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.

Bitcoin truly is not tangible because it is intangible.  A digital or virtual currency has no physical form that can be touched or felt.  Government cannot consider Bitcoin as money because of the issue of being a store of value since the government believes that Bitcoin is too volatile to be considered one.


Bitcoiners do not quarrel with the government and banks.  They are just citing the obvious on how these two institutions exploit people and how the government wants to control the cash flow of its constituents.  if Bitcoiners quarrel with the two institutions, you could have seen Bitcoiners making an aggressive rally and assaulting these two institutions, but we never see that happen, do we?

It's a bit of misconception that banks are anti-Bitcoin. Many of them do business with exchanges and profit from all the transactions fees that come when people deposit or withdraw from exchange. Some banks prohibit crypto-related transactions, but not necessarily because they are afraid of crypto, they likely afraid of responsibility that might come if some of those transactions are linked to crime and black markets.

As for governments, in general they don't want Bitcoin to be used instead of fiat, it's harder to trace, harder to tax. But only a few governments in the world actually banned mining or trading.

The last paragraph of your thread made me laugh.  Let me start from the beginning of the thread. Government is working for the interest of the Bank because the bank is own by a Capitalist who is a businessman and the government must act according the request of the bank. Now the Bank sees bitcoin as a treat to it existence, because if the government adopt bitcoin without the notice of the bank, it will affect the interest of the bank and the bank is using the government as a super hero to do and undo. And the bank is thinking that the people will use bitcoin more than the back. Remember it is now that bitcoin has not been accepted globally making the exchange to be popular once government adopt bitcoin as a legal tender in any country the the exchange platforms will not be known like that again because everyone will be using p2p and banks are afraid of that. And that is why they banks are lobbying the government not to adopt bitcoin in their regions. It is a very simple ideology. Banks are the main opponent of bitcoin and not even the government. Banks are using the government to cover up.

The fastest way for people to get to know someone or something is to be a part of a drama. This is also how bitcoin gets all the attention when it comes to its conflict with governments and banks. When there is disagreement and it is difficult to control, the pressure on bitcoin will be greater. Since then, people will gradually notice this conflict, and eventually someone will become interested and learn more about their benefits. However, no matter how the government tries to suppress it, bitcoin will continue to grow strongly and will make other objects dependent on and accept the use of bitcoin.

Like you said electricity can and the government found a way the electricity can work for them by placing a bill on it, and also the internet came and same thing the government found a way to control it, this should tell you that the government aren't against development either technology or other wise what they are really against is what they can not control.

Crypto-currency is some thing the government has tried to control by all means but it seem not to be working and even though they have some grip on the centralized system of Crypto-currency such as some exchange regardless this can not give them complete control.

With the Electricity and the Internet, you mentioned I don't think the government or bank has something to lose rather than benefit from its existence. On the other hand, the bank knows with more people investing in bitcoin their sales and profit from investment will drop, people who buy shares, bonds, and stock who withdraw their funds and invest in bitcoin will have an effect negatively on them. In my country, the excuse government gave concerning Bitcoin then was that it was a scam and fraudulent means for youth.

The quarrel is due to the fact Bitcoin came out of cryptography method that had existed way before bitcoin was actually launched on the blockchain and government or financial institutes were incapable to invent it all by themselves. Now bitcoin stands as one of the greatest investment in entire world. I mean it quickly picked up attention of developers around the world, gave rise to enormous marketplace that was just dream before 2009. I am pretty sure government is surprised to see newborn tech like this disrupting their own money land. There it is, that is the point when government and financial institute came together to fight against bitcoin but with failure.

The government and banks are like a coin with two sides.

Now let's think without blaming each other to get an answer.
In this sophisticated life, no one in this world can do activities without a bank account. Bank accounts seem to be the most important part for people in living a normal life.

People who want to be part of a bank, such as opening an account to deposit money, need to agree to rules without any coercion. Everything is regulated under the agreement that our money is managed by them.
The presence of Bitcoin in the midst of the economic turmoil that hit the world seized all of it. Bitcoin gives freedom to everyone to live life according to their own tastes above their own money.

Reference here -> (Bitcoin: The Social Phenomenon) by nullius. That topic is a perfect answer to the three terms you meant.

Actually, we Bitcoiners are not in our habit of being angry with the government or the banks, can't we just see what it can do and help us so we trust Bitcoin more than the rules that the government wants?

We can see that a few years have passed that most governments that fought against the concept of Bitcoin did not work in their destruction of it and proved that they could not control it, so instead of criticizing it they just rode the trend here in Bitcoin because otherwise they will be left behind for sure.

Maybe the less reason with thag is they cannot have full control on bitcoin and so hard for them to implement taxes to each bitcoin users that's why they choose to give negative impression about it. But there are countries open about possibilities of adoption but its just the volatility and negative impressions brought up by several cases of scamming stopping its adoption since government look at that situation as big risk on adopting bitcoin on their circulation. But who knows maybe in future we can see some changes of every decision they made and they decide to adopt bitcoin since they find it very useful.

Electricity is fully controlled by the government, it's almost impossible you can find the free electricity by yourself.

Internet connection is almost fully controlled by the government, but some good VPN or Tor they still not able to control it.

While Bitcoin, they're not able to control it, they can control Bitcoin through centralized exchange, but there are many ways other people can get rid off from the government. Not all centralized exchanges are cooperated with all government too.

The disagreements between bitcoin and government should be obvious to everybody, we all know that the government always like getting something out of everything that is making money and I believe the government is mad for the fact that bitcoin is bringing money for many investors and they can't be able to make money for themselves because they can't control Bitcoin that is one reason why they are pissed about Bitcoin.

The only way the government can make money out of Bitcoin is them turning into one of the investors themselves and I bet the most like that or maybe I should say it won't be satisfying for them, they will prefer to be in control.

You mean under the government's control? No, there's no telling what would likely happen if that will indeed happen but since bitcoin is decentralized, which is a good thing, that makes them powerless in taking over cryptocurrency under their control because it is designed that nobody can own it, even the creator Satoshi himself cannot own as a whole. But being decentralized doesn't stop the government from having benefits over it, if only there are like other countries who are friendly towards it, like El Salvador now.

Bitcoin doesn't need governments or banks to exist, it doesn't need to agree or disagree with the current system either: it just offers you a system with a solid set of rules that you are absolutely free to ignore. It is a decentralized system of voluntary participants, it is an antipode of a fiat system of governments and banks, which is gravely centralized and coercive. Governments don't produce anything, no economic goods they can sell for money, but they need to provide services and defend themselves from citizens: they utilize the fiat system to finance their needs, it is their sole source of income besides taxation and confiscation. With Bitcoin, it is a lot harder for them to tax citizens and confiscate their belongings, it is impossible to finance needs by printing more Bitcoin. Why accept a system that makes you less powerful?

There were already good answers in this thread, including taxation and control etc.

I would like to add to this: One of the main reasons for major disagreements among all three players is the fact they have completely different underlying reasons for their actions.
- Banks are profit oriented organisations, tangled between legislation and their aim to pull max profit from potential customers.
- Goverments should ideally serve their citizens, however the reality is, most of them try to keep and increase control over them instead.
- Bitcoin is a liberation from both, exaggerated govermental control as well as greedy banksters and associated big corps. It is decentralized (!= banks), it is borderless (!=governments), it is open-source (!= banks & governments), uncensorable and most importantly out of any direct control from both banks and governments.

Just looking at these massive differences or even opposing internal motivations makes it clear why there is disagreement among all three of them.

There will always be a disagreement between them, because the banks and government works in hand while bitcoin remain on it own, the two of ther cannot made or influence any changes on bitcoin such that will work in their favour just as they have been doing with fiat currency because bitcoin is a digital currency and its a p2p network that is decentralized, anyone can decide on how, when and what the market value is with bitcoin before selling or buying it, government will always want people to be under their regulations with the use of fiat because they can control the banks since they are centralized while the p2p network cannot be regulated by any government or financial institutions.

Government will never submit to bitcoin because it is a currency that is not from them and both the government and banks sees bitcoin as a threat to fiat currency. The fact is that bitcoin volatile nature and decentralization has given the government less power for easy manipulation and taxation because transactions are done anonymously. In one sentence it shows that they don't benefit from bitcoin and the government feels that every currency should be controlled by them so that they can also have their quarter from your transaction. Internet and electricity can be monitored by the government and they receive taxes from those business. Let us allow them to say or come up with whatever talk on bitcoin, bitcoin awareness will keep on spreading till it gets to all the ends of the earth.

The most basic one is because the government cannot control the Bitcoin system like they control the banks.
Bitcoin is a future technology that offers a unique concept with a fairly good level of privacy that cannot be controlled by any other authority besides the user compared to other electricity and internet technologies that you mentioned that can provide income through the products they produce.
Imagine how many large companies carry out their activities or operate using electricity and the internet.

If governments accept Bitcoin, they assume fiat currency activity will kill itself. From a rough perspective, we can see that printing the amount of fiat currency each year has also benefited them.

Simply, there is always a struggle between the old and the new. Any new invention in history took decades for society to fully accept it and eventually replace the old system.

This is the logic of historical development, so it is very natural for the old system (banks led by the government) to fight the new system (Bitcoin) but in the end Bitcoin will win because this is the natural logic that evolution works with.

So I am personally optimistic about the future of Bitcoin and that it will eventually get global adoption.

I've never seen where the government became friendly with something they can't control, why is Russia in war with Ukraine right now? If they can't control something they either take it by force or ruin it and if they can't ruin it they will hate it till the end of time.

If the government loves something, they are getting big benefits from the thing, in the case of Bitcoin, nothing will settle the hatred between the government and Bitcoin, nothing, the only way they can benefit is keep hating and slowing down its adoption, yet causing panic still makes them get some Bitcoin and later dump on the investors.

No one can tell me that the governments are not buying Bitcoin, they like the advantages that comes with having money e.g. making more money but they are mad for not being able to track down Satoshi Nakamoto and take control. 

Disagreements among the government, banks, and Bitcoiners stem from various factors. Financial institutions express concerns about Bitcoin's volatility, its decentralized nature, and the potential for illicit and untraceable activities. Bitcoiners on the other hand, views these criticisms as a resistance to innovation and as a way for the government to have control over the financial system. The relationship between Bitcoin and traditional institutions is evolving, with some institutions exploring the blockchain technology. i believe an open dialogue and collaboration are essential for understanding the benefits and risks of cryptocurrencies, such as Bitcoin.

OP, the answer is actually very simple :

Governments control the supply of all currencies and by doing that, they control the economy and the people in their country. So Bitcoin takes the control away from them, if Bitcoin replace fiat currencies and they want to prevent that at all cost. Governments can also monitor all transactions via Banks to track people's wealth... and for tax purposes.

The Banks on the other hand wants to make profits by over charging people on transaction fees and Bitcoin takes away some of their customers and they hate that.

Bitcoin are breaking the control that Governments and Banks have over people and they cannot handle that.

Don't compare Bitcoin to electricity and internet. They cannot be compared, since Bitcoin(the blockchain) is built by using electricity and internet. You can't mine Bitcoins without electricity and you can't use Bitcoin without the internet.
The governments are against BTC (not all of them) because they view it as an enemy to the fiat financial system(and the upcoming CBDCs).
This perspective isn't true, because we can see that Bitcoin/crypto isn't destroying the current fiat system, both fiat and crypto can exist without any problems, so this "crypto vs. fiat" antagonism is kinda fake(even though all crypto fans like it).
Maybe sooner or later all governments and banks will reach to the conclusion that this "crypto vs fiat" collision is fake.

 

Most media or newspapers always give negative publicity about Bitcoin. That is, who has done any scam through Bitcoin or what people have misused with Bitcoin, this type of news is usually always broadcasted. As a result, various government officials, including common people, always have negative thoughts about Bitcoin. But if this bitcoin is accepted by different countries then it is possible to do a lot of good work through this bitcoin. We need to get over the negative hype about Bitcoin. If we think about the positive aspects of Bitcoin and plan accordingly then it is possible to change the financial situation of different countries through Bitcoin.

There is no disagreement. There is war between these three entities. The reason is very simple. While Bitcoin gives the power back to citizens, banks and governments are more willing to control the power at their end. So there is obviously a conflict of interest amongst them. No government wants to loose the power to control the citizens financial matters. But with Bitcoin, they can't control it anymore. That's why government are furious about it.

Decentralisation has its own benefits which cannot be fathomed by the controlling authorities.

Is Bitcoin such a formidable threat that banks react with apprehension towards its existence? Yet, if we delve deeper, as illustrated by the OP, where electricity is supplied and regulated by the government, internet access is controlled by the government, and both the government and banks can potentially benefit from Bitcoin.

Banks can offer custodial wallet services for cryptocurrencies, which, of course, would not jeopardize their position as the reigning lenders in the country. People would purchase Bitcoin with fiat currency, and the control of their wallets would be in the hands of the banks. Although this contradicts the concept of decentralization, at least Bitcoin would become more mainstream and recognized by the wider population.

In doing so, banks would reap profits, and on the other hand, society would also gain awareness and education about Bitcoin.

Volatility and scams will be resolved quickly if they get bitcoin under control, so that's not really a problem. And you are right, decentralized, non-control is something they will never accept or support bitcoins. But given the strong and unstoppable growth of bitcoin, they will soon accept to some extent is a certainty. I believe all governments will soon accept bitcoin, but accordingly, there will be a series of regulations to oversee it.

Make sense, I agree here because people will become curious once they hear every time about Bitcoin. And Bitcoin will get the attention most of people. As more people are aware of Bitcoin, they will start to see how Bitcoin will help their daily lives, especially in finance.
This will put pressure on both government and banks. And later on, banks/government will "If you can't beat 'em, join 'em".

 Its going to be a battle for a long time and up until theyget every last bit of BTC I guess.

They've already tried the ESG and all it just need is to ban BTC and mining as well. Unfortunately situation will be tiricky because of the multipolarity. If US government banning crypto, the otherside of the world will take advantage of it like China is doing, opening its door allowing their citizens to invest in crypto.

Bank and government will just have to leave it this way.

Bitcoin doesn't fight with the government and banks, on the contrary, the government sees Bitcoin as a threat to them because when people use bitcoin, the government can't control everyone's wealth. When the government cannot monitor the transactions of every citizen, the government cannot collect the taxes they need. Meanwhile, the bank will be a stopover for people who withdraw their bitcoins and send them to their bank accounts.

If a lot of scams in the name of bitcoin occur, it is because people are too greedy or tempted to join such programs and not seek more information. And from the frauds that occurred, the government then concluded that bitcoin was only for criminal activity, not to mention the problem of money laundering.

It's not just because of volatility, fraud, etc. that some governments and banks are against Bitcoin. There are more fundamental reasons to it. Decentralization, for instance, is something the governments and banks don't like. So even if Bitcoin isn't as volatile as it is today, we should expect the same unfriendly treatment.

The truth of the matter is that they can't control Bitcoin so they're mad at the technology. This is the truth. Whatever they say is just their own way of attacking Bitcoin subtly, in a way that won't give them a bad name.

To answer your question, since Bitcoin is legalized in the country, the government will tax it. When people transact bitcoins from the place where the tax is determined, the tax will automatically be deducted according to that percentage. So in this case I see that Bitcoin transactions are definitely profitable for the government. Assuming bitcoin is legal in your country, the government will tax it at 35%, then if you trade bitcoins from your country, you will deduct 35%, so in this case the government will have a profit here. But Bitcoin cannot be regulated by the government because Bitcoin is decentralized and completely out of government control. Because of this disadvantage, the government considers Bitcoin dangerous.

If I were you, I would not jump into conclusion because bitcoin may not or may be accepted by the government and banks. It is just a matter of time recently I saw a news on bitcoin magazine on Instagram quoting a post from Twitter talking about the US presidential candidate "Robert Kennedy Jr to become the first presidential campaign in history to accept Bitcoin lightning payment. So your assumption that government and banks will NEVER agree with Bitcoin is wrong.

The fact is bitcoin violated the definition of government, According to a Russian- American political scientist, David Easton, defined government as an agency that derives the will and affairs of a state. Which means the government is supposed have absolute control over everything but Bitcoin is the opposite of that ideology. I believe Bitcoin will be accepted by the government and submit to it as far as we are consistent with Bitcoin

It is too much of an illusion to say that governments and banks will submit to bitcoin. Government and banks don't need bitcoin, conversely, without government permission and don't use banks, how can we participate in bitcoin investment? A 14-year-old asset with a market capitalization of only 500 billion that wants the world to obey him? I am a bitcoin investor, but I need reality to assess the situation to benefit myself financially. I don't want to live in illusions and stupidity.

So that's it, the conflict is more fueled by seeing the shortcomings of the two where they can can neither tolerate nor be able to deal with.
Even a bitcoin maximalist cannot be classified as a bank hater (neither do I believe in speaking they don't have a bank account), they don't necessarily hate banks at all. In fact, they may share some financial aspects to remain subject to the law or completely independent, and that is part of the legal rights of every free person that the government should understand that limitation.

SatoPrincess I agree with you. I think it is a big win for the government because they have succeeded in painting bitcoin black in the eyes of people even though not everyone believes in their lies of calling bitcoin evil because of their inability to have total  control over bitcoin users and regulate the transactions made by them.Personally,  I also think the government can only limit people from using bitcoin by not adopting it but they can't force her citizens not to do transactions if they are wise enough to speak out on what they want and how they can't be regulated on how they should spend their money. The government can only submit to bitcoin and allow everyone to use bitcoin if they find a way to monitor the transactions of all users which is not possible or the value of fiat which is generally accepted by the government is equal to zero which I don't think can be possible except that the government will still find it difficult to generally accept bitcoin rather they will keep spreading rumours on how bitcoin is used by criminals, drug dealers and money launderers as if all this evil acts has not been done using fiat currency which is the most accessible and well known currency all over the world.

why would the government and banks submit to bitcoin? I think I need to put things like this:

1 - what would governments gain from bitcoin? the answer to this question: it is nothing, governments would not gain anything from bitcoin

2 - what would banks gain with bitcoin? the answer to this question: it is nothing, governments would not gain anything from bitcoin

governments make money from the taxes that people pay and these government officials own banks, ganks make money from the high interest loans they keep giving people, governments have created laws and rules that force companies to have to putting people's salaries in the banks and with that, the way was opened for people to have no choice, they are forced to use banks, to have to do kyc in the bank and declare any amount of money that is too high to enter the account from the bank

the banks have profited a lot and as i said the owners of the banks are government people, so these guys don't need bitcoin for anything, they will never submit to bitcoin because they have their corrupt scheme that gives them a lot of profit, bitcoin for they are useless, that's why in a few years you will see bitcoin being used everywhere because governments will see that bitcoin does not pose any threat to the system of banks and governments.

I think, their difference base on the differences in ideology, control over monetary systems, regulatory concerns, and the risks associated with cryptocurrencies. Bitcoin's decentralized nature challenges the traditional control exerted by governments and banks over financial systems. Governments and banks worry about potential illicit activities facilitated through cryptocurrencies and the volatility of Bitcoin's price. On the other hand, Bitcoin enthusiasts believe in the importance of financial freedom and view Bitcoin as way to reduce reliance on traditional financial institutions.

I think they have done a pretty good job making bitcoin look illegal in the eyes of people and promoting CBDCs. I don’t imagine the government will ever  “submit” to bitcoin. They are doing everything in their power to regulate bitcoin, it’s not even about the banks hating bitcoin, the problem is that the government wants to control and regulate how we spend our money. Bitcoin is the only opposition to this plan, that’s why the government will never accept bitcoin.

Because Bitcoin is different from Electricity and the Internet, which government is out of control of Bitcoin
Because they know that Bitcoin operates outside the traditional financial system, which can make it difficult for governments to regulate and monitor them effectively.  IMO, this lack of regulatory oversight raises concerns about money laundering, tax evasion, and other illicit activities.

There's a conflict between decentralized and centralized financial systems, people do love financial freedom while the government is always against it and wanted to regulate people's money.  It might be because this was the duty of the government and banks which are responsible for implementing monetary policy to manage a country's economy.

Good thing, as of now not all governments and regulatory bodies have the same perspective on Bitcoin.  Some are opening their yes and embracing this new technology which they think is very helpful to their economy.

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.

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.


Do you mean technical or financial developments?

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?

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

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.

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.


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.

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.