Bitcoin needs the support of more sovereign states.

[valentine wheeler]

At present, many countries and regions are embracing Bitcoin with open arms, and some companies are encouraged to use Bitcoin for payments and transactions at the national level (such as Japan and South Korea).

Citizens of some countries simply use Bitcoin instead of local currencies to avoid bad things. Inflation risk, these examples let the world see new hope for Bitcoin's development in the world's financial field.
 
For example, El Salvador, I personally think that the President of El Salvador is still very charismatic. The original intention of Bitcoin is to resist the inflation brought about by the economic crisis and re-establish a new global economic order and system.

But there are also negative factors here. The main reason why Bitcoin has become popular around the world is its decentralization and anonymity. The early application of Bitcoin was payment circulation in the underground black market. It evaded national government supervision and was quickly taken to all parts of the world.
 
Therefore, they need to be more tolerant towards Bitcoin. They use Bitcoin to do evil. It does not mean that Bitcoin does evil. Fiat currency is an important part of the social and economic system. If decentralized Bitcoin is used to replace legal currency, it will inevitably affect a country. Economic order and sovereignty.

The final point I want to express is that both Bitcoin and fiat currency will exist. Bitcoin needs the support of various countries, including superpowers. Bitcoin is more like a stabilizer that coordinates the economies of various countries to resist economic inflation. There is no racial discrimination, no ethnic hatred, no dirty trades and conspiracies, and no war.


I seem to be more of an idealist, but I feel that if it comes true, maybe I will not witness history.

[Upgrade00]

The original intention of Bitcoin is to resist the inflation brought about by the economic crisis and re-establish a new global economic order and system.

Bitcoin was originally created to be;

A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution.

The above quote is gotten from the Bitcoin whitepaper and shows the purpose for which Bitcoin was created, it could have been a coincidence that it came right after the recession of 2008.

There's however no singular use case for Bitcoin, it can be anything the holder wants it to be.

[Carlton Banks]

no it doesn't

regular people built bitcoin from literally nothing, into a trillion dollar monetary network in little more than 10 years


the main payments rail (the channel network) is just getting started, and you think that a bunch of coiffured ex-advertising used car salesmen will somehow help? It's far more likely they'll help to fuck it up

[Malam90]

SL Salvador is the first country that declared Bitcoin as legal currency in their country. This is the start of Journey. In the upcoming years, we hope to see more countries coming forward to legalize Bitcoin.

If decentralized Bitcoin is used to replace legal currency, it will inevitably affect a country. Economic order and sovereignty.

The main problem is here. Most of the countries are still thinking about it. It is decentralized and too much volatile where Govt will have no control over it. A volatile currency isn't helpful for legalization and make index based on it.

[dothebeats]

I don't think so. Bitcoin is built the way it is right now in just 10 years without the support of any huge organizations, and just literally the power of its community creating platforms and making things happen. Big names, organizations, and countries only started recognizing bitcoin after making breakthroughs. Their support would be greatly appreciated but I don't think they are a necessity for bitcoin's growth and survival. Even if they try to suppress bitcoin's growth by imposing lots of regulations, those who still want to use bitcoin will always find a way to do so. They can demonize bitcoin all they want, but in the end they will just accept it since the demand from the public will be high.

[CryptoStar19]

Bitcoin doesn't need any governments to continue to prosper, however in time more and more governments are going to recognize that its in their best interest to participate rather to ignore it or worse yet try to shun or ban it.

[germsite]

I don't think so. Bitcoin is built the way it is right now in just 10 years without the support of any huge organizations, and just literally the power of its community creating platforms and making things happen. Big names, organizations, and countries only started recognizing bitcoin after making breakthroughs. Their support would be greatly appreciated but I don't think they are a necessity for bitcoin's growth and survival. Even if they try to suppress bitcoin's growth by imposing lots of regulations, those who still want to use bitcoin will always find a way to do so. They can demonize bitcoin all they want, but in the end they will just accept it since the demand from the public will be high.

Correct and Bitcoin is designed such that it is functional without the support of sovereign states. In fact it is designed in a way that sovereign states can do whatever they want but can't stop Bitcoin anyway. Switching off the internet is no option and certainly Satoshi knew that.

What sovereign states can do in their own interest is proactively embrace Bitcoin and allow for infrastructure to be built, but even if they don't the only thing they can do is slow down Bitcoin's progress.

[pinggoki]

Bitcoin is decentralized meaning it doesn't need any support from any sovereign states or countries because it will grow no matter what happens why? Simply because it is decentralized. Bitcoin can stand alone without the help of sovereign countries and it's a fact that everyone must be known. Bitcoin is designed for anyone because no one can control it even the power of the sovereign and government will not have an effect on this kind of cryptocurrency.

[Obito]

I don't think so. Bitcoin is built the way it is right now in just 10 years without the support of any huge organizations, and just literally the power of its community creating platforms and making things happen. Big names, organizations, and countries only started recognizing bitcoin after making breakthroughs. Their support would be greatly appreciated but I don't think they are a necessity for bitcoin's growth and survival. Even if they try to suppress bitcoin's growth by imposing lots of regulations, those who still want to use bitcoin will always find a way to do so. They can demonize bitcoin all they want, but in the end they will just accept it since the demand from the public will be high.

I think that a support won't help because I am pretty sure that bitcoin a little support from a country is probably going to speed up the pprocess, imagine if the support happened about 5 or 6 years ago, thATH right now is probably much higher than what's the current ATH. Support from a government means that bitcoin is endorsed to more people and with more people means more demand and more demand means increase in prices.

[bitmover]

no it doesn't

regular people built bitcoin from literally nothing, into a trillion dollar monetary network in little more than 10 years

I was going to say that.

Bitcoin was literally designed to ignore support from states. It is an alternative to payment methods supported by central banks and governments.

No, bitcoin doesn't need that kind of support.

A support from countries is good and will certainly help adoption grows faster, but that is not necessary.

[Argoo]

Bitcoin doesn't need any governments to continue to prosper, however in time more and more governments are going to recognize that its in their best interest to participate rather to ignore it or worse yet try to shun or ban it.

In fact, everything is much more confusing and more complicated. Bitcoin and other decentralized cryptocurrencies cannot be controlled by governments. Therefore, it is unlikely that most states will actively support the introduction of bitcoin into their economies. They can legalize it, but they are unlikely to create the infrastructure for its widespread implementation. Moreover, the states have a good alternative for this - these are their national digitized stable currencies of central banks. Therefore, they will soon begin to regulate and restrict the circulation of various private and commercial stablecoins, because they do not need excessive competition with their stablecoins.

[DooMAD]

"Need" is definitely the wrong word.  Bitcoin will continue to have utility regardless of how many nations support or oppose it. 

The bigger issue for me is those misguided people who would willingly make compromises in order to make Bitcoin more palatable to nation states.  Many of them mistakenly believe gaining such approval is more valuable than what we already have.  Any time the conversation swings in that direction, a line gets drawn in the sand.  Always stay on the correct side of that line.

[Felimon]

In my opinion BTC was created and it doesn't need the support of any more sovereign country, but it is the support of a strong community that is most important, if all of us All agree to trade BTC, the more BTC grows, we can't depend too much on the support of other countries.

[dkbit98]

I would say more that sovereign states, if there are any left, need support of Bitcoin more than Bitcoin needs them.
Bitcoin is just a software and it can run even on single computer, but people would benefit more if other countries would follow example of El Salvador, and I am sure they will, but final battle with fiat monetary system is not going to be easy.
EU recently announced planes to ban all Proof-of-Work mining including Bitcoin mining, and it looks like they are following bad example from China.

[so98nn]

[...]
But there are also negative factors here. The main reason why Bitcoin has become popular around the world is its decentralization and anonymity. The early application of Bitcoin was payment circulation in the underground black market. It evaded national government supervision and was quickly taken to all parts of the world.
[...]

Dam, how they imagined to write that sentence up there. I dont understand how this claim is true in any sense? There is no tamper proof evidence of bitcoin being used for the "black market" in the early days. That was the era when people did not even believed in the bitcoin story. All of them were just started to understand what the blockchain is and how the bitcoin is working really? With few cents worth bitcoin value I am dam sure black market was off the book. All we hear is pizza exchanges, sister fights and old guy mining hundreds of bitcoin on his jumbo pc at the time.

The early application was actually: to make payments. That's all.

[Fortify]

At present, many countries and regions are embracing Bitcoin with open arms, and some companies are encouraged to use Bitcoin for payments and transactions at the national level (such as Japan and South Korea).

Citizens of some countries simply use Bitcoin instead of local currencies to avoid bad things. Inflation risk, these examples let the world see new hope for Bitcoin's development in the world's financial field.
 
For example, El Salvador, I personally think that the President of El Salvador is still very charismatic. The original intention of Bitcoin is to resist the inflation brought about by the economic crisis and re-establish a new global economic order and system.

But there are also negative factors here. The main reason why Bitcoin has become popular around the world is its decentralization and anonymity. The early application of Bitcoin was payment circulation in the underground black market. It evaded national government supervision and was quickly taken to all parts of the world.
 
Therefore, they need to be more tolerant towards Bitcoin. They use Bitcoin to do evil. It does not mean that Bitcoin does evil. Fiat currency is an important part of the social and economic system. If decentralized Bitcoin is used to replace legal currency, it will inevitably affect a country. Economic order and sovereignty.

Bitcoin and cryptocurrency can now exist without the support of sovereign states, that is the greatest part of it's beauty. As long as you have an internet connection you have access to the trading possibility that it possesses. It is the virtual equivalent of cash that can operate without any banking system active. As Covid has shown, the ability to continue transacting with minimal contact (of coins and notes) is extremely helpful. It could also continue the ability of the less fortunate in society to have access to spendable resources that are not controlled by centralized entities who put up barriers to entry - like banks that require identification documents that a homeless person may not have any ability to get.

[Oilacris]

I don't think so. Bitcoin is built the way it is right now in just 10 years without the support of any huge organizations, and just literally the power of its community creating platforms and making things happen. Big names, organizations, and countries only started recognizing bitcoin after making breakthroughs. Their support would be greatly appreciated but I don't think they are a necessity for bitcoin's growth and survival. Even if they try to suppress bitcoin's growth by imposing lots of regulations, those who still want to use bitcoin will always find a way to do so. They can demonize bitcoin all they want, but in the end they will just accept it since the demand from the public will be high.

When it comes to survival then Bitcoin does only need demand but we cant really deny that big institutions or big investors would really be significantly good to look at when they do recognize this market.

and since bitcoin is a decentralized thing then expect that there would be criticisms because you cant really please everyone but it doesnt matter because the community is really becoming bigger as the year passed

and the value of bitcoin itself is the proof that we are really heading there. Lets just wait and time can tell on how far we would able to reach out and what matter most here would be always on that demand
that we are seeing on the community.

[clint25n]

the support from several sovereign countries is indeed very important but whether the support will have a very good impact on the price of bitcoin, maybe this is of course not because even though there is support from several sovereign countries it does not affect the price of bitcoin. This by investors is a price stability that remains unaffected by a statement and indeed we admit that support from that country is really needed like what the El Salvador state did.

[ReiMomo]

It really contributes to bitcoin improvement if there's support from the sovereign states but it doesn't mean this is necessary. Bitcoin will still function without them and only the government was chasing bitcoin and trying to regulate this. Every country has its own jurisdiction, we can blame the fact that there are some countries banning bitcoin while in opposite fact some of them now start accepted bitcoin and becomes legal tender. Soon they will realize this and regret they rejected bitcoin instead of adopting it.

[Kiley33]

I think Bitcoin does not need the support of the state. Bitcoin does not rely on the support of the state to develop. Before everyone did not understand Bitcoin, only the believers of Bitcoin knew that no country supported Bitcoin, and Bitcoin did not. Still developing very well,
Now Bitcoin may be affected by the support of the state, but it is difficult to let sovereign countries set Bitcoin as legal tender because Bitcoin is decentralized. If the government agencies of sovereign countries do not grasp the economic lifeline, Then it is difficult to coordinate resources, and the significance of the existence of the country will be weakened. So their sovereign countries may support Bitcoin, but they will not set Bitcoin as legal tender.