Why Cryptocurrency threatens governments - page 12.

Argoo

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Quote from: celestinamoore on September 17, 2018, 03:39:49 AM

Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

We cannot force governments to accept and legalize cryptocurrency. Financial relations are among the main ones in society and the state will never rush to make risky decisions in the field of finance. Moreover, agree to the circulation of very high in the price of "alien" and "no one's" money. Moreover, when Bitcoin rises to transcendental prices, it goes down in price by 80 percent. If you look, the government does not need such risks.

adzino

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The government wants to have everything under their own control. Now bitcoin is decentralized. There is no way the government can bring full control of the network. Hence they are imposing various kinds of regulations to indirectly have control over the crypto currencies. The government is scared to give power to the people - the prime reason why the government feels threatened by crypto currencies.

CryptoMoar

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maybe because the government does not benefit when someone transacts with cryptocurrency. so they make it difficult by prohibiting or limiting their use. maybe the government will accept cryptocurrency when the majority of people have used cryptocurrency as a transaction tool. and of course the government will make tax rules for people who use cryptocurrency. maybe with taxes that go to the government, the cryptocurrency will be accepted.

sulendra12

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Quote from: Sama517 on December 04, 2018, 09:31:26 AM

The government are just threatened with the fact that once cryptocurrency becomes mainstream, the revenues they generate through banking transactions will be all gone. They want to continue feasting on us.

If we are looking at France, they collect taxes and fees from Bitcoin transaction so it's not the only problem for the gov. But, the only problem is Bitcoin is identical with crimes and terrorism as Bitcoin is the best payment method for them to make a transaction. They don't want to be involved with these, so they just ban it.

ardentvolcanoes

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Quote from: demonz666 on December 04, 2018, 09:20:31 AM

in my opinion because the government is afraid that cryptocurrency can defeat their banking system. people prefer to invest in crypto than investment in bank deposits. and also when crypto is growing, maybe people prefer to transfer money using crypto rather than through a bank. and the government dislikes cryptocurrency because crypto cannot be controlled decentralized.
for this reason most governments reject crypto. and the government's attractive way to receive cyrpto is possible by taxing crypto holders.

They cannot control everything around this market and they can threaten the financial system of each countries, as crypto can be transact without any interference coming from any third party, imagine you can easily sell money overseas without the needs of banking system where government have some
good taxes around, not unless the government will be able to create sytem that can control the system around their respective jurisdictions.

wdnj

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Reasons why government are threaten with cryptocurrency:

1. Taxes will be reformed and cannot be regulate at first.
2. banks will die or they will join the system.
3. corruptions will not be in good way again for politicians.
4. Crypto is for the internet base people or transactions only which not 100 percent of the country has.

lovesybitz

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Quote from: celestinamoore on September 17, 2018, 03:39:49 AM

Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

Let me tell the difference between the crypto and the government so that you may have a bit idea for this matter anyway.

Bitcoin or Crypto - was decentralized system(unregulated business industry)

Government - was a type of centralization(Regulated business industry)

with those features they have the government has no power to control over Bitcoin decentralization, the government choice only
is either they join and use digital currency features or they won't use or adapt the concepts of it.

Stac

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Cryptocurrency is the digital decentralized currency connected with block chain technology proves to be trust worthy and gives security to the users .Even though the block chain is public to all users . cryptocurrency transaction is a peer to peer and no double spending is occurred or any manipulation can be affected in Bitcoin transactions . Normally the bank transaction is with a third party influence and so they charge a fees for the transaction through banks .There is no need of threatening the government since people trust in fiat currency rather than cryptocurrency . banks charges a fees for money transaction as service charge so as to give secure to their currencies . In Cryptocurrency , double spending is solved by the help of block chain technology .There is no need for the government to be threatened about cryptocurrency because it can help the government in times of crisis and develop their economy .Developed countries have already accepted Bitcoin .

Sama517

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The government are just threatened with the fact that once cryptocurrency becomes mainstream, the revenues they generate through banking transactions will be all gone. They want to continue feasting on us.

demonz666

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in my opinion because the government is afraid that cryptocurrency can defeat their banking system. people prefer to invest in crypto than investment in bank deposits. and also when crypto is growing, maybe people prefer to transfer money using crypto rather than through a bank. and the government dislikes cryptocurrency because crypto cannot be controlled decentralized.
for this reason most governments reject crypto. and the government's attractive way to receive cyrpto is possible by taxing crypto holders.

Akpuv

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Quote from: celestinamoore on September 17, 2018, 03:39:49 AM

Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

Each time we claim that the government doesn't like cryptocurrency simply because it threatens them, we should know that we are not referring to just a single individual. The government is made up by several entities, which composed of different persons. Now, some of this individuals may support and embrace cryptocurrency, while some may not. So, it is simply a contentious issue to say government hates bitcoin or cryptocurrencies.

turkandjaydee

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Quote from: conected on December 04, 2018, 08:03:54 AM

Quote from: yusupjatigumilar on December 04, 2018, 05:33:11 AM

not only does the government get threats but everyone can also be threatened, if this crypto currency is misused for acts that violate the law and harm other people, the government will find it very difficult to find the sender and recipient of a number of crypto currencies because they are transparent but anonymous the government will find it difficult to control it

- I think crypto does not really threaten the government because people still do not trust and use crypto, and with such a low number of users, crypto can not affect the government but in return, it is probably threatening to the people when so many people have become victims of the project scam. The government was very tired to deal with complaints about crypto, but after all, we can see that the government is not afraid of crypto, if crypto really threatens the government, the government will soon remove it from our lives but until now, crypto still does not have the capacity to become a threat

Yepp, when the governments ban cryptocurrency, then we cant do anything about that.
I think the only way is to let crypto be regulated and safer but not arbitrarily.

ionman93

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same as paypal visa, that why will effected

conected

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Quote from: yusupjatigumilar on December 04, 2018, 05:33:11 AM

not only does the government get threats but everyone can also be threatened, if this crypto currency is misused for acts that violate the law and harm other people, the government will find it very difficult to find the sender and recipient of a number of crypto currencies because they are transparent but anonymous the government will find it difficult to control it

- I think crypto does not really threaten the government because people still do not trust and use crypto, and with such a low number of users, crypto can not affect the government but in return, it is probably threatening to the people when so many people have become victims of the project scam. The government was very tired to deal with complaints about crypto, but after all, we can see that the government is not afraid of crypto, if crypto really threatens the government, the government will soon remove it from our lives but until now, crypto still does not have the capacity to become a threat

darklus123

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There are a lot of good reason why government bodies were so threatened by crypto's adoption.

Main good point would be the tax evasion.(it is the government's source of life.

Crypto is highly used in the blackmarket. It can allow terrorist to purchase weapons without being identified.

Its a pure thread towards their own currency such USD.

It is highly involved in scamming

It's uncontrollable.

phelbaby

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Decentralization is one important factor,this make it difficult for government to monitor the money movement and taxing of investors and if the Government cannot get hold of all these they find it illegal.

skish85

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Regarding cryptocurrency in global terms, this is an absolute exaggeration. They are still at the planning and dissemination stage. Governments are against cryptocurrencies because they are practically uncontrollable and there are a lot of scams in this sphere, which are unfortunately difficult to find and punish.

yusupjatigumilar

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not only does the government get threats but everyone can also be threatened, if this crypto currency is misused for acts that violate the law and harm other people, the government will find it very difficult to find the sender and recipient of a number of crypto currencies because they are transparent but anonymous the government will find it difficult to control it

Seeker#9

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It may depend on a kind of government or country because some wealthy countries welcomes the existence and use of cryptocurrencies by their citizens. They never considered the virtual coins as threat to their national currency or economy but some governments might be cautious on legalizing cryptocurrencies because of its volatility and risk. In the third world countries, majority of them are not prepared for this kind of currency and most of their leaders and economic managers may feel threatened by the popularity of cryptocurrencies.

serizawa

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I think the government forbids crypto because prices are very volatile, the government is afraid that if its citizens use crypto it will cause huge losses to crypto users

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