Bitcoin Forum

I just want to ask the opinions of the members of this forum regarding the gradual yet obvious turning of events in the world as regards the development of cryptocurrency vis-à-vis the banks and the governments.

We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
 before it came out into the open and eventually into the mainstream arena.

However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.

Do you guys think that with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?

I need your wide perspective on this please. Thank you.

This possibility of staying out of the prying eyes of the Banks and the governments are actually the main bottleneck towards the mainstream adoption of cryptos. The basic nature of government is to control everything within their capability and crypto was directly challenging that capability. That is the reason why a lot of governments are turning blind eye to the cryptos and effectively trying to ban it by various methods.


As per one report published by World Bank back in 2016, we now have around 65k regulated commercial banks and Financial institutions around the world who are an integral part of the economy. So you understand how strong their lobby is. Till date we have seen probably 2% of the banks are open to crypto so we have a long way to go. Not all banks and governments are run by visionaries, so they can't predict future and they are more comfortable to function within a prescribed framework.

It's good that the scenario is slowly changing towards the future and few Governments like Japan, Germany and Malta have started recognizing cryptos as a future currency system. I don't think this revolution will be pulled towards the old system that exists now, but the change will also take a longer time than expected. We are seeing the start of it and probably the next generation will see the accomplishments.

Hi guys, although i'm relatively new here I'm not brand new to crypto. What i can see, we have everyone wanting to get involved in Bitcoin- but they are not shouting from the rooftops about it...yet! There is- and will always be- FUD thrown at BTC but in my honest opinion this is manufactured and manipulated at an attempt to drive the price down.

Just look around at things that are happening at the minute, we have Wall street involved, governments buying it, Big exchanges are starting to shift towards welcoming institutional investors. Indeed, Coinbase is to start offering an Institutional suite of product just a few weeks back. These things all point to one thing, and that is the big money is trickling in.

A lot of the FUD is created by the same people who are wanting to buy more- but Wall St and other big investors buy in at their price, not ours.

I sincerely hope we don't get pulled towards the 'old system' but i think its going to be inevitable if the price crashes too low

The central bank nor governments is a scam. The only thing they able to maximize for their system is using the blockchain technologies, and continues to enslave us with a new propaganda strategy contained with the blockchain sprinkle word.

So, which is which, is it the old system that is slowly moving into the new system brought by cryptocurrency or the new system slowly eaten up by the old influential players of the world? When you say that there is already around 2% of the banks that opened up for crypto, does it mean that the old system prevails or the new one? Or perhaps it is more apt to say that the two systems met somewhere in the middle and created a sort of compromise?

I disagree, the central banks main purpose it to make money, but they do offer a protection for some kind of users.
For an example, users that will probably get scammed in the bitcoin world(from ICOs and etc) are now  protected  in the regulated world as it's much harder to get scammed.
Some people need a defense from them self and that's what the governments and banks come to offer, people don't need to mess up with determining whether something is a scam or legit, they can just rely on their bank/government to make the detect for them.

The cryptocurrency system can never be intervened and regulated by anyone, but with the support of banks and the government, it will help increase the crypto price higher.

Different banks and government feel threatened for crypto currency as they don't hsve control over it. So, they any how want to minimize his threat. In future they should understand about the value of it.

Fiat currencies operation is happening in a well regulated environment, so fraud and financial crime can easily be investigated. Many criminals have been able to hide under the anonymity of cryptocurrencies to defraud innocent people. While the government may see cryptocurrency as a threat to fiat currency, it may quickly want to regulate cryptocurrency on the basis of financial crime. This will have advantages as well as disadvantages.

Banks are entering only now. Crypto was never out of influential and powerful ways. The exchanges have ruined people's lives. There has been intervention from authorities from time to time. Now that banks are eventually entering the arena, things would get out of hand. We will have to again deal with the KYC annoying crap. Some exchanges are even asking proof of funds. For CRYPTO. ARE YOU KIDDING ME? How will one possibly provide proof of funds from monero? The world will stop getting fucked up. Wish dictatorship was still a thing. Rather get yourself crucified than losing your damn privacy.

This is exactly what I meant to say when I asked the question of whether the revolutionary system of cryptocurrency is being dragged toward the old system that we have right now that is primarily controlled by the banks and the governments.

This KYC thing as well as the proof of funds requirements are not features of the new system of cryptocurrency. These are basically against anonymity and protection of personal identities which are being pushed by the crypto system. And yet crypto seems to become helpless and eventually implemented such old system features.

If we think about economy without banks and govt. its impossible based on this they mainly control monetary system of a country based on this only few amount of banks are supporting crypto market but if they come and help here the crypto market will be benefited also people will be earn profit.

No. I don’t think that will happen. If powerful banks and governments adopt cryptocurrency, a revolutionary change might come. We need both the central banking system and decentralized cryptocurrency for a better future of the financial field.

I do believe that definitely it will be a great pull for the industry of crypto of the certain country. In recent time, so many countries have some crypto friendly person, but due to proper regulation and permission from govt they are not flourishing their efficiency. Thus, they are staying back in the industry. I hope time would be highly changed if govt and backs cooperate the crypto market with proper support.

Do not trust them because banks and governments are just pretending to adopt and accept blockchain and bitcoin solely to make a profit so they can gain control of blockchain technology and bitcoin price movements. Their main goal is to destroy blockchain and bitcoin technology with the classical reason that economic inflation can be controlled. If we allow banks and governments to control blockchain and bitcoin technology then our freedom in economy will disappear and we will be re-colonized and blackmailed by the government and the bank.

Banks and government is the most powerful elements in the society based on them many financial activities are happening because of economy based on this if they support this crypto market the price of coins will be increase also most of the bank are not supporting this because of they are losing benefits.

They aren't exactly against anonymity. They are against scams,illegal activities etc. There is nothing much a single person can do. Probably use TOR in the online world to be anonymous and keep avoiding exchanges but in real life, if you don't want to use banks because of you being afraid of giving proof of funds, you have to stay hard to cash, and it will be not easy to survive. There is a need for decentralized organizations, otherwise kyc would doom people's anonymity.

If I get it right, we cannot really go full-time on one system alone and totally disregard the other. Somehow, both systems will have to adjust and look for a common ground, taking some features from each other that will somehow create a new hybrid system. For example, as much as we want to avoid it, personal identities cannot be kept away unattached from a certain wealth, even if that wealth is crypto-based. The banks and the governments won't allow it to come out if they are not assured where the money came from, how the money is made, etc. 

Yes that the government and the Bank is something that can not be forgotten. The role of the Bank and the government is vital in determining the future of Bitcoin, when Bitcoin gets support from these elements it is certain that the price will increase. Meanwhile, when banks and governments give negative sentiments that Bitcoin's price will start to decline and public confidence in crypto will slowly lower.

While I do think that the banks and the governments are playing vital roles in the future of Bitcoin, I don't think I agree with you in going as far as claiming that the price of Bitcoin is depending on the sentiments of the banks and the governments. Bitcoin only came into the attention of the banks and the governments when it already exploded. Before, Bitcoin acquired growth without them. By the time the banks and the governments heard about Bitcoin, they pounded on it believing that it is a threat to their existence. Despite this, Bitcoin continued to grow.

As we all can see, cryptocurrency is being regulated now by the government due to some negative reasons that it can be used in money laundering and funding of terrorism. I know that those things already did happen previously due to the anonymity of cryptos that's why some of the country's are banning bitcoin or any other crypto.
With this adoption of the banks to cryptos, I can clearly analyze that the decentralization that we all want will be gone forever since it will be controlled again by the banks and government. They wanted to tax everyone who is holding any crypto as well. So you are right in your way of thinking that sooner or later the new system of decentralization that we all dreamed of will go down the drain. I'm just hoping that the cross border fees will not be as high as what the old system.

i disagree mainly because it wasn't that big but the media made a big deal out of it like they always do with these small stories. but also because it is harder for a shop that is legit to accept bitcoin specially in countries that don't see bitcoin as a currency, they have to jump through hoops  even if they wanted to add bitcoin so they think twice and that means slower adoption but in anywhere that is not regulated like the deep web you can do anything you want.

You have some nice points. Perhaps the media indeed made a mountain out of a mole hill for Bitcoin and this whole cryptocurrency thing but it came a little late. By the time the media turned its attention to Bitcoin, it already showed some great potential, turning from being almost worthless to a few dollars in value. That was already a big deal. You are right that shops did not accept Bitcoin at the start. That would be absurd for them since only a very small percentage of people know about it. Even almost a decade from its beginning, shops accepting Bitcoin are still very few. But even so, we have seen an enormous growth of the value of Bitcoin.

Somehow it is also freaking me out but not on the bitcoin side.
It is like a big whale is playing with altcoins that keeps on moving it. Making a lot of money in the process and also bringing down other investors since they cannot see when it will come.
Those could be what you are saying now. The power of banks and the government since they have the freedom to do it while one investor needs to go through taxes and other legal documents just so they could invest in crypto making them doubt to do it.
Hate to see it but this is also one reason for a lot of panics.

I don't think that governments and banks are supporting cryptocurrencies but they are willing to adopt a blockchain technology to optimise their process. However, the core concept of blockchain is all about decentralization and when it comes to the government's projects, I don't think that government will anytime share the control with anyone else including the users so it doesn't make any sense to me in that way. It is true that we don't have the mass maturity yet and hence any news from the government might affect the price in the domestic territory.

last year changed a lot about bit coin though. it was not just a huge price rise, it was a huge adoption that happened around the world. when Japanese did announce bitcoin as a legal way of payment, that adoption as a currency pushed everything forwards by a great deal which meant a lot of people changed their minds about bitcoin and it washed away 8 years of FUD for many of them. and the merchant adoption of course grew big.

Bitcoin has the potential to become a new currency, unchecked by any major government or bank. That is why both governments and large banks want to limit this potential. Many major governments tighten regulations on financial mobilization (ICO), closed the trading floor, or even announced a ban on digital currency transactions, such as in China.

At this age of cryptocurrency development, there are still a lot of undiscovered territories in between the banks and the governments and crypto. For example, we talk of Bitcoin possibly becoming the main currency of the world. We shall ask, will the governments accept that? Will they ever accept a decentralized financial system? And even if they do, will the rich bankers, that actually dictate the decisions of the government leaders around the world, allow such a thing to happen?

There are so many other uncharted territories in between. It is exciting to see how things eventually unfold.

Banks and governments are indeed gradually turning to the use of crypto currency. However, they use basically the centralized crypto currency created by them. So the banks switch to the ripple coin created by them. It is fully centralized, although they write that they want to make it decentralized. The states do not yet actively use the crypto currency. There are some facts about the use of bitcoin in international agreements. For example, in December last year, Russia supplied Turkey with barges of some kind of food. However, these are isolated cases. There are many statements of states about the intention to create their own centralized crypto currency, but in the main they remain intentions. So far we have a good example with the Venezuelan El Petro. However, this is a special case. This coin, allegedly, is provided with oil.

I think this is one reason of the downtrend of bitcoin price lately, because sooner there are more government will accept bitcoin and also supported by the banks. It means bitcoin will be  a stronger position and now it is good time to dump and collect as much as possible of bitcoin to wait for several 1-2 years for high gaining of the investment by the better supporting things to bitcoin.

Cryptocurrency has risen sharply in 2017. In 2018, governments around the globe began leaping into the market with regulatory regulations, trying to expand their role. According to the International Payment Bank (BIS) The central banks of the world can not ignore the boom of Bitcoin.
Specifically, the Chinese central bank has announced that ICO activities are not legally recognized, and that individuals and organizations stop all virtual money-raising activities. At the same time, a series of Chinese trading floors announced the closure starting from the end of September 2017.

In the context of Bitcoin and other virtual currencies, which are becoming more and more popular as the payment system moves to the mobile direction and investors are constantly injecting money, central banks begin to study more deeply about  virtual currency and blockchain technology.
At the Bank of England, governor Mark Carney regarded electronic money as part of a potential revolution in the financial sector. The Dutch Central Bank has created its own electronic currency, but is only used internally. US officials are also investigating this issue.

Actually, when I saw government officials and Wall Street's professionals taking part in bitcoin, I saw something wrong and would have a heavy impact on the bitcoin market.

We somehow make the point that electronic money is a way out of the influential and powerful ways of banks and governments. That's why so many governments are closing their eyes. Ignore the cryptos and try to ban it in many different ways. thus controlling it in a number of significant ways.