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Author Topic: Do you think that government can stop Bitcoin?  (Read 295 times)
laijsica
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May 16, 2024, 10:21:21 AM
 #41

Government policy makers can ban and in some cases regulate BTC but do not have the power to stop it. As a result of the decentralized system, it provides global access that anyone can enjoy the benefits of transactions. There may be objections to the Government's Anti-Money Laundering Act (AML) which is solvable. Although the government outright bans it, it is actually widely practiced because BTC is seen as a hedge for a country's economy.

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May 16, 2024, 10:00:46 PM
 #42

A government in its own jurisdictionmcan make more difficult for people to use and have access to Bitcoin, reduce liquidity, stop access to exchanges and prosecute miners. But since Bitcoin is as decentralized as it is, it takes advantage of the lack of an effective global government which could distrupt it's functioning. The lack of a borderless government is one of the highest advantages of Bitcoin censonship and I suspect Satoshi Nakamoto was aware of it.
Even if an important market like the European Union or the United States decided to become hostile against Bitcoin, it would not stop the Blockchain from continuing existing as usual.

Perhaps, some entity in the future may try to destroy Bitcoin by distributing a computer virus against the nodes or miners, but it is kind of unlikely to succeed or be as effective as it sounds.
what I am saying in my country government is trying in everywhere to stop the existence of Bitcoin because in my country now there arresting people who is making use of all this exchange so based on that note I think that government cannot stop Bitcoin people who they are chasing is still in bitcoin, so government does not have for that kind of momentum to stop the existence of Bitcoin through my own understanding of Bitcoin

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May 20, 2024, 09:41:19 PM
 #43

For me, I don't think government can stop Bitcoin because it's not actually control by the government or any human being and if it were to be stop, it could have happened since even before I was born, yes, they were not in support of cryptocurrency but that doesn't mean, they will have the power to stop it, and I think if they actually stop it, there will be war and riots as the youth will really be angry, because the government who are trying everything possible to stop Bitcoin are not even providing or help the less privilege even creating Job opportunities. So since cryptocurrency has been the source of income to many young youth, it will better for them to stop fighting and try to negotiate with them.

Scarlett_23
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May 21, 2024, 11:07:31 AM
 #44

Bitcoin is the world's first digital currency.  Many countries around the world have legalized it, such as Canada, Australia and ElSalvador. Some countries have declared it illegal.  While some countries have partially validated it, some countries are conducting more research on it.  Because there is a lot to know about a country's environment and financial situation and the benefits of Bitcoin.  But from time to time many changes in currency are seen.  Earlier, people used to exchange  silver and gold.  Then exchange started through money and money.  Then came the exchange through digital wallets and latest digital currencies.  Countries that have declared it illegal will also introduce it sometime because people choose modernity over time. And for these reasons it will not be stopped by the government.  Again, since Bitcoin is a decentralized virtual currency, no country's government can interfere in it.
legiteum
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May 21, 2024, 02:22:05 PM
 #45

Bitcoin is the world's first digital currency. 


No, it wasn't. There were others before it.

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Many countries around the world have legalized it, such as Canada, Australia and ElSalvador.


And the United States, and France, and Congo, and Bolivia, and Vietnam, and.... just about every country in the world. Bitcoin may well be one of the most legal things on earth, in fact.

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Some countries have declared it illegal.



Like, three countries in the whole world, amounting to about .01% of the world's GDP.

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And for these reasons it will not be stopped by the government.  Again, since Bitcoin is a decentralized virtual currency, no country's government can interfere in it.


As we've discussed here at length (read before you post), any major country like China could conceivably take over 51% of the hashrate and thus control Bitcoin if they wanted to.




Read about our revolutionary new digital currency paradigm:Block. Split. Combine.
STINKYBEE
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May 21, 2024, 02:47:23 PM
 #46

The government will not be able to stop Bitcoin because there are already more than 1 billion people in the world who know Bitcoin and half of them own Bitcoin even in small amounts
There is one major weak point to bitcoin and that is the internet. You got the faster car in the world, but it ain't going nowhere without a road the road is the net.

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what the government can do is only regulate the use of bitcoin in each country, and if you can look more broadly, then the regulations on bitcoin in many countries are different so stopping bitcoin is an impossible task
What governments can do is to restrict power consumption used to mine bitcoin.
Ethan151
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May 21, 2024, 03:40:33 PM
 #47

The government has the right to regulate anything that falls within its purview, especially if it has a significant impact on the development, security, and economy of the area. However, the situation with Bitcoin is more complex. While it plays a valuable role in society, its drawback is that it can be used for terrorist, fraud, and kidnapping. For this reason, a responsible government would never consider looking into outlawing Bitcoin.
laijsica
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May 23, 2024, 09:46:51 AM
 #48

The government has the right to regulate anything that falls within its purview, especially if it has a significant impact on the development, security, and economy of the area. However, the situation with Bitcoin is more complex. While it plays a valuable role in society, its drawback is that it can be used for terrorist, fraud, and kidnapping. For this reason, a responsible government would never consider looking into outlawing Bitcoin.
I think a government could control BTC up to a level of regulation because there are some policy conflicts with Anti Money Laundering (AML). Also, due to the decentralized system there is a possibility that many transactional data may not be available which is why the governments of different countries want to control BTC.

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