Coin War: Can A Country Officially Back 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.