Topic: Widespread adoption may result to lesser anonymity, one of my biggest fears. (Read 245 times)
April 25, 2022, 08:36:50 PM
I don't agree. I think the reason why governments have reservations in approving and fully supporting Bitcoin is not its anonymity. After all Bitcoin is not really that anonymous. It has been proven a number of times that Bitcoin's limited anonymity could be broken. I think the real reason why governments won't completely support Bitcoin's adoption is decentralization. It would be next to impossible for governments to attack or shut down Bitcoin when the time calls for it. That definitely caused a chilling effect to them. That means they're deprived of control. That's unimaginable to them.
April 25, 2022, 06:48:14 PM
The biggest issue limiting most government consider and majorly the reason why bitcoins adoption has been slow is in my opinion the anonymity involved and the inability for government to directly be a party to your transaction.
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
Bitcoin will really come to its stage where we can use it freely, an alternative to fiat, but for sure it will always be monitored by the government, thus losing the essence of anonymity. Expect that the government will make it centralized in the future, from totally decentralized taking its slowly to become centralized in the future. That is the consequence once it will be free of use and be accepted the government, everything comes highly regulated because its the least they can do knowing they can't totally stop its existence. If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
April 25, 2022, 06:05:19 PM
The biggest issue limiting most government consider and majorly the reason why bitcoins adoption has been slow is in my opinion the anonymity involved and the inability for government to directly be a party to your transaction.
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
Of course, anonymity is what governments don't like most. Anonymity makes them lose control, and this is the most important tool for them to hold power.
The integration of the world of cryptocurrencies and the one regulated by governments is slowly happening and it will certainly increase. This is simply because companies that want to operate in an official, regulated market must register and from then on are subject to the laws of the country in which they operate.
However, some services or companies that will only operate on the cryptocurrency market will remain on the market and these will remain anonymous.
In answering your question directly, I see no possibility that any government would agree to make any activity completely anonymous.
Sadly, that's where we are heading. If we want more adoption, we need to accept that anonymity will be compromised in some way. Because people want assurance in this market, so the legal businesses want to know their customer themselves. This will also lessen scammers, like it or not.
You know, everyone who works in the cryptocurrency market has a choice. He can remain anonymous on it and count on the fact that as the popularity of crypto grows, the number of his clients will increase, or he can connect to the regulated maistream market and the number of his clients will immediately double or triple.
Unfortunately, in this case just money talks.
April 25, 2022, 05:57:13 PM
The biggest issue limiting most government consider and majorly the reason why bitcoins adoption has been slow is in my opinion the anonymity involved and the inability for government to directly be a party to your transaction.
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
Of course, anonymity is what governments don't like most. Anonymity makes them lose control, and this is the most important tool for them to hold power.
The integration of the world of cryptocurrencies and the one regulated by governments is slowly happening and it will certainly increase. This is simply because companies that want to operate in an official, regulated market must register and from then on are subject to the laws of the country in which they operate.
However, some services or companies that will only operate on the cryptocurrency market will remain on the market and these will remain anonymous.
In answering your question directly, I see no possibility that any government would agree to make any activity completely anonymous.
Sadly, that's where we are heading. If we want more adoption, we need to accept that anonymity will be compromised in some way. Because people want assurance in this market, so the legal businesses want to know their customer themselves as per mandate of their respective government. This will also lessen scammers, like it or not. But if you want to maintain your anonymity as much as possible, then, better be cautious where you submit your KYC docs.
April 25, 2022, 05:41:39 PM
The biggest issue limiting most government consider and majorly the reason why bitcoins adoption has been slow is in my opinion the anonymity involved and the inability for government to directly be a party to your transaction.
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
No government will approve that they can't get to control or at least regulate it. Everything will have an eye from the government, so most likely its anonymity will be lessen eventually. As from being decentralized going into being centralized, that will always be the case just like those decentralized exchanges that are forced to ask for KYC, otherwise they will not permitted to operate. Same thing with bitcoin, if it aims for its widespread adoption, then the government should always take part on it.If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
since this is the only way that they could really be able to deal with and not totally able to touch up literally or technically so they wont really be having any options which would be ending up to this.
Lets just accept that fate because we are really heading that way and its something that cant be stopped.
April 25, 2022, 05:06:18 PM
The biggest issue limiting most government consider and majorly the reason why bitcoins adoption has been slow is in my opinion the anonymity involved and the inability for government to directly be a party to your transaction.
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
Of course, anonymity is what governments don't like most. Anonymity makes them lose control, and this is the most important tool for them to hold power.
The integration of the world of cryptocurrencies and the one regulated by governments is slowly happening and it will certainly increase. This is simply because companies that want to operate in an official, regulated market must register and from then on are subject to the laws of the country in which they operate.
However, some services or companies that will only operate on the cryptocurrency market will remain on the market and these will remain anonymous.
In answering your question directly, I see no possibility that any government would agree to make any activity completely anonymous.
April 25, 2022, 04:56:55 PM
The biggest issue limiting most government consider and majorly the reason why bitcoins adoption has been slow is in my opinion the anonymity involved and the inability for government to directly be a party to your transaction.
If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
No government will approve that they can't get to control or at least regulate it. Everything will have an eye from the government, so most likely its anonymity will be lessen eventually. As from being decentralized going into being centralized, that will always be the case just like those decentralized exchanges that are forced to ask for KYC, otherwise they will not permitted to operate. Same thing with bitcoin, if it aims for its widespread adoption, then the government should always take part on it. If there were no such issues, gaining widespread adoption will not even be a topic for discussion as it would have happened already or almost done being adopted I think.
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
April 25, 2022, 11:49:06 AM
Does the cryptocurrency community itself want anonymity? These days if we should look into it you would see that most people don’t really care about privacy anymore, all they care is that cryptocurrency should continue to gain more adoption so that the value would increase and make them profit. Most of the people here just care about profit and nothing much.
Assuming that the community were really interested in anonymity, then they wouldn’t really be bothering much about adoption, because much adoption for sure means that the government would like to get Into the circle. These days nobody is now choosing Bitcoin for transaction, they just want it as an investment. I also fear that very soon Bitcoin wouldn’t be anonymous any longer, because of the type of regulation and tactics that the government are trying to start using now.
Assuming that the community were really interested in anonymity, then they wouldn’t really be bothering much about adoption, because much adoption for sure means that the government would like to get Into the circle. These days nobody is now choosing Bitcoin for transaction, they just want it as an investment. I also fear that very soon Bitcoin wouldn’t be anonymous any longer, because of the type of regulation and tactics that the government are trying to start using now.
April 24, 2022, 11:48:49 AM
Quote
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
Bitcoin is a highly independent currency, it was created with the intention of carrying out transactions quickly and safely, without the need to be approved by third parties, which means that no government or banking authority had dominion over it. Currently, many leaders have noticed the great power and value that this asset has achieved and continues to acquire, so they were forced to accept it or completely exclude it from their country; those who decided to approve the BTC took their own measures to try to maintain some control and of course acquire profits, if they do not take these restrictions they will not obtain a benefit, so their only option is to violate the privacy of their users.
April 24, 2022, 10:21:05 AM
Depressingly as bitcoin adoption increases so will the loss of anonymity. As bitcoin associated organisations/companies/businesses grow they will be more and more prominent. With this rise in recognition comes a rise in regulation as governments don’t want to lose out an any tax income. With government envolvement comes AML and KYC. Unfortunately, I believe it’s inevitable - it’s just a matter of time
Absolutely right. Over time, anonymity in cryptocurrency will fall. Cryptocurrency is decentralized, but the rules for its circulation on the territory of states are established by these states. Anonymity, no doubt, can be maintained until the cryptocurrency enters the exchanges and exchangers. And there are more and more rules that are established by states. If legal entities participate in the cryptocurrency market, then it is even easier for states to control them. 
April 24, 2022, 09:51:37 AM
"Cash" - Fiat currencies are also Pseudo anonymous
Cash is anonymous.Take my word.... When governments of this world start to create their own "Fiat" linked Blockchain technologies... they will not have an issue with using Crypto....
But, there's no point in using this technology if what they want is control. The technology frees, gives the control to the mob, if they know how to do it, and respects privacy. This is the core principle. If that's not in your interest, which as history shows, wasn't, isn't and will never be, then don't mess with it. Simply use an SQL database where you'll save each person's balance and whose supply can be changed at any time for any reason.Call it Central Bank Digital Currency, which gives more prestige, and you're done.
April 24, 2022, 09:33:28 AM
This is not an issue in my own opinion. Regulations can still stand as check mates to ensuring anonymity is not abused if the really want to deal with it. As long as not everyone is open to Bitcoin transaction every address is linked directly to a centralized exchange in a way and as such even the anonymity we claim is not a total one
April 24, 2022, 08:50:55 AM
Can the governments of the world let bitcoin become fully in use in their respective countries without pushing for lesser anonymity and a way for them to monitor the system?
They could, but they don't seem to be willing to, as it means losing power and control. At first they didn't like the idea of Bitcoin, but since they realized they couldn't get rid of it, they tolerated it, now what they do is try to control it as much as possible with AML/KYC laws to the max. The way I see it, in a few years the use of Bitcoin with privacy is going to be even less than it is now.
April 24, 2022, 06:54:07 AM
"Cash" - Fiat currencies are also Pseudo anonymous ...but you do not see them being obsessed with that...do you? That is just an excuse for them not to accept it as legal tender... because they know that they cannot manipulate Bitcoin like they are doing with Fiat currencies. 
Take my word.... When governments of this world start to create their own "Fiat" linked Blockchain technologies... they will not have an issue with using Crypto.... because they will manipulate the Supply & Demand and they will smack a lot of KYC onto it.
Take my word.... When governments of this world start to create their own "Fiat" linked Blockchain technologies... they will not have an issue with using Crypto.... because they will manipulate the Supply & Demand and they will smack a lot of KYC onto it.
April 24, 2022, 06:02:12 AM
The biggest issue limiting most government consider and majorly the reason why bitcoins adoption has been slow is in my opinion the anonymity involved and the inability for government to directly be a party to your transaction.
(.....)
Because this is what really Bitcoin is. Bitcoin was created to remove any entity or people to control or become middlemen for payments in financial or transferring a payment with value to one another. Power of decentralization.(.....)
Government should be aware of this, and for me, it is normal that some governments are very strict on Bitcoin because of said reason, but they really can't do anything just to impose such laws about cryptocurrencies, it's their only way sure as of the moment.
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April 24, 2022, 05:09:39 AM
The government can let bitcoin fully work in each country without trying to find out who the big players behind the big transactions are. But it seems the government knows that if they can get involved in the system, and try to enforce its rules, it could pass more taxes on to the government. The government seems to want to collect taxes on all matters relating to its citizens. Under the pretext of regulation for cryptocurrencies that the government can't fully control, they hope that they can see people who are already using large amounts of bitcoin so that the government can get big taxes as well.
April 24, 2022, 03:48:20 AM
Anonymity vs Decentralization
I believe that decentralization of bitcoin is the major issue preventing its widespread adoption and not anonymity. If the government can centralise bitcoin and control everything about it, they won't care much about the identity of anyone. If they suspect a particular wallet and target it and cannot de-anonymized the owner, they could simply free it and have all the funds in it.
Reasons such as;
Anonymity;
Energy consumption;
Volatility; etc are all mere and frivolous. Their main problem is the decentralization of bitcoin.
I believe that decentralization of bitcoin is the major issue preventing its widespread adoption and not anonymity. If the government can centralise bitcoin and control everything about it, they won't care much about the identity of anyone. If they suspect a particular wallet and target it and cannot de-anonymized the owner, they could simply free it and have all the funds in it.
Reasons such as;
Anonymity;
Energy consumption;
Volatility; etc are all mere and frivolous. Their main problem is the decentralization of bitcoin.
April 24, 2022, 02:15:08 AM
I am not entirely sure about this, I mean yes it's obvious that widespread adoption could cause the governments to take a look at it closely, and it does mean that they will put more laws around it which will result with us not being able to use it anonymously but at the same time it would still just make sure that the money you have could be hidden if you prefer to. How?
You could buy monero and withdraw it that way and then use it anyway you want, or even at bitcoin it is "semi" anonymous that way. This is why I believe that some parts are not anonymous anymore with the new laws but it is still not fully watched neither and can be done something.
You could buy monero and withdraw it that way and then use it anyway you want, or even at bitcoin it is "semi" anonymous that way. This is why I believe that some parts are not anonymous anymore with the new laws but it is still not fully watched neither and can be done something.
The people in the government should also understand why some of us wants to be anonymous, they have reason. Currently, there is still possibilities in my country that BTC will be ban. Future still is uncertain.
The regulations will actually make the adoption way faster so the resistance for now are from the users who wants anonymity. The government can forget about them actually, but once they are going to use their BTC in exchange for fiat, its where they will also need to reveal themselves.
April 24, 2022, 02:09:45 AM
Isn't that what regulation is all about, and the reason why government of the world emphasise heavily on it, there is no way government will adopt btc fully without enforcing control. It has always been something the government dream about so doubt they will give that important part up.
I actually don't understand why you feel bothered about this since you are already dealing with exchanges and the likes at some point, it is similar, government won't care much about your assets except you give them a reason to.
I actually don't understand why you feel bothered about this since you are already dealing with exchanges and the likes at some point, it is similar, government won't care much about your assets except you give them a reason to.
April 24, 2022, 01:58:25 AM
I am not entirely sure about this, I mean yes it's obvious that widespread adoption could cause the governments to take a look at it closely, and it does mean that they will put more laws around it which will result with us not being able to use it anonymously but at the same time it would still just make sure that the money you have could be hidden if you prefer to. How?
You could buy monero and withdraw it that way and then use it anyway you want, or even at bitcoin it is "semi" anonymous that way. This is why I believe that some parts are not anonymous anymore with the new laws but it is still not fully watched neither and can be done something.
You could buy monero and withdraw it that way and then use it anyway you want, or even at bitcoin it is "semi" anonymous that way. This is why I believe that some parts are not anonymous anymore with the new laws but it is still not fully watched neither and can be done something.
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