Topic: why do governments don't make BTC illegal worldwide ? - page 52. (Read 8116 times)
Different government has their own thinking upon bitcoin as well other digital currencies. Some countries, in specific Japan, China, Australia has got a positivity over bitcoin. This has made them adopt it as an legalized currency. So maybe the one who learn it in a better way might support bitcoin in the future.
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
You are very correct, bank and government work hand in hand and they both see bitcoin as a triat to their authority over our financial activities.BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
Because with bitcoin you are almost invisible to be trace and also bitcoin eradicate the the profits banks and the government generate from you transactions.
So the government will not want that to happen and in such may see bitcoin as a no go area in most countries of the world. But with more knowledge in bitcoin any country that want their economy to grow will welcome the ideas of trading with bitcoin as that will boost the economic activities of the country.
The problem is that even if governments do make Bitcoin illegal world wide, they would not be able to shut it down completely. After all, Bitcoin works individually of the banks and thus the government. This means that governments have no real control over Bitcoin. Sure they can make it illegal, but it doesn’t stop people from using it other than the fact that it is illegal. Unless the citizen is an extreme patriotism and has extremely good morals, he/she would still use Bitcoin. Look at Ecuador for example, Last year, they banned Bitcoin and all other cryptocurrencies, implementing their own national “cryptocurrency” instead. Not it is not really a cryptocurrency since it is basically supposed to complement the national dollar. But my point is although Bitcoin was banned, people still use it. So in truth, there is no point in banning Bitcoin. But as in the example of Ecuador, some governments still do.
Right on the target! Governments have zero control over bitcoin usage. They don't even know who are bitcoins holders and cannot trace them. Even if they can, with thousands of users, it would cost them a lot of money, time and other resources. Practically, bitcoins are unstoppable.
The problem is that even if governments do make Bitcoin illegal world wide, they would not be able to shut it down completely. After all, Bitcoin works individually of the banks and thus the government. This means that governments have no real control over Bitcoin. Sure they can make it illegal, but it doesn’t stop people from using it other than the fact that it is illegal. Unless the citizen is an extreme patriotism and has extremely good morals, he/she would still use Bitcoin. Look at Ecuador for example, Last year, they banned Bitcoin and all other cryptocurrencies, implementing their own national “cryptocurrency” instead. Not it is not really a cryptocurrency since it is basically supposed to complement the national dollar. But my point is although Bitcoin was banned, people still use it. So in truth, there is no point in banning Bitcoin. But as in the example of Ecuador, some governments still do.
Cash can already be untraceable to an extent.
Making bitcoin illegal wouldn't solve much, especially since the entire world capitalization is 1% at best.
Making bitcoin illegal wouldn't solve much, especially since the entire world capitalization is 1% at best.
The governments are concerned because Bitcoin is being used for a lot of criminal activities. This include the purchase of illegal substances such as narcotics and weapons, as well as the payment of ransom and bribes.
If that happens the government should provide a preventative solution.
may, in each country have their own laws. some countries, see bitcoin as a very good technology, and can be developed. but, some countries also see bitcoin as a threat. maybe they are seeing the negative side of bitcoin. but, bitcoin is so sophisticated technology, so it will not be illegal around the world.
Because government can still profit from it through taxes that they got from the exchange that we are using. Instead of getting rid of it, they knew that people would still use it so instead of fighting it, they join by regulating it and make it legal instead. They can see that cryptocurrencies are getting popular and more people are choosing it in times of uncertainty. Before, gold is the one chosen by people to hedge against uncertainty but now bitcoin is the one rallying instead of gold as evidenced by this article:
https://www.forbes.com/sites/panosmourdoukoutas/2017/08/30/bitcoin-is-the-new-gold/#367f9e1b3b36
https://www.forbes.com/sites/panosmourdoukoutas/2017/08/30/bitcoin-is-the-new-gold/#367f9e1b3b36
Cash can already be untraceable to an extent.
Making bitcoin illegal wouldn't solve much, especially since the entire world capitalization is 1% at best.
Making bitcoin illegal wouldn't solve much, especially since the entire world capitalization is 1% at best.
The governments are concerned because Bitcoin is being used for a lot of criminal activities. This include the purchase of illegal substances such as narcotics and weapons, as well as the payment of ransom and bribes.
Cash can already be untraceable to an extent.
Making bitcoin illegal wouldn't solve much, especially since the entire world capitalization is 1% at best.
Making bitcoin illegal wouldn't solve much, especially since the entire world capitalization is 1% at best.
I really do not know why is the government do not patronize these things. You know to help their country succeed right? Or just making it legal on their country for the private sector to have decency in payment? They should make btc legal in this world.
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
You simply cannot side with the banks all the way. You have to give a certain amount of freedom to the people. Otherwise, if you really want to hold the people in their necks, then time will come the same people will rise against you. If the people tend to support some modern inventions such as Bitcoin, the government cannot simply say no to it.
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
It is because they cannot do it in the first place. A government has its own jurisdiction and there is no such thing as worldwide government. Yes there are worldwide organization but they lack the power to impose such. So the only way to make Bitcoin illegal worldwide is to make all nations to unite and illegalize Bitcoin, but that will never happen.
I do not know, if we look at it, bitcoin is a very good technology for all countries. even that can reduce unemployment in the world. but for some people, maybe bitcoin could be a threat to increasing numbers of illegal transactions. so maybe there are some factors that make bitcoin not yet legal
good is a subjective term in this sense; some authoritarian governments that like to control every facet of how their economy is regulated might see bitcoin and blockchain technology as a threat, wheras people like us, who take an interest in the topics mentioned, might see it the complete opposite. 
I do not know, if we look at it, bitcoin is a very good technology for all countries. even that can reduce unemployment in the world. but for some people, maybe bitcoin could be a threat to increasing numbers of illegal transactions. so maybe there are some factors that make bitcoin not yet legal
Wait Time! Ya is just a matter of time, for a corrupt Government, Bitcoin may be considered trivial and worthless, but for a good Government they will appoint the people of their choice to learn about the performance of Bitcoin, and most importantly how to organize and transparent it so that the crypto market this is more secure and its many benefits to the wider community.
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
I think it's because the government already realized that they could also take advantage of bitcoin. It's not impossible that even the government itself is using bitcoin. The only reason why bitcoin is a threat to banks which would make the government consider bitcoin illegal is that bitcoin is decentralized. There is no way that the government and banks could limit it.
Many in the Bitcoin space share this idea that BTC (or other another cryptocurrency) could replace fiat money or become a world reserve currency altogether. I don't think that's realistic. Bitcoin is much more like a commodity than a currency. It makes sense for governments to have cryptocurrency reserves like they do gold reserves.
To say that central banks and governments can't control the market fluctuations of Bitcoin is also to say the same of gold or oil. Like BTC, commodities have no central issuer, but the markets can certainly be influenced and manipulated by state actors.
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
It is because they cannot do it in the first place. A government has its own jurisdiction and there is no such thing as worldwide government. Yes there are worldwide organization but they lack the power to impose such. So the only way to make Bitcoin illegal worldwide is to make all nations to unite and illegalize Bitcoin, but that will never happen.
Governments, even if want, can't really ban Bitcoin or cryptocurrencies in general. The problem is it exists on internet and controlling or banning anything on internet is time consuming and it would take lots of resources and hence isn't worthwhile. Just like darkweb or torrent. Even after they are illegal, they are surviving and thriving. So will be the case with Bitcoin. Rather in that case everything will happen without government knowing anything. So by making it legal, government can atleast have a watch on exchanges or can tax Bitcoin for their profit. Moreover, not all governments are wary of Bitcoin.
Thanks for your answer. I accept all your arguments saying there is no reason for governments to make it illegal BUT if we expand the reflexion beyond bitcoin and consider all the crypto world. Everything could become tokenized and made entirely private. In such a situation all the people on Earth could exchange services and goods for decentralized crypto private money out of government scope. This would mean that FIAT money will only be useful to pay taxes for states. But what if we build tokens to manage infrastructure in a P2P liquid democracy token way ? No more governments useful. So yes BTC and crypto in general is a threat to the current society organization and power distribution. This is what I like about it. Knowing this, If only USA and UE decide to make crypto use and mining a crime (which is quite easy to prove even if transactions are made entirely private), crypto could collapse. Don't you agree ?
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
That's the fear behind this system being held liable in any illegal act around the web but still its a choice from the people who loves to explore I'm sure government already notice this and from place to place they already begin to find sorts of ways to avoid this system being abuse. Nonetheless it will be hard for government to completely interfere with cryptocureency. BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?
Whats the point of just banning bitcoin, when people will just get outraged since they would have lost money, and they would go to extreme lengths to get back that money.
Instead the governments are now taxing bitcoin and they are able to earn some money off of this. They still might fear it in the future, but right now, it seems that the government doesn't really mind Bitcoin.
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