No , to answer your question directly. The government can't hijack any aspect of bitcoin because it is not under their control. They can only restrict users from their country not to use it by making out rules against it use but they has not even also stopped the use from the information on countries that have already restricted users. Those countries that have done that restrictions are still not able to control it. That means they can't hijack any aspect.
Bitcoin's highly secure system works to prevent government control, so many years have passed, the level of government mining for bitcoin is still very vague, they have not realized the prerequisites for controlling this system yet but perhaps, there will be some breakthrough in the future if they provide economic resources to stimulate technology development. But for now, your answer is correct, regardless of the methods of blocking from the network to the management of identity, it is almost useless to the participant and bitcoin. 
Topic: Can the government hijack Bitcoin? - page 4. (Read 427 times)
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?
Your question is too general since you do not really tell us what you actually mean by hijacking however there is a possibility that this becomes true, I have always thought that governments are going to try a strategy very similar to what they did to gold, they have fiat currencies that they can print indefinitely which means that they can buy a lot of bitcoin for no cost to themselves, then they can use that bitcoin to begin backing their currencies and then eventually leave that system and go back to the fiat one while they now have most of the bitcoin of the world. if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
The one great thing about bitcoin and other cryptocurrencies is that the government or governments can not control it. This is the great part of the decentralized aspect. There will always be what's called OTC ( Over The Counter ) trades. A simple example of this would be " you and a buddy meet up at a local gas station, they send you 1 bitcoin to your wallet and you send them 64k ( or whatever the price of bitcoin is at the time) via paypal or cashapp". This is an OTC trade.
Governments can make it more difficult to trade/buy/sell/transact but they can't stop it.
Governments can make it more difficult to trade/buy/sell/transact but they can't stop it.
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?
Bitcoin is created and functions in a way that is almost impossible. States will not even be able to determine which of their citizens has bitcoins if they are simply stored in their wallets. Hacking the bitcoin blockchain is simply impossible.if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
In addition, states will not show much interest in bitcoins and will not use it en masse. They will create their own digitalized national central bank currencies, or regional stablecoins.
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 think you ask this question because you don't really know what bitcoin is. When Satoshi created bitcoin, it was because he wanted to create a currency that cannot be controlled by the banks and the government. He wanted to create to a currency that'd make us the true owner of our money. That is exactly what bitcoin is and has given to us.
The government can't hijack bitcoin because it is decentralized. It would defeat the whole purpose of bitcoin if it becomes hijacked by the government.
No , to answer your question directly. The government can't hijack any aspect of bitcoin because it is not under their control. They can only restrict users from their country not to use it by making out rules against it use but they has not even also stopped the use from the information on countries that have already restricted users. Those countries that have done that restrictions are still not able to control it. That means they can't hijack any aspect.
The government cannot touch the system as it's decentralized, no one can crack it. All the government can do is use their power on regulation, if they are against bitcoin, they can simply ban bitcoin and banning bitcoin will certainly affect its good price now, slowly it will loss its investors and the government again win the battle.
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?
Government can't stop bitcoin which was already discussed million times in bitcointalk, bitcoin is not controlled by anyone so it is not possible to hijack or stop the Bitcoin network.if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
Actually government can if they really want to since remember they can control the usage on it by banning this on their country. But this one will never happen as there are so many good benefits brought by bitcoin to its citizen already. But if scamming is so rampant maybe government can decide on controlling it and hopefully this will never happen.
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?
Government can't stop bitcoin which was already discussed million times in bitcointalk, bitcoin is not controlled by anyone so it is not possible to hijack or stop the Bitcoin network. if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
Governments have deliberately undermined bitcoin for years in many ways, but they have failed. True to Bitcoin's proclamation, it is a private bank and people manage their own money.
Governments can only put regulations in place to prevent Bitcoin from expanding within the community. There's nothing they can do about Bitcoin because it's a decentralized currency that exists on the internet. Only when the world runs out of the internet can Bitcoin kill. Surely it won't happen.
Governments can only put regulations in place to prevent Bitcoin from expanding within the community. There's nothing they can do about Bitcoin because it's a decentralized currency that exists on the internet. Only when the world runs out of the internet can Bitcoin kill. Surely it won't happen.
I don’t think Hijack is the best term to use for this. I guess the best term is to take over.
And if that’s the case, the answer is yes. Governments can take over or remove the effect of bitcoin as long as they find a very good reason to do so. But still, that depends if they can benefit from it or not.
There was a theory that the people who founded Bitcoin has an agenda to remove currency as a medium of exchange. It said that they find currency as stupid and manipulative that’s why they had to do something about it.
In the theory, it says that once Bitcoin has been accepted by the world, it will have vanished. Resulting in worldwide recession and an alternative medium of exchange.
And if that’s the case, the answer is yes. Governments can take over or remove the effect of bitcoin as long as they find a very good reason to do so. But still, that depends if they can benefit from it or not.
There was a theory that the people who founded Bitcoin has an agenda to remove currency as a medium of exchange. It said that they find currency as stupid and manipulative that’s why they had to do something about it.
In the theory, it says that once Bitcoin has been accepted by the world, it will have vanished. Resulting in worldwide recession and an alternative medium of exchange.
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It's decentralized meaning if government really trying to hijack it they need to manipulate all the running nodes across the world which no government has authority too but they could manipulate it using tons of money I guess but considering the market capitalization of bitcoin or crypto market in general have been increasing like crazy I doubt any countries could do that, if any it's those top 5 richest countries by gdp I guess and if there's any government that could use 51% attack maybe it's china.
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?
I do not think this is very visible or that a government can hijack Bitcoin. Bitcoin is not controlled by one person or Government so it will be difficult in my opinion for a particular government to hijack it or may be they might Ban the use and trade of Bitcoin in their country but Hijacking it is not an option. if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
It's unlikely that a Just Government will target a Community-driven Network that's well Decentralized, Transparent, Immutable, Ruled via network consensus, Anonymity-friendly/Privacy-friendly, Censorship resistance, Secure, Based on good rules etc ..
The above main principles/ideals can also make hijacking BItcoin by a lawless one difficult .
The above main principles/ideals can also make hijacking BItcoin by a lawless one difficult .
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?
There are only two things that government can do really! First one either they BAN it, or second one they ACCEPT it. There is no such thing as hijacking the crypto currency. I mean that just does not fit with the nature of cryto currencies.
You might be imagining if government could just go around and hack the whole crypto technology and take it down! Frankly speaking, government can not touch the public ledger / public property unless and until it has proper legal protocol. Government can be sued for interfering public stuff legally and thus blockchain is safe guarded by this bypassed rule!
At least this is what it means in some of the asian countries. But as whole I doubt government can really hijack crypto.
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?
Hijacked like what? it seems your question is incomplete. The government can only prohibit the use and circulation of bitcoin. all websites related to cryptocurrency can be banned by the government and the country. But we can still access it using VPN. if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
First, don't take my word for this. This is a mere opinion of a crypto layman. Anyway, I suppose by hijack you mean take control of it. Theoretically, yes. That is possible as there is what we call the 51% attack. A government may succeed in taking over at least 51% of Bitcoin's hash rate and therefore manipulate transactions. However, it will be very costly and unsustainable. After all, Bitcoin is worth almost $1.2 trillion. It would be more practical, and indeed it happened to altcoins such as Ethereum Classic and Verge, to attack smaller blockchains.
I don't think there is a government hell-bent to hijack Bitcoin at this point in time. There wasn't a 51% attack on Bitcoin's blockchain in its earliest years. There won't be any today as it has already grown up unimaginably stronger.
I don't think there is a government hell-bent to hijack Bitcoin at this point in time. There wasn't a 51% attack on Bitcoin's blockchain in its earliest years. There won't be any today as it has already grown up unimaginably stronger.
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?
Since bitcoin is digital currency and one of the decentralize currency that we can use in online form of payment thus there's no reason or possibilities that bitcoin be controlled by the government without any permission to the person who use it.
Hijacking is near impossible since bitcoin is running on thousands, if not millions, of decentralized machines all over the world. They can prohibit the use of bitcoin on their respective territories, but hijacking or taking over fully is a stretch. Perhaps taking taxes from bitcoin proceeds and profits would be the best that they can do and the route that they will take instead of getting it for themselves. With the amount of money pouring in bitcoin every day, who wouldn't want to get a slice of the pie in this industry anyway? That's still a lot of $ for the governments to tax, and rather than rashly banning or hijacking it, they might as well just convert some of those $ into tax dollars instead.
if Bitcoin comes to be number one currency in the world today, can it be hijack by the government?
By "hijacking", what are you trying to say? Do you mean taking over "fully" control of bitcoin? I don't see how it will become possible as bitcoins are not issued or backed by any banks or governments.
Or you mean, suddenly the government will ban bitcoin on that country? It's possible but I doubt it can quickly be implemented into a crypto-friendly country right away and there should be a big reason for doing that.
What the government can do to keep up with the phase of bitcoin is to have their own crypto or if not, close to the features of crypto.
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