Does it even matter if governments and banks accept cryptocurrency?

[Ladysmith]

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

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[nicster551]

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

Of course it does, because somehow when people knew about that banks do accept it then they would try to interact with it and there will be more volume inside the crypto space.

[dothebeats]

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

Why so? Do you think it's easy to topple governments just because AI and blockchain is taking over? I don't think so. We only need the governments and banks approval because they run the whole economic scene; their approval is somewhat valuable if we want to continue using bitcoin and other related services connected to cryptocurrencies without any restrictions and unfair limitations. They don't necessarily need to integrate bitcoin and cryptocurrencies in their infrastructure, but having them approve the existence, trade and exchange of bitcoins and other cryptocurrencies is a huge plus for the confidence of the masses who would want to try it out.

[geminiboy]

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

if the government and bank accept the cryptocurrency it will be better, because crypto will be stronger, but accepting or not crypto has moved forward with a large community that cannot be stopped

[Renal]

I also think that blockchain will be difficult to work with banks because the government still rejects crypto, so this will be difficult to come to the fore.

[mk4]

It really depends on what you mean by "accept".

If you mean the government "accepts" bitcoin in terms of legality, then sure. It has a significant effect, whether or not if it's actually going to be used for payments or for store-of-value only. While bitcoin will definitely not go anywhere even if it becomes illegal, bitcoin being legal is still quite important. Though bitcoin can still work without their interference. It's just that people are likely more to hold and use bitcoin if it wasn't illegal.

[squatz1]

This question has come up time and time again, and honestly, I think the answer is going to be yes -- even though they're going to be selling it for fiat immediately. This is still something that promotes adoption and allows people to use their cryptocurrency to pay for taxes, permits, fees, (and bank related activities)

So yes, yes it does.

[googs84]

They do have lot of pros and cons if they ever accept the crypto currency. The fact which you said about the security will also be applicable to it today because they add up more regulations and a way of using it. This means a lot to the crypto community as we lack these things today and can be improved by government themselves once they start using it. Now there is also another benefit of this change, with the time crypto being accepted by government and banks, one can have major revolution in the blockchain due to need to explore more and more ways of spending the same. I have got like more positive feelings about it than the negative one.

[Bagaji]

Absolutely it does matter when the governments and the Banks come into a conclusion to accept cryptocurrency, this will give a face lift and exposure into cryptosphere. The involvement of these parties cannot be over emphasis as they will bring more innovations into Blockchain technology(cryptocurrency) with their experience in the traditional method.

[sammyp]

Personally I think the banks and governments matter a lot when it comes to the acceptance of cryptocurrency. If banks and governments finally do accept crypto currencies, there will be a mass adoption from the public. Most people attracted to cryptos but are reluctant to get involved because of the fear that their governments may not support cryptos.

[veleten]

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

In the past, people relied on governments and banks not because they're "governments" or "banks," but because they provided security.

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

of course it does matter!
it is,basically , the endorsement of the crypto by a state , you can expect the number of people using bitcoins
or other crypto in that country effectively quadruple, it will also do wonders for the adoption in other countries
this can cause a chain reaction where this positive experience be used by other countries as well
even if it starts as an experiment, it will surely help a lot

[Ladysmith]

Once AI, blockchain, and improved means to use crypto provide even better security than governments and banks ever could, whatever they do will be irrelevant.

Why so? Do you think it's easy to topple governments just because AI and blockchain is taking over? I don't think so. We only need the governments and banks approval because they run the whole economic scene; their approval is somewhat valuable if we want to continue using bitcoin and other related services connected to cryptocurrencies without any restrictions and unfair limitations. They don't necessarily need to integrate bitcoin and cryptocurrencies in their infrastructure, but having them approve the existence, trade and exchange of bitcoins and other cryptocurrencies is a huge plus for the confidence of the masses who would want to try it out.

They run the whole economic scene for now because not everyone has accepted crypto, and rightfully so. It's not stable and a variety of things can turn south. Once escrow systems and distributed exchange networks are put in place, eliminating the need for exchanges that can be shut down by governments (or hacked), it will likely become the norm by default. There would no longer be a reason not to take part and everyone would save a ton of time and money due to the efficiency of transactions and absence of fees. Businesses owners would also be at ease in each step of the supply chain not because of laws that can easily be broken but because of blockchain.

[jakelyson]

Of course it does matter. We live in a society where law and order rules. If we want to be able to continue using bitcoin legally, it needs to be accepted by the government we are in.

[rumexx]

The worst may be the status quo will remain. If  governments and his agents does not recognize bitcoin nothing serious will happen rather the situation will remain just as it is now. Much as government tried to control bitcoin and has failed they now decides to kill bitcoin since they can not take over. Since the beginning of this year there has been serious attack on bitcoin from various governments and her agents but it is heartwarming to note that bitcoin has remain resilience against these attacks and have refuse to break the support at $6K. Nothing will happen but it is  for their own interest that the recognize bitcoin.

[Ladysmith]

There is buzz about the prospective of governments and banks accepting crypto or creating their own for its mass acceptance.

I don't think this is even worth acknowledging, as all of the present and future innovations are going to come from the private sector. Governments are just responsible for damage control, do a God-awful job for the most part and have never achieved true democracy.

if the government and bank accept the cryptocurrency it will be better, because crypto will be stronger, but accepting or not crypto has moved forward with a large community that cannot be stopped

Don't you think this defeats the idealistic purpose of decentralization? To give more power and freedom to the people? I don't think it's a good idea to make crypto stronger just for the hell of it. I agree that it is moving forward anyways, but I don't think centralized acceptance matters. The community will grow once its applications grow and volatility/risks are worked out.

[yoseph]

For the banking industry I wouldn't really care if they decide to accept cryptos or not it's not going to have any major effects on cryptos as a whole but when it comes to governments it's a totally different matter and that can affect the value of all cryptos.

[Ladysmith]

Of course it does matter. We live in a society where law and order rules. If we want to be able to continue using bitcoin legally, it needs to be accepted by the government we are in.

We live in a society where laws issued by governments rule for now because we haven't universally integrated blockchain or crypto, and AI hasn't evolved enough. Once this happens, I envision governments as we know them to be irrelevant and a human collective to be the outcome, which would solve a ton of issues.

An Artificial General Super Intelligence would easily be able to take over the global economy, control the media, and take over governance by making elected officials obsolete.

With a desire to achieve world peace and prosperity, it could save us from ourselves and find the most viable ways to prolong humanity's peaceful longevity.

[bitvalak]

It really depends on what you mean by "accept".

If you mean the government "accepts" bitcoin in terms of legality, then sure. It has a significant effect, whether or not if it's actually going to be used for payments or for store-of-value only. While bitcoin will definitely not go anywhere even if it becomes illegal, bitcoin being legal is still quite important. Though bitcoin can still work without their interference. It's just that people are likely more to hold and use bitcoin if it wasn't illegal.

If the government accepts cryptocurrency, the regulation will be made difficult because bitcoin is above fiat money. Which regulation will be used as a way for the government to take unilateral profits. What I know is that there are already a number of developing countries that include cryptocurrency as a commodity, not as a currency.

[pawanjain]

Yes it does matter if governments and banks starts accepting cryptocurrency because it will open the gate to many other people to join the crypto community and start investing in cryptocurrencies.
It is always better for bitcoin to be regulated and accepted rather than being banned. The bigger the community is the wider the adoption will follow.
When many people starts using cryptocurrencies, more money will flow into crypto and the coins will get widely distributed thus the value of coins will get increased.

[kwakgyimah]

Banks and governments can help stabilise the world of crypto to some extent. I believe it does matter if governments and banks would accept cryptocurrency, as they have the capacity to propagate the good news of blockchain technology and bitcoin to the rest of the world who are  still skeptic about the world of crypto.