Bitcoin Forum

Hi

how about if all currencies will be known worldwide or if it will be acknowledged in all countries even coming to become the currencies of the world, what will happen to the value of each currencies, or better yet what will be the impact. Are banks will be their first enemy?
Gracias!

I am confused with what you mean. I would assume that you are talking about the possibility that all fiat currencies in the whole world would be jumping into the cryptocurrency form. Now, in that case, I think that will never happen...there can be some who will try it but as to how successful it can be we don't know for sure. Will it affect Bitcoin in that scenario? No, it won't.

You forgot about something, Bitcoin gives freedom to the people because of 2 things.

1. Bitcoin is decentralized, which means the price of Bitcoin is not affected by anything the government does.
2. No one has access to the Bitcoin master keys, which means no one can control everyone's bitcoin. There is also a high chance that there is no Bitcoin master key that exists.

Bitcoin will never be controlled by the government since they just don't have the tech.

All countries acknowledge bitcoin.

Banks won't let Bitcoin keep them down. The investment banks are already invested and are starti g to build their own blockchains and such.

We should not wish for Bitcoin to replace fiat currency, doing so will drive the corrupt in to bring their greedy ways to  bitcoin.

That's right. The government can't take bitcoins control in it's hand, because of it's decentralized and nobody owns it actually, the identity of Satoshi is still not uncovered. The government may just regulate the use of bitcoin and crypto-currencies by legalizing or banning the use and that's the only thing they may do.

Acknowledge and Regulated is much more possible. The whole bitcoin ecosystem cannot be controlled by anyone.

Control what and how? if you want to be the one controlling a coin then you should have most of the supply plus hash power to enforce your own rules, whatever any government do they will have to follow the code, you as user need to read the code first before invest your money. and if first person comes here and says that a government blocked his transaction then the whole thing falls apart, Bitcoin is not like that fortunately thus far.

The only way for the government to control Bitcoin is to take control of the "master key" which may or may not even exist. No one has been able to hack into the blockchain and I doubt that in the near future they will be able to do that.

Even if the government could take control of Bitcoin, what would they even do? They won't be allowed to steal Bitcoin or shut it down since the entire world's market would be severely affected and they don't want to be responsible for that.

being adopted by people or even becoming "currency of the world", and other things such as government regulations have nothing to do with "be controlled by the government".
setting up rules for how businesses use this currency called bitcoin or how people spend it there or taxes for investors in bitcoin does not mean government is controlling bitcoin. it means you live in a society and have to abide by the rules!

If bitcoin will become the world currency, the government will find a way to take control in the government. They wont allow bitcoin to get legalize unless they will not be the one to dominate it. But it far to happen yet.

I imagine that would be a serious issue of global stability even if it were technically feasible.
What could and presumably will happen is local governments regulating and taxing transactions made with cryptos, and some kind of international conventions addressing cryptocurrencies as they relate to global stability and international economics.

It's pointless to openly control the Bitcoin network, because it will completely crash the price (unless it's your goal) and then users will just fork into new version that will be more resistant. So, Bitcoin can't really be taken over so blatantly, but governments may try to find some bugs that will allow them to trace transactions back to users more efficiently, reveal IP addresses, etc. But it's not very likely to happen, as Bitcoin exist for 8 years already and someone will probably have spotted such a major flaw already.

I don't think that goverment could "controlled it".
Even tho goverment trying to find a way to make it in control, looks like it's still need lots of time.
It's not as simple as that. Bitcoin value is not affected by any activities by the goverment.

No,since bitcoin is a decentralized currency,governments or no others could control bitcoin.Only thing they could do is that they could regulate usage of bitcoins in their countries by passing new laws making exchanges to provide details of bitcoin holders and their trades.

No they would need to buy a staggering amount of hardware to control it.
They may be able to hold ownership over a significant amount of coins but not have the ability to control it.
(At that point though they have a strong economic incentive to keep the status quo)

The answer is simple, NO. The governments and the banks will never agree to use Bitcoins as a medium of currency. Because they dont want something which is not in control of their hands. Bitcoin is volatile and Banks dont want to risk their money, why should they trust cryptocurrencies which cannot be controlled.  ???

I think the government will never control the bitcoin. For sure many people will disagree if the government will control the bitcoin.

How do you control a decentralized network that are running on 1000's of computers in different countries? If the government somehow takes control over the development and people know about this, then they will simply not run the government code on their computers or they will hardfork and create their own coin. We could even move over to a Alt coin like LiteCoin, if they sabotage Bitcoin. Crypto Currencies are here to stay, if they want it or not. ^hmmmmmmm^

If they ban it, we will go underground with it. ^smile^

Yeah you right! bitcoin can never be controlled by the government and it is difficult for them to control the decentralized network all over the world. Government can only regulate or make guidelines for bitcoin exchanges operating in there country.

Digital crypto currency, bitcoin including, are designed in such a way that completely exclude the possibility of its control by any government. So this is technically impossible. If this happens in some unintelligible way, then it will no longer be a crypto currency in the sense in which it was planned and developed.

I don't see how the government will be able to control bitcoins since it's decentralized, they may be able to regulate how bitcoins is used to do transactions but there is no way they can fully control it .

Yap and unless a government has a puppet hacker then somehow it could be managed having all the bitcoin in one control is just impossible. It is worldwide and most costumers are anonymous. Rare only that people would reveal who they like some CEO's. Maybe the bitcoin is a government itself but with different hierarchy of power.

Bitcoin is impossible to be controlled by government. We trust Blockchain technology for a reason. Even if they somehow get control of Bitcoin. People will abandon Bitcoin. The reason they trust Bitcoin is for its Decentralised and anonymous nature. In the hands of government both of these feature will came to halt leaving it not so different than fiat.

If you're askin specificly for bitcoin, the answer is NO. Bitcoin can't be controlled by any government or official institution because it's just not possible. Bitcoin is an anonym asset that won't go under control of any group.

No... Because of it's technology. The blockchain. It can't control by anything or by anyone. But governments can manipulate it to regulate bitcoin. But they can't do it directly to bitcoin but they can manipulate the users of it. They can just ban bitcoin to avoid the usage of it. I have read about people who put into jail because of using bitcoin which banned from that country. Other countries have been threatened about the growth of this technology. So they delivering warning or FUD to make users panic. But still, bitcoin is just too strong

No. The Government can't control bitcoin because the blockchain itself it can't controlled by everyone even the government itself although the government can use its power to control the users and exchanges by regulating it how? the by putting identity verification as a requirement in order to receive your money.

Well, it really depends on which definition of "government" we choose for our argument.  But, there is no doubt, in my mind, that currencies are going to be universally digital in the future and the only question that remains is how will that currency be governed. I think that some of the growing pains we are experiencing now, within the blockchain protocols, concerning how the currencies are governed, will be reflected in the future governance of our digital networks.  I think that the blockchain technologies will have more of an influence on how we shape our governments than how our governments might impact our currencies.  I think that the worm has turned and we are witnessing a major shift in the way we interact socially, politically, AND economically.

nooooooooo , id government take control it will be disastah , they will do many manipulating , its better now , bitcoin give many poor people become rich , if government take , they will make themselves rich without think about their people , this happen in every country .........
this is way to freedom for us

Right. They can regulate it if they want. I hope the government won't discover or make an alternative way so they can somehow control bitcoin. Because nothing is perfect even if said that bitcoin can't be controlled but we still aren't sure about that. They might find a way and let's hope it won't happen.

Once China with its majority users and miners had been trying to have control over bitcoin. Later this got out of control, when the inspection took place over the entire exchanges and the fake volume issue was identified. I don't think that bitcoin will be controlled by any of the governments in the upcoming years.

Well, as far as I know no one can have the right to control bitcoin even the government cannot control it.  No body can access the master key of the bitcoin. A lot of legendary member and hero member in bitcoin. They are the people who knows the bitcoin very well. They spent so many times in bitcoin and I think any of them has no access to this key.

They can control the market easily but they wouldn't be able to control the whole currency as a whole

Since, BTC is being popular in all countries it could either be a future cryptocurrency or still online technology that government dont care about this. Banks are existing before while BTC is not. I don't have much idea about those things before they exist. The only thing I know is that banks are there to serve people in a long transaction but they don't compete. They are just accepting money like our wallet.

how is a single government going to contorl bitcoin exactly? you know it's decentralized, the only way would be via mining but they need to seize all the farm around the word and especially those that belong to china, so to another government

assuming we are talking about the USA government, i think they can't do shit, for obvious reasons, another story would be if all the government work together to control bitcoin...

Yes, I agree bitcoin can't b controlled. Some government has to spend the money they don't have to really make a difference. However, the same doesn't hold for altcoins. I heard about the projects of developing local governmental currencies. Another thing is that the government can buy a lot of some cheap currency with low marketcap and keep it a secret. Thus they will be able to control it.

No one is controlling the the blockchain technology sa basically government will have only a way to go through the bitcoin is using and building a local exchange that the bitcoin will be able to exchange and it will be handle by the government. That is the most possible way but as a whole they cannot get it because the blockchain is controlled by people who are supporting it.

LOL, there will be no way that the government can control bitcoin because the bitcoin blockchain provides each address a private key. As long as you still control your private key, you can control your bitcoin and wallet. Therefore, do not worry about this issue. They can never control any cryptocurrency unless they created their own crypto and control all the private key :D

In fact, at the contrary of what some people usually say here, government, of any country, can control Bitcoin. For so, it simply needs to have a significant mining power, of at least ~65% of the total hashrate. Then, in the Bitmain way, they can enforce about anything they want.

Well, the government cannot be controlled by the government due to it being decentralized. But the only way that they can "CONTROL" it is by implementing laws regarding the regulation of it. The government can also impose tax whenever there is a transaction from converting it to fiat but they cannot fully control it. I disagree with you saying that the government does not care about bitcoin. Since this holds a large amount of conversion value, every country will exercise all the means to garner profit from it.

Bitcoin is decentralized and I think government cant control bitcoin so just I think it will just an anrrangement with the bitcoin core and the government on how they can implement tax on bitcoin.

If the government interesting with cryptocurrency and Bitcoin, they can use technology blockchain from crypto world and creating their coin. Then, maybe they will release their coin with many function perfect and better than Bitcoin in that time, even need banned Bitcoin for helps attract investors ;D

Why do you put two different questions first you question about the government then you question about the bank. Understand that government can't control it, they can only legalize it and charge tax over it and get rich, banks are adopting the technology and not the coin which is really stupid, but sooner or later they to will adopt the coins don't you worry. In case government requires you to declare coins do it as simple as that, don't hide it then, if they term it illegal sell it to someone who can buy and accept Fiat as simple as that.

If by control OP means regulation, then I should think that could be possible. However, if he refers to the absolute control of Bitcoin by the government I don't see that happening actually. In the first place you don't control what you don't understand or have a hold on. It's no gainsaying that the various governments of the world seem not to truly understand how Bitcoin works.

Not, BTC is international currency

Because he doesn't have a clue what he is asking.
Most people have no clue what the government does , what the parliament does , what a central bank is and what private banks are.
They just have the feeling there is somebody evil there who has one purpose in life to make him miserable.

Everywhere you look is the fear about the government!!!!

There sure as hell is a chance that governments would be able to get a hold of Bitcoin markets and restriction their activities, perhaps control a substantial part of the hashrate too. But either would just be too costly for little to no long term result. I don't think k that there be much point in even trying.

We the people ARE the government.  Bitcoin is the people's currency! We decide it's fate....we can protect our interests in the blockchain or we can let others do that for us....it's our choice!  If we lose control of the bitcoin protocol, we can always migrate to another chain....the blockchain decides now, not our appointed officials.

It doesnt happen i think. Bitcoin is anonymous they will not even hold it or controlled it. It is not possible for them to do that i think. Thats why we like bitcoins because of that thing.

Oooohh...I'm gonna have to go ahead and disagree with you there, sir.  Governments have plenty of good tech, and they create the laws as well.  So could bitcoin end up being controlled (or heavily regulated) by government?  Yeah, I think so.  Do I think that's going to happen?  Probably not.  But you see they shut down silk road, alphabay, and all these illegal markets.  They can definitely have a powerful hand in all things bitcoin.

I do agree that because bitcoin is decentralized, it's difficult.  But possible.

Yeah, OK!

The government only can control the exchanger or any access to the wallet website, since Bitcoin is hard to tracked, the government won't be able to control bitcoin, the government only can make regulation and give punishment to the one that violated the rules, but to control Bitcoin is impossible, Bitcoin belong to all of us, nobody can control Bitcoin

This is the beauty of Bitcoin. It has given control to people over their money. All what government can do is regulate exchanges or put some tax regulations on Bitcoin. But something which is completely based on internet is still hard to regulate. There are many ways people are escaping those regulations. This is what Bitcoin was invented for. A freedom from centralised monetary system.

I don't think so, government can regulate maybe but to control bitcoin sounds impossible to me.
And its not good for us either, it would be dissaster to bitcoin users and bitcoin currency itself.

It is really hard to predict if that mass adoption of bitcoin will happen,but I guess that if it would ever happen our local currencies will remain the same but bitcoin will be frequently use too, considering that its price volatility will be solved. I can't even imagine the government taking control of bitcoin, I mean they had been trying for years but it got them nowhere. They are just making all sorts of restrictions in bitcoin because of that.