Government vs Bitcoin - page 2. | Bitcointalksearch.org

gunhell16

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Quote from: F2GIRL on September 04, 2023, 02:47:02 PM

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

Until now there are still governments that don't like Bitcoin like the US and other countries that don't understand Bitcoin and no one else thinks about how they can control it which is impossible in reality.

Then if we look at Bitcoin is a friendly opportunity, it is only abused by other governments, which the government can harm while Bitcoin can't do it because we may be in full control while the government is always the one who wants to control what they think they can benefit from.

Benedictare

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   Bitcoins weakens governments authority over its citizens of his country to avoid being stopped by capital control caused by it,and facilitate immoral works by assisting criminals stay away from discovering .Bitcoin can be capable of becoming real to throw a change in the existing basic framework system andcause to be unable to continue existing or working in the desired way,and it also bring out three challenges to g overnments authority that is can't be regulated, criminals use it and also helps citizens avoid from being stopped by capital control . Bitcoin is complex and goes round .

   Cryptocurency have an important strong effect on traditional banking by being unable to continue in the normal way and existing way of payment, more secured and efficient, avoiding bank fees.

   Governments are not having complete trust in Bitcoin since it might harm their control over the money system.

roller33

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Quote from: F2GIRL on September 04, 2023, 02:47:02 PM

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

The beauty of Bitcoin is this: It can't be controlled. As soon as we understand that the government doesn't exist to benefit the people, but rather they only think about themselves, your mind changes quicly.

My country is one of the most corrupts in the whole world, and they always say that everything they do is for the people, but we all know it is a lie.

Fiasem20

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The government has used frame works to regulate the use of bitcoin but it can't be regulated by the government because it isn't controlled by the government.The government has also gone extra mile to ban bitcoin.Fiat currency are controlled by the government and the central bank that's why only the government has the authority to regulate fiat currency,but has has no means to regulate bitcoin.Since the government has not accepted bitcoin as a legal tender, bitcoiners use peer-to-peer network to trade,sell and buy bitcoin without the third party like banks and government.The first country to accept bitcoin as a legal tender is El Salvador.The reasons why government hasn't accepted bitcoin as a legal means of exchange are;
1.Every individual will be privileged to control their coin in their digital wallet and will no longer be controlled by the government,so with that fear most government hasn't accepted bitcoin as a legal means of exchange.
2.The fear that the controversial currency (Bitcoin)will take over the fiat currency.

Latviand

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Quote from: Shumyl on September 19, 2023, 01:34:15 AM

Both are good and useful things for us. The government provides us with security, stores, roads, schools, hospitals, and many more things, which help us to live. Bitcoin is like a business, if you invest then you can make a profit, and sometimes you should pick a loss in bitcoin. This same thing in business.

But, Bitcoin is the best thing for money.

Too bad most governments fail to provide those stuff you've mentioned especially if it doesn't benefit them or make their pockets bigger. I don't know about you but I think bitcoin isn't that whatever you're talking about, bitcoin's more than that. The reason why bitcoin isn't on a friendly terms with the government is because bitcoin is liberating people from being dependent on them and they know this that's why any big moves that bitcoin takes, they have to be watchful because if it goes awry, it's bad for them.

Blitzboy

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Quote from: Arenga pinnata on September 19, 2023, 02:59:09 AM

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I think the main reason is Cryptocurrencies can be used to hide assets and income, making it challenging for governments to collect taxes. This could potentially reduce government revenue, which they rely on for public services and infrastructure.

Maybe it's like that. But actually hiding assets or the like is even easier if they are in fiat or gold. Because there will be no written data if we transact offline with fiat and gold. So we can store gold and fiat in a large safe underground without anyone knowing. But through cryptocurrency every transaction is recorded in the blockchain and it can be traced in fact I feel it is more transparent than the usual fiat transaction process.
Even crypto wallet ownership can ultimately be traced if it has a transaction history with a centralized exchange that also uses KYC or something similar.

And actually it would be better for the government to implement clear regulations on crypto so that they can get tax income from every transaction carried out on an exchange registered with the government. And even if the government is hostile to crypto then this will only make its citizens transact secretly. And in the end the government will lose because it doesn't get any tax income. If regulations regarding crypto have not yet been made.

Even with its enormous potential for revolution, cryptocurrencies arent a perfect solution to all of the world's financial problems. The claim that gold and fiat can be concealed more successfully? Yes, on the one hand, no digital footprint was left. Physical assets, however, are subject to seizure, theft, and destruction.

You are correct: every crypto transaction is recorded on the blockchain. Do not deceive ourselves, though. Privacy coins and anonymity techniques are available. They have the ability to obscure transactions, negating the transparency of public blockchains. But who right now are currently use advance crypto like Monero?

Furthermore, the notion that states had to merely "implement clear regulations"? Said to be easier than done. It goes beyond tax income alone. It has to do with international commerce, crime prevention, and financial stability. Instead of oversimplifying things, its time we faced the reality of the situation.

KingsDen

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I think the main reason is Cryptocurrencies can be used to hide assets and income, making it challenging for governments to collect taxes. This could potentially reduce government revenue, which they rely on for public services and infrastructure.

One of the reasons but not really the main reason. Other reasons why government fight bitcoin are:

Inability for the government to control bitcoin. What the government cannot control is threat to it.
The volatile nature of bitcoin
Difficulty in taxing bitcoin transactions
Tendency of using bitcoin for bad deals

Among others. But if government will understudy bitcoin an crypto and learn how to deal with it, they will make so much money from crypto.

Arenga pinnata

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I think the main reason is Cryptocurrencies can be used to hide assets and income, making it challenging for governments to collect taxes. This could potentially reduce government revenue, which they rely on for public services and infrastructure.

Maybe it's like that. But actually hiding assets or the like is even easier if they are in fiat or gold. Because there will be no written data if we transact offline with fiat and gold. So we can store gold and fiat in a large safe underground without anyone knowing. But through cryptocurrency every transaction is recorded in the blockchain and it can be traced in fact I feel it is more transparent than the usual fiat transaction process.
Even crypto wallet ownership can ultimately be traced if it has a transaction history with a centralized exchange that also uses KYC or something similar.

And actually it would be better for the government to implement clear regulations on crypto so that they can get tax income from every transaction carried out on an exchange registered with the government. And even if the government is hostile to crypto then this will only make its citizens transact secretly. And in the end the government will lose because it doesn't get any tax income. If regulations regarding crypto have not yet been made.

flyingcarpet

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Quote from: skarais on September 04, 2023, 03:00:36 PM

Bitcoin hasn't harmed the government, but the innovation that is in bitcoin makes most governments afraid. Governments are afraid because they can't control bitcoin, of course that has made some of them ban it. But I am grateful that my country's government has not banned bitcoin completely, I mean bitcoin can be traded even though it is not allowed to use it as legal tender.

The policies taken by the government towards bitcoin are sometimes detrimental. Governments tend to say something negative about bitcoin, but they're basically just lying and pretending not to know. Bitcoin is just like any other currency, it can be misused for whatever reason. But that's not a good reason to ban a currency.

Although many governments do not recognize Bitcoin as legal, they allow its trading. Large institutions and companies investing in Bitcoin have a role in this situation. States cannot ignore Bitcoin. Many states have done this so far. They acknowledged the existence of Bitcoin.

As time progresses, Bitcoin's existence will be accepted and formalized by more states. States need to keep up with the innovations brought by Bitcoin rather than running away from them.

kingvirtus09

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Quote from: F2GIRL on September 04, 2023, 02:47:02 PM

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

We all know that bitcoin never happens to those who try to hold it or have it in harm's way. And some countries then, and until now, there are still countries that do not fully understand the concept of bitcoin. So they are not open to it. That's why others banned it and eventually lifted their ban on Bitcoin.

If we look at it, Bitcoin is not fighting; instead, the government is even harming those who believe in Bitcoin when they take steps that affect bitcoin enthusiasts. They are even harassing, but if the government will take a good look at its good concept and features, it will actually make a good contribution to the country's economy.

Shumyl

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Both are good and useful things for us. The government provides us with security, stores, roads, schools, hospitals, and many more things, which help us to live. Bitcoin is like a business, if you invest then you can make a profit, and sometimes you should pick a loss in bitcoin. This same thing in business.

But, Bitcoin is the best thing for money.

EluguHcman

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Quote from: skarais on September 04, 2023, 03:00:36 PM

Bitcoin hasn't harmed the government, but the innovation that is in bitcoin makes most governments afraid. Governments are afraid because they can't control bitcoin, of course that has made some of them ban it. But I am grateful that my country's government has not banned bitcoin completely, I mean bitcoin can be traded even though it is not allowed to use it as legal tender.

The policies taken by the government towards bitcoin are sometimes detrimental. Governments tend to say something negative about bitcoin, but they're basically just lying and pretending not to know. Bitcoin is just like any other currency, it can be misused for whatever reason. But that's not a good reason to ban a currency.

I agree with you. I came from a country whereas whatever to be approved by the government is usually something they could be in control about with the aids of legal rebellion of the Bitcoin holder. They put to banned Bitcoin after looked forth the future where they have no better economic plans for the nation with a conciousness of Bitcoin not taking over their depreciating currency since Bitcoin is already a wide spread range with the potentialities to enrich the holders.

Lorence.xD

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Quote from: yohananaomi on September 12, 2023, 11:03:59 AM

Quote from: OrangeII on September 12, 2023, 02:43:55 AM

The development of bitcoin is not something bad, but because bitcoin has a decentralized system, which means that it cannot be controlled by one party, the government issued policies to suppress the development of bitcoin, such as banning, prohibiting using bitcoin as a transaction tool, and others. Apart from that, quite a lot of people use bitcoin for illegal and other things, making the government create policies that put bitcoin in a corner.

There will be no government that does not want to accept technological developments, and with the presence of bitcoin, it is certain that they will have to accept that this is a reality that is happening. I really agree with you that Bitcoin is not a bad thing because it also helps for many purposes, but there is still an obstacle that the government cannot control properly. So it's not surprising that there are still many who enforce very strict regulations to prevent abuse by many people for interests that the government doesn't like.As long as the government is willing to make strict regulations, there is no need to worry, although goverment must remember to always stay updated on developments that occur.

Government literally want and accept any new technologies or innovations that could help the economy of a country. They cannot deny that these digital currencies have helped a lot of people with their financial which bounce back to the economy. Still they are not yet ready to fully acknowledged them due to they are still considered as threat to existing fiat currencies which also have negative effects to the economy because that's their resources their own currency such as USD. Indeed that government are taking a restrictions and regulations but some country won't fully banned it since they are still a help lowkey cause they are decentralized. For government govern for a long time for sure they have a lot of ideas and information so in short they are not dumb on how crypto works and would literally have analysis as well.

Litzki1990

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Quote from: Negotiation on September 11, 2023, 05:00:52 AM

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I think the main reason is Cryptocurrencies can be used to hide assets and income, making it challenging for governments to collect taxes. This could potentially reduce government revenue, which they rely on for public services and infrastructure.

Yes also the government thinks that legalizing bitcoin will take everything out of its hands. Fiscal policy tools are used by governments to influence the economy in addition to revenue cuts. These primarily include changes in tax levels and government spending to stimulate growth taxes are cut and spending is increased. It often involves borrowing by issuing government debt also if bitcoin becomes legal government taxes from other sources will decrease.

Even in countries with better economic conditions, there is negative publicity about Bitcoin. I don't think any country's government wants Bitcoin to have any effect on their economic system. A country's government can control its economic system in any way it wants. Only to keep the economic system in their favor, the government of that country accepted Bitcoin as another medium of their country's economic system. Some countries do not directly accept Bitcoin, but a significant number of people in those countries use Bitcoin. It's only a matter of time before Bitcoin dominates the economic systems of various countries.

yohananaomi

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Quote from: OrangeII on September 12, 2023, 02:43:55 AM

The development of bitcoin is not something bad, but because bitcoin has a decentralized system, which means that it cannot be controlled by one party, the government issued policies to suppress the development of bitcoin, such as banning, prohibiting using bitcoin as a transaction tool, and others. Apart from that, quite a lot of people use bitcoin for illegal and other things, making the government create policies that put bitcoin in a corner.

There will be no government that does not want to accept technological developments, and with the presence of bitcoin, it is certain that they will have to accept that this is a reality that is happening. I really agree with you that Bitcoin is not a bad thing because it also helps for many purposes, but there is still an obstacle that the government cannot control properly. So it's not surprising that there are still many who enforce very strict regulations to prevent abuse by many people for interests that the government doesn't like.As long as the government is willing to make strict regulations, there is no need to worry, although goverment must remember to always stay updated on developments that occur.

OrangeII

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The development of bitcoin is not something bad, but because bitcoin has a decentralized system, which means that it cannot be controlled by one party, the government issued policies to suppress the development of bitcoin, such as banning, prohibiting using bitcoin as a transaction tool, and others. Apart from that, quite a lot of people use bitcoin for illegal and other things, making the government create policies that put bitcoin in a corner.

Bushdark

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Quote from: Agbe on September 11, 2023, 01:48:24 PM

Quote from: F2GIRL on September 04, 2023, 02:47:02 PM

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

I might agreed with to some extent because the first time when most of the government banned bitcoin they thought that bitcoin is an illegal innovation but later when they discovered that bitcoin is not illegal, most countries accept it indirectly and I am using my country as an example. My country CBN banned bitcoin and later, the vice president of the country suspend the ban though the ban is still have effect but it is not as serious as the first time again. And now government understand bitcoin very well and the only thing that holding them down not to use bitcoin is the fear that bitcoin will dominate the Fiat currency and they can't control bitcoin because of the decentralised nature.

Banning Bitcoin does not mean that it is an illegal currency but the government thinks that they ought to control the market and the first thing they need to do is to limit people from having access to Bitcoin so that more users will have no option to transact Bitcoin as a method of payment and services. The government knows how they do there thing and we shouldn't be surprised if more countries would have to put limited restrictions on Bitcoin so that it would not have affect on the economy. The government don't to ban Bitcoin but rather they can regulate it and get there tax from it..

khiholangkang

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Quote from: Fivestar4everMVP on September 11, 2023, 12:16:05 PM

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I think the main reason is Cryptocurrencies can be used to hide assets and income, making it challenging for governments to collect taxes. This could potentially reduce government revenue, which they rely on for public services and infrastructure.

Well, this is not entirely true because, In major cities as of today, people still need to convert their Bitcoin to fiat currencies before they can spend it on goods and services.

So going by the above, money saved or kept in Bitcoin can be considered money invested, same way people invest in stocks, real estate, businesses and so on, money invested in Bitcoin can as well be invested in a real estate, do government still task real estate that is undeveloped and has not yielded any profit for the investor ?, of course not.

The only reason why government are against Bitcoin is solely because they have no control over it, and are afraid since they see it as a potential threat to the fiat which they have 100 percent control over through the bank .

Maybe wealth tax, in some countries people who have more wealth than tax standardization will be charged wealth tax, and when someone keeps their wealth in the Bitcoin it will not The long term in a safe wallet will not be taxed.

Next is the possibility of money laundry that can be done using bitcoin, like a very strict policy in my country about the conversion of currencies and or sending and receiving crypto, but that only applies to centralized exchangers.

Agbe

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Quote from: F2GIRL on September 04, 2023, 02:47:02 PM

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

I might agreed with to some extent because the first time when most of the government banned bitcoin they thought that bitcoin is an illegal innovation but later when they discovered that bitcoin is not illegal, most countries accept it indirectly and I am using my country as an example. My country CBN banned bitcoin and later, the vice president of the country suspend the ban though the ban is still have effect but it is not as serious as the first time again. And now government understand bitcoin very well and the only thing that holding them down not to use bitcoin is the fear that bitcoin will dominate the Fiat currency and they can't control bitcoin because of the decentralised nature.

Casdinyard

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I think the main reason is Cryptocurrencies can be used to hide assets and income, making it challenging for governments to collect taxes. This could potentially reduce government revenue, which they rely on for public services and infrastructure.

you have a point but that's not necessarily the reason why the governments around the planet aren't so keen about accepting bitcoin and cryptocurrencies for that matter. It's the fact that most of them are decentralized and to them "unruly" that really grinds the government's gears. They can't control the currency even if their whole lives/systems depended on it, so it's either they allow bitcoin to operate within the country willy-nilly, or they ban it so they don't have to deal with the legal repercussions if bitcoin was used for anything than what it was initially intended for.

Anywho, it's always going to be the people who will decide whether bitcoin is to remain operational or not, some countries may ban bitcoin outright without asking the public's opinion but democracy is a thing in almost every country, and unless everyone unanimously agreed that bitcoin's no good, we can rest assured that it will persist and exist.

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