Coin War: Can A Country Officially Back Bitcoin?

[Newchanka]

Now if the insinuations by the Ripple chief is correct, what would stop China from backing Bitcoin? We may have a situation in which the two coins become the main contending 'giant coins'. What will be the effect of an official support of Bitcoin by China in reaction to US XRP backing. Is it even possible that a country will take an official supportive role for a coin? https://cryptoinfowatch.com/us-government-may-be-taking-a-look-at-ripple-as-concern-mounts-over-chinas-bitcoin-dominance/

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[BrewMaster]

haha, when they advertise Ripple they should really try to avoid words like "centralized" so that maybe we are not reminded by how centralized XRP is and maybe some readers are fooled enough to look at this token twice

[shamc]

It would not have any impact other than both coins pumping hard while the others are left in the dark. They are tradable against each other just like USD and the Japanese yen

[jacafbiz]

This is a joke I think, why would US backed Ripple and what do China gained supporting or Backing Bitcoin, one thing Government don't like is losing control and with Bitcoin you can't have that and also the distribution of BTC and Ripple is in the hands of few people this would make them to people in control of the monetary system of the world just like the Rockefellers. Both countries would rather start their own chain than support Bitcoin and Ripple

[rodalutor]

Now if the insinuations by the Ripple chief is correct, what would stop China from backing Bitcoin? We may have a situation in which the two coins become the main contending 'giant coins'. What will be the effect of an official support of Bitcoin by China in reaction to US XRP backing. Is it even possible that a country will take an official supportive role for a coin? https://cryptoinfowatch.com/us-government-may-be-taking-a-look-at-ripple-as-concern-mounts-over-chinas-bitcoin-dominance/

Firstly the US aren't going to back ripple or any other coin, a country can encourage their citizens to use a certain coin if they wanted to (I doubt they would) and of course they could try to buy a large supply of the coin themselves but no country, no person, no thing can control bitcoin.

[bitvalak]

Now if the insinuations by the Ripple chief is correct, what would stop China from backing Bitcoin? We may have a situation in which the two coins become the main contending 'giant coins'. What will be the effect of an official support of Bitcoin by China in reaction to US XRP backing. Is it even possible that a country will take an official supportive role for a coin? https://cryptoinfowatch.com/us-government-may-be-taking-a-look-at-ripple-as-concern-mounts-over-chinas-bitcoin-dominance/

in my opinion it is a form of US concern about bitcoin which is dominated by China. No matter how good XRP, of course we will consider BITCOIN to be the king of cryptocurrency and will never be replaced. US may be too relaxed in responding to this so they feel rivaled by China. This also has an impact on the economy that occurred

[timotron]

This sounds like a funny joke actually.

BTC backed by China would mean that they use for all day gov stuff? in this case, we will see a lot of tx. but sounds not very clever.

Maybe we see Neo backed by China, in the end, they are already cooperating, didn't they?

in any case, an interesting history to follow.

[Curiosity7]

Can't take XRP too serious when they are complaining about centralization. They are themselves one of the most heavily centralized projects in crypto.

[gorkem]

If Ripple is openly spoken about by the representative of one particular country (no matter the USA or not), it can cause damage to this coin.Saying such things, many investors are afraid to invest in this cryptocurrency because of its rigid centralization.Bitcoin, unlike Ripple, is decentralized and more scalable. Even not paying attention to the fact that about 70% of bitcoins are mined in China. I think this will not constitute a threat to the existence of this cryptocurrency.And China, respectively, will not get involved in the fight with the United States because of cryptocurrency.

[wizardcrypto]

No country can officially back Bitcoin at the moment. Many individual don't even know  what is called Bitcoin currently and there lot of people too who see Bitcoin as Ponzi scheme because of lack of proper understanding of Bitcoin because of this misorientation no country can back bitcoin and last but not the list the US will fight against any country that endorsed it as an official currency  unless the SEC and the Masses are ready to adopt it  as a means of financial transaction.

[cryptohunter]

Isn't china banning all cryptos other than their own one?

Why would anyone select xrp ? why not eth? why not ltc?

Not sure about that website either

[xfaqs01]

i think no government are qilling to back bitcoin, they will for sure create their own cryptocurrency rathern backing someones currency, but the good thing is they can selfregulate cryptocurrencies just like what the japanesse givernment did right now, its a very good move as cryptocurrencies were meant to be self regulated and japan was the first to implement it

[entebah]

i think no government are qilling to back bitcoin, they will for sure create their own cryptocurrency rathern backing someones currency, but the good thing is they can selfregulate cryptocurrencies just like what the japanesse givernment did right now, its a very good move as cryptocurrencies were meant to be self regulated and japan was the first to implement it

Yes, I agree with you, the government is not possible in a country to make bitcoin centralized, but the government might make their own cryptocurrency. So it's really what you say, that the Japanese government is not fully controlling bitcoin, but just making rules for bitcoin users, it needs to be sampled by other countries.

[lene silva]

Now if the insinuations by the Ripple chief is correct, what would stop China from backing Bitcoin? We may have a situation in which the two coins become the main contending 'giant coins'. What will be the effect of an official support of Bitcoin by China in reaction to US XRP backing. Is it even possible that a country will take an official supportive role for a coin? https://cryptoinfowatch.com/us-government-may-be-taking-a-look-at-ripple-as-concern-mounts-over-chinas-bitcoin-dominance/

[ngm22585]

This would not lead to a "coin war" as bitcoin going up in value would mean that individuals in many countries get rich...

[figmentofmyass]

Now if the insinuations by the Ripple chief is correct, what would stop China from backing Bitcoin? We may have a situation in which the two coins become the main contending 'giant coins'. What will be the effect of an official support of Bitcoin by China in reaction to US XRP backing. Is it even possible that a country will take an official supportive role for a coin? https://cryptoinfowatch.com/us-government-may-be-taking-a-look-at-ripple-as-concern-mounts-over-chinas-bitcoin-dominance/

the insinuation by ripple executives is unfounded. china has very little control over bitcoin. worst case scenario, if the chinese government tried to attack/control the network via bitmain's hardware (antbleed) and china-based mining pools, the network would fork to brick bitmain's ASICs and miners would leave chinese pools. and then the chinese government's "influence" over bitcoin would evaporate.

these ripple guys are just trying to create a false dichotomy: "there's chinacoin over there. since china is an enemy, the USA should back ripple!" it's total nonsense.

[Olayinka225]

Yes...a particular or a single country can still it's feer and back bitcoin or crypto in general for the betterment of it's people.  But such country should be expecting a great war from very countries that are really trying to see the downfall of bitcoin (cryptocurrency). If care is not taken carefully,  trade war might started from such with the Giant's countries.

[jseverson]

Let's clear things up: back in this context means support. I don't see any country backing Bitcoin because there's no way to control it anyway. Some people love throwing in China numbers, but a quick research would tell you that taking control is far more complicated than that.

Ripple could absolutely be backed though, considering they're a central entity. This article is a reach though lmfao. It just assumes that China is in control of Bitcoin and that the US can counteract that by supporting Ripple. Garbage lmao.

[Pursuer]

This is a joke I think, why would US backed Ripple and what do China gained supporting or Backing Bitcoin, one thing Government don't like is losing control and with Bitcoin you can't have that and also the distribution of BTC and Ripple is in the hands of few people this would make them to people in control of the monetary system of the world just like the Rockefellers. Both countries would rather start their own chain than support Bitcoin and Ripple

this is not a joke this is an advertisement for their coin. most probably the site OP is quoting was paid to publish this. you can contact any news site and ask them to advertise your coin with a fake news article. and this whole method is the same. they usually say some bank is adopting XRP and backing it but now they have taken a bigger step and talked about a "country" baking XRP. it is all done for pump and dumping the coin and keeping it alive. otherwise everyone knows well enough that this coin is the most useless token of all times. and there is no future for it.

[Prideandprejudice]

Anybody going to watch Matrix trilogy with idea that they are talking about banking/bitcoin?