If the government supports bitcoin instead of the existing currency.

[Intensity13.6]

Government can't control bitcoin because it was created as a decentralized digital currency. If ever government support bitcoin well it was food for the people using it and i think if it will happen government can regulate bitcoin and we are obliged to pay taxes in return.

[1714833296]

1714833296

[1714833296]

1714833296

[1714833296]

1714833296

[1714833296]

1714833296

[Marcel666]

Bitcoin is a decentralized platform, and is in contrast with the conventional financial sector. It doesn't have a central control system, just links in the blockchain.
The gov't can only adopt it,  if they can control it.
Cryptocurrency would undergo regulations before it could ever be a global currency.

[bennypagulayan]

Governments could support cryptocurrencies but not instead fiat currencies, this is not possible.
All governments and countries in the world are depending on fiat, every economy is based on fiat and cryptocurrencies can't change that. And besides because of crypto nature they are not convenient to build economy on their own.
But with regulations and adoption government can support cryptocurrencies in.a way or to be more precise on that way Bitcoin and other coins could be introduced in traditional economy system and help them to become more equal and accepted.

Right! I think so too.
It is not convenient to build your own economy.
Other currencies may be introduced in the traditional economic system and make them more equal and more acceptable.
Government can (support) electronic money but not replace current currency.

[Fantastic33]

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.

[TheGreatPython]

It will never happen.  The government will accept the bitcoin when and only if the government finds a way to control the bitcoin in the future.  that bitcoin is decentralized. the government can never control bitcoin.  I am sure 100% of the government will never accept bitcoin

There is nothing which you cannot expect to happen and that there can be a time when you hear such news in which the government starts supporting these crypto currencies but even then, the government will not leave the paper currencies and that the people living in such countries will then be able to make use of either of the currency based on their own choice.

[Maddinson100]

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.

[gunhell16]

there will be an improvement in the community especially in gaining speed of transactions.
there will be more options for the people in grabbing those future incomes.
but also! there will be another side of the story.
corruption will be cleaner and harder to solve.
tax evasion will be massive.

[panjul07]

It will never happen.  The government will accept the bitcoin when and only if the government finds a way to control the bitcoin in the future.  that bitcoin is decentralized. the government can never control bitcoin.  I am sure 100% of the government will never accept bitcoin

There is nothing which you cannot expect to happen and that there can be a time when you hear such news in which the government starts supporting these crypto currencies but even then, the government will not leave the paper currencies and that the people living in such countries will then be able to make use of either of the currency based on their own choice.

I have to agree that no government will support bitcoin and leave paper money. It wont be good for any countries to have bitcoin as their main currency because of the fluctuates price. It is only possible for government to create their own digital currency using the technology of bitcoin or other crypto. Obviously the currency will have stable price like what we have in our own country.

[Alpinat]

People today are technology literate right. But, we must consider those people who doesn't even know what is internet if the government try to or supports bitcoin or any cryptocurrency many people in each country can't follow the generation and they can have discrimination about it. It is still better that they support FIAT for now.

[hilawnasaging]

There will be two sides for this story. First, if the government are corrupts, well they can corrupt and even manipulate the bitcoin entering the country for their own purposes especially if the value of it regains again. The second one is that more investors are attracted for being modernize in terms of selling and buying goods with the use of bitcoin, plus, it's free for all. Which means that the developers are only capable of manipulating the importations of bitcoins, and the government can't do anything about it.

[jaryfaaad]

Government can surely be a part and I think it will help the crypto currency more.

[Courtneyhardy89]

I think Governments don't support bitcoin because bitcoin is decentralized currency and fiat existing paper currency is a centralised currency which is easily controlled by any bank systems.

[TobMarshall]

If the government support the bitcoin, it will help sustain the strength of the coin, giving it more ground wide and across. The obvious facts is that the coin will no longer be decentralised, it will be limited and will soon enough fall back to national disadvantages countries have with currency, especially corruption. The best the government can do is to create a system that will manage the excesses of the crypto to it nation and seek how the crypto can better her nation.

[Mikado$]

In my opinion, that is the contradiction in their management. This is very difficult to happen. Fiat is very important in the economy of any country. Fiat is a useful tool of the government to operate and maintain as well as develop the economy. Replacing Fiat with crypto or bitcoin is almost impossible. Instead, I expect more from the ETF.

[gelinshidong]

While eliminating inflation is a big benefit, most countries won't support Bitcoin, because, as you said, they lose control of the economy!

[hanlap]

While eliminating inflation is a big benefit, most countries won't support Bitcoin, because, as you said, they lose control of the economy!

The answer is disappointing (but accurate) is depending on the circumstances. Cashless society will be trend of the future so government and central bank have no choice but to prepare for trend. But a cashless future does not necessarily require government-recognized virtual money. Although Bitcoin and other virtual currency technologies will certainly pave the way for introduction of many useful applications, cash replacement can not be one of those applications.

[poTTer666]

Working hand in hand with the government will be difficult and it might not happen.

[deus030518]

For me I think it will not gonna happens for the reason that the Bitcoin is decentralized currency. And if the government will support the bitcoin all the people using bitcoin will have a problem with the money and no one will earn big from it because if they support it they will levy us with tax and what we will earn will be deducted the fees and the tax that the government and the exchanges will get from us.

[Arkham Knight]

I think the government will never favor bitcoin against fiat. Those politicians are smart  and using crypto can easily link them to their anomalies and it will be the strongest evidence against them that they cannot alter. So they want fiat because if things got out of hand, the proofs are very easy to erase.

[Shafiqul Islam]

No government can permit bitcoin instead of fiat currency which is issue by banking systems. Fiat money is centralised currency and easily can control by government..but bitcoin is completely opposite.