Topic: Why the disagreement between the Government, Bank and Bitcoin? (Read 442 times)

Both the government and the banks are just fighting for their own selfish interest, the government are against bitcoin because of their own selfish interest, they know that they can’t control Bitcoin that’s why they are against bitcoin, anybody can hold any amount of bitcoin and the identity of the person will be unknown, not like bank that they are having your information’s already that government can have it whenever they need it. Bitcoin is having a fix total supply, it can’t be increased or reduced, not like fiat currency that the government can decide to print more money and throw them into circulation at any moment.

Government keeps on claiming that bitcoin is used for illegal activities but we all know that’s not the main reason they are again bitcoin, if they are against bitcoin because it can be used for illegal activities, then they should be against fiat currency also, any illegal activities that bitcoin can be used for, fiat currency can also be used for it.

The banks are against bitcoin because they believe they believe the more people are adopting bitcoin, the more they will keep on losing customers, most people that knows about bitcoin don’t really save money in banks again, most of them prefer investing in bitcoin which will affect banks because they will keep on losing customers, am sure that’s why banks are against bitcoin.

However many banks know the potential of Bitcoin. They are using blockchain for many services that they provide and development is occurring for that in many banking institutions. They might run fiat economy as per the orders of the government but things might change in future where the government becomes more lenient and start allowing crypto and then these banks will come out with their full armamentarium.

Though this might be longshot, for now we should focus on storing bitcoin as much as we can while the time is still ripe.

Bank follows government orders and act according to its rules. Now many users wants Banks to show some cooperation towards crypto users and their payments. But crypto have this decentralised nature, that is it cannot be controlled by any government or banks. Hence banks shows negative attitude towards the crypto with collaboration with the government. This is the main reason for which the disagreement still continues.

I'm trying to think of something else in this case.
Conditions where disagreements and differences in principle between banks and bitcoin are indeed contradictory, create conditions where such sparks must continue to occur.
Banks behind which there is a government do not want anything more powerful than them because this can slightly hinder conditions where their control over the people who are under them is slightly reduced so it is quite clear that with the existence of bitcoins this possibility happens because the people who are in bitcoin are already aware that they can be more flexible with bitcoin when compared with banks. As for the reasons for criminal terrorists, electricity and others, these are just classic reasons that are exaggerated. I think they should have realized that weakening with things like this can no longer happen.

And yet Elon Musk is wrong with his notion that bitcoin mining has a severe effect on the environment. There are other industries as well, like banks that have a negative impact on the environment.


And the debate could go on and on, the only thing that the government has is power, then can outright ban bitcoin if they want, (just like what China did to mining, and then US SEC going after the exchange like Coinbase and Binance and there could be some entity behind this witch hunt.)

In the Bitcoin community, there can be many opinions and attitudes towards different points of view. While it is true that some Bitcoin enthusiasts may strongly defend their views, it is incorrect to generalize this behavior to all Bitcoin players. When someone like Elon Musk expresses concern about Bitcoin's environmental impact due to mining, it can lead to debates and discussions in the Bitcoin community.

Likewise, when governments or other organizations make claims that Bitcoin is involved in illegal activities, Bitcoin advocates' rebuttals are supported by evidence, which is a natural thing. Transparency and the ability to track transactions on the Bitcoin blockchain are indeed seen as advantages in combating money laundering and illegal activities.

The control aspect is often a point of contention, as Bitcoin's decentralized nature challenges the traditional centralized control exercised by governments and central banks over monetary systems.

Have you ever picked up on the continuous scuffle between the age-old establishment and the emergent one? The picture brings to mind seniors wrestling with state-of-the-art smartphones. The revolutionary power dynamic brought by Bitcoin is quite unpalatable to the governmental and banking sectors. Envision a birthday bash where the guest of honor is a menace to your monopoly over the cake. Pretty sour scenario, no?

Hazards of Bitcoin? Indubitably, they abound. But aren't the perils associated with anything freshly-minted? Rewind to when the World Wide Web was portrayed as a hub for crooks, but behold! It's now our society's keystone.

And these Bitcoin enthusiasts, they're far from merely engaging in idle bickering. They're digging their heels in, advocating for a future of finance that's not centralized. They can be likened to David standing up against the government and banking Goliaths. With enough focus, Bitcoin could well become the proverbial pebble that brings the colossal ones down.

Regarding Bitcoin players arguing with each other, this can have many different causes. Some participants may have different views on the development of Bitcoin or their investments may be affected by its price movements. Also, like any other community, the Bitcoin community also has different interest groups and viewpoints, which can lead to conflicts and arguments.

There are various reasons why governments and banks are against Bitcoin.  Financial control, Bitcoin is a decentralized cryptocurrency that is not controlled by any government or financial institution. This could reduce the financial control of governments and traditional banks. Anti-money laundering and illicit activity, due to Bitcoin's decentralized nature, it can be used to carry out illegal activities or launder money more easily than traditional financial means. This raises concerns for governments and banks in regulating the use of currency. Lack of active efforts on regulatory compliance and user protection, due to lack of legal standardization, security, and user protection, Bitcoin may make participants vulnerable to fraud or loss their money. This causes concern and negatives the image of Bitcoin in the eyes of governments and banks.

The whole point of Bitcoin is to avoid the banking system and take control of your own money without the government and banks.

That way banks are losing money and the government is losing control over us and our money. Bitcoin is making it harder for government to tax us, so it's another huge reason why they hate crypto.

They cannot allow money that they can't control to exist, that's why they are trying to fight crypto.

Government finds it difficult to control and sees the potential money laundering problem in Bitcoin.
Banks see it as an alternative to their monopoly and are threatened about their future existence although banks have a lot more functions that Bitcoin does not have like lending/depositing to start with.

Banks have started blockchain as a technology for their application and services but not bitcoin explicitly. Of course my take on this is that both will co-exist and eventually people will learn to use banks for its niche uses that Bitcoin cannot provide and use bitcoin for payments parallely. I am skeptical about DeFi and its uses and have observed that the buzz has reduced a lot in the recent year. How much they will complement bitcoin remains for the future.

The reason is simple, the government does not want Bitcoin to grow and shift their financial products and become a payment option that will be used by the wider community. The government has strong reasons to be able to prohibit the adoption of crypto, as in my country the government here uses a law that prohibits the use of Bitcoin and Altcoins as a substitute for currency, this violation will be subject to criminal penalties and fines. That's why most Bitcoiners often have disagreements with the government because they really don't want Bitcoin to get bigger and be adopted by many people and these Bitcoiners want that Bitcoin can be used freely globally..

Bitcoin is decentralized and has no control from a central bank or government agency, which somewhat reduces the ability of governments to intervene in the economy.

I think, with time government will accept Bitcoin to allow their economy grow faster like other countries that accepted it some years ago to create more jobs opportunity to their youths to grow financially in the country. The reason why bank and government are against Bitcoin, that is making them to spread bad news about Bitcoin is because they don't want to lose their selfish interest, because that is where they are getting their sources of income from. But one day, government and bank will definitely submit to Bitcoin for the people to know that Bitcoin is very important to humanity and every government need to make it legal for the betterment of their country.

Not only your country but most other countries have legalized bitcoin and cryptocurrencies as commodities or property. But I don't think they're afraid of bitcoin, they've seen its tax potential and don't want to ignore it. Second, I think there is no reason for them to accept bitcoin as a currency, whether centralized or decentralized. Because they're doing well with the fiat they've created, only people like us have a problem with fiat and need to replace it. But with them, they are content with what they have.

It should be awfully obvious why this is the case, in the case of the examples you bring forward the internet and the electric companies were just new industries that were born and that the government had no problems supporting as the wealth they would generate will benefit them in the form of taxes and jobs for their citizens.

But bitcoin is different, bitcoin is a direct competitor to some of the functions of the government and banks, as bitcoin competes against fiat currencies directly and as a store of value, and neither of those two parties appreciate any competition on their fields.

And it's no secret, business competition, of course. Perhaps, they are overwhelmed now that BTC growth is inevitable. Banks also require users to deposit and BTC as well. But if you look at current developments, it's up to the issue of skepticism or not from the government or other financial institutions, I note that the current circulation of money is mostly crypto and banks are just bridges to be able to store funds to be able to buy coins and tokens on trading platforms and terminals to withdraw fiat ..

This used to happen in my country, Government is against Bitcoin. However, after several years passed and finally Bitcoin was officially legalized in my country, especially now, they are actually very welcome to Bitcoin. yes, since they get quite significant income from taxes or whatever it is from crypto for the country. However, the next problem is that the government only legalizes Bitcoin as a digital commodity asset, not as money or a legal means of payment. So, Bitcoin is not used here either as a means of payment for various reasons. One of them is price volatility which might harm some parties (their reasons). Or the government and banks will not be able to control and manage Bitcoin because of its decentralized nature. This is the point, because the government and also banks are not able to control it, so they may still be seriously considering using it.

That was then when bitcoin was firstly established government was against bitcoin but it was not generally like across the country it is different country government that is was against the development of Bitcoin burner the stress and the frustration of Bitcoin by government has reduced so I believe that we cannot say that god bank and the government is against bitcoin again like before

Bitcoiners are against anyone voicing a different opinion based on facts. For example Elon Musk says bitcoin mining is not eco-friendly so he's canceling adoption, but that's something that's not true - so it's only natural that some people would fight him with the truth at hand.

We can take other examples like government says bitcoin is just tool to help terrorists and money laundering, but when you know that it is wrong with facts - then you might fight it with truth. Governments and their minions will try to put lots of restrictions on bitcoin so that user interest and trust in it diminishes, but anyway I think the end goal is because they can't control bitcoin.

You took it way too far from what I meant. The quarrel happens online and bitcoiners also take it to the streets to point projectors with bitcoin logo on banks and top governmental offices. Such thing happened in Frankfurt. Whereas on the internet it's been multiple arguments and posts from bitcoiners that shade on banks and their activities. Nobody is expecting a rally, as the banks are not taking it to the streets too, it's all an online dispute. For instance, if the JP Morgan CEO makes a bad comment on bitcoin, you'd see lots of negative responses from bitcoiners towards the CEO's point of view. That's the kind of quarrel I meant on my post, thanks.