Government & Bitcoin

[stevano]

Governments are already aware of the blockchain technology and they acknowledge the potential that it holds and how it is going to affect and change the existing banking and financial system. But they are not ready to use bitcoin being something they have no control over. I'm sure they already have something in plan to utilize blockchain but as i said what they want is to have something that can exist alongside their system.

the point is now that bitcoin can not be received by the government because it can not be controlled so it is still in the search for the gap, but its blockchain system can be accepted by the government proved more and more banks are studying the system from blockchain

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[alexsamudra]

now the government is aware of the blockchain technology system and they know its potential and how it will affect and change the existing banking and financial system. and the government is not ready to use bitcoin because they can not control like a bank. the government may have a plan to use blockchain, maybe they want blockchain to exist alongside the government system. I do not know for sure whether the government will benefit from blockchain or not.

[Carlsen]

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.

[hostrm]

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.

[removebeforeflight]

Government is actually thinking of how to regulate bitcoin and they don't have any clue on how to do that. May be bitcoin and other crypto management team can give the government a draft on how they can regulate. To be particular to block chain technology, every transaction is tracked and recorded but this information is no known to many of the crypto users. However, if governments can have this control to monitor the crypto, it's fair enough for future I think.

[bilyboy]

If the government found a way to tax Bitcoin they would certainly have made that.But they have a problem of how to do it, because if the person who owns the Bitcoin does not report that it has Bitcoin how they charged tax at all?If Bitcoin succeed on a global scale no doubt that the government will find a way to take their share of the pie.

[gabmen]

If the government found a way to tax Bitcoin they would certainly have made that.But they have a problem of how to do it, because if the person who owns the Bitcoin does not report that it has Bitcoin how they charged tax at all?If Bitcoin succeed on a global scale no doubt that the government will find a way to take their share of the pie.

Well yeah, i'm not sure how any government can effectively tax bitcoin or any cryptocurrrmcies for that matter. Probably taxing it is out of the question. They just want to regulate it to at least have control and i don't think that that's a bad idea considering how this technology can backfire and be used by evil people.

[Abiky]

They don't want decentralized assets that's why they don't want to accept bitcoin in their regions. They want to control everything in their country. They don't want people to use decentralized economic assets.

That is certainly true, mate. Governments would always want to have authority over the economic system, with a currency under their control. Since Bitcoin and other cryptocurrencies are decentralized (except for Ripple), they may become a fierce rival against government’s current monetary system. Cryptocurrencies cannot be stopped by a third party given its distributed and decentralized nature. Therefore, it would be very troublesome for governments to adopt a decentralized currency.

However, while there will always be a separation between the government and Bitcoin, I believe that current fiat currencies will exist alongside cryptocurrencies. In any country where cryptocurrencies are considered legal, Bitcoin can grow and become used without restrictions within that region. But, if governments go against Bitcoin and other cryptocurrencies, then their growth would stale and it would become very difficult for them to become used in the mainstream.

Most recently, countries like China, and South Korea have been hunting down on cryptocurrency trades. This would make it even harder for people living on these regions to get access to cryptocurrency. With this, Bitcoin's growth would be delayed in those areas as governments and regulators act.

Nevertheless, I believe that at some point in the future, Bitcoin and other cryptocurrencies will become stronger and resistant against any government's actions. Decentralized trading is key here towards eliminating control and manipulation of centralized exchanges by the governments. Just my opinion

[Cryptolupus]

As anyone can see, governments have started a war against bitcoin, with all kind of big declaration.
Of course, this will slow down the grow, moreover in public acceptance, but due to the decentralization of the system, I can't figure how the could succeed.
We'll see, I'm very curious.

[cryptotricks]

By making it illegal to trade/buy/sell/store the government can halt the growth. I see china is not dominant as it used to before due to regulations. Its growth can be slowed, but cant be stopped.

[Capuchin Crypt]

Any system tries to defend itself from attacks.
Government is a system, and bitcoin is a strong attack.
So, it's normal that governments start to react. But they can't succeed if they won't take mesures at planetary level.

[Julia_KA]

I don't really think governments can ever get a full hold of the bitcoin or other crypto. However as long as businesses are not accepting bitcoin directly and speculations are driven by its dollar value, bitcoin stays inherently dependent on the existing monetary system which is itself built around USD. So for bitcoin to become truly free, it has to replace USD as standard of value in the crypto world.

[Creepings]

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.

[Julia_KA]

Also there are economic theorist who argue that we are entering in the era of Corporatocracy (a recent term used to refer to an economic and political system controlled by corporations or corporate interests. https://en.wikipedia.org/wiki/Corporatocracy). So if we think of the fact that by far the largest amount of bitcoins that have ever been mined is held by just several major mining companies (Ant, Bitfury etc.), we have to acknowledge that their potential market power to influence the value of bitcoin is tremendous. In this circumstances we can't call cryptocurrency a free market.

[Perseusallen]

Bitcoin users don’t need the existing banking system. The currency is created in cyberspace, when so called "miners" use the power of their computers to solve complex algorithms that serve as verification for Bitcoin transactions. Their reward is payment with cyber currency, which is  stored digitally and passed between buyers and sellers without the need for an intermediary. On a smaller scale, airlines reward miles function in a similar way, enabling travelers to purchase plane tickets, hotel rooms, and other items using airline miles as virtual currency

[twicezeroiszero]

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 .

[jak3]

It's not only about Bitcoin government has to contemplate a lot of stuff which normal people are using all around us. Let's analyze the facts why the government does not like Bitcoin the most important point is governments do not allow export or Import of foreign money and if by anyhow they got into their country they will charge extra tax. Like in India people have to pay Some tax if they were found using Bitcoin. But I am still in a hope banks will someday get bankrupted because of Bitcoin. It's just a matter of time when people will understand how they should control their money and we'll worry about their security they will take all of their money from the banks.

[BingoDog]

It's not only about Bitcoin government has to contemplate a lot of stuff which normal people are using all around us. Let's analyze the facts why the government does not like Bitcoin the most important point is governments do not allow export or Import of foreign money and if by anyhow they got into their country they will charge extra tax. Like in India people have to pay Some tax if they were found using Bitcoin. But I am still in a hope banks will someday get bankrupted because of Bitcoin. It's just a matter of time when people will understand how they should control their money and we'll worry about their security they will take all of their money from the banks.

No, banks will not go bankrupted because of bitcoin or any other cryptocurrency. They are not so exposed to bitcoin and it can't influence that bad on their business. Besides banks are still crucial for world economy and are backed up often also with politics and higher interests.

[Abiky]

As anyone can see, governments have started a war against bitcoin, with all kind of big declaration.
Of course, this will slow down the grow, moreover in public acceptance, but due to the decentralization of the system, I can't figure how the could succeed.
We'll see, I'm very curious.

That is certainly true, mate. While most governments have started to act against cryptocurrency markets to stale the growth of Bitcoin, they still haven't been able to destroy the pioneer cryptocurrency as we know it. Since Bitcoin is decentralized, it doesn't depend on governments, politics, or even banks to survive. Its underlying technology is hard to stop and take over it, since it has grown much stronger than it was in its very beginnings.

Either way, if governments start acting against cryptocurrency exchanges, there will always be the choice of decentralized trading solutions which are free from any external interference. So, no matter if governments support Bitcoin or not, it'll be hard to shut down the whole ecosystem as we know it.

Of course, when things like these happen, Bitcoin's growth becomes slower, but it will rise back up and emerge stronger than ever before. Just my thoughts

[Akupuniard]

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