what happened to Bitcoin and cryptocurrency?

[Hamphser]

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?

When it comes to digital currency then its not that different from e-fiat which i dont see that it would heavily affect bitcoin and other crypto in the market.
They can launch all they want and this is no different with fiat. Crypto market will still exist.
ATM there are several countries that had already launched their own crypto coin but in short these are just fiat that had been digitalize.
These are the countries atm Ecuador, China, Senegal, Singapore, Tunisia
source: https://www.fxempire.com/education/article/the-next-cryptocurrency-evolution-countries-issue-their-own-digital-currency-443966#:~:text=To%20date%2C%20countries%20that%20have,launch%20their%20own%20national%20cryptocurrencies.

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[Shasha80]

The Chinese government does plan to make their own cryptocurrency coins, but it's definitely different from Bitcoin.
I believe big countries like China want to control their own digital currency, so they will centralize the digital currency.
And all countries will not recognize the digital currency made by China, so it is impossible to use it for international
transactions. Unlike Bitcoin which can already be used for international transactions, so of course Bitcoin will survive.

[Bitcoin_bullish]

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?

Will this blockchain be decentralized and run by consensus or it will be a government blockchain run by their own rules. How is this going to work exactly?
Will there be a possibility to re-org this government blockchain?
Will this blockchain be secure as Bitcoin is, or it will be subject to 51% attacks as most of the altcoin blockchains are?
Will the government be able to block accounts? I bet they will.
Will the government be able to block transactions? They will probably have filed everyone they don't like or owes them money.
How will this system be better from what they have today and how will it serve and help a country?
I don't see any government digital money system being the same as Bitcoin, but it will be worse than the current fiat system.

[FinneysTrueVision]

Digital currencies issued by countries will probably be heavily regulated. I don't expect them to be compatible with each other so that limits their level of adoption outside of the countries they were issued in. Bitcoin will still be the best option for sending money without any intermediaries that can censor your transactions. Some governments might see that as a threat but they can also see it as an opportunity for their citizens to be introduced to digital currency and when they eventually launch their own it'll be an easy transition.

[mangsitin]

The Chinese government released a digital currency yuan, but this digital currency will be fully controlled by the Central Bank of China, and issued through commercial banks.  different from bitcoin and other crypto, the system is decentralized.  I think China's digital currency development will be like fiat.  and bitcoin will always survive with its system which makes its volatility move quickly.  so the Chinese digital currency cannot influence bitcoin.

[Yatsan]

Even with the existence of government issued or we can call as national digital currencies, Bitcoin and other existing cryptocurrencies can still do survive for people will surely be patronizing Bitcoin and other existential cryptocurencies more than those created to be centralized digital currencies of the government. Also the regulation and taxation will surely occur on such digital currencies and will just be available on a certain nation unlike Bitcoin and Altcoins that can be used globally. Still the cryptocurrencies will be the best option of the people due to the benefits they can attain compared to what they can have upon engaging into the digital currencies of the government. Don't get me wrong, but I am pretty sure it is agreeable to be using Bitcoin and Altcoins more than national digital currencies for we can already be reliant on it since we have already proven and tested what it can do.

[Rengga Jati]

There are probably two possibilities:
- The Bitcoin and other cryptocurrencies will be more accepted in this world
- The coins will be competitors of BTC and they will have bigger power because of these two countries.
However, the value itself will lay on how people acceptance in the crypto market. China itself is developing their CBDC and it is the biggest in the world.
In this case, we may see how the future of that coin.
And about BTC and other cryptos, will they be legal and regulated? Well, actually many countries have legalized the BTC ad also other crytocruenices. But about the regulated, how can they regulate BTC in which it is held by many people around the world?

[Zemomtum]

Nothing can affect BTC regardless of any governments action or inaction. This is the first digital currency and it will have that respect for life, since there in no central control that can shut it down, others will shut be alternatives and competitors with the King.

[Darkelf11]

Nothing can affect BTC regardless of any governments action or inaction. This is the first digital currency and it will have that respect for life, since there in no central control that can shut it down, others will shut be alternatives and competitors with the King.

Yes, no one can make bitcoin  shutdown. Bitcoin is running for years already and if ever that America makes it own currency and blockchain, I think it will somehow affect bitcoin if people will switch from it. But that does not guarantee that  bitcoin will be forgotten, it can be a good competition between these currencies.

[Buttermellow]

Bitcoin has still wider scope and community compared to a single country that wanted to create their own digital currency. Yet, we know that bitcoin had been already having a huge market and it even listed in one of the top currency around the world. If China will going to open their currency for others then there is what we called as competition.and we do not know what will going to happen in bitcoin and in cryptocurrency with big players coming around.

[yazher]

The Chinese government released a digital currency yuan, but this digital currency will be fully controlled by the Central Bank of China, and issued through commercial banks.  different from bitcoin and other crypto, the system is decentralized.  I think China's digital currency development will be like fiat.  and bitcoin will always survive with its system which makes its volatility move quickly.  so the Chinese digital currency cannot influence bitcoin.

Their so-called cryptocurrencies is another stable coin to be precise, it doesn't affect BTC in any way. it has nothing to do with the movement of the bitcoin price in the market nor the current demand of the investors. they act in the different pages of the book, they don't need each other to collaborate because Bitcoin has been there for a long time. It survive the most crucial decline in the market and most of all it increases its price even in the middle of pandemic.

[asriloni]

You should read again what's the definition of digital coin that's issued by the government or CBDC. This coin will act very similar as stable coin. You should not feel worried about that.
IMO if this coin will bring more gateway for fiat money to go to the cryptocurrency.
I doubt the government will issue a coin that has the same mechanism like crypto but it's there's a possibility for bitcoin to issue the tokenization. I meant tokens backed by the asset or something else.

I didn't even think that will happen. The government wants to issue their own DBDC due to massive demand on crypto.

[goldade]

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 understand your point but I believe that if these world powers  like the US or China create their own digital currency, it would not mean the death of bitcoin.
If you truly understand the makeup of bitcoin, then you know what I mean. What bitcoin offers us is not just being a digital currency, it offers a whole lot more.
Bitcoin is decentralized which makes it beyond the control of banks and the government. You should know that government-created digital currencies are still in the control of the government and it's not truly for the people.
Another makeup of bitcoin that gives it an advantage is the anonymity it gives its users, government owned digital currency can't promise such to its users.
Thirdly, a state owned digital currency is most likely to only be useful in within the country and cannot be used outside the borders. This is unlike bitcoin which is universal.

[soetikno]

I think it will influence and become legal too, and will become a BTC / Digital USD pair, because the currency in that country can only be used in that country, whereas for example bitcoin is legalized it will be used by many countries, for example America and China, for example legalized

[concept2]

I think if the countries of the world release their own cryptocurrency it will make bitcoin more popular and increase in price.
Cryptocurrencies issued by countries are no different from fiat currencies, it will be a centralized currency and managed by the central bank. For those reasons the coins issued by countries will not be able to compete with bitcoin.

I somehow agree with your point. However, they do not create their own cryptocurrency. It is call Central bank digital currency. And as its name refers, it is digital currency and it only have a few elements of cryptocurrency. I have heard they build this currency based on the blockchain technology but you will surely be centralized by the government.

When people use digital currency, of course some of them will try to approach another form of currencies which are more open-source and decentralized. Soon, I believe they will reach bitcoin and the cryptocurrency. They will find the power within bitcoin and the capability to be anonymity without being controlled by anyone. Living in the world where you can fully operate everything is a dream to many people. So I guess it will make bitcoin more popular

[OrgonePyramid]

Btc will prevail, they cant ban it

[wxa7115]

I think if the countries of the world release their own cryptocurrency it will make bitcoin more popular and increase in price.
Cryptocurrencies issued by countries are no different from fiat currencies, it will be a centralized currency and managed by the central bank. For those reasons the coins issued by countries will not be able to compete with bitcoin.

Governments around the world are facing a very difficult problem because of bitcoin, if they decide to let bitcoin dominate the market without any interference then they are letting a competitor have a complete monopoly over this new market and that is something they do not want to do.

However at the same time if they release their own coin then they are basically legitimizing this market when in the past they said this was bad and that their citizens should not adopt cryptocurrencies, so not only this leaves them as hypocrites but this also helps bitcoin, after all even if I think many people will use those cryptocurrencies created by the government I also think many people will now have a chance to adopt bitcoin without too much of a hassle and that is good for us as well.

[BADecker]

Make Bitcoin Great Again: Trump vs Biden vs Crypto: The Bitcoin.com Weekly Update - https://www.youtube.com/watch?v=2hOcVqmGGWU.

[Lintel]

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.

I completely agree with you. Bitcoin survives even it is not legal in some countries how much more if it will become legal.  Dollars are everywhere and you can exchange it from any money exchange around the world because it is US currency whereas Bitcoin is digital currency so its limited when it comes to usage. And it is volatile, the price is not stable.

[Emitdama]

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 don’t think any of Satoshi’s visions includes Bitcoin replacing our main currencies, I think Bitcoin is meant to be a currency on its own that people can use if and whenever they want it, and is not something that’s going to be a must for everyone to make use of. It’s on its own, and then the USD, Euro, and other currencies are on their own.

Bitcoin is there so that whenever we want to send money to other countries it will be easy and cheap, although it’s no longer less as it used to be, the fees has increased and the time, and I’m hoping that they get it fixed so that everything will keep flowing.