Topic: Government vs Bitcoin - page 8. (Read 1225 times)

I don't believe that any government misunderstood bitcoin; in fact, I believe that most governments understand bitcoin and how it works better than you do. The problem is that governments can't control it. For example, in my country, there have been times when governments have issued regulations prohibiting further use of nvestment in bitcoin, even though they are aware that these regulations are unworkable. Governments want to find a way to profit from anything that becomes popular, and bitcoin is no exception.
and if you look among them, you'll see that they make investments as well as this type of guidelines. Bitcoin already runs the globe, and I have no doubt that it will do so in the future, no matter how hard they attempt to outlaw it.

In my personal opinion, it is not that the government does not understand or has a wrong perception of the innovation in bitcoin. But more precisely, the government may just be wary of something new or foreign. Besides that, the government, I'm sure they know the potential of bitcoin. But the problem is, the government doesn't want to admit this.

Regarding restrictions or regulations made by the government. Maybe this is caused by the government's fear of bitcoin. So that's what may have led to regulations or restrictions being put in place for bitcoin and its investors.

This means that with the disproportionate government regulations regarding bitcoin, this can actually be a sign that bitcoin is indeed a very high-quality asset and does not deserve to be criticized or eradicated (banned).
Because as I said above, the government definitely knows and understands the potential of bitcoin. Because if they didn't understand the potential of bitcoin, I don't think they would bother making rules that corner bitcoin. However, because the government is aware of the potential of bitcoin, but does not want to recognize bitcoin and is afraid of its potential. So this rule was made.

If you cover this, bitcoin actually has disadvantages and advantages. But this is in the bitcoin investment room itself, which is certain all investors must agree with all the results that can be obtained in their investment or trading in bitcoin. So it can be concluded, for investors bitcoin can be very profitable, but it does not rule out the possibility that bitcoin can also be detrimental to investors.
But this is something normal. Because this is the realm of investment and trade.

But for the government or people who don't invest in bitcoin, bitcoin is absolutely not detrimental.

As well as disrupting the circulation of fiat, widespread use of bitcoin will make it difficult for governments to collect taxes from their citizens. It can be said that the popularity of bitcoin will cause many difficulties for the centralized system that the government has set up to control us.
The number of countries banning bitcoin is decreasing, which shows they have failed to stop bitcoin's growth. In my opinion, like it or not, they will soon accept bitcoin because people still use it regardless of the government's efforts to prevent it.

IMO, repeatedly said that Bitcoin cannot be controlled by anyone but anyone can suggest anything to Bitcoin because the design that is designed is public and Bitcoin is an open source.
The government does not misunderstand Bitcoin innovations. In fact, most of them are very familiar with the Bitcoin system. Most of them decided not to use bitcoin because they could not control it.

The main issue lies there so that they, especially the government, who do not want their profit to be seized by the aging of the Bitcoin system issued rules that were considered to be able to limit people involved with bitcoin.

Does not cover everything, even most countries accept Bitcoin innovations even though they do not legalize them.

Bitcoin's innovation in securing transactions, making them faster, and anonymous, is what worries governments, because they fear that their products, namely fiat and banking, will be abandoned by people and make Bitcoin adoption even higher. With more and more people using Bitcoin, it means that the government cannot track the transactions of its citizens and if fewer people use their product it will hurt their economy. That's why in several countries the adoption of Bitcoin is prohibited because it has the potential to disrupt the circulation of fiat and banking in their country.

The blockchain technology poses a threat to government sovereignty in its role as the regulator of a nation. Bitcoin's decentralized nature, one of its defining features, leads some governments to perceive it as beyond their control, potentially carrying adverse consequences for their citizens, although this remains speculative.

Governments can still empower their own controlled currencies, allowing them the flexibility to implement various adjustments within their local currencies.

While we view Bitcoin as a viable alternative from a public perspective, the government's standpoint may differ. That's why some governments opt to restrict or prohibit Bitcoin.

And you just stated two of the main reasons why governments do not like the idea of Bitcoin and why some countries even went out and actually banned it. Lack of control on the government's part is a big thing as they need to ensure that they have knowledge of the inside out of anything that exists under their nose or property, so essentially if their citizens are using it the government will do its best to have a hand on it to ensure that they will be the ones to govern it. Another one is the negative image Bitcoin has, thanks to the negative way the media has portrayed it and issues that keep on popping up regarding Bitcoin, governments do not (in any way) want to deliberately get their hands dirty, especially in the eyes of the public, so adopting something that has a negative image is a big no to them as it will also stain their own image. In conclusion, lack of control and negative image are two of the main reasons as to why governments are hesitant in accepting Bitcoin.

What government think about Bitcoin some years ago that made some ban Bitcoin from their country, and some rejected Bitcoin that it has no value for their citizens because of lack of orientation in the past that affected my governments. I think, those governments that rejected Bitcoin or banned Bitcoin before based on negative things they heard about Bitcoin later carry out their research to know what Bitcoin can do for a government that adopt it, and what it will eliminate from their economy when it come to stay in the land. Bitcoin will remain decentralized currency, which no government can control the price of Bitcoin, and it will pump when it's time to pump and it will dump when it's time to dump for investors to buy and hold for future purpose.

And that's quite logical because there are so many negative things that are very dangerous for the country if they legalize Bitcoin, like a crime network that can't be controlled if the government legalizes bitcoin, that's actually reasons that can be accepted but there are also some positive things that can't be defeat the negative so that it is never seen but the government should have the authority and rules to be able to remove the positive things and try to see the positive things if they legalize Bitcoin, that's a lot and even now the country of El Salvador has legalized Bitcoin because they can take advantage of the positive things and advantages of using Bitcoin.
But I see that for now, many state governments tend to do nothing, not prohibit and also not legalize, meaning that we can carry out any transaction without any protection and regulation from the state.

Yes, we don't need to be surprised or complain when the government shows a dislike for bitcoin. But it's not right to say they don't understand bitcoin, they know even more about bitcoin than we do and they realize it's not right for them.

But I won't blame them, I believe that if we were in their position, we would do the same. It is only because we are people controlled and oppressed by the government that we need freedom and liberation. But if we are the government, we control others, then we will do the same as them. Do we want to share our money or profits with others? Certainly not, so it is understandable that the government would find a way to block bitcoin. But they almost failed to ban bitcoin and they will accept it soon, but I hope there won't be too much draconian regulation for us.

 It should not surprise you that the government dislikes Bitcoin, Op. How can you begin to make sense of something you can't control? Nobody likes competition or sharing power,  especially not with something as new an algorithmic currency as Bitcoin. The bitter truth is that no matter how hard they are trying to ban, like in the case of China, citizens keep buying.
 I remember telling someone about Bitcoin and the question of government strongly kicking against it popped up. The best answer I could give was that the government is like a bully who knows how much potential BTC possesses and instead of allowing it thrive and flourish, they try to subdue it. But unfortunately, Bitcoin is here to stay and just like many innovations that has changed the world, you can only fight it for so long before you accept and embrace it.

If the government and the central bank go against Bitcoin, then it is not possible to control Bitcoin in that country, so Bitcoin is forced to be banned. But there are some bitcoin friendly countries where bitcoin is seen as an aid to the economic growth of that country and legalizing bitcoin as well as giving ample opportunities in transactions with banks as done by the president of El Salvador Nayib Bukele.
However, there may be many reasons why governments of different countries have a negative attitude towards Bitcoin, among them money laundering and undocumented transactions. Moreover, there may be some economic reasons that the governments and central banks of those countries are deeply aware of and have a negative attitude towards Bitcoin.

I know why governments of different countries always accept Bitcoin negatively. The positive aspects of Bitcoin never come before the government systems of different countries. Most of the governments of the countries are far from accepting Bitcoin and they are always promoting Bitcoin negatively. There are enough reasons for such negative propaganda about Bitcoin as if people deposit their money through Bitcoin without depositing money in banks then they will not be able to control the money of their country and the amount of money that their people deposit in Bitcoin from their country is from their country. It will go out basically you can't control the money that's why the government of most of the countries are always negative about Bitcoin.

With a high probability I can say that you are from Russia, if you have such a state of affairs. That's not even the point. I am extremely annoyed by the fact that it is impossible to fully use crypto projects as an alternative payment system, but pay taxes if you have it on your wallets. And how to understand all this? Just give me the money and that's it.
Maybe give them the keys to the safe, where the money is? Well, why go around and around?

They did not issue a direct ban, but in the past many countries have introduced very harsh regulations and it is no different from forcing us to stop using bitcoin. Just like India proposed a 30-50% tax on crypto investors, this is a terrible number and their aim is to gradually make us abandon crypto. Or recently, the Biden administration proposed a 30% tax on bitcoin mining, but thankfully Congress did not pass it. Or many governments propagate bitcoin as a risk that people should stay away from...All of that is no different than they are also trying to get rid of bitcoin and don't want us to have access to it.

Yes, but the only reason I am curious is why they don't have any valid reason for it. It is very common that some countries always misunderstand the innovation of Bitcoin, the good side of Bitcoin, and the good effect of it. We all know how Bitcoin can help in our daily lives.

Each country has different opinions regarding BTC, some governments prohibit it and some don't, but in my opinion, currently many countries are starting to accept the presence of BTC, but there are also those that allow BTC to be used as a tool of payment and there are also those that don't. . but in my country the government allows people to invest in BTC, but the government prohibits people from using BTC as a means of payment.

I think bitcoin has now started to be accepted by many countries and you don't need to be confused.

Government accept only what is beneficial for them and decentralized bitcoin is something not for Government. The peer to peer electronic cash transfer aka bitcoin is something not liked by Government at all since it will take financial control away from them.  There are not many countries where Decentralized Bitcoin is legal rather they have allowed bitcoin that is traded on centralized exchanges that Government can tax and control.

Now many countries allow ownership of bitcoins. It is true, not all countries allow bitcoin as a currency for legal payments as these countries have their own legal fiat currency. But I don't think this is a serious problem because it is only a matter of time until the bitcoin community gets bigger and countries will legalize bitcoin as a legal payment currency.

Differences are always a phenomenon in every thought, so that there are those who agree and disagree with bitcoin, that's only natural. History has proven that bitcoin was banned in many countries, but until now the bitcoin community is still well developed so there is nothing to worry about bitcoin.

I discuss the government of my country where I live. Bitcoin is still illegal in our country, I don't know if it will ever be legalized. And if a government official hears someone is involved in Bitcoin, they are prosecuted and punished. The government thinks that if bitcoin is legalized, money will be smuggled out of the country, illegal weapons will be purchased with bitcoin and it will be damaged in various ways. For these reasons, the government in our country hates Bitcoin. But many people are involved with bitcoins in our country keeping the privacy.