Do you think that the government will ever accept Bitcoin as a digital currency?

[iori23]

We are sure that in our country the cryptocurrency wallet is already accepted by the government .. that will be our money when the digital cryptocurrency era arrives .. The only problem with cryptocurrencies is that the price changes ..

 

[Peterlight]

Well, you have made your point which to some extent is valid. However, with the way crypto currencies are advancing now, government too are seeing prospects in it and may be tempted to accepting it. Either they accept it or not millions of people are already using Bitcoin as a means of exchange.

If the government are been tempted to accept cryto as the only online digital currency, a lot of people will withdraw their asset from it cos a sure government will apply their own rules which will never favour the masses, only the rich

 

[Dorcey]

Bitcoin and cryptocurrency has bloomed since 2009. Will it be accepted and regulated by the central bank to be used as trading mechanism in the near future? Albeit there has been minimal informal usage of Bitcoin in some trading.

Also, which country would be possibly become the first in regulating the use of cryptocurrency in daily transaction

 

[zenith]

I think one of their reasons is because of they don't understand how it works.some of them are not up to date with technology,they are still leaving in stone age.some of them that are aware of it will not want it in their country because it will stop their siphoning of public fund.

 

[Folaham]

Decentralization and lack of power on the part of the government is making it a bit difficult for their acceptance of the future. With time hopefully they will come to accept the reality that the power belongs to the people

 

[Chibson]

I don't think the government will ever accept cryptocurrency as a legal tender because it is decentralized. Government is all about ceentralism, control ,power, so the government will not support what I can't contreol. But as we all see Bitcoin is being widely accepted by many people and billionaires around the world.

 

[Mandypaul]

before we can give an accurate answers to the questions you have just ask you must understand that there are some part and countries of the world that will not see cryptocurrency as a normal mode of transaction in fact they consider it as an illegal mode of transaction, I think it will be very difficult for the world to accept cryptocurrency as the only mode of payment..

 

[Oyeleye42]

• Over the past decade, Bitcoin has gained attention not only from ordinary individuals but also governments around the world.2
  Bitcoin.org. “About Bitcoin.org.” Accessed May 22, 2020.
• Some governments fear that Bitcoin can be used to circumvent capital controls, can be used for money laundering or illegal purchases, and could be risky to investors.
• Still others have voiced more systemic concerns over the decentralized cryptocurrency's potential to destabilize or undermine the authority or control of central banks.

 

[Rainlover207]

Government and financial institutions will never support the uses of cryptocurency as legal tender. The reason is the it will take away the power to control the flow of currency the way the want. The will be subjected to supply and demand force of the market. If it happens no more sitting in the conforr of their rooms and call the short. They are just afraid of losing the power they veto on Financial market.

 

[Fabby]

It's very difficult to pinpoint what could lead to the adoption of the Cryptos. It's a completely unfettered market and that's exactly what makes it interesting and different than the regular currency. So, to begin with, if more merchants are willing to accept the transactions in Cryptos, sure! It'd be all over, in no time. Also, the Govt. has to give a go-ahead. But it's quite unlikely that the regular currency would be replaced anytime soon. it'd definitely shift towards Digital currency but adoption of Cryptos, doesn't seem to be happening anytime soon. They're too volatile to be accepted as a stable currency!

 

[Shivay]

Government and financial institutions will never support the uses of cryptocurency as legal tender. The reason is the it will take away the power to control the flow of currency the way the want. The will be subjected to supply and demand force of the market. If it happens no more sitting in the conforr of their rooms and call the short. They are just afraid of losing the power they veto on Financial market.

The best andwer i got in this thread. I also thought the same thing as currently the priority is Us dollar and if the cryptocurrencies are legally adopted then people may see it as a more safer souce and it becomes priority in the future.

 

[Sheyemanu]

Do I think government will accept bitcoin as a digital currency yes, but do I think they would accept bitcoin as a legal tender? No I don't think so, bitcoin is decentralized and government don't like that, they want to be able to control it as they control fiat currencies which is why they have been hostile towards bitcoin

 

[Samuel77]

According to my own point of view, I believe there is a possibility that can make the government Bitcoin and digital currency, as long as the world keep using Bitcoin and I become more popular in all the country in the world, I believe some day the government will accept it as digital currency

 

[Eamodu]

We

Government are being so hostile to the subject of cryptocurrencies world over, most of them openly called it a scam, some said that they don't fully understand it yet. We know that the reason why they have been so hostile to cryptocurrencies is because they can't control it. Cryptocurrencies are decentralized, so nobody anywhere is controlling it. With the government hostility towards Bitcoin right now, do you ever think that government will some day accept Bitcoin as a system of payment?

Well we could get to that stage with cryptocurrency.but I doubt if the government will agree to it,I see a disagreement taking place around the world.and for it to be universally accepted as a legal tender,then all government Nation wide will have to accept it. That will be the issue

 

[Ehizzy1]

Over the past decade, Bitcoin has gained attention not only from ordinary individuals but also governments around the world.2
Some governments fear that Bitcoin can be used to circumvent capital controls, can be used for money laundering or illegal purchases, and could be risky to investors.

True i think bitcoin been used as payments options and are been endorsed by major financial institution ,adds to the popularity of bitcoin i think , so even if it's been used for illegal purpose its still been legalised ,because flat currency can also be used for illegal purposes too i think, and the importance of bit co in is really many

 

[Robrown83]

I don't see it be acceptable by any government now but I don't of the future if the whole world agreed to be spending a single currency. Bitcoin now is a treat to the currency of each country of the world and noone ever understand what Bitcoin is all about so it will be difficult to accept it now

 

[Taiwoayan]

I don't think the government will ever allow it because they have no control over it

 

[Shivay]

I don't think the government will ever allow it because they have no control over it

Yeah man , Suddenly the government of india registered a new case against bitcoin in the high court . Bitcoin won the previous case in January 2020 but the government still has issues for accepting it. It is seriously getting very bad for me as they can drop exchanges in my country anytime the case is closed.

 

[Victor001]

When we say government we should not forget people make up this government. The issue of adoption of crypto varies according to individual government, while some may choose it, others reject it. The reason is not far fetched "exposure" is what they lack.

 

[Taiwoayan]

Yeah man , Suddenly the government of india registered a new case against bitcoin in the high court . Bitcoin won the previous case in January 2020 but the government still has issues for accepting it. It is seriously getting very bad for me as they can drop exchanges in my country anytime the case is closed.

Yes, yesterday Nigerian government placed a ban on any transaction on cryptocurrency with your bank