Why are the world’s governments not using cryptocurrencies? - page 2.

sulendra12

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Quote from: KillerQueenz on December 04, 2019, 04:16:13 AM

I’ve recently learned the many advantages of cryptocurrencies and how they can revolutionize the way we use money around the world, so why are the world’s governments not adopting them to be used as a form of currency?

You can't easily do that, they think which I'm agree with is that cryptocurrency could make certain countries economy become worse because crypto is decentralized stuff and they are afraid that they can't charge the *cough* fees *cough* because it's untrackable. That's why most of countries are still afraid to even accept crypto.

Quote from: KillerQueenz on December 04, 2019, 04:16:13 AM

There are many advantages of cryptocurrencies that surpass fiat currencies that we used on a day to day basis such as better security due to blockchain technology,

Yes it is, yet people's mindset just always think when they see crypto, they will see Bitcoin instead of the techonolgy itself. So people won't recognize what is the benefit of Blockchain for real life world

BartS

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Quote from: amyshek1979 on December 15, 2019, 02:41:27 PM

With a modern fiat financial system, the state can charge taxes automatically. It’s hard for me to imagine such a system based on Bitcoin that will allow to do this. In addition, it needs to be built, and it will take more than 5 years.

And that is the issue governments want to know exactly how much money you are making so they can charge you all the taxes that they can, that is why even if they are the ones that print the cash that you use they want to limit how much cash you can use in each transaction and if possible they want to eliminate cash completely.

But now bitcoin exists and it is clear that it opposes their wishes and while they would like to destroy it they do not really know how to do that.

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Quote from: Xxmodded on December 19, 2019, 09:04:45 AM

Bitcoin still use by less people in the world and only 2% of world population have use and know with bitcoin, when bitcoin have popular maybe become digital currency payment world and many people will use bitcoin as currency payment, need time for getting many people want to use bitcoin during bitcoin have higher price will give big chance how to make bitcoin become legal currency payment.

Legalization is price independent. The whole problem is that Bitcoin is decentralized, it’s P2P, without third parties. The government has banks that can be monitored and used for its own purposes at any time, which cannot be done with the Bitcoin ecosystem. This is why bitcoin is being accepted so slowly. Be realistic 80% of all states - a corruption and bureaucratic system

Government regulations are difficult to obtain, especially in bitcoin and the average crypto ecosystem, the reason is maybe they are afraid of transparency and in my opinion because it is difficult to control crypto making them rethink using it

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How big is btc?
What percentage of world's population is using btc?

The answer to both the questions is "NOT ENOUGH".
Government need not to spend both time and efforts on bitcoin as of now. It isn't that big a thing that anyone would be concerned about it. Some countries like South Korea where the bitcoin and altcoins are quite prevalent, there the government is pretty active too. But in other countries where ethe bitcoin users are not even more than 5% of total population. Even if it is more than that, the frequency of the use isn't that high, government isn't much concerned about the use of btc let alone accept it as a legal tender. Bitcoin is far from that point right now.

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Quote from: Spaffin on December 17, 2019, 02:15:55 PM

I always have different thoughts on this subject to explain the situation Why governments do not want to use cryptocurrency. One of these explanations for this situation is to protect their citizens from possible losses that they cannot affect. As always, people try to earn a lot of money, while not making any effort. Of course, the cryptocurrency market conceals very great opportunities to become a rich person, but no less dangers are hidden here. The cryptocurrency is unstable and because of the huge risk, the government does not want to take risks about this.

Cryptocurrency is an individual choice of each. Even if the government accepts crypto, it does not oblige you to participate in this. Compare crypto with gambling, why is the first dangerous when the other is allowed? It seems to me that a deny of adoption of crypto by the authorities consist in a risk to the government, crypto cannot be controlled unlike fiat assets. No power - no influence Undecided

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Bitcoin still use by less people in the world and only 2% of world population have use and know with bitcoin, when bitcoin have popular maybe become digital currency payment world and many people will use bitcoin as currency payment, need time for getting many people want to use bitcoin during bitcoin have higher price will give big chance how to make bitcoin become legal currency payment.

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Quote from: Lauren Smith on December 18, 2019, 03:47:35 PM

Maybe it is too costly to change the infrastructure? They would have to recall all fiat and recycle it. Banks would have to revamp their entire system. I don't think that countries are ready for that yet.

Of course, shifting from centralized system into blockchain technology as means of financing could not happen in a snap of a finger. This should go a slow and steady phase if we really want to adopt it. But how can we do this if there are still acting protagonists, if we are not doing small adoptions (like businesses accepting crypto payments) and until now most places in the world are still unaware of bitcoin? Don't get me wrong guys, I know that everyday we're one step closer to our dream but honestly it still seems so far away from us. If you'll ask me if it takes a decade or a score? Nah I don't think so! Ask me again after a century Grin

.

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Maybe it is too costly to change the infrastructure? They would have to recall all fiat and recycle it. Banks would have to revamp their entire system. I don't think that countries are ready for that yet. It's not absolutely necessary at his stage. Soon it will be and we will see very big changes. Both private companies and government running their own currencies.

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Quote from: KillerQueenz on December 04, 2019, 04:16:13 AM

I’ve recently learned the many advantages of cryptocurrencies and how they can revolutionize the way we use money around the world, so why are the world’s governments not adopting them to be used as a form of currency?

There are many advantages of cryptocurrencies that surpass fiat currencies that we used on a day to day basis such as better security due to blockchain technology, cryptocurrencies not really being affected by global financial events as it is a decentralized currency

Why are the governments not adopting cryptocurrencies? Is it a world-wide conspiracy by the elite in order to keep in power? Or is it that the people in charge are rather ignorant of the advantages of cryptocurrencies in order to keep the current system of power?

The money of each state should work for the economy of this state. Decentralized cryptocurrency has nothing to do with the economy of a particular state. Therefore, no state will ever switch to using a decentralized cryptocurrency as its main currency. However, a blockchain-based payment tool does have many advantages over conventional state money. Therefore, more than 70 percent of states are going to switch to the use of their national stable coins. This is a practical combination of the benefits of blockchain technology and fiat.

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Quote from: thirdlight on December 18, 2019, 02:18:44 PM

Quote from: QuickReview on December 18, 2019, 12:40:40 PM

They will use it if people will use it.
Once Bitcoin is fast (confirmation time), unlimited (number of transactions) the people will use it.

I think the government will use Bitcoin when they have full control of it, now Bitcoin is unstable in price, so it is not used at the moment

What are you talking about? Who will have control over decentralized blockchain? And you said, btc is not being used. Can you please make it clear? Dont know if you misunderstood or what. No single person or government will have full control upon crypto. And crypto is getting popularity and oneday crypto will be considered as main stream in world economy along with major fiat

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Quote from: QuickReview on December 18, 2019, 12:40:40 PM

They will use it if people will use it.
Once Bitcoin is fast (confirmation time), unlimited (number of transactions) the people will use it.

I think the government will use Bitcoin when they have full control of it, now Bitcoin is unstable in price, so it is not used at the moment

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Quote from: ReiMomo on December 18, 2019, 01:11:48 PM

Because the government think that cryptocurrencies have a big threat in the global economy and government always afraid when it comes to the financial institution system, in short, they are afraid that bitcoin will become one of their competitors when it comes banking system and livestock investment might be down because people choose to invest crypto than real stock. And also they can't regulate users in Bitcoin and implement a tax. That is why they always afraid crypto

I think they are more protecting the economy of their country, but in terms of the election if bitcoin can be controlled maybe they will think about it. so what I think is the state government does not use crypto because of the difficulty in controlling prices

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Because the government think that cryptocurrencies have a big threat in the global economy and government always afraid when it comes to the financial institution system, in short, they are afraid that bitcoin will become one of their competitors when it comes banking system and livestock investment might be down because people choose to invest crypto than real stock. And also they can't regulate users in Bitcoin and implement a tax. That is why they always afraid crypto

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Quote from: malekbaba on December 17, 2019, 01:39:40 PM

Central bank issues or destroy funds and government approve the action and exert financial influence. Government likes fiat currency. Cause they can trace the action of individual, who is sending money to whom, whether the person is paying taxes or not, whether anyone is involved into any criminal act or not. Government will have no control over those money. There are some other reason also and government like fiat instead of crypto

In addition to your comment I think the central bank has to monitor or control the economy policies of their countries adopting crypto currency might distort such policies due to the decentralized feature of cryptos as a way of protecting their economy stringent measures and regulations or ban has to be imposed.

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They will use it if people will use it.
Once Bitcoin is fast (confirmation time), unlimited (number of transactions) the people will use it.

Spaffin

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I always have different thoughts on this subject to explain the situation Why governments do not want to use cryptocurrency. One of these explanations for this situation is to protect their citizens from possible losses that they cannot affect. As always, people try to earn a lot of money, while not making any effort. Of course, the cryptocurrency market conceals very great opportunities to become a rich person, but no less dangers are hidden here. The cryptocurrency is unstable and because of the huge risk, the government does not want to take risks about this.

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Central bank issues or destroy funds and government approve the action and exert financial influence. Government likes fiat currency. Cause they can trace the action of individual, who is sending money to whom, whether the person is paying taxes or not, whether anyone is involved into any criminal act or not. Government will have no control over those money. There are some other reason also and government like fiat instead of crypto

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Quote from: Sahyadri on December 16, 2019, 01:16:29 AM

Who said governments are not using cryptos. In some countries government backed cryptos are already in existence and in some it is in the process of creation. Government might not support decentralized cryptocurrency like bitcoin but is not really against the blockchain technology or creating a cryptocurrency of their own. The advantages you listed is the sole reason these governments are venturing into cryptos. If it goes successful, they might altogether shift to cryptos in coming years from fiat.

Tracing back to the history of financial system. If we are to think about who started using the system of trading using money, it is not the government that really started trading, it is by the people who are travelling and meeting other in the foreign lands, and in fact, they've just decided to have a unifying currency when they realize they need it for unity. But before that there is a currency already.

What this means is that, as long as government aren't prohibiting us in using cryptocurrency, it will be a way for the transition, we all know that a revolution is effective when there is many supporters. As long as our numbers are multiplying, no government could stop it but to accept it, still, we are bound to their responsibility of regulating it.

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There is a monetary system that has been developing for centuries. Today, the world is economically ruled by certain centers. The transition to the new economic model is not easy. Because this means they lose control over the system. Bitcoin may be the key to the new economy.

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Quote from: amyshek1979 on December 15, 2019, 02:41:27 PM

With a modern fiat financial system, the state can charge taxes automatically. It’s hard for me to imagine such a system based on Bitcoin that will allow to do this. In addition, it needs to be built, and it will take more than 5 years.

Maybe you r right, just coz they don't want to build a new system based on crypto. And guys, why they will do this?
I think they will start only in case crypto will become global and they will not be able to prevent the evolution of money.

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