Why Cryptocurrency threatens governments - page 19.

guoyu78

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Quote from: Duogembrot on September 27, 2018, 11:02:09 PM

I think the government feels threatened because this bitcoin has blockchain technology that can see all existing transactions and no longer need to use a bank so I am sure the bank is also threatened so that banks threaten the government and government feel threatened from banks and bitcoin I am sure of that.

Blockchain technology is not a problem for the government, what the government feel threatened mostly about is the idea that bitcoin and cryptocurrencies are bound to being decentralized and for that reason, it would be hard for them to control which is one thing they have only been used to.

It is more like saying for instance, that you have always been in control of something over the years and then, there is something that wants to take the control away from you, the same way you will feel threatened is the same way the governments are also feeling threatened now, but they simply know blockchain technology is the future,

sinkfish

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Quote from: hugeblack on September 17, 2018, 05:09:43 AM

The government is trying to make everything under its control, the banks control all the money, and the government controls that banks.
Blocking or restricting is a feature of anything new, new things need time to accept.
The Internet has been a tool for freedom before, but now there are a lot of restrictions on its use, and this will happen to cryptocurrencies.
I do not know why people tend to be controlled? But this is a present trait.

another concern is crypto could backfire and destroy government and centralize institution.

Freshmen

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Quote from: MAJICOIN on September 24, 2018, 12:40:39 AM

if a government is not allowing crypto and they threatens there should be some reason behind that like in few months i have seen a report in which one country have criticized bitcoin because for it's virtual nature and many says that it is used in terrorism but on the other side if we look it is the development of technology and those who are used to it they are accepting these.

In my view, there are many factors that a government does not allow cryptocurrency investment and trading. Mostly corrupt people put their money in cryptocurrency because it is a safe place for black money. Government has no control over cryptocurrency trading and they cannot impose tax on crypto income. These are all threats for government.

davinchi

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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?

There are lots of reasons why people, especially banks and the governments hates Bitcoin. Anything that has an advantage will also have disadvantage. As for Bitcoin, are you aware of that fact that ransom wares always request for Bitcoin before releasing the computer? Guess most of you wouldn’t know that, the only thing you know is money laundering –and that’s another reason why they also hate Bitcoin.

I like Bitcoin, so I wouldn’t come here and start saying things that would discourage people from it. Bitcoin is good, you just have to be careful how you use it and always respect yourself and avoid doing bad with it, cause the more people continue to use it for bad, the more government will seek for ways to stop it for good.

VaryTime

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I think cryptocurrency threatens government because People tend to use bitcoin than banks. But the government control banks and tax, if no one uses banks, it will truely threaten govenrment.

jcojci

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Because cryptocurrency can replace the existing fiat and there are many other benefits from cryptocurrency than fiat. And the cryptocurrency itself offers a simple way and easy to use without any limit so people can use it as one currency. But I don't think that the governments will disagree with the cryptocurrency because as long as they know that the technology era will come, they will prepare and perhaps, they will create their crypto to compete with the other crypto.

richmcrich

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Quote from: MAJICOIN on September 24, 2018, 12:40:39 AM

if a government is not allowing crypto and they threatens there should be some reason behind that like in few months i have seen a report in which one country have criticized bitcoin because for it's virtual nature and many says that it is used in terrorism but on the other side if we look it is the development of technology and those who are used to it they are accepting these.

The main reason is Bitcoin being decentralizes due to which it makes it difficult for the country to collect taxed like they do through banking. Besides, the introduction and implementation of this system can possibly change the banking system and again the government might not earn the amount they make through banks right now.

Imposing regulations is something that makes the user feel insecure on the other hand. SO there is a two side insecurity and this is the reason cryptocurrency is viewed as a threat for the developing economies. For the developed economies, things might work in a different way.

Falmera

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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?

I think crypto currency do not threaten the government. It is the government that fear the crypto. And why do you think it is? Well, I think because they do not really know what bitcoin is.

Janation

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Quote from: Duogembrot on September 27, 2018, 11:02:09 PM

I think the government feels threatened because this bitcoin has blockchain technology that can see all existing transactions and no longer need to use a bank so I am sure the bank is also threatened so that banks threaten the government and government feel threatened from banks and bitcoin I am sure of that.

So you are saying that the function of banks is just to see the existing transactions that is being made in the country? No, that is not true. Banks has a lot of functions in a country and it is important.

Banks are not threatened by cryptocurrencies, Why? Yes, Bitcoin and other cryptocurrencies are decentralized, it is anonymous but in terms of transactions, payment method using banks are still great. Cryptos still has tranasaction fees though most of the banks don't have, it is widely accepted while cryptos are not and it is more quicker or faster than cryptos.

Ozero

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Quote from: MinSiu on September 27, 2018, 04:32:59 AM

For me, cryptocurrency can threaten governments because bitcoin has more remarkable features than fiat and it has a chance to replace fiat in near future

Governments, of course, do not like the non-controllability of decentralized crypto currency, its high price volatility, its virtuality, the unknown source of origin, not the provision of material values, and much more. Therefore, it does not hasten to legalize it, because it is about introducing someone else's money to go out. However, the Crypto-currency does not threaten the state. Any state is able to effectively defend itself against such threats. If the crypto currency will go. only in parallel with the national money of this state, it can even benefit this state, as Japan did.

Duogembrot

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I think the government feels threatened because this bitcoin has blockchain technology that can see all existing transactions and no longer need to use a bank so I am sure the bank is also threatened so that banks threaten the government and government feel threatened from banks and bitcoin I am sure of that.

Chrisjay29

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No other reason why other government threathen crypto. It because lot of people scamming by using crypto. If this people wont stop i think i cant see any future on crypto. Because if all country unite decision and they want to banned bitcoin in the world then all will be gone.

iMark

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Quote from: gunhell16 on September 26, 2018, 08:44:23 AM

Cryptocurrency is made for the people, they are the one to control the demand and price.
Unlike Fiat, the government is the one to control the supply.
Cryptocurrency has its supply limited.
this is why government afraid of crypto.

because the government does not have any control over crypto right, yeah they are afraid of that, then they try to control it in
various ways such as legalization and data verification? this was done so that the threat from crypto could be minimized

gambitcoin53

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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?

it is simply as govt are hiding something big under their sleeves, bitcoin and cryptocurrencies runs on blockchain and as we know, it is decentralized and anonymous, they know how blockchain works, govts have an issue on transparency of transaction, it is incorruptible and anti graft practices can be easily viewed, all the illegal transactions and under the table money transfer can be viewed by the whole chain. that is why most of the countries who banned bitcoin belongs to the known corrupt country in the world. shame.

Layers318

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It is very obvious that Bitcoin is the number one cryptocurrency which threatens the governments. This is largely due to the its huge user base on the market with a total history of anonymity. The governments wish to know the people behind these transactions in order to check money laundering, terrorism funding, drug trafficking etc.

sirohige

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I think maybe it's because this cryptocurrency is a digital currency that can be seen by all transactions by everyone so that the government is afraid that if it can't do corruption again, imagine if all systems in the government use blockchain technology.

qumeijia

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I don't think that Crypto currency doesn't threaten government, but it is just potentially decrease the taxation income our country. Let's imagine if Crypto is used for global currency and it is allowed and legalized as a mean of payments. Every one perhaps won't to use physical money, all are prefer to use Crypto for purchasing and paying (as we know Crypto rules very small tax/fee). It is absolutely decreasing the income of particular states.

qwerty12

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Of course, Cryptocurrency threatens the government. There is a cryptocurrency aspect that weakens the power of the government to control citizens' money.

Quote

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

Well, if the government is aware of the benefits associated with crypto taxation, I think that this will make crypto accepted by the government.

Clavulanic

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Quote from: South Park on September 27, 2018, 05:38:54 PM

Quote from: Robbio on September 27, 2018, 04:18:14 AM

When everyone uses cryptocurrency to trade, the government will not get any benefit, the tax can't be collected, and the government will go bankrupt because of the cryptocurrency. So the government will definitely cooperate with the cryptocurrency.

And how exactly are you planning that governments cooperate with cryptocurrencies? The developers of bitcoin are never going to introduce any kind of code that will allow the government to tax you directly, so governments will need to try to find a way to identify the people that are using bitcoin or any other cryptocurrency and even if they find a way to do that, we still have anonymous coins impossible to track.

It's not fair for bitcoin investors that Government will take over immediately without proper regulations to bitcoin, and possible corruptions will be initiated with that if not reviewed briefly. That's their threat because they can't control it's price to move to the limitless value and nobody can regulate the price in order to stabilized at sustainable price. Taxes will always be for fiat currency, and with regards to bitcoin taxes maybe the local trading can handle that over on their businesses.

South Park

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Quote from: Robbio on September 27, 2018, 04:18:14 AM

When everyone uses cryptocurrency to trade, the government will not get any benefit, the tax can't be collected, and the government will go bankrupt because of the cryptocurrency. So the government will definitely cooperate with the cryptocurrency.

And how exactly are you planning that governments cooperate with cryptocurrencies? The developers of bitcoin are never going to introduce any kind of code that will allow the government to tax you directly, so governments will need to try to find a way to identify the people that are using bitcoin or any other cryptocurrency and even if they find a way to do that, we still have anonymous coins impossible to track.

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