Topic: Government & Bitcoin - page 55. (Read 70830 times)

Implementing a new currency for the government is hard.
It's really hard because there should be many changes.
Another problem is that the confirmation time is too much and some things needs to be verified instantly if it works or not.

yeah theres no users will agree to that, so the power is still in the users of bitcoin, even if government complain that bitcoin must have or put a tax in every transaction, they can not do anything because bitcoin growth are depend on users.

The meaning of this sentence, as it is written, is not correct. The growth of bitcoin depends from the technology which produce it. And is (for the moment) 25 bitcoins every about 10 minutes. So having nothing to do nor with Governments and nor with other things. It will be the correct one if it was written the growth of the known of the bitcoin is totally depends on the policy of the governments.

I agree with the explanations given following the above sentence (if written in the correct mode) but the word "totally" seems a little excessive. I agree that if the bitcoin will be regulated by The Government of one country would be a great day for bitcoin and its known and spreed in that country will be much more fast, but there are even other way in which it can be known. In my country bitcoin is not yet regulated and I know much about it. In the USA before the regulation existed to many people which knew and used regularly it before its regulation from the Authorities. The same in all the world. So the known of bitcoin is not totally  depend from the policy of Governments. There are to many others ways in which this thing can be make true.

Growth of Bitcoins is totally depends on the policy of the governments. If all the countries and their governments start regulating and recognizing bitcoins as a legal digital currency then there will be increase in the user of bitcoins and it will be more popular if accepted universally.

Of course, no one would agree with that if it happened, bitcoin would be totally useless
So, of course i won't agree with this. I better use wallet which i like even government would send me to jail

I hope it won't happen to any country

The government always spies on you everyday, every single hour. They can check the sites you've accessed over the internet, the transactions you've made in the bank and probably even Bitcoin transactions if they manage to link the public address you are using to you. I think the only way that government can't interfere with your BTC transactions, is by using Tor and a Bitcoin Mixer. 

I think that have no meaning and cannot be happen that Government will take on "his shoulders" the creation and the management of the wallets of bitcoin. It would be totally out of its duties and impossible to be managed (its impossible). The govern of USA cannot decide and have no power in Venezuela or China or Russia. So even it will be such rule there (in USA) the people can store their bitcoins online in wallets out of USA and the Government can do nothing.

But is not this the risk that a Central Bank (and not Government) can ban bitcoin (as it is verified in some countries already). Is the fear that bitcoin "leave in shadow" the national currency. This event (if verified) can damage the power of the national currency and can damage even the finances of the country. This can be (I think) the risk of acceptation of bitcoin for one country.

And this normally can happen in countries not financially wealthy. USA for example have regulated bitcoin because have not such problem (i guess from its actions in this direction). Russia which has problems with its national currency has banned bitcoin. China has choose an middle decision. Free for bitcoin for the people but not for financial institutions (situation which is called "restricted" status for bitcoin). Maybe this is connected with the national currency of China which is not totally free to be changed as the other currencies. Can move in fixed margins about a fixed amount which is determined with reference to a basket of world currencies. This kind of currency can be damaged because of its status.

As about for the taxation of bitcoin, this action can be realized in the same way like with the actual fiat money. If it will be regulated, it will be possible that bitcoin can be controlled and manged like all the other actual currencies.

This situation can change if every country can and will adopt as a national currency a digital coin currency. This can made possible the change of behavior of every country in confront of bitcoin. Practically there were be two digital currencies and it will be more easily for the Authorities to make the people to chose the proper digital coin and not bitcoin.

Anyhow I believe and hope that bitcoin can and must have a much higher role in the world of national currencies. Even if those will have all a national digital coin currency.

That is true, not only they can't tax on those transactions but also they can't trace out 100% who has done the transaction.

What exactly is this supposed to mean? 

well that's not true, since IRS can already tax it pretty well, and there it is also regualted

taxes would be the only reason for them to tax bitcoin if anything...

Governments will never allow bitcoins as they cant tax it.

Maybe they'll accept bitcoin, but i think they will add various rules such as :
1. Everyone must make bitcoin wallet which provided by government & they'll take tax from it
2. Every bitcoin company must have bitcoin license & report suspicious bitcoin activity
3. Bitcoiner should how they earn & use their bitcoin to government

I think something like that could happen in future & it would be very bad for bitcoin

they can only support and not totally control it, because no one will agree with those rules that they will make, like your examples, "Everyone must make bitcoin wallet which provided by government & they'll take tax from it" if they do that, the new comers will be outweigh by those fee win every transaction they will make, and we are lucky because our address is free and not control with government. So you will agree with  this?

But I don't think any governments will accept it so easily because the nature of bitcoin usage. As of now they can't trace out the transaction details very clearly.

We need to wait until the Government accepts the bitcoin.

I think bitcoin is already moving away from being a people's coin.

Interesting, but the bitcoin users are not very unilateral, its far more likely that they will split in 2 if the claims of the 10% are legitimate, and we will have 2 bitcoins with half value each.

That scenario would really suck....

I think the same. But first, it is better not namely restriction but regulation and second, it is not government which can made such regulations by the Authorities which manage the money of the country. And they independent from the countries. Maybe, may be some of those which can be depended bu the government (it it will included to many agencies) but the most important authority (normally Central Banks) is independent.

Government also play a role about the adoption of bitcoin in real life. But as bitcoin is not like other currency and physical item it will not be regulated by any government. This have both problem and benefits, as problem bitcoin can be used by scammers,criminals,smuglers with being anonymous and as benefit bitcoin is currency of the miners who have actually grows it from their computer and which is also valuable till now.

I think the government restriction may lower the adoption and price of bitcoin in future. Which is dangerous situation for both us and miners.
 

Consider the scenario - 90% miners decide to make a shift in the Bitcoin protocol.
10% decide on retaining it. Since they are in a minority, this is a hard fork and the 10% form an altcoin.
Now, if the majority of people using bitcoins decide that they will accept only the 10% miner-alt as Bitcoin, then the remaining miners can take a hike (in spite of their majority).