get themselves richer. If anything would happen, government will come up with their own currency using the blockchain, but will it be decentralized ? Definitely not!

[iqlimasyadiqa]

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?

What I'm thinking now is a collaboration that can make both better. The point is that the government uses Bitcoin in its financial system. it will help the development of Bitcoin and I think we will all get much better benefits. Credit can be applied using System blockchain and all of it is managed and regulated by the government so that companies will become more comfortable and secure in providing their services.

[Gozie51]

The government won't support what they won't have control over and this is why bitcoin will hardly be supported, it is decentralized and not centralized to say for instance that every country can legislate individually on bitcoin related issues. Therefore, the support of fiat could still be the order of the day .

[jakagintiri]

This is the value of Bitcoin but not as stable as the original banknotes, with the current trend getting bigger above all else, it's possible the government supports bitcoin arguments where many souls are aided by bitcoin. do not put aside all things for the common good will happen.

[bob123]

Governments will never use bitcoin as their national currency.
Why should they give up all of their control? They have the ultimate power. Printing money like bitfinex prints tether.
That would be nutty of them.

Additionally i don't agree with the assertion of bitcoin not having any value comparable to fiat.

Bitcoin brings the value of a free trustless system, which allows you to transfer wealth over the internet in no time. This is not achievable with any centralised system.
Not having to trust a 3rd party and still enjoying all the benefits from transfer speed and security is definetely something which brings bitcoin a lot of value.

[kajin]

“It’s not a question of if they will be, it’s a question of when they will be. It’s a question of how do we design competing systems that are simply so attractive that they will not be ignored by the global consumer base, but also the governments themselves who are seeking to compete against them will not simply be able to outlaw them and have that be meaningful.”

I think Snowden makes a good point here. Blockchain is disruptive. The government will only adopt blockchain as a currency if they cannot ignore it.

https://the-blockchain-journal.com/2018/03/22/edward-snowden-talks-about-cryptocurrency/

[palle11]

I think the value of fiat is what users make of it and the value of digital currency is according to the technology. The blockchain technology is an advancement which codification is encrypt in the mathematical algorithms making it difficult for an unknown user.

[DeadCoin]

What should i tell. If this happens then of course there comes the real success of crypto currencies. Though crypto currencies have already started ruling currency market, its yet to capture the base of every authority. We do have countries adapting bitcoin and blockchain technology. This is the sign of third stage accepting crypto into their families. Just imaging down the line in five years, the number of countries accept bitcoin would be more in numbers as well as number of countries who are in zig zag mind whether to accept bitcoin or not into their countries. When each one realizes the benefits of crypto currencies, the world would step into next level of economy.

[Baofeng]

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?

Government will not likely support bitcoin in that way. Even Japan who have legalized bitcoin doesn't think of ditching their Yen because fiat like US dollar is still the predominant currency being used as a medium for global trade.

And that's why bitcoin is being attacked by government because they don't want it to take over the fiat system. But in case your idea will happen, then who will trade with that country? Unless other countries follow as well, so it will be totally useless by any government to support bitcoin as you picture it.

[winterland]

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?

That will never happen but let's suppose it did, how are you going to solve the issue that you need a computer and Internet access to get bitcoin? How are you going to make that poor people have access to bitcoin? What makes you think that they want to eliminate inflation? In fact it is the other way around they love inflation and they love to print money out of nothing.

[Sasuke102001]

Coming to the very first point something like this is actually a hypothetical situation where the government gives support to a cryptocurrency rather than its national currency. It won't be happening due to many reasons mindset of the common man and more importantly the politicians. Maybe the government might support the use of cryptocurrency but will definitely not neglect their national currency. Because to be honestly speaking fiat is still more usable than any cryptocurrency.

[venky15921]

No governing body will support Bitcoins instead of the existing currencies . There are many reasons behind it but for now let me list out a few of the :

-->Some poor people don't know how to use computer and internet and most of the poor cannot afford for it .
-->People can evade tax in this way and this will affect the countries economy
-->Huge transaction fee
-->They won't let their currency to fall
-->Bitcoin is decentralized
-->Very complex to understand even for some educated people
-->Prone to illegal activity
-->Transactions are irreversible
-->The person behind the wallet address is unknown
-->Many ponzi schemes

Thanks!!

[Tenderino]

Do you have any idea how the government system works in the Dollar and Euro zone? They finance the system with printing money out of nothing and cause the yearly inflation where we normal people pay the price! Why would a government support something they have no control over it whatsoever and can not finance their expensive and yearly increasing state budget?

[vintages]

It won't be so easy for some government to support Bitcoin, it will take a lot time before all governments accept it and that's if they become open minded with cryptocurrency especially bitcoin. But I doubt if putting into exit the usually contries currency for bitcoin will be possible. Yes, bitcoin is the future but I don't think any government will give national credits to cryptocurrency other than their countries note.

[ralle14]

it will take a lot time before all governments accept it

There's always a couple of governments that won't accept it. They're like people that are spreading FUD it can't be avoided everyone just has to deal with it and embrace their decision. Imo it's better this way because what if everyone supports it, the network could be flooded again.

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?

What I'm thinking now is a collaboration that can make both better. The point is that the government uses Bitcoin in its financial system. it will help the development of Bitcoin and I think we will all get much better benefits. Credit can be applied using System blockchain and all of it is managed and regulated by the government so that companies will become more comfortable and secure in providing their services.

Afaik few countries are already planning to make their own crypto and these countries banned bitcoin that's why they're making their own version of bitcoin. With or without collaboration, Bitcoin would still keep growing no matter what.

-->Huge transaction fee

Transaction fee for bitcoin is currently cheap. This past month I always use 1-5sat per byte for the miner fees.