Government & Bitcoin

[Abiky]

I think that governments are afraid of Bitcoin. The main reason for this is the lack of centralized control over the processes. Governments are used to controlling fiat currencies, that`s why they don`t know, what to do with Bitcoin. Most governments have a choice: to legalize or ban Bitcoin. This decision determines the further influence of Bitcoin on the state.

Completely agree with you, mate. That is why China and other countries have acted against cryptocurrency exchanges, to stale Bitcoin's growth on the markets. Fierce regulations against ICOs and exchanges, will make it harder for Bitcoin to grow into a full-fledged mainstream cryptocurrency. But, despite everything that has happened against Bitcoin, the pioneer cryptocurrency has emerged stronger than ever with an ever-increasing price of $15k and above.

Since Bitcoin is a decentralized cryptocurrency, governments will have a hard time trying to stop its growth. However, because Bitcoin and many cryptocurrencies are traded on centralized exchanges, governments can stop, ban, or even regulate these exchanges to their own needs. Hence, more decentralized solutions would be needed to make the whole cryptocurrency ecosystem unstoppable. With the advent of decentralized exchanges, I'm sure that governments would have no choice but to completely legalize Bitcoin in the future. Just my thoughts 

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[Jemzx00]

The sharing economy is just going to continue to grow, and governments will be challenged to understand and manage its implications while embracing its benefits. However, governments will be at a significant disadvantage if they wait too long and newer technologies and markets will have already been developed that do not follow traditional models. Think of the following: Uber is the world’s largest taxi service and owns no cars. Airbnb provides lodging yet does not own real estate.

How will local governments adapt to these new ways of doing business that are disrupting traditional business models? All we know now is that governments are a long way from even contemplating and accepting this new reality.

Government would not want a decentralized digital currency to be implemented in a particular country. They would want a currency that they can control in order to provide protection for their people. Uber became the largest taxi service because it provides the best and efficient transportation for people. Many people use bitcoin but there are also a lot who were scammed and affected by the fluctuations of bitcoin, the government does not want these things to happen a bigger number of people that's why there are now centralized currencies being adapted by banks to provide efficiency and a faster way of transaction but with greater protection for the users. And it is growing much today, ripple and neo.

[Lupus Solitarius]

I've the impression that governments still don't realize how big will be the revolution created by cryptocurrency.
I think that - when they'll really understand, they'll try everything to control and stop this.
We'll see.

[elitelongbowman]

I've the impression that governments still don't realize how big will be the revolution created by cryptocurrency.
I think that - when they'll really understand, they'll try everything to control and stop this.
We'll see.

Bitcoin is providing people freedom and goverments of course don't want that scenario happens that why they still ban Bitcoins.

[aeternus]

If Government and Bitcoin will combined economy will increase. If government support and protect bitcoin then banks will accepting bitcoin. And bitcoin is going to education too.

But if all that happen I didn't know if economy will increase. Who will work to government if bitcoin has higher value than country money. Maybe government will against bitcoin someday.

Yes I'll also agree with that, bitcoin is a decentralised currency but the currency circulated by the governament is a centralised money, so there is a considerable difference between both the currencies. If Government and the bitcoin ties up then the economy undoubtedly increases.

The government will ensure that they will also benefit with bitcoin, although it's decentralized but they will find a way to regulate it and enforce those users to comply with the law, especially on paying the right tax for their transactions and income online. I know bitcoin is still young but with the resources of the government, they can find a way to make it happen, this decentralized thing will become limit as we will not be able to enjoy full freedom in using bitcoin.

But that is the thing, they are going to try to benefit from bitcoin but that does not mean they are going to get it, that is why they fear bitcoin, they cannot control it and as such they cannot threaten you the same way they can do with their fiat, they cannot take your bitcoin without your permission if they do not have access to your private keys or your seed words.

[haster100]

Vietnam is going to accept btc like a legal way of payments,Vietnamise are almost not using banks to transfer money,thay prefer btc,but in Vietnam btc atm is at any corner

[RockHenki]

There is currently a strong debate among financial and governmental authorities around the world about the acceptance of bitcoin and algorithmic currencies in transactions. There are still a lot of countries that do not accept bitcoin and this hinders the widespread development of bitcoin. Bitcoin support around the world, however, is still very strong, as evidenced by the value of bitcoin that has grown steadily and steadily.

[Wittycoin]

I think bitcoin and government will not ever be with the same side because government always back ups the fiat money and do not support cryptos, we know that some governments or countries ban bitcoin so government and bitcoin will not ever be a team.

[migolmigol]

The topic between the government and bitcoin has always been an issue ever since. This is because Bitcoin has always been an issue in the start when it was still starting to raise up. It begun when illegal activities such as selling of drugs were using Bitcoin as transaction because as we all know it is an anonymous transaction. I watched this in a documentary of bitcoin and realized then why the government, well not most but majority, is against it and other cryptocurrency. But I believe that what they should seize are the illegal activities and not cryptocurrency itself.

[South Park]

BitCoin is one of the strongest opponents of the state. because the central authority is not needed and it does not have to be accountable. no one who plays with a country other than the country you want can ask you for an account. this is power. and it is very important for an authority. all states are based on the base currency. free states fall down and can not stand. BitCoin is a power on its own. and should not be memorized.

Correct, there are only 4 entities that have print money through history, governments, banks, minting operations and people, banks and governments have shown to not be trustable, minting operations were driven out of business because they defrauded people, so the only ones that can print honest currency is us the people. 

[PrinceCaspian]

Government and Bitcoin and other cryptocurrencies are still far from each other and that is why it is not yet fully legalized or being maximized by the people that uses bitcoin. We are still in the stage of acceptance process by the government and we still need to wait for a bit longer of time before we can see that bitcoin is being accepted by the government.

[Abiky]

I've the impression that governments still don't realize how big will be the revolution created by cryptocurrency.
I think that - when they'll really understand, they'll try everything to control and stop this.
We'll see.

Agree. Cryptocurrencies like Bitcoin are only beginning to make strides in the mainstream world. Once they become big and capable of handling all the world's payments, government might want to step in and try to destroy the whole blockchain ecosystem. Certain countries like China have already acted against Bitcoin by banning exchanges, ICOs, and most recently, Bitcoin mining. It will be only a matter of time before the banksters and other governments see Bitcoin as a potential threat to their centralized economic system, and do everything within their power to try and stop it.

Of course, this may seem almost impossible since Bitcoin and other cryptocurrencies rely on nodes and miners distributed all around the globe. To be able to completely stop blockchain systems like Bitcoin, they would need to stop every single node and miner on the planet. So, in this regard, Bitcoin and other blockchain systems may become completely indestructible as more people join them towards making them stronger than ever.

Nevertheless, only time will tell what will happen with the future of Bitcoin and the government. Just my opinion

[andulolika]

I've the impression that governments still don't realize how big will be the revolution created by cryptocurrency.
I think that - when they'll really understand, they'll try everything to control and stop this.
We'll see.

Agree. Cryptocurrencies like Bitcoin are only beginning to make strides in the mainstream world. Once they become big and capable of handling all the world's payments, government might want to step in and try to destroy the whole blockchain ecosystem. Certain countries like China have already acted against Bitcoin by banning exchanges, ICOs, and most recently, Bitcoin mining. It will be only a matter of time before the banksters and other governments see Bitcoin as a potential threat to their centralized economic system, and do everything within their power to try and stop it.

Of course, this may seem almost impossible since Bitcoin and other cryptocurrencies rely on nodes and miners distributed all around the globe. To be able to completely stop blockchain systems like Bitcoin, they would need to stop every single node and miner on the planet. So, in this regard, Bitcoin and other blockchain systems may become completely indestructible as more people join them towards making them stronger than ever.

Nevertheless, only time will tell what will happen with the future of Bitcoin and the government. Just my opinion

Thats bullshit, they havent banned exchanges and bitcoinmining, they have banned some exchanges and in "a future" limit or ban POW mining. First ICOs deserve to be banned and second POW is a waste of energy.

[shinchan123]

Luckily, in my country, the government isn't against bitcoin and I don't think they'll ban it in the future as well. However, when bitcoin becomes part of the norm for all citizens, it is inevitable that the government will regulate bitcoin use and transactions, why? because they'll make a fortune out it. It's bound to happen, so I'm enjoying it while it lasts, but then again, I am pretty sure that there are ways to avoid those fees.

[stingers]

I think that governments are afraid of Bitcoin. The main reason for this is the lack of centralized control over the processes. Governments are used to controlling fiat currencies, that`s why they don`t know, what to do with Bitcoin. Most governments have a choice: to legalize or ban Bitcoin. This decision determines the further influence of Bitcoin on the state.

governments would have no choice but to completely legalize Bitcoin in the future. Just my thoughts 

If a government truly wants an independent growth of economy, true welfare of the society (which it ideally should) then they should have no problem in accepting decentralized economic models like bitcoins. As of now, the people on power are used to holding their power to keep the rest of the population in check.
A liberal and open-minded rule would accept decentralization but a greedy and power hungry organizations would never.
Even if bitcoin gets banned, it would never die out, freedom and anonymity never dies.

[francojon]

The sharing economy is just going to continue to grow, and governments will be challenged to understand and manage its implications while embracing its benefits. However, governments will be at a significant disadvantage if they wait too long and newer technologies and markets will have already been developed that do not follow traditional models. Think of the following: Uber is the world’s largest taxi service and owns no cars. Airbnb provides lodging yet does not own real estate.

How will local governments adapt to these new ways of doing business that are disrupting traditional business models? All we know now is that governments are a long way from even contemplating and accepting this new reality.

At the end of the day, the governments tend to have the winning hand. I can only think of two options for investment: either you go for tokens that are clearly legal, regulated and lawful or you go to the opposite corner of the ring - Precisely to the Onion Ring and use Deep Onion to avoid any control. The danger lies in the middle ground.

[igorechek77]

They are not so far away, since they quickly began to impose taxes. The state machine is clumsy, but it will not miss its profit either. Let's see how they will interact with the world of crypto currency and whether they will not interfere.

[gabbiee]

Government and Bitcoin and other cryptocurrencies are still far from each other and that is why it is not yet fully legalized or being maximized by the people that uses bitcoin. We are still in the stage of acceptance process by the government and we still need to wait for a bit longer of time before we can see that bitcoin is being accepted by the government.

I think you're right, the way I see it they are still learning about different ways to fully adopt bitcoin in a certain country, well other countries has already done that like japan. But there are still a lot of countries struggling about bitcoin whether they are going to legalize it or not. It will take a long time before every government in the world truly adopts bitcoin as a currency.

[omorfi]

South Korea did not ban the bitcoin exchanges. They just wanna regulate the markets rules i think. There are so many news in these days that states will ban Bitcoin. I hope Bitcoin price starts to recover as soon as possible

[sunnex100]

You have a valid point and argument. However, it is also pertinent to note that we need government's buy in for Bitcoin to become generally accepted. As it is now, there is no strong structure around the cryptocurrency. Unlike uber, we are talking about something major. South korea for instance is planning to pass a legislation that could ban Bitcoin trading and this is already causing the value of the cryptocurrency to plummet.

With time, governments across the world will start to experiment with their own version of cryptocurrency and this will bring about crisis with the existing system. Hence, there should be some kind of synergy with governments and central banks to ensure a very strong framework and structure around bitcoin and other cryptocurrencies