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 .
Bitcoin being decentralized make it easier for the government to steal money is just for them to create various wallets and start sending the coins there. But there is one main reason why they don't like it and is simply because they can't control it 
Topic: Main reason government won't fully accept bitcoin - page 2. (Read 634 times)
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.
This statement reflects a common viewpoint that some people have about governments and their motivations. It is important to note that governments and their actions are complex and can be influenced by a multitude of factors, including political, economic, and social pressures. Additionally, opinions about the use and acceptance of cryptocurrencies, such as Bitcoin, can vary greatly among government officials and the public. It is not accurate to make blanket statements about the motivations of all governments or individuals in regards to a specific technology or currency.
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.
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 are right, but you forgot one thing the government is also human, they also have greed and put their own interests first, if they accept bitcoin, it is like shooting themselves in the foot. But it doesn't matter if the government accepts bitcoins or not; I live in a country where bitcoins are not accepted, and I still use bitcoins without any problem. There are always ways to use bitcoin even if they ban them; bitcoin is unstoppable.
Government is famous for imposing tax and to rule the way it likes. But thanks to Bitcoins for which, no people or government can know how many Bitcoins I have or I am holding. Due to the decentralised nature of the coin, only I will be able to know how many Bitcoins I have in my wallet. Government won’t accept the entities which they can control or manage, therefore in many countries government has banned the coins. But who cares, thanks to P2P trading, we can sell or buy the coins without the interference of the government.
The most common reason why governments won't adopt bitcoin is because bitcoin is out of control. You cannot expect every bitcoin user to obey the rules that are made, bitcoin is not like a bank in general where every bank account is controlled by central authority. Someone can protect his financial privacy with bitcoin, it can be used for illegal things and many of other things without control, and those are some of the main reasons so far that governments are afraid.
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.
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.
Most of the reasons as to why the govt would be adamant on fully accepting Bitcoin has been enumerated here but I'd like to point out another reason; encouraging and accepting Bitcoin will directly mean they are relinquishing control and without control over your finance, it becomes difficult for banks to dictate how you spend your finance.
Till date, there has been the issue of banks and govt fighting against the digital coin, with it's penchant for high volatility, it is regarded by them as unstable and untrustworthy; these are true facts but their main reason of objection is so control is not taken from them. Too bad for them that the scales have fallen from people's eyes.
Yes exactly, no government will let go the control of the finance of its country, and bitcoin will be pose a major threat to that, I think even some countries ban bitcoin just Because maybe they are seeing the threats , tho they can't say they don't accept it but we all know that accepting bitcoin fully is not something any government will come out to do ,Till date, there has been the issue of banks and govt fighting against the digital coin, with it's penchant for high volatility, it is regarded by them as unstable and untrustworthy; these are true facts but their main reason of objection is so control is not taken from them. Too bad for them that the scales have fallen from people's eyes.
Accepting bitcoin fully will include paying their workers in bitcoin and not the country's currency which may reduce the value of the currency or even lead to abandonment of the currency.
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.
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.
All of the answers are correct, and the main one is because governments don't fully accept bitcoins because they can't control them, and banning bitcoins or cryptos is possible but it's not a permanent solution.
People need to understand that why the actual invention of bitcoin crypto happened was because of all the financial crises in 2008, but necessity is the mother of invention.
So the government shouldn't ban any cryptocurrency for any reason, and maybe there should be regulations around it, because technology is for social gain, not to ban or destroy it.
People need to understand that why the actual invention of bitcoin crypto happened was because of all the financial crises in 2008, but necessity is the mother of invention.
So the government shouldn't ban any cryptocurrency for any reason, and maybe there should be regulations around it, because technology is for social gain, not to ban or destroy it.
They already trying to make some research or prepared tax here and we are unable to bear it. The OP is very true that they need some bribe for long term accepting Bitcoin, so this will never happen.
It is hard to trace users of Bitcoinan and they will lose on Income tax too because Bitoin is untraceable.
It is hard to trace users of Bitcoinan and they will lose on Income tax too because Bitoin is untraceable.
I think they will adopt bitcoin right after they will find a way to tax it. Yeah, you are right, they hate it because they can't trace it and get money from it. The fact that bitcoin is called freedom money should already implement that officials will hate it.
I really agree with your review because the government cannot track transactions and cannot take control, another reason is because the government is afraid of being competed with a more efficient and effective currency, the government also reasons that they are afraid that crypto currency is used for actions that violate the law and money laundering, perhaps for reasons like that the government is still not fully accepting bitcoins.
I think they will adopt bitcoin right after they will find a way to tax it. Yeah, you are right, they hate it because they can't trace it and get money from it. The fact that bitcoin is called freedom money should already implement that officials will hate it.
The main reason behind not accepting Bitcoin is because Govt will not be able to see the actual portfolio of any citizens and they will not be able to charge tax. Bitcoin is decentralized and it's cannot be controlled by government. Central Bank are the main opposition of Bitcoin in any country. If people start to make invest in Bitcoin then They will withdraw money from the bank and no government want this.
they can't do anymore some of their illegal things once they start to use Bitcoin.
Actually, is this, Bitcoin as transparent yet privacy-friendly system undermines two of the more complex and vital activities of any government, taxing its citizens and keeping secret some of their expenditure (for both legitimate and no-so-legitimate reasons). It would be actually good for civilian society, it will increase accountability and give citizens a solid bargain chip against government, as people will make public more of their economic activities (and pay more taxes) the more they are satisfied with the government
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.
If bitcoin is something the government can manipulate to steal public fund they would accept it even before now without any delay.
This one is actually a mixed bag. The lose of control may look bad for a specific government, but when you take into account that every other government will lose control too it may become the "less bad" international arrangement, as nobody will have enough control over international finances to use it as a weapon, it may even incentivize economically weak states to accept Bitcoin. Overall it may be a main reason for the likes of USA or China, since they use international commerce and finaces as political tools, but will be a secondary issue for small states
And a small extra:
At least for western democraties, that's a dire view of elected officials. Perhaps Plato put it in a more balanced way in The Republic (mother of said western democracy), to the effect that the best suited to rule are least likely to want to, and perhaps those less suited to rule will be more inclined to desire power due to their own shortcomings.
It may look as a dire view, but all (non totalitarian) western political theory since the end of Napoleonic wars acknowledge both the state and its officials as selfish agents whit their own goals different to those of civilian society, but that is a theme for other boards
Whether the governments of some countries accept Bitcoin or not, Bitcoin will still be Bitcoin. It might not particularly be all of them, but most of these government officials, some of which criticize Bitcoin publicly, are indoors funding their portfolios with Bitcoin; some are loundering money and investing into Bitcoin without anyone knowing, and that also becomes their fear that, due to the decentralization of Bitcoin, they can't benefit much since it is not something that can be regulated, they fear that others may as well use it to lounder money. Just my opinion.
You are right, mate. Most of the government officials and ministers who are just talking against Bitcoin and attacking it openly are just saying it because they just want to say it; those are just mere criticism.
Early before the crypto restrictions on Nigerians buying from crypto firms via direct deposit of NGN from their cards, the total trading number of NGN/BTC was about 2. Something like billions of naira—I don't know the exact amount—will you tell me that all those funds and buy orders over there are just regular Nigerians who want to invest in crypto? They all know what they are doing.
Those top rich politicians are already and will always be using Bitcoin and crypto to launder money.
Binance being one of the largest exchange always record Nigeria as one of the top Africa countries with highest trading volume both on Spot and P2P trading, are all those trades just you and I..
Most government in general are against Bitcoin, but there representative are holder's of it secret.
Governments, as we all know, absolutely despise permitting anything that is beyond their control. Additionally, governments dislike legalizing money that wasn't made by them. Officially, there won't be two different currencies, which is why the government has consistently opposed Bitcoin. Despite this, several governments have begun adopting Bitcoin. However, a significant percentage continues to oppose bitcoin. Government cannot stop Bitcoin because of its decentralized nature. So worry nothing; let them fight with us.
It's obvious and I agree with you. Bitcoin is the worst choice for the government
Maybe the government is the worst choice for bitcoin? Have you ever thought about it this way?
Bitcoin was made to be decentralized and ownership of bitcoin by the government would took a large part of it from the market for free. The government can print as much money as it wants and use it to buy bitcoin to take it out of the markets and keep it from being circulated and exchanged. No bitcoin in circulation would mean no more problems for the governments who feel threatened by it. It's easier than trying to enforce a ban.
Yes dear agreed on 1 point the world outside is too ruthless and selfish. It always teaches you a lesson. But i think you need some modifications in your theory of why governments don't accept BTC or Bitcoin adoption theory. My dear fellow the only reason that All governments are not going to accept Bitcoin is just the nature of opposing or difference in point of view. That's it... Some are greedy some, are selfish and some are scared.
Besides being greedy or selfish there are other things we need to consider when we talk about government and how they act. Government is not a body but it is a whole system that is incorporated as one. Before the government will sign any law into the constitution or implement any policy they would need to get their legal part of the government to do their work and then transferred to the it's a executive and as well as legislature and these are processes that would smoothly undergo before adopting a new policy.Meanwhile they are not sure about the future of Bitcoin or whether it will turn to be something harmful so I think that is why they are skeptical of accepting Bitcoin in this early stage
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 .
(....)
There are a lot of reasons why some governments hate Bitcoin and they don't want it to accept or legalize. It is challenging for them to use cryptocurrencies as a reliable store of value, which is a vital function of money, for reasons including the volatility of their prices.(....)
Some are also hate Bitcoin because they are corrupts, they can't do anymore some of their illegal things once they start to use Bitcoin.
They can't control bitcoin and of course they scare if crypto gonna disrupt their financial system. But after we see el Salvador we pretty much see if the bitcoin can work with our fiat right. I would prefer country that have tax over crypto than banning it
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.
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.
Well, this is partly true.
Another aspect is, that generally most parties / people are afraid of things
- they cannot control
- they don't understand
- that mean change of the exisiting system
- threaten their current status quo
Often this leads to decision making that is based on fear and a lack of understanding for the possibilities and positive change the "new thing" can bring along.
This also applies to Bitcoin.
Jump to: