Topic: Bitcoin vs the government - page 3. (Read 1124 times)

Only if they're lucky. In a country where something is "illegal" you must exercise extreme caution to avoid getting caught. Not everyone is brave enough to do this, especially if the country has an autoritarian regime (eg: North Korea and Russia). Fortunately, this won't affect Bitcoin due to the way it was designed. If a country rejects Bitcoin, others will support it with open arms.

In the worse case scenario, we can run nodes and miners in space (the Moon, maybe?) to help preserve the BTC blockchain for generations. To take down Bitcoin for good, the whole Internet must be shut down. And we all know that's virtually impossible to achieve. Who knows if oppressive governments will change their mind about Bitcoin in the future? If you can't beat it, join it.

There is a point in what both of you said, some country government appears to fear the currency why some like yours don’t fear it but they also didn’t ban it why some have completely adopted it and started accepting it as a means of payment.

The thing there is most government don’t want to publicly accepted bitcoin as a legal tender because they are afraid of what will become of the local currency in time to come, as people might want to use only bitcoin as payment option, abandoning the local currency which can devalue that currency. So the Op is still right if he says that government fear bitcoin.

I think, The government would not accept bitcoin officially coz they don’t control over the bitcoin payment system or bitcoin pay system. Some government accepted bitcoin for only using online system for investment and trading and maximum countries people are usually using bitcoin illegally.

I don't think they can ditch the USD and just use bitcoin as their sole currency, its volatility would cause the economy to collapse faster instead of benefiting them. In my opinion, as long as bitcoin remains highly volatile, it cannot become a currency. Furthermore, if I'm not mistaken, even the president and government of El Salvador are investing in bitcoin instead of considering it just a real currency.

Currently, bitcoin is being accepted as a commodity by many governments, they have never recognized it as a currency so I don't think that when they release CBDC, they will ban bitcoin because they are completely irrelevant or compete with each other.

Even though it's true that governments and central authorities find Bitcoin to be a threat to the financial control that they used to have over their citizens because as more people start getting interested in Bitcoin and start using it, they start losing full control over the finances and financial activities of people since they might not be using banks and other financial institutions that have been around for centuries and they can't digest that very easily.

However, I don't think that there will be any mass protests or anything if governments simply start banning the usage of Bitcoin within their countries, people will try and use it behind the scenes without letting anyone know so that they don't have to face any legal consequences but they will barely raise their voice for it.

Bitcoin is a smart currency and the government is not supposed to be in conflict. In fact, the reason the news is misrepresented is that many do not want Bitcoin to gain its reign It seems that state vs. bitcoin is not supposed to be like this because it is controlling bitcoin in different states with wrong information More would accept it because it is a digital currency whole world is going towards digitization now and digitization means smart system in every case so in coming days this currency will be the only We try not to have any conflict with the government as a medium of exchange As far as I know, there are many misconceptions about Bitcoin in our society, that's why the government of my country can't accept Bitcoin and doesn't want to release it, in fact, it can't gain trust because of some scams for Bitcoin can never be an enemy of the government in fact it is being created as the enemy, so we should better understand and create awareness through a lot of writing then it will be seen as a part of the government It will turn out that the whole world will be like a village which the concept of Global Village will be completely true Due to the hostile policies of different states Bitcoin has depreciated in value at various times, but it is not permanent and in future we will understand and everyone will accept that there is no enmity between the two and there will never be.

Hasn't El Salvador adopted BTC as their national currency? The Salvadorian government has been forcing businesses and merchants to accept the cryptocurrency all across the country. It even has plans for a Bitcoin City powered by "geothermal mining". I know it still uses the USD as a alternative currency, but the country might as well ditch it completely if BTC adoption becomes a huge success. I'm surprised about this, considering that governments are always striving for control. Encouraging citizens to use Bitcoin will make the government feel "less powerful".

Despite the fact that El Salvador adopted BTC as legal tender around two years ago, the vast majority of the world's countries still patronize the usage of Fiat. There are predictions that mainstream governments will "ban" Bitcoin after the launch of their very own digital currencies (CBDCs). This is to be expected after the reasons mentioned earlier. No one knows what the future holds for Bitcoin, so we can only hope for the best.

I applaud your steadfast commitment to consistently opposing policies that do not favor individual freedom. We all concur that Bitcoin wields transformative potential to challenge the centralized systems held by governments.

Indeed, Bitcoin has been labeled as risky, but we all bear our respective responsibilities. Those who embrace risk will likely not be perturbed by its volatility. Meanwhile, for those who harbor concerns regarding risk, Bitcoin offers a more robust security framework compared to FIAT at present.

In truth, individual freedom, when exercised responsibly, ought not to be curtailed even by governments.

Is it really creating "fear" and "panic" in most of the government officials? I doubt.

They still track what you are doing with bitcoin. I am sure you have used some sort of crypto currency services that asks for KYC. Also, you do need to report voluntarily any transactions related to crypto currencies in most of the country or you end up breaking the law..
There more than few countries that have banned bitcoin and we haven't seen any "mass rise up" against the government. The government isn't looking to contain the influencce of bitcoin nor discredit it. They are just trying to create laws and framework where they can indirectly control the whole market and people are obeying the laws. So the government is winning here. Not us.

Many years ago, many countries banned bitcoin and had a negative view of it. But even with those bans in place, people still find ways to use bitcoin quietly. This causes even more headaches for the government in managing the people. Then, the government realized that banning bitcoin was ineffective and that it further caused them to lose a source of income, which is taxes. So today, many governments have no choice but to accept bitcoin with some regulations attached.

Before the government didn't want to use crypto because of being anonymous of it and possibly there were alot of hidden transactions, sooner or later they saw the potential of bitcoin if tons of people keep using this why not support those with the use of centralized platform related to crypto those are now the exchange you are using, once you deposit your money and not transfer to your wallet it's still not yours. Ive seen alot of establishments right now supporting e-payment including crypto right there including the blockchain technology of being transparent they can now see the confirmations of transaction and possible abusers.

I don't agree with this. Specifically in my country, bitcoins are legal to own, hold, and trade on the bitcoin market. If our government wanted, they could ban it and there would be no bitcoin exchange. In my country there are lots of bitcoin exchange markets for IDR. Even though our country still prohibits the use of bitcoin for payments, this is not a problem because our citizens are still not ready to implement it

I see nothing wrong with what OP said tho. Yes, Binance can trace your transactions and all, but it’s better than the government being the one tracing it. And there is no place where it’s officially stated that sooner or later Binance/other exchanges that require KYC will work together with  the government.

Since there is no unitary government for the whole world, the government of some countries do not still understand the potentials of bitcoin, they still think bitcoin is a bubble or a Ponzi scheme currency. While some country's government undermines bitcoin, other enlightened countries have known the potentials of bitcoin and have started to fight against it. They may be fighting for one or more of the following reasons;

• So that citizens will not evade tax through it 
• So that criminals will not purchase arms and other illicit products through bitcoin
• To avoid money laundering
• To be able to control and manipulate everyone and including their data 

While some government doesn't want to do away totally with bitcoin because they don't know what the future holds as cryptocurrency is an evolving technology

Banning Bitcoin won't change the direction of Bitcoin. The government just doesn't like to adapt Bitcoin officially because they don't want to lose control of the economy. Don't expect any government to announce Bitcoin as the national currency. Centralised governments won't adapt to decentralised currencies where they have their own fiat. So a war will exist between the government and Bitcoin. Even many developed countries allow people to use Bitcoin, but they really don't like to adapt it. Any country won't have double currency. So the government will always oppose it. El Salvador adapts Bitcoin as legal tender, but I don't think it does help them a lot. Rather, they are forcing citizens to use Bitcoin. So other governments are monitoring them as well, but still no one is in. There are many factors; if everything becomes decentralised, then the system will collapse.

There is no doubt that on the early stages bitcoin was underestimated as having no future, however once some people began to use it governments began to give attention to it, but it was not until the silk road that they really understood the potential bitcoin had to circumvent their regulations, so they began to become way stricter with their regulations, but at the end the nature of bitcoin itself makes is incredibly difficult to deal with and governments are learning the hard way this is the case.

The government has always been against Bitcoin because of its decentralized and censorship-resistant design. If they can't control it, they will try to ban it. Or at least, they will regulate it "down to the bone". I wouldn't say "the masses will rise up against them", especially when many people don't even know what Bitcoin is (or haven't even used it before). The world is still dominated by Fiat currencies (particularly the USD) whenever you like it or not.

Considering that Bitcoin has volatile market prices (aside from the fact that transaction capacity is limited), don't expect it to replace Fiat anytime soon. Despite the fact that BTC cannot be taken down, I'd say governments have already won by limiting BTC's ability to take over the existing monetary system with fierce regulatory pressure. The only way BTC will win is if people begin to lose trust in Fiat currencies. Once governments and central banks lose credibility, Bitcoin will be able to "rule the world". Who knows what the future holds for the cryptocurrency?

  Bitcoin has the potential to dismantle a banking system in which a central authority is responsible for decisions that affect economic fortunes of entire countries. The government see this as a threat because they can’t regulate the use of bitcoin, they love to have control and be the master of everything we have going on. They want to be able to keep tap of everyone’s worth. But with the inception of bitcoin, they will lose control due to the decentralization. The interesting part about this is that despite the threat Bitcoin impose, it cannot be shut down by one governments despite several countries discrediting the Bitcoin ecosystem. It will be hard to see bitcoin leave cause even when they (governments) see Bitcoin as a threat they are also economy advantages Bitcoin brings to the society.
  If the world power countries like the United States, Uk and China can adopt and make bitcoin legal in their system like El Salvador government did, other smaller and European countries will see the need to adopt the system too. This is why Seminar and other educational programs are being held in different countries to encourage and enlighten people about the use of bitcoin. Governments wariness about the bitcoin can be partly attributed to fear and partly transparency about its ecosystem. Bitcoin has been in existence since 2009 and it has been developing ever since and can still develop. A chance should be given to bitcoin to shine, the government should ease the tensions surrounding the use of Bitcoin and adopt the new technology.

It is a thing of fact that what was considered to be a battle has turned into clear humiliation. What the government thought they wanted to fight with has become their worst nightmare.

Bitcoin has singlehandedly proven to the global financial space that it can function without government's interference. If not for slow achievement of global adoption, bitcoin transactions aren't meant to still have regular fiat interventions and this alone is sufficient victory.

What happened to Wikileaks is one among many of such cases of government aggressive attack on decentralization and since they can have a hold of Bitcoin so they tend to refocus the energy on blocking its payment service providers or using them to monitor and track Bitcoin users since Bitcoin in itself doesn't expose the identity of it users which is what make Bitcoin privacy-conscious assets.

So for that, the government will continue to play the anti-Bitcoin role for as long as possible and Bitcoin users will have to be more conscious of issues as regards to the privacy as they interfere with Bitcoin and its exchange services.