Main reason government won't fully accept bitcoin

S A KHAIR

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Quote from: KennyR on January 29, 2023, 07:55:03 PM

Quote from: S A KHAIR on January 29, 2023, 12:49:43 PM

Quote from: vv181 on January 29, 2023, 04:02:43 AM

People be saying that governments hate bitcoin due to it being used as a money laundering or tax evasion tool. Do note that those kinds of acts require a FIAT currency in the first hand, which is trackable. Heck, even most cryptocurrencies are also indeed trackable if it being used improperly.

Why does bitcoin being blamed, where in fact, FIAT is the oldest tool that is being used to launder money and tax evasion? That is absurd. Even today, it is still being used. So one of the root causes is simple, it is beyond their monetary control.

It is all just excuses, and they are not just blaming bitcoin for sponsoring terrorism and money laundering, they are blaming bitcoin for global warming as well. All of these are crap excuses to force us to give up bitcoin, but they have failed consistently, bitcoin is still growing and becoming more popular.

Governments know well about cryptocurrencies and they also know that money laundering and illegal activities are happening good through fiat. But they keep on pointing cryptocurrency as the cause for money laundering and illegal activities. In most of the third world countries the politicians itself doesn't know about cryptocurrencies, so they stand against its usage.

It is true that politicians don't have time to learn bitcoin, but they have advisors, leading experts in economics, so they don't know bitcoin is strange. As a politician, you need to embrace all the innovations of the world if you want your country to thrive or not be called a stupid politician. So I believe they all know bitcoin very well, and that's why they don't accept them.

Wolfblood200$

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I think one of the major reasons why government have yet to accept bitcoin is due to untraceable transactions ,

Governments wants to be able to trace or track how it's citizens uses money so as to intersect illegal transactions like purchasing of weapons, funding terrorism / human trafficking, purchasing of illegal drugs etc,

Bitcoin is too secure and gives more right to bitcoiners than to the government , so I think the government cannot afford to lose control of financial security survelance ,

This written according to my perception and it's open for debate too, thanks

White pawn

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Quote from: BariMade on January 30, 2023, 03:41:58 AM

The reason why Bitcoin is not accepted by the government is first of all because Bitcoin is not under the supervision of the government, the government cannot do things as it pleases, the government cannot ban Bitcoin, and Bitcoin will not be killed.

The government of any country would dream of having a “loyal” and controlled populace and would put in place policies and laws that would aim to do just that. The government of any country would love to have the finances and the cash flow of its citizens in check and somewhat controlled.

Bitcoin has come to out an end to all that and that’s why most governments of various countries perceives bitcoin as a threat to the control they enjoy with the fiat system of payment.
Bitcoin cannot be killed but the government could very well dole out policies that could harm the usage of bitcoin and that includes a ban on all transactions.

Bananington

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Quote from: Y3shot on January 24, 2023, 06:44:40 AM

The kind of people we have in government are people who always want to fight for their selfish interests, anything that will surely benefit them. If it's something good that has to with better development for humanity as far as it won't benefit them they will surely go against it.

The topic should be "Main reason why the government won't fully accept bitcoin yet". There should be a yet because knowing how the future can turn out, things can change, so the decisions and opinions of the people presently the governments is bound to be under constant change as the people there change. The government may fully accept bitcoins in the future, their present stance about it will not always remain.

crunck

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crunck

Quote from: BariMade on January 30, 2023, 03:41:58 AM

The reason why Bitcoin is not accepted by the government is first of all because Bitcoin is not under the supervision of the government, the government cannot do things as it pleases, the government cannot ban Bitcoin, and Bitcoin will not be killed.

They can ban bitcoin and restrict us from using it, but they can't completely destroy it because bitcoin is decentralized and popular all over the world. The government doesn't accept bitcoin because they can't control it and they don't get any benefit if they accept it. Bitcoin frees us, and that's what the government hates the most...There are too many reasons for them to reject bitcoin.

LEbimb

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The characteristics of Bitcoin are not conducive to the government. The government's expenditure or income on it is clear, open and transparent, and they cannot hide their transactions, so the government will fear Bitcoin.

BariMade

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The reason why Bitcoin is not accepted by the government is first of all because Bitcoin is not under the supervision of the government, the government cannot do things as it pleases, the government cannot ban Bitcoin, and Bitcoin will not be killed.

jeraldskie11

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Quote from: KennyR on January 29, 2023, 07:55:03 PM

Quote from: S A KHAIR on January 29, 2023, 12:49:43 PM

Quote from: vv181 on January 29, 2023, 04:02:43 AM

People be saying that governments hate bitcoin due to it being used as a money laundering or tax evasion tool. Do note that those kinds of acts require a FIAT currency in the first hand, which is trackable. Heck, even most cryptocurrencies are also indeed trackable if it being used improperly.

Why does bitcoin being blamed, where in fact, FIAT is the oldest tool that is being used to launder money and tax evasion? That is absurd. Even today, it is still being used. So one of the root causes is simple, it is beyond their monetary control.

It is all just excuses, and they are not just blaming bitcoin for sponsoring terrorism and money laundering, they are blaming bitcoin for global warming as well. All of these are crap excuses to force us to give up bitcoin, but they have failed consistently, bitcoin is still growing and becoming more popular.

Governments know well about cryptocurrencies and they also know that money laundering and illegal activities are happening good through fiat. But they keep on pointing cryptocurrency as the cause for money laundering and illegal activities. In most of the third world countries the politicians itself doesn't know about cryptocurrencies, so they stand against its usage.

And also Bitcoin transactions are transparent. So let us say the government uses Bitcoin and convert all people's money into it, we can clearly see each transactions. And ofcourse, we ordinary people always looking at the government funds by looking for the transactions of that address they using so they can't hide the truth to us, they can't manipulate us. So I think transparency is the main reason why they afraid of Bitcoin.

KennyR

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Quote from: S A KHAIR on January 29, 2023, 12:49:43 PM

Quote from: vv181 on January 29, 2023, 04:02:43 AM

People be saying that governments hate bitcoin due to it being used as a money laundering or tax evasion tool. Do note that those kinds of acts require a FIAT currency in the first hand, which is trackable. Heck, even most cryptocurrencies are also indeed trackable if it being used improperly.

Why does bitcoin being blamed, where in fact, FIAT is the oldest tool that is being used to launder money and tax evasion? That is absurd. Even today, it is still being used. So one of the root causes is simple, it is beyond their monetary control.

It is all just excuses, and they are not just blaming bitcoin for sponsoring terrorism and money laundering, they are blaming bitcoin for global warming as well. All of these are crap excuses to force us to give up bitcoin, but they have failed consistently, bitcoin is still growing and becoming more popular.

Governments know well about cryptocurrencies and they also know that money laundering and illegal activities are happening good through fiat. But they keep on pointing cryptocurrency as the cause for money laundering and illegal activities. In most of the third world countries the politicians itself doesn't know about cryptocurrencies, so they stand against its usage.

Fivestar4everMVP

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Quote from: Y3shot on January 24, 2023, 06:44:40 AM

The kind of people we have in government are people who always want to fight for their selfish interests, anything that will surely benefit them. If it's something good that has to with better development for humanity as far as it won't benefit them they will surely go against it.

The reason government won't accept bitcoin is not because it is a decentralized currency, it is because they won't be able to print it like they print fiat to steal as much as they can .

If bitcoin is something the government can manipulate to steal public fund they would accept it even before now without any delay.

You sure have a good point though, coming from a country where the government is so corrupt to the extent that they steal even funds belonging to displaced persons. Orphanages, funds kept to cater for the less privileged people In the society, I can really understand when you state this reason as one of the reasons why they won't allow the use of bitcoin in the society..
If bitcoin and made a legal tender and the masses move to transacting in bitcoin, the government will automatically lose the grip they have in their citizens through fiat currency , power will be taken away from them and passed back to the masses which is where it belonged to in the first place..
So, bitcoin is indeed, a threat to most of the government of the world, but the good news is that, even at that, they still can not stop bitcoin.

samcoin

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I think the situation of Bitcoin acceptance is strongly correlated to the ability of a government to control it, so this situation could change over the time depending on the power a country has over Bitcoin. For example, Bitcoin was widely accepted in China a few years ago, and when they felt that they weren't able to control it, they banned it, while the companies in USA were buying silently, and now USA seems to be making benefits from Bitcoin either by hosting miners or taxing traders and exchanges.
Long story short, Bitcoin won't be accepted all over the word at the same time, because it could damage the economy of a country to achieve benefits for another country as it's uncontrolable, and governments will always look at it as a tool to achieve economical benefits.

CryptSafe

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Quote from: Y3shot on January 24, 2023, 06:44:40 AM

The kind of people we have in government are people who always want to fight for their selfish interests, anything that will surely benefit them. If it's something good that has to with better development for humanity as far as it won't benefit them they will surely go against it.

The reason government won't accept bitcoin is not because it is a decentralized currency, it is because they won't be able to print it like they print fiat to steal as much as they can .

If bitcoin is something the government can manipulate to steal public fund they would accept it even before now without any delay.

I believe the government is against bitcoin because they can not regulate it to their own aim so as to satisfy their ego. I believe Satoshi saw all these before embarking on this innovation and it was something the government can not comprehend as it is against their own aim but it is too late for them to interrupt or interfare with the already developed technology. The inception of bitcoin took the government unawares and made lots of millionaires today and still counting. The issues of tax evasion is what they are also accusing bitcoin technology of that has made government to loose tax as a result of holders bypassing tax payment which they steal from without any account from them how they spent the tax paid by the masses.

S A KHAIR

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1xBit recovered their reputation

Quote from: vv181 on January 29, 2023, 04:02:43 AM

People be saying that governments hate bitcoin due to it being used as a money laundering or tax evasion tool. Do note that those kinds of acts require a FIAT currency in the first hand, which is trackable. Heck, even most cryptocurrencies are also indeed trackable if it being used improperly.

Why does bitcoin being blamed, where in fact, FIAT is the oldest tool that is being used to launder money and tax evasion? That is absurd. Even today, it is still being used. So one of the root causes is simple, it is beyond their monetary control.

It is all just excuses, and they are not just blaming bitcoin for sponsoring terrorism and money laundering, they are blaming bitcoin for global warming as well. All of these are crap excuses to force us to give up bitcoin, but they have failed consistently, bitcoin is still growing and becoming more popular.

Artemis3

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Quote from: Y3shot on January 24, 2023, 06:44:40 AM

The kind of people we have in government are people who always want to fight for their selfish interests, anything that will surely benefit them. If it's something good that has to with better development for humanity as far as it won't benefit them they will surely go against it.

The reason government won't accept bitcoin is not because it is a decentralized currency, it is because they won't be able to print it like they print fiat to steal as much as they can .

If bitcoin is something the government can manipulate to steal public fund they would accept it even before now without any delay.

It doesn't matter, Bitcoin was made to work with or without their support. Luckily even a couple of countries adopted it officially as legal tender and many more as some sort of asset value. It is a rotund worldwide success. Only about 16 fools banned it, and its probably used in those countries anyway since they can't stop it, just make it more cumbersome forcing people underground. Not unlike a socialist gov prohibiting foreign currency detonating hyperinflation after their infinite "printing" which forced everyone break their stupid "law"...

The rest is coming, more countries will adopt it as legal tender and eventually critical mass will be reached. We don't need no fiat or altcoins. A few politicians or small financial elites should never have the power to decide devaluation again. It is the end of monetarist economics, enter Austrian school of economy, no more trash money designed to lose purchase power if you save it.

Marvell1

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Quote from: Falconer on January 29, 2023, 04:37:08 AM

~snip~

I'm not sure about the other things that hurt the country's economy, screw it up or something like that. It is contrived excuse for the adoption of bitcoin to be discouraged, while bitcoin has helped the economic growth of users which in turn has reduced the number of poverty among its users.

Bitcoin does not hurt the country's economy, but it will hurt their economy and power, if the government allows people to use bitcoin, then they will not be able to collect taxes or control us closely. The government's economy is mainly from taxing us, so if they accept bitcoin widely, it's like they're putting themselves at a dead end. After all, personal interest comes first, the government does not accept bitcoin because bitcoin gives us a lot of benefits, but for the government, it is a bad thing.

KupaCrypto

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Quote from: bittraffic on January 29, 2023, 09:05:58 AM

The government is fighting also for its control position which is normal. If they don't have control like the BTC, it's normally rejected. It's just us who will be using BTC.

They couldn't even tax BTC especially if it's outside the centralized platforms and anonymous wallet. It's really worrisome for governments when everyone suddenly decides to get out of platforms they can choke. El Salvador is unique because president Bukele is fighting a different war which is thier independence from debt and USD.

Yes, they won't be able to tax BTC, BTC can't be regulated and a such it will be used for money laundering and other criminal activities, the government won't be able to know how much comes in and goes out of your account, most criminals use BTC and and criminal financial activities can't be traced by the government with the use of BTC, BTC can also bypass capital due to its constant rise and fall of the value of BTC

bittraffic

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The government is fighting also for its control position which is normal. If they don't have control like the BTC, it's normally rejected. It's just us who will be using BTC.

They couldn't even tax BTC especially if it's outside the centralized platforms and anonymous wallet. It's really worrisome for governments when everyone suddenly decides to get out of platforms they can choke. El Salvador is unique because president Bukele is fighting a different war which is thier independence from debt and USD.

Negotiation

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Governments will not fully accept bitcoin because it is outside of government control bitcoin is decentralized so the government can't manage it at will. This is a surprise exchange currency, which has no regulatory body. It does not work with the intervention of the government or the central bank the computer network that operates the digital cash system. Digital ownership of this currency is exchanged online in developed countries around the world bitcoin money is fully guaranteed in privacy.

coinerer

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Quote from: Peanutswar on January 29, 2023, 07:27:43 AM

As long as it doesn't affect the economy too much, the government will not touch this for a while but if there's an illegal activity with the use of the cryptocurrency or the bitcoin itself I guess there's a time they make an action like a ban of using of it they don't have full control with the bitcoin because we know its a decentralized but of course still they have the country to prohibit. using of it, in some point currently, they see bitcoin as the future like mode of payment and etc that helps for the economy.

No one can control cryptocurrency, so every country's government is afraid to fully accept it because if they fully accept it, it will become very easy to launder money through it. Because through it billions of dollers can be transferred completely anonymously. So if thousands of crores of dollers are smuggled through it then the government will not get any trace. Here only wallets can be tracked but no one's personal documents can be found. Here a money launderer will remain completely hidden

Maxre

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Quote from: Y3shot on January 24, 2023, 06:44:40 AM

The kind of people we have in government are people who always want to fight for their selfish interests, anything that will surely benefit them. If it's something good that has to with better development for humanity as far as it won't benefit them they will surely go against it.

The reason government won't accept bitcoin is not because it is a decentralized currency, it is because they won't be able to print it like they print fiat to steal as much as they can .

If bitcoin is something the government can manipulate to steal public fund they would accept it even before now without any delay.

There are many things and also dark secrets that are needed to be considered regarding why governments do not accept Bitcoin and crypto and these are described below as follows
1. ILLLETRATE people in Law and In Courts
2. Governments ban crypto because they think that Bitcoin might dethrone their fiat crypto.
3. They also think that Bitcoin is a source of Black money laundering and that's the main reason behind this.

In some cases they are right and in some cases they are wrong too. In future this might be settled too.

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