should government involvement be there ?

[speedy963]

Governments can create a Crypto-Currency for them and forbid all the rest for their population. Instead of printing money they would generate Crypto-Currency by statal mining. They would find a way to control the prices as they do now with their currencies. That is the only way to control the coins, they can't control an existing one, especially Bitcoin, because it's a global currency, what happens on the another countries affect the price.

And why do you think it would work?

Governments have already created fiat, and what prevents them from doing the same right now? That is, forbid all other currencies (crypto or otherwise) for the population? Anything that you can say about government cryptocoin would be equally applicable to the currency that they already issue, i.e. fiat money. If they don't ban crypto, it means that they either can't do it ("don't forbid what you lack the power to prevent") or they don't think it dangerous to the fiat money monopoly they possess

By reading your statements my friend, it slowly grinds to my mind why government cannot legalized instantly bitcoin or maybe they wouldn't really legalized bitcoin so far. As i can also understand in this process, if the government will be involved in bitcoin, i guess the price will become higher because they would be imposing tax into it, excluding the transaction fees deducted on transfers. That is my own opinion.

[taliwang]

I hope there is no government interference here. Because there will be new rules that we must run in every transaction or way of working in this forum.

[Bigmacduck]

I declare most krypto assets in my tax return and pay property tax on it. Problem of not declaring it is when you convert large sums into fiat and that would have to be explained.

I must add that in my country private persons do not pay any taxes on capital gains. So the profit from resulting from buying at 100 and selling at 3000 is tax free.

[jatin729]

Governments can create a Crypto-Currency for them and forbid all the rest for their population. Instead of printing money they would generate Crypto-Currency by statal mining. They would find a way to control the prices as they do now with their currencies. That is the only way to control the coins, they can't control an existing one, especially Bitcoin, because it's a global currency, what happens on the another countries affect the price.

There is no need of creating different crypto currencies because some how we all have different currencies.

[0t3p0t]

Hello guyz how are you?
i know you are so excited about price increasing of bitcoin but there maybe one confusion born if price will still grow like this.
I am not kidding. bitcoin has an average capital is  around 70000000000 USD and who operates  that  large amount.  we operate, there is no Government involvement.
According to me many countries governments will try to standardize bitcoin as an official currency, that means there would be banks instead of exchanges.
 For example now a days we are buying goods with our local currencies whether it is USD, NZD, INR or etc.. and we pay some amount of taxes. These taxes directly go to government.
let's assume if all transaction will be held with bitcoins than what will happen ?
Simply answer government will be in lose because tax thief will easily cheat government while using bitcoins.

well how they can cheat ?
Simple when we send bitcoin to someone than what we  need one wallet address and some satoshi fee for confirm transactions.
who own fee, A miner it can be slushpool  or any other miner. so i just want to convey there is no government involvement at all.
even the government has not known there was transaction took by an consumer.

This is 100% sure that government will taken care and create some rules and regulations that we should have to follow .





 

I think they can only regulate exchanges or even wallets but as the blockchain technology advances I think it will soon change its path and takes a long time for them to track people most especially if BTC is acceptable in all kind of transactions on the internet in the near future. Something like we can buy and pay online and even no need to use exchanges to cash out because we have everything we need online. We already know that BTC or or any other cryptocurrencies are fully decentralized and majority of it's users and developers don't want the governments to control it. That is my only hypothesis but could be possible to happen in the future. As what Bill Gates have said something like this "Nobody can stop Bitcoin, as Bitcoin is unstoppable." I think that statement proves that Bill Gates believe that even the government cannot stop BTC. I've seen a video before about the International Monetary Fund saying cryptocurrencies could be a threat to fiat correct me if I'm wrong.

[Lieldoryn]

I declare most krypto assets in my tax return and pay property tax on it. Problem of not declaring it is when you convert large sums into fiat and that would have to be explained.

I must add that in my country private persons do not pay any taxes on capital gains. So the profit from resulting from buying at 100 and selling at 3000 is tax free.

When you buy something and sell it more expensive than it is economic activity. Capital gains is quite another. Capital gains is expensive when your stock. But as soon as you receive dividends from their shares, they immediately fall under the taxation. Learn the laws or will have problems with the IRS.

[Stripple]

I declare most krypto assets in my tax return and pay property tax on it. Problem of not declaring it is when you convert large sums into fiat and that would have to be explained.

I must add that in my country private persons do not pay any taxes on capital gains. So the profit from resulting from buying at 100 and selling at 3000 is tax free.

That's quite interesting, continent are you from if I may ask? Someone else cannot really know if and how much you have in crypto, but you're already declaring it to be safe when you convert it back into fiat? Is it something you came up with yourself or is there some advice by accounting firms somewhere that's useful?

[xypos]

Government should not have a say in how bitcoin is run, nor do they really have a choice because it's a decentralized network of people. They can't just say to the bitcoin company to shut down their operations or to force KYC on people, because there is no bitcoin company. There is no central point of failure for bitcoin.

There are a ton of regulatory concerns regarding bitcoin obviously, since it is pretty much out of the reach of the government. What i can foresee happening is that in the future, getting fiat into btc will be increasingly difficult due to government pressure.

Obviously, tax evasion is bad, and it's illegal pretty much anywhere. If you choose to evade tax then it's your responsibility, if you get caught then you can only blame yourself. But the government can't just do something to the bitcoin protocol to monitor everyone, because it is impossible.

[stomachgrowls]

Governments can create a Crypto-Currency for them and forbid all the rest for their population. Instead of printing money they would generate Crypto-Currency by statal mining. They would find a way to control the prices as they do now with their currencies. That is the only way to control the coins, they can't control an existing one, especially Bitcoin, because it's a global currency, what happens on the another countries affect the price.

And why do you think it would work?

Governments have already created fiat, and what prevents them from doing the same right now? That is, forbid all other currencies (crypto or otherwise) for the population? Anything that you can say about government cryptocoin would be equally applicable to the currency that they already issue, i.e. fiat money. If they don't ban crypto, it means that they either can't do it ("don't forbid what you lack the power to prevent") or they don't think it dangerous to the fiat money monopoly they possess

By reading your statements my friend, it slowly grinds to my mind why government cannot legalized instantly bitcoin or maybe they wouldn't really legalized bitcoin so far. As i can also understand in this process, if the government will be involved in bitcoin, i guess the price will become higher because they would be imposing tax into it, excluding the transaction fees deducted on transfers. That is my own opinion.

They cant really legalized bitcoin completely because they do saw the features of it which is a decentralized thing and an anonymous one which means they would really have a hard time on doing it or they cant really do at all. The way that they can do is to impose taxes on those services that do accept bitcoin on transactions because we know taxing it directly isnt possible.

[fredrickodo]

I think government involvement will better cryptocurrencies because it will be legitimize it. Many people will beleive in and invest in crypto which will univerlize it all over the world

[yoonah]

I hope there is no government interference here. Because there will be new rules that we must run in every transaction or way of working in this forum.

I am hoping too not government will not involve in bitcoin since we know that when it comes to money government really try their best to have a share out from the money people earn. Satoshi made bitcoin for a different and I hope it will stay that way.

[electronicash]

goverment can tax the exchanges, i think its better that way. if anything else they want, its going to aim to get more taxes from traders. andbl its more likely to happen now that sec is coming.

[malikusama]

Legalization of bitcoin in any country means that proper tax is applied on users in their bitcoin trading. Majority of the countries didn't legalized bitcoin yet and the people there are trading without paying tax. Government involvement will make currency to grow more until there policies are in favor of users.

[suvo05]

Hello guyz how are you?
i know you are so excited about price increasing of bitcoin but there maybe one confusion born if price will still grow like this.
I am not kidding. bitcoin has an average capital is  around 70000000000 USD and who operates  that  large amount.  we operate, there is no Government involvement.
According to me many countries governments will try to standardize bitcoin as an official currency, that means there would be banks instead of exchanges.
 For example now a days we are buying goods with our local currencies whether it is USD, NZD, INR or etc.. and we pay some amount of taxes. These taxes directly go to government.
let's assume if all transaction will be held with bitcoins than what will happen ?
Simply answer government will be in lose because tax thief will easily cheat government while using bitcoins.

well how they can cheat ?
Simple when we send bitcoin to someone than what we  need one wallet address and some satoshi fee for confirm transactions.
who own fee, A miner it can be slushpool  or any other miner. so i just want to convey there is no government involvement at all.
even the government has not known there was transaction took by an consumer.

This is 100% sure that government will taken care and create some rules and regulations that we should have to follow .

yes, you are right. Governments are already started to concern about the fact. In country like Australia, Japan already legalised the Bitcoin but doesn't know what kind of rule they applied in the transactions. In India bitcoin legalisation is in processes .Looks like all the country will start the same one by one

[virtualkeybuyer]

If the Government will contribute for faster acceptance of bitcoin within the Country, I think it would be great. But since I have heard that they are putting taxes in transactions, I am think twice about it.

Smart governments, like that of Japan, Korea and China have already legalized it. It is a great step in the forward direction. Most of the governments are afraid of bitcoins. They should have seen the positive side but they can't due to their selfish nature. Banks charge us with taxes but I have no knowledge about bitcoins in this regard and I hope it is a rumor.

[pearlmen]

Hello guyz how are you?
i know you are so excited about price increasing of bitcoin but there maybe one confusion born if price will still grow like this.
I am not kidding. bitcoin has an average capital is  around 70000000000 USD and who operates  that  large amount.  we operate, there is no Government involvement.
According to me many countries governments will try to standardize bitcoin as an official currency, that means there would be banks instead of exchanges.
 For example now a days we are buying goods with our local currencies whether it is USD, NZD, INR or etc.. and we pay some amount of taxes. These taxes directly go to government.
let's assume if all transaction will be held with bitcoins than what will happen ?
Simply answer government will be in lose because tax thief will easily cheat government while using bitcoins.

well how they can cheat ?
Simple when we send bitcoin to someone than what we  need one wallet address and some satoshi fee for confirm transactions.
who own fee, A miner it can be slushpool  or any other miner. so i just want to convey there is no government involvement at all.
even the government has not known there was transaction took by an consumer.

This is 100% sure that government will taken care and create some rules and regulations that we should have to follow .

If government decided to accept bitcoin as a form of current then government cannot be at a loss because one of the major factor that will determine whether the proposal will go through or not will be if it  continue to support the existence of government and the moment that cannot be ascertain to the highest level, then there's is no regulation or recognition of. Bitcoin as any form of current.

[subSTRATA]

I think government involvement will better cryptocurrencies because it will be legitimize it. Many people will beleive in and invest in crypto which will univerlize it all over the world

rather than becoming legitimized (whatever you mean by that), I'm more prone to thinking it'll be regulated, especially with the negative stigma attached to bitcoin among the uneducated masses (silk road, hacking ransoms, cybercrime).

I hope there is no government interference here. Because there will be new rules that we must run in every transaction or way of working in this forum.

I am hoping too not government will not involve in bitcoin since we know that when it comes to money government really try their best to have a share out from the money people earn. Satoshi made bitcoin for a different and I hope it will stay that way.

I have to agree; I think the original vision of bitcoin was to remain separate from a large single entity capable of centralization and regulation.

[kevpantof]

No! No! No! the government have their own national currency to manage so let them leave the bitcoin to manage itself, the bitcoin has been improving even without anyone tampering so they shouldn’t disturb themselves about it