Btc and government, what does the future holds? - page 4.

jvdp

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Quote from: bubblebit on September 04, 2017, 08:46:49 AM

Every country is different and every laws or decisions must be popular to there citizens for they will be criticized about it. In our country I'm one hundred percent sure that it will not be banned but it will just be regulated. We're opened for new technologies and we are very adaptive country from what is trend every year. Bitcoin is a big helped for us and I don't see reason for it not to be legalized in the near future.

Only the Bitcoin will stay in future. Bitcoin will replace the government soon.Surely bitcoin help everyone in their life at any situation. Even to my life.I had recently brought new Micromax Television. But bitcoin takes some decades of year to replace the government and all.

error08

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Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Some countries already banned bitcoin, such as Ecuador, Kyrgyzstan, Saudi Arabia, Bangladesh, and Bolivia https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
But, most countries does not have detailed policies of regulating or banning bitcoins, so it's still safe to use bitcoin in many countries.
I don't think bitcoin deserve to be banned, because citizens could get benefits from bitcoin, there are many business utilize cryptocurrencies as medium of exchange and trading object. As long as a country regulate about KYC and AML for bitcoin and exchanges, it will be fine.

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Quote from: bubblebit on September 04, 2017, 08:46:49 AM

Every country is different and every laws or decisions must be popular to there citizens for they will be criticized about it. In our country I'm one hundred percent sure that it will not be banned but it will just be regulated. We're opened for new technologies and we are very adaptive country from what is trend every year. Bitcoin is a big helped for us and I don't see reason for it not to be legalized in the near future.

well even if bitcoin got banned in your country for whatever reason even though i don't know how they'll do it lol, you can still use it through vpn

moreover the possibility of you getting caught is low. now if you're worrying about it being banned on every country, thats plainly impossible.

if they want to ban it, they have to ban the internet first. but realistically speaking, bitcoin has some things they should be wary about but i don't

think they'll go that far

bubblebit

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Every country is different and every laws or decisions must be popular to there citizens for they will be criticized about it. In our country I'm one hundred percent sure that it will not be banned but it will just be regulated. We're opened for new technologies and we are very adaptive country from what is trend every year. Bitcoin is a big helped for us and I don't see reason for it not to be legalized in the near future.

mia khalifa

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Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

this possibility could happen, but I really hope that the government does not touch bitcoin at all and does not prohibit bitcoin trading. because if the government touched bitcoin and banned bitcoin trade then bitcoin will degenerate and become very cheap.

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Quote from: pitiflin on August 31, 2017, 02:44:06 PM

Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

It's quite possible because it's a kind of a loss to the government and the government will do anything In it's power to abandon it from it's people who are using it. And the people who are committing crimes using bitcoin has caused the government a lot of issues and problems. So the government does has a legitimate reason for banning bitcoin.

There are so many reasons why bitcoin could be considered as a threat to the government. One of which is its anonymity and the possibility that it might be used as a "storage" for corrupted money or a way for illegal transactions. The government couldn't also put their hands on bitcoin, it is basically tax free. They couldn't profit nor get any benefit on it.

pitiflin

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Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

It's quite possible because it's a kind of a loss to the government and the government will do anything In it's power to abandon it from it's people who are using it. And the people who are committing crimes using bitcoin has caused the government a lot of issues and problems. So the government does has a legitimate reason for banning bitcoin.

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Quote from: winterland on August 31, 2017, 12:49:45 AM

Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

It could happen but I think regulation is more likely than a ban, bitcoin unlike drugs does not damage society in the way those substances do, besides governments like the smell of money more than anything else.

I don’t think so that any Government will take up such steps against Bitcoins. On the other hand, it can happen that Governments of different countries can make it as their National Currency. And this will not be surprising at all for anyone knowing the worth of Bitcoin.

richmcrich

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Quote from: salihno71 on August 30, 2017, 11:54:35 AM

Once the government realizes it could benefit from it, it will certainly try to get it's fingers into honeypot. How exactly will it be done remains to be seen.

Exactly. This is what I too think. If the government finds out that BTC is going to be profitable for them, then there is no point denying Bitcoin and BTC. It will for sure take some time, but you can expect BTC playing a major role in Country’s economy.

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Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

If you're referring to the united states, look up something called "senate bill 1241" which involves crypto currencies/bitcoin.

It contains provisions which would allow the government to seize crypto for no reason with no checks or balances. It contains other controversial content including adjusting the terms gift cards and others associated with bitcoin/crypto are forced to operate.

It is also possible that the united states government uses its influence to protect chinese bitcoin miners having a controlling stake rather than a more decentralized mining base operating internationally. There's a lot that could be said on the topic. I wouldn't view my own post as being particularly informative or a decent overview.

speem28

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I guess the time for government to be banning bitcoin is over, I mean I have been reading before that some countries bans bitcoin but as of today I have reading that more and more countries are now accepting bitcoin and legalizing it. I guess they gave up because they can't really find a way to really prevent users in using bitcoin.

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Quote from: BingoDog on August 31, 2017, 02:40:28 AM

I think that in the future more and more governements will accept bitcoin and not ban it. They have started to accept it as a new reality and something that they would like to use for their benefit too. Ban is no longer an option except maybe in some weird countries like Russia or Korea. I even expect from the banks to start offering bitcoin related services to their clients.

That's my expectation as well. 2-3 years ago, when US Congressman were openly calling for it to be banned, and governments saw Bitcoin and darknet markets as synonymous, I could have seen a ban happening. Today, coverage is too positive across the globe, and since no country can control it, no government wants to be left behind.

Russian regulators recently said that they want to limit Bitcoin investment to "Qualified Investors" (institutional whales), claiming they are uncomfortable with the level of anonymity it provides. On its face, this may appear to be an effort to discourage the public away from Bitcoin. But I think it's an effort to allow elites a chance to get their dirty fingers in the pie before everyone else does.

xFiber

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Quote from: nidacoinlove on August 29, 2017, 01:02:17 AM

I will not say that it is impossible but the government will never do this as far as I believe. I guess the time for government to ban BTC is over, right now the government's might be thinking of how to legalise bitcoin so that government could get it's share in the bitcoin. Or they might be thinking on to add the bitcoin share in the GDP.
Honestly government has many things to do, they could have ban bitcoin only when it was used for criminal activities.

Bitcoin is still being used for criminal activities (not at the scale of a couple of years ago) but so is cash. Bitcoin was never intended to be used by criminals but since it was si convenient for criminals they did it anyway.

BingoDog

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I think that in the future more and more governements will accept bitcoin and not ban it. They have started to accept it as a new reality and something that they would like to use for their benefit too. Ban is no longer an option except maybe in some weird countries like Russia or Korea. I even expect from the banks to start offering bitcoin related services to their clients.

Doms

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I think it is counter productive for government to ban bitcoin because it is slowly becoming more useful to more people. The only thing that they should do is regulate its usage to minimize money laundering and proliferation of illegal activities that take advantage of bitcoin’s anonymity. And if they start to regulate it, that means they can also generate taxes from it and the more bitcoin is used, the bigger the taxes it's able to generate to help grow the economy.

BossMacko

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Btc and government will always have 2 different path but in worst case scenario in case government will be able to control Bitcoin in a country then they will not ban Btc as long as that BTC users on that country are paying tax in every transaction that will happen to the country.

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Quote from: winterland on August 31, 2017, 12:49:45 AM

Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

It could happen but I think regulation is more likely than a ban, bitcoin unlike drugs does not damage society in the way those substances do, besides governments like the smell of money more than anything else.

But it will be hard for the government to implement it. Putting yaxes on bitcoiners might not work for it is decentralized unless they will do a system.wherein they can track it. But since btc can be helpful to their citizens they must atleast take into consideration the needs of the people and don't ban it.

winterland

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Quote from: Gozie51 on August 29, 2017, 12:47:03 AM

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

It could happen but I think regulation is more likely than a ban, bitcoin unlike drugs does not damage society in the way those substances do, besides governments like the smell of money more than anything else.

masterwakokok7

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Government is composed of a lot of powerful people. In which they could prevent the implementation or regulation of law and policies toward the industry of Bitcoin and other cryptocurrencies. The fact is that these people also engage in this industry for their own sake to avoid paying their taxes and also do transactions under the radar. But, the possibilities of Bitcoin being regulated by the Government is there. One person could manipulate it, especially if that person is powerful than the others.

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Quote from: Hazir on August 30, 2017, 01:26:12 PM

The problem with effective Bitcoin is that it should be global, permanent and unanimous to work. If only one country will ban BTC then due to global nature of Bitcoin - it won't be effective.
So far global ban is highly unlikely to happen and move like that will create great social unrest - banning new promising new technology is not something that serious movements will do.
Instead I expect that we will have full 'legalization' and taxation of bitcoin introduced at some point in the future - it is better to gain some profits from it that fight with it.

I expect full legalization, that already started this year. Governments will find a way to tax bitcoin, but like with current currencies
there will be always people who will try to skip paying taxes. I think the same, global banning is unlikely to happen, bitcoin is gaining
popularity not revers.
It is better to join and gain profit, then waist time on criticizing bitcoin. There are problems, but problems will be solved with some
upgrades. Everything is upgrading as technology going forward.

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