Governments cannot control Bitcoin - page 6.

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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.

Well it us true that different government's power has limit in controlling Bitcoin. But let's come to think of it that government has the ability to make policies that will affect digital currencies in one way or the other. In fact regulations of governments have been fingered in the low adoption of cryptos in many countries. For example, the anti graft agencies in my country recently were arresting anyone with crypto related stuffs on their phones or PCs. They said, they categorized them under internet fraudsters. We need more favourable policies that will support the mass adoption of Bitcoin and altcoins.

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Actually although the government can track the movement of Bitcoin between persons and the wallets by imposing KYC and other restrictions they lose their financial control.if Bitcoin becomes dominant. That's why they don't allow it.

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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.

I think that any cryptocurrency, not only Bitcoin, can exist regardless of the government's decision. We are creating a new financial structure that will be owned by users

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

The problem is always in the services of the third party, and these can be controlled by the government easily, for example you need the service of the third party in order to trade Bitcoin which is exchanges, of course the government can control the exchanges in that country and force them to request verification through KYC In such a case, the government will be able to view all transactions made by any person who trades in this exchange and pursues it.
This is what governments are doing now and we see an increase in exchanges that are requesting verification by KYC.

Yeah that is currently the problem. By KYC the government can control who buys and sells cryptocurrencies for fiat money. So the next step to make bitcoin stronger should be some possibility to exchange large amounts of crypto for fiat anonymously

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The problem is always in the services of the third party, and these can be controlled by the government easily, for example you need the service of the third party in order to trade Bitcoin which is exchanges, of course the government can control the exchanges in that country and force them to request verification through KYC In such a case, the government will be able to view all transactions made by any person who trades in this exchange and pursues it.
This is what governments are doing now and we see an increase in exchanges that are requesting verification by KYC.

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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.

Yes, you are right. Government can't control bitcoin because of its decentralization character and its transaction system. For this reason some country banned Bitcoin. Bitcoin is not legal in too many countries. But government action can effect positive or negative impact on Bitcoin.

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inability to have full control over cyptocurrencies is one of the issues why governement bodies are not responding positively to it. thats why some countries are issuing time to time ban, and coming with alot of negativity. there is nothing they can do about it so it has to be left to roll like this or make up their own coins of which they will still use the blockchain.

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They can´t control it, but they can regulate it. They can make Bitcoin illegal in the country and everyone who will use it will be arrested and went to prison. Would you then use Bitcoin? Probably not. Probably you would think about leaving the country or leaving Bitcoin, Cry

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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.

This is the best part of bitcoin, no one can centralize the transactions and control it. But I m a bit worried about the China that control a lot of mining farms and tomorrow can decide to pull down the system

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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.

It doesn't mean government cannot control bitcoin. In some of the country, the bitcoin and cryptocurrency is legalised one. In such country the people who had invest money in bitcoin and other cryptocurrency should pay the tax for it.By regulations, the bitcoin and cryptocurrency flow in such country can be control by the government. Bitcoin and cryptocurrency was centralized in such county.

shaheer001

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Actually Bitcoin and cryptocurrencies are a great thread for fiat banking system as per their thinking and that's why they are trying to control the decentralized system from the very beginning but yet they did not succeed. some countries have banned the cryptocurrencies trading/investing/mining but are crypto traders are watching the crypto trends day by day and the day is not so far away when Bitcoin will be the most favourable and big payment digital currency.

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Quote from: M Sarwar on July 22, 2020, 03:32:49 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.

Quit thinking like that, bitcoin is not hard to track like you think, you send a transaction out from your Bitcoin wallet your address is leaked, you received a Bitcoin transactions from friends your address is leaked, why said hard to track? If you are into illegal funds or you are a hacker, once your address is knowns your are toast.

marks1976

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government imposing regulation is still really cumbersome not to mention if the government are rather blind to technology. although regulation always has its own advantage and disadvantage in many of countries that are not really open to innovation the regulation usually put the pressure on us crypto users. although, it's not that big of a problem in developed country which people and the regulation maker are more educated.

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In Russia, the government recently allowed the use of cryptocurrency in transactions between persons, but prohibited its use as a means of official exchange for organizations, because it is impossible to control such money flows, which could be fraudulent.

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Did you think that when someone owns most of Bitcoin amount then Bitcoin becomes centralized and they can control it?

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Quote from: alani123 on July 22, 2020, 06:59:53 PM

It's true that bitcoin can't be controlled by governments but the control can be exercised on various other aspects of the crypto economy. Exchanges are an important one.
Governments could try to attack BTC by finding ways to make it harder to use. For example not permitting business transactions, not recognizing it as property etc. But this would only attract interest to countries that haven't banned it and accelerate the processes to build autonomous and decentralized ways to trade crypto. Many of which are already in development and growing.

This is true! The governments don't need to control BTC, they just need to control other factors that directly affect BTC. Because of BTC decentralization, I feel like the governments don't really want to permit BTC as a method of payment. I think most nations will do their best to keep their fiat money exists, that's the way they can control their economy and their country.

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Quote from: M Sarwar on July 22, 2020, 03:32:49 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.

You forget an important thing when bitcoin is still pegged with the centralized exchange site and it's very rare to see there was a dex that accepted bitcoin too.

In my opinion the government has a lot of ways in order to control the crypto include bitcoin dude.

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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.

That's why we call that exchange site is the main gateway that can be used to control the activities that happened on the crypto. No exchange no party and then you know this better.
If a coin can't be traded and then it will not get demand and this will make such coin will die.

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The thing it was decentralized, it is hard to be controlled or manipulate, but i really think that there is no government to control the bitcoin price since it has its own fluctuation and market movements. Maybe the developer has something to do with it's fluctuation, only my guess. Just like its increasing and decreasing acrivity are inevitable.

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Bitcoin is decentralized and that's there are countries that can't accept it due to that reason. And if a government accepts bitcoin, that's even favorable for bitcoin enthusiasts like us. We want the government to realize how powerful bitcoin is and they shouldn't just ignore it.
They can adopt it and accept that there are benefits which could be helpful to the economy and not only to the individuals that will use it or make use of it as an investment.

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