Do you think that bitcoin can reduce corruption? - page 33.

Zackgeno96

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Quote from: cindygirl on January 13, 2018, 04:11:04 PM

Quote from: orkoso on January 13, 2018, 11:43:50 AM

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?

Bitcoin is more likely to increase corruption as transactions cannot be traced back to an individual. It is one of the major issue that governments have with bitcoin and why many move to ban it.

I also think that bitcoin could not be helpful to reduce the corruption; as the corruption is everywhere, it is next to impossible to erase the same completely. Bitcoin's image has been already spoiled as it is helpful to complete the illegal activities due to its anonymous nature, then how can it would reduce the corruption ?

synapsisxxx

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If anything, cryptocurrency as a whole might only have a chance of increasing the chances of corruption. Basically the same as the effects of crime.

Pixyoxx

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Bitcoin being based on blockchain technology is an irrevocable transaction system. Once transaction is made, it cannot be undone, which certainly brings allot of discreation to the users. The thing where first payment is done and then it taken aback is completely omited.
The transparency feature of bitcoin helps keep away corruption in a good way. Every user on the chain is able to see all the transaction which is not what a corrupt peraon would want. The way transactions get verifued here, i.e. the mathematical algorithmic way is quite secure for the users. All in all bitcoin is anyday better in handling corruption as compared to paper money.

JinCrypts

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Nope, bitcoin will recruite more corruption within the nation due to human nature which is Greediness.

Amuzeddingo

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Since all transactions can be publicly viewed, I think the blockchain technology is very useless against corrupt govts. This is probably one of the reasons why govts don't officially recognize cryptos.

machinek20

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No, bitcoin wont reduce any corruption, the more valuable a thing the more greedy people will be, the easiest decision for government is to banned, they dont need to think and doing any research, and they dont need to worry that bitcoin could do any damage to the country

Future3000

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Blockchain really can

markdario112616

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To be honest, This is one of the disadvantages of Bitcoin (as per my observation) any activities that have money involved is most like prone to corruption. Due to decentralization and anonymity of Bitcoin, Let's say people who are powerful such Wealthy People, Politicians, Syndicates/Criminals and etc. Will took advantage of this features that Bitcoin has, These people would tend to invest their money to Bitcoin to hide their assets to avoid paying taxes. Some will use it to finance terrorists for their illegal activities and etc.

These are just conspiracy theory if you could see but there's a possibility that it's already happening. Corruption can't be stopped and that's a fact. No matter how good or perfect the president or the leader of a country is, but the people under him/her is not then the Government is screwed up.

Angna27

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corruption comes in many forms and sizes and people who are discounted will do everything to find ways to take advantage in any way possible, we never how they are going to do once they found out about bitcoin for sure they will make a way just to control it, manipulate it and use it for their own agenda.

nl247

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Quote from: torch2121 on January 14, 2018, 09:41:52 PM

For me yes. It is the best answer for corrupt people. No third parties. Low transaction fee. Very convenient. What else can you ask for, thank you Bitcoin.

All the features you have mentioned here does not make it to alleviate corruption. Bitcoin is just a tool for payment and for those who may want to keep as an asset. Those who are corrupt will still remain corrupt and we know being pseudo anonymous, that can still make it easy for someone to try to do some runs, without having anything to do with fiat. The only barrier now is that bitcoin cannot be used directly without having to turn it into fiat, so one way or the other, exchanges may be used to target corrupt practices, but in the case where we have direct P2P payments, how do you think that can be monitored?

armansolis593

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Quote from: orkoso on January 13, 2018, 11:43:50 AM

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?

Politicians are greedy people and they always do under the table transactions, they wont make a transparent government since it will only cause the downfall in its security and a lot of the past administration wrong deeds may come to life.

They will try to ban everything that can harm their political virtue or its financial stability,a corrupt government official would be the very least to gain something from doing bitcoin transaction.

Cootie

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I don't think so. Bitcoin transactions are made to be anonymous, meaning the identity of people behind the transaction are unkwown. This is a great opportunity for those with hidden agendas to implement their them without being tracked. So, noticeably, bitcoin will not lessen corruption, rather make it harder to stop.

zeze18

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yes probably because of the decentralized nature of bitcoin has always been the government's consideration for legalizing bitcoin, because they worry that bitcoin functions are done for criminal acts even for a country that has high corruption rates would pose a threat to money laundering.

Rana590

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I think it is not possible. Bitcoin can't reduce corruption. On the other hand it increases corruption. Government are not able to handle it because bitcoin is a decentralized currency. Anyone can transfer money through it and he can do it without knowing government.

fanhuaijiao713

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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!

Babylon

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Quote from: orkoso on January 13, 2018, 11:43:50 AM

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 yes, bitcoin has the ability to reduce corruption in a country. Reducing corruption in a country is difficult but with bitcoin possible to make it less. As many people are relying on the government, most corrupt government people are in sight if the human eye is looking at the government we will continue to cheat on them. Let's try to divert our eyes to bitcoin and appreciate it and let us help it, we will not be fooled by bitcoin it will help us to change our lives by trusting him.

Farhan786

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Bitcoin is more likely to increase corruption, because the transaction is not returned to a person. This is the government's main problem with Bitcoin and many steps will be taken to ban it.If the Bitcoin was severe in the state of corruption, then the government would give the only way to ban the use of Bitcoin.

torch2121

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For me yes. It is the best answer for corrupt people. No third parties. Low transaction fee. Very convenient. What else can you ask for, thank you Bitcoin.

arlington

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Even if they try to ban everything it can`t be sustainable strategy and can`t be hold for a long term because somehow people would react to it and make something for it.

NicG13

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Cryptocurrencies can be a formidable weapon in the fight against corruption. Technology is generally neutral. It's what you make of it that matters.

Topic: Do you think that bitcoin can reduce corruption? - page 33. (Read 2604 times)