). When Bitcoin legalized in any country it'll bring with a lot of problems like people will prefer invest in Bitcoin to keep money in Bank or how to control Bitcoin to avoid anyone takes advantage of its disadvantages to commit crime. Because of these case there are some countries banned Bitcoin already and some others going to ban it. 
Topic: About the relationship banks (goverments) and cryptocurrencies (Read 254 times)
I don't know how about this relationship in other countries but in my country it's really really bad. The government and banks are very afraid of Bitcoin cause it's too hard to control so they're trying to find out some ways to ban Bitcoin in next year but I think it's not easy to ban Bitcoin ). When Bitcoin legalized in any country it'll bring with a lot of problems like people will prefer invest in Bitcoin to keep money in Bank or how to control Bitcoin to avoid anyone takes advantage of its disadvantages to commit crime. Because of these case there are some countries banned Bitcoin already and some others going to ban it.
). When Bitcoin legalized in any country it'll bring with a lot of problems like people will prefer invest in Bitcoin to keep money in Bank or how to control Bitcoin to avoid anyone takes advantage of its disadvantages to commit crime. Because of these case there are some countries banned Bitcoin already and some others going to ban it. He could actually be true, once cryptos are widespread and cash is abolished, goverments will be able to monitor all transactions, how much you make, what you buy, where you work, where you travel, how much taxes you have to pay, no more privacy at all, everything will be in the hands of few bankers and oligarchs.
http://www.zerohedge.com/news/2017-10-21/crypto-currency-calm-storm
http://www.zerohedge.com/news/2017-10-21/crypto-currency-calm-storm
The soul purpose of bitcoins was to give people financial freedom, so that people can actually handle their earnings and would not have to be dependent on the banks ( third party) to handle it , and people would no longer need to ply according to the banks term and conditions.
According to me no government would ever be able to gain control over bitcoins , the anonymous nature ensures that our identity would be hidden so how can government track our transactions , charge us taxes without knowing our earnings and the amount we hold.
So practically we would be given more privacy by BTC than bank accounts.
He could actually be true, once cryptos are widespread and cash is abolished, goverments will be able to monitor all transactions, how much you make, what you buy, where you work, where you travel, how much taxes you have to pay, no more privacy at all, everything will be in the hands of few bankers and oligarchs.
http://www.zerohedge.com/news/2017-10-21/crypto-currency-calm-storm
http://www.zerohedge.com/news/2017-10-21/crypto-currency-calm-storm
This is assuming that wallets and addresses aren't anonymous though. Honestly, if they weren't anonymous, you're much better off using banks and fiat. Your finances would be hidden from the general public that way, as opposed to non anonymous cryptocurrencies where everyone can see your entire financial history.
Everything goes to the fact that governments will soon be obliged to use crypto-exchange exchanges to establish identity for all the clients of the exchange in the course of bidding, allegedly for the purpose of preventing illegal money laundering, and this information can be used by the state to collect information about each person. We can see this on the example of the bittrex exchange,
which is trying to establish such identity of the person right now. The possibility of total surveillance for each person will greatly increase when the usual money will be largely replaced by crypto currency. This is such a bleak forecast, which is quite real in case of the domination of the digital currency on the planet. As a result, it will very well play into the hands of authoritarian governments.
Decentralized and anonymous crypto currency can eventually turn through the relevant laws of governments in its opposite.
which is trying to establish such identity of the person right now. The possibility of total surveillance for each person will greatly increase when the usual money will be largely replaced by crypto currency. This is such a bleak forecast, which is quite real in case of the domination of the digital currency on the planet. As a result, it will very well play into the hands of authoritarian governments.
Decentralized and anonymous crypto currency can eventually turn through the relevant laws of governments in its opposite.
This is referring to a "crypto-ruble" - the article is talking about some sort of permissioned blockchain which could theoretically be issued by governments, at which point it would be fairly similar to existing digital fiat money.
This is essentially fiat currency that we're talking about, and it would not in any way prevent people who are interested in decentralisation from continuing to use a permissionless blockchain like BTC to preserve their freedom.
This is essentially fiat currency that we're talking about, and it would not in any way prevent people who are interested in decentralisation from continuing to use a permissionless blockchain like BTC to preserve their freedom.
If they could apply tax to our fiat currency income
Just to clarify - a lot of people illegally evade tax by accepting cash, especially the self-employed. Governments are not always capable of applying all of the appropriate tax to physical cash, but a move to government-issued digital money could probably be controlled well enough for that. It's important to distinguish between government money and our current perception of cryptocurrencies.
He could actually be true, once cryptos are widespread and cash is abolished, goverments will be able to monitor all transactions, how much you make, what you buy, where you work, where you travel, how much taxes you have to pay, no more privacy at all, everything will be in the hands of few bankers and oligarchs.
http://www.zerohedge.com/news/2017-10-21/crypto-currency-calm-storm
http://www.zerohedge.com/news/2017-10-21/crypto-currency-calm-storm
I think this is possible that they could trace our bitcoin transaction once they imposed a law that will make it a mandatory for all the people to comply. If they could apply tax to our fiat currency income they could do that to our digital currency thru local exchange in which every time we do transaction to them we will required us for a government issue ID for our records and legality of our transactions by this i think they can now trace us because how we could change our bitcoin to fiat if we will not go to local exchange?
He could actually be true, once cryptos are widespread and cash is abolished, goverments will be able to monitor all transactions, how much you make, what you buy, where you work, where you travel, how much taxes you have to pay, no more privacy at all, everything will be in the hands of few bankers and oligarchs.
http://www.zerohedge.com/news/2017-10-21/crypto-currency-calm-storm
http://www.zerohedge.com/news/2017-10-21/crypto-currency-calm-storm
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