Why the disagreement between the Government, Bank and Bitcoin? - page 4.

qwertyup23

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Quote from: Accardo on May 28, 2023, 06:08:08 PM

Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so? I mean, Electricity came, the government and the bank accepted it and placed an electricity bill, the internet came they both accepted it and the Government works with ISPs to take bills from data subscriptions. Bitcoin came they took advantage of centralized exchanges, yet they're not satisfied. I've read multiple bad reasons placed on bitcoin volatility, fraud, etc, and don't see it tangible because every innovation has its risks and importance.

On the contrary, why do Bitcoiners quarrel with them? knowing that they, Government and Bank, got no strong evidence to tarnish the image of Bitcoin completely. I think the quarrel will make Bitcoin very famous to the extent that both opponents will have no other option than to submit to Bitcoin.

The simplest answer is because BTC is freedom from control.

Governments and banks somehow imply a degree of control financially. There is this association whenever we hear these words in which a certain good would be regulated and controlled in a way depending to their liking. This is exactly on why BTC was created in order to have the freedom of transactions anywhere. It frees itself from the regulation and control of banks and the government in which BTC is used under the blockchain for transactions.

Accardo

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Quote from: Yatsan on May 28, 2023, 06:20:13 PM

Taxation and regulation. These two are the conflicts which differ this blockchain to banks, and to why some governments are against adoption of this technology. This technology is decentralized and that means transactions cannot be regulated and taxed unlike with bank transactions wherein regulation is obvious which is also the reason why it is taxed. There's no need for a tangible reason which somehow makes sense given that this technology runs through online for being a digital currency. Governments simply has the power whether to allow it or not to whatever reason they have. As long as this technology won't be supported by the mass public, then things would just continue for years. The only thing we could do is to wait for further developments to happen for this industry since not all things could be forced.

From your perspective, I'd call it corporate greed. They want to take charge of every single transaction that occurs on the blockchain, but find it difficult to achieve. And they can't believe that a technology was thought out exceptionally well to be above their control; the regulation has been delaying for years, it pisses them off to see citizens escaping the taxes they get from banks. How long will the public be held back from doing what they want, maybe they don't understand bitcoin yet. The government is powerful yes, but bitcoin is always a step ahead.

Quote from: Yatsan on May 28, 2023, 06:20:13 PM

The only thing we could do is to wait for further developments to happen for this industry since not all things could be forced.

Do you mean technical or financial developments?

Nwada001

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They will not completely agree with Bitcoin, which is far behind what they will list among their reasons for fighting to regulate it. The government can't just approve and embrace Bitcoin with open hands because they are afraid of it. It's a trait of their financial system; it gives the citizens financial freedom and control over their wealth.

The bank is afraid and will be racist toward Bitcoin because it is taking food from their table. If more people embrace Bitcoin and take away all their deposits from the banking sector, the banks won't have what to use for their lending services, what they can charge users for transaction fees, and every other means by which they are earning from their customers. If you are to be any of the aforementioned parties, will you gladly embrace what seems negative to your business?

Zaguru12

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Quote from: Accardo on May 28, 2023, 06:08:08 PM

Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so? I mean, Electricity came, the government and the bank accepted it and placed an electricity bill, the internet came they both accepted it and the Government works with ISPs to take bills from data subscriptions.

The government and banks will not accept bitcoin easily like they embraced other technologies you mentioned simply because it will cripple their manipulation on monetary assets like it. Had bitcoin been a coin that its price could be manipulated by a central body the government will have accepted it. But its decentralization is a big problem to the government. The government will love to have control and also make changes to things on the network just like how the interest rate of banks are fluctuated by them, but with bitcoin you need consensus before implementing any proposal.

As for banks it will definitely limit the charges they charge people using fiat like stamp duty and such if bitcoin is been used. Not to talk of unnecessary charges when trying to convert from one currency to another. So the only problem this two have with bitcoin is the fact that it can’t be tamed or controlled by them

Yatsan

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Taxation and regulation. These two are the conflicts which differ this blockchain to banks, and to why some governments are against adoption of this technology. This technology is decentralized and that means transactions cannot be regulated and taxed unlike with bank transactions wherein regulation is obvious which is also the reason why it is taxed. There's no need for a tangible reason which somehow makes sense given that this technology runs through online for being a digital currency. Governments simply has the power whether to allow it or not to whatever reason they have. As long as this technology won't be supported by the mass public, then things would just continue for years. The only thing we could do is to wait for further developments to happen for this industry since not all things could be forced.

Ndabagi01

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Quote from: Accardo on May 28, 2023, 06:08:08 PM

Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so? I mean, Electricity came, the government and the bank accepted it and placed an electricity bill, the internet came they both accepted it and the Government works with ISPs to take bills from data subscriptions. Bitcoin came they took advantage of centralized exchanges, yet they're not satisfied. I've read multiple bad reasons placed on bitcoin volatility, fraud, etc, and don't see it tangible because every innovation has its risks and importance.

The government and banks will never agree on bitcoin or reach a consensus since it is just out of their hands and there is nothing they can do about it. The terrible reputations they're assigning to bitcoin are the least they can do to slow its adoption. Even crimes that were prevalent prior to bitcoin are now being attributed to it, which was not suppose to be so.

Quote

On the contrary, why do Bitcoiners quarrel with them? knowing that they, Government and Bank, got no strong evidence to tarnish the image of Bitcoin completely. I think the quarrel will make Bitcoin very famous to the extent that both opponents will have no other option than to submit to Bitcoin.

Allow the quarrel to continue since, in my opinion, it is only increasing the popularity of bitcoin and increasing public awareness of it. And as bitcoin enthusiasts, what we need to do is make it clear to people that bitcoin has nothing to do with the negative connotations that have been associated to it, and to tell them that it is also a reliable means to save money.

Accardo

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Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so? I mean, Electricity came, the government and the bank accepted it and placed an electricity bill, the internet came they both accepted it and the Government works with ISPs to take bills from data subscriptions. Bitcoin came they took advantage of centralized exchanges, yet they're not satisfied. I've read multiple bad reasons placed on bitcoin volatility, fraud, etc, and don't see it tangible because every innovation has its risks and importance.

On the contrary, why do Bitcoiners quarrel with them? knowing that they, Government and Bank, got no strong evidence to tarnish the image of Bitcoin completely. I think the quarrel will make Bitcoin very famous to the extent that both opponents will have no other option than to submit to Bitcoin.

Topic: Why the disagreement between the Government, Bank and Bitcoin? - page 4. (Read 369 times)