Governments and banks are using you

[Iranus]

A large and important reason for Bitcoin's creation is the freedom from bank-controlled fiat currency.  If a bank wants to increase the supply in a cryptocurrency, they would have to hard fork and update software each time, which the public would not be able to follow, nor would they want to.

So if the bank wanted to create a cryptocurrency, they would have to either:

-Create a centralised coin which crypto enthusiasts decide not to use because of their original reasons for using BTC
-Create a decentralised coin which they don't have much control over, which is pointless as they wouldn't have any more power than they can have in BTC.

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[Rinder]

This is ridicolous, bitcoin and crypto in the general had exposed fiat issues and big abusive behaviour from some companies that provide remitances. Even banks were catched on this, with their fixed fees, bitcoin and crypto had showed all those companies and countries its possible to keep money into circulation without a third person, and no such high fees. Why would someone invest into any countrie currencie knowing it will be controlled, manipulated and centralized..... think again only stupids and those idiots that believe fiat, bank savings are the most safe investment, those that reject crypto will buy those shitcoin from the countries.

[okala]

I know government and banks may be nuture this in their mind but I think bitcoin will still defeated all of them as it has been doing to others opposition since it inception. We can see that bankers and elites has been fighting and raise opposition against bitcoin to find out it limitations.

[darkangel11]

High fees.
I'd call them proportional. Do you know any other currency in the world that is worth as much as BTC?

Slow transactions.
They are fast if you ask me. It takes less than 15 min for a transaction to confirm, provided the fees are high enough.
Try sending money on Sunday afternoon. In most cases you'll have to wait 24h for the money to reach its destination.

Volatility.
Traders like it.

Insecurity of wallets and exchanges.
Which wallets? I've been using QT and Electrum for many years without problems.

Public distrust.
There's a large degree of trust. If there wasn't people wouldn't be buying BTC for $4k a piece.

Reactions to media attention.
Don't know what you mean.

Criminality/money laundering.
Ever heard of USD? It's the favourite currency of criminals around the world.


Backed by fiat currency.
It's exchanged to fiat not backed by it. It's like saying USD is backed by the peso.

Lack of patent.
Because of lack of creator. No creators, no patents, no controlling entity.

And on and on.
Please go on.

[freebutcaged]

Every time price of Bitcoin increases significantly there are some people bitching around about what not but lot. governments are watching those few

Early adopters and the current billionaires of our time and can't do any shit mate, they can launch their own cryptocurrencies sure but when it's not like

Bitcoin truly decentralized and open source no one would give a fuck about them just like now. there are thousands of ICO-POW-POS shitcoins emerging

With some huge backing by some governments, when you are unable to mine a coin and see it has a big market share you know it's not a people's coin

Like BTC.

[shield132]

There are also a lot more reasons than crypto. Loans and etc, high fees, taxes.. It's not a big different from old centuries, just modern and legal one as goverment claims.
Crypto is great, especially bitcoin but I agree you, banks will learn on faults (that faults will be bitcoin's faults) and they will offer us their alternative own one which will be better than bitcoin but privacy will be highly under in question.

[adzino]

Crypto-coins introduced by the government and the bank = centralized currency, with them having power and control over your coins.
Bitcoin = decentralized currency, no one except you control your own money. Which crypto-currency has more advantage? The former or the latter?
The government can issue their own crypto, but won't be able to beat the best feature bitcoin has to offer.

[KourtneyK]

It is okay if the banks and government are or will be creating crytocoins in the future, what matters is what we have in the present. These are still speculations, but if ever that'll happen and if they are using us then they just have to create a coin that can surpass bitcoin then.

[Anarchist]

According to a British survey, almost four in five people consider that they remain the rightful owners of the money they deposit in their bank. One in three would even be opposed to the bank lending a portion of it.

But in fact, every time someone puts money on their current account or a book, they actually lend it to their bank. It actually does what it wants and therefore grants credits on that basis.

[Hydrogen]

High fees.

A case could be made for high fees being a byproduct of DDoS spammed transactions and miners primarily selecting transactions with the highest mining fees to process.

It isn't 100% a design flaw of bitcoin. Its more motivated by politics and profiteering.

[syaripudin]

Bitcoin is a freedom of transaction that uses crypto. Of course this does not have kaitanya with the government or the bank. the bank is just a tool where we can transfer the bitcoin we have. And could someday the government will work with banks to create crypto for its customers. If this really happened then there is no freedom gained by customers like in bitcoin. And I'm not sure that people will switch from bitcoin, and follow the crypto made by the government. Maybe only a few people will use it.

[djuvantebit]

Crypto-coins introduced by the government and the bank = centralized currency, with them having power and control over your coins.
Bitcoin = decentralized currency, no one except you control your own money. Which crypto-currency has more advantage? The former or the latter?
The government can issue their own crypto, but won't be able to beat the best feature bitcoin has to offer.

Contrary to the common mantra in the bitcoin community the general public don't mind their money being controlled by a centralized government

[bitgoldpanther1978]

Well, I don't see any problem in this. Governemts and banks have realised there is no use in fighting bitcoin but to use it for their own good. They want to profit just like us. So, they are watching for the bad sides to see how to avoid them and make things functioning better. But I don't see the threath in this for bitcoin or something that we should be afraid of.

This may seems so right, it is just like us they really want to experience the benefits of bitcoin. Because of the situation they always monitored and waiting patiently to attack bitcoin.

[deejhay]

those who invest in bitcoin knows the risk, its crypto without stable price but has great future thats why many bitcoiner believe in it.
Its still in its early stage, making changes and addressing eror but its certainly has future.

[Zadicar]

Anybody who has invested in crypto during the last couple of years will know that the market can move overnight. It is okay if banks and governments learn from the problems faced by Bitcoin. They will not be able to introduce a coin with Bitcoin's biggest advantage - decentralization.

Yes, they can copy anything but the decentralized thing would be the unique thing on which we can find on bitcoin knowing that government doesnt really like that thing. It might really have some flaws and it cant really be avoided since theres no perfect thing on this world but i dont think that government is just using us and they are keeping an eye on this crpytoworld. If they would decide to make their own coin then its their decision because the decision would be still on community itself.

[Elcapsono]

I think that in the future banks will include bitcoins into their system or create a more sophisticated crypto currency. Crypto-currencies have made a serious competition to banks and they think what to do with them.

[Lampaster]

I think that in the future banks will include bitcoins into their system or create a more sophisticated crypto currency. Crypto-currencies have made a serious competition to banks and they think what to do with them.

The spread of crypto currency is death to the banking system. Bitcoin destroyed all the foundations on which the banking system. If we do not destroy bitcoin, he will destroy the banks. This is a war and I'm on the side of bitcoin.

[alyssa85]

I think that in the future banks will include bitcoins into their system or create a more sophisticated crypto currency. Crypto-currencies have made a serious competition to banks and they think what to do with them.

The spread of crypto currency is death to the banking system. Bitcoin destroyed all the foundations on which the banking system. If we do not destroy bitcoin, he will destroy the banks. This is a war and I'm on the side of bitcoin.

I'm afraid this isn't true. We still have to go through the banking system to buy stuff. And that is because merchants won't accept bitcoin without some sort of banking intermediary like bitpay which converts money immediately into fiat. And that in turn is because bitcoin fees are so high they can't accept bitcoin directly.

We are now further away from being independent of the banking system than we were back in 2015.

[ALT67890]

We've been used by banks and government in ages now, we just accept it for we are govern by them. But that doesn't we just need to follow what they want us to know or to do. We have the freedom to choose from what or when we love bitcoin. Banks can't stop us but if thinks go wrong we can stop them.

[wearepoor]

Everyone that is currently "investing" in BTC and other cryptos are the "crash test dummies" of the future.

Most major banks and many large/wealthy governments are coming up with their own cryptocurrencies.

Why have these entities not released them yet?  Because they are watching, waiting, and learning from all of the mistakes that other cryptos are making.

High fees.

Slow transactions.

Volatility.

Insecurity of wallets and exchanges.

Public distrust.

Reactions to media attention.

Criminality/money laundering.

Backed by fiat currency.

Lack of patent.

And on and on.

I've been reading this forum for days and I don't see this big picture addressed except in rare cases.  Almost everyone making predictions truly believes that BTC will be around for 50-100 years let alone 2-3.  Every day that goes by is just one more day that forces and entities with far bigger market caps than $100 billion are learning from all of the mistakes and problems plaguing the existing paradigm.

If one is to make a wise investment, they need to be aware of how quickly these markets can change...and literally overnight.  I don't expect much from the fanatics other than irrational reasons why my train of thought is flawed, but I do hope I see some of those individuals that are usually silent come out of the woodwork to offer solutions.  In other words, BTC can only survive if its community takes a mostly pragmatic point of view.  Otherwise it is doomed to be raped and discarded in a way that will leave most reliving their failure to act like that will leave permanent emotional scars like that of PTSD.

Government and banks could not succeed if they launch cryptocurrencies; most of the people are using the bitcoins because it is decentralized digital currency. If government involved, then there will be authorities who will watch and monitor each and every activity related to that currency and it will also end the freedom of the cryptocurrencies.