Why should governments accept Crypto currencies? - page 15.

GERMO COIN

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Quote from: Dadaro on October 12, 2018, 08:47:12 AM

the government should use bitcoin for the purpose of security, like avoiding money counterfeiting, and it is unhackable the best feature of it.

Bitcoin can indeed avoid money counterfeiting, but remember that in addition to good features Bitcoin also has weaknesses that can harm the government, that is Bitcoin cannot be tracked so that crime, money laundering (corruption) and tax evasion can occur using Bitcoin, so before accepting Bitcoin the government must first think of ways so that this cannot happen if the government legalizes Bitcoin.

Zeque02

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Goverment should accept bitcoin because of its usefulness and safest way in manipulating own money through sending money and different payments. It also give extra income to people who are willing to join different bounty program and investment.

farosa

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If we think paper money is unlimited, it's the right choice for bribery. Bitcoin has a limit and it is impossible to increase or decrease unlike paper money. Crypto can definitely take counter-fraud in the economy, so it is not accepted.

pixie85

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Quote from: snatoshi on October 14, 2018, 10:59:08 AM

Because they will avoid corruption since all transactions are traceable Grin

A very good point.

I think they should also do it because people want them to. We have democracy, don't we? If enough people vote for Bitcoins to be accepted they will have no other choice than to do it. Ok there's another choice, turn into totalitarianism and fight those who want changes.

Spiritual

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"Every transaction in blockchain technology is recorded and they are made public for everyone to see. This technology is more transparent and it's hard to get away if any illegality is found.
"

hitrawal91

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Quote from: Kakmakr on October 12, 2018, 05:21:32 AM

We are led to believe that almost all governments are corrupt and that most officials and even leaders of the world are bought.

We saw this for instance with the US elections where rumours are doing the rounds that massive amounts of money were channelled from foreign countries to influence the outcome of the election. This money had to be laundered through shell companies via Banks and complex money laundering systems.

All of this leaves paper trails and this can later be followed and investigated to find the true origin of this money.

Now think about this, why would "corrupt" governments want to appose Bitcoin and Crypto currencies, if they can use it to hide their "corrupt" practices? Would it not make sense just to allow it and then use it to further their political aspirations?

The push back from these corrupt governments does not make any sense. Could it be that they know that Bitcoin and Crypto currencies are not "anonymous" at all and that these transactions can be traced and for this reason they are apposed to it?

Curious to know what you are thinking. Wink

Because they are very much suitable for this and government can keep a track on every transaction.See Bitcoin is based in blockchain technology and if they can accept blockchain why can't they accept crypto.I agree it decentralized currency but still it can improve the financial system and can make it more transparent.Another main reason is if Bitcoin comes the popularity suddenly goes above dollars and that can bring equality in terms of currency in the market which dirty global politics.

Dysfunctional

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Things about politicians, they don't want to get their hands dirty in front of mass people. They do it behind closed doors. So even if bitcoin is convenient for their illegal money, they can't approve of it on their own because then people would start to question their motive. Perhaps, they are waiting for a movement from public for legalization of bitcoin. This way they can keep their hands clean.

waitforme

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There are many reasons for the government to accept Bitcoin and Cryptocurrency. In particular, countries with high inflation need to release or use Bitcoin as a common currency to reduce inflation. Bitcoin cannot add so it can not exploit and will be solved.

Truthful333

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Although cryptocurrencies are anonymous, politicians cannot simply do their dirty works publicly. Many believe that politicians hold a large amount of crypto but it is hidden from public.

devinks

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the government must accept the crypto currency because it is very profitable for a country, especially a country that is difficult to advance. with crypto received, what the government wants will be achieved. but this needs control and regulation if the crypto currency is safe.

Squeamish

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Most goverment wants to centralize their monetary systems for general citizens. This is done so that they can keep an eye on the flow. Who knows, maybe government's individuals are using cryptocurrency for their selfish gains and we might never find out.

kaya11

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They are afraid of the developments of the blockchain technology and what it might bring in the near future. Freedom of information and a smart city run fueled by crypto and blockchain, no more hiding the details. They are stopping the roots of crypto and it is BTC and they are making all they can to cut it in order to stop it further. Imagine elections with the use of blockchain where people have their pk's with them and a blockchain network that cannot be breach and manipulated by the governments, these are just some possibilities.

ubercool

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Frankly speaking, no government will implement a decentralized open system with regards to currency, but if this happens then the population of every country will be having less issues with ease of use, transparency, ownership and issues with inflation. Governments should consider using crypto.

rickn

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The question could be also why do governments want to ban and avoid crypto market development? Most of them do not accept the decentralized world

ahmad21

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Politicians are corrupt everywhere, the fact that everyone knows!!

Government authorities are more interested in fulfilling their personal interests over the welfare of their countrymen. And in order to give boost to their personal corrupt motives, they can go to any limits.

And how can then we expect them to shift entirely to a system that is decentralized, beyond their control and is transparent; which apparently are the characteristic traits of the crypto market. So this is obvious that the government officials will not promote the crypto market.

nicster551

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Quote from: Kakmakr on October 12, 2018, 05:21:32 AM

We are led to believe that almost all governments are corrupt and that most officials and even leaders of the world are bought.

We saw this for instance with the US elections where rumours are doing the rounds that massive amounts of money were channelled from foreign countries to influence the outcome of the election. This money had to be laundered through shell companies via Banks and complex money laundering systems.

All of this leaves paper trails and this can later be followed and investigated to find the true origin of this money.

Now think about this, why would "corrupt" governments want to appose Bitcoin and Crypto currencies, if they can use it to hide their "corrupt" practices? Would it not make sense just to allow it and then use it to further their political aspirations?

The push back from these corrupt governments does not make any sense. Could it be that they know that Bitcoin and Crypto currencies are not "anonymous" at all and that these transactions can be traced and for this reason they are apposed to it?

Curious to know what you are thinking. Wink

They are going to accept it, but I guess they will have a huge regulation for that since they can't control crypto because it is decentralized.

lyks15

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I think government will need to accept bitcon because it can help our country in many terms and aspects especially in the number one problem in the world which is poverty. All we know that poverty is the biggest problem at any country but when government will ooen their mind and will be realistic in accepting and using bitcoin poverty will reduce because bitcoin can be source of income to provide their family needs. It can also make netizens more comfortable and make their business transaction easier. And I think it will be posaible in a long time process because all we know that there are so many negative people about bitcoin even it already proved that it can help all of us.

princesspoppy

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Bitcoin and blockchain cannot be control and trace that is the reason why government don't like bitcoin. They are afraid that bitcoin will fail and vanish like a bubble that will lead to massive loss of money of the investors investing and believing in cryptos. Government doesn't want that to happen.

As for using bitcoin in doing transactions and hiding corruption of government officials will be an advantage and very useful tool to them as you have mentioned that it is recorded in blockchain and that no one can trace it (like what we believed in). But governments can do almost everything they want. They can hide their identities by cooperating and paying banks they use in doing transactions. Blockchain will ot be needed in order to do that. As long as they get what they wanted using the old system, they won't be needing bitcoin and blockchain.

snatoshi

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Because they will avoid corruption since all transactions are traceable Grin

bering

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I don't know the exact reason why my government still not legalize cryptocurrency but indeed if they legalized it then they can have it even for money londering tool cryptocurrency can be good tools because not just like fiat then crypto can hide their funds corruptions but in my view most of them eventually will have cryptocurrency even someday crypto illegal or officially legal

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