Topic: Will the government accept it? - page 2. (Read 1186 times)

The existing technological advances should be able to be accommodated by placing and taking actions that might facilitate services to the public in general, especially during a pandemic like this, of course, it is clearly more activated for the purpose of controlling transmission. however, not all can and are able to implement it as happened in some countries, because the capabilities and situations of each country are clearly different, but for progress and improvement it is something that needs to be continuously supported.

In some countries, there are local governments that are already accepting it as a payment. They're putting those QR codes at their front desk and whoever prefers to pay it, they are allowed to pay their dues and taxes through it.
It's still limited but everything starts with little and soon that this is going to change and there will be more of them that will start accepting it.

Bitcoin is a virtual currency it is true. But your opinion about bitcoin transactions that are difficult to trace, you are wrong. Bitcoin transactions will be easy to trace and where the money ends there will be traces of it. Corruption will not be safe if using bitcoin currency, traces will remain traced until the end where the transaction was carried out.

Bitcoin is a virtual currency that is not centralized and transparent, so no privacy is guaranteed on bitcoin.

If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?
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1- The government will never do that. Because all the financial activities of the government are implicated by the bank.

2- Yes it can. However, I can't confess exactly through which means the government will collect it. The government of each country will evaluate this task in its idea.

3- There will be corruption. Because Bitcoin is a virtual currency, it is difficult to track. So it can be asserted that corruption cannot be prevented.

Will the government accept it ,? The answer could be, because the currency in digital now has a very, very important role for the world, because when digital currency can be used like fiat currency, the government will automatically make its own policies to solve the problem of corruption and tax collection from bitcoin. , and we also hope that the government can accept bitcoin like other countries that already understand the advantages of bitcoin ..

There is no doubt that the bank system will never be abolished as that is one way for a country to developing the economy and still able to supervise the outflow of money to make sure everything is going adequately.
If the government wants to regulate cryptocurrency in the country, it will develop a better way to collect the taxes just like in the US, although many things have to be fixed. Bitcoin and other coins that provide decentralized technology for people to manage their coins without the government recognizing, it is also not a completely wrong choice as bitcoin provides the freedom to control your funds, to transact as you want as long as you know what you are doing.

You've actually right about the fact that it is possible for bitcoin and other cryptocurrencies to become the order of the day in the next 20-30 years. I also believe eventually, sooner or later, the government will adopt cryptocurrencies and the Blockchain technology.
1. The only other course of action for the government is to create a government-backed cryptocurrency. A stable coin just like the USDT. That way, there won't be the need to abolish the banking sector as many of the transactions using this government-backed currency will still most likely go through the banks. I don't how this will done yet but I know the government won't give up its control of money just easily.
2. This is one of critical issues facing crypto users. The issue of government regulation and taxes. While the government may not be able to to control bitcoin, I believe it would be able to monitor and control the government-backed coin and thus taxes will be placed on it.
3. Of course, there will be increase in corruption especially among money launderers.

Currently in several countries, the government has started to try to give legality regarding this bitcoin, it is impossible to eliminate the existing bank system and it is very unlikely to be removed.

However, the policy to change a little system from conventional to digital can happen without having to eliminate bank payments, because all will continue to use banks as a legal means of finance in each country.

It is somewhat the best thing for the government to support crypto but not in such a way that they are doing this to make a huge change in the system, abolishing the banking system coz it not necessary and we know that still a lot of people are using fiat.

May taxes will be imposed as it was already been started in some countries. Well, we can't disclose this as it was an urge for us to pay taxes, and this is not a problem. But if we are talking about corruption, No, we have this a long time ago, and people who live with greediness will find their way to succeed and that was more possible having the use of crypto.

1. I don't think the government wants to abolished their bank if the banks were abolished their economy will crash too.
2. It would be hard for them to collect tax it's pseudonymous
3. Of course corruption will increase and this cryptocurrency will be the way to money launder.

I really don't think the government will going to accept cryptocurrency now there's a lot of negative effect of cryptocurrency to the government. 

In an article, saw about bitcoin acceptance on official passport services of USA. This is done through a third party service service provider. However this is a step forward in the adoption and acceptance of bitcoin. Venezuela government took a step to create its own cryptocurrency keeping petroleum as the backing. In few countries already bitcoin usage is legalized. Maybe in the future we can expect more governments to accept bitcoin.

Maybe He was just curious about the sentiments of every people here as The Question is Indeed truly,those are rightful question and we a Bitcoin and altcoin Holder must admit.
But at the same time you ask Him the right question,Let banks have their client and Bitcoin has their Investors.


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This is Good point because almost every newbie are trying comparing Bitcoin to Fiat and Even Looking for disappearance of the said Paper wallet.

Storing Crypto while Having bank accounts and funds is what i think the best way in staying Neutral towards the issue,Because Bitcoin is nit created for vanishing of Paper wallet instead both will Help the world in Financial aspect.

Hey OP, ask yourself that question: if there should be no banks anymore are you going to be able to stay without them? What’s the best way to store your money safely if not behind that vault? I don’t think you will have lots of money and still want to store it at home , like where you going to be storing, in your bedroom in the wardrobe? Or is it going to be your kitchen, or the parlor?

Bitcoin is good for storing a part of your wealth and not all. Storing all your assets by yourself is some kind of risks, and you shouldn’t be doing that, it’s best to store in the banks, although they do so many wrongs.

Here is my opinion on the matter.
1. Governments are there to see the whole ecosystem is functioning. So, I don't think the government could such a step because there are a lot of roles the banks provide in society.
2. There is already an effective system in place so this system can be improvised upon.
3. It doesn't matter; anyone involved in corruption makes a wrong step which can arouse suspicion and then it can be dealt with.

1.  I like the question, but I would reword the question.  I think the real question is will the government transition cryptocurrency into their current banking system or will the government seize complete control of cryptocurrency?  The answer is either one or the other will happen.  Government will likely not want to anger the entire population, so they will adopt certain software and policy to control cryptocurrency.  Which leads directly to your second question.

2.  They already are collecting taxes and phasing certain points in, as far as the US government.  Look at the newest Paypal phenomena.  Now you can buy and sell (sorta, not our idea of selling) some cryptocurrency on Paypal.  Why would the government be so keen for Paypal to take this angle.  Biggest reason, Paypal already has taxes embedded into their system.  The current structure of Paypal forces KYC so now they have all of your information.  They can force taxes, seize assets, and do all of the fun stuff they like to do.  Paypal is massive in US, it provides the government the easiest way to track BTC purchases and sells. 

3.  See answer to question 2, lol.  They can track you no matter what.  Corruption will come and go just like anything else, there will be increases and decreases.  The real concern is what "corruption," or whatever you want to call it, will the government employ to tax, track, and seize.  My guess is it will be more of a collusion. 

Maybe the government needs a process that will validate to accept cryptocurrency because what if a country legalizes cryptocurrency it must be considered because of how the blockchain technology works.

In legalizing, of course, the government must legalize it, but this does not interfere with legal currency because it is evident in reality, but still in the collection of tax fees, it must be discussed again, what if the money is stored in crypto the government must also be able to control what they control.

I seem to believe that a government accepts and validates cryptocurrency in their country for some reason. It could be true if:
They must have the aim of legalizing it whether they are really aware of the technology, don't want to miss the chance to join the party, or even hidden goal for the further and later regulation? I think taxes are very reliable to be considered because they may also have been considering about this.

1. The government cannot allow such. Fiat must be printed. Imagine a government without real time money(i can't even imagine this).
Question 2 and 3 are also part of the reasons why the government cannot abolish fiat. However, the violent taketh it by force.

what about if governements just shuttered exchanges ? or if they forbid exchanges from selling bitcoin ?...

It is important if the government will intervene or have interest in bitcoin. This give confidence for those who are new to it. Government can also be part of the community as they play a huge role.
Although it's not mainly for them but once they started to talk about it and gives people their positive thought on it, you'll see an enormous welcoming from people who doubted bitcoin.