Topic: Why Goverment is not recommending to use digital currency such a bitcoin? - page 15. (Read 2242 times)
October 13, 2017, 09:34:03 PM
They don't recommend using digital currencies specially cryptocurrencies because they don't control it.
October 13, 2017, 09:32:08 PM
To support to digital currency there is need of infrastructure to support such digital virtual payments. Along with infrastructure there is issue of exchange rate against particular countries fiat currency. And last one important thing that interest of government in blockchain technology.
If government think that they are capable to offer such infrastructure then such countries are accepting Bitcoins, but poor and undeveloped countries don't have such support in technical matter.
digital currencies are available in all country. But bitcoin is a cryptocurrency, It is fully digital. They don't have any physical currency in bitcoin. Developed countries currency value are high range. Poor and developing countries value are low range. So government will not support to bitcoin. Main reason is most of the people are not aware in bitcoin. If government think that they are capable to offer such infrastructure then such countries are accepting Bitcoins, but poor and undeveloped countries don't have such support in technical matter.
October 13, 2017, 09:28:15 PM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
I think the main reason why government of a cretain country do not support bitcoins is basically because they cannot control it, that's why they disencourage the people to use it. For example, let's say that the use of cryptocurrency is legal in a particular country what do you think will happen? I'm sure that laborers in different industries will prefer bitcoin as their salary instead of fiat money because it has no income tax. Everyone will also prefer to use digital wallets instead of storing their money in banks because it's faster and more practical. If all these happens, where the government will get their funds for their projects? None!
Governments do believe that their eonomy will fall down because of bitcoins
October 13, 2017, 09:24:23 PM
Because your government worries too much about your safety and life quality, so they don't want to see you in danger making profit with shady currencies online. They want to encourage you to use your currency to boost the local economy and help them to rise your country. 
October 13, 2017, 09:23:26 PM
Interests, politics, stability. There are too many reasons. I don't think any country really likes to use a virtual currency that exists only on the Internet, because it doesn't even know where bitcoin's founders are. And virtual currencies would compete directly against the country's benchmark currency, and each government would not be a fool. Of course, the emergence of bitcoin and blockchain is undoubtedly great, and it's always been!
October 13, 2017, 09:07:07 PM
Mainly, it can be used to money laundering. So it's difficult for monero etc to keep raising in a long run, I think. And if the currency is weak, nobody will be using the fiat.
October 13, 2017, 09:06:20 PM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
Because digital currency has no monetary policies and decentralize currency. As digital currency is non traceable and govt does not have control on it.
one thing govt is afraid from price (today 5600 US Dollars).
October 13, 2017, 08:58:39 PM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
Its just because the government cant control the bitcoin transactions and also a decentralized that they afraid that it might be used in illegal activities such as money laundering, smuggling, drugs or explosives and scam. All of these are the main reasons of why they dont like the bitcoin currency because they are just protecting the welfare of their people but all of these can be avoided if they will just regulate the bitcoin before they legalize it so sometimes i think they have other reasons behind.
October 13, 2017, 08:50:25 PM
I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?
It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.
It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.
yes it is true, because every government has its own regulation, let alone it concerns the life of its people. And it may be that some governments fear that using a digital currency such as bitcoin will reduce the exchange rate of the country's own currency.
October 13, 2017, 08:46:07 PM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
the government doesn't want cryptocurrencies because they can't control it or manipulate it or even regulate it. it is not backed by the country's economy, the government can't print more of it. the user or citizen has full power, can you see why government who is supposed to "govern" doesn't like that idea very much ?? 
October 13, 2017, 08:41:31 PM
i have always thought the big reason was that it lacks consumer protection being irreversable .
People are dumb, a government could never recommend a digital currency like BTC, people would get scammed like they do their credit cards and paypals, and expect the company or gov to just reverse it and make it go away
ya , not with BTC haha
People are dumb, a government could never recommend a digital currency like BTC, people would get scammed like they do their credit cards and paypals, and expect the company or gov to just reverse it and make it go away
ya , not with BTC haha
October 13, 2017, 08:39:35 PM
It depends on what government are you talking to. Japan and Australia are open about using it and allowed bitcoin to coexist with their national currencies. China and the US, however tend to still pose some major concerns about cryptocurrencies in general. I understand where China and the US is coming from about their negative stance on bitcoin, but again every currency can be used in illegal ways or manners and not only bitcoin, so I think somehow these countries need to be educated more about cryptos in general.
October 13, 2017, 08:21:03 PM
Government Fear of price changing in Few Seconds...
Such as IF Government want to transfer money to other country to purchase goods and They will buy at 5700$ , Next day they going to transfer and see value was decreased by 500$ and Don't think so they will send Few $$$ , they will invest million of usd $$ , even Single $ price up down they need to face issue , Bitcoin price going up down upto 500$ in a single day.
On the other side,
Government can save money and time when they use Bitcoin , or they can create their own virtual currency which can transfer in other countries
many countries are plaining of this thing already.
in upcoming 25 years 99% of people will know about bitcoins at that time we dont know supply of bitcoin may be ended... as their are limited amount of bitcoins left.
Such as IF Government want to transfer money to other country to purchase goods and They will buy at 5700$ , Next day they going to transfer and see value was decreased by 500$ and Don't think so they will send Few $$$ , they will invest million of usd $$ , even Single $ price up down they need to face issue , Bitcoin price going up down upto 500$ in a single day.
On the other side,
Government can save money and time when they use Bitcoin , or they can create their own virtual currency which can transfer in other countries
many countries are plaining of this thing already.
in upcoming 25 years 99% of people will know about bitcoins at that time we dont know supply of bitcoin may be ended... as their are limited amount of bitcoins left.
October 13, 2017, 08:13:09 PM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
They can't control it, it is open to scammers or people who simply do not have your best interests remotely in their mind and are seeking to profit off of your greed or whatever else they can think of, something a lot of people will willing subject themselves to on a regular basis. But the big point is that they simply cannot control the volume and value of the currency, meaning that they government now has to be more frugal with their spending, which means that governments are going to have a harder time trying to fulfill socialist promises they made, as well as being less able to stimulate the economy due to not having the ability to inject a bunch of fiat into the system.They cannot use a currency they have zero control over because it simply cannot work with the current dogma that is modern governments.
October 13, 2017, 08:12:10 PM
I think it is because bitcoin is decentralized that the government cannot control it and i think they are afraid so they are not supporting it.
Government is nothing other than just group of people controlling government. Government with such crappy and uneducated people will never support to bitcoin, But developed countries are testing blockchain technology and its possibilities. Blockchain is a great technology offering ultimate solution for better future of human being.
World is already entered into new era of economics and finance with Bitcoin invention. If governments accept and adopt such changes then it will bring revolution and transparency in system.
October 13, 2017, 08:03:06 PM
Most people know of it here, but there's no great reason to adopt this one coin in particular for most of those that aren't already in it.
Besides, can it really handle the load as it is now?
Besides, can it really handle the load as it is now?
October 13, 2017, 07:54:01 PM
It' not that they're against digital currencies per se. They're against cryptocurrencies in general because they cannot control it. Historically, these same cryptocurrencies have been used as tools for money laundering, tax avoidance, and crybercrime, so they actually have reasons to justify not recommending them.
I'm fairly sure they're fine with digital currencies for as long as they're managed by central banks. There are a few countries which have already floated around this idea. It sucks, but such is life.
I'm fairly sure they're fine with digital currencies for as long as they're managed by central banks. There are a few countries which have already floated around this idea. It sucks, but such is life.
October 13, 2017, 07:49:45 PM
I think it is because bitcoin is decentralized that the government cannot control it and i think they are afraid so they are not supporting it.
October 13, 2017, 07:48:54 PM
To support to digital currency there is need of infrastructure to support such digital virtual payments. Along with infrastructure there is issue of exchange rate against particular countries fiat currency. And last one important thing that interest of government in blockchain technology.
If government think that they are capable to offer such infrastructure then such countries are accepting Bitcoins, but poor and undeveloped countries don't have such support in technical matter.
If government think that they are capable to offer such infrastructure then such countries are accepting Bitcoins, but poor and undeveloped countries don't have such support in technical matter.
October 13, 2017, 07:32:05 PM
I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?
It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.
It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.
Jump to: