Government & Bitcoin

[michellee]

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.

government will use their capabilities to rule bitcoin and they will try to make regulation related using bitcoin for their citizen. but i don't think that the government can conquer bitcoin as bitcoin is not controlled by them and the user is free to use bitcoin without having limit border between countries.

[cybersofts]

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.

Well, the governments must coup with the latest technologies or left behind for good. Modern businesses leverages the power of modern technologies to run their businesses digitally unlike the traditional ways. Government like the idea of controlling things e.g. businesses, finance and media, but with latest technologies such as bitcoin, ethereum and blockchain, they are no longer in control. People build their nodes and are in control of their lives, assets and financial freedom as well.

[ekoice]

Governments have already understood the potential of blockchain technology and have started to implement it in most of government sectors like health industry,etc.They welcome block chain technology and not bitcoins,which work in blockchain technology.Some countries have come to the extent of regulating bitcoin and allowing bitcoin for remittance just like in philippines.Some countries have taken a step ahead by legalizing bitcoin like japan.Governments have realized that implementing blockchain technology would make he work easier,lessen the time spent for various operations,lessen the paper works and information would be most secure.

[Nameless27]

We don't have to generalized government as an nonsocial way. Many public officials or countries leaders are adapted towards new technologies even in our own country. Even most of them have legalized bitcoin in their respective countries like Japan but never been heard of totally banned but only regulated cryptocurrency used. They were aware of the contribution of Blockchain technology and studied its advantages towards its people or bitcoin users on that part of the world.

[ArrogantPeacock]

BTC will become very popular in the future, but that doesn't mean it will replace the government or governmental services

it's more likely that the government itself will issue at some point a coin themselves, which will make BTC then not that attractive

but they'll definitely think ahead of it, they love their governmental positions too much to lose them on something as liberal as Bitcoin

[futile-resistance]

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.

I think there is a very strong relation between both the Government and Bitcoin. If the Government takes the positive steps regarding the promotion of Bitcoin, I think Bitcoin will develop a lot and will give a lot of benefit to its investors along with playing its role in the betterment of society.

[Biggapp]

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?

That’s true it is the reason that people want bitcoin to be legalize and a lot of new people will use bitcoin. In my country bitcoin is growing very fast and the government is also very interested in bitcoin now and it is increasing in price as well it is very beneficial for a lot of government sectors so it is the reason government is showing a soft corner for bitcoin now.

[djsugar]

Various countries have various outlook for cryptos. Some are apprehensive and some are welcoming. But now governments have started understanding that how stronger the crypto phenomenon will get in future. Thus, many who were apprehensive are trying to reduce Bitcoin dominance and many who are Bitcoin friendly are accepting it at larger scale.

[gtglener]

Various countries have various outlook for cryptos. Some are apprehensive and some are welcoming. But now governments have started understanding that how stronger the crypto phenomenon will get in future. Thus, many who were apprehensive are trying to reduce Bitcoin dominance and many who are Bitcoin friendly are accepting it at larger scale.

Most of the countries government are trying to discard bit coins and other crypto currencies from the market to stabilize the economy of the physical currency they have. They know that if they are not able to discard this concept of currency then crypto currencies will take over the world and their own economy will be grounded.

[Zenithar]

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.

government will use their capabilities to rule bitcoin and they will try to make regulation related using bitcoin for their citizen. but i don't think that the government can conquer bitcoin as bitcoin is not controlled by them and the user is free to use bitcoin without having limit border between countries.

I am hopeful that our government will be very positive about bitcoin regulation.

[Sled]

Various countries have various outlook for cryptos. Some are apprehensive and some are welcoming. But now governments have started understanding that how stronger the crypto phenomenon will get in future. Thus, many who were apprehensive are trying to reduce Bitcoin dominance and many who are Bitcoin friendly are accepting it at larger scale.

Most of the countries government are trying to discard bit coins and other crypto currencies from the market to stabilize the economy of the physical currency they have. They know that if they are not able to discard this concept of currency then crypto currencies will take over the world and their own economy will be grounded.

Their physical currency is already stabilize because it is the one which all the people use in the past years even there is no bitcoin or other cryptocurrencies. I don't think that the governments are trying to discard bitcoin and other cryptocurrencies because this is the new era of the world where the technology is becoming a part of the world and the government and other countries are trying their best to adjust and to fit in.

[0t3p0t]

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.

I must tell that is it hard for me to understand what is your question here. But you have to know this: Every Bitcoin expert believes that government intervention in the bitcoin industry is simply inevitable.
People believe that bitcoin simply must change to bring it in line with other payment systems. I am afraid this means adding identity information to bitcoin transactions and making it possible to blacklist/track funds.

I agree with you mate, local exchanges here in my country add identity information to Bitcoin transactions and making it possible to hold and track our funds. We need to apply KYC/AML if we are planning to withdraw $50 up. I know that Bitcoin has been also used in illegal activities by criminals like drug transaction, money laundering, funds terrorists et cetera.

The point is that we are now exposed and there is  no such thing as privacy and anonymity in our transaction and they are spying on transaction we made which is kinda awkward since those who are working with Bitcoins in a legitimate way like us will also be blacklisted and the local exchanges will issue a hold order for sending huge amount of money and they will  also investigate our transaction that is annoying in times we withdraw our funds in an emergency situation.

I know that this conflict could create a massive impact in the future if all governments implemented that kind of intervention. l hope that it will not happen in the future because if that happens, less fortunate and unemployed like me will lose the opportunity to live a better life and succeed since we are dependent to Bitcoins.

[Quietman]

The government is probably making a step and researches if they are going to adapt bitcoin. The government is somehow powerful and Ibknow for sure that they are studying already about the blockchain technology. It will be beneficial to them if they adapt bitcoin. The popularity of bitcoin once it was adapted by the government will rise.

[jaysabi]

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.

The interesting thing about this is government doesn't have to sanction Bitcoin in any way and it can continue to become more popular. If Bitcoin is easily obtainable (currently it is) and very liquid (currently it is), the government can continue to refuse to recognize Bitcoin as an official currency, but that matters very little to anyone using it as a currency with other people who also consider it a currency. Perhaps you can't pay your taxes with it if the government doesn't recognize it, but also, who cares? If you wanted to live a purely BTC existence, it's easy enough to convert BTC to fiat to transact any official business.

Of course, finding enough businesses that want to trade in BTC is another problem entirely. But at least the main hurdle isn't the government.

[michellee]

The government is probably making a step and researches if they are going to adapt bitcoin. The government is somehow powerful and Ibknow for sure that they are studying already about the blockchain technology. It will be beneficial to them if they adapt bitcoin. The popularity of bitcoin once it was adapted by the government will rise.

i am thinking the same as you because we know governments have unlimited source that they can use to make researches or learn about bitcoin and blockchain technology. and I am sure that right now, they are busy with this and maybe they will adopt bitcoin too but with other currency. I think they will want to know more about bitcoin and if they think that bitcoin can bring a new good thing for them and citizen, then they will allow bitcoin too.

[STEVEN 777]

i think Government  will keep banned bitcoin till have control on it and gain money from it

[Ya-ing]

Governmnents will put their hands on BTC and try to regulate once it supposes some threat for them. For sure.

[deejhay]

It would take time for government to adapt bitcoin as it needs many study. Laws will be debated and that probably would take many years especially here in my country where simple arguments can take months to be solved.

[Abiky]

I think there is a very strong relation between both the Government and Bitcoin. If the Government takes the positive steps regarding the promotion of Bitcoin, I think Bitcoin will develop a lot and will give a lot of benefit to its investors along with playing its role in the betterment of society.

Yes. The government can have a lot of impact over Bitcoin's future if it decides to support it for the long term. When a government allows Bitcoin to grow within their region, many exciting things happen towards helping the pioneer cryptocurrency to become used in the mainstream world.

However, if a government decides to make Bitcoin ilegal, then it will greatly limit Bitcoin's ability for growth within a specific region. One thing that could be quite troublesome for Bitcoin is regulation, as too much regulation could stale the cryptocurrency's growth in value and user acceptance.

Most recently, countries like the US and China have started banning ICOs, and they make start taking action on the use of Bitcoin and other cryptocurrencies, if they continue to rise exponentially in value and popularity. Thus, if governments see Bitcoin as a threat to their current monetary system, they could take action by limiting its growth or usage, via their regulations, especially when most of the crypto market relies on centralized exchanges.

Due to this factor, governments can enforce any rule on Bitcoin or other cryptocurrencies due to the centralized nature of the exchanges. But, the moment Bitcoin and other cryptocurrencies start trading on decentralized exchanges, will be such where government intervention will become extremely difficult. Just my opinion

[chickenado]

I think there is a very strong relation between both the Government and Bitcoin. If the Government takes the positive steps regarding the promotion of Bitcoin, I think Bitcoin will develop a lot and will give a lot of benefit to its investors along with playing its role in the betterment of society.

Yes. The government can have a lot of impact over Bitcoin's future if it decides to support it for the long term. When a government allows Bitcoin to grow within their region, many exciting things happen towards helping the pioneer cryptocurrency to become used in the mainstream world.

However, if a government decides to make Bitcoin ilegal, then it will greatly limit Bitcoin's ability for growth within a specific region. One thing that could be quite troublesome for Bitcoin is regulation, as too much regulation could stale the cryptocurrency's growth in value and user acceptance.

Most recently, countries like the US and China have started banning ICOs, and they make start taking action on the use of Bitcoin and other cryptocurrencies, if they continue to rise exponentially in value and popularity. Thus, if governments see Bitcoin as a threat to their current monetary system, they could take action by limiting its growth or usage, via their regulations, especially when most of the crypto market relies on centralized exchanges.

Due to this factor, governments can enforce any rule on Bitcoin or other cryptocurrencies due to the centralized nature of the exchanges. But, the moment Bitcoin and other cryptocurrencies start trading on decentralized exchanges, will be such where government intervention will become extremely difficult. Just my opinion

Yes I agree that it's extremely difficult for the govenment to intervene, but the most certain cases that government will not hesitate to implement strict regulations in it is; both btc community and government system will be integrated. With that idea, that would be a great development for digital currency and no wonder people will amazingly adopt the system in the future.