Why are some government scared of Bitcoin? - page 4.

virasog

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Quote from: Simplycallmecollins on November 23, 2022, 07:08:04 AM

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

Not some governments but all governments are afraid to make bitcoin legal tender. Some governments follow the policies of the United States and the western world, even if they want to make bitcoin legal tender, they will hesitate until they get a green signal from these western countries.
Those countries that adopt bitcoin are usually those that have bad financial conditions and are near defaulters. They adopt bitcoin as legal tender to re-grow their economy.

Rana590

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Government wants power to control the economic condition of a country but Bitcoin is a decentralized crypto. Government isn't able to control and track the transactions. There is a big possibility of money laundering. Besides, banking system will fall down which is big loss in this sector. But proper steps can help to adopt Bitcoin as legally.

jokers10

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Quote from: NicNacCoin on November 27, 2022, 07:57:38 PM

El Salvador has legalized Bitcoin through legal tender in its country. He did a great job. Now more or less every country is using Bitcoin but the government is not getting any revenue from it.If Bitcoin is valid and legal tender in every country, the profits from this will accrue to the government revenue and the government funds will be much higher.The system that happened in El Salvador. If Bitcoin is valid, the number of unemployment in that country will also decrease.

Bitcoin has a different philosophy than based on inflation economy of our days. So some of benefits of its implementation are not instant, and some old financial structures are not so happy with a competing financial system making them working better not to lose clients. So old systems lobby will keep fighting with Bitcoin as it is about the measure of their income, they prefer more and more. Grin

NicNacCoin

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Quote from: Simplycallmecollins on November 23, 2022, 07:08:04 AM

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

El Salvador has legalized Bitcoin through legal tender in its country. He did a great job. Now more or less every country is using Bitcoin but the government is not getting any revenue from it.If Bitcoin is valid and legal tender in every country, the profits from this will accrue to the government revenue and the government funds will be much higher.The system that happened in El Salvador. If Bitcoin is valid, the number of unemployment in that country will also decrease.

Freeveto

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Quote from: Simplycallmecollins on November 23, 2022, 07:08:04 AM

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.
Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?
Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

The the decentralized system of Bitcoin is opposed to the centralized government system of operation, which is central control of money, basically the supply and demand side. Government cannot adopt what they can't control, hence they will find it difficult to immediately adopt Bitcoin until they have find a way of playing part in order to control the system, which the decentralized nature of BTC has made it difficult for the government control.

qwertyup23

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Quote from: Simplycallmecollins on November 23, 2022, 07:08:04 AM

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

It is not about that the government is scared of bitcoin, it is more of that it is something that they have no control over it. Satoshi envisioned a place where people would experience financial freedom- where every transaction is made public and unalterable. That is the reason on why the blockchain technology exist for this purpose.

Now that cryptocurrencies is one of the ways in achieving financial freedom, the government somehow wants to control the transactions under its wing. They see it more of a threat than an actual danger in any case since cryptocurrencies had been used for illegal purposes in the future.

Bobrox

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Government controlling by several politician and I think about Bitcoin scared become legal currency transaction depend with them how interested for legalizing with Bitcoin as payment currency or not, but I think have intervention from another countries actually with United State when try legalizing Bitcoin as payment way. We know about USDT as common fiat currency adopted by all countries when making business import or export and give benefit for United State if consistency adopted or used USDT as payment currency,

actually when using Bitcoin as payment currency have benefit for many countries when sending transaction more faster than USDT, another side fees payment lower when using Bitcoin than USDT. I think this common reason when many countries still scared for adapting Bitcoin as legal payment currency.

Ojima-ojo

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We should project Bitcoin adoption in such a way that, Bitcoin will not be seen as an attack on the central currency or a replacement but Bitcoin should be adopted as an alternative.

If you really want to know why there has been limited Bitcoin adoption, is because of the fear that Bitcoin is out of their control and the government will not want what there can't control.

MoonOfLife

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The government is not afraid of bitcoin but just doesn't like bitcoin because it's decentralized, which the government hates the most right now. Everything that the government has created and is creating is centralized, the purpose is to easily control us. But if they accept bitcoin it's like they broke their own power so they will do anything to stop it.

Tazzy4050

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Bitcoin is a very volatile cryptocurrency that has only been available for over a decade. However, fiat currency has been around for longer, and its value is stable. Most of the le do not trust the concept of Bitcoin due to the unstable value of this virtual currency. As a result, some governments we still fear this digital currency because they think it could technically be breakable.

Taskford

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Quote from: Simplycallmecollins on November 23, 2022, 07:08:04 AM

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

They are not scared its just some of the politician doesn't understand how to adopt new tech and they look at this for now as maybe an investment that's why they choose to release a fair warning about high risk investment towards bitcoin.

But if someone on their cabinet or shall say their economic team knows about how useful the bitcoin and blockchain for sure they are the one who will come into it then adopt bitcoin as new form of currency in their country.

davis196

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Quote from: Simplycallmecollins on November 23, 2022, 07:08:04 AM

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

1. No government in the world is "scared" by Bitcoin/crypto. Can you provide any sort of evidence that a government of some country(any country) is scared by crypto?

2.Most of the cryptocurrencies aren't "untraceable". There are privacy coins like Monero and use could use Bitcoin mixers, but those are exceptions, rather than the norm in the cryptocurrency industry.

3.El Salvador and CAR had accepted BTC as legal tender, because they have presidents, who are very pro-Bitcoin, not because there's a major benefit of adopting BTC as a legal tender.

kryptqnick

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I don't think there's a major risk of adopting Bitcoin as a legal tender due to volatility specifically. If a country's own fiat currency is strong and stable, people will continue using fiat and appreciate its stability even more, looking at Bitcoin. If a currency is in a very bad situation already, Bitcoin can become a viable alternative, but since fiat is rarely more volatile than Bitcoin, man might prefer their imperfect fiat. Letting people legally use Bitcoin doesn't mean that they'll do it. And risks for the state and businesses can be mediated by instantly or very regularly exchanging all BTC payments for fiat, which might actually strengthen the fiat currency as well.

BlackHatCoiner

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Lack of censorship susceptibility, control over monetary policy, and easiness on traceability (chain analysis companies already trace the majority of bitcoin owners, I presume, even though there are private techniques to avoid them).

Quote from: Ayers on November 24, 2022, 12:15:37 PM

I also don't think Satoshi created bitcoin against fiat or government

I, on the other hand, do think the opposite:

Quote from: satoshi on July 06, 2010, 02:32:35 PM

Escape the arbitrary inflation risk of centrally managed currencies!

Quote from: satoshi, genesis block

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Quote from: satoshi, mailing list

Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.

Ayers

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Quote from: indah rezqi on November 24, 2022, 11:25:28 AM

Quote from: wxa7115 on November 24, 2022, 02:06:56 AM

And what bitcoin does when it comes to their power? It reduces it, bitcoin takes away part of their economic power and gives it back to people, programmable money could even replace some parts of the government and the legal system, bitcoin can also make way more easy to hide your wealth which reduces the taxes they can get and the money they can confiscate out of you, all in all while bitcoin does not threaten them directly it has the potential to reduce their power in a significant way and they hate this.

The fact is that bitcoin was not created for anything that is anti-government regulation, but you as a user can have the option of minimizing the centralization of your finances compared to the fiat system you have been using. My first thought about bitcoin was that it is a currency that is useful as an alternative payment option, but probably won't replace centralized fiat.

I don't hate fiat for helping us financially and facilitating transaction before everyone had bitcoin, but here bitcoin has a better solution as a payment system with increased innovation that fiat could not have before. Bitcoin doesn't exist to replace the previous financial system, but it offers a better solution.

I also don't think Satoshi created bitcoin against fiat or government, it is suitable as an alternative beside fiat. But because it's decentralized and people start using it and they propagate that bitcoin will replace fiat, they already have bitcoin then they don't need the government, the government won't be able to do anything to them...it was these things that inadvertently made the government take a hostile view of bitcoin and caused the ban it is today.

Bitcoin brings us many solutions and benefits, but that doesn't mean we forget what fiat gives us, fiat is actually still useful to this day. It's funny how many people who have used fiat for decades are mocking fiat. I fear that one day there will be a better currency or asset than bitcoin that they will turn to smear bitcoin the way they are doing with fiat.

indah rezqi

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Quote from: wxa7115 on November 24, 2022, 02:06:56 AM

And what bitcoin does when it comes to their power? It reduces it, bitcoin takes away part of their economic power and gives it back to people, programmable money could even replace some parts of the government and the legal system, bitcoin can also make way more easy to hide your wealth which reduces the taxes they can get and the money they can confiscate out of you, all in all while bitcoin does not threaten them directly it has the potential to reduce their power in a significant way and they hate this.

The fact is that bitcoin was not created for anything that is anti-government regulation, but you as a user can have the option of minimizing the centralization of your finances compared to the fiat system you have been using. My first thought about bitcoin was that it is a currency that is useful as an alternative payment option, but probably won't replace centralized fiat.

I don't hate fiat for helping us financially and facilitating transaction before everyone had bitcoin, but here bitcoin has a better solution as a payment system with increased innovation that fiat could not have before. Bitcoin doesn't exist to replace the previous financial system, but it offers a better solution.

barto123

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First of all there's only a handful people who actually run the world - you only have to look at the "global leaders" tied to the WEF & then at all top companies & see who the major shareholders are - black rock & vanguard. They've literally just run a world government summit, promoting the new world order.

The central banking cartel/cabal/illuminati pull the strings of government.

If used in a sovereign way (run node, hodl keys, privacy tools), Bitcoin gives an individual an incredible amount of power.

They want you to remain a slave working for something they create out of thin air.

wxa7115

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Quote from: Simplycallmecollins on November 23, 2022, 07:08:04 AM

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

In order to understand why politicians do not like bitcoin we need to ask what a politician may want? And this is easy, they want to remain in power and if possible to obtain more of it, the source of that power does not matter, it could be economical, political, social or some other form of power, what mattes to them is to increase it.

And what bitcoin does when it comes to their power? It reduces it, bitcoin takes away part of their economic power and gives it back to people, programmable money could even replace some parts of the government and the legal system, bitcoin can also make way more easy to hide your wealth which reduces the taxes they can get and the money they can confiscate out of you, all in all while bitcoin does not threaten them directly it has the potential to reduce their power in a significant way and they hate this.

jokers10

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Quote from: Davidvictorson on November 23, 2022, 07:57:37 PM

...
Bitcoin in the wrong hands may increase crime.
...

How? It is a popular statement of Bitcoin haters but statistics usually says that it is much more probable that criminals will use USD than BTC. Moreover we see that some investigations of crimes are based on that Bitcoin's blockchain is transparent and police can trace transactions and analyse them. So Bitcoin can be used by criminals, but statement about increasing crime should have proofs, otherwise is it FUD.

Davidvictorson

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Quote from: Simplycallmecollins on November 23, 2022, 07:08:04 AM

Making Bitcoin a legal tender means when a person goes to purchase a commodity, instead of paying with dollar or whatever currency is being used, they pay with BTC.

Given the unstable nature of cryptocurrencies, and the untraceable nature, would you suggest it wise for countries to adopt Bitcoin as a legal tender?

Recently, El Salvador and Central African Republic announced that they have adopted Bitcoin as a legal tender.

Adopting Bitcoin as a legal tender is dependent on the needs and goals and aspiration of the country in question. It is clear why El Salvador adopted bitcoin as a legal tender- it was to me like their last resort. But then again Bitcoin has its pros and coins and it differs from one country to another. And for most, the cons of adopting it as a legal tender outweighs the pros that is why they turn to creating their own digital currency which eventually becomes a flop.

Bitcoin represents power to the people
Bitcoin represents freedom
Bitcoin "adoption" represents a financial revolution
Bitcoin in the wrong hands may increase crime.
Bitcoin has it's own issues which is not at par with how the government likes it.
Bitcoin is the tech they thought would not see the light of the day but now has proven them otherwise.

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