Topic: Bitcoin vs the government - page 7. (Read 1124 times)

We assume that bitcoin since its a decentralized currency it can not be controlled or abolished by the government, what I want us understand is that Bitcoin as a decentralized does not matter if country like USA, Russian , China team together to bring the structure of bitcoin down they will not succeed, they will succeed by applying a formula, so their is nothing government can not do, let us remove the concept of bitcoin can't be controlled or influence by the government.

If government wants abolish bitcoin the love of people in bitcoin can never make government to retrace back of not abolishing bitcoin, their is one thing you need to understand in cryptocurrency, what need to know is that the privacy we emphasise concerning bitcoin is true but think of the disadvantages of bitcoin and how people misuse bitcoin for transaction across a nation, the aim or objective of satoshi to introduce bitcoin as a decentralized currency is quite right, but people are been scammed with bitcoin, so therefore society is misusing bitcoin.

I'd say we're still in a state of war with many governments, like in the US a number of politicians supports bitcoin but there's some that are against it and are trying to build their careers on being crypto haters.
Some of these people rarely talk about any other important matters but when it comes to cryptocurrencies they're as vocal as ever. Fortunately most of those haters are past 70 so they lost and bitcoin won, the way OP said it. They are running out of time but bitcoin can go on for decades.


Really? Tell that to China. Guys, unban bitcoin because I know that deep inside you know it's your friend!

The government of most of country still fear about the decentralised behaviour of the bitcoin.Because many new people start to inverse by seeing the decentralised behaviour of the bitcoin.This was the root cause of bitcoin survive over a period of 10 years.Now we are looking for the next pump in the bitcoin,the long term holders was waiting for the next year pump.Once the price of the bitcoin reach the all time high,we can do the sell of the holding bitcoin in the next year pump.

They have every reason to be affraid especially that Bitcoin could disrupt the revenue collection that comes from taxes and the alike.

Besides, you know how our goods and services have value added tax for example, with Bitcoin it could mean consumers not paying this in trying to get cheaper items and government losing out on this revenue source which makes them not want to have Bitcoin near them.

We might not like these systems, but it's the only way to guarantee that monies are collected to go towards health care, building public infrastructure schools etcetera and having BTC as the main currency I don't think it will be possible to address these necessities.

My thought too.

We live in a digital age that has cryptocurrencies very much part of this era and the best the government can do is draw up a legal framework for them...

We're not sure since government are actually ahead and much informed into any technology, they might be aware on Bitcoin existence and tried to explore crypto industry, in short invested at it. Cause they wouldn't ban it if they aware of it's benefits, only think that hinder government to acknowledge Bitcoin is the decentralization and threat to fiat money. They wouldn't really admit investing at it cause for sure it would be questionable for their part to gain profits from a decentralized system which doesn't include taxes. If any people in the country do the same thing, there would be no more source of funds in the country causes the economy to collapse and would be the domino effect.

We cannot dispute the fact that bitcoin has stood the test of time. One can comfortably say it is the hope of the common man since the value of fiat keeps reducing. Other securities,  stocks, bonds or commodities over the years have not sufficiently proven to be a good store of value. Bitcoin is the real multipurpose digital gold.

Definitely, the government cannot completely ban bitcoin. But I do not also believe bitcoin and the government are at war. Satoshi himself did not create bitcoin to be at war with the fiat, rather to complement it. What the government is trying to do is to regulate bitcoin and other cryptocurrency exchange in the country.

We are not ignorant of the fact that many criminals and fraudulent people are using the bitcoin platform to carryout their criminal and fraudulent activities because they know these transactions will be difficult to trace or not traced at all. If all this are not curtailed, then no one is safe

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The government tries to control it from the outside according to the power they have. They are still trying to research creating regulations that still provide room for crypto to continue to grow except China. Many countries are starting to adopt Blockchain technology and are ready to create CBDC. But China seems to have strictly prohibited its citizens from having anything to do with crypto, it seems to be working. So I think the government has a little stronger power in its scope of power. This means that if the whole world bans cryptocurrency then we cannot avoid continuing to use it. CMIIW

That's how they stay in power, whoever controls the money has the power to control everything because much importance has been given to money (in their various forms) than any other thing. This is the reason the government don't what to recognize Bitcoin because when they do they'll be giving back power to the people and there'll be nothing else to control. The government are centralized so automatically they would hate anything that isn't centralized and they can't control but this system isn't going to last long any more because many people are becoming enlightened about the importance of having control of our finances and not depending on third party system like the banks.


They can't ban Bitcoin to be specific because Bitcoin is decentralized and not centralized like fiats, they can only ban or regulate centralized service that are associated with the industry like centralized exchange, wallet providers and other services but if we stay away from those service and only use non custodial service like wallets and P2P exchange, we won't be having any difficulties enjoying the full benefits of the Bitcoin. With the current rate of awareness Bitcoin already has, if the government tries to ban Bitcoin, they'll be shooting themselves in the foot because it'll only create more publicity for Bitcoin and brings about more adoption of the currency globally.

Why do we need to make it looks like bitcoin is enemy of government? Both can work together if bitcoin will just gain positive adoptions coming from big merchants and other big institutions. Also they are not afraid of bitcoin's existence its just they are not sure about its true usage and for now they have impression that bitcoin is use for financial crimes like money laundering and etc. But if they would know that something great happen in this technology and see peoples lives change for sure they are also going to adopt it and put some law that can protect all bitcoin users or rather the whole crypto industry then think about putting some taxes so they can get benefits for this adoption. For now don't get confuse about what you see since its normal reaction for regulators that want to protect their citizens. Focus to earn more bitcoins since this kind of thoughts is not worth to think about and you will just get stress on that scenarios build up on your mind.

We all see the government's concern over Bitcoin and other cryptocurrencies. Do you think the government is tracking Bitcoin transactions? Remember that its decentralized but not anonymous. Perhaps they're already working on it.

Many share your passion for Bitcoin's resiliency, and its encouraging to see your faith in its ability to survive government meddling. However, its crucial to monitor the changing scene. Governments worldwide are trying to regulate cryptocurrencies, which could affect financial independence for many.

You emphasize the necessity for constant awareness and flexibility to sustain Bitcoin's financial freedom, which is valuable. But also prepare. Government control vs. cryptocurrency freedom is just started. Though they lost the first round, its early.

They were only perplexed because this digital currency will bot be under their own regulations because it's a decentralized digital currency and sane applies to it blockchain network, there's no way of having any centralized control over the use of bitcoin, everyone is independent and fully in control of their financial assets with bitcoin.


Obviously the government realized that bitcoin has gone beyond what they thought it could go or reach, now they have nothing to do in stopping it growth and this is a global benefits the people enjoys and wanted, this is when we realized that the people has power than the government themselves because they are the majority, this is why they cannot pull bitcoin down except it does that to itself which is not possible.

You will not face any problem in any unexpected situation? Can you elaborate on what you mean by that? Are you not aware of the hacks going on in crypto space recently? I don't think that it's the tax government that is making government to keep contemplating on whether or not to give green light to the adoption of bitcoin. Whether you have bitcoin or not, you're paying tax directly or indirectly. Government of Arab countries most especially the Islam practice ones perceived bitcoin to be illegal as it is not traceable which I think it's the reason in some other states as well. They consider bitcoin as a support of fraud.

Frankly speaking, scammers are hiding under the umbrella of bitcoin to continue their fraudulent activities and disguise as bitcoin investors. It's trending in my state now. Internet fraudsters use bitcoin to cover up. For things like that is why some government are yet to give approval for it adoption. Despite the the advantages they focus more on its otherwise.

They're not even ready to accept it, don't expect them to invest in it.  if the government accepts and makes it public that they also invest in bitcoin then the entire population will invest in bitcoin.  people will stop using fiat, stop using banks, will the government still exist to enjoy profits from bitcoin?  Governments oppose and ban bitcoin simply because it is impossible to control it, so don't expect them to invest in it and encourage people to invest in bitcoin.

In my opinion, instead of being afraid of Bitcoin, any government should invest to strengthen its economy. The main feature of Bitcoin is that you have complete control over your capital, and you will not face any problems in any unexpected situation, but since there is no physical status of Bitcoin, no matter how much money someone invests in Bitcoin, the government does not get any profit from it.

I think one of the reasons for the fear of the government is that if a big investor invests his capital in a production industry side instead of Bitcoin, then the government will get tax as well as employment for the people. There is also a possibility, from which the government gets benefits from both sides. Both the government and the public are happy with the investor, and such investment is encouraged. On the other hand, the government does not see any benefit from investing in Bitcoin for itself and the public.

Governments can not seize your bitcoin in your non custodial wallets if they don't arrest you.

They can not KYC all Bitcoin wallets and addresses because with open source, non custodial wallet, people can create many Bitcoin wallets, own private keys. They can do it offline without control and approval from governments.

You will only have problems with governments if you use centralized exchanges with have KYC policies now or will have those policies in future.

Reminder: do not keep your money in online accounts.

Yeah?
When where the Chinese protesting against the ban on mining, on exchanging, on RL usage?
Where were the protesters in Morroco or Egypt?
40 million so-called users of crypto in Nigeria and there wasn't even a gathering of 100 to protest the CB decisions
A board full of people from Bangladesh and have you seen at least one banner in the capital central square protesting the ban?

Get realistic!
Protest will happen only where people know protest will achieve something in those countries Bitcoin is not banned and probably will never be banned at all, in shitty countries total dictatorships like NK or Iran where everyone covers in fear of not getting hanged at the slightest mistake you won't see shit protesting.

Besides, there is also a real inconvenient truth, most of the warriors and revolutionaries in the crypto space are just keyboard warriors.

Bitcoin is not in competition with the government so I feel we should not make it look as though there a battle between the government and Bitcoin. Without mincing words, so long aa Bitcoin is expected to be used by citizens of the various governments, there is no way government will not be involved. 
What we need is collaboration with the government to make Bitcoin legal tender in various jurisdiction...when this is achieved, things like taxation will be fixed and everyone will be happy. As it stands now, SEC, a government agency is still very much key to the approval of Bitcoin ETF that is projected to play key role for the future of Bitcoin.

Because of the innovation they witness now, including the blockchain technology and what it can do for the economies of all countries who adopt it, perhaps every nation is currently moving toward digitalization.

For instance, the president of the nation I belong to is accepting of digitalization and the potential changes it might bring to the people. As a result, Bitcoin and other cryptocurrencies are not treated differently by our government, which is a significant deal for the crypto aficionados in this country.

Which government  Bitcoin is not a political movement or a union group to make the people move in revolution. Also, many Bitcoin users adhere to the laws and regulations, and most of them pay taxes. It is true that the expansion of Bitcoin will reduce government control, but caution and the availability of options that enable it to achieve a good return from the strike may make many governments choose the path of making Bitcoin legal and it is necessary to report what you have to the authorities, which does not reduce the decentralization of Bitcoin.

If governments want to harm Bitcoin, they can start sabotage attacks, but why would they do that when they will not make any profit from it? Bitcoin is not an enemy of a country.

And you're contradict your own statement, do you think Binance is a no KYC exchange? now Binance is able to monitor the coins you have in your account and sooner or later they will working together with government.


Someone who love privacy will never share their KYC, you're one of bunch people who don't care about privacy