Government & Bitcoin

[BitNaija]

Both government and majority of investors of bitcoin have created a big issue between bitcoin and government. Events in resent times will attest to the problem between bitcoin and government. Pronouncements of ban are dropping like missiles. Instead of exploring the bitcoin benefits to society, the government wants to kill it with the benefits.

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[Jembut Ireng]

A lot of different countries just baned bitcoin because they don't want to adapt. Better just reciving fees and watching how you citizens slowly dying

This is the government's certitude because it does not want to make people prosperous, with bitcoin then provides great opportunities for the people to improve the welfare and it is time to give freedom to bitcoiner.

[RajaJudi]

I think that the whole market will become more and more regulated.
That has already started with the identification steps at the exchanges.
Other things will follow, maybe it will hit the ICOs or new currencies in general.
But this is not necessarily a bad thing. A more regulated market might have a safer impression to newcomers.
Maybe through that the crypto currencies can even grow more.

of course, the state will regulate ico because they need to receive income from this, too. but how will they regulate the block technology? it's impossible.

They do not need to regulate the blockchain technology, what they just need is to talk about it with the "most knowledgeable group", agree on one thing and regulate digital currencies. There are some countries that regulate bitcoin so I dont think that it is impossible. If they ban bitcoin then we cant blame them, they want it but still people there can still invest on it.

I know the truth is the Korean government had problem when some people want to ban cryptocurrency exchange and anything related this currency.
Of course, you also know Korea is one of the top countries have high volume trading everyday.
And after this rumor became popular, a lot of people already to against whom had this idea, it is really so funny .

Bitcoin will develop even more powerful than now if the government allow citizen to use Bitcoin. There are not any rules are promulgated to use Bitcoin in any country (In these country, Bitcoin will be used freely). Many countries even ban Bitcoin. Using Bitcoin will be convicted to be guilty in some countries.

[Abiky]

Bitcoin will develop even more powerful than now if the government allow citizen to use Bitcoin. There are not any rules are promulgated to use Bitcoin in any country (In these country, Bitcoin will be used freely). Many countries even ban Bitcoin. Using Bitcoin will be convicted to be guilty in some countries.

Yes. That's the case when governments either interfere with Bitcoin's progress or join the revolution. As blockchain technology provides many benefits such as low costs, and immutability, I believe that at some point in the future, governments would have no choice but to adopt the technology behind Bitcoin. Many countries like Venezuela, Russia, Japan, and even China, have become interested in the benefits that Bitcoin's underlying tech provides.

As such, since Bitcoin is nearly impossible to take down, Governments along with central banks will start rolling in their digital currencies to support cashless payments in the future. Therefore, some countries will ban Bitcoin while others will join it and become a step ahead in changing our world in ways we've never thought possible. Just my opinion

[trananh1996]

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[Sidiq SP]

sometimes for the benefit of the economy and the advanced government should try to pay more attention to the market, cooperate with various lines of society and traders, know the needs in the field and should try to be a good example and develop various things related to economic progress, I believe the good situation , good cooperation, will grow good economy in government

[hagiyatmaz]

Governments around the world have signaled their ongoing or imminent intent to legislate and regulate cryptocurrencies around the world, and it seems the largest banking and financial firms are waiting for more clarity before they forge ahead with plans to enter the market.

[destroyer01]

Bitcoin and cryptocurrency is interesting because I believe it is disliked by most governments however, it is also difficult to control and track. I think the governments of the world have been beat. They want to control it and get rid of it but as they are finding out how difficult that is, they're realizing they have no choice but to just accept it. So they'll try to stick their hand in the pot of course, but whether or not they get anything out of it is entirely up to us.

[tumokatok]

Bitcoin is not taxable. People can hide lots of wealth in bitcoin and any other crypto for that matter. Governments do not like that idea.

the government can not regulate the currency of bitcoin so bitcoin can not be taxed, this is what makes some countries have not legalized this crypto currency, I still hope that the government can immediately legalize bitcoin currency

[Abiky]

Bitcoin and cryptocurrency is interesting because I believe it is disliked by most governments however, it is also difficult to control and track. I think the governments of the world have been beat. They want to control it and get rid of it but as they are finding out how difficult that is, they're realizing they have no choice but to just accept it. So they'll try to stick their hand in the pot of course, but whether or not they get anything out of it is entirely up to us.

That's the point. Since Bitcoin is hard to control, and keep track of, most governments have been trying to regulate it, and some even stop it at all costs. Look at communist governments like China which have started to ban ICOs and exchanges to prevent their citizens from using Bitcoin or other cryptocurrencies at all. As countries like this one see Bitcoin as a threat, they'll do anything in their power to stop it. Of course, some governments like the US see it as a huge potential to increase their tax income by accepting cryptocurrencies within their regions. When this happens, Bitcoin's growth increases at a faster rate when it has all the support from a government.

But, no matter what happens, we all know that Bitcoin will be here to stay as its network becomes stronger and resistant against any external interference. Before they know it, Bitcoin will become a truly unstoppable currency in the mainstream world. Just my opinion

[SpiderDS]

It is not very optimistic that bitcoin has picked up in the crypto currency market. If the government's action is tightened on the issue of bitcoin, then all the people of the country will be interested in it.I think, the government will very soon make it a part of them as a part of it.

[millionairephobia]

Government and Bitcoin have impact to each other,Government is scared that Bitcoin is bad for economy and platform for illegal activities,But need to be positive and think thoroughly the positive sides of Bitcoin.In future government will realize and will allow to legalize it.

[jak3]

The government has already started there action they are being worked on blockchain technology and planning to release their own cryptocurrency, and as you already know government can invest a huge amount of funds To pump that cryptocurrency in the market. Hate to say that but the government will try a lot of tactics in order to defeat the cryptocurrency world. By the way, I live in India and Indian government has made a new rule that every Bitcoin a has to pay some amount of tax in order to use Bitcoin and other altcoins inside India.

[Mr.Anonymous]

Governments around the world have signaled their ongoing or imminent intent to legislate and regulate cryptocurrencies around the world, and it seems the largest banking and financial firms are waiting for more clarity before they forge ahead with plans to enter the market.

The government have invested in Bitcoin, if they did not do that, they do not need to create many FUD like Chinese government banned ICO, cryptocurrency exchange and cryptocurrency mining. By these new, the Bitcoin had dumped to $6,000 again within one month. If they do not have control to the market, obviously not many people want to give up Bitcoin so early.

[Hasbro27]

I think the traditional business capital will continue to be used but mungkan will decrease along with the technology berkebanya, I think crypto currancy provide an alternative investment and can give a fortune, may apply natural selection, traditional business will slowly be replaced by a new type of business

[Abiky]

The government has already started there action they are being worked on blockchain technology and planning to release their own cryptocurrency, and as you already know government can invest a huge amount of funds To pump that cryptocurrency in the market. Hate to say that but the government will try a lot of tactics in order to defeat the cryptocurrency world. By the way, I live in India and Indian government has made a new rule that every Bitcoin a has to pay some amount of tax in order to use Bitcoin and other altcoins inside India.

Agree. As governments work towards launching digital currencies of their own, Bitcoin and the rest of the cryptocurrencies in existence will continue in an upward trend for years to come. Due to the recent popularity and massive user support towards Bitcoin and altcoins, I believe that it will be nearly impossible for any government to try and take down these blockchains. As it is said in the mainstream world, if you can't beat them, join them. They'll try to tax the pioneer cryptocurrency but their efforts won't prevail as it is hard to track down every single Bitcoin user residing within their region for tax purposes.

Nevertheless, there is a very bright future for Bitcoin as central banks and governments have realized its true potential. It should only be a matter of time before governments either join the revolution or be left behind as countries which adopt the blockchain technology would be the ones that'll take the lead in the mainstream world. Just my opinion

[Farhan786]

the government is afraid of what bitcoin can do with their own currency.government will never support Bitcoin.It is easy for a government to accept Bitcoin because of its nature.But Until now, they can not find out the details of the transaction very clearly.

[jaysabi]

The government has already started there action they are being worked on blockchain technology and planning to release their own cryptocurrency, and as you already know government can invest a huge amount of funds To pump that cryptocurrency in the market. Hate to say that but the government will try a lot of tactics in order to defeat the cryptocurrency world. By the way, I live in India and Indian government has made a new rule that every Bitcoin a has to pay some amount of tax in order to use Bitcoin and other altcoins inside India.

Agree. As governments work towards launching digital currencies of their own, Bitcoin and the rest of the cryptocurrencies in existence will continue in an upward trend for years to come. Due to the recent popularity and massive user support towards Bitcoin and altcoins, I believe that it will be nearly impossible for any government to try and take down these blockchains. As it is said in the mainstream world, if you can't beat them, join them. They'll try to tax the pioneer cryptocurrency but their efforts won't prevail as it is hard to track down every single Bitcoin user residing within their region for tax purposes.

Nevertheless, there is a very bright future for Bitcoin as central banks and governments have realized its true potential. It should only be a matter of time before governments either join the revolution or be left behind as countries which adopt the blockchain technology would be the ones that'll take the lead in the mainstream world. Just my opinion

This is silly. Governments don't need to launch cryptos to have a digital currency. The USD, for example, is already a digital currency because far more USD exist electronically in bank ledgers than it does in physical currency. This is a natural result of fractional reserve banking, in that more money is created through loans than through the Fed. A significant amount of monetary assets (including money) exists as debt obligations. But in short, the USD is already a digital currency. The US is not going to create a crypto to compete with Bitcoin, or for any other reason.

[cloutiertyler]

Limited supply and security aside, the public ledger could do wonders for government spending transparency. Can you imagine if you could build a dapp for US expenditure? It would tear down misconceptions about spending and people might be able to see where the money actually goes.

[Pinoyfan]

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 should not contradict with bitcoin because bit coin helps the government in so many ways. First it gives work those unemployed people. Those the employed people will be high. If many are have thier work, they will have enough money to sustain their family. And no one will complain that the government doesnt do to minimize poverty. Because most of the time poor people blame government for countries poverty.