Why Cryptocurrency threatens governments - page 2.

HarmonyA

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Quote from: celestinamoore on September 17, 2018, 04:39:49 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?

Cryptocurrency is a threat to government because it is base on the philosophy of decentralized currency. Government want to control all financial transactions across the globe, so that they can place intermediaries and collect charges for all financial movements.
This will enable them monitor money laundering and place sanctions where necessary.

hahay

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If the problem is about taxation, it would be better for the government to accept and create any institutions that can regulate the use of bitcoin so they can apply the interest rates that they normally do in traditional banks. Indeed, it seems impossible but when the use of bitcoin and adoption continues to grow, the government will definitely implement regulations that at least with the use of crypto will also help improve the country's economy which in my opinion it would be better to do if compared to rejection because they felt threatened or any reason which makes it more complicated.

TinaK

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it is reversely asked it seems because Government and business entities only returning Bitcoin and not allowing Bitcoin to be a regular usage currencies throughout the world like how we are using US dollars.
If they accept the Bitcoin in any country as the the regulated and accepted currency it will be reach to many people.

huige007

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Quote from: Spaffin on January 18, 2020, 09:11:33 AM

Quote from: FLoving on January 17, 2020, 02:49:00 PM

Quote from: wheelz1200 on January 17, 2020, 02:32:08 PM

Governments have an issue with crypto because they dont understand how to control it. How can they make sure taxes are paid, how can they track usage and payments. These are all things that can be done within the current monetary system. Little by little they are warming up to it because they are finally starting to understand it.

Yes they have these issues with the cryptocurrencies but if they will study the whole system of blockchain they will understand that the citizens will not deny to pay taxes if they will legalize cryptocurrencies and will provide facilities for the users of cryptocurrencies. If they will facilitate us then we will also pay fees the same as we are paying to the exchanges.

Of course, you can find many different reasons why the government does not want to legalize cryptocurrencies and the main reasons have always been the lack of opportunities to implement control of the cryptocurrency turnover and taxation of users who are anonymous cryptocurrencies owners. But it seems to me that we still need to pay attention to the government’s ability to print new money, which is why inflation is growing. If people use Bitcoin, their number is limited and governments will not have the ability to manipulate funds.

Cryptocurrency is decentralized, its value is controlled only by the users not by the government. In this way it can easily reduce inflation and make the state of countries with poor currency more stable. It is controlled by computers so no authority can manipulate it. This is the biggest and only threat the governments have of cryptocurrency, as they never want to lose their control over money. Not only money it is the control of whole economy.

btccashacc

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The reason why crypto is a threat to them because of its decentralized nature, when you use crypto they literally can't control your money and the fund can not be taxed, also they don't even know who's behind that address. In order to solve this issue, they might create their own cryptocurrency as you've seen some country are trying to develop their own, something that centralized so they can control it.

Spaffin

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Quote from: FLoving on January 17, 2020, 02:49:00 PM

Quote from: wheelz1200 on January 17, 2020, 02:32:08 PM

Governments have an issue with crypto because they dont understand how to control it. How can they make sure taxes are paid, how can they track usage and payments. These are all things that can be done within the current monetary system. Little by little they are warming up to it because they are finally starting to understand it.

Yes they have these issues with the cryptocurrencies but if they will study the whole system of blockchain they will understand that the citizens will not deny to pay taxes if they will legalize cryptocurrencies and will provide facilities for the users of cryptocurrencies. If they will facilitate us then we will also pay fees the same as we are paying to the exchanges.

Of course, you can find many different reasons why the government does not want to legalize cryptocurrencies and the main reasons have always been the lack of opportunities to implement control of the cryptocurrency turnover and taxation of users who are anonymous cryptocurrencies owners. But it seems to me that we still need to pay attention to the government’s ability to print new money, which is why inflation is growing. If people use Bitcoin, their number is limited and governments will not have the ability to manipulate funds.

FLoving

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Quote from: wheelz1200 on January 17, 2020, 02:32:08 PM

Quote from: celestinamoore on September 17, 2018, 04:39:49 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?

Governments have an issue with crypto because they dont understand how to control it. How can they make sure taxes are paid, how can they track usage and payments. These are all things that can be done within the current monetary system. Little by little they are warming up to it because they are finally starting to understand it.

Yes they have these issues with the cryptocurrencies but if they will study the whole system of blockchain they will understand that the citizens will not deny to pay taxes if they will legalize cryptocurrencies and will provide facilities for the users of cryptocurrencies. If they will facilitate us then we will also pay fees the same as we are paying to the exchanges.

wheelz1200

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Quote from: celestinamoore on September 17, 2018, 04:39:49 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?

Governments have an issue with crypto because they dont understand how to control it. How can they make sure taxes are paid, how can they track usage and payments. These are all things that can be done within the current monetary system. Little by little they are warming up to it because they are finally starting to understand it.

FLoving

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Quote from: ?? on ??

Quote from: Captain Corporate on January 17, 2020, 11:13:47 AM

This is the big lie that people tell to themselves when their investments don't work out for them very well, or when they want to get the conspiracy theorists involved with bitcoin. Governments are not threatened by bitcoin at all, they have all the regulations to ban it if they want to, they won't be able to "stop" crypto all together but if there is no exchanges in your country that can do fiat to btc and vice versa, you will have a hard time using it as well, if its illegal you will have hard time even owning it. They don't, why? Because blockchain and bitcoin could basically equal to rich getting richer by just manipulating it and making money however and whenever they want, thats why.

Yes it is true if there are not available exchanges in your country, it would become difficult for you to use it. But the increasing trend of Bitcoin, its wide success and advantages lead a huge number of people coming toward it. This will surely make it common among people and then it will be accepted by the governments also. It is also true somehow that governments are threatened by the bitcoins because it will take control of them over everything.

If a person do not have any exchange available in their country then they have to encourage people to use bitcoin and have to start giving lessons about its benefits and investment and the profit in its investment so these people will need to buy bitcoin and you will be there to sell your bitcoin to them. It will create a community of crypto in your place and will solve your issue. If you will do that efforts then after that you can think that your government may also come to legalize bitcoin in your country.

Boov

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Quote from: Captain Corporate on January 17, 2020, 11:13:47 AM

This is the big lie that people tell to themselves when their investments don't work out for them very well, or when they want to get the conspiracy theorists involved with bitcoin. Governments are not threatened by bitcoin at all, they have all the regulations to ban it if they want to, they won't be able to "stop" crypto all together but if there is no exchanges in your country that can do fiat to btc and vice versa, you will have a hard time using it as well, if its illegal you will have hard time even owning it. They don't, why? Because blockchain and bitcoin could basically equal to rich getting richer by just manipulating it and making money however and whenever they want, thats why.

Most of the people are afraid when it comes to investments because they believe that they have the tendency to be involve in a scam but ones they try a project but it work well definitely they will be encourage and motivated. What they really need to believe is the proof that trading and investing is really good because of the money that you can earn in an easiest and efficient way.

Captain Corporate

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This is the big lie that people tell to themselves when their investments don't work out for them very well, or when they want to get the conspiracy theorists involved with bitcoin. Governments are not threatened by bitcoin at all, they have all the regulations to ban it if they want to, they won't be able to "stop" crypto all together but if there is no exchanges in your country that can do fiat to btc and vice versa, you will have a hard time using it as well, if its illegal you will have hard time even owning it. They don't, why? Because blockchain and bitcoin could basically equal to rich getting richer by just manipulating it and making money however and whenever they want, thats why.

breathlessz

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Quote from: damar09 on January 17, 2020, 09:19:00 AM

Quote from: celestinamoore on September 17, 2018, 04:39:49 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?

the government limits crypto, aims to limit transactions that can be said to be anonymous, and prevents money laundering, perhaps one of the glasses we need to know. because it will be very dangerous if that happens, maybe for crypto hunters it does not matter, if on a global scale it is necessary to guard, because it will harm many residents who do not know cryptocurrency

more citizens who do not know cryptocurrency than those who already understand it, of course the government protects more citizens, except in a country where the majority is a bitcoiner, of course the government will consider it, if it is deemed beneficial for the progress of a country, for example from the tax sector

damar09

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Quote from: celestinamoore on September 17, 2018, 04:39:49 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?

the government limits crypto, aims to limit transactions that can be said to be anonymous, and prevents money laundering, perhaps one of the glasses we need to know. because it will be very dangerous if that happens, maybe for crypto hunters it does not matter, if on a global scale it is necessary to guard, because it will harm many residents who do not know cryptocurrency

posi

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Quote from: hulla on January 17, 2020, 08:32:40 AM

Quote from: huige007 on January 16, 2020, 12:24:07 PM

Quote from: outatime1 on January 14, 2020, 10:08:37 PM

Decentralized cryptocurrencies take power and control away from the government. They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

There is this division of power among the state and the citizens. Bitcoin take that all power from the government and gave it in users hands. This lose of power is not accepted by the government in any case. Government never want citizens to take hold of the power, it want them under their command and control.

You make some good point because the exact reason (liberty) which the crypto enthusiast choose to support bitcoin was also among the reason some of the government's choice to be against bitcoin but the government shouldn't totally blame because the false statements said about crypto and the uprise of crypto scam which was the reason why KYC come into picture was also some major reason the government believe crypto to be a threat.

I strongly believed the liberation features of cryptocurrency was the first impression that make the government see cryptocurrency as a threat to their power and fiat currency cause i did some research which i find out that fiat currency was to be backed by the government. Mind you, the issue of crypto havent happen in the early days of crypto and the government are already against it.

hulla

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Quote from: huige007 on January 16, 2020, 12:24:07 PM

Quote from: outatime1 on January 14, 2020, 10:08:37 PM

Decentralized cryptocurrencies take power and control away from the government. They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

There is this division of power among the state and the citizens. Bitcoin take that all power from the government and gave it in users hands. This lose of power is not accepted by the government in any case. Government never want citizens to take hold of the power, it want them under their command and control.

You make some good point because the exact reason (liberty) which the crypto enthusiast choose to support bitcoin was also among the reason some of the government's choice to be against bitcoin but the government shouldn't totally blame because the false statements said about crypto and the uprise of crypto scam which was the reason why KYC come into picture was also some major reason the government believe crypto to be a threat.

huige007

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Quote from: outatime1 on January 14, 2020, 10:08:37 PM

Decentralized cryptocurrencies take power and control away from the government. They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

There is this division of power among the state and the citizens. Bitcoin take that all power from the government and gave it in users hands. This lose of power is not accepted by the government in any case. Government never want citizens to take hold of the power, it want them under their command and control.

Twentyonepaylots

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Quote from: outatime1 on January 14, 2020, 10:08:37 PM

Decentralized cryptocurrencies take power and control away from the government. They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

The fact that bitcoin is much more secure when you compare it to fiat takes it up a notch. and more than that with bitcoin, the power is in the consumer's hands. Not in the 2% of the wealthiest people in the planet. And can even cross boundaries without that much problem

awik p

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what we usually hear from the government is they are afraid of cryptocurrency being misused for drug trafficking, money laundering, terrorism, and they also say that bitcoin is a bubble, so it is risky for the finances of its people, but in my country the country does not legalize it, but the people may have to bear it personal risk

onrise

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Quote from: princesspoppy on January 03, 2020, 09:52:50 PM

The opportunities cryptos offer to people to earn money, to have full access to their assets without relying to any third party that the government can control, and the taxation that should be paid by people to their government that is somehow lessen because people are earning from cryptos that the government can't have access with are some of the reasons why government are threathened by cryptocurrencies.

One of the main reasons is that their country currency goes down if people start using crypto as they can easily buy and sell and carry international this crypto and make payment through it rather than using their Fiat currency . Also they think it can be misused to greater extent .

Negotiation

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Even if the cryptocurrency threatens the government I think government agencies will eventually accept the crypto because when they know that the government can exploit the crypto to do various illegal acts then it will fall under the control of the government. One of the reasons for the government to impose cryptocurrency rules is that cryptocurrency banks threaten the cryptocurrency government for not receiving any subsidy from the government.

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