Governments cannot control Bitcoin - page 4.

ghost424

full member

Activity: 630

Merit: 103

Quote from: Sulman326 on July 22, 2020, 04:28:21 PM

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

That is actually what makes Bitcoin and other Blockchain Technology integrated Cryptocurrencies great. Being uncontrollable by the government and having its own growth development is the best for Bitcoin. Imagine Bitcoin having some unfair regulations about it, it will surely gain more value (or decrease) because of the fact that some things gets more value even though its being labeled badly. They just need to fully understand what are the capabilities of Bitcoin and the whole Blockchain technology.

GreenStox

sr. member

Activity: 1148

Merit: 252

Undeads.com - P2E Runner Game

It is true that full transactions can only be carried out on the blockchain network, which is why the government does not fully support crypto, but crypto has started to be recognized and supported by various groups.It is only a matter of time until the government turns around and supports it, or remains adamant about rejecting it.

slashz9

full member

Activity: 1554

Merit: 101

Quote from: aioc on August 20, 2020, 05:36:37 AM

Quote from: Sulman326 on July 22, 2020, 04:28:21 PM

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

All they can do is try, but we never know these authorities will always find a way to get their way, they threaten ban, regulation and strict laws because this is what government wants full regulation and control but as long as the central figure and the community adhere to decentralization they will hard time implementing this.

but it will be hard, because from the beginning it was the purpose of decentralization, or at least they might implement regulations in their respective countries such as applying taxes then trying to make their own version of the currency and so far many people use it in my country, they are copying the concept but stay centered.

aioc

hero member

Activity: 2926

Merit: 567

Quote from: Sulman326 on July 22, 2020, 04:28:21 PM

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

All they can do is try, but we never know these authorities will always find a way to get their way, they threaten ban, regulation and strict laws because this is what government wants full regulation and control but as long as the central figure and the community adhere to decentralization they will hard time implementing this.

shakesbear

member

Activity: 684

Merit: 10

If you buy something large in any case, you will have to pay tax, you will not pay bitcoin directly, and you will not be able to hide a large purchase.

S4VV4S

hero member

Activity: 1582

Merit: 502

Quote from: ubay on August 20, 2020, 03:20:45 AM

Yes, I totally agree with you. The government cannot control bitcoin like it controls finance in their respective countries.

They can only limit regulations on exchangers in their country, such as taxes, KYC and others.

The government can only make laws for exchangers because they want to collect taxes from there, but they can't collect taxes from Bitcoin users, Because Bitcoin is anonymous, it is not known who owns it.

ubay

full member

Activity: 728

Merit: 101

Yes, I totally agree with you. The government cannot control bitcoin like it controls finance in their respective countries.

They can only limit regulations on exchangers in their country, such as taxes, KYC and others.

Oppo57

copper member

Activity: 1106

Merit: 0

No government can control them on Bitcoin. It is not cash that will run through conventional means. I think if the government wants, it is possible to bring them under control over different exchanges. The government can benefit from this.

Barbut

hero member

Activity: 1694

Merit: 502

★Bitvest.io★ Play Plinko or Invest!

Quote from: trauchot on July 28, 2020, 02:48:15 AM

I agree that governments still cannot control Bitcoin and most likely will not be able to control it for a long time, but I am sure that governments are already working on this and are trying to come up with something, because governments always need additional income.

They can't control it now, and they will not be able to control Bitcoin in the future. It's what decentralization means, there are no central authorities. It's one of the reasons why we love Bitcoin, and I believe this will be one of the main reasons for Bitcoin's progress. We all need additional income, and some of us are lucky for being involved with cryptocurrencies.

Genemind

sr. member

Activity: 1596

Merit: 335

That's why people love bitcoin because of decentralization. Financial freedom, anonymity, decentralization, and not to mention the boundless potential of it as a future currency and the opportunities it had provided to people. However, with this attribute comes with a risk, such as market volatility, people using crypto to scam people, and also the accessibility of crypto to the public and even some merchants. We are still far from mass adaptation, I believe there are still a lot of possibilities and changes that may come that which will also improve the current system we have in fiat/crypto, but all over crypto is one of the best innovation that brought us financial freedom.

trauchot

member

Activity: 1764

Merit: 10

I agree that governments still cannot control Bitcoin and most likely will not be able to control it for a long time, but I am sure that governments are already working on this and are trying to come up with something, because governments always need additional income.

bgaf

sr. member

Activity: 644

Merit: 257

Worldwide Payments Accepted in Seconds!

Quote from: Sulman326 on July 22, 2020, 04:28:21 PM

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

So far this is the only coin known to be decentralized other than that project all are centralized. The only thing that controls the bitcoin is the market and whales. They can manipulate it on their way. For altcoins, I dont think they have the criteria to be decentralized, so even defi has been controlled by such team or management. How come they can say its fully decentralized? Nonsense idea.

princerepon

full member

Activity: 994

Merit: 101

Quote from: Sulman326 on July 22, 2020, 04:28:21 PM

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Yes, you are right. BTC is totally decentralized and government can't track btc but they can track centralized exchanges where we trade btc. Blockchain or btc made because people were fed up on centralized bank which controlled by government. But if you trade btc on centralized exchange then i can say nothing is changed very much. That's why many crypto genius think DEX will rule in the future.

shadowduck

full member

Activity: 840

Merit: 100

Oikos.cash | Decentralized Finance on Tron

Quote from: Feruna on July 27, 2020, 01:40:04 PM

One of the main reason some government have not endorsed the total usage of blockchains assets e.g bitcoin is that they don't not have the power to control it. There are some regulations some countries would want to make so as to sustain their own financial institutions either for their own personal gains or for the citizens but they won't be able to achieve that regulations just mainly because they are decentralized .

they do not approve it because Bitcoin is a serious danger to money that is used inside the countries. if bitcoin will become legal, then many people will stop using fiat money and this is not interesting to any government at all

Feruna

newbie

Activity: 107

Merit: 0

One of the main reason some government have not endorsed the total usage of blockchains assets e.g bitcoin is that they don't not have the power to control it. There are some regulations some countries would want to make so as to sustain their own financial institutions either for their own personal gains or for the citizens but they won't be able to achieve that regulations just mainly because they are decentralized .

Smitty Werben Man Jensen

full member

Activity: 1568

Merit: 100

COMBONetwork

Quote from: Sulman326 on July 22, 2020, 04:28:21 PM

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Bitcoin does not need government, Bitcoin is free, Bitcoin is decentralized, meaning decentralization is not centralized, I prefer if Bitcoin becomes a government threat, because it will be increasingly adopted by all people

add1ct3dd

sr. member

Activity: 658

Merit: 270

Quote from: aqib180 on July 22, 2020, 04:30:52 PM

Yes, I agree that the only thing a government can do is to regulate Bitcoin.Because crypto is designed as decentralized.Thus, a government cannot take full control in it.Through regulations, the government can also benefit from crypto through taxes and regulating ICO would minimize scam incidents.

Even if bitcoin or cryptocurrencies in general are regulated, still scams, frauds, money laundering and other illegal activities will take place. There’s no way to stop that as the whole system is decentralized. Although, by regulating ICOs are by making them register under a specified law section many scams and frauds can be avoided.

Implementing fixed set of rules to the exchanges will surely help the government keep some kind of track on the moving money between fiat currencies and crypto assets and also help charge taxes and limit the people from trying to launder their money through these digital assets.

wozzek23

sr. member

Activity: 1568

Merit: 283

Quote from: M Sarwar on July 22, 2020, 04:32:49 PM

The government cannot control bitcoin because of the decentralized nature of bitcoin.Other than that, bitcoin has a very high level of security, because it's hard to track by anyone.

Sure, bitcoin offers high security, but still if I were you, I wouldn’t rely on bitcoin if I wanted to do some miscellaneous transactions or something. There are many coins out there like monero, PIVX and zcash which offer higher level of security and privacy to its users than bitcoin.

Bitcoin still offers a high security the reason being:
1. Run-of-the-mill encryption.
2. Transactions are public but the sender and the receiver stay anonymous.
3. Bitcoin is decentralized and runs on the node system. So, there is nothing to worry unless a person holds 51% of the total nodes across the world which is impossible.

KimmyF

sr. member

Activity: 978

Merit: 250

Quote from: Sulman326 on July 22, 2020, 04:28:21 PM

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Actually why the government needs to control Bitcoin, "Money laundering". The government doesn't need control exchange, by bank transaction the government can do it that's how several countries were banned. From 2009 why Bitcoin is being popular for its decentralization, the same idea followed Monero gold. Still the government can't control it, but Bitcoin transaction history has been left in the server for a short time.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

You may be banned from paying in bitcoin and you simply will not be able to spend your bitcoins anywhere, or it will be illegal.

That's happening in 2014 when the country started to ban crypto and bitcoin. This time everything has already changed based on the trend. Bitcoin is started to be accepted by more and more governments.
Bitcoin can't be controlled directly and it needs 3rd party to do that like exchange site.

Topic: Governments cannot control Bitcoin - page 4. (Read 793 times)