Topic: Bitcoin vs the government - page 4. (Read 1108 times)

If we remember what happened to Wikileaks before there was blocking of payment so that their website could not function properly because according to the authorities there are illegal activities being done on this site. Then they saw the potential of Bitcoin that they couldn't stop the transaction of something so the government was very afraid of Bitcoin. They cannot control a person's activity as they want it to happen. And maybe that is the reason why Bitcoin is not legal in other countries. But in truth, Bitcoin was created to protect one's identity from people who would take advantage of it.

Ordinarily government's across the world would want to control the financial activities of their people, or try to monitor the financial life of her people, bitcoin doesn't give room for that because of it's decentralized nature. But that doesn't mean the government are in panic mood or afraid of bitcoin. The activities of bitcoin is legal in most countries, and its not as if bitcoin and the government are in loggerhead with each other.

I know that there are countries with restrictions of bitcoin, most of those decisions taken by such government are done because of their ignorance about what bitcoin is all about, i feel they are not well literate about bitcoin and the government need to be enlightened, so they could see bitcoin from a brighter part, with consistency and patience, those restrictions will be relaxed in the nearest future.

Because the other government does not comprehend Bitcoin, they just put a ban on it, and as a result, they also rescind the prohibition. Why? because they saw and knew that it would benefit their country in the end. How many nations have outlawed Bitcoin?

Aren't there a lot? El Salvador, Nigeria, Bangladesh, China, and Colombia were among the countries that outlawed Bitcoin, but they later realized their mistake and reversed their decision. El Salvador, in particular, was the first country to recognize Bitcoin as a legal tender money today.

Government lack the ability to ban Bitcoin,  and the topic of banning of Bitcoin should be avoided since it has become obvious that no government on earth can ban Bitcoin if they could they would have done that a long time ago so for that we should be proud and confident enough to use Bitcoin as our primary alternative currency,  Bitcoin have indeed played a significant role in our individual life and the government can't take that away from us at any point,  and for the privacy and security of the the individual's the government will have no choice that to act as if Bitcoin doesn't exist and at most try to regulate some of it service providers such as exchange and the rest of the other payment/exchange and trading of the assets.

Bitcoin is indeed a Saviour in terms of financial freedom for individuals who found the right approach to it and more importantly the means and way to earn a living in the long run.

Well, Bitcoin sure is one of the best thing that have happened to humanity in terms of finance, i have on several occasions told my personally story here, if there is nothing else to love bitcoin for, i will continue to love bitcoin for the fact that it changed my life and gave me hope when i had none.

Without the help of bitcoin, by now, i probably will still be working 6 to 7 for some big men for peanuts, just to see that i keep my body and soul together, But when i discovered bitcoin and got involved in it, after a while, my life completely changed, i gained my independence on salary, today, i am my own boss, earning money from multiple sources, all because bitcoin made it possible for me.

The government can not ban bitcoin, it is absolutely impossible right now, maybe banning it would have been possible if we were still in the early day of bitcoin, but today and now, several prominent and influential people have come to trust and invest heavily in bitcoin, even some government officials themselves have secretly invested heavily in bitcoin, this is why i say its too late for the government to ban bitcoin.

I think we don't need to worry about bitcoin, no one can oppose the development of bitcoin, including the government. because now every country has studied how bitcoin works, even countries like Singapore, Japan, Ecuador have started to regulate this issue. Like it or not, the times must be followed, in full, namely regulations with good rules. So don't look at Bitcoin from its bubble. but from the technology.

In America now, the news here and there is talking about recession, inflation, even large centralized banks in America are collapsing, so centralization could be problematic. Therefore, Bitcoin is a very valuable asset for me. And now Bitcoin is not just for transactions, it is even called an asset, and in my country it has been legalized as a commodity.

It cannot be separated from its past controversies, such as China banning bitcoin, Vietnam banning it because it is easy to commit crimes, Ecuador because it wants to issue its own currency. But the reality until now is that China's response to Bitcoin is still gray,
and Vietnam contributes the most blockchain-based play to earn games from Asia, and Ecuador has invested in bitcoin and regulates it.

Apart from bitcoin, like ethereum and other cryptocurrencies, it's not just for transactions, but blockchain technology, maybe today it's just for trading. but the future and times will always develop, the government will inevitably have to follow the current developments of the times.

One thing we we need to know is that this Bitcoin is needed by the government the most and it is also a major tool for those in the government like money laundering and so on ,so with Bitcoin it makes this things easy and so it can't be banned just like that

In my opinion, this is the lame excuse given by the government to give bad name to Bitcoin. Currently, Bitcoin is not the only thing that is used for money laundering; there are also many other things that are used for money laundering and illegal activities. Are When there are functions like illegal activities and money laundering, which is the medium of cash, then why is this government not concerned about this fiat cash that is also used for illegal activities? In fact, their goal is to discredit cryptocurrency and make their fiat currencies better than they are, even though they lie. Why don't they want to make your system decentralized by giving? Although the banking system will be finished, 😂 they will sit in their homes, and they don't want this to happen in a decentralized system. Similarly, everyone will do peer-to-peer network transactions under their decentralized system.

The fact is that the controversial government currencies will never compete with Bitcoin. There will come a time when all these traditional currencies will give up before Bitcoin and accept Bitcoin as an employer.

Governments are known for wanting control, right? Especially money. And Bitcoin? Definitely a game-changer. Decentralised Bitcoin is changing global finance. Without banks or intermediaries, anyone can send and receive money at will. Like, "Hey government, look at us, independent and stuff!"

What happens to the traditional economy if everyone joins on the Bitcoin train and trades it like its the latest thing? What happens to fiat currency? The government will soon be in a tough place, and getting out of it wont be simple.

Instead of fighting Bitcoin, they're trying to integrate it into their existing processes. Quite a dilemma. I laugh at the idea of a government scratching its head, but I  also worry about the economics.

As long as they will not prohibit and ban it, any policy they make is as good as what it can be. But about the taxation, it also gets worst when they will impose just like what India has done about 32% of taxes is in.
That's just too much and a lot will be slashed from the principal profit of the holder but what can we do with that? There is nothing we can do with that because that's how governments react with these developments.

Yes, it's useless to remind people about Bitcoin because they have unlimited access to Bitcoin even though it is banned. The government not only wants to utilize blockchain but they also want to fully regulate bitcoin but they will never be able to. by providing strict regulations on the use of bitcoin, the government can suppress the development of bitcoin and with a policy of taxing crypto users, it will give them more profits.

I think it's normal for the government to act like that and Exactly what you said and all of that is an important point because the market is not always predictable especially highlighting a lot of people's concerns about how it should be traded..but behind all this Bitcoin still has a long way to go before widely recognized as a medium of exchange or alternative currency. One thing is certain at this time, wait for our coin of choice, in this case BTC, to return to profit.

I don't know if you are opposing the government or talking about the positive aspects of Bitcoin. Because I think that the government of every country will work for the good of its country and people. He thinks about everything before doing anything. Will the country benefit from that work or not? The people of the country will benefit or not? Think of everything. Now there can be many reasons why bitcoin is not legalized in a country.such as,
If everyone transacted through Bitcoin then the government would not get any tax. Which has a bad effect on the country's economy.
Those who are illiterate in that country never understand so much.
Transactions here are easy and the fear of fraud is high.

The government is afraid of what they can’t control, and they are afraid that the people have found a new way to deal with their financial transactions and don’t have to depend on them any more, the people don’t need there permission to send a large amount of money across to both foreign and domestic receivers, they just do things that they like on there own.

The government is not fighting bitcoin directly but they are just trying to figure out a way that they can tap from the blockchain, since there citizens are into it shouldn’t they be benefiting from it, it’s been long I really read about a government of a particular country sanctioning there citizens and warning them not to use bitcoin service, it’s just an advise and caution kind of thing as they already know that they can’t stop it from happening.

But mind you the government is not in any War with Bitcoin, this is not an inter country conflict, they are just trying to protect there fiat system.

If the government are totally against Bitcoin, they don't have to do such things you stated, they can just outright ban bitcoin and make the use and transaction of Bitcoin illegal and punishable by law.  The government then shut down all the access to exchanges and anyone caught breaking the law will be imprisoned. 

I feel that our country's citizens are lucky because my country is Bitcoin-friendly.  Our country's central bank even acknowledges Bitcoin as a mode of payment so we have the freedom to transact with Bitcoin.  As of now, our government has not implemented any tax yet to crypto although it has been planning for some time now.

Behind the government's neutrality regarding Bitcoin as long as it is fine, the government will continue to enjoy the taxes carried out by its holders, but the government could issue a new law that places limits on Bitcoin and its users, if there are many cases in which the government will definitely do it, so all It depends on how Bitcoin holders utilize the network out there. When there are many cases, the government will not hesitate to issue a law that will harm all Bitcoin holders.

Chaos will definitely occur if the entire Bitcoin network has problems or is created to harm many parties.!!

Yes, you are right there, dude. The crypto enthusiasts are poor because their government is against Bitcoin or cryptocurrency, which is why they have no choice but to use VPN so they can do this business in the Bitcoin industry.

So somehow the country that welcomes us is lucky, and they are open to the concept of Bitcoin or cryptocurrency in their country. So we thank our president here for being open-minded to innovation about digitalization or blockchain technology, That's why it's actually a huge help.

I like it as what most of the governments just like allowing people to be free. They're not a hater of Bitcoin and they're not supporter as well.
They're just staying in the gray area where they are just allowing things to flow and letting their people do what they have to do.
Neutrality is at its best because it doesn't stop the adoption of Bitcoin but when they step in and starts to give unlawful laws about prohibiting it then that make things ugly.

The government always have upper hands when it comes to law enforcement and there is nothing we can do when the government want to forces us to ignore cryptocurrency using law to restrict us. If we look at countries that do not allow Bitcoin transactions or uses, this was once a country when citizens transaction Bitcoin and hold for personal benefits but due to strict laws against Bitcoin, that make sure that do not have large holders or traders in there regions. Those that still choose to trade Bitcoin mostly do that on there own ignoring any government policies or law.

government don't want people knowing too much haha worst thing is if the government are totally against bitcoin, they might implement surveillance measures, infringing on individuals' privacy and freedom. it is not impossible tho. As of now, things are more relaxed and neutral. People are being able to freely use bitcoins and even accepting them in some stores in our country. If such governments have such a strong stance against bitcoins, there must be something more going on behind the scenes, beyond taxes