Can Bitcoin be useful for governments and 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.