What if governments make Bitcoin centralized?

[Deleted member 403]

What are your thoughts on the matter? Will Btc be able to maintain its decentralised status in the coming years? Or isn't it? What do you expect will occur if authorities fully accept Cryptocurrencies as a substitute for fiat currency? Your suggestions will be valued highly.

 

[eLdavis]

Personally I feel it might be impossible for the government to actually centralized Bitcoin, this would completely go against all that Bitcoin stands for. It's like trying to make a fish breath on dry land, it's not in it's nature.

 

[Trexxxy]

Well, with the way I see things, i expect more government to fight against crypto, although that is largely dependent on if the fiat currency is leaving the economy and getting invested in the crypto space. For now the crypto market seems to be thriving.

 

[Smiles20]

This is exactly what a lot of government in various countries wants to do but doing that ensures that there is no difference with the normal Fiat currency and then the entire goal of Bitcoin has been defeated.

 

[kayode10]

The government will have control over the supply of Bitcoin and other cryptocurrencies in the market place. This will give me them chance to manipulate the price of Bitcoin to their own advantage. Bitcoin will become a tool of international politics just like crude oil.

 

[Sotherefore]

What are your thoughts on the matter? Will Btc be able to maintain its decentralised status in the coming years? Or isn't it? What do you expect will occur if authorities fully accept Cryptocurrencies as a substitute for fiat currency? Your suggestions will be valued highly.

If the government accept cryptocurrency and recognise it as a legal tender ,well this will expose BTC to a lot of people within the country and this might also increase the value of BTC.. if every world government accept cryptocurrency then possibly the price of cryptocurrency will be on a very high side because more people will wants to have it on their wallet for easier transaction.. I believe maybe in the future most world leaders that doesn't accept cryptocurrency will start to recognise it.. it is just a gradual process but the possibility of accepting cryptocurrency as an official currency for payment of goods and services by all government is low.

 

[Justin]

Bitcoin cannot be centralized, that is against its spirit. Bitcoin was created as decentralized money. There is no way government can control bitcoin as anyone can mine bitcoin. However, the government can of course control bitcoin if its buys a lot of bitcoins.

 

[Smiles20]

When the inventor of Bitcoin was creating it he was doing it with the intention of creating a honest system. This is what I believe in and if at all it is ever going to be centralised then I have no business with it.

 

[Blessedsam60]

What are your thoughts on the matter? Will Btc be able to maintain its decentralised status in the coming years? Or isn't it? What do you expect will occur if authorities fully accept Cryptocurrencies as a substitute for fiat currency? Your suggestions will be valued highly.

It's can't be possible for any crytocurrency to become centralized because one of the crytocurrency features is to be decentralized. That's no government or anyone is in control of the digital currency.

 

[HayKay]

In my opinion, bitcoin has the participation and loyalty enough that would ensure that it maintains this decentralized status for a long time to come.
No government can get a hold of this actually.

 

[BrolySSJ]

In my opinion, bitcoin has the participation and loyalty enough that would ensure that it maintains this decentralized status for a long time to come.
No government can get a hold of this actually.

That is true for as long as we do not know who is the creator of bitcoin and these coins however i think that if there is a way to find it out then they will be able to control these coins and the networks.

 

[Achawaskey]

Generally I don't think government will try to adopt Bitcoin because of its decentralised nature, they can only regulate it in order to revenue and also prevent bad people from using it to fun there nefarious activities.

 

[Laurentta]

I don't think there will ever be a time when bitcoin will be accepted fully by the government. Even if they accept it, i don't think it they would choose it over flat currency.

 

[Bousine123]

If government accept bitcoin I think it will make it more valuable and scarce, but people will be able to use it every were for buying and selling and paying bills.

 

[Ononivami]

Firstly, the bitcoin can't be made centralised because the creation of the digital currency was made on a decentralised platform. It will not fit-in into a centralised system. That's exactly the beauty of the digital currencies.

 

[Lens]

It is practically impossible to make bitcoin centralised. Bitcoin was developed on a decentralized system and that makes it very difficult to make a centralised digital assets.

 

[Sotherefore]

There is no one that can be able to edit what was done in bitcoins and from creation bitcoins was meant to be a decentralized cryptocurrency that all its transaction cannot be traced... I don't know how the government will be able to do this when it was not arrange initially.

 

[Grandeur]

I do not think that bitcoin can ever be centralized of it would, it should have been done years ago but the government has not succeeded in that because they don't have access to the decentralized technology.

 

[Nomad]

Bitcoin cannot converted to a centralized currency because it has been designed to become decentralized. If the government wants to create centralized currency, it had to create its own CBDC.

 

[Syldan]

Well it has been the effort of different governments of different nation to make it centralized but their efforts is still less in control. It has not been centralized and I dont think it can be.