Bitcoin Forum

If we were to go to a 100% bitcoin currency system. The banks and governments would loose control of whole financial system. The present governments would loose control.

Therefore a new system would be needed to run each country. What do you think would be the new body of control?
How could this work?
What type of system would be put in place on this.?
I don't think the people can control themselves as too many minds and ideas of where things can go in a direction. Therefore you still need a council or kingdom of control.

your thoughts.

Let's just bring this thought back to reality... Bitcoin can never be the only currency system used around the world. It's just impossible as you have already seen with different forks and other altcoins being created after bitcoin paving the way.

It's similar to how you see the current fiat currencies. Despite the US dollar being used as a standard in determining currency value, different countries and nations still decided to create their own currencies.

My thought is even if the banks and governments were to adopt cryptocurrencies, They would instead create cryptos which they can control and tax for the masses to use.
Bitcoin is just a cryptocurrency for those who need some degree of freedom with their money and don't want to use the institutional bodies to store and transfer their money. Some people will always loves using it, others and the ignorant ones won't.

This is somehow an "ideal" scenario and, as we know, ideal things are most of the times impossible.

It's not that easy. People aren't accommodated to the way Bitcoin functions and it just won't work. Try teaching the average parent what Bitcoin is, briefly. Try teaching a grandparent and then a teenager. I bet you, although the difficulty of learning how Bitcoin works can be sorted descending (grandparents > parents > teenagers), that you still won't be able to teach even an Internet-dependent about Bitcoin in a very easy manner.

Then we have security and safety. In a world where Bitcoin is the universal currency, mistakes must be prevented and avoided due to the honesty and irreversibility of Bitcoin transactions. You've mistyped a letter? Your money is gone. Forever. And then, besides that, people will know your money lays on a paper wallet, an airgapped PC or a hardware wallet. Seed thieves would become a real danger, so would torture (sounds extreme, but I believe it's very possible) in order to forcefully get one's funds. Report this to the cops and they won't be able to do sh*t.

These two arguments have been said and I haven't even entered the "control vs freedom" subject. Control will always be a thing, it's been a thing since the beginning of humanity. There will never be complete freedom, because one person who wants to control the "sheeps" will always exist.

In this scenario you've thought of, Bitcoin would create big problems and could actually come with more disadvantages than advantages.

EDIT (apparently I'm an edit maniac):
In case someone thinks I've gone off topic, I want to ensure I've answered the actual question from the OP. Control over Bitcoin basically means control over decentralization. Good luck doing that, I guess? There's no body that would ensure 100% control over the Bitcoin network, unless impossible measures would be taken such as forcing every single citizen to declare their addresses (and who doesn't comply would be punished in an extreme way) in order to make a real link between identities and transactions. But if Bitcoin becoming the universal coin has very small chances, these measures would have even smaller ones.

Anyway you take it, this goes through as the invasion of privacy and the lack of freedom. Besides North Korea, no country's citizens would allow that to happen.

Banks and governments would not lose all control. They would lose control of the base money supply and they would lose some ability to control how people spend their money. I think those losses of control are major benefits. There would be no need for new forms of control over people.

The only type of the system that can be put in place is for the government to put regulation in place, blockchain is still at the infant stage and will gain adoption as the time goes on. I am just looking at a way that all these regulations can be totally eliminated so that Satoshi's vision can be achieved.

It's either we would be decentralized for some years, or the governments would take action and still regulate and establish the value of a single Bitcoin (assuming there would be no fiat to base the value of BTC).

Complete financian freedom would also mean illegal activities are more difficult to trace and eliminate.

If they want to take control, they must've hoarded enough to continue their operation as a governing body.

government wont care what currency it is. if they charge 20% on income of any currency then
when you have 100tokens - 200 goes to government
use800 to pay bills - 160 goes to government from the utility company
pay utility workers  - 128 goes to government from their salary

government still ends up getting nearly 50% of tokens. whether the currency is public or private. if people are told to pay 20% of any income of any form. they wont care the source of the income. they only care about the 20%

..
after the great recession of the previous century local communities wanted to be anti-gov and set up their own local law providing protection and business opertunities.. these were called mobs.

this could happen again but this time lets hope we are more civilised to have mobs/cartels that have some ethics and standards if they want to run local communities

...
we will never get a "one world order" / 'one world currency' situation. . the actual thing to think about is the opposite. the decentralisation of communities

Not that easy, banking and government always go hand in hand. Without banking the state cannot do anything to manage their finances. Cryptocurrency may not be the only currency that will be used, there will definitely be a possibility that banks will also make their own crypto versions that can be set according to government regulations. They see crypto as a technology, fast transaction technology, cashless transactions, and more practical without having to meet between users. But they are also thinking about the rules for regulating such technology.

The tamper proof blockchain technology will be in place of this corrupt financial system of the world. This is the new body of "control" which would permit peer-to-peer transactions void of any centralized control from banks. The good thing is that this new body of control is transparent and also prevents double spending

It's not like that, I think Bitcoin would not be the only single currency in this world because without controlling you can't manage a financial system anymore, of course, the money supply should be under controlled, a lot of proper policy is the main pillar of this monetary system, Bitcoin is different thing in comparison to the conventional monetary system, it's not possible to make a single currency based world especially for the cryptocurrency, I don't think cryptocurrency will not be the mainstream monetary system, it would be used as a secondary currency system.

I admire people who have the dream of a better system where people are heard and where people are actually in control of their own destiny. But this kind of dream (as acted upon) resulted into many chaotic things in the past.  Why? The answer: HUMAN NATURE. In the past, when there was no government what came in was anarchy and with human nature unchanged and intact it can be all men for themselves. In fact, this is one of the many reasons why we have government in the first place. Unfortunately, Bitcoin is the agency that is tasked to change human nature.

Now, having said that, personally I do not ever believe and even dream that one day Bitcoin can be the global currency that is accepted by all people anywhere, anytime. That is such an impossible dream. And I am sure those outside of cryptocurrency can even be laughing at that idea. We could not even have one single country (even a small state) that is using Bitcoin as the primary currency successfully. Just having cryptocurrency or involving ourselves in cryptocurrency does not mean that the world and the many existing realities will be starting to change for the better.

Is Bitcoin really here to take on the global economic system, topple it and changed it for the better? Or is it just another pipe dream that can be good to discuss but has not even an iota of chance of coming true?

Bitcoin can never be a global currency. Government and banks will not lose all control over the Bitcoin currency they might lose some. They do not know the transaction to whom to whom they have sent the transaction it will be very difficult to trace it. People will even escape from paying tax. It's not that easy to handle

At least we don't have some government's financial systems manipulating our current national currencies. If BTC is regulated all over the world we will have a free banking system that doesn't need to have some big country to support it. we still far from this, but at least we have progress. Maybe if Satoshi will show He is the one will control it.

There will surely be adjustments. The control will never be totally gone. The government will stay in place. The banks are starting to also make adjustments in order to be somehow compatible with the growing crypto usage. It will only be a change of systems and paradigms.

This won't happen in the real world,but if we think about such hypothetical scenario,the governments can still control bitcoin,if they start buying and holding large amounts of BTC and if they start mining BTC.
Acting as a crypto whale and a BTC miner at the same time will be the ultimate form of government control.
The downside of this is that governments will create more bureaucracy and corruption,by taking power and resources from the people and governing them for the "benefit of the public".
 

I don't think Bitcoin will become the official cryptocurrency around the world. Why.? because every government has rules and control over the security of his country. Bitcoin is a system without control. so, that is very much against the government. the only possible option is that the government creates its own crypto currency to collaborate with bitcoin. so that economic control, finance, and state security can be held. humans without rules will be destroyed. will knock each other down.

Thing is that you are constructing this thought on the basis that fiat existed and banks controlled them and then bitcoin came in. But this is unrealistic however optimistic we become. Bitcoin being the only mode of transacting would take a long time for the people to accept and use.

Then again banks are way more clever than us. They know how the tables can be turned and they may end up being pro-bitcoin with the actual thought of being the big whales of bitcoin. Nobody knows what will happen in future but bitcoin will be a cult system for now.

there is no new system that allows it, some countries have begun to adopt their own coins without seeing bitcoin and others.

although in the end there are institutions that can control it, it will still consider bitcoin not as a currency. the government will continue to prevent public use if it has entered an average ratio of 40%, they can make policies that are truly related to limiting the use of BTC in the real world.

Banks and government will never lose control over money as complete transition from fiat to digital cryptocurrency is not possible and bankers have already launched so many digital payment facilities so that users don't get tempted towards crypto payments and for someone who has used UPI payments and other digital payment methods he/she will find crypto bit difficult, but yes there will be users and business tycoons who don't want their money to be controlled by banks will opt for crypto but banks and government will not collapse.

I will be more agree if bitcoin to be payment, but not replace fiat. I think replace fiat is not that easy to do. But be something that can be as payment  with fiat and another digital payment. With that, people can choose what they want to use and not afraid if they are break the law in country that he use bitcoin as payment.

It is very unlikely that this type of scenario would even come close to becoming reality.

The fact is that BTC is likely going to continue to coexist alongside prominent fiat currencies, instead of actually replacing them as some people suggest that BTC is able to do. While it could be possible that BTC can act as an interim currency for crisis stricken countries it's very hard to imagine BTC replacing fiat altogether, at least in this current international structure.

It could become a global reserve asset, but I don't think that it'll come close to the new order that you describe.

yes that's what I want, bitcoin can be used to buy things or shop in a number of more countries that haven't been able to use it, it's true, to make bitcoin replace fiat money is not easy, and certainly requires a long process, even though bitcoin can already be used to shop or buy things, and fiat money is still going well, someone can have the choice of wanting to use the payment system with bitcoin or other digital currencies or with fiat money.

Bitcoin is decentralized and hard to control it and track its transactions.Currently an activity held in London by a Technology firm to train the students how to track the transactions of BTC and how to find amount of crypto hacked by the hackers.

If it become a successful and came with a software which help to track the transactions then it will more comfort for the government t legalize the crypto. This is era of technology so possibilities are there,hopefully mystery will be solved to track the crypto transactions.

Control of Bitcoin or crypto currencies is a very difficult job to do because the almost crypto currencies are decentralized and some of them anonymous.

There is possibility if all crypto exchange comes under regulation by government then we can identify anyone convert the crypto currencies to fait currencies so we need strong regulation for that otherwise it is not possible to track.

The government's reason to ban bitcoin is not only because it is difficult to track but there is no agency responsible for this currency. Just like other currencies, to become a legal currency requires licensing that must be recognized in every country. Therefore, every time the government discusses bitcoin, the question is who is responsible for it? because for some rules in every country, bitcoin always has a conflict with the regulation of the Act.

never that the government will ever lose control specially when we are talking about financial ways because they can put any barricade to crypto if this near to come so let us not belittle the capacity of governments in such a way.
they can put taxation or even find ways on banning crypto if they see these issues sooner that is why i believe that the control will always be from the government and not from anyone else.
there are no ways that Bitcoin will replace fiat or either Bitcoin will be killed by fiat so nothing can be done against each other instead they will be used both together in future.

First of all that's never gonna happen. Governments and other centralized bodies have already started taking measures against crypto.
In true decentralized crypto there is no council and controlling body, everyone who owns bitcoin has the voting right.

This is not even going to happen. If such thing is close to happening the government would look for a way to stop it from happening because what’s the need for a government if they don’t have any control on money?

Money is an important factor in the economy, so without it what else are they really governing? So, if they find out that people are really leaving the main system and switching to a new method which is 'cryptocurrency’, they would declare it illegal and anyone found with cryptocurrencies would be seriously dealt with to the extent they won’t ever try it again.

So trust me, that’s never going to happen. I even prefer as things are right now, at least we have peace of mind in the community and the government are not disturbing us.

Will be more good if everything is balanced. Maybe this words is for people who really want to replace fiat with crypto. We don't need to do that thing, as long people can use bitcoin or another cryptocurrency to be payment maybe in new country that we visited, it already good.

I don't think we need bodies of control. We won't need central banks anymore if we all were to adopt bitcoin as the mainstream currency, but it's yet to be seen if it is going to transform in a world-wide adopted currency or it is going to be a point of reference for the value of assets like Gold is today.

Exciting things are to come and I'm happy to be alive during these times.

If the banking system falls, we will need a new more advanced financial system that will adjust the rate of the main cryptocurrency.

Technically speaking, we already have a body which tries to do so, known as FATF. And even though their rules do not have binding power, the states which are not following the "recommendations" are facing severe repercussions including partial or full cutting off from the international financial systems.

If this will be a total set of new system to be adopted, considering that we will quit the existing we have such as banks, it depends if it is the cryptocurrency to be considered as the new system. But I don't think it could be properly called as Control, as control means regulation for me, and in order for cryptocurrency to be regulated, it should be created mainly by the government, where they could set the protocol they want, because in terms of cryptocurrencies that are already well established in the market, it is far too impossible for a strict control for making the country in good shape to happen as people will achieve complete freedom to their financial life, living in a 50/50 condition of having positive and negative impacts.

the financial regulatory authority bridges for the type of payment using bitcoin and converts to use FIAT in the country of the shop where it sells.
the government can still control.

This is particularly what could happen if we take into account bitcoin's current stature in the economy wprld and how the global economy fares so far. That being said, bitcoin might be an alternative currency people can use especially those countries that are struck with hyperinflation because those countries are specifically the ones that will benefit the most from bitcoin.

The government would still exist it just wouldn't be able to print money. It would have to ask people for donations for various tasks and do something to get money. Now they can take money from us in taxes and then decrease the value of our fiat by increasing the supply and robbing us once again.

If Bitcoin was used widely they would have to work to get paid like everybody else and would not be able to promise something and not do it because they would be paid for the results.

in my opinion, the system that has been used by bitcoin is good and in accordance with the current era, but still vulnerable to theft, while banks are no longer vulnerable to theft, maybe that should be corrected.

Nope, governments can exist without messing with the money. But of course they are forced to be more transparent, as they cannot cover their overbudgetting and corruption with printing money anymore.

This is not unlike a country that is using another country's money. Ie. Ecuador can do nothing to the USD, they are slave to whatever the American politicians do to it (including its destruction).

There is no need for any system. the money is the money and that's none of the business of the State, just like religion got separate from it earlier in history, now its the money.

Banks can still exist sure, and financing, but they are simply much less important, and pretty much optional. So there will be less of them.

No control is precisely what this is. The State can keep fighting crime, just not by manipulating the money or freezing it. Money will flow around the way people owning it want to, and that's the end of it.

Back when Satoshi still talked, one of the first media scandals was the fact that after the US Gov ordered VISA/MC to block donations to Wikileaks, people kept doing it with Bitcoin. Oh the outrage, even Satoshi came to say they have nothing to do with them. Still, nobody, not even Satoshi had a say on the flow of this money, which i'm sure kept flowing there, maybe even today.

This is the beauty of Bitcoin, and one reason its so valuable, vs. other forms of money that can be intercepted, and frozen on the whim of a few.

First and foremost, blockchain technology will be the new system that will be running the financial ecosystem. And moreover, the decentralized nature of blockchain technology do not really need a body or institution to be in charge of how transactions are made. Everyone will be in charge of the financial activities in the financial ecosystem if bitcoin and blockchain technology take over the financial space.

That's a bit hard to implement IMO. Bitcoin is created as a peer to peer purposes where Satoshi's original purpose is to not let anyone control over people's asset. That's why btc is the most controversial digital currency until now. There's hope for the crypto industry as long as those who are reigning in power wouldn't mind controlling it.

Government and Banks are the least people who can expect a change for the current system. What do you think investors will do if they have been restricted to many of those rules by the government. Taxes? Oh no! Maybe they would just leave this market and find other ways of gaining profits. Taxes are responsibility but abusing it that's what most avoiding here.

Peer to peer systems have advantages over conventional ones as they are today. there is no third party in a transaction, so as if breaking the transaction chain, and this is what makes it faster. so no one can control it

States will never allow anyone to give control of the financial system to anyone. Finance is an inevitable attribute of state power, and the state will not voluntarily give power to anyone. And in us there is no other organization of social structure, except the state. In the period of the emergence of cryptocurrency, when it is not yet regulated by states, it seems to some that it will continue to develop freely. However, it is not. So far, states have determined that cryptocurrency does not pose any threat to global financial stability, and therefore they are loyal to it. However, this does not mean at all that they let this process go by chance. In the future, they will strictly control, as far as possible, the cryptocurrency circulation. Anything that cannot be controlled will be prohibited. On this our fantasies will end.

Some of you seem to believe that you are able to shape the world around you (politics, finances) - you don't. Bitcoin will never lead to the end of government controlled money. They will simply improve fiat to be less centralized, more transparent, faster, digital, but it will still be their fiat money that they can make as they please and if you make it you'll be imprisoned with murderers and rapists. Take a look at the law imposed in your country. Forgers get similar sentences to murderers. You can get 25 years for printing money! Why do you think these sentences are so high? The governments know that it undermines their power and they are ready to do anything to keep things as they are.

I think  Government and banks will not allow  all control.  They do not know the transaction it will be very difficult to trace it. People will even escape from paying tax. it is difficult to handle Bitcoin can never be a global currency.

What is the backing behind this claim? There is no such thing happening thoroughly in the system. Maybe development is occurring in the IT firms but how much is still unknown. But claiming so without any backing is a wrong thing to do.

It depends whether they want to have a control or not.

Very easy to say once again but without any proof to back your claim. While it would be bullish on the market and a good way to proceed but this is only speculation for now. Do provide some unbiased sources on how you are coming to this conclusion.

It is not really that difficult as we think it is. Bitcoin is pseudo-anonymous - using a good blockchain forensic service this can be traced back to a very likely wallet. Then KYC the wallet user for an exchange and you have their data.

They would not escape taxation again like what I said above. If bitcoin would become global the banking system is way more cunning enough to be the first proponents of who are going to take the power away from the users decisively before they even notice it by putting in hardcore KYC systems on every exchange.

Imagine the concept of democracy, the power is from the people but with that power, they still need to select a leader that will maneuver their country. The same with cryptocurrency, even if we have all the power to regulate and serve as the new body of control, we will still consider having an entity to lead the way to organization and control. Basically, the regulation will be outside of our scope, thus, making transactions possible abiding laws and rules set by the constitution.

I have mentioned in one of my posts that there must be some kind of institution, which is of course regulated by creator of cryptocurrencies, that strictly implement rules and regulations that must be abide crypto enthusiasts. Thus, despite of the diverse countries, people, intentions, capitals, amount and way of transactions there are laws that are being followed in order to manage and maintain peace in the system. In my opinion, the bank and government cannot fully have the ability to control both physical money and digital currencies as these two are similar but also distinct from each other as well as the choices of actions how to save and spend them by the owners.

My thought is that this kind of event won't happen.  The first major reason is, the government will never allow it.  I believe that physical cash will eventually be replaced by digital currency but to think that Bitcoin and other decentralized cryptocurrencies to take over the financial system is just an illusion.  The government may adopt blockchain technology and create their own cryptocurrency but it will be fully controlled.  Or probably a new type of financial system will be created that is far more advanced than the recent cryptocurrency system.  And if we are talking about nations, it will always be centralized and government as the central authority.

Not unreasonably easy, banking and government are constantly attached to the buttocks. Without banking the state cannot effectively affect their accounts. While cryptographic money may be the most cash that will not be used, there will be the possibility that banks will similarly present their own crypto which will be determined by official guidelines. They see crypto as an innovation, rapid exchange innovation, cashless exchanges, and sustainability at a steady pace without meeting clients. Be that as it may, they are additionally considering such national innovation control rules.

I do not agree, the government has full control, only by making the rule that cryptocurrency is prohibited then we cannot fully use it freely. In this case, the government cannot stop the widespread adoption of cryptocurrency, although it is full of pros and cons, the development of cryptocurrency has many benefits and can overcome obstacles in transactions and other matters related to the financial system. So the government controls it by providing certain policies.

That is the fact. We can only follow the rules. Limitations are not the end, we just need to adapt well and take advantage of this opportunity as much as possible.

Fortunately this will not happen, why fortunately? Because most states receive huge revenues from printing their national currency, when the face value of banknotes can exceed the cost of production by hundreds, and sometimes thousands of times. And I'm not talking about taxes.

I am indeed one of those who want that bitcoin is legalized as a payment, but it is not possible to make bitcoin a 100% currency system.
Because the government does not want to lose control, fiat will always be the main currency. Bitcoin even though legalized will only become
alternative currency. That way the government can still control finances.

Bitcoin doesn't need centralized authority to function but a country can put rules and regulations in order for their financial system to fucntion. I think this is possible after all Bitcoin transactions is only pseudo anonymous and can be traced once a tax payer doesn't pay bills.

If these financial crisis gets worse and global uncertainty gets high. A new system could replace the fiat.

When blockchain and back get working together will possible for government to control of bitcoin transaction and there not hidden of document from wallet address, I think become transparent about how document some one hidden and get bigger chance from government to know who have many bitcoin and altcoin assets.

Very less likely though. We have seen fiat survive through the Depression and Economic recessions for a long time. Government has its method to increase the supply and print more money making the inflation rise. During this time people are more interested in buying essential stuff than go for a newly mentioned cyberpunk currency.

The OP's saying is less likely to happen. But government regulations can happen at one time in the future. There would be nothing wrong with that as long as you are no using the money for illegal purposes. The authorities also keep check on your stock market trading too but do they interfere? Rarely unless you are doing something that accounts to wrongdoing.

Before this can be achieved, bitcoin will have to be accepted by the government as a legal tender. I am sure you know this is far away from happening. No government will accept something that they do not have control over. It is way off their plan. How do you want them to make people pay tax?
Probably each country will have to create their own coin just like we have different paper currencies.
your thoughts.

If bitcoin became the only currency in the world, I don't think there would be any problems. I can imagine this under the current government.

In our current context, where the world order follows fiat and a banking system deeply entrenched in fiat standards, impossible. But if they were to do away with that (or if not by choice it simply gets displaced), then it's absolutely plausible for no body of control over money, and states controlling money only in their limited domain, while everyone else transacts in uncensorable money like Bitcoin.

Why do not need to control the world monetary system ?
The ideal situation will be that bitcoin is the only form of money and no one can control it but this model is not acceptable by governments because in this way they will lose control over the people but they can't even put taxes on the people.

I do believe that the government will not allow that, but if ever bitcoin is the only currency to be used in the world, then there wil be freedom to all people and also a very big problem for banks and governments. Like stated by the OP, the banks and government will lose track and control to governments assets as well as to people. Assets can't really be calculated and there will be less recorded money and assets to be calculated for taxes. Even if government put taxes to each and every bitcoin owned by someone, there would be no available proof and record that such person only owns such kind of asset.

This is actually a very good point/topic that I have thought about extensively.  Being a financial advisor by trade, I'm deeply submerged in the banking system/federal reserve/treasury etc.  First off I can never see the US gov giving up control like that.  One point Andreas Antonoplous has brought up is that he doesn't necessarily see the dollar ever going away, he just in fact sees bitcoin ( or some other cryptocurrency ) working in conjunction with it.  How? That is what I can't figure out myself at the moment. 

I think things will play out a lot like how the internet did in the early days.  New tech, new websites, new apps will change the game and make this doable.  Andreas has also preached a lot about the "killer app" that will change everything.  We've yet to see that app..but it might not be far away.

There won't be a new control of financial system, Banks and fiat will continue to be in charge.
The most realistic scenario is the banks employing the Artificial Intelligence for operations.

Bitcoin should continue as alternative payments for its enthusiasts.
There is no need for kingdom of control, but it will still be in control.

Absolutely, even if we fantasize bitcoin being our universal currency banks and fiat will not going to be replaced by a decentralized network. NEVER. and Why would the government let that happen? they set the banks, fiat, and everything in financial they won't just be too silly to let people decide what currency to use. There will be system in the future but it's hard to believe that it will be bitcoin in the first place.

Bitcoin is just an alternative solution, and it will always stay that way, we can't force things out.

Banks and government will do anything to either not let cryptocurrency win or take over some crypto projects. But I don't see fiats going away any time soon. There won't be gains for government to do whatever they like in the Blockchain, No printing of supplies

Actually at present time we using BTC without government authorization and this is illegal. At present time we always in fear from government legal body. But when government will make authorize it, they must have to be make a control body and we also accept it because that time we make our transaction openly with low cost.

At present situation when we sell our BTC to fiat money, there is no fixed rate so that we make lost maximum time. When government will control it all will come to a same umbrella and govt will also take benefit from it.

In a world where people are making use of the cryptocurrency, Bitcoin, the government will lose their power of course. And if there should be only one government, they will still work towards controlling and having power over bitcoin. That's what the government is all about, having control over everything and nothing else lol.

But, in a world where there is no government in power and people are free to act as they please lol, that will be a very bad world. I know that some people don't like the control that the government has over money, but it does have some advantage. But I prefer things as they are, I like that we are free to make use of Bitcoin any time we want.

The global Bitcoin monetary system is a daydream, what will never come true. Governments understand that they may loose all control in this case. That's why Bitcoin is banned in some countries.
P.S. Why do we need to control the currency designed to be uncontrolled?

Today one of the largest market improvements and transactions is now related to bitcoin which is good to make more profit and a lot of income. Some of the people today are storing their funds into their cryptocurrency wallets and some of those does not handle by the government but in some countries like in the Philippines, they have the wallet called the coins.ph this kind of wallet is still handled and limited by their government which is somehow good and bad. In a good way, they always monitor the market transactions about the bitcoins and other coins because it is better to keep aware of the transactions of their users. On a bad side, it is not like decentralized because the government is starting to manage the transactions of the users and limiting again bitcoin is decentralized so, in my opinion, it is better if they will not limit the transferring of funds into their wallets.

They only storing but they cannot use the Bitcoin unless they will convert in cash of Fiat first correct?this is the bad part of investing when you can even directly use the currency,not like Paypal or Paymaya that there are many establishments that use this already and not even need to convert first.
But of course all of us longing for this time to come and we will have a freedom about our financial matters and no third parties that needs to be anticipated.

Only cryptocurrency or single bitcoin will never be the single currency system of any country. If bitcoin is permitted to use, present system will also exist. We know, many countries have already permitted bitcoin to use and gradually this currency is enlarging its own place. With the development of cryptocurrency, blockchain technology is also developing day by day. So, I think, when most of the countries will permit bitcoin, a controlling system of the countries will also be introduced in this blockchain technology.

Both are existing. Some countries may ban its use but soon enough with pressure coming from other countries and their own people they will also allow crypto usage. The point is not that, but that bitcoin's dominance of world's economy is very small. The biggest portion is fiat.

Blockchain is the technology behind bitcoin. It is not synonymous with bitcoin.

The essence of bitcoin comes from its property of being decentralized and censorship-resistant. I dont know how a controlling body can be made.

If the world currency goes decentralized then the governments will try to centralize the decentralized currencies. If bitcoin will become the ruling currency of the world then governments will try to have as much mining power than other countries. More mining power would mean more control of the network and more number of votes in the future forks, if any. But as the government needs control to run a country so they won't allow the banking system to be decentralized as banks are the backbone of an economy and they won't let go of it that easily.