Bitcoin is more real than money in the Bank - page 11.

oHnK

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Quote from: romero121 on July 21, 2021, 09:10:59 AM

As in the opening post governments can take any kind of decision to stop people from using bitcoin. Governments always want to keep the people within control, and being digital lets government have easier access in keeping everything under control. But, for some reason governments weren't able to keep bitcoin same as gold or other assets.

However, the government will always act to be a regulator and who wants centralization. After all, only governments really want the current centralized financial system, even though crypto is developing, it is still regulated and thwarted by old-minded governments. Not all countries will accept BTC even now they are still raising the issue of CBDC as a crypto coin competitor.

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As in the opening post governments can take any kind of decision to stop people from using bitcoin. Governments always want to keep the people within control, and being digital lets government have easier access in keeping everything under control. But, for some reason governments weren't able to keep bitcoin same as gold or other assets.

Text

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That is why there should be more and more people adopting bitcoin, especially these merchants and marketplaces so that even if the time comes for the government to intervene to ban the conversion of BTC to fiat money as they did with gold before, we have many ways to choose from how we use or spend Bitcoin.

dkbit98

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We can see some similarities with gold and Bitcoin, and I won't be surprised if they make illegal to exchange Bitcoin for USD and other fiat currencies.
They tried to ban gold and force people to turn their gold to banks in return for some paper they say worth something, and they could do the same trick with Bitcoin.
Watch out that some big corporations and Rothschilds started to buy shares of Grayscale Bitcoin trust, and Blackrock with Vanguard own largest shares of Microstrategy.
Now they even have plan to make it hard for people to own Bitcoin in their own wallets in Europe, and make life even harder for exchanges.

CryptoStar19

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By design, fiat currencies steal wealth away from people over time by inflation... this is necessary for the system to survive because the current financial system is debt-based.

Stalker22

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Bitcoin is an innovative digital currency that's become popular with tech-savvy consumers, businesses and investors around the world, as it's unrivaled in its decentralization, public ledgers and ability to facilitate peer-to-peer financial transactions without going through a bank or payment processor. Bitcoin is in its infancy but many believe this cryptocurrency will eventually replace paper money.
A number of governments want to monitor the legality of digital currency, and ensure that such currencies are not used for fraud, money laundering, or terrorist financing.

It is unlikely that bitcoin will be illegal in many countries, but under some circumstances it may in some backward ones, where personal freedoms are already restricted anyway. Nevertheless, most countries will certainly want to monitor transactions, especially those to/from fiat currencies, and they will also want their share in the form of taxation.

Ararbermas

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Quote from: Pokapoka124 on July 21, 2021, 04:55:44 AM

Few years after forcing everyone to take their gold to the bank, the US president, Nixon in 1971 stopped everyone from having the right to convert their gold to fiat. Isn't that stealing? Government resent bitcoin because they can't control it like they did in 1971. Very soon, it will be illegal to own bitcoin in some countries, not because bitcoin is bad, but because bitcoin gives you the power to own your money. Bitcoin is more real than your money in the bank. Be your own bank by investing and learning about bitcoin.

https://www.federalreservehistory.org/essays/gold-convertibility-ends

i agree, government don't want this kind of money because it's out of their control., but in the future it will happen for sure because even now there are some countries that accept bitcoin as a legal tender, so how much more in the future.? Indeed they stopped gold but now it's different because bitcoin is unstoppable and the price itself is the key to force those government to make it real money as well..

bandungan

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Quote from: avikz on July 21, 2021, 06:22:05 AM

I wouldn't disagree to your statement, op! Bitcoin has indeed given us the power to own our finances without going through an intermediary. That's why banks have always tried to demean bitcoin through whatever channel they have. I still receive weekly update emails from my bank where bitcoin inevitably makes appearance but in a negative way!

So yes, a lot of countries will try to ban it in near future. But fortunately, bitcoin is way beyond the reach of the state power. Sadly, many governments don't understand this fact yet!

the government also doesn't seem to be able to easily accept bitcoin facts in every country. this is purely political if you have to deal with the central bank. so we can wait there will be a time when the government starts accepting bitcoin and not always

so98nn

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After reading the 1933 news paper, hell ya I would say Bitcoin is my escape plan for the life. Currently bitcoin has reached deep into the network at such complex that it's next to impossible for any Government to ban or to destroy it completely. This is what making it more powerful and government has no choice but to control it indirectly by means of putting taxation restrictions. It's gonna be little problem but it would be entirely on the user whether to convert the bitcoin into fiat or not and whether to file the taxes for the same or not?

This kind of freedom is what making bitcoin more powerful these days and people will slowly understand this theory in the near future when Government forces them to sell the bonds like this. Lolz.

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Quote from: Poker Player on July 21, 2021, 05:25:58 AM

I wouldn't say real, I would say more valuable. After all, most fiat money is digital, just like Bitcoin. The difference is that Bitcoin has increasing value due to scarcity and fiat decreasing value due to mass printing.

Bitcoin's value increases due to its adoption, not to its scarcity. If none of us used it, it really wouldn't matter if they were 21,000,000 or 100. The fact that it can't be arbitrarily inflated and the demand increase its (market) value.

Quote from: davis196 on July 21, 2021, 06:37:48 AM

Are the Bitcoins that you keep in an online wallet or a cryptocurrency exchange "more real" than the fiat money in a bank account?Nope

The difference is that Bitcoin isn't an IOU. Your balance showed when you login into your bank account isn't fiat. It's an IOU.

jossiel

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It's already being done by some countries and they're banning bitcoin. But there are also countries that have been considering lifting the bans that they've made and actually some already did too.

Bitcoin isn't just money today but it's also an asset that cannot be controlled by the government. If a government is against to it, they can impose ban as quick as they can which can be done by biggest countries. But the wisest countries are embracing and adopting it.

davis196

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Quote

Nixon in 1971 stopped everyone from having the right to convert their gold to fiat. Isn't that stealing?

AFAIK,Nixon stopped gold/USD trading at the fixed price of 35USD per troy ounce and imposed limitations of gold ownership.Those limitations were temporary.
The US gold standard was dumped,because there was a high level of inflation in the US in the early 70s and the Federal reserve didn't have enough gold to cover all the gold purchase orders coming from around the world.

Quote

The limitation on gold ownership in the United States was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars, and certificates by an Act of Congress, codified in Pub. L. 93–373, which went into effect December 31, 1974.

Thinking that Bitcoin is "more real" than the money in the bank seems kinda wrong.
Are the Bitcoins that you keep in an online wallet or a cryptocurrency exchange "more real" than the fiat money in a bank account?Nope,I don't think so.A crypto exchange can steal your coins or go bankrupt.
Bitcoin is "more real" than bank deposits only if you keep your BTC in your cold wallet and you keep your private keys in a safe place.

big kid

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This was a stealing indeed. It's illegal to buy and mine Bitcoin in some countries already and i think that's the main reason why. And cases like El Salvador's really gives me hope.

Obito

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I think both of them aren't real, we both put an intrinsic value to these two things it just so happens that bitcoin is much better than fiat so we end up saying that bitcoin is much real than fiat.

avikz

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I wouldn't disagree to your statement, op! Bitcoin has indeed given us the power to own our finances without going through an intermediary. That's why banks have always tried to demean bitcoin through whatever channel they have. I still receive weekly update emails from my bank where bitcoin inevitably makes appearance but in a negative way!

So yes, a lot of countries will try to ban it in near future. But fortunately, bitcoin is way beyond the reach of the state power. Sadly, many governments don't understand this fact yet!

Pmalek

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Quote from: Pokapoka124 on July 21, 2021, 04:55:44 AM

Government resent bitcoin because they can't control it like they did in 1971.

They can't tax what they don't see or know of. Governments wouldn't have anything against you owning bitcoin as long as they can take 10%, 20% or more whenever you make a transaction. The problem they have with bitcoin is that they don't know who owns those strings of letters and numbers on the blockchain.

Quote from: Pokapoka124 on July 21, 2021, 04:55:44 AM

Very soon, it will be illegal to own bitcoin in some countries, not because bitcoin is bad, but because bitcoin gives you the power to own your money

We have already reached that point where Bitcoin is illegal in certain jurisdictions and it can only get worse. I am afraid that the Chinese solution to bitcoin mining could spill over to other places, even those we consider far more developed and free.

Ucy

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It's actually hard money and more real than opaque, centralized and "privately" run fiat currencies. Anything can happen with fiat and the public won't know due to weak transparency

In regards to the gold part , I believe not everyone listened when people were asked to deliver their private assets (they worked hard for) to the bank. So you disregard such demands unless you stole the money or you don't own it(owned by Ceasar with images of Ceasar?) ... That treatment is even bad for slaves.
Luckily, Bitcoin is not owned by anyone, and no one can take it away from you unless the taker is a robber.

Lucius

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Historia est Magistra Vitae - which would mean that history can teach us some lessons to not repeat the same mistakes again. They (the government) can do whatever they want, especially if the majority does not oppose it - and in the past as well as today, the majority is still quiet and obedient.

As long as that doesn't happen, nothing will change for the better - and when it comes to Bitcoin, many who have not yet realized that owning private keys is the only real way to really have complete control over their coins might be unpleasantly surprised if one day some new Nixon freezes the crypto assets they keep on exchanges.

For me personally, it doesn't mean anything even if a country declares Bitcoin illegal - then it will only show that it stands on the side of countries like China where human rights practically do not exist. There will always be countries that will remain free, and everyone will have the opportunity to change their place of residence.

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Quote from: Pokapoka124 on July 21, 2021, 04:55:44 AM

Be your own bank by investing and learning about bitcoin.

that's a professional understanding in the era of globalization and an era full of technological systems, where everyone can do it themselves wherever they are, the bank is in their hands.

In the 71st century gold was only owned by certain people as well as banks, only certain people knew the bank.

Not with Bitcoin, in the 21st century everyone can save Bitcoin and get to know banks, including the lower and upper classes, a good and appropriate step, if people currently have their own bank that can operate in their respective homes with the balance they have is Bitcoin.

Poker Player

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Quote from: Pokapoka124 on July 21, 2021, 04:55:44 AM

Isn't that stealing?

Yes, it is.

Quote from: Pokapoka124 on July 21, 2021, 04:55:44 AM

Government resent bitcoin because they can't control it like they did in 1971. Very soon, it will be illegal to own bitcoin in some countries, not because bitcoin is bad, but because bitcoin gives you the power to own your money. Bitcoin is more real than your money in the bank. Be your own bank by investing and learning about bitcoin.

I wouldn't say real, I would say more valuable. After all, most fiat money is digital, just like Bitcoin. The difference is that Bitcoin has increasing value due to scarcity and fiat decreasing value due to mass printing.

I wouldn't be surprised if some countries ban it, but I think it will happen to them like China when it refused to switch to the gold standard and continued with silver.

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