If the government supports bitcoin instead of the existing currency.

[Genamant]

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?

I would rather not want bitcoin to be supported or be adopted by a certain country to be used as means for trading purposes legally ,if it happen bitcoin will need to have a stable value and be centralized like banks.

[dat.ho12492]

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 support only the Bitcoin instead of other currencies then their economy will fully changed into Bitcoin system this is probably good and bad filled with both positive and negative we cannot be very sure about how it is possible but if it is possible then the good changes is also available.

And I believe that negative things will be bigger than positive things when the bitcoin community is too small while the user community using cash is too big, therefore, with sudden change and unexpected support from the government, many people will be hard to accept this truth. A more annoying thing is that the community will become chaotic when converting the trend of daily currency trading, they will be embarrassed not knowing whether they should choose bitcoin or available currency, the economy will be delayed for a while

[Vaskiy]

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?

I would rather not want bitcoin to be supported or be adopted by a certain country to be used as means for trading purposes legally ,if it happen bitcoin will need to have a stable value and be centralized like banks.

Bitcoin needs to grow independent, very few country have given legal support for the usage of cryptocurrency. No country will intend to use bitcoin leaving their own currency. Such a scenario will make the bitcoin network under the control of an authority. We can expect more countries to support bitcoin in the future.

[BennyK]

Cryptocurrency will attain a new high level of adoption if governments accept cryptocurrency and all of its related activities but it must be understood that cryptocurrency and the governments are working on two opposing principles, decentralization and centralization respectively.
Cryptocurrency users should not focus much on the governments because the governments will never forgo fiat. Cryptocurrency users must understand that cryptocurrency will survive irrespective of the governments take on it.

[Argoo]

Governments will never give up their national money in favor of a decentralized cryptocurrency. National money is an integral part of the state. Without national money, the state will not be able to function actively. It will not be possible to switch to the use of only cryptocurrencies of the state, if only because the cryptocurrency has practically no interaction with the state economy and has too much volatility.

[whyrqa-1]

It should be borne in mind that the national currency is not only a national identifier in the financial world, but also a real opportunity to be independent from other states, as well as the ability to control its citizens.  Oddly enough, but we, ordinary people, are just small pawns in the big game of the oligarchs and other big family clans that lead our lives, because we only make the choice that is provided to us.

[Dannaey]

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.

I am not being pessimistic here but I do not see for now that the government will accept cryptocurrency as our main currency. Because of the reason you have mentioned. In this world where money is power. They will never allow cryptocurrency even if it got too many advantages compared to disadvantages because the government does not want something that they cannot control.

[spike420211]

It would be, to put it mildly, not very. After all, people need something to pay for goods and services, and if the state does not support the national currency,
it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.

[freedomgo]

It would be, to put it mildly, not very. After all, people need something to pay for goods and services, and if the state does not support the national currency,
it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.

The current state of monetary system in every country is valued based on the economy of the country, if we use bitcoin, we won't be able to recognize the status of the economy of a certain country which now we can easily tell based on the value of it's currency and how popularity it is.

Bitcoin cannot be a national currency because every country has different interest, they create their own that they can control, they can't control bitcoin, they can't manipulate it because the big portion was already acquired by private people, for me, there's no chance it's gonna happen.

[wildey]

It would be, to put it mildly, not very. After all, people need something to pay for goods and services, and if the state does not support the national currency,
it will quickly depreciate and foreign currency will go into the country, which will have to be borrowed from outside, which, in turn, is very harmful the economy of the country taking the debt.

The current state of monetary system in every country is valued based on the economy of the country, if we use bitcoin, we won't be able to recognize the status of the economy of a certain country which now we can easily tell based on the value of it's currency and how popularity it is.

Bitcoin cannot be a national currency because every country has different interest, they create their own that they can control, they can't control bitcoin, they can't manipulate it because the big portion was already acquired by private people, for me, there's no chance it's gonna happen.

it is indeed quite a difficult thing to happen, when the government supports bitcoin as a substitute for existing currencies. in addition, the country concerned is likely to experience economic instability due to the influence of fiat, and bitcoin which exists as a legal payment tool.

so far, I only support bitcoin as an alternative payment, and technological development. although this is very difficult to happen, but I think replacing the current currency with bitcoin will only cause some problems from some parties.

[peter0425]

Neither bitcoin nor paper money has any real value, but notes have national credit support, and what if bitcoin also gets national credit?

Positivity is indeed but let’s not forget the anonymity crypto has implementing I think this will be the issue Incase

The government will lose its macro-control policy but it can also effectively eliminate inflation, two relative ratios. Is that a good result?

Inflation makes the country behind everything so if this can eliminate inflation problem then we don’t be needed macro control(that’s why I guess )

Of course, I know that the government is very unlikely to support bitcoin, but who knows?

Remember that there are already governments that supports bitcoin some possibility is always there though it will surely take some time to happen

[Tylev]

Any government can only inactive support bitcoin and other decentralized cryptocurrencies, that is, create favorable conditions for the cryptocurrency to circulate on its territory. Moreover, no government of any state will ever give up its national money, as this will be detrimental to the existence of this state. The economy of the state cannot work on other people's money that is not controlled by this state. Therefore, cryptocurrency can only exist effectively along with national money.

[Andrews193]

Any government can only inactive support bitcoin and other decentralized cryptocurrencies, that is, create favorable conditions for the cryptocurrency to circulate on its territory. Moreover, no government of any state will ever give up its national money, as this will be detrimental to the existence of this state. The economy of the state cannot work on other people's money that is not controlled by this state. Therefore, cryptocurrency can only exist effectively along with national money.

National currency is always the leading support target of the government when it represents the strength and value of that nation around the world, besides, with the national currency, the government can clearly control activities, seek more benefits and build a stronger country, while bitcoin or crypto, the activities and interests of these two objects are concentrated only for the owner, the government is not involved and has no right to participate. Support only messes up the government's system, let it grow normally,   even if necessary, restricting development is a certainty

[yulionoo]

in my opinion the government will never support bitcoin because they already have a national currency. and they cannot possibly support a currency that cannot be controlled. and the government will not support bitcoin because anonymous bitcoin can be used for criminal acts. like for money laundering and buying and selling drugs. so I am sure the government will not give national credit to bitcoin.

[marcbitcoins]

If a certain government will do that then expect their traditional currency will be undervalued or the worst will be no value at all in which their economy may collapse because most of the government are depending to their reserves of money therefore i think it is impossible for any goverment to obsolete their traditional currency just for Bitcoin currency.

[Magkirap]

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?

Cryptocurrencies runs on blockchain which consist of complex algorithms that makes it hard to regulate or control by an istitution easily. This is the reason why Bitcoin and other cryptocurrencies was impossible to control by the government. Maybe they can support it in a way that they don't banned it in their country but not in a way that they will regulate it because if this happen the price of cryptos will now be much stable and not volatile.

[agentx44]

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?

We can never conclude anything yet about it since it hasn't occured yet. If ever bitcoin gets national credit support, maybe the inflation gets resolved but I think it would only be for a short time. As soon as many people get to know about bitcoin, the inflation will get worst back again. The lose of the government's macro-control would be a large contribution for a pure transaction and monetary system, free from greed and free from power tripping of those who are in the higher position which can be a great thing for us.

[iMark]

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?

Cryptocurrencies runs on blockchain which consist of complex algorithms that makes it hard to regulate or control by an istitution easily. This is the reason why Bitcoin and other cryptocurrencies are very hard to control by the government.

Yeah Fiat has value because it is supported by the government and the country's economy. but that does not mean that bitcoin does not have any value, even without government credit, bitcoin still has a value and high worth of price from a very large amount of demand in the market.



Thats right, that is why the government has been reluctant to legalize bitcoin until now, because the use of fiat may be reduced because the effect of this, although the effect is quite good in terms of the economic of community.

[youdacapt]

Inflation will decrease, but will face problems that they cannot overcome. Many developed countries are only limited to allowing it informally, but the implications do not go into national policy. They also must respect the economic MoU for multilateral relations. Control over the public will be its own problem, the government has not been able to because they have to maintain their banking policies, many things can change with bitcoin, but must pass through a very risky impact.

[ice098]

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?

Cryptocurrencies runs on blockchain which consist of complex algorithms that makes it hard to regulate or control by an istitution easily. This is the reason why Bitcoin and other cryptocurrencies was impossible to control by the government. Maybe they can support it in a way that they don't banned it in their country but not in a way that they will regulate it because if this happen the price of cryptos will now be much stable and not volatile.

They cant easily trace bitcoin transactions thats why they didnt want to support it. It will be a big problem for them to legalize this one, many hidden transactions will be made out of control , even the fiat they cant even control the economy , so what if bitcoin will be legalize right? Also many banks will adjust too as well as all the country law.