Cryptocurrencies and its political nature.

[Yakamoto]

While cryptocurrency has been hailed for its potential in the financial sector of the developed world, one of its greatest applications has been virtually overlooked. In nations that lack dependable economic systems or governance, digital currency may offer hope. Access to finances, security and privacy of funds, and faith in a common medium of exchange can aid many across the globe.
Government-sponsored virtual currency does not afford the protections of non-fiat virtual currency. Conceivably, a government could control wallets, coin distribution (and taxes), and even entire blockchains. Bowing to the auspices of conventional political structure is not the goal here. Otherwise, the digital world faces the same constraints as its tangible counterpart (paper money).
All populations, especially those that are disadvantaged, need a way to maintain access to their wealth from anywhere in the world. Imagine if a refugee was able to access a bank account even after being displaced from their home country. This could help maintain the refugee’s dignity and hopefully diminish the extreme poverty caused by this terrible upheaval.
This is the unrealized potential of virtual currency. In a nation where political activists are jailed, or inflation runs rampant, non-fiat virtual currency may offer an escape.

I'm surprised that there is a response of this substance from a Jr. account, good job having well-formed paragraphs and a consistent viewpoint which makes sense.

Bitcoin really is a valuable good for those within developing countries that often experience high inflation or other various financial woes, but the other big thing you have to keep in mind is whether or not these same countries will have reliable internet access for their citizens to use. Having Bitcoin is one thing, being able to access the internet without interruption is another. And far, far more important for those in developing countries which may have spotty access at best.

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[Barbarian]

This all true the idea of bitcoin is very independent there is no chance that government can establish control over it even the ownership of bitcoin cannot be learn by any sector of the government its very private which I think the reason why some countries does not like bitcoin they are afraid of its capabilities which they can never control.

The fact that bitcoin is way beyond government control is something that governments do not know how to deal with, they are used to beat centralized forces themselves but when they face a decentralized force they have shown to be very incompetent and that is good for us since that means they are never going to be able to block bitcoin.

[Yamifoud]

This all true the idea of bitcoin is very independent there is no chance that government can establish control over it even the ownership of bitcoin cannot be learn by any sector of the government its very private which I think the reason why some countries does not like bitcoin they are afraid of its capabilities which they can never control.

The fact that bitcoin is way beyond government control is something that governments do not know how to deal with, they are used to beat centralized forces themselves but when they face a decentralized force they have shown to be very incompetent and that is good for us since that means they are never going to be able to block bitcoin.

Actually, some governments hated this kind of technology because of its anonymity individual. The government don't really make money from any bitcoin holders. Their laws in imposing tax and controlling digital currency would be their big challenge and of course, they can't hardly push to us to pay for this unless it is stated by your total assets.

[Sled]

This all true the idea of bitcoin is very independent there is no chance that government can establish control over it even the ownership of bitcoin cannot be learn by any sector of the government its very private which I think the reason why some countries does not like bitcoin they are afraid of its capabilities which they can never control.

The fact that bitcoin is way beyond government control is something that governments do not know how to deal with, they are used to beat centralized forces themselves but when they face a decentralized force they have shown to be very incompetent and that is good for us since that means they are never going to be able to block bitcoin.

Actually, some governments hated this kind of technology because of its anonymity individual. The government don't really make money from any bitcoin holders. Their laws in imposing tax and controlling digital currency would be their big challenge and of course, they can't hardly push to us to pay for this unless it is stated by your total assets.

Government hates the digital currencies because they can't implement taxes in cryptocurrencies that resulting for them to not make any profit from digital currency. They also hate digital currencies because it is decentralized and that is why most of the countries that realized that they can't make money in digital currencies are just regulating or worse banning it like china did.

[zergenyt09]

This all true the idea of bitcoin is very independent there is no chance that government can establish control over it even the ownership of bitcoin cannot be learn by any sector of the government its very private which I think the reason why some countries does not like bitcoin they are afraid of its capabilities which they can never control.

The fact that bitcoin is way beyond government control is something that governments do not know how to deal with, they are used to beat centralized forces themselves but when they face a decentralized force they have shown to be very incompetent and that is good for us since that means they are never going to be able to block bitcoin.

Actually, some governments hated this kind of technology because of its anonymity individual. The government don't really make money from any bitcoin holders. Their laws in imposing tax and controlling digital currency would be their big challenge and of course, they can't hardly push to us to pay for this unless it is stated by your total assets.

This is the only reason why some countries truth are not sincere with their public and involved in corruption are not making bitcoin legal for their public. These governments don’t want their people to have full control over their money rather they want to control the assets of public. These governments are in habit of imposing massive taxes on people and bitcoin is not going to allow them do this.

[Barbarian]

This all true the idea of bitcoin is very independent there is no chance that government can establish control over it even the ownership of bitcoin cannot be learn by any sector of the government its very private which I think the reason why some countries does not like bitcoin they are afraid of its capabilities which they can never control.

The fact that bitcoin is way beyond government control is something that governments do not know how to deal with, they are used to beat centralized forces themselves but when they face a decentralized force they have shown to be very incompetent and that is good for us since that means they are never going to be able to block bitcoin.

Actually, some governments hated this kind of technology because of its anonymity individual. The government don't really make money from any bitcoin holders. Their laws in imposing tax and controlling digital currency would be their big challenge and of course, they can't hardly push to us to pay for this unless it is stated by your total assets.

Correct, it is a lot easier to crush a group of 100 people than to try to catch 100 people all around the world, and that is the kind of battle governments are facing, not an easy one, and I’m sure that at some point they are going to accept that bitcoin is here to stay.

[BillCoin]

It depends.
I accept the argument that bitcoin can not be controlled by a government, but I do not agree that all the kind of cryptocurrencies will never be controlled by a government.
A government can decide to make it's own cryptocurrency , and they are going to be the only miners which makes them to have a control over the currency.

[mrcash02]

The Freedom aspect of Bitcoin can be subverted by governments if they wish. I believe it didn't happen yet because the adoption on most countries is low that it doesn't influence the economy very much and because the third world governments are too fool to know what is Bitcoin, they are very busy with their traditional schemes of corruption and trying to destroy the justice of their countries or to control it.

[macchiato]

I agree that a lot of people choose cryptocurrencies over fiat money because of its convenience in terms of transactions. And it is correct that it is out of the control of government which is why it is extremely popular. However, I have read at some other topics here that South Korea is about to implement bitcoin taxation probably because of the following reasons:

1. It is widely used in their country. (Given that it is legal and recognized by the government)
2. To improve security.
3. To trace cash flows (This is to trace if illegal transactions are made)

This news might be the start of downfall of government's incapability of controlling bitcoin because it is being initiated now. What do you think?

[MMA]

This all true the idea of bitcoin is very independent there is no chance that government can establish control over it even the ownership of bitcoin cannot be learn by any sector of the government its very private which I think the reason why some countries does not like bitcoin they are afraid of its capabilities which they can never control.

The fact that bitcoin is way beyond government control is something that governments do not know how to deal with, they are used to beat centralized forces themselves but when they face a decentralized force they have shown to be very incompetent and that is good for us since that means they are never going to be able to block bitcoin.

Actually, some governments hated this kind of technology because of its anonymity individual. The government don't really make money from any bitcoin holders. Their laws in imposing tax and controlling digital currency would be their big challenge and of course, they can't hardly push to us to pay for this unless it is stated by your total assets.

Government hates the digital currencies because they can't implement taxes in cryptocurrencies that resulting for them to not make any profit from digital currency. They also hate digital currencies because it is decentralized and that is why most of the countries that realized that they can't make money in digital currencies are just regulating or worse banning it like china did.

But i think they can make rules and do planning for that. i think it is not such an difficult job for a country, I think they cannot implement taxes on bitcoin because bitcoin is not consider as legal currency  by government. but i think that if they will turn bitcoin as legal currency the it will become more easy for them to implement tax on it.

[Ctn]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

I believe that doesn’t matter at all. The way crypto currency is operating today is just perfect in all sense. You can have it transacted the way you want and you can have it stored the way you want. Tell me why is that not a revolution in the digital world and obviously a digital currency. Where we see the crypto currency as future of this world there is political and governing bodies which see it as threat to their national economic circulation. So things are complicated as long as they are not settled by these regulatory bodies.

[ramsdaj28]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual.

I strongly agree with you. Government can't really control bitcoin and that makes miners and the operators of bitcoin businesses and exchanges look smarter than the government. Government, in my opinion, doesn't have any idea (if not less idea) about how bitcoin actually work in its network. Most people prefer to use bitcoin now than the local money when buying stuffs or paying their bills since it is a lot easier and faster especially when the people involved in transactions are from different places.

Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct.

Very true. Bitcoin and crytocurrencies are safer compared to banks when it come to the network and the management of money. Few reports of banks being hacked by hackers are very alarming especially for those who have invested their money in banks, and that will put future investors to think about investing in cryptocurrency instead of investing in banks. As long as your crypto-wallet password and important keys are well stored and saved, there is no harm in having these.

[szpalata]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

I believe that doesn’t matter at all. The way crypto currency is operating today is just perfect in all sense. You can have it transacted the way you want and you can have it stored the way you want. Tell me why is that not a revolution in the digital world and obviously a digital currency. Where we see the crypto currency as future of this world there is political and governing bodies which see it as threat to their national economic circulation. So things are complicated as long as they are not settled by these regulatory bodies.

I couldn't agree with you the more, the governments and the central banks are nervous because they see bitcoin as a threat to their respective economies and so whatever they could do politically to stop bitcoin from operating they will including banning exchanges among others.

[macchiato]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

That is why the governments can't do anything about the cryptocurrencies but to try to regulate it and when they can't regulate it then they will just ban the cryptocurrencies and stick to their system like fiat. Governments always wants to control things and make profit out of it and that is the reason why they created fiat money.

I agree. It is quite impossible for the government to be in control when it comes to bitcoin because they won't be able to trace transactions easily. And also, they won't make profit out of it. Which is why fiat money is used and cryptocurrencies won't be able to replace real cash.

[evilgreed]

                  Exactly right! There is no question why so many people, like investors or regular users shifted their interests here in bitcoin, aside from being digital, person's anonimity, but the main point is that the person's assets are being anonymous to, its up to the person if he's going to exploit or expose his assets to anybody, that is one the qualities we have here, although it was slightly being political but that is just how people want to save their money.

[Nameless27]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

If it is not controlled by the government how does cryptocurrency political? It contradicts the essence of it. Maybe more on unpolitical to me as there is no presence of political powers who are meddling in this investments. Eventhough China tried to control it, failed badly.

Crypto and fiat has different disadvantages and advantages, and if? cryptocurrency is better then that is subjective to the one who uses it.

[audrey12]

The nature of bitcoin is not political this is the main reason why government does not want the full adaptation of bitcoin, no one control bitcoin not even the government of a particular country,  bitcoin is designed to be independent it can circulate in the market and no one needs to control it, it can change the economy of a certain country because no officials can manipulate it and so the corrupt politicians cannot use it to do crime.

[Barbarian]

This all true the idea of bitcoin is very independent there is no chance that government can establish control over it even the ownership of bitcoin cannot be learn by any sector of the government its very private which I think the reason why some countries does not like bitcoin they are afraid of its capabilities which they can never control.

The fact that bitcoin is way beyond government control is something that governments do not know how to deal with, they are used to beat centralized forces themselves but when they face a decentralized force they have shown to be very incompetent and that is good for us since that means they are never going to be able to block bitcoin.

Actually, some governments hated this kind of technology because of its anonymity individual. The government don't really make money from any bitcoin holders. Their laws in imposing tax and controlling digital currency would be their big challenge and of course, they can't hardly push to us to pay for this unless it is stated by your total assets.

Government hates the digital currencies because they can't implement taxes in cryptocurrencies that resulting for them to not make any profit from digital currency. They also hate digital currencies because it is decentralized and that is why most of the countries that realized that they can't make money in digital currencies are just regulating or worse banning it like china did.

Not only they cannot tax it they cannot confiscate bitcoin either, if you refuse to pay your taxes in fiat they can confiscate your properties and freeze your bank account but they cannot do that with bitcoin and that is driving them insane, governments are going to need to deal with that because if they do not they are going to lose a lot of money in taxes.

[malikusama]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

I want to add one more thing to your reason that why bitcoin is political in nature, because it has volatile price which changes with time and the scenarios thats what make it a bit political.

[reliable]

It depends.
I accept the argument that bitcoin can not be controlled by a government, but I do not agree that all the kind of cryptocurrencies will never be controlled by a government.
A government can decide to make it's own cryptocurrency , and they are going to be the only miners which makes them to have a control over the currency.

Our country is also looking in this direction where they can create their own coin and which will be controlled and governed by them. So that they can easily keep a track of it and might ban all other cypto currencies. Thus through this they will can use the blockchain technology and also keep a tab on things.