Can Bitcoin crash the high cost of living around the world economy?

[Vaculin]

The question is, is the government ready to see decentralized bitcoin rules and leave them out of control of our money and the rest of our financial transactions? I bet they don't want it, so they will never let bitcoin replace fiat's position, because it only means losing their third-party custody over its people.

And to be honest, there is no longer hope for fiat. It's really bound to be valueless in the long run. Inflation is no longer controllable, fiat makes it even worser, bitcoin may be the last key but I doubt if the government allows bitcoin as a legal tender. It can work as a real currency, but paper money will remain as the official currency.

[passwordnow]

Despite that many governments are now accepting and adopted bitcoin. They don't see it as something that will change the unthinkable, they're only looking at it as another finance tool for investing and even for payments. I don't think that they've been optimistic just as we about changing a big thing economically. But for every individual that have been holding assets in Bitcoin, there's no doubt that it's been proven the way that we're talking about it right now. Every person who has seen a better financial standing through bitcoin meaning that it can be done for every person but sadly, it depends on how early and cheap they've bought it.

[Antidote47k]

With the high cost living around the world and the nature of fiat fluctuating here and there, can Bitcoin do the unthinkable? Because fiat is no more valuable as it used to be. Bills rising above fiat and the various government around the world grappling to stabilize their economy yet it's not working. Should the government switch to Bitcoin to enable them stabilize the economy?  If the various government around the world accept Bitcoin,it will give Fiat a break and it will bounce back.

I think people sometimes expect too much from Bitcoin.

The rising cost of living isn’t just a fiat problem. Inflation definitely plays a part, but so do things like energy prices, supply chain disruptions, government spending, and overall economic policy. Switching to Bitcoin wouldn’t suddenly make those problems disappear.

Where Bitcoin does make a difference is for individuals. If your local currency keeps losing purchasing power year after year, having the option to save in Bitcoin can make a real difference. We’ve already seen people in high-inflation countries do exactly that.

As for governments, I don’t think adopting Bitcoin by itself would stabilize an economy. A government can still make poor economic decisions whether it’s using fiat or Bitcoin. The currency matters, but so do the policies behind it.

[GeorgeJohn]

The question is, is the government ready to see decentralized bitcoin rules and leave them out of control of our money and the rest of our financial transactions? I bet they don't want it, so they will never let bitcoin replace fiat's position, because it only means losing their third-party custody over its people.

From the initial government doesn't like bitcoin and i believe that theirs no time government will be happy with a decentralized currency bitcoin adopt...fiat is what government have known right from it, so government never supported bitcoin and it's legacy, but now their tension on bitcoin is now low compare like before..

And to be honest, there is no longer hope for fiat. It's really bound to be valueless in the long run. Inflation is no longer controllable, fiat makes it even worser, bitcoin may be the last key but I doubt if the government allows bitcoin as a legal tender. It can work as a real currency, but paper money will remain as the official currency.

Government can't allow bitcoin to become a legal tender..because they had in mind that bitcoin is created to be use for money laundering..so that's the first reason they won't allow bitcoin to become a legal tender worldwide..but if bitcoin becomes a legal tender, that will make bitcoin to be more valuable and many people across the nations will fully adopt bitcoin....

[SatoPrincess]

Government can't allow bitcoin to become a legal tender..because they had in mind that bitcoin is created to be use for money laundering..so that's the first reason they won't allow bitcoin to become a legal tender worldwide..but if bitcoin becomes a legal tender, that will make bitcoin to be more valuable and many people across the nations will fully adopt bitcoin....

I think the issue government has with bitcoin is control. Let’s be honest, Bitcoin is not the best crypto for money laundering because transactions are visible on the blockchain. Privacy coins are the cryptocurrencies being used for crime syndicates most of the time but somehow bitcoin gets all the bad rep because it’s the most popular and its decentralization scares the government.

[Pi-network314159]

With the high cost living around the world and the nature of fiat fluctuating here and there, can Bitcoin do the unthinkable? Because fiat is no more valuable as it used to be. Bills rising above fiat and the various government around the world grappling to stabilize their economy yet it's not working. Should the government switch to Bitcoin to enable them stabilize the economy?  If the various government around the world accept Bitcoin,it will give Fiat a break and it will bounce back.

Well Bitcoin can do the unthinkable if an economy or government decide to accept it fully. If you watch out many countries that accept Bitcoin fully are doing well, and they are not much affected by inflation. Although Bitcoin volatility is another challenge, it is almost like inflation because when Bitcoin is going dip, it reduces the value of your asset making it not as valuable as it was when invested. But the good part of it is that when it rises, it revolvers all that you have lost and add more profit compeard to a dying Fiat without the hope of  recovering. Now if government of a country and the masses adopt Bitcoin, it will help them fight against inflation and stabilize the economy atleast to an extent.

[Danica22]

With the high cost living around the world and the nature of fiat fluctuating here and there, can Bitcoin do the unthinkable? Because fiat is no more valuable as it used to be. Bills rising above fiat and the various government around the world grappling to stabilize their economy yet it's not working. Should the government switch to Bitcoin to enable them stabilize the economy?  If the various government around the world accept Bitcoin,it will give Fiat a break and it will bounce back.

Well Bitcoin can do the unthinkable if an economy or government decide to accept it fully. If you watch out many countries that accept Bitcoin fully are doing well, and they are not much affected by inflation. Although Bitcoin volatility is another challenge, it is almost like inflation because when Bitcoin is going dip, it reduces the value of your asset making it not as valuable as it was when invested. But the good part of it is that when it rises, it revolvers all that you have lost and add more profit compeard to a dying Fiat without the hope of  recovering. Now if government of a country and the masses adopt Bitcoin, it will help them fight against inflation and stabilize the economy atleast to an extent.

Which countries are those? Which countries have actually achieved strong economic growth and remained largely unaffected by inflation by fully adopting Bitcoin?

Because as far as I know, El Salvador is currently the only country that has adopted Bitcoin as legal tender while also investing in it. But you know what? After 4 years of adopting bitcoin, their economy was on the verge of bankruptcy. In the end, they were forced to compromise with the IMF to save their bitcoin based economy.

[CryptoBuds]

Government can't allow bitcoin to become a legal tender..because they had in mind that bitcoin is created to be use for money laundering..so that's the first reason they won't allow bitcoin to become a legal tender worldwide..but if bitcoin becomes a legal tender, that will make bitcoin to be more valuable and many people across the nations will fully adopt bitcoin....

I think the issue government has with bitcoin is control. Let’s be honest, Bitcoin is not the best crypto for money laundering because transactions are visible on the blockchain. Privacy coins are the cryptocurrencies being used for crime syndicates most of the time but somehow bitcoin gets all the bad rep because it’s the most popular and its decentralization scares the government.

Yes, money laundering is just an excuse. The main reason government does not accept Bitcoin as legal tender is due to control issues.

If Bitcoin becomes currency, it would mean they would lose some control over monetary policy, capital flows and many other financial activities.

Government power come from centralization. If decentralized monetary system become widely used, their ability to exercise that control would be significantly weakened. That is something most government would not easily accept.

[GeorgeJohn]

Government can't allow bitcoin to become a legal tender..because they had in mind that bitcoin is created to be use for money laundering..so that's the first reason they won't allow bitcoin to become a legal tender worldwide..but if bitcoin becomes a legal tender, that will make bitcoin to be more valuable and many people across the nations will fully adopt bitcoin....

I think the issue government has with bitcoin is control. Let’s be honest, Bitcoin is not the best crypto for money laundering because transactions are visible on the blockchain. Privacy coins are the cryptocurrencies being used for crime syndicates most of the time but somehow bitcoin gets all the bad rep because it’s the most popular and its decentralization scares the government.

Why bitcoin has a bad name among other cryptocurrencies, it's because bitcoin gives rise to other cryptocurrencies..and governments knows that other cryptocurrencies is surviving under bitcoin and if bitcoin is affected other coins will be affected...so that's why they concentrate on bitcoin to bring it down by Tagging it with different names...Yes! I know that bitcoin is not the best cryptocurrency to be use for money laundering..but right from 2010 they have been accusing bitcoin been use for money laundering..

[lionheart78]

Yes, money laundering is just an excuse. The main reason government does not accept Bitcoin as legal tender is due to control issues.

True!  The government hates not being in control, and Bitcoin's nature as decentralized makes it impossible or hard for the government to take advantage of it

If Bitcoin becomes currency, it would mean they would lose some control over monetary policy, capital flows and many other financial activities.

Government power come from centralization. If decentralized monetary system become widely used, their ability to exercise that control would be significantly weakened. That is something most government would not easily accept.
 

In addition, there are groups and individual that holds huge amount of Bitcoin, which can greatly affect the economy (if not control) of a certain country if they use Bitcoin as their currency.  If a country adopts Bitcoin as its main currency, the big holders can create chaos in that country, and nobody from the authority would want that.

[Oshio-man]

With the high cost living around the world and the nature of fiat fluctuating here and there, can Bitcoin do the unthinkable? Because fiat is no more valuable as it used to be. Bills rising above fiat and the various government around the world grappling to stabilize their economy yet it's not working.

Is no longer a News that some government have started investing in bitcoin and it will no longer be a new thing seeing other governments investing in bitcoin because it will help any government that will allow their citizens to start involving in bitcoin and it will improve the government economy, I have that confidence that if the world start accepting bitcoin as legal tender, it will make many things to return back to normal and it will make economy to start growing worldwide to revive global economy, which is the wish of many government.

[Cookdata]

Despite that many governments are now accepting and adopted bitcoin. They don't see it as something that will change the unthinkable, they're only looking at it as another finance tool for investing and even for payments. I don't think that they've been optimistic just as we about changing a big thing economically. But for every individual that have been holding assets in Bitcoin, there's no doubt that it's been proven the way that we're talking about it right now. Every person who has seen a better financial standing through bitcoin meaning that it can be done for every person but sadly, it depends on how early and cheap they've bought it.

Perhaps they know what Bitcoin is capable of doing but they are afraid they will lose centralized system they have created that's why they are afraid and more importantly they have controlled over Bitcoin. If the Fed were the first to have Bitcoin knowledge, they are going to be the first people that will create Bitcoin but since they don't have control over it, they will not approved Bitcoin as legal entity, other things they are using as excuses are just trash.

However, as much as I'm pro Bitcoin activist, I don't want Bitcoin becomes fiat currency. The volatility of Bitcoin will make it hard to keep Bitcoin as a medium of exchange for long term. It's good when Bitcoin is going up and you are making a transfer, but if you are making transfer and Bitcoin is dropping, that transaction is going to be affect without a doubt. This is why many businesses people don't like to keep Bitcoin immediately they sold something, they convert to fiat immediately.

[Cleanslate_]

With the high cost living around the world and the nature of fiat fluctuating here and there, can Bitcoin do the unthinkable? Because fiat is no more valuable as it used to be. Bills rising above fiat and the various government around the world grappling to stabilize their economy yet it's not working. Should the government switch to Bitcoin to enable them stabilize the economy?  If the various government around the world accept Bitcoin,it will give Fiat a break and it will bounce back.

That is only when bitcoin is being invested and use the proceeds from the reward to assist the counties economy by providing employment and other basic amenities needed by the country to reduce the high cost of living in a country.

If our world leaders unanimously accept bitcoin investment and work towards it, few years from now the entire economy will be experiencing a greater change globally.

[DanWalker]

With the high cost living around the world and the nature of fiat fluctuating here and there, can Bitcoin do the unthinkable? Because fiat is no more valuable as it used to be. Bills rising above fiat and the various government around the world grappling to stabilize their economy yet it's not working.

Is no longer a News that some government have started investing in bitcoin and it will no longer be a new thing seeing other governments investing in bitcoin because it will help any government that will allow their citizens to start involving in bitcoin and it will improve the government economy, I have that confidence that if the world start accepting bitcoin as legal tender, it will make many things to return back to normal and it will make economy to start growing worldwide to revive global economy, which is the wish of many government.

So far, El Salvador is the only country that has invested in Bitcoin by using public fund to buy it. Other countries, such as the US and the UK are simply holding Bitcoin that was confiscated from criminal .
El Salvador is also the only country that has integrated bitcoin into its economy. But after 4 year, their economy is still struggling and even facing the risk of default. They had to seek help from the IMF and agree to abandon some policies related to Bitcoin in order to meet the conditions of the bailout package.

Bitcoin does not provide as much benefit to a country's economy or the global economy as you seem to believe. You should take a more realistic view of the situation.

[dezoel]

Is no longer a News that some government have started investing in bitcoin and it will no longer be a new thing seeing other governments investing in bitcoin because it will help any government that will allow their citizens to start involving in bitcoin and it will improve the government economy, I have that confidence that if the world start accepting bitcoin as legal tender, it will make many things to return back to normal and it will make economy to start growing worldwide to revive global economy, which is the wish of many government.

I would say they are not "investing", I have not seen many news where they just use money to get it. Mostly, governments just do not sell the crypto that they seize from criminals, that's how they get it and then they store it and not sell it.

There are places like Germany and UK that sold it, and I am sure they are regretting that by now, but that is mostly how it looks, usually we do not get to see them do anything different than just keep what they seize and not actually buy any.