Can Bitcoin be useful for governments and banks?

[hatshepsut93]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

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[fred dave]

Yes, because it help banking systems to deal with crypto currencies easily

[FlightyPouch]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

First I don't think they can really make a fund secretly because there are a lot of digital currencies that is not really offering anonymity. A lot of digital currencies can be tracked so I think they can still be found out. But the thing about this is they wouldn't know whose the user of that wallet so I think they can really use this in their private transactions.

[Arkann]

As bitcoin and other crypto currency is increasingly supported by the community, governments and banks will be forced to reckon with it and this forces them to take measures to use the crypto currency for their own purposes. Banks will unambiguously provide the population with services for the purchase and sale of crypto-currencies, taking decent commissions for this.

[Rishabh riyz]

As bitcoin and other crypto currency is increasingly supported by the community, governments and banks will be forced to reckon with it and this forces them to take measures to use the crypto currency for their own purposes. Banks will unambiguously provide the population with services for the purchase and sale of crypto-currencies, taking decent commissions for this.

well bitcoins are still useful for banks , like we all know that after earning good amount of bitcoins  we all convert it into cash by saving them in banks , yes the bank doesn't comes to know about the source of income .
the government is not currenty permiting bitcoins because they are afraid that this would cause loss to their local currency , and the transactions made by people would not even have details but just a walet address , so anyone can buy anything if they have BTC without letting their identity disclosed to anyone , the nation would then become Shadow trade zone . the government couldn't even help then.
bitcoins would then be used for terrorism , buying drugs and all other illegal things . so te conclusion comes out that the banks would be profitable but the government would go down . 

[SONG GEET]

Governments and banks are already conducting research on possible use of blockchain technology in their existing services and I have heard that few of them have started testing this in real life environment.

Bitcoin will never be accepted in any banks as deposit methods for sure.

[Kaller]

Bitcoin IS useful for governments and banks.
If they stock up while it is cheap, they will have major influence in the world when it becomes worth $1,000,000.
However, it is no secret they are not huge fans of it.

[davis196]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Many countries are unhappy with USD domination,but they have no choice.
The central banks will never make bitcoin a global currency.This topic has been discussed here so many times.
Governments can`t benefit from bitcoin because it`s hard for them to force bitcoin users to pay taxes.
What can really benefit governments is the blockchain technology.It can be used to store information about health care,education,real estate properties etc..
Banks can use the blockchain and benefit from the increased security,faster transacitons and decentralization.

[mrcash02]

Crypto-Currency could be useful for them, but in secret. As you said, if they want to fund someone or an organizarion on the another side of the world for an example without being tracked. Money for governments and banks isn't a problem, so I don't think they need to hold BTCs to make profit, they have already money, I believe the governments and banks intentions would be more about control than becoming rich.

[erickkyut]

I think it is not useful for government and banks. First, government are not into it because they have no authority over Bitcoin. They cannot regulate laws about it and cannot get taxes from it. The same way with banks. They are very against it because the characteristics of Bitcoin is very different from the monetary system they impose.

[mondobitcoin]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Maybe can be used, but i dont think, because the banks and governments need to trace the people and theirs affair because banks and goverments want money from people

[Achargeturry78]

Yes, because it help banking systems to deal with crypto currencies easily

I think banking industry will be rekt if cryptocurrency will be used by all the people. we all know that banks this days are centralized and can be manipulated by the owners of the certain banks. bitcoin and other cryptocurrency are decentralized and cant be manipulated by any person even if it was the president of a country.

[xypos]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

It makes sense but i'm not sure how a government is going to go about using bitcoin to achieve whatever they want to achieve.

There is really no incentive for any government to use bitcoin because that would mean that they are giving up their power to print as much paper money as they want. With bitcoin, this power is gone. If the central bank says that banks should start using bitcoin, then how will tax evasion be detected? These are all points to consider.

I think that governments will probbalyl in future develop their own centralized cryptocurrency, instead of adopting an existing, decentralized one.

[Mtoo]

It is better to talk to people about the destroying governments and banks to preserve their wealth. The wealth of wealth is the budget of a developing country, not the simple sum.
Governments may agree with BTC if there is another job for banks and recognize security standards from encryption .

[JimmieA]

That is also an perfect idea , but on basic, btc not suitable for the system as the bank. Btc transactions could be effectuated  at anywhere without a non-bank, now there are many goverments and banks dislike that. But in the future  if the goverment give the policy to encourage the btc  and  allow people to create the most transactions  through internet, where goverments can be received as a lot of the same day, but not high rise, maybe that will be very wonderful.

[subSTRATA]

bitcoin itself? maybe to an extent, I'm not sure on exactly how though. what has much more potential is blockchain technology; it can serve as a semi public record / ledger that could reduce costs in multiple areas of operation. however, I'm not sure they would want a completely decentralized and publicly accessible ledger.

Crypto-Currency could be useful for them, but in secret. As you said, if they want to fund someone or an organizarion on the another side of the world for an example without being tracked. Money for governments and banks isn't a problem, so I don't think they need to hold BTCs to make profit, they have already money, I believe the governments and banks intentions would be more about control than becoming rich.

as far as 'backdoor' trades and deals go, i think there'd still be a traceable money trail from buying the bitcoin, all things considered (im assuming theyre dealing with large sums of money, and therefore would be noticed). id definitely agree about their involvement in bitcoin being about control though; if they can control enough coin to affect the market, they could easily control the market and profit in massive amounts.

[diogorh]

I dont know if bitcoin is going to be useful to banks, almost sure it wont. Now blockchain, that technology that powers bitcoin, i'm sure it will. Not only banks but multiple sector across all types of industries.

[chichigirl]

In some aspect, it is useful. It helps both inn
government and in banks for a better and faster transaction but in banks, it will surely  lessen their clients because people are now engage in bitcoin investment.

[Icculus.]

I don't think the currency would be particularly useful...except as currency to fund the sting operations to bust illegal activities. But the blockchain technology is absolutely useful to governments and banks. The tangible uses are many and the impact is many more!

[ladydark]

First,governments and banks considered bitcoin as their main rival.They tried their best to destroy bitcoin,but they could not do so.Then they understood the importance of block chain technology and started to use it in their departments.Now,they have got an idea of creating new digital currencies for their individual use.Bitcoin could not be directly useful for governments and banking sectors,but the unmatchable block chain system is very much useful to them.

[jatin729]

I don't think so because Who is the beneficiary the one who send btc and who receive btc, than where is the involvement of banking.

[taxmanmt5]

Bitcoin is use as a currency then may be in future banks think about bitcoin to accept it, but now it has no scene. But about the government then you know most of the governments accept bitcoin as currency,like China and Australia. It mean government has no problem with bitcoin, but about banks, it will be decided in future. 

[btcney]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

I find it unreasonable for banks to suddenly start caring about their customer's privacy, first of all. Because in the end they will have to cooperate with whatever tax agency in the country that they are based on.

The whole idea of bitcoin is that people can transact without a bank, without a government, and everything is fully trustless.

Blockchain technology is useful for governments to avoid "inside jobs", essentially. But bitcoin itself is not, it is decentralized and there will be no way for governments to retain their grip on the economy. That's the main reason why governments are so anti-bitcoin these days as well.

[Crypto Holic]

Yes, if the governemnts and banks use bitcoin of course will get many advantage, bitcoin is very useful to make simple and easier transaction then fiat money.

[mx667]

Ah, governments and politicians.. I will never understand them.
Banks can be good but can be bad at the same time.

I don't know anything about governments, it always makes me confuse.
Small country don't have Bitcoin for payment system so I think Bitcoin must be sold and transfer to local banks.
 

[megynacuna]

I don't think so because Who is the beneficiary the one who send btc and who receive btc, than where is the involvement of banking.

The recipients are always deemed as the beneficiary's of any transaction and so I guess the one who receives is the beneficiary here. Bitcoin might not be necessarily useful to governments and banking at the moment but these banks and governments can benefit immensely by integrating the blockchain technology into their respective setups ad in told its happening in the U.K. and other jurisdictions.

[Wingo]

It is nice to think if banks will allow the use of bitcoin like the usual currencies that we use. They will benefit greatly from its flexibility. The faster and more private transaction is also an advantage for the government. It will help people greatly, the reputation of bitcoin will also grow.

[lonelygrimm]

no i don't think it will work, that's not how bank work. Bank is controlled by government, customer data can be easily tracked by government cause everything visible by government, bank can't hide anything from them, bitcoin is about privacy and it's against the regulation. What's good from privacy in the bank, corrupt politicians and terrorists funding will use bank if that's happens

[kemonojim]

Exactly . That we can easily use bitcoin as a lifesaver of our lives. Because I also see that in the future if something goes wrong bitcoin will certainly have a reliable security, because it is from some news that I often follow that bitcoin has its own satellite. It does not sound convincing but it is true, we just wait for the right time to get a good profit. Stay optimistic and look for bitcoin as much as possible

[OrangeII]

Of course it can, everything can be realized if the government take full advantage of bitcoin and illegitimate it. Well, but I think as long as bitcoin is still used freely on the black market, and it is very difficult to track, it will not happen. But already many countries are trying to do that.

[NelfiNovita]

I do not think because they have no authority over bitcoin and there is no law on it so they can not get tax from it. And banks are strongly opposed because of the different bitcoin characters with the monetary system.

[timerland]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

It can benefit the whole economy, not just the government, if they chose to use bitcoin.

Protecting privacy, decentralizing the economy to make it more stable and convenient to invest in, a public ledger, etc. are all just part of the advantages of using bitcoin. However, the real question isn't whether bitcoin can be useful for governments. It's whether they want to use it or not.

As many have said, i think that they are going to reject the idea of cryptocurrencies solely because of the fact that it would mean that they lose control over people's life savings and they will be unable to tax people.

Governments are centralized. Bitcoin is decentralized. There is a fundamental difference that the government cannot adapt to.

[Golftech]

Well with your example I guess its very useful for the people who needs to have an express way to send money, as bitcoin or crypto might lessen the time frame for receiving and sending funds, government and banks might hiding it from us but they already taking the advantage. Just for my 2 scents.

[oktana]

Of course it can, everything can be realized if the government take full advantage of bitcoin and illegitimate it. Well, but I think as long as bitcoin is still used freely on the black market, and it is very difficult to track, it will not happen. But already many countries are trying to do that.

They only need to adopt peer-to-peer systems and leverage cooperation with many developers such as coinbase and blockchain, bitcoin is very good if implemented by the government on a regular basis but I think they are not ready and able to achieve it because they are still bumping bitcoin with money laundering cases.

[Harlot]

In my perspective if a lot of people are using Bitcoin as a mode of payment then it is good to the government because it can be taxable to them, the income reflected from the use of Bitcoin to any businesses can be tax now, also it can be beneficial to banks in a lot of way from conversion of Bitcoin to Fiat and payments receive from Bitcoin Visa Credit/Debit Cards it can surely boost the income of the bank, also businesses like banks can adapt to fully take advantage of Bitcoin if proven beneficial to their industry.

[Mandoy]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Bitcoin can be useful in banking transactions as well as on government transactions. I have read some articles on this forum and it said that Swtizerlands government has been accepting bitcoins from its taxpayers. Bitcoin can be also useful in banking system but banks does not want bitcoin since they are so focused on profit rather than giving banking services.

[darligo]

I think if we have any agent fees (as in the case mentioned), the system stops being decentralized.
Currently, I have no idea how it may be helpful, but I guess in the future we'll find the way

[Baijit20]

yes...bitcoin can be useful for governments and banks.because bitcoin crypto currency sestem is very privet.already governments and banks research about it.and think oneday bitcoin add governments and banks

[cryptworld]

Bitcoin can be useful for banks only if banks see profit. Otherwise, banks will make his own cryptocurrients and will make huge profit. Problem for us in that case is that we can not earn on mining more.

[doomloop]

yes...bitcoin can be useful for governments and banks.because bitcoin crypto currency sestem is very privet.already governments and banks research about it.and think oneday bitcoin add governments and banks

Bitcoin is a secure and reliable currency and it can be applicable in government and the banks because now it is using in a lot of international schools as fee payment and it is being legalize in several countries such as in Japan and china and in south Korea so it made bitcoin more trust worthy and more convenient for the government. Now government can trust bitcoin and can put it in the bank soon bitcoin service will be available in different banks.

[Youghoor]

At the moment there are a lot of banks that are using bitcoin intelligence, but as you all know bitcoin is the opposite than what a bank means, low fees, anonymous payment gateway, fast transactions, etc. Banks are the opposite to that. And if all people uses bitcoin then all banks will dissappear.

[djkyno]

I think it can be useful for Governments especially in the poor countries where there is a lot of unemployed people, so bitcoin could help to resolve some of their financial problems.

[Tsuloid]

The possibilities and applications of bitcoin for governments could contribute to the search for solutions to improve the management of monetary liquidity, payments of public services, taxes and handling of foreign currency and administration of the so-called balance of payments with more efficiency than in The present

Banks currently have electronic banking services, which could improve significantly by expanding the possibilities of users, incorporating blockchain technologies that reduce the response times of transactions.

Some countries have presented problems with cash and banknote printing, in addition to having a slow banking system and dubious transparency. Which should think about improving using cryptocurrencies

[Pettuh4]

I think it can be useful for Governments especially in the poor countries where there is a lot of unemployed people, so bitcoin could help to resolve some of their financial problems.

Sure, third world countries could benefit immensely from Bitcoin but the governments and banks can benefit from the blockchain technology by migrating their financial systems unto the blockchain and running them in a decentralized form so as to prevent counterfeiting among others.

[andrew24p]

The people saying banks and governments consider bitcoin as their rivals really dont know these spaces or the people in them. I have many friends on wall street and they consider bitcoin a threat like people would consider a mosquito a threat. Its annoying but they do consider it or see it a threat. Governments only really see it a threat for money laundering and in reality it is very hard to launder the amount of money governments even care about with the current liquidity. It might be useful for governments to buy as a store of value, but thats really it. There might be fringe cases where a blockchain would be useful as well.

[fullhdpixel]

Bitcoin is use as a currency then may be in future banks think about bitcoin to accept it, but now it has no scene. But about the government then you know most of the governments accept bitcoin as currency,like China and Australia. It mean government has no problem with bitcoin, but about banks, it will be decided in future. 

I didn't know that Australian and Chinese government have legalized BTCs usage in their countries. I thought it is supported in some areas or sectors only. However, the central bank of Philippines has accepted bitcoins but it may not happen in every country of the world as BTCs actually gives a huge threat to governments and is totally opposite to their ways.

[balakang00]

I think it can be useful in some cases because if it became legalized, it will be source of money of the government because they will eventually tax bitcoins but as of banks I guess it is not useful because they are the top enemies of bitcoin.

[Jombrangs]

There positive and negative ..
It is profitable for the government as bitcoin provide jibs for the home based people even housewives earn on this.. And thats what govenrment wants a better life for every citizens while banks are not favorabke on this as most citizens withdraw there accounts and put in bitcoin.. And even stock market is not in the good situation as the bitcoin have more earning and unstabke market which is better for a trader and investors...

[criz2fer]

I think there are limitations on it. Many people are using bitcoin specially for secrecy. In our country we use this wallet that has a limit in annual cash out and cash in. So I think it is impossible in using a big amount of funding.
For banks, I think they have no control to it because they are more regulated and the interest will be more less than the system they using today. Meaning less profit to them that why they are not usefull to them.

[Stephencb]

We all know that earning big amounts of cash bitscoins by saving them in the bank, there are banks unknown source of income. The government does not allow bitcoins to cause damage to their currency to rise while cheap, they will have a major impact on the world when it's worth $ 2 million. No secret they are not big fans of it.
 It can be used for health care, education, blockchain banking and to benefit from increased security, faster transactions and decentralization.

[Flomo]

I think if bitcoin works with government and bank, bitcoin will be safe from government policy that can harm bitcoin and maybe bitcoin value will be stable. the bad thing is not only private property that can be hacked even government or bank.

[Anonaneadone]

Yes, because it help banking systems to deal with crypto currencies easily

No because if the bitcoin will legal in a country the bank will not be produce a paper money and will implement the bitcoin using only technology and that will affect their work for the loss

[MostHigh]

I.dont believe btc was invented by any government agency and if China and even Russia are aol taking measures to improve it use in their country but if it can fund developing countries who are willing to invest and develop then I say is a good thing.

[xuan87]

Somehow I don't think it has a benefit for government or bank, Bitcoin only help the citizen to have a better life, so the economic of the country is getting better, other than that there are nothing specific that can give advantage to government and bank, the income tax is decreasing, and the government and bank can't supervise any transaction especially illegal transaction

[olubams]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Truth be told government might have even been using bitcoin for the purposes you have mentioned but will not come out openly to admit it because to them, its not the right way of doing things yet and to mostly what those agencies do, are if not outrightly illegal, its is immoral coming to say bitcoin made it possible for them, means adding more negativity to what is on ground already.

[Powerman001]

I think the bitcoin can not currently be used in government circles, because of the nature that is not legal and or anonymous.

[GeniusAko]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

That is not true. In my counrty, the governments and the banks are supporting the bitcoin. There is particular bank in my country that you can cash out your bitcoin. My country is really supporting the bitcoin.

[megynacuna]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Truth be told government might have even been using bitcoin for the purposes you have mentioned but will not come out openly to admit it because to them, its not the right way of doing things yet and to mostly what those agencies do, are if not outrightly illegal, its is immoral coming to say bitcoin made it possible for them, means adding more negativity to what is on ground already.

Of course no government will reveal deep secrets to the general public especially about financial issues and security. It is the reason why they form "the cabinet " so that such issues are discussed there and it stays among the privileged few. It is very possible that they are deriving immense benefits from Bitcoin and the blockchain but in order not to get the public eyes on them they'd rather prefer to keep it classified.

[FlightyPouch]

I think the bitcoin can not currently be used in government circles, because of the nature that is not legal and or anonymous.

I think it can, it may not be appreciated fully because of it's pseudo anonymity ( since it is not fully anonymous ). Also, not all countries are making a ban to this digital currency, it still depends on how they will be treating bitcoin and I think in my country, it is a good currency that will help the economy.

I think in banks, it is a threat because if people started to put some of their money into bitcoin, they will not be using banks anymore but it will not that grow dramatically but just a little or some people will do it.

[Lieldoryn]

I think the bitcoin can not currently be used in government circles, because of the nature that is not legal and or anonymous.

The problem is not anonymity. The problem is the possibility to exert influence and control over the circulation of currency. States will never agree to lose this leverage. Banks is part of the government's monetary policy so they don't need an independent currency.

[rivoke]

The problem if bitcoin being use by government :
My country still forbid bitcoin usage because security purpose for example btc can be use for buying weed or money laundry that usually used by corruptor

If bank and Bitcoin work together , it will break bitcoin paradigm as decentralized curency also when people using bitcoin, they require pay some tax !

[BeGoods]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Truth be told government might have even been using bitcoin for the purposes you have mentioned but will not come out openly to admit it because to them, its not the right way of doing things yet and to mostly what those agencies do, are if not outrightly illegal, its is immoral coming to say bitcoin made it possible for them, means adding more negativity to what is on ground already.

Of course no government will reveal deep secrets to the general public especially about financial issues and security. It is the reason why they form "the cabinet " so that such issues are discussed there and it stays among the privileged few. It is very possible that they are deriving immense benefits from Bitcoin and the blockchain but in order not to get the public eyes on them they'd rather prefer to keep it classified.

i think if it really does benefit to the the government why the government does not legalize bitcoin in order to be used directly by their own people, and not to ban the use of bitcoin? that's still a question in my mind because the fact bitcoin is still ban by some government, for now I'm also still confused what the government gained from bitcoin? can you seen it?

[sasaku bitbit]

Maybe this will be useful for the Government and banks if the price increases and the bitcoin continues to rise every second because bitcoin has value extremely high prices. Moreover, if authorized by the Government of the bitcoin maybe this would be better in the developing world economy, I am confident with bitcoin will also be profitable for banks as more and more investors are interested in depositing their money and bitcoin

[Cacaparg]

I think for goverment bitcoin can be useful, for example, if goverment will apply some taxes from bitcoin income or other  taxes. For bank i think it can not be useful.

[sch_lau]

Of course, they can be useful for everyone, people just have to wake up and stop being so scared!

[ekoice]

Banks consider bitcoin as their rival.They are ready to accept block chain technology and not the bitcoin which works in block chain technology.Banks are showing huge interest in block chain technology.Governments too have started implementing blockchain technology in various sectors like health sector,etc to make the work ease,reduce paper works and save time.Even Dubai government has planned to fully use block chain technology in all of its administration.They always come first in adopting latest technology to make the work ease and now the block chain technology.Banks have already decided to create their own crypto currencies working on block chain system.The only benefit that government could get from bitcoin is by legalizing it and regulating it to get tax revenue from it.

[rickadone]

I think it can be useful in some cases because if it became legalized, it will be source of money of the government because they will eventually tax bitcoins but as of banks I guess it is not useful because they are the top enemies of bitcoin.

Bitcoin is profitable and useful for all the people and departments in the country as well. Government and banks can trade in bitcoin and can earn money as much as they invest and trade. And for both of the above mentioned the profit will be higher because they can invest a huge money besides a single man. The governments and the banks have financial experts and economists so they can review and observe the market better than an ordinary person.

[PokerFace3]

I think there are limitations on it. Many people are using bitcoin specially for secrecy. In our country we use this wallet that has a limit in annual cash out and cash in. So I think it is impossible in using a big amount of funding.
For banks, I think they have no control to it because they are more regulated and the interest will be more less than the system they using today. Meaning less profit to them that why they are not usefull to them.

But the people who are fully involved in bitcoin cannot kept their activities in bitcoin for a long time. He will have to reveal his investments and earnings one day not to the community but to his family and so on. If the entire world accepts bitcoin as a legal and regular crypto currency then the governments and other departments in the country will also invest in bitcoin and the trade should be done only in bitcoins.

[Bitcotalk]

Very often I see people asking here if governments and banks are going to destroy crypto, because it aims to replace them.

But what if governments and banks can benefit from Bitcoin too? Here's a few cases that I can think about.

Just like US military invented Tor for their own use, cryptocurrencies can be used by agencies like CIA for their own purposes. They can secretly fund opposition in other countries, as well as fund private companies, researchers and political figures.

Bitcoin can be used as universal global money, it's much cheaper to store and transact than gold. Many countries are unhappy with financial hegemony of USD, and Bitcoin can easily solve this problem (although centralization if mining around China can be slightly problematic).

Banks can offer their customers better privacy via cryptocurrencies.

Thoughts?

Truth be told government might have even been using bitcoin for the purposes you have mentioned but will not come out openly to admit it because to them, its not the right way of doing things yet and to mostly what those agencies do, are if not outrightly illegal, its is immoral coming to say bitcoin made it possible for them, means adding more negativity to what is on ground already.

Yes if the governments involved in crypto currencies then they can take many advantages from it. the governments may use bitcoin as a salary to the public servants and can pay their borrowings from the banks and other countries and you are right for their special purposes like, military services, their financial services, their infrastructure, and their goals of obtaining the high income portfolio of their people and the departments as well.

[Irvinn]

Bitcoin and other crypto currencies bring certain benefits to banks and the government. Money earned in the crypto currency, vseravno largely in the form of local currency settle in the country in which they are used. So, for the transfer of bitcoins to the local currency, banks take good commissions, and the profit, brought from this activity, by the citizens, replenishes the economy of the country as a result.

[ghost424]

For me, yes, i think bitcoin would become a great asset for the government and banks if they legalized it and learn how to use it properly. They must not abuse it because it can turn into a finance for weaponries and bitcoin is not made for those kind of ways. Bitcoin helps a lot of people who doesnt have stable jobs and it can generate a source of extra income.

[harbin55]

Yes, specially to the government. The main life blood doctrine of the government is tax impose to its country; furthermore all essential things or infrastructure provided by the government comes from the taxes. It will a great help to the government if bitcoin is establish in each country since they will generate income also from it. They will be subjected to 30% tax rate in their net annual earnings. Another thing it will the national bank to collect the money and make it circulate in economic flow. Through this can lessen the production of money in the country. The continues process of producing money gives a negative impact to its value. The more money that the bank made, the lesser value it become in international market.

[rfcdejong]

At the moment, due to its technical component, bitcoin is a bad coin. Large commission, low network speed. It will be impossible to use it in the banking sector for this purpose there are specialized altcoyins. Also he is not anonymous.