Goverments to go AGAINST Bitcoin

[fabrizoc]

Is there any chance goverments to go against bitcoin if they see its something against them??

At first when bitcoin was released, when it was only used by a couple of people bitcoin did not prove to be a problem for goverments so thye ddin't pay attention to it, a few years later it started gaining more popularity and had its price going up, they just ignored it because econnemist thought that it is just a buble and soon it will drop down, but now with so many people using it and earning thaousands of dollars from its rise, they are faced with tow options either they accept it as a payment method or ban it and piss of a lot of people, either way they are unable to controll it or prevent the users from trading with it because bitcoin is uncontrolled by any one and it provieds complete discreat for the ones who use it, so the point is it does not matter wether goverments ban it or not people are still going to use it, accepting it will make it more popular, and banning it will not affect its users very much.

Taxes are the most important part that lead to the development and governments are not that much against bitcoin they just have some of concerns on it and as they will understand about these than there will be nothing to contradict as anonymity is concern and tax collection is bit difficult to in bitcoin but if the region completely will accept bitcoin then these concerns will be clarified easily to give ease to people.

[subSTRATA]

Most likely yes! The government will not support bitcoin directly because it is against their centralized policy. The government wants to control every kind of money circulation in their country.

a government isnt inherently centralized in their policies, unless the government is authoritarian. taking a democratic government as an example (the us government in this case, as that is the one i'm most familiar with), idealistically, the government should be making its policies to serve the interests of the constituents, not itself or its legislators. however, the congressmen / women of the us government are corrupt pretty often (usually the republicans) and make policies and cast votes that tend to favor either themselves or their donors that essentially control them.

The government is likely to oppose bit coin.Bit coin can easily be sent easily without anyone knowing the highest amount.But the identity of the sender and the identity of the receiver is hidden.This can easily cover the amount of black money. Can be used for illegal acts.Bit coin value is very high, so if the bit coin comes into use it will decrease the value of many countries.

and that's something unique to bitcoin how? exactly, its not. i can hand someone a suitcase full of bills and no one else would know. and in this instance, it would be even more anonymous than bitcoin, because there isnt a public ledger anyone can search to find the sender and recipient. the money can just as easily used for illegal purposes.

[Galahad111]

I believe that bitcoin doesn't give any troubles to the government, only a chances that this coin could be used for any criminal activities without any traces of information's left because of anonymous identity. Though this thing will be possible to happen, but maybe it is important also that the government will recognized this as it helps their people to improve their living. Not only by blaming this as a cause of economic loss and increase criminal activities.

but majority of the governments show neutral response to the cryptocurrency and bitcoin in specific.

[yrrehc16]

i DONT  think that government will stop bitcoin , well here in my country ( Philippines) are now issuing  at SEC and BSPP a license and to protect bitcoin usuers .
they will give bitcoin legality to protect the people of the country having thiis kind of opportunity.

[Cointertrade]

Is there any chance goverments to go against bitcoin if they see its something against them??

There is a possibility that government will against with bitcoin because they will not going to control just like fiat. That's why still they are not accepted bitcoin as a means of payment. So I am wishing that soon my government will accepted bitcoin.

[albert11]

Is there any chance goverments to go against bitcoin if they see its something against them??

That would not happen I guess because soem countries even legalised bitcoin.  Even here in my country even if I did not hear that it was declared legal, we knew that it is okay and legal to use bitcoin.  It is all because we can buy and sell our bitcoins through banks.  Pay our bills and even our contributions to government services.  So I do not think that government will go against it.

[GeorgeEden]

Is there any chance goverments to go against bitcoin if they see its something against them??

That would not happen I guess because soem countries even legalised bitcoin.  Even here in my country even if I did not hear that it was declared legal, we knew that it is okay and legal to use bitcoin.  It is all because we can buy and sell our bitcoins through banks.  Pay our bills and even our contributions to government services.  So I do not think that government will go against it.

Yeah but let me give you an example . What if the goverment loses 1 bilion cuz ppl exchange money for bitcoin and they use their bitcoin for buys outside of the country? That will upset the goverment wouldnt?

[Opquar]

Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country

Is this even still true nowadays? We have fully anonymous cryptocurrencies now which are also traded by exchanges, such as Monero. With all eyes on bitcoin at the moment, would it not be better for criminals to use those if they want to get away with illegal activities?

[Golubhargava]

Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country

Is this even still true nowadays? We have fully anonymous cryptocurrencies now which are also traded by exchanges, such as Monero. With all eyes on bitcoin at the moment, would it not be better for criminals to use those if they want to get away with illegal activities?

Because government considering loss of  taxation

[icoDealDeckcom]

Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country

Many governments will slowly embrace crypto and bitcoin as a way to build their economy. Estonia, Lithuanian, Singapore, India to name a few are advancing quicker than others. India and soon Thailand will tax sales of crypto.

[Jerry Patterson]

The Australian government is very open to Block-chain technology and has supported Australian ICO - Power Ledger. The Australian Taxation Organization (ATO) has the following to say about Bitcoin and Cryptocurrencies.

Transacting with bitcoin

Transacting with bitcoin is akin to a barter arrangement, with similar tax consequences. Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes.

You need to keep the following records for bitcoin transactions:

the date of the transactions
the amount in Australian dollars (which can be taken from a reputable online exchange)
what the transaction was for
who the other party was (even if it’s just their bitcoin address).
Using bitcoin for personal transactions

Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin).

Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.

Using bitcoin for business transactions

If you receive bitcoin for goods or services you provide as part of your business, you will need to record the value in Australian dollars as part of your ordinary income. This is the same process as receiving non-cash consideration under a barter transaction. The value in Australian dollars will be the fair market value which can be obtained from a reputable bitcoin exchange, for example.

When receiving bitcoin in return for goods and services, a business may be charged GST on that bitcoin. If the supply of the goods and services was a taxable supply, the business will be able to claim input tax credits on the GST charged on the bitcoin they received as payment.

I think the Australian will be a leader in the Block-chain technology and cryptocurrencies

[Habakkuk77]

We all know that governments have knowledge about bitcoin.
Bitcoin can be use for illegal purposes and transactions. Criminals might use this for drug trafficking. This would be possible that governments against in bitcoin.

[subSTRATA]

Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country

so what if it is? cash is used in illegal trades, so are gold, silver, guns, whatever, you name it. as long as it has value to the buyer / seller, it can and will be used. not to mention, with these physical items, these are even more untraceable than bitcoin, with the blockchain readily available to show each and every transaction that has ever taken place. and i dont think bitcoin is big enough to impact the economy of a country to that extent at this point. and if it ism the country's economy shouldn't be 'good' enough to support wide bitcoin usage, but im no expert, just a good gut feeling.

Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country

Many governments will slowly embrace crypto and bitcoin as a way to build their economy. Estonia, Lithuanian, Singapore, India to name a few are advancing quicker than others. India and soon Thailand will tax sales of crypto.

a fair point. with regulation that can be enforced on exchanges, the government could benefit greatly off of cryptocurrency development in its country, while providing its citizens a safe, monitored channel through which to obtain and trade bitcoins.

[Psyloc9302003]

government is against on anything it cannot control..when it comes to currency anything it cannot put a tax into it.. but as long as institution on trade and commerce accept btc they cannot do anything about it..

[vv181]

Yes. Bitcoin is widely used in black markets that sells drugs and other illegal products. Bitcoin can also be a threat to the economy if a large volume of bitcoin is inside the country and the price fluctuates to a lower price or it may kill the currency of a country

I believe as cryptocurrencies grow in adoption and usability, we’ll see more black markets adopt cryptocurrencies as the standard medium of payment, and it will be a great concern by the government. Bitcoin will be the only threat the economy of the country when tax evasion or money laundering happens.

[sicparvismagna]

Yes and it is really happening in some countries like China and Indonesia, for Chinese probably the main reason why they are regulating the use of bitcoin in their country maybe some of the businessman in their country are against the use of bitcoin because it might be affecting the price movement in their stock market because the it's contradicting the demand of stocks against the demand of bitcoin in which it could result to increase on one and decrease on the other one.

[roshanfious]

Many governments has already againsted bitcoin by banning bitcoin in the country, not recognizing bitcoin as payments tool, these may because the reason bitcoin is untraceable so it can not be taxes by goverments.

[Mjeramirez]

Yes, most likely they will resist bitcoin progress in their country, the main reason to that is because bitcoin pose a threat to their governance, one function of the government is regulation of their currency depending on their economic policy they  can also control interest rates which give them power to impose rules and sanctions. Without this they loose control of their economy.

[Malsetid]

Yes, most likely they will resist bitcoin progress in their country, the main reason to that is because bitcoin pose a threat to their governance, one function of the government is regulation of their currency depending on their economic policy they  can also control interest rates which give them power to impose rules and sanctions. Without this they loose control of their economy.

Any government can come up with a couple of regulations to maximize something as big as bitcoin. Some governments are already finding ways to make the most out of this financial revolution. Perhaps some agendas of some government high people will be trodden if bitcoin use is implemented that's why they only see the negative result of it

[Marble777]

Is there any chance goverments to go against bitcoin if they see its something against them??

Does not rule out if the price of Bitcoin is not fair anymore, the possibility of the government also will not stay silent, although many big people are in it.
Moreover, the decentralized nature of Bitcoin, there may be some countries that actually reject Bitcoin.
Currently it is not entirely state accept the existence of Bitcoin.