Topic: Why Cryptocurrency threatens governments - page 9. (Read 19893 times)
The governments are afraid of cryptocurrency because of its decentralized nature which makes the governments unable to own total control over the financial transactions of the people. Typical example is Bitcoin. However, the governments cannot collapse Bitcoin irrespective of the laws they may set in a particular country.
Cryptocurrencies do not represent a threat to governments and majority of them doesn't even think so. The thing is that they don't want to stop the progress that cryptocurrencies represent but they want that to be under certain conditions and one of them is regulation. In.modern societies everything is regulated in a way according to some rules in order to functioni properly within.society so cryptocurrencies are not exception.
The threat is not to the governments, but to the economies. And a bad economy can negatively impact the hold of the government on the general public. But I would rather say that as of yet, Bitcoin hasn't grown enough to challenge the government or to have a big impact on the national economy. But the governments are wary about Bitcoin user base increasing with every passing year.
Cryptocurrencies do not represent a threat to governments and majority of them doesn't even think so. The thing is that they don't want to stop the progress that cryptocurrencies represent but they want that to be under certain conditions and one of them is regulation. In.modern societies everything is regulated in a way according to some rules in order to functioni properly within.society so cryptocurrencies are not exception.
The threat is not to the governments, but to the economies. And a bad economy can negatively impact the hold of the government on the general public. But I would rather say that as of yet, Bitcoin hasn't grown enough to challenge the government or to have a big impact on the national economy. But the governments are wary about Bitcoin user base increasing with every passing year.
Cryptocurrency threatens the governments because most of the cryptocurrency are decentralized. If the cryptocurrency dominate the world then the power will be brought back to the people and not to those government officials and they will no longer have control to the people. The only danger is if the people will become abusive to the power of decentralization.
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 that governments are designed so that every thing happening in their country stays under their control and something which doesn't is smuggling. So same is the case in Cryptocurrency too. Cryptocurrency and their supply is not controlled by the government and nor they can tax this income if they do not account for this income. This makes them to ban Cryptocurrencies. This is radical in small economies because large inflow of Cryptocurrencies can lead to increased aggregate demand therefore leading to a situation of high inflation beyond the control of governments. 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 because crypto will take away the governments power over fiat currency. If by chance crypto will be massively accepted as an alternative to fiat and it's centralization will stay, the government will lose control over the fund and most people will switch to crypto. Cryptocurrency has gave the people's right for privacy and anonimity.
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?
I think cryptocurrency is not threatening the governments of each nations. Instead, its giving opportunity to help the economy of their own country. Because, why some other country adopted the sytem of blockchain technology, like Australia, Russia, Europe, also most of the Asian country too are adopting the cryptocurrency, it showed only that its not threatens the government.
Cryptocurrencies do not represent a threat to governments and majority of them doesn't even think so. The thing is that they don't want to stop the progress that cryptocurrencies represent but they want that to be under certain conditions and one of them is regulation. In.modern societies everything is regulated in a way according to some rules in order to functioni properly within.society so cryptocurrencies are not exception.
Governments really fear cryptocurrency, but not because it threatens their existence or carries another threat to them. Just cryptocurrency operates on completely different principles than governments work. It is very difficult for governments to control cryptocurrency. It does not directly interact with the state economy and, in fact, is alien to it. Also, cryptocurrency presents a certain difficulty for governments in collecting taxes on profits from this type of activity.
- Well, crypto does not threaten the existence of a government system but it threatens the interests and rules that the government establishes, and not only that, it also threatens the community that the government always protects, the people of a country, a lot of cases report that they have been scammed and lost their assets silly into crypto. The threats that crypto is creating are still being restricted by the government, if there is a surge in the near future, the government will probably have special treatment.Absolutely I agree.
It should be added that the cryptocurrencies prevent the state from monitoring and setting rules for them. In the capitalist order, the free market economy is valid, but bureaucrats prevent individuals from being free by constantly restricting us and introducing new regulations.
Blockchain and it's future will be a revolution for all this.
Cryptocurrency gives power to the people but fiat gives the government power and control, so they will have to see how to regulate it so they don't loss their control over the people. Once the government can't dictate your financial life, then you are free to a reasonable degree, at least you are not going to be living like a slave.
Majority of governments are taking the “wait and see” approach when it comes to adoption of cryptocurrency with the argument that adoption of this new technology could require considerable expenditures to adapt the already existing products and services. It will be difficult for governments to develop or even introduce new products and services at the lower prices that blockchain is offering which means a challenge in maintaining loyal customers. The idea of having full control over your own funds is also being embraced by the majority of people out there which governments see as threats to their banks. Governments should be threatened by this new digital currency as is could possibly eliminate all the centralization that is affecting most financial systems globally.
Crypto currency was a government threat before as it was used in illegal activities like money laundering and scams but now i don't see any direct threat to the economy anymore because most of the countries are now adopting the crypto as it was proven that it will bring prosperity but not misery to the government because it was carefully regulated.
Fiat money were mostly used for any illegal activities compared to the crypto currencies then why they didn't think fiat as more threaten to their country? So this is not the reason why it threatens the government,only reason is decentralization and never can be controlled by anymore. Governments really fear cryptocurrency, but not because it threatens their existence or carries another threat to them. Just cryptocurrency operates on completely different principles than governments work. It is very difficult for governments to control cryptocurrency. It does not directly interact with the state economy and, in fact, is alien to it. Also, cryptocurrency presents a certain difficulty for governments in collecting taxes on profits from this type of activity.
- Well, crypto does not threaten the existence of a government system but it threatens the interests and rules that the government establishes, and not only that, it also threatens the community that the government always protects, the people of a country, a lot of cases report that they have been scammed and lost their assets silly into crypto. The threats that crypto is creating are still being restricted by the government, if there is a surge in the near future, the government will probably have special treatment.
Governments really fear cryptocurrency, but not because it threatens their existence or carries another threat to them. Just cryptocurrency operates on completely different principles than governments work. It is very difficult for governments to control cryptocurrency. It does not directly interact with the state economy and, in fact, is alien to it. Also, cryptocurrency presents a certain difficulty for governments in collecting taxes on profits from this type of activity.
- Well, crypto does not threaten the existence of a government system but it threatens the interests and rules that the government establishes, and not only that, it also threatens the community that the government always protects, the people of a country, a lot of cases report that they have been scammed and lost their assets silly into crypto. The threats that crypto is creating are still being restricted by the government, if there is a surge in the near future, the government will probably have special treatment. Crypto currency was a government threat before as it was used in illegal activities like money laundering and scams but now i don't see any direct threat to the economy anymore because most of the countries are now adopting the crypto as it was proven that it will bring prosperity but not misery to the government because it was carefully regulated.
Yes, I agree what you said, in the early year of bitcoin, many illegal activities come up using bitcoin, we all know the anonymity that bitcoin can give you and that the reason why many government sectors become threaten to bitcoin. But when many regulations and laws were created to secure the people's transparency, security, money, etc. the scams and frauds become lessen. Now the adopting come up, and many establishments embrace cryptos because they see the bright and helpful picture. 
Crypto currency was a government threat before as it was used in illegal activities like money laundering and scams but now i don't see any direct threat to the economy anymore because most of the countries are now adopting the crypto as it was proven that it will bring prosperity but not misery to the government because it was carefully regulated.
Governments really fear cryptocurrency, but not because it threatens their existence or carries another threat to them. Just cryptocurrency operates on completely different principles than governments work. It is very difficult for governments to control cryptocurrency. It does not directly interact with the state economy and, in fact, is alien to it. Also, cryptocurrency presents a certain difficulty for governments in collecting taxes on profits from this type of activity.
The governments are afraid of the decentralized nature of cryptocurrency especially with Bitcoin which has the largest market dominance. The governments are centralized and wish to always have control over the financial aspects of the lives of the people. However, Bitcoin does not allow this but rather takes this power from the governments and gives it back to the people.
Cryptocurrency scares the governments because it is a complete practice of decentralization which allows the people to gain absolute financial freedom without the interruption of any third party. Here, transactions can be scanned but the entities involved are not known. With this, the government thinks it is being robbed of its power to hold control over the financial transactions of the people. Also, some governments are of the conception that crypto is involved in drug trafficking, the purchase of stolen materials on dark web, money laundering etc.
Btw the last proposal is true and we can't deny that but at the same time the real problem is that government doesn't want crypto adoption because of that reason and also because that people who have ban on bank accounts or have unpaid loan. can still touch money online. So they want adoption but at the same time they want control on it, that's why they are lost in vein, but as I see they slowly start adopting, for example it's possible to pay taxes in btc in Ohio state. 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?
So far, leading states, including the United States and European Union states, have come to the conclusion that cryptocurrency does not pose any threat to global financial stability. Moreover, cryptocurrency does not pose a threat to the existence of specific states or their governments. Cryptocurrency is still too small and cannot significantly affect the global financial system. If she walks along with the national money of states, then she will even be able to benefit both citizens and the state as a whole.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?
At the same time, cryptocurrency is not even able to threaten the existence of states and their governments.
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