Government & Bitcoin

[BigDig]

The government has a lot of opportunities to use blockchain technologies and crypto currencies. So far, few countries are implementing these technologies, but many states are beginning to take the first steps toward legal regulation of the crypto market. Many are now following the example of Venizuela and the way their experiment is progressing.

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[Denifriska]

As long as countries allow bitcoin to be used by merchants or to transfer or store money, then I think bitcoin will be fine.  So far that's basically what's happening in a lot of countries.  Bitcoin just needs to be more well known so more people will use it.

[alex6464]

Sharing Economy exist from centuries. It is just...with the help of technology, it now operates on such a large scale. Govt. can only handle these new changes by adopting new technology. They have to smart enough to understand consequences(both good and bad) of these changes and find a solution accordingly.

[greg0rioo]

None of the governments will adopt bitcoin. If Governments adopt bitcoin surely they will take control of the technology and make them according to their requirement. Being a open source without flaws is the top feature of bitcoins technology.

[Jannatul Shefa]

government will accept bitcoin in future. Most of the country's government accept bitcoin. Hopefully others country's government will also accept bitcoin.

[Andalusy]

the one that inhibits the growth of bitcoin now, the local government.
they will assume that they will find it difficult to adapt to the economic system of their new if you accept bitcoin raw, but I believe with the development of bitcoin today, at least there will be one or two local authorities were immediately accept bitcoin and legalize it as part of their economic system ,

[Averim]

the only tool at the dispose of Governments are the regulations that they will implementate it regarding all the operations that can be made thru blockchain technology. It is true that banks will also contribute in setting thouse regulations but mainly it is a political decision.

[fmboyzz]

Governments are not able to track payments in bitcoins as anybody without a proper identification can open up an account and make the transaction. Even though exchanges are collecting KYC from their customers, it is possible to do transactions without using ID card issued by Government it becomes very much difficult for governments to audit transactions, and perform their obligations.

[BitcoinPaw]

At my opinion it's very difficult and interesting question. Bitcoin and other cryptocurrencies can be helpful for fovernment , North Korea for example .
Need to analyse everything better.

[BigBos]

I am wondering if bitcoin can be stopped by any government a new came today which made some people dumped their coin. This is a blockchain technology it is been developed on daily basis and research are been carried out so it can't be stopped.

Well, for some reason, sometimes the government and bitcoin are just the opposite. there are even some countries that ban bitcoin for disturbing the economic system in the country. well, but I think more governments are supporting bitcoin on appeals that do not agree.

[Tigerw]

I am wondering if bitcoin can be stopped by any government a new came today which made some people dumped their coin. This is a blockchain technology it is been developed on daily basis and research are been carried out so it can't be stopped.

Well, for some reason, sometimes the government and bitcoin are just the opposite. there are even some countries that ban bitcoin for disturbing the economic system in the country. well, but I think more governments are supporting bitcoin on appeals that do not agree.

in my country there are some I paradoxes that even contradict each other. some officials say bitcoin this can be a threat to National security, and other officials are involved in the development of ico company.

[kangbasir]

The debate over the virtual currency continues to emerge amid bitcoin trends that skyrocketed until the end of 2017 alone, bitcoin users increased by 1,200 per cent by early 2018 the government began to take decisive steps to suppress bitcoin development and many governments also rejected a balanced economy of bitcoin policy for conventional sectors and modern or digital.

[Beabtc11]

Bitcoin and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.Banks generally charge fees for doing anything with money, even just holding on to it. That's because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly.The key to its success is something called the blockchain. The blockchain is a means of solving the double-spending problem: which is that because the currency is digital it is open to being copied and spent more than once - something banks stop with physical currency.

The blockchain acts as a digital ledger, whereby every single transaction (called a block) is securely linked together using cryptography and encryption. It's verifiable, available to everyone who owns Bitcoin and is immune to fraud and hacking - unlike centralised banks. It enables one digital wallet (that can be stored on a phone) to directly connect with another securely and process a transaction. As such, it removes the need for any kind of traditional bank or regulator

[baldur odinson]

There are already a few governments which have acted against bitcoin, and how do you think has that helped bitcoin? It is thrown around in the media negatively, residents of a country are thereby even restricted to use it because it is banned in their country now.

[mimienamphine]

For now governments are afraid that if bitcoin is legalized it will powerless and cannot get taxes from the people to run its activities so many governments around world are trying to put fear into its citizens to discourage them from investing in bitcoin.But this is only temporal as bitcoin or cryptocurrency is bound to rule the world in the next few years to come.People are gradually accepting btc all around the world and many people have also heard about it.Only that some people need further education to be able to fully understand the concept and invest.

[romeo23]

Governments have to provide bitcoin infrastructure in their jurisdiction, so that they can keep the network going. Just like operating banks, it will cost a large sum of money.Governments can pass a law enacting all the citizens to update their bitcoin address to the existing identification medium so that governments can trace the transactions.Governments can decentralise the infrastructure by franchising the process just like issuing licences to private banks.Recent announcement from some government indicate the similar approach for using Bitcoins in their Jurisdiction.Accepting similar strategies, governments can mitigate the above mentioned risk and contingencies associated with bitcoin transactions and ride with the next wave..
we cannot sell even cigarettes in streets with out paying tax to the government.When a block chain company able to operate with in the scope of law of land, they can do their duty amicably with out having any regulatory interference...Even a scrutiny check from department with the assumption of misrepresentation or mismanagement will affect the good will of the firm.I believe regulatory compliance block chain is the future. Ripple (payment network) is the one of the best example.Entrepreneurs should understand the purpose of business, we are doing it for the well being of our people and governments are an integral part of the society. We cannot just ignore them just because technology outperform them, they too are humans.
we should help them to find possible solutions for the problems that government face with legality and constitution. We should consider and respect government as guardians of our ecosystem. they are riding the Kingdom now!All of us should understand the difficulties that governments all around the world faces when they deal with Bitcoins and other cryptocurencies.

[rehydrogenated]

Blockchain technology is the most amazing thing to happen for governments in ages. Every transaction stored permanently on the blockchain!!! What more could the government ask for? Oh yeah, the ability to reverse transactions or take money from people at will. Done and done.

Actually, what is incredible is how people don't realize that the thing lauded for privacy and decentralization will fuel the centrally-controlled future. Blockchain technology is a government's wet dream. People will oppose it for as long as they can, but the future will arrive.

[Abiky]

Governments are not able to track payments in bitcoins as anybody without a proper identification can open up an account and make the transaction. Even though exchanges are collecting KYC from their customers, it is possible to do transactions without using ID card issued by Government it becomes very much difficult for governments to audit transactions, and perform their obligations.

That is certainly true, mate. Because of the decentralized nature of Bitcoin, it's often hard to enforce regulation over every user of the same. Governments know this, which explains why some have banned Bitcoin and other cryptocurrencies from their region. However, governments that have accepted Bitcoin and other cryptos as legal form of payment, have been trying to enforce regulatory requirements within centralized exchanges.

Despite their efforts, Bitcoin will always be transacted in a peer-to-peer fashion which requires no KYC or AML requirements at all. In addition, trading cryptocurrencies at decentralized exchanges, further limits a government's ability to interfere at all. Therefore, Bitcoin and other cryptocurrencies will be able to stand the test of time and become stronger than ever, as they bring freedom to the economy for the first time in history. Just my thoughts

[clarky]

Governments are in the meanwhile aware of the blockchain technology yet he renowned the dynamic that it holds then what it is operable in accordance with affect yet change the existing banking yet financial system. But he are no longer equipped in conformity with usage bitcoin animal something she hold no rule over. I'm assured they already hold some thing between plan in accordance with utilize blockchain however as i reported what it need is in accordance with bear something up to expectation execute exist alongside theirs system.

[Yari_k]

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.

As to me, some of the government knows more about Bitcoin for all of us. They all understand - they just do not know how to properly adapt it to the economy of the country, to earn that.
And yet here Bitcoin's course floating, as for me it's an evil thing for an eco-label.