The world is moving forwards to digitalization. Peoples have been using digital currency without a banking system even they aren't familiar with cryptocurrency. For example, there is much mobile banking where you don't need to carry paper money, and you can use that digital currency everywhere the same as paper money. I think we aren't too far when peoples will use cryptocurrency for daily needs. It would be or wouldn't be Bitcoin, government would create their own cryptocurrency backed by fiat. I don't know if we will live up to that time, but as a part of global mobilizations, the digital currency would role the world.
It is now understood that the world is moving towards digitalisation because we are now using everything in the world of digitalisation as we are now using Visa cards to take money from one country to another country through that Visa card we are now enjoying crypto in almost all countries. We can use coins, now we can take classes, we can shop online and we do the digitization that is so important in our lives, so I think helping each other will make our world much more digital. 
Topic: Will the government accept it? - page 4. (Read 1235 times)
300 years ago and we have now banks and maybe it takes another 300 years again ( not 20 or 30 ) for all people to start using crypto and banks will be no more .
to your other 3 question .
number 1 is no , governments dont like banks to go because they can benefit on it but im not saying that they cant get benefit on btc but banks are different . there is a special bond between banks and governments .
number 2 is , like i said earlier govts can benefit from btc in a way that they can still collect tax . i dont exactly know the process but it was discussed here before .
number 3 is , corruption will still be there depending on the government officials
to your other 3 question .
number 1 is no , governments dont like banks to go because they can benefit on it but im not saying that they cant get benefit on btc but banks are different . there is a special bond between banks and governments .
number 2 is , like i said earlier govts can benefit from btc in a way that they can still collect tax . i dont exactly know the process but it was discussed here before .
number 3 is , corruption will still be there depending on the government officials
Banking sector will not be abolished. The uses can be less or decreased as people are using crypto and various online payment method to store or use those like they in bank. But It will not be abolished because Crypto like bitcoin is a decentralized currency so the government cannot trace and collect taxes.
In an organized society there is not way to live without a *third party* regulating and controlling everything, that is the centralized government. We could use bitcoin or any other crypto currency, but it doesn't mean we get rid of middlemen, as the government would be still enforcing rules towards us and our money.
A life like the one you mentioned thousands of years ago isn't possible anymore. On that time I believe we could live freely without middlemen, but now it's different. The modern society is fully centralized and although technology is very helpful and makes our lives easier, it also makes possible for governments to control us with more efficiency.
Governments don't have to accept anything. We as citizens must do what they want and without complainments, because they are at the control, not us.
It means banks aren't going to disappear, neither taxes are and your funds will be still on the track, being closely watched by the big brother.
A life like the one you mentioned thousands of years ago isn't possible anymore. On that time I believe we could live freely without middlemen, but now it's different. The modern society is fully centralized and although technology is very helpful and makes our lives easier, it also makes possible for governments to control us with more efficiency.
Governments don't have to accept anything. We as citizens must do what they want and without complainments, because they are at the control, not us.
It means banks aren't going to disappear, neither taxes are and your funds will be still on the track, being closely watched by the big brother.
This is the reality as long as we are modern. Think back to ancient times when people didn't know what money was. They make transactions through products. That is, one would replace the other's meat with vegetables. And that was the process of their transaction. People have changed over the course of the day. At one time they used the leaves of the tree as a means of transaction. Later, gold coins and silver coins were gradually introduced. And today paper money has been created to make transactions easier. But even 300 years ago there was no bank, and today we cannot go without a bank. In the same way, 20 to 30 years from now, maybe the banking system will go up. Because people don't want anyone else to know their bank account. And people will choose digital cryptocurrency as an alternative to this bank. Bitcoin may be his alternative. Bitcoin is a decentralized process. This means that there is no need for a third party in this process. There will come a time when people will no longer take the help of banks. They will manage all the activities of daily life starting from shopping through digital cryptocurrency.
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?
Begin for this happening when many people will move to digital currency as transaction payment is the reason why government not accept bitcoin and altcoin as legal payment currency right now, they try how to keep people stay on bank as transaction and saving money without publish with bitcoin and altcoin become most safety for saving assets and no one know with how much money and bitcoin we have, with the bank government will know how much money we save in the bank but is not happen for currency, if you have million USD and save in your wallet not any one know you are rich. 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?
Banking sector is one of the biggest tax payer of a country. And it gives a lot of job. So I think no government will abolish banks. As long as there is money involve there will be corruption everywhere.
This is the reality as long as we are modern. Think back to ancient times when people didn't know what money was. They make transactions through products. That is, one would replace the other's meat with vegetables. And that was the process of their transaction. People have changed over the course of the day. At one time they used the leaves of the tree as a means of transaction. Later, gold coins and silver coins were gradually introduced. And today paper money has been created to make transactions easier. But even 300 years ago there was no bank, and today we cannot go without a bank. In the same way, 20 to 30 years from now, maybe the banking system will go up. Because people don't want anyone else to know their bank account. And people will choose digital cryptocurrency as an alternative to this bank. Bitcoin may be his alternative. Bitcoin is a decentralized process. This means that there is no need for a third party in this process. There will come a time when people will no longer take the help of banks. They will manage all the activities of daily life starting from shopping through digital cryptocurrency.
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?
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?
As long as the cryptocurrency is not taxed (I do not mean a tax on transfers between wallets, but a tax on cashing out), the government will not be able to legalize it in any way, no matter how much we would like it. Of course, the world is very unpredictable and everything can happen abruptly at one moment, and it will seem to us quite logical and expected action, but so far, in the presence of the laws that we have now, as well as with all the corruption of the financial system, we will not be able to transfer cryptocurrency to the sector of official use at the household level.
This is the reality as long as we are modern. Think back to ancient times when people didn't know what money was. They make transactions through products. That is, one would replace the other's meat with vegetables. And that was the process of their transaction. People have changed over the course of the day. At one time they used the leaves of the tree as a means of transaction. Later, gold coins and silver coins were gradually introduced. And today paper money has been created to make transactions easier. But even 300 years ago there was no bank, and today we cannot go without a bank. In the same way, 20 to 30 years from now, maybe the banking system will go up. Because people don't want anyone else to know their bank account. And people will choose digital cryptocurrency as an alternative to this bank. Bitcoin may be his alternative. Bitcoin is a decentralized process. This means that there is no need for a third party in this process. There will come a time when people will no longer take the help of banks. They will manage all the activities of daily life starting from shopping through digital cryptocurrency.
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?
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?
First of all who is government? And the answer is a Group of elected peoples.
If people want crypto then the government cannot do anything.
Even cannot ban it, because they don't produce it, supply it, or even control price volatility.
So better way the government has to make policies to create a framework for taxation with cryptocurrency and explore blockchain technology for more businesses.
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?
1. That's not going to happen and they are not going to make that happen, the banking system is a big cash cow of the government on all their projects, it's their extension, you kill the bank you paralyze the government.
2. There's no point in time that they stopped collecting taxes to people, even in ancient they always impose
3. We are in modern times they have the means, the people, and the technology to track people's money whoever is holding them
in 2020 banks are still there and can still be used for loans and can still be used for digital transactions and payments so I am sure if banks are still in use and banks are still needed for a long time, in my opinion bitcoin makes it easier for us to transact money or payments but nowadays there are even bitcoin hackers and it's hard for us to track them down and bring the matter to court so it's still going strong and always related. this is mutually influential
No, because bitcoin is a decentralized currency which is not control by the president of the country. Bitcoin is different from fiat money which the government will just request for a huge amount of money from the central bank to make them available in the country for the government to use to grow the economy of the country. Government cannot control bitcoin currency because they don't have a good idea on bitcoin which really surprised many other currency that devalue during the pandemic. Many citizens rate bitcoin as the most stable during the lockdown that caused so many cryptocurrencies decrease in the process.
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?
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?
1. Of course not the economy will collapse.
2. I really don't think they can tax people easily with that unless there would be a public info of public address and their owner.
3. Of course the corruption will increase.
I don't think as of now the government is ready to accept cryptocurrency, what I see is that the cryptocurrency or digital coins is still a threat to them maybe to the whole country if they managed to use it since it is not regulated, no central authority and anytime it is volatile.
ya.ya.yo!
Governments will never accept the abolishing of the banking sector. One of the major revenue generator is the banking. In terms of taxation and through other forms of interest it is the one to make big money and circulate. In the early days people had the mind to share, and now the scenario is different. If you're in need you can't request a neighbour for a help or exchange of money for a short time. The same you can get money providing collateral to the bank. Same as the changes in the currency form there is change in human minds which is the first thing that need to be considered before taking about the acceptance from the government.
Mass adoption of bitcoin today is a major change as long as bitcoin was born until now. With so many major American companies accepting bitcoin,
it's already showing confidence in bitcoin and the existence of bitcoin is increasingly being trusted by many in the world.
It is possible that someday bitcoin will be accepted by many countries. We can only wait for that.
it's already showing confidence in bitcoin and the existence of bitcoin is increasingly being trusted by many in the world.
It is possible that someday bitcoin will be accepted by many countries. We can only wait for that.
Barter is the name of that ancient times trading.
2. It's easy for them to collect tax as in for everything including crypto gains.
3. For individuals, they can't. But they are also hardly accepting it if most transactions are in crypto/bitcoin. That is the reason why there is regulation.
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?
1. Nope, it's a heavy part of the government and they won't allow that to happen.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?
2. It's easy for them to collect tax as in for everything including crypto gains.
3. For individuals, they can't. But they are also hardly accepting it if most transactions are in crypto/bitcoin. That is the reason why there is regulation.
1. In most countries the major banks are usually run by the government, so it's unlikely that the govs will want the banks abolished (they'll lose both money and the ability to track money flow)
2. That depends on their attitude toward cryptocurrencies. If they see it as a currency - they won't charge any taxes, because how can you put taxes on a currency? That's nonsense. However, I doubt that'll be the case. In the US the IRS considers cryptocurrency as assets, rather than currency and I think other countries hold the same view.
3. I think the government itself is the major source of corruption and so far they've succeeded in it even without cryptocurrencies, so it's more of a moral question: will they allow the corruption to go on, or will they finally try to do something about it. Bitcoin can be traced, we all know that, so it's only a matter of willingness.
And regarding this:
In the meaning of transactions, it's not like there's absolutely no third party, don't forget that transaction fees go to the miners, so, in a way, they're the third party.
2. That depends on their attitude toward cryptocurrencies. If they see it as a currency - they won't charge any taxes, because how can you put taxes on a currency? That's nonsense. However, I doubt that'll be the case. In the US the IRS considers cryptocurrency as assets, rather than currency and I think other countries hold the same view.
3. I think the government itself is the major source of corruption and so far they've succeeded in it even without cryptocurrencies, so it's more of a moral question: will they allow the corruption to go on, or will they finally try to do something about it. Bitcoin can be traced, we all know that, so it's only a matter of willingness.
And regarding this:
This means that there is no need for a third party in this process.
In the meaning of transactions, it's not like there's absolutely no third party, don't forget that transaction fees go to the miners, so, in a way, they're the third party.
Will the government of a country ever want their banking sector to be abolished - No never
If the government can't keep track of people's legitimate money, won't corruption increase - corruption will not end unless money tracking system.
If the government can't keep track of people's legitimate money, won't corruption increase - corruption will not end unless money tracking system.
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?
3. If the government can't keep track of people's legitimate money, won't corruption increase?
It is impossible for the government to accept Bitcoin as a substitute for fiat, as long as Bitcoin cannot be controlled by the government
it is impossible for Bitcoin to replace fiat. So it is likely that 20 to 30 years from now, fiat will still exist and will be impossible to replace.
Because I believe it is impossible for the government to abolish the banking sector, because the bank system benefits the government.
So what makes the most sense is Bitcoin only as a payment alternative, but not to replace fiat.
it is impossible for Bitcoin to replace fiat. So it is likely that 20 to 30 years from now, fiat will still exist and will be impossible to replace.
Because I believe it is impossible for the government to abolish the banking sector, because the bank system benefits the government.
So what makes the most sense is Bitcoin only as a payment alternative, but not to replace fiat.
This is the reality as long as we are modern. Think back to ancient times when people didn't know what money was. They make transactions through products. That is, one would replace the other's meat with vegetables. And that was the process of their transaction. People have changed over the course of the day. At one time they used the leaves of the tree as a means of transaction. Later, gold coins and silver coins were gradually introduced. And today paper money has been created to make transactions easier. But even 300 years ago there was no bank, and today we cannot go without a bank. In the same way, 20 to 30 years from now, maybe the banking system will go up. Because people don't want anyone else to know their bank account. And people will choose digital cryptocurrency as an alternative to this bank. Bitcoin may be his alternative. Bitcoin is a decentralized process. This means that there is no need for a third party in this process. There will come a time when people will no longer take the help of banks. They will manage all the activities of daily life starting from shopping through digital cryptocurrency.
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?
Bitcoin is the most violent coin in the crypto world.So anytime it price can be high like a moon or sometimes it will be down, as a result, most of the government do not take the risk for this. Government controls the banking financial system but bitcoin never Contro. Our government rejected bitcoin because they think bitcoin using for gambling,drug, corruption. And they also add money laundering cases for users. If the government can control like a banking system and learn more about bitcoin hope the government can accept 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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