Government vs Bitcoin - page 5. | Bitcointalksearch.org

Dr.Bitcoin_Strange

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Quote from: Blitzboy on September 06, 2023, 07:40:31 AM

The reasons governments ban or restrict cryptocurrencies like Bitcoin are complex. As you noted, each government has a reason. However, lets analyze. Comparing Bitcoin crimes to crimes with other assets is like comparing digital and real footprints - the medium changes, but the intent doesnt.

Bitcoin's volatility is real, but so are traditional stock markets. Remember 2008? Banning a volatile asset is like blocking the sun with a sieve.

The decentralization of Bitcoin is game-changing. The central banks' inability to regulate it worries them. Yes, some criminals use Bitcoin, but to call the entire ecosystem "bad" because of a few bad apples? What a reach. If we dig deep, the main difficulties seem to be lack of comprehension and fear of losing financial control. Thus, bans.

Based on the explanation I got from this forum users concerning volatility, volatility is even good for some businesses in the sense that if you invest some money in Bitcoin and the price suddenly spikes, you can make an instant profit. Just like I am accepting Bitcoin payments in my business and the current Bitcoin price is still low, let's say I have accepted up to 0.09 BTC with this current rate of Bitcoin price, and luckily the Bitcoin price has risen to $35k, which means I will even have an additional profit for my business. The problem is just that some people didn't really understand Bitcoin very well before they decided to use it.

Well, I know that with time, some of those countries where Bitcoin is restricted will lift their bans and restrictions.

bayu7adi

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Quote from: DanWalker on September 07, 2023, 03:34:29 AM

Is the government worried that high volatility will harm people? I don't think that's a good reason. I don't believe they would care about their people to such a level of devotion, it's just one of many reasons people stay away from government bitcoin. I completely agree with what Patrol69 said, if bitcoin is accepted, fiat and banks will surely lose their appeal and their power will be easily shaken. That's the first thing they care about when it comes to bitcoin.

Many people say that accepting bitcoin as a currency will improve the economy but I don't think so, due to the volatility of bitcoin it will destroy the economy even faster, this I am on the political side of government. As long as bitcoin remains highly volatile, it will be difficult to become a currency.

Where do you truly stand? In the first paragraph, you disregard volatility as a threat, yet in the second paragraph, you express concern about volatility as a threat.

I prefer to learn from my experiences, and in my current country, Indonesia, Bitcoin's role is strictly limited to being an asset and cannot replace FIAT currency for transactions. It is prohibited by the government. Perhaps this is why its adoption remains at less than 20% of the total population.

Let's take Japan, for instance, a country that has legalized cryptocurrency. Is its adoption high? Not as you might imagine.

Currently, only 4% of Japanese individuals have adopted cryptocurrency. Of course, the adoption of Bitcoin is even lower since some have adopted altcoins. Yet, it's perfectly legal there.

source : https://triple-a.io/crypto-ownership-japan-2023/

awik p

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Quote from: Pandu Geddon on September 07, 2023, 09:38:09 AM

Quote from: DanWalker on September 07, 2023, 03:34:29 AM

Many people say that accepting bitcoin as a currency will improve the economy but I don't think so, due to the volatility of bitcoin it will destroy the economy even faster, this I am on the political side of government. As long as bitcoin remains highly volatile, it will be difficult to become a currency.

eventually, those who hold more Bitcoin will have enough control over price movements. In fact, this will not result in economic growth in the community, but as you said, this can quickly destroy the community's economy. especially with the little knowledge about Bitcoin that the general public has.
we know the concern from the government for the issue of adopting Bitcoin as a substitute for fiat. As long as the volatility of Bitcoin's price is high enough, more governments will not use it as a currency for payment.
the government still relies on fiat which is trusted by the public. and it gives the government the advantage that they are in control of their own finances. but with Bitcoin, they will probably only benefit from the high taxes that are levied on exchange transactions.

Indeed, knowledge about Bitcoin is a priority, especially in a large country like mine, where if the government legalizes Bitcoin at this time it will be risky for the elderly, where it will be difficult for them to keep up with technological developments regarding Bitcoin, and if they know about it, it could happen that they will suffer losses due to volatility. Therefore, I think for now it is still as comfortable as it is now, where those of us who have knowledge can make money from Bitcoin, and of course it can improve our personal economy, and of course this will spread to those closest to us, our families, and spread widely in my country, and with that knowledge of bitcoin that doesn't lead to wrong understanding

Ryu_Ar1

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Quote from: F2GIRL on September 04, 2023, 01:47:02 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 innovation that bitcoin provides is not wrong but it will disrupt the existence of the government so that some of them will definitely be afraid that if things like bitcoin continue to develop it will increasingly disturb them because it is difficult to regulate which makes them try to regulate so that they are safe and want more authority even though bitcoin cannot be fully regulated.
This is an anticipatory step that is actually quite reasonable, the government has the authority and power to regulate something but with the presence of bitcoin that they cannot regulate, they are confused to find other alternatives to make regulations so that bitcoin can be controlled.
But for people like us who want their own freedom bitcoin will be a good bridge in financial management and I still feel at this time as long as the government does not ban bitcoin (in my country) even though there are some rules that must be followed I will remain in bitcoin.

Pandu Geddon

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Quote from: DanWalker on September 07, 2023, 03:34:29 AM

Many people say that accepting bitcoin as a currency will improve the economy but I don't think so, due to the volatility of bitcoin it will destroy the economy even faster, this I am on the political side of government. As long as bitcoin remains highly volatile, it will be difficult to become a currency.

eventually, those who hold more Bitcoin will have enough control over price movements. In fact, this will not result in economic growth in the community, but as you said, this can quickly destroy the community's economy. especially with the little knowledge about Bitcoin that the general public has.
we know the concern from the government for the issue of adopting Bitcoin as a substitute for fiat. As long as the volatility of Bitcoin's price is high enough, more governments will not use it as a currency for payment.
the government still relies on fiat which is trusted by the public. and it gives the government the advantage that they are in control of their own finances. but with Bitcoin, they will probably only benefit from the high taxes that are levied on exchange transactions.

Aanuoluwatofunmi

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Bitcoin has come to stay and this is a fact that the government should realize, it's not a digital currency that has come waiting for their approval or recommendation before it can be accepted, the pace already have been set and the people have already realized the finished work in what Satoshi Nakamoto himself had made in providing for us bitcoin to use while serving as an alternative means of making payments, i believe many other people have started this but couldn't achieve any concluding results not until we have Satoshi come up with bitcoin, in case the government had forgotten, bitcoin is a decentralized digital currency, they can't regulate it.

AGogi2003

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Quote from: Zoomic on September 04, 2023, 04:47:01 PM

The government understands bitcoin more than you do. They have also known the potentials of bitcoin. They have known how fast bitcoin will grow if given free hands. They also know that their strongest weapon (centralization) is threatened by the existence of bitcoin. This is the main reason the government does not give bitcoin free hands to operate since they are unable to control it.

If the government has not found a proven and a reliable way to monitor and tax everyone using bitcoin, they can not be at peace with bitcoin.

I suspect that not all governments understand Bitcoin; those who understand Bitcoin and its benefits are those who accept Bitcoin as a means of payment; those who do not accept Bitcoin as a means of payment are those who do not have the right to control it in any way. I am confident that the countries that have not accepted Bitcoin as a means of payment will do so once they understand the value of it and how it will help many people in the economy; I am also aware that some of our leaders are investing money in Bitcoin. I believe in Bitcoin and believe it will take over the globe one day and is the best investment.

Magic-Money

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Government are fighting what them don't know about, which Bitcoin can't stop by government as long internet exist, instead Bitcoin is even happen government rather when it comes to financial sector, very soon government we officially accept Bitcoin as a means of payment in the country, like wise some other countries have been accepted Bitcoin.

DanWalker

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Quote from: bayu7adi on September 07, 2023, 03:00:30 AM

Quote from: Patrol69 on September 07, 2023, 02:50:43 AM

If a country's government accepts Bitcoin, it will be very difficult for that country's government to control their economic situation. When people get to know about bitcoin well, people will save their money in bitcoin instead of keeping money in banks, which will lead to the possibility of bank bankruptcy and the reserve fund of government banks will decrease due to which the economic condition of a country can be seriously threatened. By thinking about these things, the governments of different countries always make negative campaigns about Bitcoin in front of the people. Countries where Bitcoin is banned outright have a significant number of people hooked on Bitcoin, meaning that once hooked, they can never switch back.

However, there are also some countries with different rational reasons, such as not wanting to risk their citizens' wealth on assets with high volatility levels. Bitcoin experiences extreme price fluctuations and could potentially impoverish someone who is just getting acquainted with the cryptocurrency world.

Apart from the risk of bankruptcy, governments also aim for the currency in circulation to be controlled by the authorities. Perhaps their intentions are good, aiming to maintain economic stability. But what the government and banks do behind the scenes remains unknown.

Is the government worried that high volatility will harm people? I don't think that's a good reason. I don't believe they would care about their people to such a level of devotion, it's just one of many reasons people stay away from government bitcoin. I completely agree with what Patrol69 said, if bitcoin is accepted, fiat and banks will surely lose their appeal and their power will be easily shaken. That's the first thing they care about when it comes to bitcoin.

Many people say that accepting bitcoin as a currency will improve the economy but I don't think so, due to the volatility of bitcoin it will destroy the economy even faster, this I am on the political side of government. As long as bitcoin remains highly volatile, it will be difficult to become a currency.

bayu7adi

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Quote from: Patrol69 on September 07, 2023, 02:50:43 AM

If a country's government accepts Bitcoin, it will be very difficult for that country's government to control their economic situation. When people get to know about bitcoin well, people will save their money in bitcoin instead of keeping money in banks, which will lead to the possibility of bank bankruptcy and the reserve fund of government banks will decrease due to which the economic condition of a country can be seriously threatened. By thinking about these things, the governments of different countries always make negative campaigns about Bitcoin in front of the people. Countries where Bitcoin is banned outright have a significant number of people hooked on Bitcoin, meaning that once hooked, they can never switch back.

However, there are also some countries with different rational reasons, such as not wanting to risk their citizens' wealth on assets with high volatility levels. Bitcoin experiences extreme price fluctuations and could potentially impoverish someone who is just getting acquainted with the cryptocurrency world.

Apart from the risk of bankruptcy, governments also aim for the currency in circulation to be controlled by the authorities. Perhaps their intentions are good, aiming to maintain economic stability. But what the government and banks do behind the scenes remains unknown.

Patrol69

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Quote from: Rockstarguy on September 06, 2023, 11:17:03 AM

Quote from: 348Judah on September 04, 2023, 03:09:02 PM

Quote from: F2GIRL on September 04, 2023, 01:47:02 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.

It's not that government doesn't know the importance of bitcoin, they only lauch attacks because they are afraid of allowing what will take financial power away from them, such that they won't be able to perform their secret enterprise, but the truth is that some individuals from these same governments will be wise enough to secretly admires and invest in bitcoin while joining in the attack on public because they don't want others to know about their secret, the conclusion now is that no matter how the attack may be, it will not be successful on a decentralized digital network of bitcoin, till government get tired, they won't achieve any attack aimed at bitcoin.

For sure the government will definitely attack bitcoin when they have no power to control it, this is how the government has always been. They know if people get to know Bitcoin very well and accept it for long-term savings it is going to affect the banking system which people might decide not to put their money in bank any more, I think this is the treat the government are facing from bitcoin that is why it very difficult for the government to fully accept bitcoin.

If a country's government accepts Bitcoin, it will be very difficult for that country's government to control their economic situation. When people get to know about bitcoin well, people will save their money in bitcoin instead of keeping money in banks, which will lead to the possibility of bank bankruptcy and the reserve fund of government banks will decrease due to which the economic condition of a country can be seriously threatened. By thinking about these things, the governments of different countries always make negative campaigns about Bitcoin in front of the people. Countries where Bitcoin is banned outright have a significant number of people hooked on Bitcoin, meaning that once hooked, they can never switch back.

Silberman

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Quote from: F2GIRL on September 04, 2023, 01:47:02 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 think you are the one that is misunderstanding the governments, even if they spread lies to the public you can be sure they have a huge number of experts which have explained to the politicians in power what bitcoin is about and the possible repercussions of leaving bitcoin to expand unhindered, this is why they are trying to regulate it as much as they can in order for bitcoin to no longer fulfill the original idea of Satoshi, however if bitcoin is still around by the time the current system collapses you can be sure that even if the regulations were incredibly harsh people will choose to take the risk and adopt bitcoin anyway.

justdimin

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Quote from: aylabadia05 on September 06, 2023, 05:27:59 AM

Quote from: F2GIRL on September 04, 2023, 01:47:02 PM

Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

Prohibitions and rules made that have an unreasonable impression will not prevent users from using Bitcoin

I think it could prevent "some" people from using it. I mean when it is made illegal that would be hard to use it, and that's why it is getting this much trouble and I believe that it is going to be a tough thing to get it accepted. I understand that it may not look that easy for the time being but that is the important thing one way or another.

I believe that the best thing to do would be to make it legal so that everyone would use it. That is the way to approach this and that would allow the governments to make their citizens like bitcoin in the end. I get that it may not be simple to just legalize it, but they can do their research and find how they can do it, and then even tax it if they want more money.

Smack That Ace

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Quote from: Bitcoin_people on September 06, 2023, 08:03:06 PM

Bitcoin can never cause harm, and neither has the government. However, they did not give Bitcoin government approval as Bitcoin is not controlled by the government of any country. However, in the country where I live, Bitcoin is completely illegal and trading in Bitcoin is considered a crime and punishable by law. Still many people in my country use bitcoin illegally and they do business with bitcoin. But the government takes the principles of Bitcoin in various illegal and criminal ways, because of which the government of my country is still not able to legalize Bitcoin, rather they think negatively about Bitcoin. If the government legalizes Bitcoin, it will never harm the country, but it will gain economically, not positively, but because of this, they are still afraid to legalize Bitcoin. The governments of these countries believe that people using bitcoins will commit various crimes, and engage in various money laundering and criminal activities, thus still outlawing this virtual currency. But I believe if Bitcoin is not illegalized by the government of a country but legalized by that country's tender then surely they will benefit economically and never cause a loss.

The government's problem with bitcoin is that bitcoin does not benefit them, bitcoin benefits the people, not the government. How will they regulate you and tax you if you use bitcoin to store your assets? You will completely give up fiat money and banking if bitcoin is recognized as a legal tender and from there the government will not get any benefit, the government will soon collapse. Those are huge problems if we are in a position of government. The government needs to come up with more solutions before they accept bitcoin, IMO.

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Bitcoin can never cause harm, and neither has the government. However, they did not give Bitcoin government approval as Bitcoin is not controlled by the government of any country. However, in the country where I live, Bitcoin is completely illegal and trading in Bitcoin is considered a crime and punishable by law. Still many people in my country use bitcoin illegally and they do business with bitcoin. But the government takes the principles of Bitcoin in various illegal and criminal ways, because of which the government of my country is still not able to legalize Bitcoin, rather they think negatively about Bitcoin. If the government legalizes Bitcoin, it will never harm the country, but it will gain economically, not positively, but because of this, they are still afraid to legalize Bitcoin. The governments of these countries believe that people using bitcoins will commit various crimes, and engage in various money laundering and criminal activities, thus still outlawing this virtual currency. But I believe if Bitcoin is not illegalized by the government of a country but legalized by that country's tender then surely they will benefit economically and never cause a loss.

jeraldskie11

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Previously, the government was terrified of Bitcoin since it was difficult to control. They discovered that criminals could use this as an opportunity to continue their undesirable behavior. And we've heard in the past that Wikileaks was utilizing Bitcoin since the government prohibited them from using credit cards. I'm not sure what the real reason behind that.

And now that we are in the modern day, governments are increasingly realizing that they cannot control Bitcoin and that Bitcoin does not wish to harm them. Although criminals can utilize Bitcoin, we must believe on the fact that Bitcoin was designed to protect large investors from criminals who are only looking for a victim to hold for ransom.

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Governments find it good, but they're afraid of losing control over the financial system. This is the thing happening with every country that had imposed ban over the usage of bitcoin. Few countries have gone beyond this arresting people, if they were caught holding or involved in cryptocurrency related transactions.

The government loves the technology and are well aware of the goodness it can provide. A proof for the same is the introduction of CBDC into the country's financial system. They've well understood the need of people and trying to give the best support and keep people within their limits and not letting them to use cryptocurrency as they're completely decentralised. The world is moving towards decentralisation and financial system is the base.

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Quote from: goldkingcoiner on September 06, 2023, 05:28:02 PM

Quote from: F2GIRL on September 04, 2023, 01:47:02 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 only kind of bans that the government feel like they can enforce on Bitcoin, are directed towards third party businessmen of the Bitcoin community. That's why they target CEX's (Centralized Exchanges). With a long enough stick, you do not need the carrot. Or in their case, they do not have a carrot. In other words the bans are so harsh and unfair because the government realizes that normal regulations do not work with a decentralized money that anyone can obtain in more than 1 way.

True that, the government has no control on the system of Bitcoin network. The government can only apply pressure to the ecosystem of Bitcoin where it is functioning. All the government can do is put censorship on the services of the centralized company that is integrating Bitcoin or set regulations and rulings over these kinds of institutions in order to at least have information and if possible control on the services of these third-party centralized companies.

goldkingcoiner

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Quote from: F2GIRL on September 04, 2023, 01:47:02 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 only kind of bans that the government feel like they can enforce on Bitcoin, are directed towards third party businessmen of the Bitcoin community. That's why they target CEX's (Centralized Exchanges). With a long enough stick, you do not need the carrot. Or in their case, they do not have a carrot. In other words the bans are so harsh and unfair because the government realizes that normal regulations do not work with a decentralized money that anyone can obtain in more than 1 way.

Bitcoin is the new age money and the government is still trying to struggle with leaving the old-age money behind. Mainly because they can print an infinite amount of fiat, whenever they want. And that is not possible with Bitcoin.

Onyeeze

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Government is trying to suppress bitcoin and Bitcoin is trying to change the policy of government in centralizing agenda, so government is fighting Bitcoin why bitcoin have target of making their currency to have dominance over centralized centralized agend by using decentralized method to fight government, but from what bitcoin is doing and the way bitcoin price is going and the awareness of Bitcoin it seen that Bitcoin might become a world currency because the plans of government started when bitcoin was valueless bitcoin still have agenda.

Topic: Government vs Bitcoin - page 5. (Read 1188 times)