Does it even matter if governments and banks accept cryptocurrency?

[Zrs]

I think bank and government may not accept crypto as it is decentralized and peer to peer network. Once bank accept it, crypto will no more decentralized rather it will control by bank and government.

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[Victorycoin]

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.

It's true banks and governments acceptance of cryptocurrency would boost the mass adoption, but that won't be the end of the story.It would also mean the governments finally got Bitcoin where they wanted and the price would now become what they wish. I see it not going down well and to a very large extent, Bitcoin was created to bypass banks and governments.

[Btcjunpitz18]

Probably, the government and banks may accept crypto currency if every person gives their identity. I think, the government and banks would not allow to transact if you don't submit your presonal data.

[bloodyvio]

i think both are important
because if the government accepts bitcoin as payment in their country then their society knows what cryptocurrency is and this will trigger adoption by many people
as well as banks, because banks are far more users today than cryptocurrency
if the bank accepts cryptocurrency it will increase the interest of many people
even though actually with cryptocurrency we become our own bank, but yeah we need those two things

[cxmyifan16]

I think that this will lead to the certain changes but personally for me this won't play much role. I will continue investing in crypto as before and sell coins at a more expensive price

[b3llsf1l3s]

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.

in my opinion what will be the problem is, how important is the role of the bank and government in this cryptocurrency, is their influence after cryptocurrency accepted can change public opinion? if no changes are obtained after the cryptocurrency is legalized it would be better to delay this.

there should be a strong reason to distinguish between before and after

[aray80]

important, because not all of the bitcoin investors have free time to monitor market movements and also they are used to giving up all matters related to their assets to the services provided by the Bank

[gohan21]

Goverment can't understand what is cryptocurrency but some people. Lot of people explorer's know it already some remedies people already accepting crypto or bitcoins.

[sneeze11]

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.

Yes of course. Cryptocurrency can also provide what we called "security" but unlike banks , crypto is not manage and controlled by governments. People are hesitating whether to invest on bank or in crypto the choice is in their hands but giving them some thoughts and opinion will probably change their mind.

[suzanne5223]

Yes, in the past people relies on governments and banks of which they failed and this is why Satoshi N also thought we need a decentralized currency which will be control by the community not the governments or banks. Mind you, we still need the government to endorse the use of cryptocurrency in other for it to be mainstream of payment.

[Zander Berger]

While the acceptation by the government will help the Cryptocurrency to grow and more people will show interest in it, it will also destroy the decentralized system of the cryptocurrency. Such kind of change will force the cryptocurrency to transforn on the fundamental level and the cryptocurrency will never be the same. It will also effect the crypto market, which in turn will either have flourishing moment or witness a catastrophic result of centralization.

[libert19]

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.

If ever crypto gets green chit from worldwide governments, it will bring masses in. But, if they are against it, it will be pretty hard nut to crack..

[pooya87]

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

these two subjects are very different from each other though.
the government creating their own centralized altcoin is not going to do anything for the cryptocurrency in general. not directly anyways. that is why nobody cares about these gov-coins, for instance the Petro of Venezuela didn't change a thing. their stance about cryptocurrency (the first part of your statement) however changes a lot. a more friendly stance (like Japan) will help the adoption grow fast and easy while a negative stance (like India) will only slow things down and move people to p2p methods.

[market-beta]

certainly very important, bro. because with the joining of the government and the Bank can provide at the same time a positive impetus for the world of bitcoin bro. to be more advanced. and many people invest in it ..

[Pursuer]

technically it should not matter because of the way bitcoin is designed to be. a decentralized currency like bitcoin should never be affected by the way government and banks treat it because it needs neither of them and more importantly it was created so that we can have a system without either governments or banks!

but of course it is obvious that bitcoin can flourish a lot faster and easier in an environment that is friendly towards it rather than in a hostile environment. and the advancement of the technology will be a lot easier too.

[xfaqs01]

if it happens to be that banks and governments accept cryptocurrencies then many will become billionaire because of huge distribution of wealth, many will be happier, but its not gonna happen i think, they are the predators of the financial system so whatever they should they will only make huge profit and not distributing wealth.

[Callanta787]

I've created a thread like this in the past and the response I got is not satisfying ,I still believe that government involvement will help crypto in most ways ,especially in ICOs area where people are getting scammed ,ICO fraud will reduce a lot but for other reasons like not distributing wealth I can't say

[Buttermellow]

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

Absolutely, This may true for some time in our country the regulations of cryptocurrency was being imposed and so far there is no problem with how it works only is that there is no anonymity in our local exchange for we have undergone one time KYC. However, the effect is good because scammers had no courage already to scam others unless if they want to be jailed.

[Hivalley]

How many nations(governments),have cracked down on the system within its shores/jurisdiction?,a lot have done that, and the reason being they do not approve/endorse(accept) the currency due to various and varying reasons, so I think it's pertinent we gain government acceptance/approval,it will not only help promote bitcoin/alt coins, it will also propagate our desire for mass adoption

As for the banks they definitely work hand in hand with the government,so an approval on the other side is also an approval on theirs, probably in the near future the blockchain technology will be adopted in banks and by the government,Bitcoin/B chain is not looking to oust fiat/banking system(as that's never going to happen), but to be able to work side by side with it, and become as prominent as it is

[brooklynian]

Banks are subject to government regulations and can not do anything in isolation unless it is in line with the central bank rules. If governments accept cryptocurrency, it means that banks will likely be able to deal freely with cryptocurrency. This will be good for cryptocurrency users.