Government & Bitcoin

[Kiweikoo]

Government or no government. The ideals of Bitcoin is simply unstopabble.

That’s true! But governments can have impact on them. Bitcoins can be somehow disturbed by these corrupt governments. They don’t really want people to live a life of their own choice especially monetary freedom of public is not digested by governments at all. Governments and banks are really scared of bitcoins.

[sofi@]

In later years government will surely find it's way to enter the market of bitcoin it seems they are now adopting the reality of new technologies the only problem I think many of bitcoin users will face is that if government interfere surely transactions will not be as simple and easy as it is today there will be some additional information that they will impost and it will be just an ordinary money transferring that we experience from other remittance center we will lose the privacy we are enjoying today.

[deisik]

Government won't have no choice than to accept the new digital currency. Btc would even help people to get out of poverty line. Thus,  the government should look for measures to incorporate bitcoin in their financial activities.

They do not care Bitcoin or cryptocurrency can help poor people get out of poverty or not. The thing they need from Bitcoin is taxes fees it, if cannot do that, they never accept Bitcoin for make them loss tax fees from people in their country.

That is why it is very important to develop trade with bitcoins. Such transactions do not fall under laws and can help us to avoid accusations of concealment of income. Someday the government will fight bitcoin and we need this to be ready

I don't think it is feasible right now (if ever)

Governments have a multitude of ways to force both merchants and producers to use their own currency, i.e. fiat. If you come to think that buying things with bitcoins will somehow help Bitcoin adoption in the real economy, then you are delusional. The absolute majority of merchants allegedly accepting Bitcoin now don't in fact need crypto altogether, so they use payment processors like BitPay to receive cash immediately after you place an order and pay with your coins. If we resolve all technical issues like slow confirmation times and insane transaction fees (i.e. make Bitcoin competitive with fiat), the only way I see Bitcoin adopted as a full-fledged means of payment is when the local currency of some country gets completely destroyed like it happened in Zimbabwe to the Zimbabwean dollar

[Mung1943]

Bitcoin functions like a blade that can have  possibly constructive or unfavorable results. For example they can lessen expense of banking, cash printing of governments but they do need to have more rgulations

[joganuts]

I think bitcoin, like all other things internet will surpass any government, try to kill it off and it will emerge somewhere else. The people will get what they want and need if it is available, no government or laws can supress it. Building a super firewall, people will break holes and find their ways around it. Spy on your citizens? Enter Tor browsers and more secure communications. Try to ban or overpower bitcoin? Who knows what we will come up with, but it will never be the way the governments have intended. We never surrender or break at the will of those who do us wrong!

The truth us government is the one is responsible to regulate all thing in a specific country. But until now there is no specific regulation that is happening aligned to bitcoin system. Hence for me this actually a good thing for Bitcoin becasue it may take time for Bitcoin to develop more and give people a lot of opportunities to earn and to have a profit for the future.

[drlukacs]

Government or no government. The ideals of Bitcoin is simply unstopabble.

That’s true! But governments can have impact on them. Bitcoins can be somehow disturbed by these corrupt governments. They don’t really want people to live a life of their own choice especially monetary freedom of public is not digested by governments at all. Governments and banks are really scared of bitcoins.

Why they need scared Bitcoin haha? Do you think they cannot ban all user or have rules for control Bitcoin users? China is one of country I know they do that very good, and almost traders, exchanges are fearing them now!

[lentzaj]

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.

Governements are very slow to take decisions translated to laws. i think they will first try to regulate this world in the quickest manner they can but not in the best way. While the crypto world will be better understood, laws will be adapted. I was too young during the internet revolution but I think it might be interesting to learn how did they react about this technological revolution...

[Abiky]

Governments will be the most beneficial to the blockchain technology if its adopt it early and also ready to accept the reality and not the manipulating system we are having. The system of fiat is very expensive and the reality we get from it is inflation and high cost of running governments and business. Bitcoin and blockchain technology on the others hand will help the governments to break the back bond of inflation and reduce costs of running governments. The question is who will adopt bitcoin first?

Yes. Governments have been exploring Bitcoin's underlying technology for quite some time now. Given the rise of the pioneer cryptocurrency and its tech, governments and central banks would have no choice but to adopt them.

As you said earlier, the fiat system is flawed and suffers from inflation, making people look for other alternatives to preserve their monetary value. As they make the switch to Bitcoin and other cryptocurrencies, the use of fiat will become a thing of the past, unless governments start rolling their own digital fiat currencies powered by the blockchain.

Therefore, it will only be a matter of time before all the countries of the world recognize Bitcoin as a legal currency. Japan has done so already, and Australia is looking forward to legalize Bitcoin. Will all the trends that this field has been experiencing lately, anything could happen. Just my thoughts

[Basmic]

Never governments do not recognize bitcoin. If you wait they may not notice as they will destroy bitcoin. Crypto currency is a mechanism of democracy. People do not understand this and so I dream about the legalization of crypto currencies. I feel sorry for you.

[Ayiranorea]

Never governments do not recognize bitcoin. If you wait they may not notice as they will destroy bitcoin. Crypto currency is a mechanism of democracy. People do not understand this and so I dream about the legalization of crypto currencies. I feel sorry for you.

Maybe that might be true considering the present situation of bitcoin as well the the growth happening with it. People have a common thinking of making big profit through bitcoin. In future more countries will legalize bitcoin looking at the economic growth of the few countries that have legalized bitcoin long back.

[redhack]

Never governments do not recognize bitcoin. If you wait they may not notice as they will destroy bitcoin. Crypto currency is a mechanism of democracy. People do not understand this and so I dream about the legalization of crypto currencies. I feel sorry for you.

I don't agree with you. They will accept it because they want to get their cut. If they don't see Bitcoin as money then they can't cut taxes. First they tried to ban Bitcoin, they failed. Now they try to regulate it, they will fail again. In the end they need to adapt the system. That means they have to recognize Bitcoin.

[Sled]

Never governments do not recognize bitcoin. If you wait they may not notice as they will destroy bitcoin. Crypto currency is a mechanism of democracy. People do not understand this and so I dream about the legalization of crypto currencies. I feel sorry for you.

I don't agree with you. They will accept it because they want to get their cut. If they don't see Bitcoin as money then they can't cut taxes. First they tried to ban Bitcoin, they failed. Now they try to regulate it, they will fail again. In the end they need to adapt the system. That means they have to recognize Bitcoin.

The governments are smart and they will not accept bitcoin just like that they will regulate it and i think that they will succeed on it and if they will see that the users of bitcoin in their country are getting more money from bitcoin than the usual way then they will declare taxes on bitcoin and that is how they will get some benefits from it.

[Janademir4]

the government here in my country indonesia there is no step to make bitcoin for legal payment instrument, but do not rule out if in my country also will be considered legal if bitcoin later become global currency

[Maslate]

the government here in my country indonesia there is no step to make bitcoin for legal payment instrument, but do not rule out if in my country also will be considered legal if bitcoin later become global currency

They maybe active late but when they see the volume of transactions are getting bigger for sure they will act accordingly.
Small countries do usually follow big countries in terms of regulation for this currency and just wait for the right time and enjoy what
benefits you can get using bitcoin.

[Armstand]

the government here in my country indonesia there is no step to make bitcoin for legal payment instrument, but do not rule out if in my country also will be considered legal if bitcoin later become global currency

They maybe active late but when they see the volume of transactions are getting bigger for sure they will act accordingly.
Small countries do usually follow big countries in terms of regulation for this currency and just wait for the right time and enjoy what
benefits you can get using bitcoin.

When they see how the countries that implemented btc got benefits on it. Theymight take it into consideration, but knowing btc is decentralized it will be hard to control it. Government must have advanced technology to atleast monitor btc user or establishments accepting btc.

[SiNeReiNZzz]

Government won't have no choice than to accept the new digital currency. Btc would even help people to get out of poverty line. Thus,  the government should look for measures to incorporate bitcoin in their financial activities.

They do not care Bitcoin or cryptocurrency can help poor people get out of poverty or not. The thing they need from Bitcoin is taxes fees it, if cannot do that, they never accept Bitcoin for make them loss tax fees from people in their country.

That is why it is very important to develop trade with bitcoins. Such transactions do not fall under laws and can help us to avoid accusations of concealment of income. Someday the government will fight bitcoin and we need this to be ready

I don't think it is feasible right now (if ever)

Governments have a multitude of ways to force both merchants and producers to use their own currency, i.e. fiat. If you come to think that buying things with bitcoins will somehow help Bitcoin adoption in the real economy, then you are delusional. The absolute majority of merchants allegedly accepting Bitcoin now don't in fact need crypto altogether, so they use payment processors like BitPay to receive cash immediately after you place an order and pay with your coins. If we resolve all technical issues like slow confirmation times and insane transaction fees (i.e. make Bitcoin competitive with fiat), the only way I see Bitcoin adopted as a full-fledged means of payment is when the local currency of some country gets completely destroyed like it happened in Zimbabwe to the Zimbabwean dollar

I totally agree with you even though I am not very much particular about what happened in Zimbabwe. I think that is the only way bitcoin will be fully pledge legalize in some countries, but it seems that the Government really see bitcoin as their enemy or they have seen competition behind, and I am pretty sure the Government already are discussing this topic since before, and they wouldn't make a move that could trigger them or they doesn't benefit at all.

[fuer44]

Sometimes I think about government and bitcoin. if for example the government take the legal of bitcoin, it might be good to protect and secure the security of users, miners, or traders. but, if the government also take the taxes, and also limits the number of transactions, do you agree with that? then, who's in the luck? what do you think?

[millgates]

Government have to legalize and regulates bitcoin as currency immediately. Bitcoin can protect the country from American financial policy, bitcoin and other virtual currency pose a direct threat to the status of the U.S. dollar as the world's currency. The other currency used by developing ccountries actually benefit most from the emergence of alternative currency. Leakage of tax revenues can occur if the public transactions in cash in large portion, by using bitcoin will increase the tax income because all of bitcoin transactions are recorded.

[theunbeatable]

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.

Here in our country government regulation is too slowly implementing in marketing but as month goes market are boom. The taxes and regulation is changing as well the governing of the leader in our country. Just we wait for the result of the governing in our country as well the economics status.

And sometimes this changes is so shocking  , for example they are trying to pass a bill that all sachet that contain sugar will be taxed (for example coffee with a mixture of creamer in a sachet). They are trying to find holes to taxed the most simplest of products yet I don't feel any changes (or i just don't mind ).
My country is on the age of infrastructure nowadays and I don't know how well the government are doing in the marketing section, what I see is that people here still crave for foreign products and local products are being ignored.
As to cryptocurrencies they are regulating it and observing how the flow of things will go.

[denny27]

According to what i know, the views on Bitcoin have a different view from government of all of each country. Some have already formalized it as a currency and some haven't yet, Bicoin is indeed a technological advancement in the financial system and this affects the progress of a country if its government inaugurates this digital currency. I think with the rapid technological developments, the existence of bitcoin is bound to widen and the government will try to keep up with the existence of bitcoin as currency.