Topic: Can government destroy Bitcoin? - page 4. (Read 1736 times)
We all say that Bitcoin is decentralized in nature which means that no government is able to control the transactions made through Bitcoin but according to me government can destroy bitcoin.If governments of all countries declared it as illegal in their respective countries then we will have no way to use Bitcoin.I mean we will be able to work with Bitcoin but as we all know Bitcoin has no physical form ,we have to convert it in our respective currencies to use it.If government will ban it then we will have no way to convert it in our particular currencies.So we will not be able to use it.Due to this people will slowly stop using it and Bitcoin will come to it's end.But I don't think this will happen because governments are intelligent enough to understand it's potential and they know that Bitcoin can be an asset to their economy so they will not ban it.
It will not be easy for any country to destroy Bitcoin, because Bitcoin has become an international platform. And the Bitcoin currency has also become worthwhile currency in today's time. There are many people in the world supporting Bitcoin. They know what Bitcoin has in his life. Despite all this, the government can only try but can not destroy Bitcoin.
As recently government are banning bitcoin in some countries. Do you think can government distroy bitcoin?
The government can make policies that can complicate the use of bitcoin in the country in transactions, but the government can not completely kill bitcoin because of its decentralized nature.
I think it would be very difficult for a country that forbids bitcoin to remove bitcoin, because bitcoin is not born from a country. and users and investors come from all over the country.
As recently government are banning bitcoin in some countries. Do you think can government distroy bitcoin?
No it is not possible to destroy bitcoins by the government.
All the bitcoins are under different person's control. They can only transfer with the usage of password which they only knowing. No one else authorised to even view. So how any govt can destroy the instrument which they are even unable to touch.
If they can destroy the world for sure no more bitcoin existing right now right? That is why I really love bitcoin as it is not controlled by anyone and I am confident that no one can hack it.
they cant, they never may even, so they made another way to get it, they made a thing called ripple, and try to ppl buy it instead their precious btc or good alt coins
I think it will not be possible, because many bitcoin users in this world even some developing countries have already received bitcoin. People who use bitcoin so much the government will not be able to destroy bitcoin.
Government dare to challenge the people? impossible.
Government dare to challenge the people? impossible.
if only the government of one country in my opinion will not be able to destroy bitcoin, because bitcoin is designed without being able to intervene in a country's government, that's in my opinion
I don’t think government can destroy bitcoin because for one, bitcoin follows a decentralized system meaning no one can take control of it even the government. So with that alone, i don’t see any possibility for government to be able to destroy bitcoin.
Although the features of bitcoin prevent government and make the government very helpless in managing it but that does not mean that the government can not destroy bitcoin, government always possessed terrible underground force than what you imagine, do not despise them. They certainly take measures to destroy bitcoin but perhaps, some of the components in the government system are related to bitcoin, combined with the benefits that bitcoin has brought to the people, that made the government ignore and not want to destroy bitcoinI don't think so. Because a country's government has all the power to illegalized it but not to destroy it. I can do nothing to destroy bitcoin
Governments can only ban bitcoin and cryptocurrencies by imposing a regulation and their will on that matter but they can not destroy bitcoin since bitcoin is decentralized and that the government can not intervene on its operation. It is likely that governments will be taking moves watching bitcoin in the same way, this is almost guaranteed, I think the bitcoin destruction is impossible.
For me I think it is depends if there was an issue that will destroy the bitcoin by the government. And as long as there was nothing wrong done by Bitcoin it will not destroy.
This seems impossible to be destroy by the government because there was also no reason for it to be destroy.
I think government can not really destroy the Bitcoin because of its a lot of supporters and also the users of the Bitcoin.
I don’t think government can destroy bitcoin because for one, bitcoin follows a decentralized system meaning no one can take control of it even the government. So with that alone, i don’t see any possibility for government to be able to destroy bitcoin.
Although the features of bitcoin prevent government and make the government very helpless in managing it but that does not mean that the government can not destroy bitcoin, government always possessed terrible underground force than what you imagine, do not despise them. They certainly take measures to destroy bitcoin but perhaps, some of the components in the government system are related to bitcoin, combined with the benefits that bitcoin has brought to the people, that made the government ignore and not want to destroy bitcoin
Government may destroy bitcoin if the world government agree that bitcoin will treat as illegal and government implement an legal action to banned bitcoin world wide.Governments and banks declares war against bitcoin but bitcoin stand still and became stronger and stronger.
There seems to be no denying that governments can ban cryptocurrencies. Some bitcoin proponents have argued that governments cannot really prevent bitcoin use. Jon Matonis once stated that “a government ban on bitcoin would be about as effective as alcohol prohibition was in the 1920s.” How could a government prevent people from using bitcoin? It’s online. It’s pseudonymous. And, as Matonis notes, “demand for an item […] does not simply evaporate in the face of a jurisdictional ban.”In general, governments might determine the medium of exchange by coordinating beliefs, employing transactions policy, and punishing users of alternatives. By declaring an item legal tender, for example, the government might create an especially salient focal point around which individuals can coordinate on a particular money. Legal tender status might be nothing more than a designation; it need not convey any special privileges under the law (though sometimes it does.
The government can limit or prohibit the circulation of bitcoin in a single country, but it is impossible to destroy bitcoin. The decentralized system means that outside control is not possible.
The government can allow the digital currency to exist peacefully, and not accept it as a means of payment, I think that's what needs to be done. However, my guess is sooner or later the government will arrange to not exist.
The potential for government regulation is very real, in line with some countries that have restricted access to exchange of bitcoins and other digital currencies.
But I think if bitcoin enthusiasts are still a lot in a country, I think the government will be difficult to stop it.
The potential for government regulation is very real, in line with some countries that have restricted access to exchange of bitcoins and other digital currencies.
But I think if bitcoin enthusiasts are still a lot in a country, I think the government will be difficult to stop it.
Jump to: