Government & Bitcoin

[waterpile]

As long as Businesses would accept BTC the government would also follow through. Government can't stop the adoption of BTC, sooner or later they're going to realize the benefits that it can bring.

[Amph]

Government regulations are so slowly implemented but they're trying to adopt to new financial markets. Everything is changing, regulations and taxes too. We need few years for mass adoption and official law in almost all countries.

I think taxation is the key to government adoption.  The government would need to have access to sales transactions for taxing sales for the consumer and income for the seller.  Once that is in place, then it can be more widely accepted by large consumer goods/services companies.

Smaller players who likely don't report any taxes from bitcoin wouldn't care, but there would be large legal implications for the larger companies.

governent can regulate fiat without taxes(at least for casual people, not talking about big merchants/services), he can offer service to store bitcoin via bank, and charging a small fee but in return offers security

[Snorek]

government is already adapting and working with banks, there are some of them which are using blockchain technology to overcome probably bitcoin

i doubt it will stay there and watch bitcoin sucking its fiat(scam) currency

One more thing, when they want to control bitcoin is is for governments to regulate ASIC manufacturing, by by forcing manufacturers to add 'kill switches' to the hardware, or require end-users to have licenses.
With this implemented bitcoin can be a hostage of government.

[Dotakels]

government is already adapting and working with banks, there are some of them which are using blockchain technology to overcome probably bitcoin

i doubt it will stay there and watch bitcoin sucking its fiat(scam) currency

One more thing, when they want to control bitcoin is is for governments to regulate ASIC manufacturing, by by forcing manufacturers to add 'kill switches' to the hardware, or require end-users to have licenses.
With this implemented bitcoin can be a hostage of government.

They cant do that because satoshi will not allowed them to use or change the bitcoin. Bitcoin users will have a great effect when they do that and its better to have licenses but its a big project theres so many things to change and to fix if they do that.

[Natalia_AnatolioPAMM]

As long as Businesses would accept BTC the government would also follow through. Government can't stop the adoption of BTC, sooner or later they're going to realize the benefits that it can bring.

good point, I also think so

[tyz]

What if the government bans Bitcoins for payment? Then most companies (for instance stock companies, limiteds etc) can not accept Bitcoin because of statutory regulations and legal requirements they have to follow. Otherwise they have to pay financial penalties.
Small businesses of course can further accept Bitcoins but not the big ones.

As long as Businesses would accept BTC the government would also follow through. Government can't stop the adoption of BTC, sooner or later they're going to realize the benefits that it can bring.

[Bit_Happy]

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.

Governments being years behind is one of our biggest advantages.
By the time they understand what happened it will be too late to stop the "free" market from providing new solutions.

[Dotakels]

What if the government bans Bitcoins for payment? Then most companies (for instance stock companies, limiteds etc) can not accept Bitcoin because of statutory regulations and legal requirements they have to follow. Otherwise they have to pay financial penalties.
Small businesses of course can further accept Bitcoins but not the big ones.

As long as Businesses would accept BTC the government would also follow through. Government can't stop the adoption of BTC, sooner or later they're going to realize the benefits that it can bring.

If thet not accepted bitcoin as payment. Bitcoin will lose or die, because no one will use bitcoin because its useless. And the bitcoins are created to pay through internet so that they can do that.

[Hazir]

They cant do that because satoshi will not allowed them to use or change the bitcoin. Bitcoin users will have a great effect when they do that and its better to have licenses but its a big project theres so many things to change and to fix if they do that.

Nobody know where Satoshi is now, he seems to disappear completely from our radar, so he can't intervene in anything anymore. He set this bitcoin plan in motion and he can't change it now.
Right now the majority of bitcoin users have the vote what to do next with bitcoin. And if government would want to impose regulations on ASIC miners manufacturers that majority of users would only have one choice - to comply.

[btc_enigma]

Goverments cannot control bitcoin, bitcoin is truly decentralized. Internet is decentralized too , but I guess government have control over it by exercising power over ISP that control the backbone.

I forsee governments controlling large mining farms and trying to exercise power.  Who knows US govt may already be controlling some of the mining farms !

[Dotakels]

They cant do that because satoshi will not allowed them to use or change the bitcoin. Bitcoin users will have a great effect when they do that and its better to have licenses but its a big project theres so many things to change and to fix if they do that.

Nobody know where Satoshi is now, he seems to disappear completely from our radar, so he can't intervene in anything anymore. He set this bitcoin plan in motion and he can't change it now.
Right now the majority of bitcoin users have the vote what to do next with bitcoin. And if government would want to impose regulations on ASIC miners manufacturers that majority of users would only have one choice - to comply.

Even if we dont know where satoshi is, bitcoin users will not allow to under of the government why? Because government will corrupt the btc, and they low the price of it. And we all know that bitcoin is for us not on the government.

[BTCevo]

What if the government bans Bitcoins for payment? Then most companies (for instance stock companies, limiteds etc) can not accept Bitcoin because of statutory regulations and legal requirements they have to follow. Otherwise they have to pay financial penalties.
Small businesses of course can further accept Bitcoins but not the big ones.

As long as Businesses would accept BTC the government would also follow through. Government can't stop the adoption of BTC, sooner or later they're going to realize the benefits that it can bring.

I dont think some goverment will pay any attention to bitcoin, lets say if they realize it that bitcoin is use by many people, they surely not gonna use that bitcoin for do a trading not even in market because they wont try to gamble their assets and just try to use bitcoin that still in a volatile

[BobK71]

Whether the government can kill bitcoin depends on how much money and debt the "mainstream" system pumps out.

If it pumps out too much and causes high inflation, bitcoin will move into mainstream transactions and become a store of value.

The currently most likely scenario is that it pumps out enough to cause long term but slow inflation, or even disinflation in the near term.  In this scenario it's hard to see bitcoin being used by mainstream transactions, though bitcoin may still retain its store of value status.  The reason is that there's no real reason for anyone to get out of fiat currencies, especially if governments add any regulatory headaches to the process.  Payments over the internet are pretty well developed already.  Anyone who doesn't trust fiat currencies can still use them for transactions but put a portion of their savings into bitcoin.

[neurotypical]

It will always be a hate love relationship with goverments. In order to reach massive adoption, there will need to be a common ground where the can regulate the transactions at a certain level. Also to recognize smart contracts etc.

[aso118]

Goverments cannot control bitcoin, bitcoin is truly decentralized. Internet is decentralized too , but I guess government have control over it by exercising power over ISP that control the backbone.

So what can the ISPs do? Block Bitcoin? It isn't as easy as blocking a website (which is also futile).

[arallmuus]

Goverments cannot control bitcoin, bitcoin is truly decentralized. Internet is decentralized too , but I guess government have control over it by exercising power over ISP that control the backbone.

So what can the ISPs do? Block Bitcoin? It isn't as easy as blocking a website (which is also futile).

None can the ISP do, it is pretty easy to unblock it if you know the way to do that.

It maybe irrelevant but Have you ever thought that alot of country ISP block the adult sites? yet the adult business comes mostly from those country who block it. The same analogic applies to china. Bitcoin transaction is banned there and yet it has the most bitcoin user there

Whether the government can kill bitcoin depends on how much money and debt the "mainstream" system pumps out.

The best scenario will be that they leave it alone rather than exiling something that might possed a threats to the fiat currency

I dont think some no goverment will pay any attention to bitcoin.

No government will pay any attention to bitcoin as It is a decentralized currency which means even the government cant control it. Perhaps not now, but some years later after bitcoin prove itself to be suitable as a currency

[Amph]

Whether the government can kill bitcoin depends on how much money and debt the "mainstream" system pumps out.

If it pumps out too much and causes high inflation, bitcoin will move into mainstream transactions and become a store of value.

The currently most likely scenario is that it pumps out enough to cause long term but slow inflation, or even disinflation in the near term.  In this scenario it's hard to see bitcoin being used by mainstream transactions, though bitcoin may still retain its store of value status.  The reason is that there's no real reason for anyone to get out of fiat currencies, especially if governments add any regulatory headaches to the process.  Payments over the internet are pretty well developed already.  Anyone who doesn't trust fiat currencies can still use them for transactions but put a portion of their savings into bitcoin.

bitcoin cannot be killed as long as even one node is operative and two people are using it/exchanging it for goods

the reason is the anonimity, while bitcoin isn't 100%anon, nevertheless offers a better anonimity than fiat, and is more practical to spend bitcoin, instead than processing money with sepa/wire transfer

i find it even easier to use compared to credit/debit cards(there is no cvv to imput or all those useless numbers)

[sdmathis]

As long as Businesses would accept BTC the government would also follow through. Government can't stop the adoption of BTC, sooner or later they're going to realize the benefits that it can bring.

good point, I also think so

The government regulates businesses. The most effective way to control Bitcoin is to regulate the businesses that accept it. In this way, they may not be able to stop it, but they can keep it out of the mainstream.

[Dotakels]

As long as Businesses would accept BTC the government would also follow through. Government can't stop the adoption of BTC, sooner or later they're going to realize the benefits that it can bring.

good point, I also think so

The government regulates businesses. The most effective way to control Bitcoin is to regulate the businesses that accept it. In this way, they may not be able to stop it, but they can keep it out of the mainstream.

Government can't stop bitcoin until theres so many using of it. Business using it or accept it because trading bitcoin is so easy and safe than the traditional trading system. So that government will forced to used it because if they not use it because the private business company will not cooperate with them because they not using bitcoin.

[aso118]

As long as Businesses would accept BTC the government would also follow through. Government can't stop the adoption of BTC, sooner or later they're going to realize the benefits that it can bring.

good point, I also think so

The government regulates businesses. The most effective way to control Bitcoin is to regulate the businesses that accept it. In this way, they may not be able to stop it, but they can keep it out of the mainstream.

There is a sizable parallel economy, which will find Bitcoin useful. Bitcoin may not become mainstream if the Government is against it, but it will become a favourite of people who primarily use cash now.