Why should government afraid of bitcoin?

regista

newbie

Activity: 26

Merit: 0

There's no evidence that most governments and banks have even heard of Bitcoin, let alone that they are "scared" of it.
And in any case, why would banks be scared of it? If Bitcoin was the only currency in the world, I'd still need to go down the Nationwide and borrow some to buy a house. Why would Nationwide care if my account is in Bitcoins or cowrie shells or Sharia-compliant gold?
Yes, the current monetary arrangements are unsatisfactory and yes, the new technology and new economy means that a new kind of money is on the horizon, but you haven't put forward a reasonable case for it being Bitcoin.
I read somewhere in the FT - can't find it by googling - last week that energy might be the future currency, and that sounded more believable to me.

Samueltalk

sr. member

Activity: 308

Merit: 250

I think personally, for a unilateral ban by Bitcoin by the government might have a big impact on our country's economy, they would still review the profit and the loss if it prohibits digital assets in this country. maybe the government will ban the use only, not ban the ownership of assets and trade.

offthecuff

member

Activity: 238

Merit: 23

Quote from: Indrawan77 on December 19, 2017, 07:07:59 PM

Recently bitcoin had become a hot issue in a lot of countries and some in heavy discussion to banned bitcoin, from what I see the government is too lazy to look for solutions, blockchain is the new concept of transactions and bitcoin is one of the future currency, instead of looking bitcoin as a threat, the government should look bitcoin as the future coin and should find a way to adapt it, if the government keep on finding excuses to ban bitcoin then the country will be left behind

bitcoin really help people to get a better life, bitcoin provide more job opportunities and ways to increase income, so actually bitcoin also help the country to become better, bitcoin got so many potential and positive sides, why the government only see bitcoin from negative perspective, why the government so afraid of adapting bitcoin?

I think the main reason why governments are afraid of bitcoin is because they cant control it like they can their own currency. Look at the British Government, they have tried for the last few years to get out of the rut the banks left them in by quantitative easing, this wouldnt have been possible with bitcoin, although arguably they wouldn't have had to bail the banks out if we all used Cryptocurrencies either!

The issue of tax could be solved if they were willing to work at it, but having worked with government officials in the UK i don't think there is the intelligence nor the appetite to allow a new system to flourish.

wolf one

member

Activity: 133

Merit: 22

In my opinion, the government is not afraid of bitcoin, the government's good intentions, in addition to the prevention of systemic financial risks, but also want to through strict supervision, protect the vast number of non-recognition of retail households involved in this huge casino.

gundala

full member

Activity: 896

Merit: 108

Technology and bitcoin developments do have a positive impact, the government is aware of it, but it also brings negative impacts that still have not found effective preventive measures to reduce it. So some governments do not ban it as a whole, there are some parts that are prohibited. For example, bitcoin should not be used as a means of payment within their country, but it is not forbidden to have it just to be careful because the government does not guarantee any losses.

Because there is no official administrator who controls it, it is very vulnerable to speculation, it can be used for illegal transactions, terrorism financing, black market, etc. That's what the government is worried about. They just want to maintain the economic stability and security of their people.

bunsd

member

Activity: 102

Merit: 13

Because the government has no control over bitcoin, some people use bitcoin to make illegal transactions and riot financial order in the marketplace.

kriticko29

full member

Activity: 336

Merit: 100

Quote from: Indrawan77 on December 19, 2017, 07:07:59 PM

Recently bitcoin had become a hot issue in a lot of countries and some in heavy discussion to banned bitcoin, from what I see the government is too lazy to look for solutions, blockchain is the new concept of transactions and bitcoin is one of the future currency, instead of looking bitcoin as a threat, the government should look bitcoin as the future coin and should find a way to adapt it, if the government keep on finding excuses to ban bitcoin then the country will be left behind

bitcoin really help people to get a better life, bitcoin provide more job opportunities and ways to increase income, so actually bitcoin also help the country to become better, bitcoin got so many potential and positive sides, why the government only see bitcoin from negative perspective, why the government so afraid of adapting bitcoin?

In our country bitcoin is somehow being prevented by the central bank due to its high value and many people we're able to got a fortune even if they don't have the enough resources to earn that much. They freezes bank accounts and questioned the owner where did they got it from.

brotherwood12

member

Activity: 686

Merit: 30

people get money by bitcoin, but hard for goverment to determine taxes because the system of bitcoin itself
i think that
so goverment didnt get benefit from it

btcluisdiki

member

Activity: 448

Merit: 10

Quote from: r1a2y3m4 on January 15, 2018, 06:18:52 PM

In my opinion, governments are afraid of bitcoin and the other alt coins because they have no way of controlling it. It is decentralized which means the people actually have the power and no government have dominion over them. I think bitcoin and altcoins are hard to regulate, this is another factor why governments are afraid.

Another one factor that is hovering around my mind is that the legislators themselves are afraid of losing their money. Adapting these alt coins means that fiat will be of lesser value and when you have too many fiat tendency is you will be afraid that you money will lose value and they are uncertain when to convert those to digital currency.

I have read an article before that only 10% of all the money in the world are printed and the rest are stored in accounts.

In my opinion, because of the lack of central authority is the very reason why governments are afraid of bitcoin cryptocurrency. Control over of the currency has many downstream that affects to the business environment. All of the government controls will be lost since non government bodies had created their own currencies.

r1a2y3m4

full member

Activity: 504

Merit: 127

Match365> be a part of 150BTC inviting bonus

In my opinion, governments are afraid of bitcoin and the other alt coins because they have no way of controlling it. It is decentralized which means the people actually have the power and no government have dominion over them. I think bitcoin and altcoins are hard to regulate, this is another factor why governments are afraid.

Another one factor that is hovering around my mind is that the legislators themselves are afraid of losing their money. Adapting these alt coins means that fiat will be of lesser value and when you have too many fiat tendency is you will be afraid that you money will lose value and they are uncertain when to convert those to digital currency.

I have read an article before that only 10% of all the money in the world are printed and the rest are stored in accounts.

Karakyli

full member

Activity: 280

Merit: 100

It is the lack of centralized control over the processes - the main reason why governments are afraid of crypto-currency.
Control over the currency has many different hidden currents, especially in the framework of the fiscal policy of the country, the business environment, and, of course, crime control. If Bitcoin, or other crypto currency, will be widely accepted around the world as the main means of payment, the entire banking system may lose its relevance. To many, this idea may seem tempting and not without sense, however, it is a double-edged sword. If your account is hacked, where to call?

949miner

sr. member

Activity: 448

Merit: 250

Stake & Vote or Become a IoTeX Delegate!

Quote from: Holopopstyir on January 15, 2018, 05:46:02 PM

Because it is uncontrollable. With certain algorithms anonymous. It's all that any government fears.

Just another newbie posting in here with zero activity.... mhhh this is clearly a new both trying to get some activity points in here!

And this question has already been answered twice in here, i do not understand why you all are still trying to ask the same questions once and once again, it is bullshit.

Everybody knows that they are afraid of it (or maybe not) because it is exactly the opposite as what they are.

Holopopstyir

member

Activity: 350

Merit: 11

Because it is uncontrollable. With certain algorithms anonymous. It's all that any government fears.

simonbakla02

newbie

Activity: 43

Merit: 0

They are afraid of it because it can replace the banks that we are using meaning it can affect the economy. Why? Because they're not the ones who are handling or controlling the bitcoin but rather anonymous persons and it has no tax.

hitrawal91

full member

Activity: 462

Merit: 101

BitcoinSN - The Real Bitcoin!!!

The government should and even other people who are using bitcoin should make a note of this points before using the bitcoin. There are chances of getting hacked by the virus which was made viral by the hackers so that they can steal the database. Ransomware cyber attack is a great example of this point.Similarly, the corruption between the Politicians and the Citizens of the country will get increased to a new extent where the government can't control the situations etc. Like this, there are many ways for the government to get afraid.

Jessica2009

full member

Activity: 348

Merit: 100

Bitcoin is a digital decentralized cryptocurrency which is not controlled by any central body the government has no power in controlling bitcoin like other currencies.Bitcoin transaction is done without much time and fees over the world and the transaction is done peer-to-peer and no middle man has a role in bitcoin transaction.So these may be the reason for the government to be afraid of bitcoin.There is no way for the government to check how many bitcoins are in the hands of the laymen so they cannot impose any taxes over bitcoin holders.

BTcoint

hero member

Activity: 553

Merit: 500

Governments all over the world control major big banks with applied rules and regulation and not to forget those banks are the third party player which against bitcoin main idea so they are gonna to lose control of everything if bitcoin officially adapted .

Snaic

full member

Activity: 658

Merit: 102

There are many reasons why states fear bitcoin.
First, cash flows in bitcoin can not be controlled. That is, bitcoin does not recognize territorial borders and the funds can leave the state uncontrollably, which will very badly affect the country's economy.
Secondly, the anonymity of bitcoin creates obstacles to taxation of this type of activity and creates extensive opportunities for its use for illegal purposes.
Third, volatility and large volatility of bitcoin also have a negative impact on the economies of countries.
Fourthly, the high cost of bitcoin in comparison with national currencies is also a threat to the stability of the existence of the national currency.
Fifth, the last increase in the price of bitcoin to $ 20,000 clearly showed that bitcoin is growing only due to the speculative speculative demand for it, that is, it is inflated as a financial bubble, which means that if it bursts, it will also negatively affect the country's economy.

Rj Manik

full member

Activity: 448

Merit: 100

I think, some country government think, people make Money trafficking, invest money on Militant organization,Terrorist Rental and other Offense Through Bitcoin.If people always use virtual money then real money prices down and economic system make problem.That reason government afraid bitcoin.

klim75

member

Activity: 196

Merit: 10

1) Firstly, because it's hard to tax and bitcoin does not bring benefits to the government

2) Secondly, bitcoin is not traceable, it is difficult to regulate, can go beyond the state without control.
I think the goverment should find a way to adapt it and shouldn't afraid of bitcoin

Topic: Why should government afraid of bitcoin? (Read 280 times)