Topic: Bitcoin vs the government - page 6. (Read 1108 times)

While there is some truth about your statement, let's put our tinfoil hats for the meantime and think sensibly without the air of conspiracy theories clogging the vessels that deliver oxygen in our brain.

yes, the government likes to control everything, especially money, and for good reason too. They don't want people laundering money which is illegal, and they don't want people getting scammed off of their hard-earned money, which is also illegal. The battle they committed against bitcoin was done under this premise, bitcoin threatens the security of the cash system that they have in place for so many years, not only because it disrupts the socio-economic paradigms they have set in place, but also because the existence of a coin that could allow people to launder money, or scam people without getting caught is too risky to ignore.

With Bitcoin decentralized nature and the decentralize market popping at the same time, the government fear is that they will be missing out in profit.  It maybe just a cover that the government is concern about their citizen being scammed by ill-intent people using Bitcoin as front, but I believe it is the profit that they are after since if they can tax Bitcoin, there is more fund for them to play with and possibly pocketed.

With decentralized market, the government is unable to impose tax to these trades, this is also another reason since they can't go after the decentralized market, they are now targeting centralized exchanges to implement their regulation.  Even casino platform is also required to implement KYC for AML so that if the government suspected any one who is into gambling and trading, they can just issue a court order and present it to these centralized services in order to get the target's financial (including crypto transactions) history and get an evidence so that they can impose taxing their target.

All matters relating to the government in a country will definitely be related to the rules, legal basis, laws and control of the respective government authorities for that purpose. So whatever activities there are in that country must be in accordance with existing regulations. in that country.

Regarding Bitcoin, we know very well that Bitcoin is decentralized. The government cannot control it completely, it can only make laws and regulations that may limit the use of Bitcoin. They won't know how much wealth their citizens have hidden in Bitcoin and won't be able to trace it. What the government does is make policies that are mutually beneficial.

And this may vary from country to country. On the one hand, there may be a government that actually prohibits Bitcoin 100% for anything. but on the other hand, there are countries that allow their citizens to carry out activities related to Bitcoin and crypto generally, such as commodity assets, but not as legal tender or money for payment transactions. From here, they cannot control Bitcoin, but the way they do it is that they require exchanges (especially local in that country) to be registered with that country's institutions and citizens who will use the exchange are required to carry out KYC. What's more, now the government can also get additional taxes from Bitcoin activities. So, you could say, this makes a profitable decision for them at least, because they can't really control it 100%.

 The government will continue to see bitcoin as a threat, cause they always want to have the power to control everything. Bitcoin being a decentralized exchange has been a major key way to financial freedom. People don’t have to report to financial institutions anymore because of this. Bitcoin has made it very easy to make payments and even transactions swift. The government despite their effort to slow down the use of bitcoin and blockchain technology can’t seem to keep the growth of this fast growing technology because of its benefits. It’s true Bitcoin is playing a supporting role in the economy right now.  Country like the El Salvador have adopted the use of Bitcoin which is a very big step for other countries too to follow. The world power countries like the USA, China and other part of EU are scared the Bitcoin will affect their place in the marketplace.
 Government just need to work in handy with the developers of this project to see how they can develop and keep this project afloat. Cause Bitcoin has its potential and advantages and can also help talk inflation. It can also help to improve the standard of living and boost the economy of society. Bitcoin will always have it way to shine no matter how hard the government try to suppress it. The community will keep growing by the day.

When some governments try to regulate Bitcoin they fail. But they try to detract attention from Bitcoin with unnecessary slurs. But nowadays that scope is no more as the general public has now acquired proper knowledge about Bitcoin. The government cannot stop Bitcoin in any way. Some governments have already taken a positive view of Bitcoin. But I think with time governments are also raising awareness so we can expect to get support from governments around the world.

Bitcoin is playing a supporting role in various aspects including financial freedom, transaction freedom and in security aspects. Hence its popularity is increasing day by day.

But that friend does not change the decentralization that is in Bitcoin you can still get bitcoin without going through CEX, Dex can also rely on to get bitcoin if the problem is that. The case you mentioned is only on user anonymity.

Systematically CEX governance is indeed similar to conventional bank, we have seen it. IMO

Yes. Not only is the value of cryptocurrencies increasing, but the profile of the currencies themselves around the world is also increasing, so traditional banks, financial institutions, and government bodies are starting to take action. Well, I think the government should now have a blockchain research team too


Public interest is increasing in this regard, although in some places there are still government prohibitions, users can also get around this, meaning they can also buy bitcoins from bitcoin exchanges or online brokers, directly from other individuals, or from ATMs. But, fiat money is backed by governments that have a strong interest in keeping their value relatively stable

Well, not everyone who knows about bitcoin knows how to transact like how it was used to be back then, there are old people out there that probably want to buy bitcoin but they have a limited understanding of how to move their bitcoin and CEX just so happens to make their lives much easier. I don't think that we're going to be going back to the conventional system because in a conventional banking system, even if you store your money for a long time, the growth is probably not enough to buy you a McDonald's meal for five people unlike with bitcoin where the volatility could lead you to be able to afford that meal in a short span of time.

Bitcoin needs to coexist to the government since we people is under the government. I understand the logic behind the hate to Government(except if your country government corrupt) while Bitcoin is destined to be regulated since there’s a lot of fiat currency flowing in crypto market that needs to be taxed or else you want to commit laundering because you are hiding from taxes.

I prefer proper regulation by the government instead of going against them since we can’t win against them no matter how centralized Bitcoin because we still need to convert our Bitcoin to fiat in able to use it. There should be no vs to these two but rather co-existence is much better Bitcoin decentralized feature can’t be remove even with touch of government.

The concept of Bitcoin is decentralization and that is what the government is not happy with, and it is understandable why so. But the Advent of cex, where one has to pass kyc, before you can transact, are we not going the ways of conventional banking system?

My point of contingency was that if a country's economy sinks badly or the threat of a war increases, most countries restrict withdrawals from banks, and you cannot withdraw more than a certain amount from the bank. While Bitcoin is at your disposal, you can transfer money with your password whenever and wherever you want and as much as you want.

Online buying and selling and transactions of assets often have the risk of hacking, so caution is required in such a situation, a small mistake can lead to our big loss. Scammers are everywhere, if you keep doing online transactions from your bank, there are also many people who get hacked. It is not limited to crypto currency or Bitcoin. I think if crypto currency and Bitcoin are brought under the legal framework fraud can be controlled.

That's right, how many countries banned Bitcoin after a short period of time? They also revoked their ban on Bitcoin, and then after they revoked it, they adapted the concept of Bitcoin. Recently, this country, China, recognized Bitcoin, while before they were all against cryptocurrency.

This is where we can see that Bitcoin is really different, because we know that the country of China is one of the most powerful countries in the world, but in fact, now it fits what you said, "If you can't beat them, join them," and it looks like that's what happened in China.

Agree, for example Indonesia, initially this country banned Bitcoin not because it considered Bitcoin an enemy, but because there are many things that the government cannot control here, such as the flow of funds and their use. It is common knowledge that in the early days of Bitcoin, Bitcoin was widely used to carry out illegal acts such as illegal arms trading and terrorism. Currently, Bitcoin has become legal in Indonesia, although it is still illegal as legal tender, but we can calmly own Bitcoin in a regulated manner.

This has been the reason why most experienced Bitcoiners on the forum discourage new Bitcoiners try avoiding or limiting their steady interaction with some centralized exchanges or platforms that deal with Bitcoin, since those exchanges require Bitcoiners ID verification to perform KYC purposes, and all these IDs can easily be used by the government to track a user down to his location with the help of those exchanges because those exchanges normally have users IP addresses stored in their database, so if they decide to release all the information to the government, they can use it to fish out Bitcoiners and the amount of Bitcoin they have purchased so far from the exchange.

Governments' stance on Bitcoin varies but not all governments hate it. Some do express concerns due to a few reasons. The decentralised nature of Bitcoin challenges traditional financial systems potentially reducing government control. The pseudonymous transactions raise concerns about money laundering & illegal activities. The volatility of Bitcoin's value can worry governments seeking stability. The potential impact on national currencies & central banks' ability to regulate the economy might also be a factor. Governments' attitudes towards Bitcoin are evolving & some are even exploring ways to regulate & incorporate cryptocurrencies into their economies.

Indeed, I think bitcoin has grown beyond the control of governments, they had no chance of stopping its growth or preventing people from using it. Although the majority of governments have gradually accepted it, there are still some governments that are still stubborn in preventing their people from using bitcoin. This only brings more damage to the government than the people because people still silently use bitcoin without having to pay any taxes to the government. Governments that ban bitcoin should realize that and put in place appropriate regulations instead of continuing to stubbornly ban bitcoin out of desperation.

Overvaluing Bitcoin's strength is a hidden issue. While governments may appear confused and restrictive, they may be adapting. They're observing, learning, and adapting to capitalise on Bitcoin's momentum.

Think about it: If Bitcoin rules and nations openly embrace it, wont government oversight change? They will tangle it in paperwork and taxes. The story of governments responding to change is old. While Bitcoin is growing, its important to be aware of and anticipate its various moves on the global chessboard. Bitcoin's global dominance should be seen with humour and salt. Hope, scepticism, and adaptation coexist. Always be aware and informed

Soon, I'm waiting for the famous quote - "If you can't beat them, join them". By this mean, we will see a lot of governemnt will start to adapt Bitcoin, they will start to become Bitcoin friendly especially on their jurisdiction. We are still early and still lot of room to grow, just a matter of time.

Some governments and those who are getting most of the benefits of the status quo, who are threatened by the rise of Bitcoin, are looking for ways to discredit Bitcoin in some ways not because they're afraid that if they ban Bitcoin the masses will rise up against them, but because they cannot ban Bitcoin. That's the real reason. They're not afraid of the backlash of banning Bitcoin. Theirs is the money. Theirs is the power. Their real problem actually is that they cannot ban Bitcoin. Whatever they do or whatever policy they implement, they know that they cannot prevent Bitcoin from growing or their people from acquiring Bitcoin.

You can see that in some countries they have already banned it to the extent that if you were found operating it in public you will be jailed just because they cannot have control over it. I believe that most governments understand bitcoin better than you do. Bitcoin has not yet been outlawed in my nation, but it was relevant enough that if you were caught using it, you would be paying some charges. In 2020 during Corona they made a banned on bitcoin but they see that it has passed their power they can't have power to control it, now it's allowed to be used privately but not in public. However, the reason why they want it to be illegal is that they want to have control over the youth in everything they are doing.

I think that bitcoin will rule the world because it already has started to rule, and it will surprise all the governments to the point that all the countries will allow the use of it. But, they have reached the point where they want to have a hand in every transaction that everyone using bitcoin made; they will charge them and be having some taxes. stating they are protecting the youth from getting scam.