Does it even matter if governments and banks accept cryptocurrency?

[jcpone]

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.

Yeah it's better to set regulations for bitcoin rather than banned. Governments need regulations to monitor the transactions and to identify if it's illegal or not. This is important for every government.  Without regulation, it will be a difficult job to control these illegal jobs.

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[kendra1107]

If we will recall the very reason why Bitcoin/Crypto was created is to remove the third party, governments and banks, through decentralization. So in this sense, we'd say it doesn't really matter whether or not govs and banks accept crypto. But eventually, govs found a way to have a slight of hand in the system via regulations. Banks on the other hand entered the scene by accepting crypto and/or creating their own currency. Now with all of these happening, it seems these two entities have not been totally removed by decentralization. At present, everything matters.

[mornabo]

Mass acceptance is what cryptocurrency needs and governments and banks accepting crypto is going to help in this regard. Its value will rise which will bring nothing but good.

of course not a problem, even it will help the development of bitcoin become faster, yeah you're right, we need mass adoption so we
can more easily use bitcoin for anything like shopping and acceptance from the government and banks will be very helpful for it

[Rustamm]

Governments and banks can continue to exist without cryptocurrency, but it would be much better if they accepted and used a decentralized cryptocurrency. Most likely, it will be so, especially after a significant part of the states legalize it. Banks will then be cost-effective to provide services in cryptocurrency. True, to what extent, we'll see. But the government is unlikely to use cryptocurrency widely. It may allow its circulation within the country, however, it will not actively support it, since it is generally not interested in it.

[SlickMoTwoToe]

I think that you are chosing to interperet goverments "acceptance"in the wrong way , goverments should not are not going to use bitcoin. This is something that is very very unlikely.
Goverments shoould accept btc in such sense that citizens are allowed to use BTC and their economies should be allowed to do so as well without any problems and with regulations , possible a bit different that in usual finance markets.

It will matter, Government is the foundation of some countries today, making them trust the crypto currency system will give the users an opportunity to widen the use of it in making the technology and economical growth of the country itself. Banks will be close I think if that happens because in Crypto currency people can control their digital money online including the transactions and other functional details.

[cahbagus555]

Government and banks will accept cryptocurrency in near future i think. Its because with cryptocurrency, people can travel using cryptocurrency and dont have to carrying paper money. Its digital world and people will go digital in everything. It will good if government regulate cryptocurrency and banks start receiving cryptocurrency for deposit

[Kez1817]

   If Government and banks accept cryptocurrency will be much better. There will be more security and more reasons for crypto to last longer and stronger. But i think it will take so much time to happen,just hopping.

[iMark]

I think that you are chosing to interperet goverments "acceptance"in the wrong way , goverments should not are not going to use bitcoin. This is something that is very very unlikely.
Goverments shoould accept btc in such sense that citizens are allowed to use BTC and their economies should be allowed to do so as well without any problems and with regulations , possible a bit different that in usual finance markets.

Agree, certainly not a problem and it is a good thing if the government accepts bitcoin in their country. because it actually gives a lot
of positive things for their society such as new jobs, a better economy, transparent payments and so on

[iv4n]

I think that you are chosing to interperet goverments "acceptance"in the wrong way , goverments should not are not going to use bitcoin. This is something that is very very unlikely.
Goverments shoould accept btc in such sense that citizens are allowed to use BTC and their economies should be allowed to do so as well without any problems and with regulations , possible a bit different that in usual finance markets.

Agree, certainly not a problem and it is a good thing if the government accepts bitcoin in their country. because it actually gives a lot
of positive things for their society such as new jobs, a better economy, transparent payments and so on

If government accept bitcoins they need to have a way to process it trough the system, how to tax it, control it, they don`t need to use it directly but they need to have system that support it. Will they use it directly in some situations, remember the news from last year when we read about how UK and some other countries are buying bitcoins to have if they need to pay some ransom. New jobs will appear, but many old jobs will lose their purpose, administration, banking system will suffer the most, the ones with programming skill will find job easier than the ones with economy skills. I agree with one thing, crypto can give transparency and that can increase trust in global economy, it`s what people need I believe, it`s why crypto gaining so much popularity.

[davlewis]

Crypto currency are decentralized currencies, but still government has some kind of regulations over it.
As the policy of the countries are scrubbed by the government and also people rely on banks for investments, it would be great if crypto gets accepted by both

[concitta]

Crypto applications in a conventional bank system will cause problems because they also use the fiat system, there will be many things about transactions that they cannot set if there are errors from the adverse side, especially hacking problems.

For banks I prefer if they only become third parties / finals for fiat conversion. but for government regulations it is mandatory because it takes into account asset control and prevents ico investment from becoming too crowded without special rules. They have the right because if it is not controlled it will cause fiat inflation which is very severe in the future.

[Olayinka225]

Yes it does matter why?

Because it's what we have been expecting for a very long time, why because it's going to bring about suitable transaction flexibility between all crypto enthusiasts

[zitbau]

I think it is very important and necessary for the development of bitcoin. Put in case if all the governments do not accept it, I think the investors will give up bitcoin and bitcoin will not be able to grow strongly. If bitcoin is accepted by the government and supported by banks, it will open up more opportunities for future bitcoin development.

[Daniel91]

Personally, I will feel more relax and free if my government accept bitcoin.
Currently, If I withdraw my income from bitcoin i can't report it as bitcoin profit.
I have to report in some other, legally acceptable way and I don't feel good about it.

[dmamigo]

Personally, I will feel more relax and free if my government accept bitcoin.
Currently, If I withdraw my income from bitcoin i can't report it as bitcoin profit.
I have to report in some other, legally acceptable way and I don't feel good about it.

At least you have the facility to withdraw your Bitcoin, here in our country it is completely restricted to trade fiat-crypto or vice-versa. And most of them who thought it as a scamming mechanism grew their misunderstood info to another level. So government acceptance will help the society know the truth and know it better. Also, it will promote usage among the people, the new generation who is quite handy with the online transaction using electronic devices.

[stayeduptolate]

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.

It doesn't matter if governments or banks accept bitcoin or not as if you take the example of India where the national bank banned cryptocurrencies trading in general but people still do buying and selling through the means of p2p, so even if the governments and banks stop accepting bitcoin then also we can transact through p2p, and when the authorities see the need of bitcoin they will eventually make it legal and that would revolutionize our banking and other industries as they world be able to use blockchain technology through that.

[hero1111]

Of course, it is so important subject what you are talking, don't forget the market is waiting to ETF result and if it except it will be so important for all market and for next step, I mean next step will be governments and banks acceptance so it means is so important.

[javadsalehi]

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.

It doesn't matter if governments or banks accept bitcoin or not as if you take the example of India where the national bank banned cryptocurrencies trading in general but people still do buying and selling through the means of p2p, so even if the governments and banks stop accepting bitcoin then also we can transact through p2p, and when the authorities see the need of bitcoin they will eventually make it legal and that would revolutionize our banking and other industries as they world be able to use blockchain technology through that.

You are right when we are talking about the possibility of making a transaction. Since now almost no country has officially legalized bitcoin. But some people are using it (mostly for earning money). But for reaching the main goal of bitcoin needs governments acceptance. The main goal is bitcoin is used in shops and buying things. I don't think that can be easily reached without permission of governments.

[nahotachikwem]

If the governments accept cryptocurrency, it will boast the existence of crypto and make it popular if banks are involved. But would still want it to be decentralized.

[bangkecol]

But with a government that can monitor transactions from cryptocurrency itself can cause cryptocurrencies it is not impossible to easily enter the government, and that is what bitcoin needs as a reference to get legality.