Can Bitcoin be useful for governments and banks?

[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.