Topic: The power of digital money - page 5. (Read 641 times)

Yes, I'm very sure Bitcoin will thrive if only the government won't stand against it being the 'government' as we're aware, for those that follow the trend in comparison with U.S stock markets, government policies has a way of really influencing bitcoins rise .

If the government decides to work without outright laws to completely eradicate Bitcoin, it will still thrive but at a slower rate compared with when the government is in full support.
Summarily, we need the support of all as much as possible to maintain a steady growth of Bitcoin especially our government.

Bitcoin only changed lives of a small number of early adopters who sold for massive profit, otherwise it's not being used daily by anyone. And of course it didn't do anything to poverty on a global scale, or even on a scale of one small country like El Salvador.

And governments are not afraid of Bitcoin, why would they be afraid of something that nobody uses as a currency? They could so easily destroy the Bitcoin market by just banning centralized exchanges, yet they didn't do this, ask yourself why.

Digital money become useful these days because it can improve the efficiency, security, and comfort of our financial lives daily.
What I can notice is being convenient, and people who do not have access to traditional banking services may particularly benefit from this.

The best example is Bitcoin, where you can have your own bank on your mobile phone, anywhere and anytime which removes the constraints imposed by physical currency in the past.

Other economic assets that existed prior to bitcoin continue to exist without government scrutiny because it is completely controlled by the government and has ultimate say over its usage and circulation. Bitcoin was not designed to enable centralization, which is why it is having difficulty gaining official acceptance.


Despite the government's tight laws, bitcoin is still standing on its own. I believe it will be strengthened if the government has no involvement or control over its use and adoption. However, unless the government is compelled to agree to its usage, this will be extremely difficult to achieve in practice. But with that happening, adoption will be faster and easier than it is now.

It is complex to make specific signals/thinkigns to determine what is really what worries the  governments, the truth of the matter is that it is based on the empowerment of individuals, mainly. And that, regardless of whether bitcoin rises in price or becomes a highly valuable asset, is the main concern of the establishment, which not only includes governments.

On the other hand, what OP calls "the digital power of the currency" is available to everyone, it is not that it is an exclusive access of one of the parties, it which is honestly disadvantageous, even today for the common citizen.

There are governments that banned Bitcoin... and are still strong about their decision.


The government cannot censor the Bitcoin network but they (the government) have the authority over centralized services and as we know majority of cryptocurrency users are engaged with these centralized services, so if ever the government decides to censor Bitcoin, it will have a huge impact to the Bitcoin economy.  It is possible that Bitcoin will take several step back if the government everywhere decided to ban Bitcoin.


Did China already accept Bitcoin now?  As far as I know China is still very obsessed with their CBDC.  and as what the information on the internet tells, China had not yet reversed its Bitcoin ban since 2021.

Government rules and cultural acceptability are only two of the many elements that will affect the development and sustainability of bitcoin. Despite the fact that Bitcoin has become incredibly well-known and widely accepted, it is vital to remember that governments are very critical in determining the regulatory landscape for cryptocurrencies. Governments might significantly affect Bitcoin's acceptance and use if they take a strong position against it and impose stringent rules. Government policies may have an impact on how investors feel, how stable the market is, and how people see cryptocurrencies in general.
It is important to note that Bitcoin has some resistance to and independence from political control due to its decentralized structure. Transactions may take place on its peer-to-peer network without the involvement of middlemen or centralized authority. Due to this quality, Bitcoin has remained popular and has survived regulatory difficulties in the past.
It is unclear if Bitcoin would continue to exist and thrive in the absence of government intervention. While it may retain its value and circulation, it may encounter difficulties in attaining widespread adoption and integration into established financial systems in the absence of government collaboration or acceptance.

Bitcoin's future is determined by a complex interaction of elements such as technological improvements, legislative developments, societal acceptance, and market dynamics.

Bitcoin does not rely on the government.  Within the year of its existence, the government never gave a hand to Bitcoin until it became popular and established its foundation.  The government just butt in when Bitcoin became so popular and first they try to prevent people from engaging with Bitcoin.  But when they feel that they can't prevent their people from engaging with Bitcoin, they then accept Bitcoin set rules and regulations and added taxation to it.  You see, Bitcoin does not rely on government to exist and become popular so Bitcoin will stay even if the government stands against it.  There is no doubt about that because people are already aware of how good decentralization is. 

The primary issue between the government and Bitcoin revolves around decentralization. Governments operate as centralized organizations, while Bitcoin is a decentralized cryptocurrency, which means the government cannot exert control over it. Consequently, whether the government approves of it or not, Bitcoin will continue to exist. When Bitcoin first emerged, the government was unaware of its potential and did not provide any support. However, Bitcoin has now achieved considerable prominence. Although a collective decision by all governments to reject Bitcoin could impact its price, they would be unable to halt its existence.

Bitcoin exists even when governments are already suppressing it, just look at what Gensler is doing. If it thrives despite the media telling the public cryptocurrency are scam and destroys the environment, Bitcoin is used widely already.

Bitcoin only needs to be bought in fiat though for it to have value. I guess the government will have to destroy the fiat system to destroy Bitcoin. But this might also force people to price the commodities in satoshis.

It is absolutely sure that Bitcoin will remain because governments can do nothing but accept it and the only way they have to fight it is not to try to censor it because they will never make it but to fight it with the CBDCs which will be the only way to throw smoke in people's eyes.  On the other hand, it is not possible to stop it. States such as China and Russia have already tried but they have given up and now it will be even more difficult because blockstreams and other services have sent the blockchain to the satellites so it will be even more difficult even if they were to cut the connection.

The government won't immediately adopt the concept of Bitcoin since it grants everyone financial freedom, whereas the government is only interested in the meager revenue it can raise through taxes.
Crude oil and gold are traditional trading goods that are still in use, but the concept of Bitcoin has eliminated the notion of gold investment for young people since they now perceive it as being safer than investing in actual assets like gold.

I don't think Bitcoin is dependent on anything because governments were not aware of it when it was established, and the concept of Bitcoin is independent of any government policy; hence, Bitcoin will exist even if the government decides not to get involved.

Before the existence of bitcoin they're many other digital economic assets that is in line with government policies like crude oil, gold and much more, government where comfortable with this assets trading online, including forex but crypto currency like bitcoin that would have change lives and alienates poverty from the world, government are afraid of its cumulative value.

Bitcoin is an assets that we shouldn't lose or allow to dies off, if you check history of all money weather digital or paper bitcoin circulate faster in values and distributions. As highly respected as dollars not all countries have it but bitcoin is 14 years now, the world is aware of it. Do you think bitcoin will stay if government totally remove their hands or stand against it?