Topic: How will governments survive - page 2. (Read 478 times)
It's only a matter the time until the inverse of your question becomes true. Governments always try to regulate everything, with the rise of exchanges and such asking for ID it's really undermining the crypto currency purpose: anonymity. Maybe us, to protect our privacy must fight to have privacy survive and find new ways to prevent govs. from knowing more than they should
Something that has been unclear to me is how will governments survive when fiat is nowhere to be seen and all or most monetary transactions happen via cryptocurrencies.
Government will be government there are so many ways for them to survive. They had the power to do anything they want, they can disable crypto transactions or make their own cryptocurrency and force their citizens to use it. This is how the government works, everything is possible to them even people loves decentralization.Since one of the most attractive aspects of crypto is that its anonymous and decentralized, how will governments be able to keep track of money and tax it.
Registration of exchanges and by requiring users to send their verification through ID's and this is what's happening now. They can tax the exchange and if possible soon they'll track those crypto users who are earning with it and avoiding tax, everything is possible to them.
The question "How the cryptos will survive if all government bans it" has been asked often. I think the OP's question is interesting, because it makes us wonder about a hypothetical world where Bitcoin has replaced fiat. What would be the consequences? What would government look like in such a world? How should society adapt?
Lol! Your question should be the other way around. It should have been "How the cryptos will survive if all government bans it". Never underestimate the power of the government systems and the enforcement agencies. Bitcoin or any other cryptos are decentralized but not completely anonymous. Every single transaction is tracked and recorded in a public ledger called blockchain. Definitely there are ways to cover up the trail of a fund using the crypto mixing service, but if governments want, they can destroy the entire crypto business. So don't think how a government will survive if majority of the people start doing crypto transfer, instead think how the crypto market will survive if all governments turn against it.
They can identify the culprit of some transacation through the identification on their wallet address or there could be one user here in bitcoin which is solely working for the government maybe part of investigatory agency of the government that is doing investigatio here and all over the bitcoin network. Bitcoin can also survive government imtervention through following it's imposed rules and regulations.
It's really not that anonymous. The past few weeks more and more regulations require you to show your ID before you can open an account on an exchange or withdraw funds. I think in the future governments will make some kind of internet passport and internet tax.
Something that has been unclear to me is how will governments survive when fiat is nowhere to be seen and all or most monetary transactions happen via cryptocurrencies.
Since one of the most attractive aspects of crypto is that its anonymous and decentralized, how will governments be able to keep track of money and tax it.
Since one of the most attractive aspects of crypto is that its anonymous and decentralized, how will governments be able to keep track of money and tax it.
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