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Author Topic: Bitcoin needs the support of more sovereign states.  (Read 280 times)
Kong Hey Pakboy
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July 10, 2021, 07:30:07 AM
 #21

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.
Support is support no matter what, there's no buts and ifs in a support. It's necessary because people like are greedy and they want the prices to go up and what better way to grow the prices than to have the support of a government that has authority over millions of people which means that they can influence the market and since they are on support that means the influence will be positive for the market.

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July 10, 2021, 12:34:08 PM
 #22

bitcoin needs the support of a sovereign country,,?? my answer,, I think bitcoin does not need support from a sovereign country, but on the contrary it is a sovereign country that needs support from bitcoin, to improve their economy, and can make their people prosperous, no one is unemployed anymore, the proof is that bitcoin first appeared not there is interference from any country, the results can be seen now, bitcoin is growing, and more and more people are holding bitcoin,

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July 10, 2021, 01:35:32 PM
 #23

Actually you should reverse your statement and it should be as following:

"Sovereign states need the support of bitcoin to boost their economy with growing inflation and devaluation of their local currency."

Many have stated to realise that they can't stop people to invest and use bitcoin and meanwhile many are opting it and their so called delusion that btc is bubble and used for criminal activities could not last long so it's better to regulate it and earn tax revenue from it and help their economy boost at the same time.

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July 10, 2021, 01:54:54 PM
 #24

While you're right that El Salvador's economy is in trouble, they didn't adopt Bitcoin due to fiat inflation because the fiat they use is actually USD, and thus very stable. But Bitcoin can be an investment opportunity there, and also larger crypto-friendly attitude can draw in crypto businesses which is a boost that this economy needs badly.
I also agree with you that fiat isn't going away anytime soon, and will continue to coexist with cryptos.
At the same time, while Bitcoin adoption could benefit from friendly oriented countries, it doesn't need them to grow.

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July 10, 2021, 05:31:03 PM
 #25

indeed with some support from a sovereign country it will provide more comfort for crypto businesses but this is not something that must be required to provide support to crypto businesses, but at least with support from a sovereign country it will have more impact on strengthening a business such as increasing the number of the businessman and also for an increase in the price, because the interference of a country is very influential in a business


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July 20, 2021, 08:06:55 AM
 #26

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.
I think so too, bitcoin grows and develops slowly.  At the beginning of the growth there was no support like the Elsavador country.  Only the momentum is very instrumental and influential in the progress of bitcoin.  Bitcoin is down now because of someone's fud so many users are panicking to sell.

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July 20, 2021, 09:08:11 PM
 #27

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.
I think so too, bitcoin grows and develops slowly.  At the beginning of the growth there was no support like the Elsavador country.  Only the momentum is very instrumental and influential in the progress of bitcoin.  Bitcoin is down now because of someone's fud so many users are panicking to sell.

In the beginning there was no support from any official entity whatsoever. Interestingly, banks made the first move now before any government did. If all your big banks are involved already, what are you going to do as the government? That will be an interesting situation to be observed in the US!

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hatshepsut93
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July 20, 2021, 11:22:37 PM
 #28

Bitcoin was designed to function without government's or any other authorities' help, so it definitely doesn't need governments. As long as they don't bother Bitcoin and don't fight it, it will grow in both value and adoption.

I think government actually can't do much for Bitcoin adoption. They can't fix high fees or price volatility or complex user experience, and if they tried to force Bitcoin on population, it would only cause harm.





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July 20, 2021, 11:36:08 PM
 #29

indeed with some support from a sovereign country it will provide more comfort for crypto businesses but this is not something that must be required to provide support to crypto businesses, but at least with support from a sovereign country it will have more impact on strengthening a business such as increasing the number of the businessman and also for an increase in the price, because the interference of a country is very influential in a business
The more it gains support from them, the more it boosts the trust from the community and is able to encourage them to adopt and invest. It creates a huge impact on the market and helps establishments to offer such payment options accepting Bitcoin.
Adoptions aren't too fast because of less support from the big countries and with the FUDs keep spreading, the more it gives doubts to the people around. And that is how important to have that kind of support otherwise, we just stick into this position forever.

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July 21, 2021, 10:16:03 AM
 #30

The sole purpose of bitcoin was to provide a p2p mechanism , bitcoin is the answer to many questions, such as safety, privacy, encryption, that the countries who don't support fail to understand. The bitcoin driven blockchain is worth more than what it is priced at the moment and in the coming years many countries would embrace it.
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July 22, 2021, 05:20:54 AM
 #31

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.
Increasing the price of bitcoin on the market is done by the demand/supply imbalance. That is the only thing that differs when a government decides to start accepting crypto. The use of crypto does not need government's words and acceptance because it is a p2p and not centralized b2p system.

I would agree that banning something is going back into the timeline of civilization as have many bitcoin advocacy groups already voiced but honestly the government in most countries are run by knowledgeable people even if you think otherwise. They know better and they dont want to put people into prison for nothing. So you can be assured that even if a government does not accept crypto, they cannot ban its transactions completely. As long as you have an electricity supply and internet connection you can transact.

As for the OP, if you are looking for quick short term 100x attempts to sell bitcoin and for that you are having wet dreams of every government accepting crypto then you are seriously having a bad time and should stop trading. Roll Eyes

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Aliceooo78
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July 22, 2021, 05:47:50 AM
 #32

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.
Increasing the price of bitcoin on the market is done by the demand/supply imbalance. That is the only thing that differs when a government decides to start accepting crypto. The use of crypto does not need government's words and acceptance because it is a p2p and not centralized b2p system.

I would agree that banning something is going back into the timeline of civilization as have many bitcoin advocacy groups already voiced but honestly the government in most countries are run by knowledgeable people even if you think otherwise. They know better and they dont want to put people into prison for nothing. So you can be assured that even if a government does not accept crypto, they cannot ban its transactions completely. As long as you have an electricity supply and internet connection you can transact.

As for the OP, if you are looking for quick short term 100x attempts to sell bitcoin and for that you are having wet dreams of every government accepting crypto then you are seriously having a bad time and should stop trading. Roll Eyes

I agree with the author in some points. I also hope that more sovereign countries will support Bitcoin. Our goal is not a hundredfold return, but the national policy treats Bitcoin more tolerantly and friendly instead of shutting down mining farms like China does. For many miners, it was a disaster. El Saldova is the first country to use Bitcoin as a comparison. I believe that this is conducive to the healthy development of Bitcoin. Why can't we have a desire to benefit the development of Bitcoin? I think you think of us too narrowly.
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July 22, 2021, 09:14:46 AM
 #33

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.


Eventually / they will mate..

maybe at present they are having second thoughts but knowing how the crypto is now making its way to popularity ? this will not take long before those big countries finally make this like what El Salvador does.

Even if they don't support it as long as they don't prohibit or antagonize it, bitcoin market will be doing just fine. Plus it's unnecessary for them to support it because if they do, we will end up having to be taxed by them which isn't fun for those in the crypto community and for those that are starting just now.
Good point, Just letting their people own and circulate crypto in their own ways? that is more than enough support for the whole market.

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July 23, 2021, 07:03:47 AM
 #34

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.
Increasing the price of bitcoin on the market is done by the demand/supply imbalance. That is the only thing that differs when a government decides to start accepting crypto. The use of crypto does not need government's words and acceptance because it is a p2p and not centralized b2p system.

I would agree that banning something is going back into the timeline of civilization as have many bitcoin advocacy groups already voiced but honestly the government in most countries are run by knowledgeable people even if you think otherwise. They know better and they dont want to put people into prison for nothing. So you can be assured that even if a government does not accept crypto, they cannot ban its transactions completely. As long as you have an electricity supply and internet connection you can transact.

As for the OP, if you are looking for quick short term 100x attempts to sell bitcoin and for that you are having wet dreams of every government accepting crypto then you are seriously having a bad time and should stop trading. Roll Eyes

I agree with the author in some points. I also hope that more sovereign countries will support Bitcoin. Our goal is not a hundredfold return, but the national policy treats Bitcoin more tolerantly and friendly instead of shutting down mining farms like China does. For many miners, it was a disaster. El Saldova is the first country to use Bitcoin as a comparison. I believe that this is conducive to the healthy development of Bitcoin. Why can't we have a desire to benefit the development of Bitcoin? I think you think of us too narrowly.
I totally agree that Bitcoin can develop healthier only if it gains more and more support from countries.SL Salvado is the start of Journey. In few years, we hope to see more countries recognized Bitcoin.
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July 23, 2021, 07:56:39 AM
 #35

what has.been done by the United States.is very appropriate to provide support for bitcoin considering.that the country is.a large sovereign country both in.the economic.and technological fields.that is.growing.rapidly, with this support we can.expect more bitcoin to increase in.the market global.stock


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Today at 06:40:31 AM
 #36

Strange that a number of newbie/Jr member accounts are posting in this thread with the similar type of thought process. Roll Eyes

Why can't we have a desire to benefit the development of Bitcoin?
Wrong interpretation of my statement. A country accepting bitcoin is a bullish move but it does not weight out the problem bitcoin is facing on the bigger picture. The IMF does not like this move and there will be consequences in future for this. In fact the majority of the people at that country are skeptical about using bitcoin making this whole exercise ending up as a PR stunt, which could have been better, IMO.

I repeat what has been told in several posts, bitcoin does not need the support of any country. It only needs people to use it.

Quote
I think you think of us too narrowly.
Who exactly is "us"? Are you part of some cult trying to promote an opinion in this thread? I am a bitcoin maximalist too but unlike the stubborn ones I do my own homework on investments.

I totally agree that Bitcoin can develop healthier only if it gains more and more support from countries.SL Salvado is the start of Journey. In few years, we hope to see more countries recognized Bitcoin.
I appreciate the enthusiasm but being on this field for a long period of time, I have learnt that you need to be careful what you wish for. If the IMF takes a wrong turn everything can be brought back to where it was though people might cry. At this point getting bitcoin accepted in bigger countries will take time.

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Today at 12:26:36 PM
 #37

Bitcoin is gaining recognition and I know with time it will get the support of more sovereign states in the world. Like you said both bitcoin and fiat have its significance in the economy,

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Today at 12:32:58 PM
 #38

Actually you should reverse your statement and it should be as following:

"Sovereign states need the support of bitcoin to boost their economy with growing inflation and devaluation of their local currency."

Many have stated to realise that they can't stop people to invest and use bitcoin and meanwhile many are opting it and their so called delusion that btc is bubble and used for criminal activities could not last long so it's better to regulate it and earn tax revenue from it and help their economy boost at the same time.

Let's not get arrogant and claim that the economies can't survive without Bitcoin. If the sovereign states makes Bitcoin fully legal, then it will be mutually beneficial. Look at the state of affairs in China. After they started their latest crackdown on Bitcoin, several of the mining firms and traders have suffered huge losses. Some of the miners have moved their operations to Kazakhstan and other neighboring nations, but not everyone are in a state to do so. A conciliatory stance is beneficial for both the sides.

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Today at 12:50:15 PM
 #39

Bitcoin is gaining recognition and I know with time it will get the support of more sovereign states in the world. Like you said both bitcoin and fiat have its significance in the economy,
It was to define that Bitcoin has contributed a lot to the growing economy of the country. If that being said that these countries will give support to the crypto, the more it gains recognition to the community in which they feel secure. Small and big establishments will accept Bitcoin and Banking institutions might be open for such a huge change. It is really be happening in the next couple of years, only just we need to wait.


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