Governments cannot control Bitcoin - page 5.

tbterryboy

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Quote from: Sulman326 on July 22, 2020, 03:28:21 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 wasn’t created with an intention of being just another virtual currency, it was created with an objective of decentralizing the payment systems and to eliminate the interference of the third party institutions. That means neither can bitcoin be controlled by a single party and nor can it be controlled by the government. Bitcoin is controlled by all the bitcoin holders around the globe.

The most that any of the government can do is ban the trade of BTC against fiat currencies or set rules and regulations for the crypto exchanges. They can never stop or track the bitcoin transactions that take place on a daily basis. So far no government was successful on regulating crypto related activities hence I believe we do not need to get unnecessary panic on this.

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Quote from: Sulman326 on July 22, 2020, 03:28:21 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.

None of the government in the entire world has no capability to control bitcoin. But they have the capability to adopt the system of Bitcoin.
Just like what the other bigger companies did. Where they accepted it as mode of payment to their own business in terms of online payment options something like that.

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No one can control bitcoin, even the governments, because of its decentralization. It is not regulated as electronic money according to their law, which is why it is not allowed to store your bitcoin and other cryptocurrencies in banks. I think it might be why governments in other countries banned bitcoin besides bitcoin being used in illegal activities.

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Quote from: asriloni on July 23, 2020, 08:45:42 PM

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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 was happening a few years ago when so many countries have already declared to ban bitcoin and crypto but with the goes of time everything have already changed right now and you must see the fact more countries legalize bitcoin. The only way to control crypto through the exchange site.

Now the governments of many major countries are thinking differently about the crypto market and surely one day we can live with Bitcoin because this coin will definitely be used for payment soon. However, it is still too early to do this because many countries see crypto as a threat and will find ways to prevent people from participating, so this will be a big obstacle.

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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 was happening a few years ago when so many countries have already declared to ban bitcoin and crypto but with the goes of time everything have already changed right now and you must see the fact more countries legalize bitcoin. The only way to control crypto through the exchange site.

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Quote from: Sulman326 on July 22, 2020, 03:28:21 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.

The same way that they can't either control their people as well as of what they do with their money.

Will not asking for their to help tracking our transaction coz in the first place, we already have a record in the blockchain. If they are willing to support crypto, definitely they won't find anything negative to dispute crypto in the market and in the eye of the community. They are pushing some negative about crypto and that soo much it affects the trust of the people around.

If they are imposing taxes, there is nothing wrong with that but it wasn't good to see that they controlling the entire market and manipulate the price.

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for developed countries the government should be able to support the existence of this modern technology, Bitcoin is a new breakthrough to meet the needs of alternative transaction tools that should be developed throughout the world, although the government's role cannot control Bitcoin at least there is support to be able to introduce Bitcoin to the layers of society as digital currencies which is quite popular in most countries that already accept Bitcoin

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Quote from: kingzpro on July 23, 2020, 04:44:45 PM

Quote from: Sulman326 on July 22, 2020, 03:28:21 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 these things fall both in favor and against btc because it being away from govt control or regulation simply means that masses will have a hard time trusting it but i think with time govts around the world are declaring it a legal thing and some are taxing the crypto gains while some have declared it tax free. I hope all countries will come up with clear and pro crypto policies only then we can realize the dream of mass adoption.

The issue of mass adoption has been lingering for quite some time now. Governmnets are not ready to support what they cannot control. Rather, they support more what they have the poser to maneuver. Some of them want it, but core out publicly to declare it's importance, relevance and prospect on most especially the economy and the people they govern, they are afraid of what others would say.

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Quote from: BeginToMine on July 23, 2020, 04:02:13 PM

You are absolutely right and it's what made Blockchain unique but how I wish as you said only having control on exchanges regarding regulation. If this regulation could come in crypto it will be very nice because many exchanges has exited scam and many investors had been hurt so would be good to regulate exchanges.

There was no guarantee the regulation will be very effective to be implemented into the crypto. There will be a lot of limitation for the users too. You were using the decentralized system and that means it's not 100% needed at all.

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Quote from: Sulman326 on July 22, 2020, 03:28:21 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 these things fall both in favor and against btc because it being away from govt control or regulation simply means that masses will have a hard time trusting it but i think with time govts around the world are declaring it a legal thing and some are taxing the crypto gains while some have declared it tax free. I hope all countries will come up with clear and pro crypto policies only then we can realize the dream of mass adoption.

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Quote from: shadowduck on July 23, 2020, 01:13:51 PM

decentralization is one of the main advantages of cryptocurrency. there is no government which can stop bitcoin and cryptocurrencies, no matter how hard they try to do it

That is definitely right, governments cannot control BTC, it is the main advantage of cryptocurrency and no doubt people want to be part of this world cause of this reason. But l think the government would control it, that is why they don't want to see that people are depending. They always want people to depend on them. But it is impossible in crypto space, however, the government can make BTC legal or illegal in country.

Quote from: BeginToMine on July 23, 2020, 04:02:13 PM

You are absolutely right and it's what made Blockchain unique but how I wish as you said only having control on exchanges regarding regulation. If this regulation could come in crypto it will be very nice because many exchanges has exited scam and many investors had been hurt so would be good to regulate exchanges.

There are two faces of regulation and we can not tell which side will be beneficial for the crypto traders. The scam exchanges will do their job under a decentralization idea but without the regulation, it will be easier to keep competition among the top DEXs. China has lifted the crypto ban and Russia has followed this decision afterward.

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Quote from: shadowduck on July 23, 2020, 01:13:51 PM

decentralization is one of the main advantages of cryptocurrency. there is no government which can stop bitcoin and cryptocurrencies, no matter how hard they try to do it

This is a stand alone advantage of bitcoin over any currency particularly fiat government can only advice its citizens against investment in bitcoin but don't have any influence on it, bitcoin a massive revolution in monetary policies in term of anonymous financial independency I am very sure with time bitcoin will dominance over the so-called fiat is under the control of the government.

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Quote from: Sulman326 on July 22, 2020, 03:28:21 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.

When you say control, it means to have a stronger influence over something.
In respect to bitcoin, government does have control, this is why whenever the news isn't favorable between crypto currency and bakkt or Indian government news and right to use crypto currency in India, prices of bitcoin and related Indian tokens plummets and panic respectively

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You are absolutely right and it's what made Blockchain unique but how I wish as you said only having control on exchanges regarding regulation. If this regulation could come in crypto it will be very nice because many exchanges has exited scam and many investors had been hurt so would be good to regulate exchanges.

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Quote from: Sulman326 on July 22, 2020, 03:28:21 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.

What I think about this regulations from the government towards Bitcoin is, they may be adopting other cryptocurrency and abandoning the said Bitcoin. According to some recent news from US, they won't allow what is not in their control to be adopted. In the future, the government will heavily clamp down on this decentralized coin. They will start from the cryptocurrency exchanges which will be devastating in my opinion.

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decentralization is one of the main advantages of cryptocurrency. there is no government which can stop bitcoin and cryptocurrencies, no matter how hard they try to do it

slashz9

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or they can make their own currency, and of course this will not have much effect on bitcoin and other cryptocurrency because they already have their own market.
maybe the government can only make rules where the currency is traded, such as taxes or the like, and I think it will also be difficult.

Gayong88

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Quote from: Sulman326 on July 22, 2020, 03:28:21 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.

The task of the government is controling, where they make regulations / rules about transactions which regulated according to each applicable regulation in which not all countries have adopted their use en massal.

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Quote from: diazepam666 on July 23, 2020, 10:34:11 AM

Quote from: Sulman326 on July 22, 2020, 03:28:21 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.

Quote from: diazepam666 on July 23, 2020, 10:34:11 AM

Obviously, Bitcoin is a decentralized platform so you think government can't control the Bitcoin.

Seems like that from it's own intention to exist, bitcoin was decentralized.

Quote from: yhiaali3 on July 23, 2020, 05:40:44 AM

But reality government can add some regulations of Bitcoin because each country have different set of regulations in government policy so they can add some regulations on convenient manner.

It's the power of the government, if they see that there's a need of implementing rules then law will be there to accompany the ruling.

Quote from: yhiaali3 on July 23, 2020, 05:40:44 AM

The current situation many exchanges ask the proof of the country so government will monitor our activity.

Government seek for any illegalities as there are chances that money laundering and illegal transactions can happen using bitcoin.

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Quote from: Sulman326 on July 22, 2020, 03:28:21 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.

Obviously, Bitcoin is a decentralized platform so you think government can't control the Bitcoin. But reality government can add some regulations of Bitcoin because each country have different set of regulations in government policy so they can add some regulations on convenient manner. The current situation many exchanges ask the proof of the country so government will monitor our activity.

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