Bitcoin from the economic perspective

Tellek Garing

full member

Activity: 854

Merit: 130

Quote from: Lanatsa on February 16, 2022, 04:39:06 PM

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

Just put some example on whats happening on El Salvador.. This is the real thing that we could really give out real time opinions or sayings on what we are seeing on real time rather than

on being speculative on how it could economically affecting a certain country or place.If it wasn't made as a legal tender then I don't see much impact yet people would be using it
on silently and circulation wouldn't still be changed up.SO I don't see the point on why people do really keep tagging it on an economic perspective?

You are accurate on your point as the Bitcoin network is is a highly volatile asset and since it does not have a stable price its effect on the economy may not be directly felt like an impact, correct me if am wrong the El Salvador situation may seem to be a negative economic chart as the IMF have warned against Bitcoin adoption but on the contrary, too long term goals Bitcoin will have a significant positive reflection and means of inflation reduction.

Lanatsa

hero member

Activity: 2968

Merit: 687

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

Just put some example on whats happening on El Salvador.. This is the real thing that we could really give out real time opinions or sayings on what we are seeing on real time rather than

on being speculative on how it could economically affecting a certain country or place.If it wasn't made as a legal tender then I don't see much impact yet people would be using it
on silently and circulation wouldn't still be changed up.SO I don't see the point on why people do really keep tagging it on economic perspective?

mobilestrike

hero member

Activity: 907

Merit: 500

Quote from: TheNineClub on February 16, 2022, 11:39:07 AM

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

If we are talking about third world countries, developing countries or ones that have their economies in turmoil, I would say they do not fear decentralization, rather they fear refusal of outside funding from bigger economies if they do not follow their lead.

If we are talking about leading economies, they just want total control over any part of the economy that is concerning their country, so yes, decentralization is an issue to them. But it's yet to be seen if those economies could even benefit that much from crypto.

If they will adopt blockchain and they will get benefit for their nation then I do not think that they will need any foreign funding so then why they again fear that other countries will stop funding them!
It is just their thinking because they do not know about the features and benefits of bitcoin and they just rely on the news of those who do not want them to adopt bitcoin.

TheNineClub

full member

Activity: 616

Merit: 161

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

If we are talking about third world countries, developing countries or ones that have their economies in turmoil, I would say they do not fear decentralization, rather they fear refusal of outside funding from bigger economies if they do not follow their lead.

If we are talking about leading economies, they just want total control over any part of the economy that is concerning their country, so yes, decentralization is an issue to them. But it's yet to be seen if those economies could even benefit that much from crypto.

KennyR

hero member

Activity: 2310

Merit: 532

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

As of now only country that have adopted bitcoin is El Salvador. Just with a country's performance we can't get into a conclusion that country that have adopted cryptocurrency have been experiencing more of advantages than disadvantages. Market volatility will surely cause big destruction in a country's economy, but El Salvador being a country with population of 6.5 million the impact haven't been experienced big. If more countries join together bitcoin adoption might cause advantage in its economy.

Countries always fear of the decentralisation, and to have control countries are in the creation of their own CBDC. Possibly in the coming years we can see more countries making use of the official CBDCs than decentralised cryptocurrencies.

RealMalatesta

legendary

Activity: 2338

Merit: 1124

Quote from: Flexystar on February 15, 2022, 12:38:35 PM

That is why National Digital Currency is coming into effect since a year now. If you go through some news articles then you can read and understand that how slowly each and every country is behind the projects of making digital currency. This is going to be based on the blockchain obviously and thus indirectly fulfilling the dreams of common people to use these instead of crypto.

However, to counteract the whole currencies it’s not that easy. So they will have to allow currency like bitcoin in the economic model. This will keep both the parties happy and keep them moving on.

I do not know if a centralized crypto would be the key to make profit for the nations. However looking at how people are interested in stuff like USDT where it is based on just one company, I am sure there will be some interest shown to national ones as well. It shouldn't be like that, people should not put their money into centralized coins but unfortunately they do and this means that governments could create their own coins and could make money from it as well.

I do not know how long it will take to get there but I know that it wouldn't be too long before they do something like it. At that point we are going to go through some major changes in the crypto world, every nation will want theirs if even one of them makes a lot of money from it. This will also disturb the markets a bit by changing the power USDT has and the power of USDT-BTC pair as well which is huge right now.

mobilestrike

hero member

Activity: 907

Merit: 500

Quote from: bittraffic on February 15, 2022, 05:27:11 PM

It's still early to say it's going to be a disadvantage to the government that chooses to legalize BTC as currency. El Salvador for example is the only country right now doing it but it attracts lots of crypto businessmen. The technology makes an economic advantage like making use of LN.

Starting early makes it an advantage too but if the country adopts BTC 10 to 20 years later, the competition will already be steep. But the advantage of countries will depend on the location where there will be reliable energy sources such as volcanoes, rivers, and sunny places.

In the coming few day El Salvador will not be the only country which have legalized it as their legal currency but Russia is also in the preparation to make bitcoin as their legal tender and will be used as a currency for all the purposes of the state. Those who are entering there are getting its all benefits on time.

bittraffic

hero member

Activity: 3038

Merit: 617

It's still early to say it's going to be a disadvantage to the government that chooses to legalize BTC as currency. El Salvador for example is the only country right now doing it but it attracts lots of crypto businessmen. The technology makes an economic advantage like making use of LN.

Starting early makes it an advantage too but if the country adopts BTC 10 to 20 years later, the competition will already be steep. But the advantage of countries will depend on the location where there will be reliable energy sources such as volcanoes, rivers, and sunny places.

mobilestrike

hero member

Activity: 907

Merit: 500

Quote from: 24Kt on February 15, 2022, 05:00:12 PM

Quote from: laredo7mm on February 15, 2022, 01:31:27 PM

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

A technology that was created to create a decentralized environment for the economy which can be free from govt control becomes a key asset to store values. Bitcoin was supposed to be an alternative to fiat currency and the current situation shows that it is inevitable. Big tech giants like Paypal, tesla already started to accept bitcoin so I hope govt will also be more friendly towards bitcoin.

A lot of countries are already friendly towards bitcoin, but still most of them are hesitant because of its decentralized nature. Even if their crypto platforms are registered under their government's jurisdiction, still, they won't get the whole picture of it. But if they want a share from this industry, they can always make a clear laws and regulations regarding the crypto-related businesses and generate income from them. Better than letting them operate underground. At least, contribute to the economy of their country.

The decentralized nature of bitcoin is not that much harmful. It all need the government to learn about it and to learn that how to manage and maintain that system in their countries. Many countries are managing it which means that it is possible and not harmful for any country to accept it as their currency.

24Kt

member

Activity: 1092

Merit: 67

Quote from: laredo7mm on February 15, 2022, 01:31:27 PM

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

A technology that was created to create a decentralized environment for the economy which can be free from govt control becomes a key asset to store values. Bitcoin was supposed to be an alternative to fiat currency and the current situation shows that it is inevitable. Big tech giants like Paypal, tesla already started to accept bitcoin so I hope govt will also be more friendly towards bitcoin.

A lot of countries are already friendly towards bitcoin, but still most of them are hesitant because of its decentralized nature. Even if their crypto platforms are registered under their government's jurisdiction, still, they won't get the whole picture of it. But if they want a share from this industry, they can always make a clear laws and regulations regarding the crypto-related businesses and generate income from them. Better than letting them operate underground. At least, contribute to the economy of their country.

laredo7mm

hero member

Activity: 1498

Merit: 537

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

A technology that was created to create a decentralized environment for the economy which can be free from govt control becomes a key asset to store values. Bitcoin was supposed to be an alternative to fiat currency and the current situation shows that it is inevitable. Big tech giants like Paypal, tesla already started to accept bitcoin so I hope govt will also be more friendly towards bitcoin.

Flexystar

full member

Activity: 1092

Merit: 227

That is why National Digital Currency is coming into effect since a year now. If you go through some news articles then you can read and understand that how slowly each and every country is behind the projects of making digital currency. This is going to be based on the blockchain obviously and thus indirectly fulfilling the dreams of common people to use these instead of crypto.

However, to counteract the whole currencies it’s not that easy. So they will have to allow currency like bitcoin in the economic model. This will keep both the parties happy and keep them moving on.

Tellek Garing

full member

Activity: 854

Merit: 130

Quote from: hugeblack on February 09, 2022, 07:51:01 AM

This benefit will not be achieved unless:

- State buys a few bitcoins
- Sets laws to track currencies, thus ensuring tax collection and the absence of any tax evasion

All is good, but it needs some acceptance from politicians and expenditures in infrastructure, which is something that is contrary to the current financial trend that is managed by central and commercial banks.

The best that many governments can do is classify cryptocurrencies as assets and thus be able to impose high taxes on them (income tax and exchange tax) or even accept to pay taxes using those currencies.

The increase in popularity among the population and the possibility of using them just like stocks will facilitate the acceptance of them by countries as legal tender, although I expect them to be used as a store of value and for trade exchange between countries.

Yes, Bitcoin being clarified as an asset will give room for it to be fully adopted within the centralized exchange market, but be so as it is because of the decentralized nature of Bitcoin a lot of its transactions may not be monitored by regulators and tax agencies.

Bitcoin services may be taxed but not all Bitcoin transaction can be taxed as Bitcoin allow for p2p transaction in any wallet.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

Quote from: ilikesumma on February 05, 2022, 05:38:05 PM

Decentralization and cryptography is for many still just a fantasy movie. Blockchain is King and bitcoin is simply a store of value.

These are same technology ensuring the success of decentralisation. Cryptography the technology and encryption of codes that embedded in blockchain obviously is the reason that the government not able to understand the identity behind transaction except where KYC is taken maybe in exchange and that is why KYC defies decentralisation in it common sense.

dbc23

sr. member

Activity: 1036

Merit: 311

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

It would have been better if there was a backup to your analysis. But I would agree with you that Bitcoin has lots of economic advantage and one of which is Bitcoin transactions are useful for international transfers and can be transacted by those who are unbanked using the peer-2-peer network available. It can also strengthen a nations economy since a single currency is used for transaction across boarder without the unnecessary conversion to fiat. The only fear of most nation is just the decentralization and will still be less of a challenge in the future

stepwilli

sr. member

Activity: 1045

Merit: 273

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

Yes, that is true applying bitcoin to a country is really beneficial. Either by using it as an alternative to cash or by using it as form of investment. There are countries that claims that using bitcoin can be damaging to the country but of course that was not true and those countries are just lying. They are only avoiding bitcoin because like you said they are scared of its decentralize nature but why would they be afraid?

We did not say that they are going to replace their current financial system. They will only use bitcoin as a second currency or as an alternative next to their local currency and if they want they can put some regulations. It is possible though.

Tellek Garing

full member

Activity: 854

Merit: 130

Quote from: Mometaskers on February 10, 2022, 12:55:28 PM

I don't really see too much disadvantages and most of it is up to the owner's own diligence, for example keeping passphrases safe, maintaining any hardwallet properly, etc. We are our bank. That alone is the reason why they are slow to accept it.

Using a none custodial wallet is the best form of protection of your funds and never store your money on an exchange wallet as you don't have the keys to the wallet.

Bitcoin has given its users the financial freedom to choose and become their bank and solve economic problems and limitations placed by the central bank or government.

Ryker1

sr. member

Activity: 1932

Merit: 442

Eloncoin.org - Mars, here we come!

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

Well on my own --the risk of financial fraud and corruption is considerably reduced by the transparency of bitcoin transactions. Individuals and enterprises in underdeveloped countries are now able to participate in global financial transactions, which improves their economic and social standing. Bitcoin has a number of advantages, including higher economic activity, cheaper transaction costs, and increased capital flows to developing countries, all of which contribute to global economic growth.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: RealMalatesta on February 10, 2022, 08:24:26 AM

Plus crypto as a whole is not just one thing that you could agree or disagree, ban or tax, like it is a whole world. You can't just say "bitcoin is fine, we will make it legal and then tax it and you can all use it" and just go on with it. There are regular coins, there are tokens, there are defis, there are swaps, there are liquidity providers, there are stakers, there are miners, there are NFT's, there are so many things that you could do within crypto world.

It means that if any nation wants to be honest about regulations, they would have to be checking every single one of them. Doesn't mean that they shouldn't make it legal, they should make it legal but they would have to first go into very detail parts of it.

Still, most nations approach it that way and it could be fine as long as they regulate it properly. Most nations have laws where when one decision is made in one case, then it is used as an example in the future cases as well, which means that as long as there is a rough regulation drawn about it, we are basically looking at it as a fine thing.

Look at New York for example, they have a very hardcore regulation on crypto, many companies who where there ended up leaving and that is understandable, but the reality is that if we are talking about laws, then I would rather have New York over China. So as you can see, they can do it anyway they like, as long as they allow it, and make it legal, then it is great.

Mometaskers

hero member

Activity: 1764

Merit: 584

I don't really see too much disadvantages and most of it is up to the owner's own diligence, for example keeping passphrases safe, maintaining any hardwallet properly, etc. We are our own bank. That alone is the reason why they are slow to accept it.

RealMalatesta

legendary

Activity: 2338

Merit: 1124

Quote from: AmoreJaz on February 09, 2022, 08:09:07 AM

most governments don't have clear stand towards crypto market because they don't have the full grasp of what's going on with crypto. though they have researchers and all, but the politicians themselves, i believe, don't have very good comprehension on crypto. so up until now, it is hard to convince them about the potential of crypto in their financial system, aside from the fact that btc is decentralised.
but no matter what, crypto is expanding. so for the govt to benefit from its existence, they can always set their taxation protocols to crypto-related businesses, even if we say, they cant get the whole picture of their market under their jurisdiction.

Plus crypto as a whole is not just one thing that you could agree or disagree, ban or tax, like it is a whole world. You can't just say "bitcoin is fine, we will make it legal and then tax it and you can all use it" and just go on with it. There are regular coins, there are tokens, there are defis, there are swaps, there are liquidity providers, there are stakers, there are miners, there are NFT's, there are so many things that you could do within crypto world.

It means that if any nation wants to be honest about regulations, they would have to be checking every single one of them. Doesn't mean that they shouldn't make it legal, they should make it legal but they would have to first go into very detail parts of it.

tippytoes

sr. member

Activity: 1988

Merit: 275

Quote from: fiulpro on February 09, 2022, 11:33:13 AM

I think the governments are very well aware of the benefits and that is why that they have been increasing the taxes on things like bitcoins and other cryptocurrencies, at the end of the day they are more worried about stabilizing the economy right now therefore I have seen many countries legalizing the gambling as well which is related to cryptocurrencies. This is a very serious matter since government cannot simply ban bitcoins, it's not centralized they can for sure make laws but they cannot confiscate the cold wallets and people can still store their coins overseas therefore I do think that in a while most of them will let go for sure. Other than that we are already seeing improvements.

Also, governments have no clear laws and regulations yet towards crypto, so most are just letting their crypto users deal with their crypto activities. This is why crypto users are just taking advantage of that loose approach. Whereas, some countries are totally banning the use of crypto. But on some countries with a lot of poor citizens, crypto market has been their savior during this pandemic crisis. So for me, the government should not be so strict with their laws because they are already helping their citizens and they are not relying to the government's help or subsidy. At least, they are helping themselves to survive in this crisis.

fiulpro

hero member

Activity: 1890

Merit: 831

I think the governments are very well aware of the benefits and that is why that they have been increasing the taxes on things like bitcoins and other cryptocurrencies, at the end of the day they are more worried about stabilizing the economy right now therefore I have seen many countries legalizing the gambling as well which is related to cryptocurrencies. This is a very serious matter since government cannot simply ban bitcoins, it's not centralized they can for sure make laws but they cannot confiscate the cold wallets and people can still store their coins overseas therefore I do think that in a while most of them will let go for sure. Other than that we are already seeing improvements.

bitzizzix

sr. member

Activity: 2366

Merit: 448

Enjoy 500% bonus + 70 FS

Bitcoin or crypto is the future and still need processing for everything, I'm sure the government understands and also learns it well overall about bitcoin because they are smart people and as long as there are pros and cons it will only slow down the goal.
don't separate the government from the people, the people have interests, and some people are interested in bitcoin or crypto and they will lobby their respective governments for their cause and regulate for their interests, and as long as there are lots of people using bitcoin and it keeps growing it can't be controlled. there is a possibility in the future the government will realize that anything in the future can happen.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: hugeblack on February 09, 2022, 07:51:01 AM

This benefit will not be achieved unless:

- State buys a few bitcoins
- Sets laws to track currencies, thus ensuring tax collection and the absence of any tax evasion

All is good, but it needs some acceptance from politicians and expenditures in infrastructure, which is something that is contrary to the current financial trend that is managed by central and commercial banks.

The best that many governments can do is classify cryptocurrencies as assets and thus be able to impose high taxes on them (income tax and exchange tax) or even accept to pay taxes using those currencies.

The increase in popularity among the population and the possibility of using them just like stocks will facilitate the acceptance of them by countries as legal tender, although I expect them to be used as a store of value and for trade exchange between countries.

most governments don't have clear stand towards crypto market because they don't have the full grasp of what's going on with crypto. though they have researchers and all, but the politicians themselves, i believe, don't have very good comprehension on crypto. so up until now, it is hard to convince them about the potential of crypto in their financial system, aside from the fact that btc is decentralised.
but no matter what, crypto is expanding. so for the govt to benefit from its existence, they can always set their taxation protocols to crypto-related businesses, even if we say, they cant get the whole picture of their market under their jurisdiction.

hugeblack

legendary

Activity: 2702

Merit: 4002

This benefit will not be achieved unless:

- State buys a few bitcoins
- Sets laws to track currencies, thus ensuring tax collection and the absence of any tax evasion

All is good, but it needs some acceptance from politicians and expenditures in infrastructure, which is something that is contrary to the current financial trend that is managed by central and commercial banks.

The best that many governments can do is classify cryptocurrencies as assets and thus be able to impose high taxes on them (income tax and exchange tax) or even accept to pay taxes using those currencies.

The increase in popularity among the population and the possibility of using them just like stocks will facilitate the acceptance of them by countries as legal tender, although I expect them to be used as a store of value and for trade exchange between countries.

Cookdata

hero member

Activity: 1106

Merit: 912

Not Your Keys, Not Your Bitcoin

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

What the government cannot control doesn't exist in their cycle. They are pained and still in pain that satoshi idea wasn't funded by their highly inflated money, that's why the idea of giving bitcoin a chance in their failed system is so hard for them to accept.
Have you thought about it, what will have happen to the world of Bitcoin was designed by US or Russia? That would have been an oppression to other countries and would want to do the same and I'm very confident that it will collapse in no time except that they know how to mass print dollars the way they feel.
Bitcoin/Crypto will not have adoption by all countries but there are some that denied it in public and steal from people in silence, North Korea does that a lot. Grin

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Governments are not scared of anything, because they have the power to do what they want. In many countries dictators are ruling the country and they do what they want. They have the backing of the local Police and Army to enforce their rule and they determine the laws that are applicable to their citizens.

So, if they want to ban Crypto currencies, they will simply do it. (Example : China) The only countries where Crypto currencies can make a difference are the countries where democratic votes determine the leaders of their government. The people can then use their democratic vote to vote for a government that supports Crypto currencies. Wink

Darker45

legendary

Activity: 2576

Merit: 1860

Wait a minute, what do the economic performance and statistics of countries tell you about the potential economic benefits that they could get from approving Bitcoin as a currency? I'm asking this question because I cannot see a connection.

Would I understand the economic implications of Bitcoin's approval in countries by looking at their economic performance? After all, Bitcoin and the currency economy belong to a completely different paradigm. The failure of the current economic system does not necessarily suggest Bitcoin as a solution. You are making a huge leap here.

takngantuk

full member

Activity: 1024

Merit: 100

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

in fact governments need not fear blockchain decentralization, as long as their regulations are tightened. the problem is when a country is too dependent on bitcoin. it will be very bad if bitcoin dumps, or there is a crash in the market. if only legalizing bitcoin i think it will not be a big problem.

Tellek Garing

full member

Activity: 854

Merit: 130

Quote from: palle11 on February 05, 2022, 02:25:47 PM

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

What you are even saying is the future benefit that are yet to be seen and for the countries who are banning bitcoin , their excuse will be no benefit so far currently. But few countries that are open to freedom in all human life has seen bitcoin to have a financial freedom. They are not struggling with control yet but the intrinsic value of bitcoin.

That's very true and those future benefits of bitcoin as advocated by Bitcoin fans are flexibility of the economy in such a way that the blockchain will play a vital role in the financial economy and also serve as a secondary currency which will double as an asset of great value.

so98nn

hero member

Activity: 2114

Merit: 603

Though it is beneficial we can not have easy implementing of the bitcoin throughout the world. I mean crypto currencies are viruses which are spreading at alarming rates but they are also taking away huge amount of financing chunk from the Governments pocket. This is causing some sort of ecosystem safe fail as the money is being withdrawn to the cold wallets. The money is standing there for long now and thus no bank transactions for that amount and thus no tax payments.

Unless and until government do not figure out the middle way to work on this we can not be sure if this will ever be official part of our daily lives.

Gyfts

legendary

Activity: 2828

Merit: 1515

Quote from: BITCOIN4X on February 05, 2022, 03:36:21 PM

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

what the government in scared is the decentralization of the financial system.

That question has been answered thousands of times on this forum, so I don't know what else to say for you.

We do not have the power to push governments to adopt a decentralized financial system when they have adhered to a centralized financial system for hundreds of years. They will stick with their assumptions even though they know that whatever they fear from bitcoin will do some good for the economy. It is clear that they will not be easy to make changes, because they also have to conduct an in-depth study of the decentralized financial system. I'll just shut up and enjoy the game.

In a democracy you do, elect a pro-BTC candidate. Bitcoin isn't a priority for most, so this won't happen lacking mass adoption, but there's change people can do. Folks in China have it different, but most European countries and the West have plenty of power to push for decentralization (or at the least, recognition of BTC as a currency).

Most people have just been brainwashed by the central banks thinking that fiat currency is stable, so the issue ignorance, not power.

ilikesumma

newbie

Activity: 18

Merit: 0

The idea behind blockchain and bitcoin was to update the old economy and financial sector that didn't change for a while. In my humble opinion the integration would be easier if governments would regulate new laws faster and be more friendly to new technologies. Decentralization and cryptography is for many still just a fantasy movie. Blockchain is King and bitcoin is simply a store of value.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Over the years and especially during the pandemic when a lot of people lose their jobs, Bitcoin was approved to be beneficial to the people but I was surprised the OP even say the words "more than the disadvantages of Bitcoin to an economy" when it has no disadvantage to the economy

BIT-BENDER

hero member

Activity: 1666

Merit: 709

Playbet.io - Crypto Casino and Sportsbook

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

I believe that even if the heads if the government aren't too familiar with Bitcoin they have advisers who are sure they should know the possibilities of Bitcoin to a nation's economy, I I believe is great even if their are some disadvantages to it, like people using it for illegal activities, but to me that's not the biggest threat to the government, the government are scared that crypto-currency gives so much power to the people and they aren't having any of that.

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

Of course it does. But it's the government that has the whole mandate if they're going to adopt it or not, whether as a global reserve, an asset class, a store of value or even a legal tender. We can't do that much in doing those but just to apply that to ourselves alone. As an individual, we have the power on it to decide for ourselves without even looking at that obstacle which is the government that's going to be against decentralization. But, as what we can see, they're going with the possibility of intervening on it through transactions and by just letting us go free whatever we want as long as not involved with illegal trades.

BITCOIN4X

legendary

Activity: 1974

Merit: 1150

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

what the government in scared is the decentralization of the financial system.

That question has been answered thousands of times on this forum, so I don't know what else to say for you.

We do not have the power to push governments to adopt a decentralized financial system when they have adhered to a centralized financial system for hundreds of years. They will stick with their assumptions even though they know that whatever they fear from bitcoin will do some good for the economy. It is clear that they will not be easy to make changes, because they also have to conduct an in-depth study of the decentralized financial system. I'll just shut up and enjoy the game.

AhmadM

sr. member

Activity: 1008

Merit: 308

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

I'm wondering about source references did you use to come to those conclusions, I don't think the pros and cons of that regulation could be easily summarized particularly by outsiders without doing proper research or knowing the circumstances of the mentioned country. In addition, the high fluctuation of BTC also becomes one of the main factors why governments are reluctant to use it as currency.

palle11

sr. member

Activity: 2366

Merit: 332

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

What you are even saying is the future benefit that are yet to be seen and for the countries who are banning bitcoin , their excuse will be no benefit so far currently. But few countries that are open to freedom in all human life has seen bitcoin to have a financial freedom. They are not struggling with control yet but the intrinsic value of bitcoin.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: Tellek Garing on February 05, 2022, 12:31:44 PM

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

I think that making such conclusions requires a lot of research and cannot be determined immediately (unless someone already did the research and one can simply refer to it). A quick search shows that such research hasn't really been conducted. So now to the reasons why it's not so simple to determine the answer right away:
1. There are countries that do well economically even though they aren't really into Bitcoin (like China).
2. What counts as approving a currency? It is only legal tender, or is it regulating it in any way? The US is doing well, and cryptos are legal there, but the legislation isn't crypto-friendly, considering the sell tax.
3. If a country is doing well and it's Bitcoin friendly, it doesn't mean that there's a causal relationship between the two. Switzerland is considered crypto-friendly, and it is doing well economically, but are these two really connected? Probably not, since Switzerland has been an economically strong country for a while, well before Bitcoin.

Tellek Garing

full member

Activity: 854

Merit: 130

Going through some countries economic performance and statistics I came to a big conclusion that the economic benefit bitcoin as an approved currency in a country is way more than the disadvantages of Bitcoin to an economy but what the government in scared is the decentralization of the financial system.

Topic: Bitcoin from the economic perspective (Read 397 times)