I have concluded that all governments together can't stop bitcoin - page 4.

geegaw

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Quote from: Sanugarid on May 05, 2021, 10:43:41 AM

Quote from: Gozie51 on March 13, 2021, 01:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

Stopping bitcoin to operate is out of their hands and not really possible, but what they were trying to do is to regulate and have authority over BTC so that they could exploit it and make good use out of it. It's not like all countries are against cryptocurrency. In fact, there were many countries that legalized BTC on their own territories, such as the U.S, Japan, and U.K.

Objections, bitcoin's features are quite advanced for the government to be difficult to edit but in the end, it is also a form of intelligence, with the genius brains of governments, combined with close cooperation, the bitcoin network can be traced back and destroyed then prevented anyone from participating. But perhaps the cybersecurity department and the governments are probably quite subjective, the sharp rise in the price of bitcoin demonstrates the attitude of the government, a primitive world and yet to create a level of danger

Lordhermes

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Since Bitcoin and other cryptocurrencies are decentralized government policies can't have direct impact on cryptocurrencies. Although certain news might only cause a drastic drop in price (deflation) but over time a major spike would occur which would however trigger the coin to rise back causing even a higher high

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Quote from: Sanugarid on May 05, 2021, 10:43:41 AM

Stopping bitcoin to operate is out of their hands and not really possible, but what they were trying to do is to regulate and have authority over BTC so that they could exploit it and make good use out of it. It's not like all countries are against cryptocurrency. In fact, there were many countries that legalized BTC on their own territories, such as the U.S, Japan, and U.K.

Government have the capacity to prohibit people from using bitcoin in a country if the negative impacts outweigh the benefit. They can impose stricter rule if they don't succeed in preventing their official from laundering money with bitcoin and I think the government can still do it. But so far I don't think they will do it while they are profiting from bitcoin.

Government will not come together to fight bitcoin because they still have the will of their own to go for it. Usually the regulation will be lenient if the world government applies friendly rule for bitcoin and cryptocurrency. I'm sure most countries would reconsider their rule if that scenario existed. But I know that the government still wants to make bitcoin a controllable (centralized) asset but that is still not possible.

kobita333

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Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. That lack of central authority is the primary reason governments will not stop it.

Bitcoin users don’t need the existing banking system. The currency is created in cyberspace when so-called "miners" use the power of their computers to solve complex algorithms that serve as verification for Bitcoin transactions. Their reward is payment with cyber currency, which is stored digitally and passed between buyers and sellers without the need for an intermediary.
So how can government interfere any bitcoin user, how can government get the the identity of them, How can Government stop them?

Sanugarid

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Quote from: Gozie51 on March 13, 2021, 01:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

Stopping bitcoin to operate is out of their hands and not really possible, but what they were trying to do is to regulate and have authority over BTC so that they could exploit it and make good use out of it. It's not like all countries are against cryptocurrency. In fact, there were many countries that legalized BTC on their own territories, such as the U.S, Japan, and U.K.

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Quote from: Gozie51 on March 13, 2021, 01:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

---The government have tried to stop its usage by spreading FUD' s - failed
----The government's have tried to ban it - failed

So the government are now finding ways to regulate it rather than putting a ban on its usage because of mass adoption and increased prices.The government themselves are holding Bitcoin in their reserves irrespective of their statements towards cryptocurrencies.Here is list of countries holding Bitcoin:

1) Bulgaria : With more than 2,00,000 Bitcoins seized from criminal activities

2) United States : The Bitcoin seized from silk road in late 2014 they have almost 80000 Bitcoins auctioned at different intervals.

3) North Korea : The leader of North Korea Kim Jong Un has reserve of Bitcoin as they have publicly auctioned Bitcoin collected from various sources and might be personally holding huge reserves.

So why would government took the unsuccessful step of banning Bitcoin usage with growing demand among country persons.They have political agenda of votes and they dont want to losse people support and that's why it's impossible for them also.

bryant.coleman

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In my opinion it is fitting for all current governments to boost the popularity of cryptocurrency (Bitcoin), because Bitcoin can increase the economic growth of human resources in all parts of the world, the existence of Cryptocurrency can be a business opportunity for all governments to be able to make their own coins, so they can compete in this industry

For the governments, the level of economic growth which is expected as a result of cryptocurrency adoption is not enough to make up for the loss of capital controls than can result from it. But I can tell one thing. Cryptocurrency in this decade is similar to what internet was during the 1990s. Those countries which tried to block the spread of internet back then suffered enormously in the next few decades due to losing out in competition. The same is going to happen this time, with the cryptocurrencies as well.

Clement Kaliyar

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Quote from: Kittygalore on March 17, 2021, 06:00:12 AM

Tell that to China, banning bitcoin usage by the public combined with mass surveillance, Internet censorship, and propaganda, I think that if a government were to do something drastic, I think that they will be able stop bitcoin. I forgot to mention that North Korea is also one of the countries that can stop bitcoin.

This is the first time i am hearing someone claim that North Korea has the ability to stop bitcoin, i am curious to know why you think that is possible, they will nuke all the mining farms Cheesy

. How can you stop bitcoin by mass surveillance, i clearly did not get that point.
It might possible to interrupt the network if the governments who has huge mining farms comes together and impose a complete ban citing huge electricity usage other than that i do not think it can be stopped.

Lordhermes

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This thread just concluded that Nigerian ban on cryptocurrency usage was a waste of time., recently, this week, Nigeria called off their ban on cryptocurrency in the country, you see? there is nothing to be done against bitcoin by the government of any nation, China's ban on ICO would have been the time crypto would stop but there was no way to stop it, by the way, bitcoin is decentralized, hodlers are heie own bank, no centralised commands, so bitcoin is untouchable to be stopped.

mbe48

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If the world government bans simultaneously on Bitcoin it must have the right reasons, one of which is to replace the conventional money function / Fiat by using Bitcoin because it will create inflation. But I think the government will not stop this digital asset, if we as holders of Bitcoin assets can use it positively

TheGreatPython

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Quote from: Gozie51 on March 13, 2021, 01:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

Even in the government that you’re talking about there are lots of government officials who are investing their money in Bitcoin, so I don’t think any of them will be in support of any leader that would give out order to ban Bitcoin.

Moreover we can see clearly from countries that have banned Bitcoin that it is not possible to ban Bitcoin since people will continue making use of Bitcoin through decentralized peer-to-peer exchanges and there is no way that the government will be able to ban such exchanges. The only exchanges that the government has power over is the centralized exchanges , they can ban it anytime, but not for the DEX.

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Quote from: Gozie51 on March 13, 2021, 01:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

We have seen many times that the prices of cryptocurrencies can easily be manipulated in both ways. But it is of course not the same thing with stopping it completely. I think that they can't be stopped even with the bans. Besides, I've heard many people were still using BTC despite its being banned in their country. Instead of searching ways for stopping it, governments can regulate them logically and things could be better for the users and the governments both.

MuffinMaster

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Governments all around the world are not in favor of BTC because of one obvious reason i.e. BTC is taking financial control away from governments and other centralized institutes. It’s the community that is backing the BTC project from its inception till date regardless of what governments think about BTC.

Twentyonepaylots

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It's not going to be easy, but if all cpuntries were to stop bitcoin, it will involve spending millions and millions of money and would also involve billions of dollars in losses, because the most sensible way of beating bitcoin at this moment is to destroy the internet. That's basically it. Yes they can orchestrate a war that will cost them thousands if not millions of lives for the sake of beating a coin without getting into everyone's noses, but most countries in this planet aren't really well-known for their level-headed judgement. So yeah, I think we're screwed.

bitzizzix

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If only one country tried to stop bitcoin, it wouldn't be able to and even though it was strictly forbidden as long as there was an internal network everyone could still use it illegally.
And if all countries plan to discontinue bitcoin on an international scale, it is likely because there is still a long way to go and no one knows the future, and if only one or a few countries, it will not be easy to stop bitcoin because the core of bitcoin use is the internet and electricity.
And what we have to know in life is, after there are great people there will be great people who will come from time to time, so there is a possibility and not just bitcoin or maybe something new and surprising like the existence of bitcoin.

Matimtim

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Yes, I agree on your topic title, even all government in this world can't take control in crypto currency specifically bitcoin, because no of being decentralized this digital currency.

Bitcoin as made by unknown person can't control by someone who is not the creator of this currency, only who created this currency will take full control about it

acener

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They couldn't really stop it just look at the Covid not everyone is doing the same thing not everyone is moving or making sure that they could prevent it.
If that kind of pandemic that already killed millions of people couldn't organize them or move as one then how would they even unite to stop crypto?

FinneysTrueVision

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We've heard so many stories of governments banning bitcoin and it has not made a very significant impact. We have also seen increased regulation. They might discourage adoption to some extent but bitcoin has become too large that it cannot be suppressed. Even a country as powerful as the US can't do anything meaningful at this point because there are major companies are invested in bitcoin's success. The negative repercussions would outweigh any potential benefit from banning bitcoin.

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Quote from: The Cryptovator on March 13, 2021, 01:34:11 PM

Bitcoin is the truly decentralized cryptocurrency backed by the community. It's not backed by any government. So, they simply unable to stop Bitcoin.

Indeed, Bitcoin isn't backed up by any institution. So, the governments are difficult to stop it for any reason. Also, it is not officially located in any place in the world, it is global and at a digital place. In this matter, the government cannot control it and judge it for physical offenses. Moreover, now Bitcoin already showed very positive advantages to improve people's income around the world. There are more demands to keep the existence of Bitcoin. Then, why the governments want to stop something good for people around the world, don't they? Wink

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Quote from: Gozie51 on March 13, 2021, 01:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

Maybe you are right (just maybe) because it is really hard to survive without support from them. Mind that if they will put Bitcoin as illegal and hunt everyone who uses this? It is really has a huge impact on the market if that will happen and I'm not sure if people will still have an interest if the situation may like this. I don't think so and nobody wants to compromise themselves.

Without them, bitcoin will never grow and people will keep ignoring it.

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