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?

[pedangrusak]

https://www.ccn.com/chinas-merchants-are-legally-allowed-to-accept-bitcoin-and-crypto/

news on the link link above is the first step China receives bitcoin and crypto because China is a large crypto market and if the full legality of bitcoin in the country there will be a positive change for bitcoin and prices

[suprex333]

Bitcoin is a tool that has a good and bad impact on the economy of a country, but not all countries have and accept bitcoin, seeing economic wars between the US and China become one thing that is difficult to unite, the competition that attacks each other and will have an influence on value digital.

[MohamedJones]

It would not have any impact other than both coins pumping hard while the others are left in the dark. 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.

[MrCrank]

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

XRP is centralized. It's true.
They can't control BTC like Rockefeller's.
If they created own chain, this will be not popular and "centralized"
Bitcoin have good future!

[freebutcaged]

What is officially backing the Bitcoin mate? I don't think that there is a such a thing as officially backing

Something like Bitcoin, what would it take to do that? what would China need to do in order to back Bitcoin.

It's not like they could ever control the supply of the coins and say that for every coin they have gold in

Store to back it up.

It would not have any impact other than both coins pumping hard while the others are left in the dark. 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.

Bitcoin is not dominated by China, you think if most of the miners are in China that would make them

Dominating the whole system just because people are using the land and electricity of Chinese?

XRP is centralized. It's true.

Xrp is not even a real coin, it's a system where a centralized company has control over the supply.

You can't even mine it, it's not a crypto at all mate.

They can't control BTC like Rockefeller's.

Who told you that they are in control of Bitcoin? believing that a rich family has control over Bitcoin

Is being naive at best, do you really think they own Bitcoin?

[jseverson]

It is a form of US concern about Bitcoin which is dominated by China.

I don't think the US is concerned with this at all. This piece is just propaganda to make Bitcoin look like a villain and Ripple a hero. Anyone who knows how Bitcoin works know that majority being behind the great firewall doesn't mean that China controls it. It's a nuisance because China could cause miners a serious headache, but it's very fixable, and miners are making it even more fixable by distributing their farms elsewhere.

Overall, there is some cause of concern, but any problems that may arise from it are short-term and doesn't threaten Bitcoin's well-being at all.

[bitfocus]

Seriously! Ripple is totally centralized, it means just using the present system in a crypto-form - no anonymity or privacy as BTC!

[bajingluncat]

maybe as individuals like us bitcoin is something important even special but from the view of the state especially the big country, bitcoin is still considered something that has not held full control of the country's economy so it is not too prioritized, there are many things above bitcoin that they have to think about, there may be news in that direction, but in reality bitcoin is still an investment tool, and it hasn't affected much, but if someday bitcoin has played an important role in the economic chain, maybe the government will pay more attention, and the country will get involved there.

[Diced90]

For what it is today, Bitcoin can't be backed officially by any country because it does not have the infrastructure for regulations which is what most governments want to see. This is certainly, not the case for Ripple which has a higher chance at being backed than BTC.

[Pan Troglodytes]

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

Well, they do ban it then they don't then they ban it again. It comes in waves. What stops them from stepping down again even if they say they back bitcoin ?
 

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

Not sure about that website either

[TooDumbForBitcoin]

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/

Oh how I am tired by such conspiracy theories. It is only wet dreams of the authors. And why XRP? When it became cryptocurrency?

[sinkfish]

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

when you cant beat them, join them. China learn this, Japan learn this. US still in progress. India haven't get a taste yet.

[jonathan6655321]

if they do, we all will be rich

[Urbexs]

I think a country can not officially endorse it as an easy thing, but maybe in the future.

[bling-bling]

I believe any country can do so as long as the governing body decides to. To back or support a currency is not so much of an issue for governments in a literal sense. Governments can do whatever they want since they hold authority on almost anything. Governments always find ways to get what they want. If they want to back Bitcoin, they can.

[Mariela Perez]

It is funny to hear that the Government will back something decentralised that way. Even their backing system is centralised. Some may interpret it that the government may wish to centralise the Bitcoin. Apart from that there are no othere way to explain it.

[messito]

I do not believe that now any country is ready to take control of the coin and officially declare it. it's too early to talk about it

[beami]

Bitcoin is decentralized which moves continuously and uncontrollably, even though the holders are from one country. Even though China has many holders but all of this will continue to advance according to its journey, no one will be able to control bitcoin globally.

[ribowo76]

Is it true, bitmain controls 70% of bitcoin mining? If it's true, I think it can be dangerous for the bitcoin ecosystem. Because, there is no meaning decentralizing bitcoin 

[Galaxyfrop]

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.

[Sam San]

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.

if the coins go under the control of any of the countries, it will not create military actions to promote the coins, but will lead to their rejection by the society using cryptocurrencies. any control kills the coin, decentralization is the way to success.

[elastiman]

Sure this is going to happen sooner or later but ex-socialist countries like China and Russia are having problems transitioning into new markets and new technologies and always look west with distrust. Although Estonia seems to be the exception since is the first country backing and accepting widely Bitcoins and the United States is the second and Denmark the third according to the top 10 of bitcoin.com. https://news.bitcoin.com/worlds-top-10-bitcoin-friendly-countries/

[Kakmakr]

Ripple are having some wild pipe dreams with these statements. They will do anything to grab people's attention and as seen before, partner with anyone, just to survive. <They were also one of the first Alt coins to partner up with Banks> 

So they are now bending over and asking for some attention from the US government. 

Governments do not have to use Alt coins, to achieve their goals, they control fiat currencies and that gives them control over fiat conversion from Crypto. 

[virasog]

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.

This is really not good and these tactics should not be applied in order to gain the more popularity for the coins. Anyways Ripple is always been considered as a banking coin which banks are willing to use. Anyways in the long run only the decentralized coins with a good project will succeed.

[NickVick]

I think that no government wants to pay back the bitcoin, they will surely make their e-money, not the money, but the good thing is that they can adjust their e-money just like what they do. The Japanese government has done right now, a very good move as e-money means self-management and Japan is the first to implement it.

[willwin66]

No country can officially return Bitcoin at this time. Many individuals do not even know what is called Bitcoin at present and there are many Bitcoin viewers like Ponzi scheme due to lack of proper understanding of Bitcoin because of this lack of direction no country can return bitcoin And last but not least, the United States will fight against any nation that claims it as an official currency unless the SEC and Masses are willing to accept it as a means of financial transactions.

[Pan Troglodytes]

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.

This is really not good and these tactics should not be applied in order to gain the more popularity for the coins. Anyways Ripple is always been considered as a banking coin which banks are willing to use. Anyways in the long run only the decentralized coins with a good project will succeed.

Isn't bitcoin officially backed in Japan, as official secondary state currency? I mean, secondary, because next to their yen (JPY).

[kamBlanV]

bitcoin and XRP are big coins, bitcoin is older and longer, and XRP has large backups, banks behind XRP.

I thought that XRP had to beat ETH before it was competing with Bitcoin, when XRP was controlled by the USA, and bitcoin by China, the effect was very big on the world of economy.