Will Bitcoin ever be truly accepted by government?

[Shaf]

As the first cryptocurrency and gold standard in this field, Bitcoin has always and it seems, will always continue to be the object of scrutiny by government worldwide.

The most prominent thing is that it's decentralized, allowing people to bypass traditional financial institutions that can be controlled and monitored by government. It's understandable that this will make them uncomfortable, as controlling people's money and transactions is one of the best ways to control a nation.

Some countries have chosen to accept it and use it as legal tender, some are still considering it and the advantages it has, some are still highly skeptical while countries like China have outrightly banned it.

Generally, most countries seem to be watching from the sidelines. Would this ever change and make Bitcoin to be accepted as a means of transaction?

 

[sincerem]

The only country which I know making Bitcoin legal tender is El-salvador, as for others, they're just showing interest. But up to now, such interest never been rubber stamped. That's why you can't guarantee all those countries showing interest of adding Bitcoin as a legal tender currency. Maybe in the future, more countries will emerge and making Bitcoin a legal tender. Who knows, it might work out that way, k just hope for more adoption of the coin as a legal tender in the future. As for other countries who are head strong to accept Bitcoin let alone considering it as a legal tender, will come to have no option but to accept the coin as a legal tender in the future. At the moment, Bitcoin can't be banned, due to many high profile names, backing the coin, no matter what other high profile individuals do wish about it. It can't be banned since we have able individuals still on support the digital currency and rest others.

 

[Kingsley]

I really doubt if this current administration will consider lifting the ban they placed on crypto currency trading in Nigerian, from all indicationsit shows that this present administration is still operating in the analogue era, as many of the ministers and head of offices are all analogue thinking. They are yet to get into touch with the current reality of the digital age. Hence the country is light years away from been developed. As we can see the enormous benefit of crypto currency in the economy of El Salvador, they were able to build more schools, hospitals, and roads with the benefits or proceeds that they got from trading crypto currencies. Our leaders have really lose touch with the reality of things today no wonder they even placed a ban on Twitter the other time. When they place all this bans they still go back to those countries where those things they are banning in their country is been functional to borrow money from them. As it is the culture of this present administration to always borrow moneh from every available source they can lay their hands on. Quite frankly they have also exhausted all the available options of borrowing and they are still looking for more to borrow and still nothing to show for it.

 

[Iqra]

Bitcoin does not have any particular central authority, the government just could require every node that operate in U.S to have a license.

 

[Akintola Samuel]

All I know is that whether accepted or not accepted...it can not be put out of existence

 

[Suba]

Each government of a country will of course have its own policy regarding the treatment of Bitcoin or cryptocurrency. There are governments that treat Bitcoin as a legal tender, others treat Bitcoin as a commodity that can be traded, while the regulation of Bitcoin with goods or services is considered a barter trade. There is also a government that prohibits the circulation of Bitcoin, and will even impose sanctions on citizens who hold Bitcoin. In some countries that impose high tax rates on Bitcoin will also harm Bitcoin users. So it seems unlikely that Bitcoin will actually be accepted by all governments around the world.

 

[Good-Guy]

I do not think that Bitcoin will be accepted by the governments until or unless they figure out a way to regulate it or somehow control it. Bitcoin is a decentralized asset and it cannot be controlled so easily albeit it could be traced. The major problem is that if the governments had any power over Bitcoin, they would have no problem legalizing it. Since their powers are quite limited when it comes to Bitcoin, they have no other option but to ban it without considering the possibility that it might be really beneficial for the economy. Despite all this, there are certainly many countries that have accepted Bitcoin as a legal asset that could be mined and traded in the country.

Some of those countries include western nations and many other big countries and I think that this is the main reason why Bitcoin is surviving till now and investors are interested in investing money in cryptocurrencies. There might come a time when cryptocurrencies will be regulated just like any other payment system and only then it will be accepted by the world governments. Otherwise, it will still remain one of the controversial assets in the history of mankind. Honestly speaking, this is why I believe that Bitcoin and other popular cryptocurrencies are unique assets in the history of mankind.

 

[ronini]

Someone once predicted that in future, we'll have cashless society. Maybe that future is the future of cryptocurrency.

 

[Limivorous]

It Is hard to anticipate whether bitcoin will ever be accepted by the government or not. But, it is sure that distributed ledger is to play an important part in the global economy.