Topic: If the government supports bitcoin instead of the existing currency. - page 25. (Read 25001 times)

They know bitcoin can vanish the corruption and bank frauds and many thing will be regulated in a better way. But none of the goverment people and politicians looks that to happen in the live market.
We need to make the bitcoin legal in every country to stop the US and UK colenial rule from this world. After the world war ends also still we are seeing the market ruling with the corporates and banking attacks still on every countries. I believe bitcoin will make the everyone in the same standard.

If we generally talk about the governments of different countries, then most of the governments are not showing positive response and that for now, they are not going to treat crypto currencies just like the way they are treating other regular currencies. in case this thing ever happens, then this will surely help you out and that the demand of the crypto currencies will then be greatly increased.

It would be better for online currencies but it is not possible because when  a government supports bitcoin or others currencies it will bring a large hamper on current fiat currency, economic development,and interrupt bank systems.

The government can't just jump and start supporting bitcoin while discrediting the existing fiat currency. All it will do is just create a huge chaos and havoc, and people who are familiar with bitcoin will be at loss. And when government starts to recognize crypto currency instead of the existing currency, then how will people buy crypto currency with fiat? No one will be willing to exchange their coins for something the government won't recognize.

If btc becomes the main currency then its price will be very stable like the dollar and that is really good for other developed electronic coins. It will make the market not volatile as strong as last time.

Why would they do such thing? Government wont really consider on replacing traditional fiats just to consider bitcoin alone. There would still  lots of things to be considered first before this thing would happen and i would rather believe it wont happen for sure. Decentralized stuffs cant be easily adopted or recognized because on such feature we know that it do opposes governments interest.

Agree on that take, it boils down on one reason Money. This greediness that is rampant to our government that shows corruption as a norms from the business giants who own and invested in our financial system for centuries abusing the inflation rate and monopolising the transaction on their favor.

I may not against it to happen, but we should try to. If we can make it in reality, surely we can plan for centralisation and controlled of government to be prevented. We take the risk for the opportunity of others to used blockchain technology freely.

It depends on the type of government. If a country is a capital outflow, then it is difficult to support Bitcoin, a country is a capital inflow country, then it is likely to support Bitcoin. At this stage, Bitcoin is the most effective tool to bypass the government's capital blockade, so it is inevitable that some countries will support it, and some countries will oppose it.

Bitcoin is now very helpful to the community in improving their own economy, obviously very helpful in reducing the poverty level in the world but why the government is reluctant to take the decision to manage bitcoin with its ability, only reason is risky and vulnerable for criminals who make it reluctant to fix it all, bitcoin greatly vulnerable to risk but it's all in the present responsibility by the current user, it's too early to discuss bitcoin where the government does not think about it.

That won't happen.

The governments are conducting a war against cash, in favor of digital and centralized systems of payments.
Bitcoin is a direct affront to this wish. What governments do with a system that cannot be regulated ?

I think the current form of rulling is subject to change a lot, because the illusion won't remain intact when people start to see the benefits of crypto and more and more people will start hoarding their earnings in bitcoin.

Yes, I also assume that bitcoin will not be supported at this time, in the tragedy of the massive attack that yesterday experienced bitcoin and all users, it has been very representative of how serious its support is, but how serious it is to stop, not many people are now suffering huge losses against The incident, the government does not want to support what they are difficult to set up, try to choose another step by another way to manage bitcoin, a lot of ways to consider bitcoin for the future, it's too bad if they do not think about bitcoin any more.

If the government supports bitcoin, then bitcoin will certainly grow very strong and not be changed as today. But at the same time the commercials for bitcoin will be managed and there will definitely be legal frameworks for investing in bitcoin, which will also have likes and dislikes but for me it is beneficial for the play long term development of bitcoin.

There is no doubt that the government don’t like bitcoin anymore and we all know that. Bitcoin nowaday takes a significant impact to economy of all over the world. Clearly, all goverments  find variety of ways to prevent the development of bitcoin. Always, there currently gives some of bad news about bitcoin but it’s hard to stop the growth of bitcoin. As we know that bitcoin is a decentralized system, and no one can take the bitcoin market down and so do government. If someday the government accept bitcoin, it will be just because of the very popular of bitcoin that will make them support it.

Yes, it is very difficult for governments to adopt bitcoin as a national currency that can be used because bitcoin has a decentralized system so the government will not be able to control scalability in general. but if the government wants to see in terms of the benefits that will be felt for the level of economic progress of the people I think bitcoin will greatly contribute to the improvement of economic tarap all levels of society.

You can expect anything to happen in this world. It is just the matter of time and that there are likely chances of this thing to happen as the government of most of the countries is paying very much attention towards crypto coins and that they are looking out for the ways using which they can make their economy stronger. If that happens, then this will result in a great revolution and the overall economy rate will be much better.

Such a thing would not happen, and the government would not be able to use a decentralized currency to give up its power.

With the development of the block chain technology, the government will issue a token to compete with bitcoin.

The government will not support bitcoin. In the case of the United States, why is the Chinese currency getting a little better? Why is it that oil is linked to the dollar in negotiations with the Middle East's Saudi barons? The dollar is a way for the us to control the world economy, and the strength of the euro, the pound and the renminbi is a threat to it. Other countries, in turn, want to strengthen their own currencies. The government will use the real money in circulation to make profit, to regulate the economy, but it is also the driving force of interest.

I totally agree with you. This cannot happen. Government cannot support bitcoin as well as kill bitcoin even if they try. This happen for several reasons.

Bitcoin is a famously dececentralized cryptocurrency, a system of storing value, and a somewhat less-effective transaction medium. It allows near-instantaneous transfers all over the world without a middle man or regulatory body giving it the go-ahead. Fans of cryptocurrency fear government regulation could ruin it, but they shouldn’t be concerned. Any attempt control bitcoin simply won’t work.

Beyond the difficulties presented by the decentralization of bitcoin itself, governments and regulatory bodies have shown they lack understanding of technological topics, and bitcoin is one of the most complex. As governments struggle to ban technologies like Tor and encryption, it seems impossible to imagine them gaining the ability to truly impact bitcoin – and its alt-coin contemporaries – in a way that could impede its progress.

 - Historical precedent

The oversight jitters are understandable. There have been some attempts at regulation over the years, and now that bitcoin’s value has spiked to unprecedented new heights, there is greater discussion than ever from governments around the world. Perhaps it’s no wonder that half of those surveyed in a recent report of bitcoin owners claimed they didn’t want any regulation of cryptocurrency in the coming years.\

In December 2013, the Chinese government banned financial institutions from using bitcoin, causing a downturn in the cryptocurrency’s value that would set a precedent for its worth over the coming years. Less than a year later, in April 2014, several Chinese bitcoin exchanges had their bank accounts closed. That spurred concern that government oversight limiting access to fiat currency (traditional, ‘real world’ currency) could be lead a wave of future regulations to curtail bitcoin’s growth. Yet loopholes in the crackdown meant many exchanges stayed in business, and bitcoin’s price rose some 25 percent in the 10 days that followed.

The U.S. has made localized attempts to regulate specific aspects of bitcoin. New York State requires a “BitLicense” for bitcoin related businesses, with specific rules for employee vetting and identification. Just last month, the IRS won a landmark ruling to gain access to information about 14,000 historic Coinbase accounts, in an attempt to gather back taxes from owners.

While some of those instances are more concerning than others, none of it has stopped bitcoin’s growth. That reveals the flaws of any future attempts to crack down on bitcoin’s use.

 - Bitcoin’s intrinsic impossible oversight

There are several key components to bitcoin, and its fellow cryptocurrencies, which make them successful as methods of transaction, and stores of value. They’re easy to transfer, no middle-man is required, and they can’t be linked to owners who don’t want to be identified. These are all big problems for any government wanting to have a greater say in how they operate.

Bitcoin is not linked to any territory or financial institution. There are tens of popular exchanges, and even if there weren’t, all you need are wallets and a network connection to be able to conduct bitcoin transactions. The blockchain it’s built upon does not require any one institution to operate it, and indeed is the complete antithesis of such an idea, operating as a public ledger rather than a private one.

Without that central location to shut down, any meaningful crackdown would have to be a global endeavor. Even if a country was to somehow prevent bitcoin transactions from taking place within their borders, a simple VPN or Proxy system would let users operate internationally with little issue.

If governments could effectively stop a peer to peer network, they would’ve shut down the illegal practices of torrent websites over a decade ago. Even the success of the hydra-like torrent sites isn’t a perfect analogy for bitcoin, though, because cryptocurreny’s legal status is far easy to debate.

A fairer comparison would be the so-called dark web. Although individual sites, servers and people involved with various activities on there may occasionally be arrested for illegal activities, it would be ridiculous to think any government could regulate the entire network. Trying to ban bitcoin or regulate it in a manner that allows actual oversight would be much the same. It’s impossible on a technical level.

Even tracking individual people who own specific wallets is difficult. While the public blockchain might allow governments or law enforcement to track down certain bitcoins, tying them to a real-world person is very difficult. An owner can hide his or her identity with a VPN, Tor, or even physically move a wallet into cold storage (offline) form, making it invisible to the world.

Is there any wonder that bitcoin is being used for money laundering, ransomware and other organized crime tactics? Take the additional step to throw your bitcoins through a tumbler that jumbles up your bitcoins with many others, and then spits them out into another wallet not linked with the original, and the trail quickly goes cold.

The government don't like bitcoin just have a decentralized system, they will use a various way to make bitcoin die. If they have authority for change a system bitcoin and they have authority to intervention every society who will make a transaction maybe now bitcoin will accepted by every country. And not impossible bitcoin will get national credit, because they can control everyone who make a credit.

But for now bitcoin still have a decentralized system, there is no everyone can able to change bitcoin system. Before they announced to have regulation ban bitcoin they will consider affect bitcoin to economic country, they will inspect before and see good and bad if they ban or accept bitcoin. So, who know? I will know it will not happen.

First of all, the chances of a country ditching its national currency that has been in use over the years for a cryptocurrency is almost nil. With that being said, if Bitcoin gets approved for national credit, it is going to to spell doom for that country itself as cases of corruption and money laundering will rise and the government will not be in a position to control this.