Topic: Can the government hijack Bitcoin? - page 3. (Read 427 times)
By Hijacking. I am assuming you mean shutting down the whole system and making bitcoin useless. I don't think it's possible. It's almost impossible for every country to come into one unanimous consent. There are several major issues that are much larger than cryptocurrencies, for eg, Cyber Crime, Data Privacy, Terrorism. When the countries haven't been able to come on a unanimous consent for these issues what makes you think they would stop bitcoin? Talking about beating it using the 51% computing power. That also seems very unlikely because the super computing power of the world is pretty split amongst different parts of world no one country has all the super computers today so it's impossible to hijack bitcoin for sure.
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
Technically governments cannot do anything about bitcoins as long as INTERNET stays decentralized. But, governments may impose all kind of regulations on all types of crypto related entities. But, when people get into P2P level of transactions alone then government restrictions will become void. So, there are less possibilities for governments to hijack bitcoins in any means. if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
I don't think the government can hijack bitcoin, there can only manipulate the price of bitcoin and by doing this there need a lot of money to buy as much bitcoin to become a bitcoin whale that if there dump might possibly affect the market, in other terms where government can become more effective on bitcoin is when a particular country citizens hold a large amount of bitcoin and its government place restrictions or ban on bitcoin and its citizens start dumping suddenly bitcoin price starts deeping, in such Case we can say that particular country can manipulate the price of bitcoin but cannot hijack bitcoin.
It is impossible to hijack bitcoin for government but why government will hijack it? Bitcoin isn't centralized coin that government will handle it with sweet well. It is a decentralized crypto currency and not possible to hijack without private information/wallet seed.
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
Hijack in other words steal? I don't think so. Unless government could access your hard earned private keys then nobody can ever access your cold wallets besides it is a crime. Furthermore, governments would probably be implementing regulations to cryptocurrencies and that would probably be worth something to them. if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
I don't think they can hijack your bitcoins. What they can do is prohibit bitcoins in a country and make all trading illegal. But even then they are still your coins and you might just need to sell them ASAP. For the government to take over the coins they would need to take over the ownership of all wallets, which seems impossible. Another way could be to make very high crypto taxes to take away your profits. But then you could just hold and not sell.
Bitcoins is all over the world and some countries try to shut it but the others not, so there will be wars in every countries if they going to hijack or shut it, because bitcoin is living in our world already and many people and countries adopting in to our economy and make us rich also not even you but also the countries.
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
I believe that any government planning to Hijack Bitcoin or any other Cryptocurrencies would be impossible. Bitcoin belongs to the digital world and the owner or creator of Bitcoin is not even known to people. Its ownership is kinda blurry and its now owned by a lot of people. The Chinese government already sees it as a threat and is now creating actions that would hinder users within that country from interacting with Cryptocurrencies.
If hijacking the prices is what you mean, I think that they can do it, but they are going to need a lot of money to do so because the only way that I can think is by manipulating the market, I think that us the only way to hijack bitcoin in terms of prices.
The government cannot, as you say, "hijack bitcoin". Because it belongs to the community, it is decentralized and sooner or later it will have to adhere to it. The conditions are being given Paypal, Visa and Master Card the main technologies as means of payment have added bitcoin among their services. Morgan Stanley the first big U.S. bank to offer its wealth management clients access to bitcoin funds.
Every day there are more important institutions that are including bitcoin among their services because not doing so is losing and staying without evolving to the new technologies that bitcoin is promoting.
Every day there are more important institutions that are including bitcoin among their services because not doing so is losing and staying without evolving to the new technologies that bitcoin is promoting.
Well you want to say that if bitcoin becomes the world no 1 crypto currency then government should take it in their control. Well let me inform you bitcoin already a world number 1 crypto currency but the thing is bitcoin is a blockchain technology which is untraceable then how they can hijack. There has 2 possibilities like if government wants then they can buy the all bitcoin which is i think impossible. And 2nd is if they find all the bitcoin holder who hold atleast 1 bitcoin and take from him then it might be possible that they can do it what you thought. Its my opinion others could be different.
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
Theoretically speaking? They sort of can. How? They would have to own nearly 85%+ of all the coins, and decide to pick a blockchain they created, and move all the bitcoins there and they would have the control. This would allow them to basically destroy bitcoin, or change it however they want. But can you imagine how hard it would be to own 85%+ of all bitcoins? if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
mean sure it us technically speaking possible, USA is a nation that spends 750 billion dollars on military only, and there are other nations that make a lot of money from taxes as well. So maybe all nations get together and build an anti-crypto branch and spend a trillion dollars a year buying bitcoin, eventually they may get there. But do you really think that governments will spend trillions of dollars to just destroy bitcoin? Simpler solution would be to just get into bitcoin and tax it so governments would earn from that.
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
To hijack? I don't think something like this will happen, the most that a government can do is become a Bitcoin Strong Hands, and it cannot get all the bitcoin in the world, and what it can do if it buys a lot of bitcoin is that it can move the market in a sense, but still would not have control of Bitcoin, I think the OP is referring to "Total Control" of Bitcoin.
Even so, if you buy and buy Bitcoin there are many Hodlers who will never sell their bitcoin, they also have to compete with the greats like Elon Musk, Microestrategy, it is very difficult for a Nation to have the necessary money to enter the market in that way, in the Government policies are not trusting Bitcoin, in addition, most governments depend on a congress where they then have to render annual accounts, it is very unlikely that such a movement will occur, that is why governments tend to establish their own Stablecoin.
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
Technically? Its would be a No in the answer of this question because if they do able to do so then they would be definitely had done it back in the past where bitcoinif Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
is just starting to gain some attention or support because government do really mainly hated decentralized things or something that its out of their control.
Try to look on what are the things currently happening now? Bitcoin is unstoppable and been getting much of attention by the masses.
Somehow government could really give out some impact if things in related to crypto like platforms and services would be completely blocked.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
I don't know what exactly you mean by this.
If you mean if it can be confiscated by the law, then yes, Bitcoin can be seized as the proceeds of crime under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (CFTFA).
If you mean if Bitcoin can be shut down or switched off, then the answer is no. Bitcoin is a decentralised network. Many players, including government and banking representatives, have suggested shutting down the Bitcoin network in the past, but Bitcoin has been running with nearly 100% uptime for more than ten years.
I am quite confused about what does means hijack for Bitcoin. Hijack or ban both is impossible. The government could just announce it is an illegal use. But they can't ban using it or can't hijack as well. It's impossible to hijack or ban a decentralized cryptocurrency backed by a huge community. For example, my government doesn't allow me to use Bitcoin, but it could prevent me to use it? I don't think so since many citizens of my country including me using Bitcoin and making transactions as well. So whatever you mean the answer will be no.
Government can't stop bitcoin which was already discussed million times in bitcointalk,
The government can stop bitcoin or ban it but they can't control it. The government of a country can complicate bitcoin adoption, suppress business development and other things by making strict regulation. Before the regulation was made, the government must have had strong reason why they banned it and maybe one of them was the massive fraud that was detrimental to bitcoin users on a national scale.Because bitcoin is subject to the regulations of a country, it is still possible for the government to prohibit its citizens from using bitcoin, trading it and so on. But so far, in my opinion, not many countries have strict rule about bitcoin so that residents can't buy and sell bitcoin on exchange.
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
If you mean "Hijacking" by fully control the bitcoin, then its impossible because bitcoin is decentralized digital currency don't forget that. Government has no single authority over bitcoin. If you mean "Hijacking" to ban bitcoin, then I think if government want to ban it, it should be done before where bitcoins value is very low and the demand for it is not too much. It's impossible now to happen because the demand for bitcoin keep on increasing and mass adoption also increasing. Also, bitcoin help a lot of people during this pandemic, how could government stop the way of people earning financially through bitcoin while they lost their job caused of this pandemic?
Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
They can't do anything or modify or jeopardize the bitcoin blockchain if that's what you mean by hijacking. Bitcoin is decentralized, hence the government can't bring full control over it directly. But, they can somewhat control/manage bitcoin by imposing strict policies and regulations. They are doing this as slowly as they can so people don't notice. Look at how candidly we could use bitcoin few years ago. Everything was straightforward with no complications. Now with government intervening, things are getting more complicated and we no longer can feel the same freedom that we had few years ago. But, whatever is happening, lets think its happening for the best. if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
You are not asking a specific question mate, hijack what aspect? How do you know government does not create it in the first place? You can find many scenarios from conspiracy theorist, but they cannot prove it.
Also, don't underestimate the power of a tyrannical government. Let's say Kim Jong-un banned Bitcoin, 99% of North Korean won't be dare to touch it. However, from the technological aspect, it depends on hash power.
Due to how influential bitcoin is currently government eyes is on bitcoin, even it's obvious that while some countries is restricting bitcoin is because they interested to take over crypto, hijacking bitcoin may be possible for them and also may not be possible, it's under probability if govenment will hijack it, if they govenment happened to gain the ground or power by restricting bitcoin across the world by implementing law that anyone using cryptocurrency without their concern will be penalize, it's obvious that people will slide by investing in bitcoin, and they will use such opportunity of putting fear to people to introduce their coin which will be centralize, do you think it can't work out?Also, don't underestimate the power of a tyrannical government. Let's say Kim Jong-un banned Bitcoin, 99% of North Korean won't be dare to touch it. However, from the technological aspect, it depends on hash power.
Everybody know that Bitcoin is decentralized currency and it operates on it's own but if world raise against cryptocurrency I think they will succeed partially, let us be realistic.
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