Is there any benefit of bitcoin to the government? - page 2.

Jawhead999

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Quote from: Strongkored on April 22, 2023, 03:48:02 AM

Because there are already governments that accept Bitcoin as legal tender, it's only a matter of time for other countries to follow suit, governments need time to see the benefits of using Bitcoin in their countries because so far the information obtained is not positive but rather the possibility of Bitcoin being used by its citizens to avoid taxes and also other things that can harm the government in terms of income that can be obtained.

Other government don't need to accept Bitcoin as legal tender, they only need to accept Bitcoin as commodity and not ban it. But either Bitcoin become legal tender or commodity, the government will keep add rule in order to prevent their citizens to use Bitcoin that can harm the country.

It's true Bitcoin can be used to avoid paying tax, but it's not as simple as that. Most people will still leave their trace and the government can still find the people who are not have declared their total holdings.

Strongkored

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Quote from: Bananington on April 21, 2023, 10:26:48 AM

Bitcoin has benefits to us, it is why we speak positive about it and support it because if bitcoin was in no way of benefit to us, supporting it will be difficult maybe like the government. Maybe we have all been selfish and just been discussing the benefits that bitcoins have offered us and not how it has also benefitted the government too. Is the government a part of the benefit list of bitcoins, is there any benefit that bitcoin offers to the government? If your answer is "no benefit", do you think that it could be a reason why the government do not support bitcoin? If your answer is "yes, but not enough benefit", do you think they are just ignoring the benefits to them and focusing more on the benefits to the people which is making them angry?

Because there are already governments that accept Bitcoin as legal tender, it's only a matter of time for other countries to follow suit, governments need time to see the benefits of using Bitcoin in their countries because so far the information obtained is not positive but rather the possibility of Bitcoin being used by its citizens to avoid taxes and also other things that can harm the government in terms of income that can be obtained.

retreat

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If Bitcoin is of any benefit to the government it would be impossible for them to ban it, but because Bitcoin has no benefit whatsoever to the government and instead it is a rival to their financial product therefore the government does not support the adoption of Bitcoin and some countries even ban it. So there is no need to be surprised if the government continues to discredit Bitcoin or other crypto.

Solosanz

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Tax is the obvious benefit for the government if they accept Bitcoin regardless it's only accepted as a commodity or a currency, which had been mentioned by above members.

The second benefit is the government can make more money by holding Bitcoin, if they only hold their fiat, their wealth will be decrease due to inflation, Bitcoin could be used to hedging against of inflation.

crunck

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Apart from tax, bitcoin doesn't give any benefit to the government, if it were in their favor, they would have accepted and allowed people to use it a long time ago. Government is a centralized system, corrupt, greedy and doing evil things while bitcoin is transparent and decentralized.
That's completely against them, so it won't work on them at all.

laurenB7742

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Governments like us, are not all alike. There are several governments that are in financial difficulty and near default, so bitcoin could work in their favor, such as El Salvador. Thanks to bitcoin, they have revived some sectors such as tourism and thereby helped the country's economy recover and take a new direction. While countries have developed and stable economies, bitcoin will not benefit them, but on the contrary, they see it as a threat to their currency as well as their economy, like China. It depends on how each government views bitcoin as a benefit or a threat.

Bazzu

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I actually don't know about this, please correct me if I did something wrong.

In my opinion, with the presence of bitcoin in the world, most people think that btc will harm the government, but in my opinion, btc certainly has advantages for the government, as long as the government has to do something like this:
the government must implement a tax program for people who buy and sell btc on exchanges, so that tax funds will definitely go to the country which will certainly make the country prosperous because there are tax funds that enter the country from buying and selling btc on the EXCHANGE. so that the government will be assisted because of the existence of tax funds to develop the country to be more advanced.

Darker45

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I think there's a considerably long list of direct and indirect benefits that governments can have from Bitcoin. For one, Bitcoin is actually censorship-resistant so governments can enter into all kinds of deals with other governments using Bitcoin and not worry about any sanctions that can hinder them.

Also, Bitcoin is a currency ruled by codes set in stone, not by human rulers who are prone to commit abuses, make weak and whimsical and wrong decisions, entertain biases and prejudices which could all cause the downfall of their own economy and fiat currency. Not to mention that other more powerful economies could actually gang up on a country and cause its currency's value to tank.

Governments using Bitcoin could also implement full transparency on their official financial undertakings so as to minimize, if not totally eradicate, corruption and other questionable spending.

This could actually go on. Citizens using Bitcoin could also actually be beneficial to the government.

CarnagexD

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Quote from: Bananington on April 21, 2023, 10:26:48 AM

Bitcoin has benefits to us, it is why we speak positive about it and support it because if bitcoin was in no way of benefit to us, supporting it will be difficult maybe like the government. Maybe we have all been selfish and just been discussing the benefits that bitcoins have offered us and not how it has also benefitted the government too. Is the government a part of the benefit list of bitcoins, is there any benefit that bitcoin offers to the government? If your answer is "no benefit", do you think that it could be a reason why the government do not support bitcoin? If your answer is "yes, but not enough benefit", do you think they are just ignoring the benefits to them and focusing more on the benefits to the people which is making them angry?

If the government finds Bitcoin as an opportunity and as an asset to invest with, then it would have a great benefit to the common good. However every and almost all central government sees it as a risky, clown, and just an internet asset. It is more profound to them that 90% engage with it lose their money so applying the same logic, the government won't dare to risk their funds on Bitcoind when there is 90% of losing it. That simple. Fear precedes the opportunity and later might probably lose it.

Quote from: Sarah Azhari on April 21, 2023, 09:12:54 PM

Quote from: Bananington on April 21, 2023, 10:26:48 AM

do you think that it could be a reason why the government do not support bitcoin?

Actually they know Bitcoin has big benefits than other instruments they invest in. But, they guard of attitude and hide it. if government wants, they could build huge Bitcoin mining in save place and energy (use nuclear energy). but because they keep the attitude, they won't do that and even banned it. Or, they do it secretly, and spend it for secret project?, who knows, because we don't have access to audit in what the government did.

And that's propaganda after one another. Hiding it with another project but truthfully risking the fund in cryptocurrency because the government knows the positive and possible high magnitude returns possible. I could either legal or illegal since they are also the ones who announce it to the public. We're all in this matrix ad lies.

BenCodie

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If governments were not held in the control of fiat interests, the world could quickly undergo a dramatic paradigm shift. The only reason that bitcoin is not embraced a savior for all countries is because the world is so tied up into the fiat money system and governments are so heavily indebted to banks. This tie stems from the top all the way to the bottom. It is not easy to escape it and it may very well be the reason that economies must be destroyed before they can be saved...if they can even be saved at this point.

If all those involved in governments woke up one morning and decided to change from fiat tender to bitcoin tender, and converted all assets to Bitcoin...they could probably alleviate their debt in a matter of years...maybe faster. Unfortunately it's not that easy nor do people in charge have any sort of interest to do so due to probable indoctrination, personal prejudice or corruption.

Sarah Azhari

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Quote from: Bananington on April 21, 2023, 10:26:48 AM

do you think that it could be a reason why the government do not support bitcoin?

Actually they know Bitcoin has big benefits than other instruments they invest in. But, they guard of attitude and hide it. if government wants, they could build huge Bitcoin mining in save place and energy (use nuclear energy). but because they keep the attitude, they won't do that and even banned it. Or, they do it secretly, and spend it for secret project?, who knows, because we don't have access to audit in what the government did.

Vaskiy

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Different government offices can be paid with bitcoin. This is available at specific states and the same doesn't gonna benefit them much. During the tax filing depending on the amount being spend the user could file the tax.

Governments need each and every transaction happen through their channel and for that purpose CBDC is introduced and several other things have been done. The change doesn't happen all of the sudden. In the long run we can expect government to get something from the people as tax which requires a big process to be shortened.

Mate2237

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Quote from: Bananington on April 21, 2023, 10:26:48 AM

Bitcoin has benefits to us, it is why we speak positive about it and support it because if bitcoin was in no way of benefit to us, supporting it will be difficult maybe like the government. Maybe we have all been selfish and just been discussing the benefits that bitcoins have offered us and not how it has also benefitted the government too. Is the government a part of the benefit list of bitcoins, is there any benefit that bitcoin offers to the government? If your answer is "no benefit", do you think that it could be a reason why the government do not support bitcoin? If your answer is "yes, but not enough benefit", do you think they are just ignoring the benefits to them and focusing more on the benefits to the people which is making them angry?

Op as the individuals are benefiting from bitcoin, the government is also benefiting. Although the governments that are benefiting from the cryptocurrency are few but some of them are using it secretly. If government is not benefiting from bitcoin, El Salvador. And Central Africa Republic would not adopted bitcoin in their countries as a legal tender. Bitcoin is not for only one sector or section but for all.

AmoreJaz

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Quote from: Hispo on April 21, 2023, 04:15:27 PM

I think it has had been mentioned before around here on the forum that the government of the United States seems to have increasingly became more interested in holding Bitcoin. They have not issued an official statement about it yet. But the movements of the wallets people know are in power of the USA, suggest that for now they are holding a signicant amount.

Usually, they would be supposed to auction those assets which were seized from illicit businesses. One must wonder whether they have changed their approach in these these when the hegemony of the American Dollar is being put into question or not.

So yes, governments obviously can benefit from Bitcoin and there are already some that are doing just that around the world.

what they don't want about this currency is they don't have the full control of it. as it is decentralised, they can't get the whole picture of who owns and how much. this is why they are hesitant to accept this as legal currency. but for sure, they are now understanding other aspects of crypto esp the fees and the duration of transfer when it comes to cross-boarder payments. and besides, they can enjoy anonymous transactions with this currency.

teosanru

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Quote from: Bananington on April 21, 2023, 10:26:48 AM

Bitcoin has benefits to us, it is why we speak positive about it and support it because if bitcoin was in no way of benefit to us, supporting it will be difficult maybe like the government. Maybe we have all been selfish and just been discussing the benefits that bitcoins have offered us and not how it has also benefitted the government too. Is the government a part of the benefit list of bitcoins, is there any benefit that bitcoin offers to the government? If your answer is "no benefit", do you think that it could be a reason why the government do not support bitcoin? If your answer is "yes, but not enough benefit", do you think they are just ignoring the benefits to them and focusing more on the benefits to the people which is making them angry?

To the traditional government? Mostly no as Bitcoin means decentralisation and government will always be against that so obviously no government would benefit from it. Only way government could benefit from it is when they make their own chain and make sure that everything and everyone is regulated by them. Then it's a perfect scenario for them as they can even track people and they can even make sure that all source of money can be identified. Basically CBDC work on this concept only however obviously it's not decentralised.

hannahB4

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When we are talking about the government this is not the building but the people in the elms of affairs, bitcoin benefits them because it indirectly generates a source of income for the government.

blockman

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Quote from: Bananington on April 21, 2023, 10:26:48 AM

Bitcoin has benefits to us, it is why we speak positive about it and support it because if bitcoin was in no way of benefit to us, supporting it will be difficult maybe like the government. Maybe we have all been selfish and just been discussing the benefits that bitcoins have offered us and not how it has also benefitted the government too. Is the government a part of the benefit list of bitcoins, is there any benefit that bitcoin offers to the government? If your answer is "no benefit", do you think that it could be a reason why the government do not support bitcoin? If your answer is "yes, but not enough benefit", do you think they are just ignoring the benefits to them and focusing more on the benefits to the people which is making them angry?

There is a government benefit from bitcoin. Look at the exchanges for example in the US, they're making a lot of money and that profit they make is taxable.
So, in short terms, there goes the taxation that's being cut from these exchanges which are sums of money and that go directly to the government. Also, we've seen those bitcoins that have been put into auction, those seized bitcoins and all the profit goes to the government too. Means that there are a lot of forms from bitcoin that the government benefits and also even from us, individuals.

Hispo

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I think it has had been mentioned before around here on the forum that the government of the United States seems to have increasingly became more interested in holding Bitcoin. They have not issued an official statement about it yet. But the movements of the wallets people know are in power of the USA, suggest that for now they are holding a signicant amount.

Usually, they would be supposed to auction those assets which were seized from illicit businesses. One must wonder whether they have changed their approach in these these when the hegemony of the American Dollar is being put into question or not.

So yes, governments obviously can benefit from Bitcoin and there are already some that are doing just that around the world.

Cryptomultiplier

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It is because of benefit that the government of my country refuses to acknowledge the use of Bitcoin or cryptocurrency. My country along with some other G20 nations think they have to have control over cryptocurrency as much as they do fait. The problem is, if they hold control and tax the earnings of Bitcoin or cryptocurrency users, what makes it better than the fait system or legal tender?
A decentralized system is supposed to not be controlled or taxed. Although certain requirements make people have access to such systems, it is not a money making scheme for those who mainly seek to get a percentage of what I earn or the return of my investment via cryptocurrencies trades or commerce.
It should benefit the government wherein they intend to undertake huge capital projects within a duration that normal fait wouldn't have the capacity to sponsor, also in cases of national crises or natural disasters, otherwise, it wouldn't be decentralized if government had a say or stake in my portfolio or wallet for no good reason.

usekevin

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The crypto currency trading now allow the government to earn some money from tax.It was huge while you consider the population of your country.If the bitcoin was legalised and taxable one in your country, you are forced to pay 20-30% as the tax to the government.You can think to avoid of taxes to crypto currencies,But they had a check and balance by the kyc.Most of the trusted crypto currency exchanges had mandatory the crypto traders to verify their Kyc to use the exchanges.So finally you are the goat to pay the taxes to the government indirectly.So the government surely earn good money the cryptocurrency.

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