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Author Topic: Btc and government, what does the future holds?  (Read 1386 times)
iram1011
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August 30, 2017, 04:48:03 PM
 #21

It depends upon country to country. Government banning Bitcoin overnight is very much possible, there are many countries which are wary of Bitcoin and see it as a threat. Along with legalization we will definitely see some ban too in future. But if you say Bitcoin will be banned everywhere in the world. Then that's far from possible. Every country has its own opinion regarding Bitcoin. Not all countries work in harmony. There is lot of hate between countries going on. I don't see there will be a complete ban on Bitcoin. Also, countries where Bitcoin is illegal. People are still investing and trading because banning something over Internet is certainly not easy.
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August 30, 2017, 04:51:15 PM
 #22

It depends on which government you are talking about. I can't see any of the major western governments doing this. However some of the smaller governments may try to do this and somehow try to monetize it.

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August 30, 2017, 04:54:35 PM
 #23

Once the government realizes it could benefit from it, it will certainly try to get it's fingers into honeypot. How exactly will it be done remains to be seen.
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August 30, 2017, 04:55:44 PM
 #24

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

My goverment still forbid bitcoin usage but I'm still able to use bitcoin freely without fear getting jail , hope it will not happen though
I think bitcoin shall being treat as high risk investation rather than being ban , IMO , since bitcoin have more advantage and more benefit for people to do transaction world wide
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August 30, 2017, 04:56:35 PM
 #25

I don't see it coming for government is the people's servant even if the government will banned and the people will criticized and rally around for bitcoin.. They can't do anything but to allow it.. In short the one that dictate the future of bictoin are the users itself..

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August 30, 2017, 05:08:35 PM
 #26

I will not say that it is impossible but the government will never do this as far as I believe. I guess the time for government to ban BTC is over, right now the government's might be thinking of how to legalize bitcoin so that government could get it's share in the bitcoin. Or they might be thinking on to add the bitcoin share in the GDP. Honestly government has many things to do, they could have ban bitcoin only when it was used for criminal activities.

Many governments have already realized that it can be futile to fight off Bitcoin and they now see that the technology behind Bitcoin can be working to the advantage of the economy and hence there are already many people in power who are supportive of Bitcoin and the businesses rising out of Bitcoin. We are already past that phase of the Bitcoin life where those in power can be doing whatever they can so that they can be able to fend off people from using and trading Bitcoin or any other coin for that matter. Bitcoin is slowly but surely moving according to schedule.
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August 30, 2017, 06:06:21 PM
 #27

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Dude, "government" usually it's not one person, it's a lot of people, someone cannot simple push a ban on stuff and everyone goes with it, many people involved in "government" also have bitcoin and other crypto, they ain't gonna ban it.

There are many shitty countries where laws are like you said, the guy wakes up one day and simply ban stuff, but I think people there have more concerning issues than bitcoin.
Haha yeah, some pity countries are governed by dictators and only their bitcoins can e banned by a single person. But other countries that operate according to democracy, it is very much difficult there to ban bitcoins since they are providing people with liberty of using their money. Such countries can impose taxes on bitcoins.

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August 30, 2017, 06:26:12 PM
 #28

The problem with effective Bitcoin is that it should be global, permanent and unanimous to work. If only one country will ban BTC then due to global nature of Bitcoin - it won't be effective.
So far global ban is highly unlikely to happen and move like that will create great social unrest - banning new promising new technology is not something that serious movements will do.
Instead I expect that we will have full 'legalization' and taxation of bitcoin introduced at some point in the future - it is better to gain some profits from it that fight with it.


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August 30, 2017, 07:56:23 PM
 #29

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Dude, "government" usually it's not one person, it's a lot of people, someone cannot simple push a ban on stuff and everyone goes with it, many people involved in "government" also have bitcoin and other crypto, they ain't gonna ban it.

There are many shitty countries where laws are like you said, the guy wakes up one day and simply ban stuff, but I think people there have more concerning issues than bitcoin.
Haha yeah, some pity countries are governed by dictators and only their bitcoins can e banned by a single person. But other countries that operate according to democracy, it is very much difficult there to ban bitcoins since they are providing people with liberty of using their money. Such countries can impose taxes on bitcoins.

It is not just dicatorships which take actions like stifling free speech and banning Bitcoin; democracies can do so too. They will just do it under the guise of greater good for the people. Or even if they don't ban Bitcoin, they can impose regulations which suffocate it.

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August 30, 2017, 08:17:03 PM
 #30

I don't think there will be more to do that will affect bitcoin price than what we have see in the past. Chinese people bank fight exchangers throughout last year and that dawft bitcoin price throughout 2016. Governments see  to wait until bitcoin become  so important before they will attack it again. Fight bitcoin especially the exchangers will course bitcoin to be use underground and from there  governments will try to stop the acceptability of it.

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August 30, 2017, 08:19:12 PM
 #31

The problem with effective Bitcoin is that it should be global, permanent and unanimous to work. If only one country will ban BTC then due to global nature of Bitcoin - it won't be effective.
So far global ban is highly unlikely to happen and move like that will create great social unrest - banning new promising new technology is not something that serious movements will do.
Instead I expect that we will have full 'legalization' and taxation of bitcoin introduced at some point in the future - it is better to gain some profits from it that fight with it.

   I expect full legalization, that already started this year. Governments will find a way to tax bitcoin, but like with current currencies
there will be always people who will try to skip paying taxes. I think the same, global banning is unlikely to happen, bitcoin is gaining
popularity not revers.
   It is better to join and gain profit, then waist time on criticizing bitcoin. There are problems, but problems will be solved with some
upgrades. Everything is upgrading as technology going forward.

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masterwakokok7
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August 31, 2017, 01:56:55 AM
 #32

Government is composed of a lot of powerful people. In which they could prevent the implementation or regulation of law and policies toward the industry of Bitcoin and other cryptocurrencies. The fact is that these people also engage in this industry for their own sake to avoid paying their taxes and also do transactions under the radar. But, the possibilities of Bitcoin being regulated by the Government is there. One person could manipulate it, especially if that person is powerful than the others.

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August 31, 2017, 05:49:45 AM
 #33

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?
It could happen but I think regulation is more likely than a ban, bitcoin unlike drugs does not damage society in the way those substances do, besides governments like the smell of money more than anything else.
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August 31, 2017, 06:01:44 AM
 #34

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?
It could happen but I think regulation is more likely than a ban, bitcoin unlike drugs does not damage society in the way those substances do, besides governments like the smell of money more than anything else.
But it will be hard for the government to implement it. Putting yaxes on bitcoiners might not work for it is decentralized unless they will do a system.wherein they can track it. But since btc can be helpful to their citizens they must atleast take into consideration the needs of the people and don't ban it.



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BossMacko
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August 31, 2017, 06:12:15 AM
 #35

Btc and government will always have 2 different path but in worst case scenario in case government will be able to control Bitcoin in a country then they will not ban Btc as long as that BTC users on that country are paying tax in every transaction that will happen to the country.

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August 31, 2017, 07:11:23 AM
 #36

I think it is counter productive for government to ban bitcoin because it is slowly becoming more useful to more people. The only thing that they should do is regulate its usage to minimize money laundering and proliferation of illegal activities that take advantage of bitcoin’s anonymity. And if they start to regulate it, that means they can also generate taxes from it and the more bitcoin is used, the bigger the taxes it's able to generate to help grow the economy.
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August 31, 2017, 07:40:28 AM
 #37

I think that in the future more and more governements will accept bitcoin and not ban it. They have started to accept it as a new reality and something that they would like to use for their benefit too. Ban is no longer an option except maybe in some weird countries like Russia or Korea. I even expect from the banks to start offering bitcoin related services to their clients.

malaj
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August 31, 2017, 07:51:59 AM
 #38

I will not say that it is impossible but the government will never do this as far as I believe. I guess the time for government to ban BTC is over, right now the government's might be thinking of how to legalise bitcoin so that government could get it's share in the bitcoin. Or they might be thinking on to add the bitcoin share in the GDP.
Honestly government has many things to do, they could have ban bitcoin only when it was used for criminal activities.
Bitcoin is still being used for criminal activities (not at the scale of a couple of years ago) but so is cash. Bitcoin was never intended to be used by criminals but since it was si convenient for criminals they did it anyway.
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August 31, 2017, 07:59:32 AM
 #39

I think that in the future more and more governements will accept bitcoin and not ban it. They have started to accept it as a new reality and something that they would like to use for their benefit too. Ban is no longer an option except maybe in some weird countries like Russia or Korea. I even expect from the banks to start offering bitcoin related services to their clients.

That's my expectation as well. 2-3 years ago, when US Congressman were openly calling for it to be banned, and governments saw Bitcoin and darknet markets as synonymous, I could have seen a ban happening. Today, coverage is too positive across the globe, and since no country can control it, no government wants to be left behind.

Russian regulators recently said that they want to limit Bitcoin investment to "Qualified Investors" (institutional whales), claiming they are uncomfortable with the level of anonymity it provides. On its face, this may appear to be an effort to discourage the public away from Bitcoin. But I think it's an effort to allow elites a chance to get their dirty fingers in the pie before everyone else does.
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August 31, 2017, 08:24:35 AM
 #40

I guess the time for government to be banning bitcoin is over, I mean I have been reading before that some countries bans bitcoin but as of today I have reading that more and more countries are now accepting bitcoin and legalizing it. I guess they gave up because they can't really find a way to really prevent users in using bitcoin.

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