Topic: What can happen next time due to a lack of proper knowledge about Bitcoin? - page 4. (Read 1298 times)

My point is that if our world had no government (leaders), we would be completely free and everyone would be equal. But that is also when the loss of control will happen and no one will follow any rules or laws anymore, the world will become chaotic. Regarding the government using bitcoin, I really don't believe that will happen, because they are managing and controlling us through fiat money. If they use bitcoin and completely eliminate fiat, how can they control us? So, to continue to maintain their existence, they need to have a tool that they can control.

I believe that the government will soon accept bitcoin, and bitcoin and fiat currencies will coexist side by side. But they will always find ways to limit it so that it does not go beyond their control.

I just want to ask: What were you thinking when you made this topic here in the forum? Well, to be honest, everything you said is just your assumption. This judgment you make is in agreement with what you can only think of as a downside.

What about the brighter side of Bitcoin? Will you forget or set it aside just like that? In Bitcoin's 14 years of existence, you still thought about that. From another angle, I understand you because not everyone is for this in the bitcoin business industry; it's just that simple to understand.

even if the use of Bitcoin as a legal transaction tool other than fiat without having to eliminate fiat is already very good.
so there will be alternative means of payment that anyone can enjoy according to what they have. old people who don't understand technology can still use fiat. and young people who understand and can use Bitcoin better have Bitcoin as a transaction tool.
If such a pattern is implemented, I think it will be gradual when the generation change occurs. Indirectly it will also erode the use of traditional currency. when in the future more people use Bitcoin as a transaction tool.

I still want a world with only bitcoin without traditional currencies, but you are right. We cannot be that selfish because not everyone can afford to use cryptocurrency like us, especially people like our parents and grandparents. Our world is colorful and there are many generations living together so there are many choices, diversity is better than monopoly. Then people can choose what they feel most satisfied with. It is a fact that, no matter how strongly technology develops or how advanced cryptocurrency becomes, the ultimate goal is still to bring convenience and convenience to our lives. Therefore, having many options, and we can choose any solution as long as we feel satisfied, is what we should aim for. We should not be too exclusive and cause many disadvantages to others just to satisfy ourselves, we should not be so selfish. So I agree with you about a world where traditional currencies and crypto coexist.

Do you think the current government will allow that to happen? The banking system is still very much needed by humans because it is a government product which legally has been operating for so long and it is impossible for the government to destroy its function for any reason. If you think the whole world will become unemployed because they don't know about cryptocurrencies, then you have to learn more about how cryptocurrencies currently work.

At this point you give yourself the answer and the government does not see cryptocurrencies as a curse but they are afraid that this system can undermine the fiat challenge. So they will not allow the banking system to be paralyzed for these reasons caused by crypto when financial stability is problematic then the country will be on the verge of bankruptcy.

This has been happening for a long time and some people have never even deposited their money in the bank, but are banks experiencing setbacks? The presence of bitcoin, especially in the crypto space, is an alternative for those who do not believe in the banking system, besides bitcoin can store the value of the currency they own and bitcoin is also a system of financial freedom that can be managed by individuals independently without involving third parties. If they don't trust banks then invest in bitcoin because nothing is simpler when one understands how to invest in an asset that is able to maintain value.

With Internet, flat world, globalization and more fortunately with open source projects, like Bitcoin, there are more free sources to learn. Nowadays, people don't have to go to schools, universities with expensive fees to learn many things.

Blockchain, Bitcoin can be learned with free sources, no money have to spend for those educational resources.
Bitcoin information & resources
learnmeabitcoin.com
Awesome Bitcoin
Awesome Blockchains
Mastering Bitcoin
Bitcoin for Beginners

I don't see this is a valid reason because for me, having knowledge of Bitcoin is always free, with no requirements or even who are you, or what your status in life is, you can always have knowledge of Bitcoin, even the basics or cores.
It doesn't mean you can't own or buy Bitcoin, you cannot learn anymore what is Bitcoin as Bitcoin is not only for investment.

@Mr. Suevie, Don't get me quite off. I always used to say to myself that despite the fact that the governments of most countries are against Bitcoin and don't want it to be widely adopted by the citizens, that doesn't actually mean that some of those government officials are not investing in Bitcoin secretly. Of course, some of the government appointees, in one way or another, might be into Bitcoin secretly, but they don't want to make any effort to make Bitcoin a legal tender.

Bitcoin is a decentralized asset, and it was never created to become centralized. Currently, we know how many centralized exchanges out there and can't be compared to the decentralized exchange, and many new investors in Bitcoin are becoming more familiar with and feeling very secure with most of these centralized exchanges. Normally, you know that all those exchanges were given licenses of operation by the same government. So, don't you think that if the government decides to begin ceasing people's Bitcoin assets, they can possibly force those centralized exchanges to give them KYC details of customers  and the amount of Bitcoin they have purchased?

If such a situation begins to take place, and the government can begin to watch and monitor every user's Bitcoin wallet and the amount of transaction that is going on in it, then Bitcoin transactions will not really be that secure in the sense that if you make a withdrawal of any amount, the government will quickly know that you (Mr. Suevie) have withdrawn a certain amount from your wallet.

If things happen in such a manner, how can you not say that Bitcoin is now becoming like the traditional bank where the bank workers are aware of every bit of transaction you carry out on your account and whom you have sent that money to?

Quickly, let's still remind ourselves that Satoshi Nakamoto said he created Bitcoin for the purpose of removing financial control from the hands of financial elites, like banks or any traditional financial system, and placing financial control in the hands of common men and women so that they can carry out their transactions without the involvement of any third party or even without having to reveal their identity to anyone.

So, if the government decides and tries to make Bitcoin centralized by creating some Bitcoin system and they (the government) become aware of your wallet, how much Bitcoin you hold, and that of all Bitcoiners, it is not going to really make much sense to me, bro.

Well, like you said, I should not speak of something as never going to be impossible, yea, but making Bitcoin a legal tender world wide, then I am thinking that that's what will even make the government properly look at how they can control the space, since they can't access Bitcoin to make it centralized, then they will force the users to obey the rules that they are going to lay out, and it might be a very uncomfortable law that will not allow us to freely enjoy the use of Bitcoin and our investment.

If you ask me this question over and over again, my answer would be that, whether the government makes Bitcoin a legal tender or whether it is globally accepted or not, Bitcoin will keep growing and waxing wide, with different user cases. Bitcoin doesn't need to first be approved by the government or accepted worldwide before its adoption will keep increasing.

Since its creation, Bitcoin has lived for more than 10 years, yet its adoption keeps growing. Meanwhile, it's not even globally approved by all the governments, so do you think that the government needs to approve it before the adoption will continue?

Lastly, in my first comment, I was not talking about any other cryptocurrency, if not Bitcoin.

Yes, my dear friend, you are right that they consider Bitcoin a curse instead of a blessing. It's not on developing and underdeveloped countries; every person or country will fall into thinking of this catagory i.e., Bitcoin, as a curse who doesn't know what exactly Bitcoin is and how beneficial it is for us. Or the second is that he has come to his ego and he considers Bitcoin as cursed because Bitcoin has eliminated this fait currency or relieved this centralized ecosystem that is earning money for free as a third party.

So it means that these people have no answer as to why they think Bitcoin is cursed; rather, those people or countries are stubborn because of jealousy and envy. The reason for not adopting it is that by adopting it, the fait currency will end and decentralized implementation will occur, in which the powers will be chained from them and given to Bitcoin. The governments of these countries do not want their public assets to be seen as subordinate to them.

I don’t know how best people will handle this but the truth be told that humans always have adaptive features and I’m sure everyone will also adapt to the change no matter how difficult the changes might seem and I also agree with the first commenter on your thread that bitcoin isn’t the first legal tender and yet people accepted it and vibed with fiat and if bitcoin comes to stay, everyone will still accept it no matter how difficult it might seem.

Maybe not our generation or the generation before us but the future generation will surely understand the technology and knowledge behind Bitcoin. Bitcoin is for everyone but not everyone can use it. Ask me why. Because there are still people who do not know how to use a smartphone. How can you expect them to understand a complex thing such as Bitcoin? Imagine an old person just chilling at his farmhouse. Does he really need to understand Bitcoin at this age? Of course not, just let him enjoy his life and when he has lived his whole life, he will be gone.

This is why crypto and traditional currency should coexist. You cannot just come to people and force something to them. People are more comfortable using what they already know. Adding something additional to it will open up possibilities for people whether they want to use it or not. That way you get the best of the both worlds. And maybe day by day in the future More people will show interest in learning new technology like Bitcoin and only then we will see total adoption of it. Until that time comes, they both should coexist in order to make life easier.

Fuck crypto, I think Bitcoin is what is being referred to here and although we can't deny the fact that there is a possibility of Bitcoin becoming globally accepted of which is just a small percent of you ask me but I believe we can't write out anything in the world of possiblity as I believe no one would have taught that Bitcoin would get this massive adoption and attention prior to the first time it was created.

I believe as Bitcoin continues to grow more person or government would have no option than to join the queue on the diversification of its use as the way El Salvador have done although it's still in testing phase but I believe this sends a statement that Bitcoin use and government is actually possible even if they don't accept to the phase of making it a legal tender, learning about it more to properly know the areas which they can benefit won't be a bad idea and this has also started with my nation that first posed a restriction on the use of Bitcoin, now that decision has been reviewed back and plans to start learning more on Blockchain technology has put in place by the government so as they can know the area of which they can all benefit mutually from Bitcoin tech. That's certainly a growing and big step up in terms of Bitcoin and it's relation also with government if you ask me .

Nopes you are thinking from a shallow reasoning. Banks will still exist but they will adapt to the new changes by also selling and buying bitcoin and they will even help those that can't keep their coins themselves to keep it in the bank. So if banks closed down because bitcoin has taken over, who will make it easy for people to have easy access to bitcoin, still the banks. It is always good one should upgrade with the latest technology and be flexible to adapt with changes because we like it or not changes must occur, it is something natural.

What shock, of adopting bitcoin? They will already be informed and probably be have been taught on how to go about it. This is because you must make daily spending and bitcoin is easy to learn on how to make transactions with. You should also know that it will be impossible for bitcoin to replace fiat. So it will become a matter of choice for any individual to chose either bitcoin or fiat for their daily spending. This means that everybody will be living their normal lives.


Bitcoin is more of a blessing than curse, which soon the whole world will realize this but it will be a gradual process.

Such people will be very happy to be their own bank by keeping their bitcoin in their self custodian wallet. Since bank is a centralized system but bitcoin is the opposite. This are the people that needs bitcoin most.

The growth of cryptocurrencies can easily create challenges and face serious problems in the future, including regulatory and ethical issues. You mentioned some messages in advance with respect to future events. If the whole world accepts then crypto currency or Bitcoin it will rule the whole world. If this is the case then those who are not aware of crypto currency or Bitcoin will be informed about Bitcoin through government process training. Currently, the unemployment rate in the world is already high. I don't think that there will be much variation in unemployment with the rise of crypto currency. But yes for many developing and underdeveloped countries it will be very difficult to handle such pressure. Since the number of bitcoins is fixed. It seems to me that various countries, especially developed countries, currently hold gold as the main reserve, and will prefer Bitcoin as a reserve. It is a matter of long time for crypto currency or Bitcoin to reach such a state.

OP, you are wrong, in my opinion. First of all, you must know that what you are even thinking can be very impossible in the sense that Bitcoin was not created to be centralized and regulated by any authority, and there is no way the Bitcoin you are talking about can reign over the whole world without being regulated by the government, and they cannot possibly be regulated because they are not the investors in Bitcoin like they invested Fiat cash. Another thing is that since Bitcoin is not stable (high volatility), they will not want to approve it worldwide.

Bitcoin is the head in the crypto world, and there is no way the government can even legalize any altcoin if not Bitcoin first. There is always regard for Bitcoin.

Secondly, @OP, even if what you said is possible, those who lack knowledge of Bitcoin, blockchain technology, and other cryptocurrency will definitely learn about the technology and its user case. The use of bitcoin or cryptocurrency is not very sophisticated. Even bank workers studied at the university for some years and archived their degrees; that's also how people will learn about whatever they need to know about blockchain technology. If necessary.

I think you approached the issue from a relatively limited point of view. We cannot assume that Bitcoin will spread throughout the world with these difficulties that you mentioned. We have the experience of El Salvador, which, although not perfectly successful, provides an example of the idea of establishing Bitcoin as a regulated exchange system, with the strong currency it provides (compared to the local currency) and a solid payment system.

Ethereum is far behind from the Bitcoin, as we have seen the bitcoin prices through which other coins have also more reactions but I didn't see other coins which ever changed their prices due to the upward movement of the Ethereum and due to its downward movement. But I can say only those token which may be in the chain of Ethereum has already changed their replacement and their prices many times.

Although bitcoin has its own way and its own system, the price of bitcoin is very and very high as compared to the Ethereum as it is difficult for the Ethereum to reach the price of Bitcoin but one thing I must say that we have to see for the market, as in crypto we can expect and anything can happen.

I think there will be no option but for the two to actually coexist. Before now, I think fraud and money laundering has been existing and even without the presence of Bitcoin and even the government themselves know this. Bitcoin has come to stay and I think the government knows this as the more effort they try to get rid of it the more the adoption becomes stronger. I believe it's only a matter of time as it's the only constant for things to change and it holds the final on the coexistence of the two. But just like you said, the coexistence has already begun just take the scenes in El Salvador for example.

I mostly agree with you oktana, except I am having some difficulties with attempts to suggest exactly how much control that any government needs to have over something like bitcoin in order to attempt to establish various kinds of policing systems, and there are likely a variety of ways that fraud and money laundering can be tracked, but it does not necessarily mean that they have to have control over bitcoin in as much as they likely do not need to have control over people, even though there are ongoing inclinations to create systems in that direction, but the mere fact that systems are created in certain overbearing ways does not mean that it is the ONLY way to attempt to accomplish similar kinds of goals...

so maybe my point is not so much to attempt to get into figuring out exactly what kinds of systems are feasible and possible and functional along side bitcoin, but instead to at least acknowledge that both can exist, and there likely are going to be transitional periods in which earlier systems might look different from later systems... and bitcoin and fiat systems and government systems are ever changing, and even if bitcoin might end up absorbing a lot of the value of the various fiat systems, it could take 50 to 200 years to evolve into systems in which bitcoin might be considered the world reserve (settlement system), and surely there are knowns and there are unknowns, but there are also known unknowns and also unknown unknowns..so it is not like any of us could even have exact answers regarding what the balance between government and bitcoin might end up being...

In my earlier post, I mostly just wanted to point out that it seems quite implausible to come up with some kind of an assertion that bitcoin and government is incompatible.


Yeah, but OP was saying bitcoin was going to become a world currency not crypto.. and so even if OP was not very precise, he seemed to be putting his assertions mostly in the context of bitcoin rather than being overly vague about the matter. even though when we are referring to the future, there is likely going to be quite a bit of vagueness when we do not really know all of the factors.. but does that mean that we should make vague and meaningless assertions regarding some mythical role of crypto without giving it some kind of a bitcoin foundation?..

When you say crypto, what is crypto anyhow?  Does that expression mean much of anything unless you place it into some kind of a bitcoin context?, and if you are talking about bitcoin then why not say bitcoin at some point rather than using vague and imprecise language regarding how some kind of a supposed crypto has any kind of meaning without somehow figuring out how you consider the role of bitcoin to be within whatever it is that you might be saying...

and yeah, there are people with multi-coin views of the world that try to act like they have some kind of superior knowledge because they use vague language and there is an implication that some various coins (yet unknown) are going to be the systems of the future and maybe it is going to involve bitcoin and maybe it is not going involve bitcoin.  So they speak in generalities, but does that get us anywhere in terms of understanding what is being discussed?  

Op did not emphasize crypto, but instead seemed to be talking about bitcoin serving in a kind of dominant role, not some vague and non-specified and meaningless concept, aka crypto.


At least you did use the term bitcoin in this part of your response, and probably if we are hypothesizing about the potential disappearance of banking systems, there is going to need to be some ideas about what might replace them and how it might both be secure and able to serve some of the purposes of our current banks.. including that ongoingly there are going to likely continue to be some people who are going to need more hand-holding in terms of the ways that they manage their money, and surely many of the bitcoiners (and even shitcoiners too) have likely come to realize that several aspects of the banking systems are mechanisms of control, and surely there are several aspects of the masses who don't seem to mind being subjected to control as long as they also have ways to conveniently access their money... We cannot necessarily blame people for frequently not being able study the various tradeoffs of money since maybe they frequently will feel that they don't have enough money anyhow... so they are frequently spending time getting money rather than thinking about the various trade-offs that exist between current banking systems that they might use as compared with having to learn about bitcoin or maybe some shitcoin, if you believe that might be another avenue that people might consider as an option regarding the various ways that they might store value and transact their value for goods and services..or sometimes maybe in the context of something like remissions to send it to themselves and/or to others. maybe in other countries or maybe in the same country..

I don't believe Bitcoin or crypto will take over fiat as the world's major means of exchange but let's assume that happens, it won't happen overnight. It will take years for that to happen and in those years many people if not everybody will begin to adapt to the new system till it finally takes over.
I wasn't around then, but I'm certain that when paper money became a thing, it didn't just happen overnight. It happened over time. The same will be the case for Bitcoin. In the case of Bitcoin, it's digital, and not everybody in the world is digital, neither is every transaction digital, so first the whole world has to go digital before Bitcoin can stand a chance of taking over.


I think you're getting it all wrong.
Developing countries have a higher rate of unbanked people and this kind of pushes them to crypto. People in countries with less respect for human rights, poor political structure, poor economy, and low employment rates, People in the countries like US or the UK might go into crypto because it is an investment opportunity but people in third world countries might go into crypto because it's an opportunity to get away from their oppressors.
If you look at the list of top 20 countries with crypto activities, 13 of those countries are developing countries.
There's a reason China has so much crypto activity even though it was banned in the country.


It is for this same reason that people would go into Bitcoin. If they can't trust a centralized system, then they'll most likely prefer a decentralized system.