No, it's not possible as the government will never abolish the bank system, moreover they consider bitcoin's growth as a threat to banks that's why you will see so many restrictions laid out on bitcoin from many countries and we cannot compare bitcoin with traditional barter method as far as barter system is concerned it should be backed by any physical entity. Bitcon can be an alternative to banks but cannot replace banks.
Indeed, there is still the essence of why they are not abolishing the bank system since it is the traditional way of making transactions and since bitcoin is not yet innovated well to be used worldwide, it is still not possible to replace the bank system. There are still countries that are not accepting the usage of bitcoin because of some reasons like they are thinking that it is a scam which is actually not, and just like what5 you have said, the growth of bitcoin is a threat to banks. 
Topic: Will the government accept it? - page 5. (Read 1235 times)
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.
Remember, the changes didn't take place within few days. It took decades for the barter system to be abolished. Again, it took decades for people to make paper money/fiat which is backed by nothing a mainstream currency. Similarly, we can expect few more decades before crypto currencies become a mainstream monetary system. 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. I doubt. The government needs a centralized system to control everything and banks are just the perfect system for them to have control of the monetary system.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. If crypto currencies do become mainstream, it will be centralized and heavily regulated. Taxing won't be an issue.
3. How?
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. The answer to this one is obviously no.. Government wont really be allowing for such thing to happen. Centralization would always be preferred.
2. The only way i do saw for government to collect taxes for those who get involved to crypto is via exchangers or platforms where they can able to ask out if they wanted to.
3. Possible! This is one of the cons about anonymity but since it can be shown on a public ledger then most likely they would really hesitate on touching it out.
No, it's not possible as the government will never abolish the bank system, moreover they consider bitcoin's growth as a threat to banks that's why you will see so many restrictions laid out on bitcoin from many countries and we cannot compare bitcoin with traditional barter method as far as barter system is concerned it should be backed by any physical entity. Bitcon can be an alternative to banks but cannot replace banks.
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?
1. Will the government of a country ever want their banking sector to be abolished?
The government wanted to retain its authority, so no, they won't abolish the current financial system but to cope with the changing fintech, they will try hard to adopt changes without losing their control.
2. How will the government collect taxes from the people?
As stated on the early reply, we pay taxes every time we buy goods and services.
3. If the government can't keep track of people's legitimate money, won't corruption increase?
Depends on the moral of the people who sit in power. I believe it doesn't matter whether they will track all the financial flow or not, if the people in the government wanted to do corrupt things, then tracking legitimate money is useless.
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?
Most likely not. I think governments are in favour of centralised banking so they wouldn't be in favour of abolishing them. I do think though that reforming and restructuring of today's banks need to happen to accommodate for the ever increasing rise in digital assets.1. Will the government of a country ever want their banking sector to be abolished?
The government won't like to support it. If they do it can lead to people having control by themselves to do what they like. People need to be controlled and also be led to avoid different abnormal attitudes in the government. Money is one wah that government ensures that there is control.
Yes one day, Many will create huge wealth by evading the government. That is why the government has imposed this tax and the rate of increase in tax collection is much more important than revenue collection in money. This is because if the growth rate of tax collection slows down, it will have a direct impact on the government's income.
When there is bad news like what is happening at this time I think there is no more hope for bitcoin and of course with the action of Paypal returning to stop transactions using cryptocurrency will only make the government think not to use cryptocurrency anymore.
The government will never accept this because the tax that the government collects from the banking sector is used by the government for the betterment of the country and there are many people who earn money illegally through corruption. If the government does not lead them, their wealth will increase. Will continue to grow.
I couldn't think that it permits everything and the government will change their behavior.
1. They can't stop the banking sector to continue their business because they are also contributing a lot to our economy
2. Taxes has been executed a long time ago and the fact that it was also governed by the law, everyone has been entitled to pay their taxes unless they belong to exemptions.
3. Corruption? We all know that word already. It simply we can't eliminate those devil acts as it was been practiced and passed by from generation to generation.
1. They can't stop the banking sector to continue their business because they are also contributing a lot to our economy
2. Taxes has been executed a long time ago and the fact that it was also governed by the law, everyone has been entitled to pay their taxes unless they belong to exemptions.
3. Corruption? We all know that word already. It simply we can't eliminate those devil acts as it was been practiced and passed by from generation to generation.
I think the government will at some point accept Bitcoin for what it is and for all of its benefits.
We are already starting to see noticeable changes with Bitcoin being recognized.
As the world is turning to "digital" for many things, its only a matter of time before governments accept that Bitcoin is here to stay and not going anywhere anytime soon.
We are already starting to see noticeable changes with Bitcoin being recognized.
As the world is turning to "digital" for many things, its only a matter of time before governments accept that Bitcoin is here to stay and not going anywhere anytime soon.
1. Will the government of a country ever want their banking sector to be abolished?
Obviously no
2. How will the government collect taxes from the people?
There are many ways such as including it on payment when someone make a payment with legal business/merchant.
3. If the government can't keep track of people's legitimate money, won't corruption increase?
Perhaps, but corruption still happen even if government have ability to track people's money.
I believe that the big problem of bitcoin that make many governements and people ignore bitcoin is it instable price and also the fact that many people arround the world consider bitcoin as kind of investment more than a payment methode
I am not sure the government will abolish all banks in a country, because if the government removes banks, of course all banks will take action in this regard and the government will definitely lose the tax taxes that have been applied by the existing regulations. So for the idea that you are giving here it is very difficult to accept with the governments of all the existing countries, it will be a very big consideration and it will take a very long time for them to make up their minds and say about this.
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.
At least you did not start the story from the APE's time lol 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?
Actually those are the questions why until now Bitcoin is still not accepted by majority of the world.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?
But you forget to add this " How Would the Corrupt Politician earn from Bitcoin" because this is also the concern why they are hindering the acceptance of bitcoin.
Why do people only reach the conclusion that once Bitcoin grows the only end would be the abolishment of the banking sector?
IMO I don't think this is reasonable to think that bitcoin will cause the abolition of banks. They can be option to each other because they play different roles. Banks are tradional and bitcoin is the digital aspect of the traditional. The two have different function to the financial institution. Some people have needs to meet on internet transaction and can easily do that through bitcoin.
1: banking shouldn't be abolished, even the old ways still goes on, I recently traded my old headset for bracelet I liked, it still can be like that, banking system, crypto-coin and many other forms, some which haven't even been born.
2: in my country with banking system is still hard to collect taxes, I know grown men that hasn't payed their tax all their lives, it might take a kick-in before tax collection in crypto-coin can be at normal, but I think it can be worked-out.
3: this I really don't know, I would leave it to everyone integrity, good would do good/right, corrupt won't do that better.
2: in my country with banking system is still hard to collect taxes, I know grown men that hasn't payed their tax all their lives, it might take a kick-in before tax collection in crypto-coin can be at normal, but I think it can be worked-out.
3: this I really don't know, I would leave it to everyone integrity, good would do good/right, corrupt won't do that better.
Many of the government are still ignoring BTC even now they think it as a Ponzi scheme because the price is phenomenal only the super power countries are accepting and accumulating this technology for people's interest. Banks are their first priority because they are benefitting from it by the way you can't expect the same in crypto that's the big difference I think in my point of view, let them have regulations but they should not BTC or another crypto.
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?
The government can not let go of what makes or give them control over their citizens, that can never happen. It is quite true that money has evolved over the years, but from the look of things, paper money or fiat will last a bit more, because they have a central bank managed by the government, hence making them in charge of everything. Also, I read where most countries are already making moves to have their own digital currency, but we should know that, even at that, the digital currency will be heavily centralized and controlled by the government as well.
To answer the questions;
1. The government will never abolish their central bank or banking sector, as that will make them lose a lot of control they have been enjoying.
2. The government can't be messed with once it gets to tax, they will always get a way to collect those taxes.
3. First, banks will always in operation, now any deposit made to the account can and will be monitored by the government.
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