If the government supports bitcoin instead of the existing currency.

[Ayiranorea]

Every government has a national currency which also represent their country as a soveriegn nation so it might be impossible for the bitcoin to replace their symbolic currency. Also to use cryptocurrency as the main currency of a country, all citizens should know how to use the internet including those who are living in a far flung areas. So before government replace the fiat with bitcoin, the whole nation should also entirely support it.

Yes, but maybe the OP is meant to say replacing the $ USD as a global money for both export and import trading.

Government Supporting Bitcoin instead of USD, No more Sanctions, no more absolute power for uncle sam to control the world and they will lose their foothold in the global financial market.

logically, like that, uncle sam will lose control if all countries legalize it, in contrast to the dollar. but I don't think they release that easily. certainly will find a way to remain a superpower

This is unlikely to happen, as in the quote everyone wants them to be the superpower of the world. When countries start supporting bitcoin automatically the economic power stands in a decentralized manner. Simultaneously more clash will happen to take power over each other, particularly someone who is strong try to keep bitcoin under control which surely causes destruction to cryptocurrencies.

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[haidil]

it's true in my country, the government hasn't legalized bitcoin and again maybe the government is still afraid of being replaced with crypto currency.

[Botnake]

it's true in my country, the government hasn't legalized bitcoin and again maybe the government is still afraid of being replaced with crypto currency.

I'm pretty sure that is not the reason, the fact that it's the government who are regulation bitcoin, they can control it.
No government would allow that their coin currency will be be replace by a decentralized currency like bitcoin, government economy reflects on their money, so how are they going to benefit if there is a big progress in their own economy.

Let's just believe bitcoin can be a secondary currency as it's impossible it will be the primary.

[emmybd]

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

[millgates]

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

It seems that government will support bitcoin but not more than government support the existing fiat. There are many unicorn that emerged those unicorn also increase country economy. Digital payment method is appropriate for it and bitcoin is the best choice. So based on that it seems that government will support bitcoin.

[boyptc]

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

There's nothing to lose for them if they will start supporting it like to say that it's good to use as an alternative payment. If a gov't doesn't want to support bitcoin then we won't see any country that will allow it on their jurisdictions.

They may not give same national credit with fiat but as long as they are supporting it in a way that they allow it, I think that's already a good indication.

[Xampeuu]

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

It seems that government will support bitcoin but not more than government support the existing fiat. There are many unicorn that emerged those unicorn also increase country economy. Digital payment method is appropriate for it and bitcoin is the best choice. So based on that it seems that government will support bitcoin.

I agree. it looks like bitcoin is an age development, and unicorns are the result of technological developments. so they can support each other. on the other hand the government must provide a policy to boost the economy, but does not want to lose control, unlike fiat currencies that remain in control

[munareal]

The government of a country will not willing want to support a currency that will take control out of its hands. Bitcoin and its technology the blockchain has so many benefits that can not be overlooked. The government will not support Bitcoin for a long time to come because VAT and taxes on transactions are used to support all the public services of a country: health, education, social services, public transport and so much.

[kennen1113]

I don't think that the governments would ever support bitcoin, as they want to completely control the economy. At best , they can do is to float their own cryptocurrency so that they can control it in some way or other.

Of course, they never want to support bitcoin because bitcoin is a financial market, loss and gain always appear here, a concern that the scope of this market is global, if the government supports bitcoin, the currency of the country may be affected when more people invest in crypto. In addition, this system always creates an ideal place for people to avoid taxes and money laundering, the support only encourages many people to become financial criminals, and the government will not be able to solve this workload.

[legenduim]

it's true in my country, the government hasn't legalized bitcoin and again maybe the government is still afraid of being replaced with crypto currency.

I suspect that some people that are in the government (i mean different governments, sure) are cryptocurrencies holders. They will simply never confess in it until crypto is approved in their countries.

[pinoycash]

it's true in my country, the government hasn't legalized bitcoin and again maybe the government is still afraid of being replaced with crypto currency.

I suspect that some people that are in the government (i mean different governments, sure) are cryptocurrencies holders. They will simply never confess in it until crypto is approved in their countries.

Government official that are hating cryptocurrency are nothing but just a hypocrite trying to bring down the solid foundation of bitcoin. These guys probably using Bitcoins or other cryptocurrency to hide their ill gotten wealth from corruptions and lobby money from different greed corporation. They are just using their hate statement against bitcoin as a smoke screen so no one will suspect that they are using it themselves.

[abeecrypto]

Well,  if you say that about only bitcoin, I will quiet agree that it is quite unlikely for government to support. But for the altcoins, I think it is quite possible. Just like we don't have a general fiat in the world, there would most likely not be general digital coin. So,  different countries, might decide to create their own altcoin and make it as a government crypto for people to use as a store of value 

[fiulpro]

Unfortunately it's something that can only happen In dreams since we need stability and wide acceptance prior for those steps to be taken.
It's really something that is not going to happen since government owns a quite a reasonable amount of banks and vice versa therefore Bitcoins which is a threat to their own national Currency and banks , is something that Don't want to support at the same time some tax payers hide in Bitcoins to refrain from getting taxes paid and such , these things are hard to be regulated therefore I don't know If government would ever work like that..

[MMysterious]

Simple. A country can support bitcoin but will never dump its own currency. But I am curious if that happens. Current bitcoin's Hugh volatility isn't good too. Maybe it will be a success if a country like Japan or Korea does it as they have the fundamentals.

[shoreno]

I think that bitcoin value will skyrocket because every people in every country will use it but the problems is the bitcoins supply which was only limited to 21 million but the world total population is about billions so how can the other countries use a bitcoin ?  We also need other crypto coins that has alot of supply or much better if the coin has an unlimited supply  . Price wont really matter because we are only talking about payment medium.

[Renampun]

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 just my imagination, the economy in the country will be chaotic If the government supports bitcoin instead of the existing currency, but it will be stable if the government in the area issues their own country cryptocurrency.

[usorin]

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?

A good experiment in this sense is USA and Europe start trading with the equivalent of crypto national coin (USDT an Euro), this could be easier to be accepted in the market then replacing a national coin with Bitcoin.

[bonker]

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 government will not support the normal currency than the people in this world will not economically developed and the products that they are invested using their normal currency will not giving the profit for them and the people who are in uneducated situation will not get any idea about the money.

[shield132]

What so you think guys, they'll just stand up and give yes to all of your wishes? Maybe they'll say yes but it won't happen in action. Overally, they won't let you to mine coin like they won't let you to print money and if we consider mining mechanism, they need something that will be exclusively available for specific cpu or something similar for governments and will be resistance to any other thing or no, there will be limited supply and that will be all (maybe some change in supply sometimes because fed loves doing such things in charge of us).
To sum up and say truth, it won't happen unless they can't control who you are and where your money goes.

[pinoycash]

What so you think guys, they'll just stand up and give yes to all of your wishes? Maybe they'll say yes but it won't happen in action. Overally, they won't let you to mine coin like they won't let you to print money and if we consider mining mechanism, they need something that will be exclusively available for specific cpu or something similar for governments and will be resistance to any other thing or no, there will be limited supply and that will be all (maybe some change in supply sometimes because fed loves doing such things in charge of us).
To sum up and say truth, it won't happen unless they can't control who you are and where your money goes.

Yes Government will not support something that they cannot control, Its like giving back their power to the people that why politicians are against in the nature of cryptocurrency.

All the government can do is to regulate the use of cryptocurrency and release a guidelines to fight money laundering. But it will never come to the point that a government will dump its own currency and start using bitcoin.