Do you think that bitcoin can reduce corruption?

[Tagabukid69]

I dont think so. Corrupt people are always looking for a chance to corrupt. It is already a habit for them. And eventually they are also resourceful individual just to find way to cheat. We could hardly eliminate them but may be bitcoin is a tool to minimize them.

[1713577156]

1713577156

[1713577156]

1713577156

[1713577156]

1713577156

[ssuchy]

I dont think so. Corrupt people are always looking for a chance to corrupt. It is already a habit for them. And eventually they are also resourceful individual just to find way to cheat. We could hardly eliminate them but may be bitcoin is a tool to minimize them.

but I think quite differently. Since the Crypto currency is in fact a practical way to obtain finance without attaching personal data, it is therefore a very good way of obtaining a bribe. You can translate the corrupt official's crypto currency, but no one will know that this is really a crypto currency.

[Kray]

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?

No, it won’t affect the amount of corruption. It can actually get worse if the corruptor uses coin who’s its transaction is anonymous like Monero. Some countries even forbid the use of Bitcoin and other cryptocoins due to surveillance, they say cryptocoin has a gap to be use as a tool to commit crime.

[atjiat]

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?

No, it won’t affect the amount of corruption. It can actually get worse if the corruptor uses coin who’s its transaction is anonymous like Monero. Some countries even forbid the use of Bitcoin and other cryptocoins due to surveillance, they say cryptocoin has a gap to be use as a tool to commit crime.

and yet we observe that even with the help of the company's ico, many scammers use crypto currency for fraudulent purposes. Although the crypto currency in some countries has not a legitimate status, but that fraud with crypto currency is a crime.

[glavos]

Corruption will always exist, Bitcoin nor any other currency can stop it. There is no way to stop it.

[Jikalau]

bitcoin safe in the transaction but if safe from corruption I think not necessarily. Thus it can be difficult to track if the bitcoin used for corruption. Perhaps some people assume are safe but it's about how Government policy only because corruption itself can through just about anything.

That is why we have the blockchain that we can use to track down the bitcoin address that has been use by the government officials and that will become the way for us to be sure that the corruption will be reduced because with the use of bitcoin technology then there will be more transparency and there is no chance for the officials to corrupt since anyone can look up to their address.

If the government really want corruption, example you are the government, do you want to accept use blockchain for the country's system? Why the government usually evade any feature of blockchain technology? Because they know use it will make them lose profit from corruption.

I think this can reduce corruption because if all countries use the blockchain system then people will know where the money is governed by the government and all will look more transparent. because in the presence of blockchain we can see transactions made by officials.

[Odora]

Of course yes, every transaction is recorded in the blockchain ledger (technology adopted by Bitcoin), and everyone can see where one's funds flow, so the movement of a corruptor will be minimized by the presence of Blockchain.

[Konthol Ngaceng]

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?

Yes your right! Some government are afraid of the cryptocurrency. It is some way of reducing corruption. Blockchain and cryptocurrencies similar to Bitcoin could transform the way we make payments and do business. They also hold great promise as a method of fighting corruption.The adoption of cryptocurrency—a digital currency that employs cryptography to ensure that transactions are secure—as a mode of payment for a project allows the identification of each user of the money, unlike with traditional modes of payment like notes and coins. Though most popular cryptocurrencies, like bitcoin, are anonymous and only use a key to identify a user, it is possible to include personal information, like the ID number, and make the cryptocurrency non-anonymous. The use of cryptocurrency also allows for instantaneous transactions and borderless transfer-of-ownership (“money with wings”), which reduces transaction time and cost, since financial intermediaries are not needed.

A government or development institution could use an existing non-anonymous cryptocurrency or develop its own and give it a name, such as “cleancoin” for example. The value of the cryptocurrency can be determined by the market or preferably be pegged to a physical currency to reduce volatility (bitcoin for instance has shown very high volatility since its inception).

Actually bitcoin owners can be known and tracked, we all know that the bitcoin transaction system can not be deleted because everything is more open than the bank security system is very closed, but I'm sure as long as the state wants to learn then all things need not be feared.

[DiabolicAnt]

I don't believe strongly in that because the main problem is in people's heads - they are too greedy - that's the biggest issue.

[icecream sandwich]

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?

I hope so because the bitcoins habe no one source so in that case there is no one person that can be too greedy about that money but the thing ia the corruption depends upon the person behind it because anyone can be a start of corruption if he or she becomes greedy about the money that they are getting and we cannot escape corruption it is everywhere as long as there are a person as long as they are not we are not satisfied in the benefits that we are getting

[brontosafar]

have you heard about money laundering using bitcoin?there's so much news i read in my timeline about that. but i think using Bitcoin will reduce corruption because using cash to money laundering is better than using bitcoin. the reason is unless you're a suspect already and the notes are marked, cash is untraceable. This is perhaps one of the reasons (smart) government agencies are happy about Bitcoin, Bitcoin creates an illusion of anonymity and privacy , but a sufficiently determined attacker (like the NSA) can eventually trace Bitcoin transactions back to an IP address.  

[MFahad]

have you heard about money laundering using bitcoin?there's so much news i read in my timeline about that. but i think using Bitcoin will reduce corruption because using cash to money laundering is better than using bitcoin. the reason is unless you're a suspect already and the notes are marked, cash is untraceable. This is perhaps one of the reasons (smart) government agencies are happy about Bitcoin, Bitcoin creates an illusion of anonymity and privacy , but a sufficiently determined attacker (like the NSA) can eventually trace Bitcoin transactions back to an IP address.  

Well, I have heard about it but not in a high level it is happening, just like you said that money laundering using the bitcoin, may be in my country, it is not happening. But i know that in coming time, people use bitcoin for money laundering. But i heard some politicians are using bitcoin and other crypto currencies becasue of save their black money.     

[Sled]

have you heard about money laundering using bitcoin?there's so much news i read in my timeline about that. but i think using Bitcoin will reduce corruption because using cash to money laundering is better than using bitcoin. the reason is unless you're a suspect already and the notes are marked, cash is untraceable. This is perhaps one of the reasons (smart) government agencies are happy about Bitcoin, Bitcoin creates an illusion of anonymity and privacy , but a sufficiently determined attacker (like the NSA) can eventually trace Bitcoin transactions back to an IP address. 

Well, I have heard about it but not in a high level it is happening, just like you said that money laundering using the bitcoin, may be in my country, it is not happening. But i know that in coming time, people use bitcoin for money laundering. But i heard some politicians are using bitcoin and other crypto currencies becasue of save their black money.     

That is true and that is why a lot of people prefer decentralization because not all of the people are in good intentions because some of them have bad intentions like the other politicians or even the drug dealers and other people that are doing illegal stuff because they are using the cryptocurrency to get into the safe area since it is decentralized and anonymous.

[zoomzoom]

It's hard to say, but I really don't think any government consider crypto as a sizable competitor to their currency.. if such a thing could even exist..
I also think fiat currency is fairly transparent in a lot of currency, it's just the banking system or different financial facilities that may not be so much. Of course if something becomes a threat, then they may consider banning, but no sensible government should.

[Chachacoin17]

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?

I hope so because the bitcoins habe no one source so in that case there is no one person that can be too greedy about that money but the thing ia the corruption depends upon the person behind it because anyone can be a start of corruption if he or she becomes greedy about the money that they are getting and we cannot escape corruption it is everywhere as long as there are a person as long as they are not we are not satisfied in the benefits that we are getting

A lot of factors that can be considered the cause of corruption. It can be due to personal interests and greed with no regards to moral boundaries, has no sense of service, lack of courage, transparency and a lot more. Bitcoin is not controlled by any single network, which means transparency is present and it fights against money laundering. Its blockchain technology is what makes it stand out. Instead of data being stored in central server, it is simultaneously stored on nodes where it communicates with the others to record and verify each transaction. Notwithstanding, let's be responsible and be sincere to what we do and say, it still the right attitude that counts.

[darklotus17]

It can beat not bitcoin, but blockade. It's very simple - when all financial transactions are going to happen in the blockroom, nobody can give a bribe without writing to the block that every user can track on the Internet. This is the whole limit of the new financial system

[brontosafar]

have you heard about money laundering using bitcoin?there's so much news i read in my timeline about that. but i think using Bitcoin will reduce corruption because using cash to money laundering is better than using bitcoin. the reason is unless you're a suspect already and the notes are marked, cash is untraceable. This is perhaps one of the reasons (smart) government agencies are happy about Bitcoin, Bitcoin creates an illusion of anonymity and privacy , but a sufficiently determined attacker (like the NSA) can eventually trace Bitcoin transactions back to an IP address.  

Well, I have heard about it but not in a high level it is happening, just like you said that money laundering using the bitcoin, may be in my country, it is not happening. But i know that in coming time, people use bitcoin for money laundering. But i heard some politicians are using bitcoin and other crypto currencies becasue of save their black money.     

yup it's something more like people using bitcoin or other cryptocurrency to "clean their hands" or to "save black money". the results is, when my father(common people) is heard bitcoin, they will think bitcoin is not good currency&dont have good future to invest. and Maybe it's one of other factors that some country banned bitcoin? 

[romeo23]

Blockchain technology such as Bitcoin can not just reduce but in fact eliminate corruption, as blockchain is a shared ledger which is shared either publicly or privately between multiple entities. All transactions are recorded on the blockchain, and once added these records cannot be deleted or updated, i.e they remain in the blockchain forever.Moreover, all these records are available for anyone on the network, that is anyone can view and verify these transactions. Therefore since everyone knows all the transactions that have happened in the past, there is no way to cheat the system. That is why, it is known as a trustless trust system. Blockchain provides a secure, efficient and trustworthy way of working. It is because of these advantages that organisations are interested in the blockchain, already a number of banks have invested in blockchain technology. There are various companies that are helping businesses to apply blockchain in different areas.Like in In India as well, companies, like BlockSmiths, a consultancy helping businesses to utilise blockchain technology are coming up. Seeing the elevated interest in blockchain in the recent years, it can be said that blockchain has a promising future, and we can all look forward to a significant decrease in corruption.

[Ashleybarnes2]

Well forget the currency aspect. The fact that immutability is now possible I think is absolutely huge to reducing corruption. Think about how many people access government/company files and edit, remove things for under the table favours! this can all be stopped