Topic: Do you think that bitcoin can reduce corruption? - page 32. (Read 2582 times)
Bitcoin will simply increase corruption as I see it. No cops to traffic money transactions, no proper check on income, illegal deals conducted without any further for to trace, do you really think there is a solution to this?
Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
I think bitcoin can't reduce corruption. Anything that involves money also involves greediness. Some of our officials are greedy when it comes to our government's finances. They will look for more opportunities to earn more for their own living. I think corruption will increase it's percentage. They are actually planning to tax and ban bitcoin.
for me, no. As long as there are money received or handled by government there is corruption. Only eliminating those corrupts one by one would reduce the corruption.
Cryptos are already being used to escape taxes, launder and distribute black money.
Such an anonymous network, if widely adopted would only make transfering corruption money easier.
As long as a method of payment exists, corruption would exist. It's about monitoring the payer, payee and transcation itself.
I heard in an interview of charliee Lee that crypto is the most easy traceable currency ever. I understood his point of view and agree that yes crypto by itself is just currency but the mechanism for it we use is blockchain. If the government or anyone else start monitoring the bank accounts which uses blockchain for cash withdrawals and deposits can be traced and interrogate for any illegal activities. Back in 2017 the US state agency for tax collection also claimed that they have the ability to trace more than 50% of blockchain transactions. Such an anonymous network, if widely adopted would only make transfering corruption money easier.
As long as a method of payment exists, corruption would exist. It's about monitoring the payer, payee and transcation itself.
If government keep working on it no one will be able to use crypto for unfair means such as money laundering and other grey shades.
Bitcoin is being exploited by the corruption more that it has some use for the vanishing of the corruption. Governments are trying to take the full control over the Bitcoin because they have no profit from the same. Corruption is constantly rising and the Bitcoin has brought the new means for the online thefts and the anonymous transactions that are used for the criminality. Governments are trying to suppress any suspicious activity on the blockchain network. These reasons are some of the many that are putting the negative picture on a Bitcoin as the decentralized currency.The thing is that most of the population doesn't realize that the Bitcoin will benefit every one of us with the technology that is inevitable for the usage in the centuries that have yet to come.
I guess the answer in this topic is "NO"!. Actually it can lead it to more corruption. Why? A corrupt government official can hire someone to sell his/her stolen money and buy Bitcoin locally. How can you spot it anymore? How I wish all government corrupt people will change their lives.
No I do not think that bitcoin can reduce corruption but it can increase corruption.Since the transactions from bitcoin cannot be traced,so people can send any amount of blackmoney from one place to another.To store bitcoins you need to have a bitcoin wallet and its details are only with the user and you can transfer any amount of bitcoins.Taxes are also not implied on bitcoin. Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
I guess the answer in this topic is "NO"!. Actually it can lead it to more corruption. Why? A corrupt government official can hire someone to sell his/her stolen money and buy Bitcoin locally. How can you spot it anymore? How I wish all government corrupt people will change their lives.
Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
Cryptos are already being used to escape taxes, launder and distribute black money.
Such an anonymous network, if widely adopted would only make transfering corruption money easier.
As long as a method of payment exists, corruption would exist. It's about monitoring the payer, payee and transcation itself.
Such an anonymous network, if widely adopted would only make transfering corruption money easier.
As long as a method of payment exists, corruption would exist. It's about monitoring the payer, payee and transcation itself.
I think it can reduce corruption, if governments invest here they will gain a big profit so that they will earn more money for their people.
It could be of two faces. First is, yes it might reduce corruption, since the transactions made by the address assigned to different government agencies can be publicly viewed and monitored by the people. This will make them think twice before doing an illegal transaction. The other face is that it might lead to a bigger corruption. Some people are inevitably abusers and given the opportunity of a greater money to hoard, they can publicly shame themselves by doing illegal transactions.
Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
Well, the government all around the world has it's own ways of manipulating or regulating certain currencies. Sadly, some of them corrupts it. And most of the government doesn't want to recognize bitcoin maybe for the reason of reducing the opportunities for them to corrupt again and again. So in line with the idea of using cryptocurrency, one of the highest asset of it being transparent with any transactions, the government might ban bitcoin hence, they will do their best as well to be transparent about their currencies.
Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
I think no because some goverments needs money so i think bitcoin is not solution to reduce corruption maybe goverments want to get a high tax with bitcoin and maybe bitcoin is the best solution to reduce poverty only. Hi,
I don't think they are going to make any effort. There is indeed a competing system but it is still hard to use and sometimes impossible (you cannot buy your meals with bitcoin for the moment). So I guess that for the moment they don't really feel threatened.
Thi may change though. And still, I don't think it will change anything in terms of transparency. Bitcoin may indeed be banned, or transactins prohibited. But clearly transparency is the worst possible thing for most institutions and correspounding authorities.
I don't know as well if it has a big effect since not all politicians are in favor of having a cryptocurrency in our country, and if a person is greedy, he can do a lot of things that would make him become rich regardless of how he will do it, cash or non cash transaction, they can find way to corrupt so bitcoin has no effect for it. I don't think they are going to make any effort. There is indeed a competing system but it is still hard to use and sometimes impossible (you cannot buy your meals with bitcoin for the moment). So I guess that for the moment they don't really feel threatened.
Thi may change though. And still, I don't think it will change anything in terms of transparency. Bitcoin may indeed be banned, or transactins prohibited. But clearly transparency is the worst possible thing for most institutions and correspounding authorities.
Hi,
I don't think they are going to make any effort. There is indeed a competing system but it is still hard to use and sometimes impossible (you cannot buy your meals with bitcoin for the moment). So I guess that for the moment they don't really feel threatened.
Thi may change though. And still, I don't think it will change anything in terms of transparency. Bitcoin may indeed be banned, or transactins prohibited. But clearly transparency is the worst possible thing for most institutions and correspounding authorities.
I don't think they are going to make any effort. There is indeed a competing system but it is still hard to use and sometimes impossible (you cannot buy your meals with bitcoin for the moment). So I guess that for the moment they don't really feel threatened.
Thi may change though. And still, I don't think it will change anything in terms of transparency. Bitcoin may indeed be banned, or transactins prohibited. But clearly transparency is the worst possible thing for most institutions and correspounding authorities.
No because corruption is created for those evil people that they want is to become rich easily.
Currently, cryptocurrency and especially Bitcoin have very good protection system, not disclose personal information of the trader. It is easy for organizations and individuals to take advantage of this to use Bitcoin for malicious purposes. So I see Bitcoin cannot reduce the corruption because it happens from that country so they have to find a solution.
Bitcoin is not anonymous still a lot of people are using bitcoin to some activities related to crimes. The government here in our country said that it may be a way to launder money and have a transaction to the terrorists, it can't be used to corrupt but it can still be used to these kind of crimes. I agree that it will not eliminate or even reduce that activity of corruption but still be a threat when used in money laundering and other crimes.
Bitcoin can really reduce the corruption because of the government officials will be using bitcoin to do some transactions then we can easily monitor their transactions through blockchain which is very easy to access in the internet and that is how we are going to make sure that the money is flowing into right hands and there is no corruption.
Currently, cryptocurrency and especially Bitcoin have very good protection system, not disclose personal information of the trader. It is easy for organizations and individuals to take advantage of this to use Bitcoin for malicious purposes. So I see Bitcoin cannot reduce the corruption because it happens from that country so they have to find a solution.
The blockchain is a highly decentralized, unleaded, lawless, anonymous, almost anonymous, decentralized management ownership. The blockchain is the purest form of democracy where people don't need to know each other and trust can be used. Bitcoin has no way of corrupting corruption!
I don´t know what you mean exactly, but in terms of the Bitcoin system being corrupt in itself, I agree that it is trustless. I would not dare to name it democratic and not completely decentralised, as there are too many large actors that carry lot of weight.
I don't think bitcoin can be banned because it's decentralised.
Governments are not going to make any economic system more transparent either.
Bitcoin can help underprivileged people to a point but currently the use ability of bitcoin is limited.
Most people in the world don't want to change from the current financial system which has us locked in with loans and mortgages.
If people choose to change direction into crypto things could change for the better I assume
Governments are not going to make any economic system more transparent either.
Bitcoin can help underprivileged people to a point but currently the use ability of bitcoin is limited.
Most people in the world don't want to change from the current financial system which has us locked in with loans and mortgages.
If people choose to change direction into crypto things could change for the better I assume
I agree that bitcoin as such is very difficult or perhaps impossible to ban, but the value of bitcoin relays on the ability to make transactions and convert it into other coins or even fiat. If exchanges are banned and citizens are not legally entitled to use it, the utility drops.
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