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Author Topic: Do you think that bitcoin can reduce corruption?  (Read 2205 times)
orkoso
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January 13, 2018, 04:43:50 PM
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Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?

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January 13, 2018, 04:54:46 PM
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You guessed it right: they'd just ban it whenever they feel that the competition is getting tighter and stricter. I for one believe that bitcoin isn't going to alleviate any of the world's existing monetary/economic problems related to governments and bank, but at least it will help the financially oppressed to have something for their own without being spied or milked by the banks/government. The more the government sees that there would be a decent change on the already laid system, the more they will try to prevent that change from coming and changing the lives of the people they control. Bitcoin will still remain though, knowing that there are no central sources in which they can just kill the switch and tada! Everything is gone. It will still exist in underground economies, black market etc. even if they banned it in their own countries. Bitcoin is here to stay, albeit a rough and not-so-pleasant stay at all times.

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January 13, 2018, 05:04:54 PM
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Bitcoin is a digital currency. It was invented with the purpose, to reduce the problems faced by common people while performing banking transactions i their day to day life. Bitcoin is a decentralised currency, means no third party interference is required while performing a transaction. Its peer to peer exchange helps to maintain secrecy of transaction. Its own security system Blockchain is unbreakable. So there is complete freedom for a buyse as well as seller to perform a trade. Complete elimination of third person making chances of corruption almost zero. If we use bitcoin everywhere chances of corruptions will reduce considerably.

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January 13, 2018, 05:29:52 PM
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You guessed it right: they'd just ban it whenever they feel that the competition is getting tighter and stricter.
I think that's not the thing. Banning bitcoin will lower down a country's reputation, as cryptocurrencies are for the open and free society in economic realm. However, that doesn't mean btc will encourage transparency, as the currency is pseudonymous and is in fact a lot more suited to people who don't want to show their money than fiat. In my country some politicians already hold huge sums of btc and claim they've invested in them a lot earlier and this way people can't accuse them of having to much money (which is actually obviously there from corruption).

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January 13, 2018, 06:39:30 PM
 #5

The Blockchain will be more used than Bitcoin regarding fighting the corruption. Honduras is a country giving the perfect example. The country’s land registry ledger system is based on a blockchain. Before that, the system was hacked very often and people were getting a land for free.

You can use the blockchain technology for almost everything, the only problem is the size so in the long run, it can require a huge amount of storage

I have more hopes for the blockchain technology than Bitcoin, when it's about help the world

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January 13, 2018, 07:05:45 PM
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I don't think bitcoin will actually change the landscape of corruption in fact it may even fuel it to higher heights unseen before. That is because governments never come together to all agree on one thing but if there is anything they could agree on it would be that bitcoin and cryptos are taking over and they come together to ban these from the world. That is corrupt in my viewpoint, some may say it is acting in their best interest.

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January 13, 2018, 08:32:03 PM
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Well maybe if it is used in a good way. Bitcoin is a decentralized currency means that its is kinda immune to inflation. Because there is no third party controlling it.
Banning bitcoin won't help I guess.The problem isnt with bitcoin it's simply with people. So corruption isn't because of bitcoin. Corrupt people will find another way even if BC doesn't exist.

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January 13, 2018, 09:11:04 PM
 #8

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?

Bitcoin is more likely to increase corruption as transactions cannot be traced back to an individual. It is one of the major issue that governments have with bitcoin and why many move to ban it.

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January 13, 2018, 09:52:54 PM
 #9

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?

Bitcoin is more likely to increase corruption as transactions cannot be traced back to an individual. It is one of the major issue that governments have with bitcoin and why many move to ban it.

I agree. The privacy nature of bitcoin can easily be used to hide an identity connected to the amount of funds
If the corruptors learn more about bitcoin, they will see an opportunity to store/hide their wealth from corruption in bitcoin
I wonder if this is already happening but not yet exposed as it is hard to proof the ownership of specific address

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January 13, 2018, 10:31:11 PM
 #10

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
Seriously speaking, government does not care about cryptocurrency specially, the uses of cryptocurrency to the necessities of human being. A side of that, they wanted cryptocurrency to be vanished because it seems like cryptocurrency will be their great enemy and problem.  If cryptocurrency will dominate the world then they will not control the system.
Banning of cryptocurrency all over the world will help the govern to atleast hold their citizen.

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January 13, 2018, 10:43:32 PM
 #11

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
Nah! They will destroy whats taking their way in. If they feel threatened they will destroy it until theres no one left. Specially if youre country is full of corrupt idiots expect nothing less that they will try to ban it somehow.

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January 13, 2018, 10:52:09 PM
 #12

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?

Who knows what governments think. I wont say they are all corrupt, because I don't believe in that, but of course they are not willing to lose their power. I think that as long as they receive taxes they will be ok with it, so if we don't evade them, then they have no reason to ban crypto. Apparently Russia is trying to propose a crypto coin, that is backed by a lot of countries, and somehow works as a universal currency. I don't think it will be a threat to bitcoin, because it will obviously be centralized, but it could be a better fiat version, so if bitcoin doesn't make the economic system more transparent, maybe the blockchain will.

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January 13, 2018, 11:03:05 PM
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Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
Well to some extent NO in my opinion because bitcoin or crypto currency in general encourages money laundry from developing nations to developed nations which may be difficult for government and her institutions to trace.

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January 13, 2018, 11:31:48 PM
 #14

What's good about cryptos is that no one owns and control it and even the government can't do anything to look into this and make their own regulations but with regards to corruption I think bitcoin will not help because of its capability to make transaction annonymously people can cover what ever illegal activities they have without any trace of transactions and I am afraid corrupt officials may use bitcoin to keep their hidden wealth

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January 13, 2018, 11:32:36 PM
 #15

Corruption is common everywhere in the world but if you're asking me if bitcoin can reduce the corruption i think probably is no, basically transaction on the blockchain is public which is good to trace where is the money goes, but the problem is bitcoin transaction is pseudonymous meaning that we we don't know who's behind that address, and there are so many tricks to improve the anonimity of the bitcoin for example mixing service.
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January 13, 2018, 11:41:56 PM
 #16

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?
Even if bitcoin is there it cannot reduce their corruption. Instead of banning bitcoin government might try to create their own cryptocurrency to use in their own respective countries and they will make a law so that citizens will be forced to use their country's crypto. Either way I think bitcoin itself would not be a competitor in terms of currencies as of the moment as it is used purely for speculative purposes now.
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January 13, 2018, 11:50:36 PM
 #17

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?

....

Transparency was never a real issue, in my humble opinion. Barack Obama had a website created to make government spending more transparent in his 1st Administration and no one cared enough to look at the numbers.

The issue with transparency and people supporting the right policies involves them caring enough to educate and inform themselves on the issues. That's where reform of civilization breaks down. Most don't care enough to bother and feel entitled to simply repeat the last thing they saw on tv or in a newspaper.

I expect the government to ban everything. Not because they want to, moreso as government isn't a real power. Politicians are merely puppets whose strings are pulled by others lurking in the shadows. That might sound too conspiracy theory'ish for some. But let's say that money equates to political influence. The top 1% own about 40% of the wealth in the world. That means they have at least 40% of the political influence, which gives them power over politicians and others who hold out their fingers to check which way the wind is blowing. Politicians know their survival depends on cooperating with those who finance their campaigns and lobby them with millions.

The average person doesn't have much political influence in this era. They don't care enough to educate themselves or coordinate. That makes things hard, one might say impossible.

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January 14, 2018, 12:01:16 AM
 #18

I don't think bitcoin can be banned because it's decentralised.
Governments are not going to make any economic system more transparent either.
Bitcoin can help underprivileged people to a point but currently the use ability of bitcoin is limited.
Most people in the world don't want to change from the current financial system which has us locked in with loans and mortgages.
If people choose to change direction into crypto things could change for the better I assume

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January 14, 2018, 12:12:56 AM
 #19

Now that governments have a competitor in terms of currencies, do you think that they will make an effort to make the economic system more transparent or will they just try to ban everything?

Definetly and i hope so,that bitcoins will become the solution to reduce the corruption in plundering money especially in the government and private sector,if the bitcoin become legalize,and if all this things happen maybe corruption will minimize because the currency will become digital.

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January 14, 2018, 12:29:56 AM
 #20

I think if the government is willing to issue a more transparent economic system of course this is a very good goal where there will be no more cheating but the question is is it possible that the government will do so. and if you do not want to use a more transparent system why to ban the existence of bitcoin and indeed I think all of this is in government control in other words they can do anything that is in the form of prohibition or even give policy by giving space freedom for bitcoin.





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