Topic: Why Cryptocurrency threatens governments - page 7. (Read 19893 times)
Bitcoin not threatens the government because bitcoin give best solution for seller or buyer if want to adopt bitcoin as payment transaction, if bitcoin become investment assets give benefit for investor get higher price with their investment. Threatens government by bitcoin is not true and not according what bitcoin want to give easy way for government with every transaction, bitcoin give transparent data for every transaction made by government to sent money to the other institution.
The government is not threatened by cryptocurrency, we must understand that their role is to protect us from bad actors who are taking advantage in unregulated industry. Tough regulations are implemented in order to protect the public interest and not just for the few, we are lucky that in most countries crypto is legal but unfortunate for those who ignore this technological change.
Just because the government afraid to crypto that it will become their big competitor when it comes to financial investment. And of course, simply because the government finds it illegal because they don't have and access to it and they believe that cryptocurrencies are being used by drug lords and criminals in their illegal transactions the reason why it threatens the government and monitors all the movement of crypto. 
The government is not threatened by cryptocurrency, we must understand that their role is to protect us from bad actors who are taking advantage in unregulated industry. Tough regulations are implemented in order to protect the public interest and not just for the few, we are lucky that in most countries crypto is legal but unfortunate for those who ignore this technological change.
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?
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?
Based on what I have observed, government always want to control every transaction happening and earn tax. Whereas with bitcoin it was anonymous and cannot track easily. Also, there is no additional payment that will charge by the government which we all know cost more money compared in crypto. In addition, When there is a business or something that doesn't charge by tax, the government will consider it illegal. Government always want a kickback.
Of course, potentially cryptocurrencies are competitors to the banking system and some governments are really afraid of the further development of cryptocurrencies and their global recognition. I believe that if it is reasonable and gradual to introduce technologies related to cryptocurrencies in the banking system, then we will all benefit from this.
If the banking system will adopt this chain it will bring a good help, the only issue is they are not in the position of seeing the potentials, they are afraid of this system as it can ruined the business. From that point the government fear that financial sabotage can be done by the help of cryptocurrency. Without control and jurisdictions money can flow around and it will be the safe haven for money launderers.There are some banks who are now starting to make a lot of test of blockchain technology and tokenization for their own system but they never announce that they fully support Bitcoin or other cryptocurrencies. We all knew that in the past and until now cryptocurrency is sometimes used for illegal activities which is alarming for the government.
I think the government does not like something that cannot be controlled. cryptocurrency cannot be controlled by anyone and free moves have no regulations. whereas the government is always authoritarian they always control the circulation of money through the central bank. and most governments reject cryptocurrency because crypto is anonymous and can be used for illegal transactions and also as a money laundering tool. they also fear that cryptocurrency can threaten national money.
There are many reasons for this, but the most important reason is that the crypto currency cannot be tracked.
States don't like money they can't watch and they see it as a criminal potential. Another reason is that crypto coins are threatening banks. There is no need for banks due the cryptocurrency because the person can be his or her own bank. In addition, recently some crypto exchanges are seriously threatening banks due to some features. For example, lending and borrowing transactions beginning in binance
In most cryptocurrencies most transactions can be followed and tracked, so that is not really the reason governments do not like cryptocurrencies, what happens is that banks have control of the governments and they understand very well that they are threatened by bitcoin since you can be your own bank, they know that cryptocurrencies are not really that powerful at the moment but if things begin to go badly for the economy bitcoin could grow very rapidly and they want to prevent that.States don't like money they can't watch and they see it as a criminal potential. Another reason is that crypto coins are threatening banks. There is no need for banks due the cryptocurrency because the person can be his or her own bank. In addition, recently some crypto exchanges are seriously threatening banks due to some features. For example, lending and borrowing transactions beginning in binance
Of course, potentially cryptocurrencies are competitors to the banking system and some governments are really afraid of the further development of cryptocurrencies and their global recognition. I believe that if it is reasonable and gradual to introduce technologies related to cryptocurrencies in the banking system, then we will all benefit from this.
If the banking system will adopt this chain it will bring a good help, the only issue is they are not in the position of seeing the potentials, they are afraid of this system as it can ruined the business. From that point the government fear that financial sabotage can be done by the help of cryptocurrency. Without control and jurisdictions money can flow around and it will be the safe haven for money launderers.
i'm just talking opinion, if the government approves cryptocurrency there will certainly be a binding regulation
maybe they feel threatened it will become backfire, because there may be demands to be transparent and afraid if it's known that people have saved a lot of money
maybe they feel threatened it will become backfire, because there may be demands to be transparent and afraid if it's known that people have saved a lot of money
The governments are afraid of cryptocurrency because the principle upon which cryptocurrency works opposes that of the governments. Cryptocurrency is decentralized whereas the governments are centralized. The decentralized nature of cryptocurrency takes the power of financial control from the governments and gives it back to the people.
Well.. it is complicated... and it depends on whether the government considers Bitcoin as an asset, or as a currency. If they consider it as a currency, then Bitcoin can pose a threat for them. Because in countries such as China (where the national currency gets devalued every now and then), the people will be temped to use Bitcoin instead of the Chinese Yuan or the other fiat currencies. This can take the power away from the government, as the fiat currency can become worthless.
However, if Bitcoin is used more as an asset, then I don't think that the governments need to lose their sleep over it. In such a scenario, Bitcoin doesn't pose a direct threat to the government authority. However, that doesn't mean that in such cases the governments don't need to care about Bitcoin. The popularity of Bitcoin can have a negative impact on the stock markets and real estate, which in turn can reduce the government tax revenue.
There are many reasons for this, but the most important reason is that the crypto currency cannot be tracked.
States don't like money they can't watch and they see it as a criminal potential. Another reason is that crypto coins are threatening banks. There is no need for banks due the cryptocurrency because the person can be his or her own bank. In addition, recently some crypto exchanges are seriously threatening banks due to some features. For example, lending and borrowing transactions beginning in binance
In most cryptocurrencies most transactions can be followed and tracked, so that is not really the reason governments do not like cryptocurrencies, what happens is that banks have control of the governments and they understand very well that they are threatened by bitcoin since you can be your own bank, they know that cryptocurrencies are not really that powerful at the moment but if things begin to go badly for the economy bitcoin could grow very rapidly and they want to prevent that.States don't like money they can't watch and they see it as a criminal potential. Another reason is that crypto coins are threatening banks. There is no need for banks due the cryptocurrency because the person can be his or her own bank. In addition, recently some crypto exchanges are seriously threatening banks due to some features. For example, lending and borrowing transactions beginning in binance
There are many reasons for this, but the most important reason is that the crypto currency cannot be tracked.
States don't like money they can't watch and they see it as a criminal potential. Another reason is that crypto coins are threatening banks. There is no need for banks due the cryptocurrency because the person can be his or her own bank. In addition, recently some crypto exchanges are seriously threatening banks due to some features. For example, lending and borrowing transactions beginning in binance
In most cryptocurrencies most transactions can be followed and tracked, so that is not really the reason governments do not like cryptocurrencies, what happens is that banks have control of the governments and they understand very well that they are threatened by bitcoin since you can be your own bank, they know that cryptocurrencies are not really that powerful at the moment but if things begin to go badly for the economy bitcoin could grow very rapidly and they want to prevent that. States don't like money they can't watch and they see it as a criminal potential. Another reason is that crypto coins are threatening banks. There is no need for banks due the cryptocurrency because the person can be his or her own bank. In addition, recently some crypto exchanges are seriously threatening banks due to some features. For example, lending and borrowing transactions beginning in binance
I think cryptocurrency will not threaten the government. Of the many cryptocurrency on the market, the only potential that is used as a means of payment is bitcoin but because of the small total supply, it is difficult to use bitcoin as a transaction tool. So I think our transaction will still use fiat money even though it will be digital
Not threaten but what the governments wants is control. A currency which the government control and dominates. The cant do this with bitcoin because no one owns it. In fiat, they can produce as many as the government want,but not in crypto which they do not own.
Yes they are, now they are starting to see bitcoin as an advantage for the economy to move forward, but there are still some countries who have bitterness against bitcoin. They wanted to control the blockchain because they feel so small for not having a control with it, you know, Government always wants power, but not with bitcoin.
Taxation is another issue here which gives government an income, but they slowly can regulate this through licenses.
Taxation means no harm to us, without taxation, there would be no community for us. The taxation makes the economy more luxurious and gorgeous than ever. The more taxes we pay, the more funds of the Government could use on providing shelter and services to us, it is for our own benefits also, though there are corrupt politicians who are stealing money from their own people.
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 some countries like Japan accept bitcoin? from what I know about financial freedom in the sense of technology, it takes a lot of courage for the government to accept it, there are still many weaknesses in digital currency, especially in anonymity and fluctuation, the government must consider whether there are many benefits to be gained. As far as I know bitcoin is still foreign to some circles, especially in terms of payment, digital currency has not penetrated in many circles.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?
For some governments that they have declared Crypto currency is illegal as they see it a threat to the country and to their citizens because Crypto currency can be used in illegal activities specially in money laundering. I just wonder of why did not trust the regulation in which it was proven that it can protect the use of Crypto.
There is this saying that goes like anything the Government is not able to control they ban. The decentralized nature of cryptocurrencies which gives does not allow governments to have control over it is what is preventing governments from legalizing or approving it. Also, cryptocurrencies would reduce a whole lot of corruption cases hence government officials can not abscond with the funds of nation without being noticed as the blockchain ledger is transparent and distributed as well.
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 some countries like Japan accept bitcoin? from what I know about financial freedom in the sense of technology, it takes a lot of courage for the government to accept it, there are still many weaknesses in digital currency, especially in anonymity and fluctuation, the government must consider whether there are many benefits to be gained. As far as I know bitcoin is still foreign to some circles, especially in terms of payment, digital currency has not penetrated in many circles. 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 doesn't want anything that is out of their control. It's decentralized nature is what the government doesn't want. They want us to use their monetary system which they said that their currency is worth something.
If you think about it at first, you'll think that what they're doing isn't good. But imagine a country with only bitcoin as currency, no banks, no taxes, no institution for regulation of price, inflation, etc. There would be no funds to keep the country going. Who would pay those government officials, law enforcers to do their jobs?
What I think the right way to say it is that government doesn't want decentralized system of currency took over their own currency. Most of us complain about taxes when in fact, we still rely on the government on maintaining peace and order in our society. No taxes -> no government -> pure chaos.
If you think about it at first, you'll think that what they're doing isn't good. But imagine a country with only bitcoin as currency, no banks, no taxes, no institution for regulation of price, inflation, etc. There would be no funds to keep the country going. Who would pay those government officials, law enforcers to do their jobs?
What I think the right way to say it is that government doesn't want decentralized system of currency took over their own currency. Most of us complain about taxes when in fact, we still rely on the government on maintaining peace and order in our society. No taxes -> no government -> pure chaos.
The governments hate cryptocurrencies because they want to control every financial transaction of their citizens, and as cryptocurrencies are anonymous and decentralized, it is almost impossible for governments to track these transactions and to charge taxes for them.
That's why they are all the time supporting the fiat and local currencies instead of cryptocurrencies.
That's why they are all the time supporting the fiat and local currencies instead of cryptocurrencies.
in short government are the ones that threaten cryptos and not crypto threatens the governments . crypto cant do anything to threaten or to destroy something but it can only improve one life or ones economy once it will be accepted and will be used in a good way .
the one you said above is true but there are other reasons on why govt's ban crypto , we know crypto is anonymous so criminals or criminal at mind will use these as an advantage to take advantage to someone . govt are sometimes concern to us .
Not have ideas how to get support crypto by government, what have to do make bitcoin or altcoin become legal transaction which all country want to regulation of bitcoin and altcoin, many of them want to fight with crypto and never give space for bitcoin and altcoin become legal peyment and banned crypto.
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