what happened to Bitcoin and cryptocurrency?

[kevinzxz]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

[20kevin20]

Bitcoin doesn't need to "become" legal. It already is in a lot of states. When national digital currencies will pop up, I honestly believe people will first sell and go bearish on BTC for a while - until they realize what a mistake they've made by supporting national digital currencies.

It will become more obvious that Bitcoin is something we need when people'll start realizing we will have idiotic limits and rules with national digital currencies. It's going to be you under complete financial surveillance and control.

Bitcoin will always be necessary, no matter what the states are going to develop. Whatever a centralized governance is going to develop, be sure that it's going to be centralized as well. Bitcoin won't be, so it'll be the opposite of what governments will actually create.

[hd49728]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries

Governments can do that. If scammers can create their scam and shitcoins, governments can do the same.

The cryptocurrency is created and operated by governments will be centralized and I don't think they will spend any power for rigs or mining farms to run their chains. They will have some centers like what they have to manage fiat printing and central banks.

then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Bitcoin and non government cryptocurrency will survive. It can be always true in capitalized countries with two branches operate and survive along the way: governments and non governments. In countries with dictatorship I don't know but I believe they will survive together.

[Jawhead999]

It will affect little or not because they're nothing to do with Bitcoin.

A Country developed digital currency will be backed with their own currency (1:1) and it's centralized. They can burn, increase, and freeze the coin or do what they want. Pretty much like stable coin (e.g. USDT)

or even Bitcoin and cryptocurrency will become legal too?

Bitcoin and cryptocurrency are legal for most of countries [1] if you mean "legal" is adopted by government, it will be pretty hard since Bitcoin is decentralized and can't be 100% controlled.

[1] https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

[Furious 7]

Bitcoin and Cryptocurrency will still be more users, this is inevitable because this blockchain system originates from bitcoin, therefore what the government has developed by making digital money legalized, I think it can happen and will not affect the value of bitcoin on its users.

We know that before there was a lot of news about China making digital money with the blockchain system and being able to control other prices, I don't think it would happen that the country needs the adoption of fiat paper money if it only follows developments, it needs to be recognized and doesn't need to fight with bitcoin.

[yayayo]

If they ever do that do you think they would accept that their coin will be decentralized? Of course not also it will lead to fraud, money laundering and the likes I don't think the government will created their own blockchain and decentralized coin for their country.

ya.ya.yo!

[maxreish]

Time will come that those countries will make their own coin for their own country's good purpose. But that doesn't affect bitcoin's performance in any way. Can't you see, even they put up some laws and regulations regarding cryptocurrency, that doesn't prevent bitcoin from being famous and do it's main purpose as digital currency with blockchain use purposes.

And, if they make that future coin to be legal in their country, that would just serve as a challenge to bitcoin and other cryptocurrency.

[piebeyb]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

if America wants to make its own digital currency it's only for Americans, if China also wants to make its own digital currency it's only for Chinese people, but bitcoin and other cryptocurrencies for all countries and the whole world can do bitcoin transactions easily , bitcoin and cryptocurrency will remain as long as they continue to be used by everyone

[sharos]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

I think if they create new cryptocurrency, Then they will obviously list their cryptocurrency on exchange like Binance bitcoin trading pair. So, Bitcoin demand will increase for their new cryptocurrency.

[momchilandonov]

They cant really ban crypto, anyway. However, if they make it illigal, this will dump the industry so hard

[cryptoaddictchie]

They cant really ban crypto, anyway. However, if they make it illigal, this will dump the industry so hard

Actually they can, some countries already did banning crypto usage on their domain and sovereignity. Its not that even though it is decentralized it can never be touch. Russia an anti crypto country already set up some ground rules probably some countries too. I know a lot like cryptocurrency but we can never control some people for hating it. Yes blockchain has potential to used on various means and I can say its good but even so, industry price will depend on the market not by silly propaganda.

[masphie]

Survive ? i think yes if bitcoin and crypto legal in all country.
But, If we talk about prices, maybe we can see the exchange rate of dollars around the world.
If bitcoin or crypto legal, i think they same with dollars condition, they will always dump and pump.

[oktana]

It's not about these countries making their digital currencies. It's about decentralization. Would they make it decentralized like bitcoin? or still centralized like the banks? Either ways, I don't think they'll surpass bitcoin because bitcoin wasn't created by a country. When it's created by a country, adaptation can be a problem. Imagine if china created their own digital currency. You as an American or African, you may find it a bit odd as it isn't made by your country.

[Kez1817]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

All is depends on the acceptance of the people or let's say the demand. Even America or China make their own digital currency if people don't want to patronize it, the, it will not be like bitcoin. Also countries will never make a decentralize currency on which they don't have any control on it.

[Kupid002]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

It will, as long as many people doenst trust their own government Bitcoin will always there and will have their own demand from different countries that do not want to control by the government.

As long as government doesn't make Bitcoin as illegal asset every one will find away to invest in it , even they have their own digital money. But if they make it illegal then it will be different story and make it more difficult for other people to invest.

[Sterbens]

depends on crypto calculations and popularity made by the US and China. Then in terms of the percentage of each country, will each country other than China and the US will accept crypto easily, just as bitcoin has long been known. although there are some maybe 10% of countries also reject bitcoin.
It is quite difficult from the point of view of whether bitcoin will survive or not if digital currencies are born from these two countries.

However, it is possible, because new innovations always provide tantalizing choices. plus China and the US are the uncountable countries in the world. so that they would give something more and different if they were to actually create their own digital currency.

[slaman29]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Well, China is already making its own digital currency and even trialing it now in a few states (giving it away even in fact) so you'll get your wish in maybe two years if not even next year.

Nothing will happen to Bitcoin though. Remember, digital currency from a government is as centralized as fiat. Just digital.

[The Cryptovator]

Every government would create its own digital or cryptocurrency, but it will be their native cryptocurrency. It will support only by their nation, not globally. But Bitcoin supported by the global population. Doesn't matter if the government doesn't want to allow the use of Bitcoin, it's decentralized and everyone is free to use and be an owner. But if a digital cryptocurrency creates by a government then most likely it will be centralized where they will co troll everything. I can't imagine Bitcoin will not survive if the government creates its own cryptocurrency, rather I think then it will be easier to trade bitcoin. Because then you don't have to use real cash to buy bitcoin, you can simply buy Bitcoin with the government-issued cryptocurrency or digital currency.

[vlast01]

I always think if a big country like America or China makes their own digital currency and has the same system as Bitcoin (develops its own blockchain system), then the digital currency of that country is recognized as a legal digital currency and is used for digital transactions by all countries, then I thought what would happen to Bitcoin and cryptocurrency, would Bitcoin and cryptocurrency survive? or even Bitcoin and cryptocurrency will become legal too?

Well China sure holds the largest population so its not hard for them to create their own currencies the major problem is if whether other countries will also recognized these new currency. Pandemic sure change everything amd most of today's transaction are done online and digital currencies is at best used. But still china won't have the ability to fully disperse bitcoin due to the fact that there are more country who are on the positive side of bitcoin and most of the banks worldwide have been associated with bitcoin, so the changes happens on china  may not fully affect the bitcoin or any crypto currencies as of now.

[amishmanish]

If major countries implement cryptocurrencies, it means little else than a shuffle to the banking system. In country's like China and India, you can already store your bank balance on mobile wallets and make payments akin to using a cryptocurrency wallet. If the countries decide to use blockchain based currencies, the only reason to do that would be to have an impeccable and easily auditable record of every single transaction within their jurisdictions, which means a.) More Taxes and b.) No currency printing charges. Whether this will have any effect on bitcoin or not depends on whether people would accept these in place of bitcoin.

If the govt wants to put its money on blockchain, its welcome to do so. That doesn't mean that i will stop using bitcoin or striving to stack satoshis. Given a chance, I would rather be part of this community of open sourced value, open source technology and open source governance. There will never be anything like bitcoin, ever again. Why would anyone want to let that go?