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Author Topic: If the government supports bitcoin instead of the existing currency.  (Read 715 times)
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April 13, 2018, 08:45:06 PM
 #41

The government can't just jump and start supporting bitcoin while discrediting the existing fiat currency. All it will do is just create a huge chaos and havoc, and people who are familiar with bitcoin will be at loss. And when government starts to recognize crypto currency instead of the existing currency, then how will people buy crypto currency with fiat? No one will be willing to exchange their coins for something the government won't recognize.


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April 13, 2018, 11:08:04 PM
 #42

It would be better for online currencies but it is not possible because when  a government supports bitcoin or others currencies it will bring a large hamper on current fiat currency, economic development,and interrupt bank systems.

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April 16, 2018, 10:44:02 AM
 #43

It depends on the type of government. If a country is a capital outflow, then it is difficult to support Bitcoin, a country is a capital inflow country, then it is likely to support Bitcoin. At this stage, Bitcoin is the most effective tool to bypass the government's capital blockade, so it is inevitable that some countries will support it, and some countries will oppose it.
If we generally talk about the governments of different countries, then most of the governments are not showing positive response and that for now, they are not going to treat crypto currencies just like the way they are treating other regular currencies. in case this thing ever happens, then this will surely help you out and that the demand of the crypto currencies will then be greatly increased.

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April 16, 2018, 10:56:14 AM
 #44

It depends on the type of government. If a country is a capital outflow, then it is difficult to support Bitcoin, a country is a capital inflow country, then it is likely to support Bitcoin. At this stage, Bitcoin is the most effective tool to bypass the government's capital blockade, so it is inevitable that some countries will support it, and some countries will oppose it.
If we generally talk about the governments of different countries, then most of the governments are not showing positive response and that for now, they are not going to treat crypto currencies just like the way they are treating other regular currencies. in case this thing ever happens, then this will surely help you out and that the demand of the crypto currencies will then be greatly increased.

They know bitcoin can vanish the corruption and bank frauds and many thing will be regulated in a better way. But none of the goverment people and politicians looks that to happen in the live market.
We need to make the bitcoin legal in every country to stop the US and UK colenial rule from this world. After the world war ends also still we are seeing the market ruling with the corporates and banking attacks still on every countries. I believe bitcoin will make the everyone in the same standard.

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April 16, 2018, 03:16:42 PM
 #45

Bitcoin has a decentralized nature which means no central bank or government regulates it. It is also unique in terms of value as it can rise and fall significantly within seconds. Bitcoin uses P2P technology without central authority: Bitcoin is a decentralized currency by peer-to-peer technology (P2P), without central authority. All functions such as Bitcoin processes, transaction processes and processes performed by the network, without central supervisors or agencies for operations. Currency, money money issued by the central bank as part of its mandate to manage national monetary policy. So, I do not agree if bitcoin is controlled by the government. Because it will eliminate the natural properties of bitcoin!
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April 16, 2018, 06:22:09 PM
 #46

In my opinion, many governments want Bitcoin to disappear in the market, they believe that because of their existence there are some economic issues in many countries and even their value of FIAT in decline, Moreover, I think it is very difficult that the governments will recognize Bitcoin instead of their single currency (like, Euro, Dollars...) especially in this period.

As a matter of fact, some of them supports Bitcoin in a  secret way through the investment of huge funds in them  by some banks because they know that there is great potential that Bitcoin will be the single currency in the whole world and  in the media, they say " We refuse Bitcoin and  will always attack them" , this is an hypocritical rhetoric.

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April 16, 2018, 06:44:08 PM
 #47

The government can't just jump and start supporting bitcoin while discrediting the existing fiat currency. All it will do is just create a huge chaos and havoc, and people who are familiar with bitcoin will be at loss. And when government starts to recognize crypto currency instead of the existing currency, then how will people buy crypto currency with fiat? No one will be willing to exchange their coins for something the government won't recognize.
You are correct, governments cannot give their support to bitcoin out of nowhere can you imagine if they did something like that? It is very likely that the governments of other countries are going to pressure them to change their posture, because as we know governments are very dependent on printing their own currencies and if you take that right away from them the governments will get a lot of weaker and that is something that they do not want.
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April 16, 2018, 07:00:29 PM
 #48

Governments won't support bitcoin because they can't control it.
Governments need to be able to print money to pay for things, they need to be able to control their currency's price so they won't stuck in financial problems.
Also, accepting bitcoin means that the tax units in this specific country won't be able to follow after citizens transactions, it's an open door for money laundering.

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April 16, 2018, 07:02:34 PM
 #49

In my opinion, many governments want Bitcoin to disappear in the market, they believe that because of their existence there are some economic issues in many countries and even their value of FIAT in decline, Moreover, I think it is very difficult that the governments will recognize Bitcoin instead of their single currency (like, Euro, Dollars...) especially in this period.

As a matter of fact, some of them supports Bitcoin in a  secret way through the investment of huge funds in them  by some banks because they know that there is great potential that Bitcoin will be the single currency in the whole world and  in the media, they say " We refuse Bitcoin and  will always attack them" , this is a hypocritical rhetoric.

No government would support the btc in replacement of their existing currency unless your are the least developed country which can do it. Rest of the country would like their currency value to appreciate as it is being existing for years and has benefited those countries.

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April 17, 2018, 05:40:02 AM
 #50

Governments won't support bitcoin because they can't control it.
Governments need to be able to print money to pay for things, they need to be able to control their currency's price so they won't stuck in financial problems.
Also, accepting bitcoin means that the tax units in this specific country won't be able to follow after citizens transactions, it's an open door for money laundering.
Yes currently its not look like that they will support bitcoin, because still they may not be feeling bitcoin as good for their own economy, but i think that Japan has take the step and turn bitcoin as legal currency, as they have a very strong economy, so i am sure that very soon other countries will also follow them and will very soon make bitcoin as legal currency in their country.

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April 17, 2018, 06:19:40 AM
 #51

That would go against bitcoin's whole purpose which is a decentralized system, i dont think government will ever use crypto currency because of this feature because for centralization is fundamental in any government. Crypto currency should be fine alone rather than syncing with government regulations which involves many risk and exploitation.

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April 17, 2018, 08:18:53 AM
 #52

it doesn't sound sense , becuase of the btc or etc are not traceble money. so I think not any of goverments will accept this

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April 17, 2018, 11:03:20 AM
 #53

The governing bodies will only support BTC If it sees it as a way of replacing existing fiat. And that's a big IF.
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April 17, 2018, 11:09:10 AM
 #54

it doesn't sound sense , becuase of the btc or etc are not traceble money. so I think not any of goverments will accept this

We still need fiat money and government will not allow this thing to happen. We know government wants everything to be on their side so I think they will not fully support cryptocurrency because they can’t control it. Let’s just wait for the July deadline regarding on crypto regulations, hoping for the best anyway.

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April 17, 2018, 06:43:10 PM
 #55

If the government ends up supporting bitcoin then it will be a good thing and a welcomed development. But I doubt if they will ever plague their support for any cryptocurrency because they have so much to lose when they do. The government can't seem to lose their control over monitoring their citizens' monetary activities. And their support for bitcoin will make a lot of people shy away from fiat currency.

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April 18, 2018, 02:19:34 AM
 #56

The government is not likely to support bitcoin because the government thinks the money in the form of the paper is the money it really is and consider more effective in creating credit. But if the government to print money too avidly, even cause inflation and bitcoin can not cause inflation. Maybe the government should reconsider by supporting bitcoin.

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April 18, 2018, 03:53:49 AM
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I don't want it that government supports bitcoin instead of the existing currency. You know existing currency is paper money and do you think it is possible that government ban the existing currency and support the bitcoin. It is more difficult for government do to it. Nearly it is impossible do to it for government.   

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April 18, 2018, 06:17:09 AM
 #58

If the government ends up supporting bitcoin then it will be a good thing and a welcomed development. But I doubt if they will ever plague their support for any cryptocurrency because they have so much to lose when they do. The government can't seem to lose their control over monitoring their citizens' monetary activities. And their support for bitcoin will make a lot of people shy away from fiat currency.
Actually, just not government who doesn't like cryptocurrency, the people will certainly be many who oppose because their knowledge of cryptocurrency is still small. And governments don't have to adopt cryptocurrency for the use of payment systems, they can make their own digital currency who can manage by themselves and have a centralized system. But the society in our country is still the layman in the digital world, and still comfortable to use physical money.

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April 18, 2018, 10:47:26 AM
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The government can't just jump and start supporting bitcoin while discrediting the existing fiat currency. All it will do is just create a huge chaos and havoc, and people who are familiar with bitcoin will be at loss. And when government starts to recognize crypto currency instead of the existing currency, then how will people buy crypto currency with fiat? No one will be willing to exchange their coins for something the government won't recognize.
Need special regulation that handles bitcoin when it starts to discredit fiat currency. Besides that, so that people do not feel confused with it, the government also need to launch the official exchange service so that society will start to trust crypto because the government has supported crypto by giving the exchange service so that society will not hesitate anymore to use crypto, especially bitcoin.



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April 18, 2018, 11:41:21 AM
 #60

It depends on the type of government. If a country is a capital outflow, then it is difficult to support Bitcoin, a country is a capital inflow country, then it is likely to support Bitcoin. At this stage, Bitcoin is the most effective tool to bypass the government's capital blockade, so it is inevitable that some countries will support it, and some countries will oppose it.
If we generally talk about the governments of different countries, then most of the governments are not showing positive response and that for now, they are not going to treat crypto currencies just like the way they are treating other regular currencies. in case this thing ever happens, then this will surely help you out and that the demand of the crypto currencies will then be greatly increased.
Yeah you are right. I also think the same way. Acceptance and rejection depends upon the attitude of the different governments. If the governments support bitcoin then there is no doubt that in the future the entire world will use just one digital currency and we will feel cashless society. The transaction wil be easy and there will no need of exchange.


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