Why Goverment is not recommending to use digital currency such a bitcoin?

[yonjitsu]

Country like China is banning ICO and the cryptocurrency because they're afraid that it can affect their economy. On top of that, cryptocurrency can be used as means of payment for illicit activities since it is decentralized and all transactions are done anonymously using cryptographic codes making these criminals untraceable.

[1714802363]

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[1714802363]

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[centralbanksequalsbombs]

Because Central Banks controls government.

Because Central Banks use government to have a MONOPOLY on each country's credit/currency issuance.

But who will be potecting us from these monopolies?
WHO WILL PROTECT ME FROM THESE HORRIBLE FIAT CURRENCY BUBBLES??
CAN SOMEONE PLEASE STOP BLOWING BUBBLES OF EXTRA FIAT MONEY AROUND THE WORLD? (PLEASE NO MORE USD, EUROS, JAPANESE YENS, INDIAN RUPEES, CHINESE YUAN, MEXICAN PESOS - PLEASE STOP INFLATING AND MAKING BITCOIN SO VALUABLE)...stop this pumping

https://macromon.wordpress.com/2017/04/26/the-chart-that-floats-overvaluation/

Recommend reading post: "Hacks Puppets and Forks - How to destroy Bitcoin"
https://bitcointalk.org/index.php?topic=1834310.20

Bitcoin has the highest value because of the totality of what it is - if it lacked the features of what it is, then there would be no value.

If it can be shutdown, and have assets frozen by a bank or government, there would be no value
If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin has all these together to make the most value and increasing more than any other financial-asset option coming from the fiat central-banking debt-system.

Though it is still very early adoption not even 1% adopted yet (most people everywhere don't know what it is)...
Bitcoin has freed, continuing to free, and tomorrow will still free many people globally from the centrally controlled debt-based fiat system that confiscates your wealth with inflation and tax. Bitcoin is a TRUE savings vehicle. Buying Real Estate, Hospital healthcare, Global traveling, College Education gets cheaper as you hold Bitcoin.

And it has become clear that...
Bitcoin CANNOT be controlled.

Bitcoin cannot be made legal. Governments may still attempt to do so. They can never have such domination on Bitcoin.

Bitcoin cannot be made illegal. Governments may still attempt to do so.

Central banks already control and manipulate Stocks, Real Estate, Gold, Interest Rates. Central banks will never have such domination on Bitcoin.

Bitcoin reached escape velocity 4-years ago in 2013 which means it cannot be stopped - cannot make it illegal or legal - governments/banks do not matter.

On the opposite end of the spectrum the global fiat (US Dollars, Indian Rupees, Chinese Yuan, etc) bubble system broke a couple of decades ago.

Fiat around the world is forced to inflate issuance as its heavily infested, burdened and broken with:
-regulatory burden on fiat banks & system (incredibly costly)
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-insurance fraud
-false claims and insurance loss-events
-stabilize regions after natural disasters
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
-using enforcement labor to freeze accounts and assets and take away your money
-costs of auditors and budgetors and accountants to governments and businesses

Bitcoin, systemically, is free from these burdens.

Bitcoin is GLOBALLY held and sought after by people in almost every country - see global trade data by country or see this list:
https://bitcointalk.org/index.php?topic=1853019.0

Don't you know what a database is? A non-decentralized "Blockchain" is a private database....Private databases has virtually no value!

BLOCKCHAIN without bitcoin = SCAMCHAINS, useless unsecure private databases
BLOCKCHAINS without bitcoin ARE SIMPLY PRIVATE DATABASES that every small business has even a coffee shop = NO VALUE, its like fiat currency, small minimal value!

BITCOIN BLOCKHAIN = SECURE IMMUTABLE VALUABLE OPEN-SOURCE DECENTRALIZED FAIR (scarce bitcoin supply). Globally people poured over $80Billion (USD) equivelent value into bitcoin and this will increase with time.

hacks (these people may have been well-meaning previously...but people change...):
Mike Hearn : “the "Bitcoin experiment" has "failed." goes on to Ethereum an app coin.
Hearn - Big Bank Bitcoin Bully - https://medium.com/@tradertimm/hearn-big-bank-bitcoin-bully-c61531c082e#.okh9viyze
Craig Wright - desperately claimed to be Satoshi & then flees fraud trying to file a bunch of IP patents! LOL!
Mark Karpeles
Paul Vernon
Josh Garza
Roger Ver
Jeff Garzik (2017 recent; hard forking BTC1 / segwit2x)
"Jeff Garzik wants you to connect to his Bitcoin transaction analytics (spy) company Skry, by default, in the SegWit2x fork. Jeff is a sneaky snake!":https://www.reddit.com/r/Bitcoin/comments/6n9grc/jeff_garzik_wants_you_to_connect_to_his_bitcoin/
Barry Silbert (and his DCG portfolio of companies-ie Coinbase, Bitpay, sponsoring ilk of Jeff Garzik characters)

[pecson134]

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why  some goverment are discouraging its citizen to use digital currency? Any thoughts.....

I think one possible reason is that they can't fully monitored the flow of bitcoins. This is one way for those money launderers or those who are engaging in illegal transaction to mask their deals and money without the authority noticing it which gives them a great problem. I think the government just want the transactions or deals to be transparent to them or maybe they want to tax it(which is possible).

[lighpulsar07]

there are many reasons why the governments don't recommend bitcoin to it's citizens such as money laundering, in drugs and other criminal activities and even the some govrrnments said that bitcoin affect the economy negatively  also, due the fact the they can't control bitcoin they won't recommend this to the public

[mrayazgul]

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why  some goverment are discouraging its citizen to use digital currency? Any thoughts.....

The only reason I can see why they do not recommend crypto currencies is because they cannot charge tax in every transaction of a user, which makes the government poor, so the only thing that can do is to discourage people.

But people are intelligent enough and they know what is good and what is bad for them and ofcourse every individual knows that bitcoin is good for oneself and even for majority of people.

[radjie]

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why  other governments are discouraging its citizen to use digital currency? Any thoughts.....

Digital currencies are very vulnerable to misuse by irresponsible people, can be used to commit crimes such as money laundering, financing terrorists and many others. the government is worried because the use of digital currency is not easy to track and for anyone using the digital currency the government does not want to bear the risk because the use of digital currency can not be controlled by any country.

[klim75]

It's obviously that  it is because bitcoin is decentralized and the government can not control it.
The Government can't get much tax if we are using bitcoin.

[giogio0504]

Government cannot be responsible for cryptocurrency, it is out of their regulations, so it will be difficult for governments to assist citizens in case of any related problems and inconveniences.

[giogio0504]

It's obviously that  it is because bitcoin is decentralized and the government can not control it.
The Government can't get much tax if we are using bitcoin.

It is not only about taxation, protection of citizens also might be a reason.

[Linhkej]

I think they will have a reason. They do not want the people in their country to focus on computer work too much and largely due to the unpredictable nature of the altcoins market so people are very vulnerable to losses.
First of all talk about the work on the bitcointalk forum. Do you want people in your country to spend all their time working to work on the internet? This will reduce the number of people working and the country will go down.

[tachi641]

Precisely. I think there has been an overreaction sometimes whenever a government issues even the most innocuous statements that simply distances itself from Bitcoin and advises citizens of that.

Given that so many people fall prey to scams and the inability of the state to protect them as laws are inadequte and always lagging behind technology, these measures are simply preventative, not restrictive.

[captin crunch]

Government cannot recommend anything that is beyond its control, and even not regulated by international treaties.

[moetimas]

in my opinion, in a government would want a centralized financial system, while the nature of cryptocurrency is mostly decentralization. with decentralization, then how does the government manage the taxation issue on each individual? this seems to be difficult. and what is happening in my country, cryptocurrency is not recommended because it has potential for crime, such as money laundering and terrorism.

[Dzernej]

They are not recommending because it is not regulated at all and they just want to warn ppl that this is risky. Form my perspective it is okay because some of people are not rational. But on the other hand I think they should use it and support it (I mean block chains) like some countries does (voting, ordering public medical equipment with public money etc.)

[arteezyy]

If you use digital currency as a payment or use it for transactions, the government will never receive taxes from people unlike if you use fiat money. Or maybe government recommending not to use digital currency because there are many scams that using bitcoin’s popularity right now.

[Akitot]

Compared to bank, they can protect the people who were investing to them or making transaction with them... Not like in digital money if you gat scam or your money have been stolen, no one can trace it or you can't make complain to the court.....
Same with the government if they can't protect the people then they are not recommending it

[laowang666]

It is clear that bitcoin is not state-sponsored and the state will not recognize its legitimacy.
Bitcoin, which is anonymous, has been used by many criminals to cause a lot of trouble for the government.
Bitcoin transactions don't have to pay taxes.
The state cannot control bitcoin, so it is not recommended.

[guschin]

There had been lot of similar scams in which people lost a lot of money thus government is scared.

[tahmad]

I think it because they can't control it. They fear if everyone move to invest to bitcoin, bank will not get big profit more and then goverment will not get big tax from it. It's all about business and money.

[giogio0504]

in my opinion, in a government would want a centralized financial system, while the nature of cryptocurrency is mostly decentralization. with decentralization, then how does the government manage the taxation issue on each individual? this seems to be difficult. and what is happening in my country, cryptocurrency is not recommended because it has potential for crime, such as money laundering and terrorism.

but not all currencies are decentralizes, if this is the reason they must just talk about decentralized crypto currencies.