Topic: The future of Bitcoin as payment means (Read 1333 times)

They hated it even when it wasn't being used for such things. At present, people do use Bitcoin for certain crimes and there is nothing to hide about it because any currency in the world that has some worth is being used for such things, and Bitcoin has a high value plus it is decentralized. If we go with the logic that anything being used by criminals for any purpose should be banned then we will have to stop using fiat currencies first and foremost because Bitcoin was created in 2009, and criminals existed before that. What did they use before then?

If you can't manage to catch criminals, you can't stop them from using currencies for their activities. They can hack an important database and ask for US dollars, Bitcoin, USDT, or any other currency. Does that mean all of these should be hated and made illegal by the governments? So these are all excuses made by governments for pushing Bitcoin and cryptocurrencies away.

The actual reason behind the hatred is the decentralization. Legalizing Bitcoin means them losing control over the financial activities of their people, with banks and other financial institutes, they have control over everything.

You better use Monero if you want to avoid a track record. The dealer will check if it fits the amount he sold you.

We still need the government to make approval of Bitcoin before everybody can start adopting it. It'll be wrong to start accepting Bitcoin when it hasn't been made legal in your country. Going against the government laws is a crime and you can be punished in a way that you lose your business and customers. We as individuals have it in our power to make Bitcoin more popular but we shouldn't take laws into our own hands because we make the government more angry that they become more strict to Bitcoin than they already have. When scammers and kidnappers begin to use Bitcoin as their ransom payment, the government will hate Bitcoin more .

If there is one industry we have to give credit to for the rapid spread of Bitcoin then it would have to be the gambling business because this actually the industry that's still got people actually using Bitcoin as a means of transaction because the general view of Bitcoin now is probably more fixated in it's feature and ability to be saved up as investment which gives higher return in future and this will even become more in the future as everyone actually wants a taste of being called a Bitcoin investor  although the true investor are the one you get to hold their BTC for a very long term cause that's the only possible way to even get something tangible off it.

Well, in any case, in the Middle East, Bitcoin or crypto in general is already mainstream. Technically, every billionaire puts their money there

Bitcoin is characterized by its own characteristics.  Governments of any country consider it a challenge because of this unique feature.  Because it is free from central control due to which the power of money is spread directly to the people rather than from the center.  OP as you say El Salvador recognizes Bitcoin as a legal currency and they are doing well economically. So the rest of the world doesn't accept this system easily.  Because its financial system is not under the control of the government. 
Despite the thousands of restrictions imposed by governments around the world, Bitcoin's massive popularity and people's freedom to act as a platform can bring major changes to the economy of the future. 

Finally, Bitcoin is a decentralized digital currency that is transacted among people without the control of any central government.

Bitcoin is already used for payments, even if it is not yet seen as “normal” everywhere. There are still a lot of people who are not using it or dont want anything new.

If I now look to Denmark and Italy, this maybe become more difficult. They want taxes on unrealized profits. They are talking about 42% and it doesnt matter whether you have actually made them. Imagine the price falls 50%, then you lose twice. Maybe this is an EU strategy to put the CBCD in the center of attention... because I cant imagine that anyone really wants to use it.

They play huge rule for its success but unfortunately these old man sitting in power didn't bother to know more about it and they just think about bitcoin is just an investment and not a currency that can be used for various things. That's why they think negative about it since they worried about the volatility. But if they just look at it on brighter side or as currency for sure they would see its real potential towards having an alternative that can be easily used online.

But I think they also have a interest to protect and they cannot get anything with bitcoin that's why they try to discourage people so that they would stick on the system which those politician continue to take advantage with their people.

The future of Bitcoin is in safe hands, there are more promising sectors in the space and its all just a matter of time before bitcoin will hits the top priority for which it was invented into the space. This is crypto space, the ways things are done here are quite different from the real world, we just have to be acquainted with the system as long as we're interested in making new heights. The government is frightened by the heavy domination of Bitcoin in the space? I do concord with your opinion, because the market is filled with volatility, at the same time it have explored more given chances of investors and traders to make huge profits in the market.

The future of Bitcoin doesn't necessarily lie on the hands of this angry government that you've mentioned, but rather it lies in the hands of individuals that sees it's volatility and decentralized nature but yet we know that it needs the involvement of the government So as for the crypto currency to be adopted  by every citizens and be recognized also as a legsk tender, but all of this ain't coming forth and this is why the fate of Bitcoin is pending but aside that it's going viral and known as the number one of all crypto currencies.

High volatility is not the main reason why governments make bans, as I said before, they just don't want Bitcoin to be popular and always used in those countries, actually it doesn't matter to them if Bitcoin can be controlled, the problem is that Bitcoin cannot be controlled. So we can assume that the main reason governments ban Bitcoin is because Bitcoin cannot be controlled or is decentralized.

The price of Bitcoin is highly volatile due to which the government of a country neither encourages nor forbids its people to invest in it. Bitcoin usage and investment is entirely up to you. Bitcoin is a legal currency in many countries and anyone there can use Bitcoin and accept it in exchange.  But it is entirely at his own risk. In the future, the use of Bitcoin will probably increase even more. However, one cannot exclude the use of FIAT money. FIAT money is money authorized by the individual government of a country. It must always be in vogue

Legal tender because if only legal currency, it already happened on many countries. Don't you worry because we know that BTC being accepted as legal tender is not easy, so we are not assuming that many countries will follow it too but it is great that after El Salvador there are one, two, and 3 countries now (I think) that also made BTC as a legal tender.

We already know that reality you said because BTC is a currency that are opposed to the currency government and bank has but again, it was great to see that a lot of government/countries still allows BTC now even though there are only regulations in place but it isn't totally a bad thing.

It also has a benefit like it provides extra security for us against the fraudsters in the BTC space. Governments can't control BTC so they just choose to ban it instead and continue to manipulate people with the help of their own currency (fiat).

So why say that they are not doing this for the prosperity of the people? BTC is already there and so as the regulations, so we still can't get away with our taxes, if that is our goal of using it. I don't think it's a bad thing though, as long as I'm earning well and then I know that taxes are going to where they should wanna be. BTC isn't the only thing that can make us rich, so no governments can stop us if we are truly willing.

It is because they believe that Bitcoin will destroy the previous fiat currency system that some governments are so worried about, but along the way Bitcoin has become not a competitor but an alternative. Whatever negative issues have been raised, Bitcoin has not significantly hampered adoption and is now the choice for many people because Bitcoin has far superior advantages over previous systems.

We are slowly seeing governments that were previously reluctant to accept Bitcoin are now starting to open up to it as an investment asset. There will definitely be a shift in the future where governments see Bitcoin as an alternative and we hope they will be more open to this.

People have know bitcoin because of how it as gone viral and not just the viral thay is doing people but the fact you will get something out of investing in bitcoin. And people have taken it upon their self to even make bitcoin go more viral and those that have business and are accepting bitcoin as a means of payment are in gain because it's another way of accumulating and when the price goes up you can even make extra cash from it so associating with bitcoin comes with a lot of benefits.

If it is about the trending currency then bitcoin will be the one to take a lead because bitcoin influencers are always very active and ready to take bitcoin to the next level and there is a lot of encouragement coming from them even to give people free class on how to trade, and if I should own a business I will accept bitcoin as payment also because I already know the advantage that it comes with.

I don't think the government will ever consider making a legal tender because of the reasons that is best know to them and they will prefer to continue with fiat and their are countries that are accepting it as a legal tender the only thing is that even in other countries I don't think their is a restriction when you decide to accept bitcoin as a means of payment.

Bitcoin makes some folks in government mighty nervous.  They spread tall tales about it only being good for shady dealings.  but those scare stories dont hold water.  People can certainly put pressure on governments to adopt new technologies like Bitcoin.   If enough everyday people find meaningful utility in systems like Bitcoin to demand adoption, governments would be compelled to respond.  But likely with balanced frameworks that both encourage innovation and protect consumers.  Sooner the government wakes up that Bitcoin is the way of the future, the better for all of us.

Bitcoin has gone viral to the extent that I know that many people who has love in bitcoin do establish business and accept Bitcoin as a means of payment, so I believe that bitcoin is the most trending digital currency of this current time, so from my understanding of cryptocurrency mostly Bitcoin I don't think it will be soon be accepted as a global currency due different understanding of different countries leaders, so i believe that bitcoin will be accept in future when people mostly governments is been convinced about bitcoin and its technology, some countries are seeing bitcoin as a measure people uses to involve in money laundering and scam, whereas that's not what bitcoin is all about.

Bitcoin has been the backbone of many of us that has been into crypto for years now making money and also promoting the adoption of Bitcoin. Bitcoin will surely be regulated and that is what we are seeing now and we ought to make sure that we keep up with the trend while the government is making sure that they have full control of our crypto assets. The adoption of Bitcoin will still continue but the fear of the government coming to control everything is discouraging. The future of Bitcoin is going to be huge looking at the price of Bitcoin anticipating to reach 100k and more.

They can not ban Bitcoin with a decentralized network and with private keys, Bitcoin users have control of their coins. Governments have no way to touch bitcoins owned by their citizens in non custodial wallets.

Do they want citizens to be rich?
I guess most governments want it, because with richer citizens, governments can tax more and earn more.

You can invade tax with Bitcoin until governments do more stricter regulations on tax policy. They will not let citizens to do money laundering, tax invasion through Bitcoin blockchain. Because governments want to milk money from citizens, and they will create laws and regulations for doing this effectively.

Citizens will want to do tax invasion but most of them will not succeed. I think obeying tax policy is good, because you can live a life without stress. If you are rich, I see no good reason to try tax invasion and live with stress and fear day by day.

And I think you are having wrong impression on government and it operates. The centralized nature of government is never an attempt to make anyone poor but rather to maintain orderliness. It won't be possible to enforce compliance if there's no central authority and life will not fair with lower classes since there's no authority to create a fair environment for all. Relating to bitcoin, government is not fighting bitcoin but they're not too comfortable with its decentralization because it doesn't align with their form of operation.


Mind you, if government wants to impoverish people, bitcoin will neither make them rich. Assuming it's globally accepted as means of payment, you can only spend what you have.

Are we now in support of Bitcoin just to evade paying taxes?