Bitcoin: a Brief History
The concept of digital currency is not new. There have been footprints of digital currency dating back to 1983, though in theories only. Since 1983, there have been many transformations, experiments, implementation glitches, as well as decentralization issues in the development of the first decentralized cryptocurrency. In 2009, Bitcoin was eventually launched as the first-ever decentralized cryptocurrency, courtesy of Satoshi Nakamoto. However, even before Bitcoin, there were several other digital coins like e-gold and Digicash among others, which somehow crashed.
TL;DR Your post is correct, I read an article about it.
Source https://blockster.com/blockdesk/1217_bitcoin-vs-ethereum-a-brief-history
Topic: Why Cryptocurrency is not Legalized Despite the Many Benefits - page 3. (Read 1117 times)
September 16, 2021, 04:45:46 AM
September 16, 2021, 02:21:24 AM
I think that there can't be an ideal have-it-all situation in crypto. You kind of have to choose between complete anonymity&privacy, or complete security&mass adoption. Mass adoption without KYC regulations or taxation doesn't seem possible for now, and these things automatically negate the complete anonymity and decentralisation, two of the core reasons why most people choose crypto.
September 15, 2021, 05:13:30 PM
The biggest reason for this, in my opinion, is the banks. Because banks earn their earnings from money order and EFT fees. In crypto money, there are transfer fees even in funny numbers. That's why the global economy doesn't want to allow it. Another issue is money laundering issues. Cryptocurrencies cannot be tracked because there is no identification. Therefore, there is no information flow about where the money comes from and where it goes. Therefore, states do not want to legalize it because of this situation. In short, the source of the money cannot be fully determined and its source is unknown. For these reasons, I think it has not been legalized. Finally, there is no fixed exchange rate index. It is not clear when it will happen on crypto currency exchange platforms.
September 15, 2021, 03:44:14 PM
people think that because it can't be controlled, the government doesn't accept it as a legal transaction tool (although some countries have started to legalize and start making regulations about it). however, the reason is still the same, it's because of the rampant fraud that mentions the name of cryptocurrencies, and there are still many unfulfilled regulations of cryptocurrencies for some countries. however, for now it is good enough that cryptocurrencies are still allowed as an investment tool by many countries. it can be a trigger little by little crypto is accepted among the public before it grows even bigger.
I would say that as long as you could make laws about the crypto world, then you can make about how legal it could be or how illegal some things are. Like does any single nation in the world has a cyber security group focusing on following the crypto transactions of fraud claims? Not a single one.If a nation has a data tracing team that checks from the moment some scammer took the money from you and send it to somewhere else and where it lastly ended up, then it would still be quite possible to catch that person. Me personally? I can't do anything but a government can protect my crypto as well if they want to. I would rather have that scam risk and zero government involvement, do not make it legal or illegal just ignore crypto, but they do care about it and tax it so if they want to tax it then they should figure out how to find and jail crypto scammers as well.
September 15, 2021, 09:24:07 AM
They will do according to their desire. Most significant one is charge. Assuming they need some assessments from individuals in the pandemic. Certainly they will legal jargon and get a benefit from it. The main issue is your clarification didn't coordinate with the title of your string coz your clarification didn't identify with the sanctioning of bitcoin nor cryptographic forms of money.
September 15, 2021, 07:15:13 AM
Benefit to the general population doesn't necessarily mean that the government is profiting out of it. If people use cryptocurrency as a mode of payment, then obviously the purchasing power of the national currency will go down. And this will make it harder for the governments to take loans, and to repay the existing loans. Less than 10% of the world nations are operating on surplus budgets. The remainder need to take loans to cover the fiscal deficit. Under such a scenario, weakening of the national currency is the last thing that they want.
This has been a topic for quite some time now, and I could not agree more that the legalization of cryptocurrency will depend on governments and how they see the overall impact of crypto in a nation. That being said, the government will most likely prioritize the consideration of its effect on national currency and operations.
September 15, 2021, 07:01:08 AM
Benefit to the general population doesn't necessarily mean that the government is profiting out of it. If people use cryptocurrency as a mode of payment, then obviously the purchasing power of the national currency will go down. And this will make it harder for the governments to take loans, and to repay the existing loans. Less than 10% of the world nations are operating on surplus budgets. The remainder need to take loans to cover the fiscal deficit. Under such a scenario, weakening of the national currency is the last thing that they want.
September 15, 2021, 06:31:52 AM
In my opinion, there are many obstacles that crypto needs to pass before it can be legalized. For once, we have to remember that it is governments of the countries that legalizes things and what they see as benefiting of their country, then they can legalize. Like in El Salvador, the ministers there might have considered what Bitcoin can do to their country so they legalized it. Not sure why other countries are not legalizing crypto but hopefully we can see that in the next few years.
September 15, 2021, 05:40:40 AM
The answer is very simple - in the presence of technological advantages, decentralization and uncontrollability by the state or specialized structures does not allow this solution to be used at the level of the state financial system! Never (in today's world), no state will allow its financial system not to depend on it!
this is still propaganda. people think that because it can't be controlled, the government doesn't accept it as a legal transaction tool (although some countries have started to legalize and start making regulations about it). however, the reason is still the same, it's because of the rampant fraud that mentions the name of cryptocurrencies, and there are still many unfulfilled regulations of cryptocurrencies for some countries. however, for now it is good enough that cryptocurrencies are still allowed as an investment tool by many countries. it can be a trigger little by little crypto is accepted among the public before it grows even bigger.Although it should be added - I am sure that some of the blockchain technology solutions will be integrated into today's banking and financial solutions! And the technology itself is already used in the non-financial sector quite often.
Right. I've read some information about banks trying to develop a blockchain system for themselves. In fact, China is also developing their own cryptocurrency but still rejects other crypto. well, I still pay attention to such information. September 15, 2021, 04:56:00 AM
The answer is very simple - in the presence of technological advantages, decentralization and uncontrollability by the state or specialized structures does not allow this solution to be used at the level of the state financial system! Never (in today's world), no state will allow its financial system not to depend on it!
Although it should be added - I am sure that some of the blockchain technology solutions will be integrated into today's banking and financial solutions! And the technology itself is already used in the non-financial sector quite often.
Although it should be added - I am sure that some of the blockchain technology solutions will be integrated into today's banking and financial solutions! And the technology itself is already used in the non-financial sector quite often.
September 15, 2021, 04:19:26 AM
As we all know, there are countries that have allowed digital currencies to operate in their countries and there are also countries that still prohibit Crypto from circulating in their countries, this is due to the government's concern about the risks that will be faced. besides that there are also countries that prohibit crypto in their country because they are afraid that there will be a lot of money laundering so that it will damage the country's economy. I think that's the reason why many governments don't legalize Crypto in their country.
September 13, 2021, 01:09:46 PM
To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.
it's just a matter of time, remember how we got used to plastic cards, it was also quite a long time, and now everyone has it...it's the same with bitcoin and cryptocurrency in general, it takes time and knowledge in this area, because young people will quickly figure it out, but I doubt older people, in general, everything has its time.By the way, there are countries that have already legalized bitcoin, such as El Salvador. Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.
September 13, 2021, 12:57:36 PM
It is possible that the government does not want fraud with cryptocurrencies, for example, such as money laundering, corruption and which are detrimental to the government itself.
And all this is also possible using regular fiat right? More on the government still lacking of ideas about this industry, or the influenced of conventional businesses still at large.
Cryptocurrency is a threat as this system gives people freedom to hold their money without the help of any third party system.
Or it could be that with the legalization of bitcoin, people will leave fiat currency, even though in reality it is not that easy to use digital money for ordinary people, like bitcoin, bro.
If people understand everything well, this is very possible to happen, the emerging innovations from the technology
will lead most people to accept these new digital ways of payment transactions.
September 13, 2021, 12:53:44 PM
Because governments are opposed to decentralization and do not want to lose control of their citizens' spending, as well as anonymity because they cannot impose on people's income, if they are to accept cryptocurrency, they must be the ones to create and control it; otherwise, they will be unable to operate.
Exactly and they dont really like on things which cant really be controlled which it isnt really that surprising that there would really be those oppositions on terms of adoption most of the time.They dont like about being anonymous and irreversible transactions or something like that and when it comes to transparency since everything can really be checked out on blockchain
then this is something that they dont prefer but somehow there are already countries do consider on adopting or integrating it which is great but i wont be surprised if others
wont really be following the lead.
September 13, 2021, 12:46:01 PM
Because governments are opposed to decentralization and do not want to lose control of their citizens' spending, as well as anonymity because they cannot impose on people's income, if they are to accept cryptocurrency, they must be the ones to create and control it; otherwise, they will be unable to operate.
September 13, 2021, 03:41:37 AM
It is possible that the government does not want fraud with cryptocurrencies, for example, such as money laundering, corruption and which are detrimental to the government itself.
Or it could be that with the legalization of bitcoin, people will leave fiat currency, even though in reality it is not that easy to use digital money for ordinary people, like bitcoin, bro.
Or it could be that with the legalization of bitcoin, people will leave fiat currency, even though in reality it is not that easy to use digital money for ordinary people, like bitcoin, bro.
September 13, 2021, 01:25:01 AM
To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Yes, you are right. There are lots of things that the world has benefited from Bitcoin, it has created lots of opportunities that we see today. The invention of Bitcoin has opened the world to a new area that we never knew existed. This time around there are lots of alternative coins and there are lots of other things that have come into play.Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Now we have NFTs, and other inventions that are coming into the community. Bitcoin was the gate to it all, if it was never invented, then we wouldn’t have seen all these things that we are seeing now, all the opportunities. Bitcoin was what opened our eyes to see them all, thanks to satoshi nakamoto. So, if you talk about benefits , there are lots of them that bitcoin has brought. As for bitcoin being legalized, not in our power to do so, it is left for the government. It has been legalized in so many countries already.
September 12, 2021, 08:24:02 PM
I am a crypto lover but sometimes I agree with the rules implemented by the government from acquiring crypto. Just take a look, not all people are patient and some of them are greedy sometimes. Just take a look, if theres not restriction. Crypto can become a platform of money laundering. It can weaken the government's monetary. If there is no restriction people can become bankrupt if they will use their creditcards to buy huge crypto but become liquidated in Bitcoin futures.
The government is controlling the greediness.
The government is controlling the greediness.
September 12, 2021, 07:06:54 PM
Government of any nation decides what happens to the people being governed. Government decides what is legal or not. Basically, most banks or financial institutions have some involvement with the Government. To a large extent banks and government work hand in hand. Banks are institutions of third party that handle people's funds. Governments benefit a lot from banks. The original idea behind Bitcoin is the capability of 'be your own bank'. Third party is apparently eliminated. Most Governments are still skeptical about crypto currencies because they have similar function of 'be your own bank'. The rise of crypto is to some Governments is a challenge to an already existing banking sector. So it will really take some time for some Governments to legalize crypto currency. For any Government to legalize crypto currency, it means they have probably structured a way to benefit from the crypto ecosystem. Currently, crypto currencies are a lot more beneficial to individuals/decentralized bodies than the central Government.
September 12, 2021, 04:42:50 PM
I would instead answer on your question on why it's not Legalized despite of the many benefits.
Actually, one country has already confirmed that Bitcoin is legal and they consider it as a legal tender.
https://cnnphilippines.com/business/2021/9/7/El-Salvador-first-country-bitcoin-national-currency.html
Think that it's the beginning that other countries might follow as well.
For poor countries or maybe underdeveloped countries, this is a good solution to free them from the manipulation of the bully countries.
Decentralization is the key to success in some countries and El Salvador is willing to experiment on that.
Actually, one country has already confirmed that Bitcoin is legal and they consider it as a legal tender.
https://cnnphilippines.com/business/2021/9/7/El-Salvador-first-country-bitcoin-national-currency.html
Think that it's the beginning that other countries might follow as well.
For poor countries or maybe underdeveloped countries, this is a good solution to free them from the manipulation of the bully countries.
Decentralization is the key to success in some countries and El Salvador is willing to experiment on that.
Jump to: