Naster
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Crypto Currency Exchange, IPTV, AWS
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April 10, 2018, 12:29:18 PM |
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Government can obviously ban the cryptocurrency exchanges since they have the power to do so, but in no way they can "kill" the bitcoin.
The main reason that government quotes for banning crytos is that it makes easy for people do do money laundering since the funds of a country can be easily sent abroad. But, that is not really the case. The majority of the people that deal on local exchanges are the ones who complete their KYC and do small term trading. By banning such exchanges, the government is only encouraging people to find an alternative way of trading by registering themselves on foreign exchanges.
As a result of this, a lot of people would like to open foreign bank accounts and move their funds over there. This way, money laundering would be done even by those who initially didn't intend to do it.
So Bitcoins being banned by government is not really a positive move and will have its own consequences in future.
Basically regulations could be adopted to monitor and control the crypto exchanges. A government has the purchasing power to buy up large quantities, drive the price up then sell and collapse it, thereby massively increasing volatility. These market fluctuations could be aggravated by a covert government programme of destructive funding and public disinformation. This would make doing business in any cryptocurrency more difficult. I don't think that any government is interested in "killing" bitcoin, but rather in regulating it, having more control on it and so limiting any form of "abuse". |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Bitfling
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April 10, 2018, 12:33:35 PM |
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The latest news is that the US government is look closely at Bitcoin. A number of governments such as Russia and China are also planning to issue their own digital currencies. They clearly see a financial threat from Bitcoin.
What do you think? Can governments kill Bitcoin and replace it with their own digital/crypto currency?
I am believe that government can not kill bitcoin or other cryptocurrency because bitcoin system is decentralized. Bitcoin growth because community and people who believe that bitcoin can bring new monetary system. |
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tungaqhd
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April 10, 2018, 12:40:00 PM |
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The latest news is that the US government is look closely at Bitcoin. A number of governments such as Russia and China are also planning to issue their own digital currencies. They clearly see a financial threat from Bitcoin.
What do you think? Can governments kill Bitcoin and replace it with their own digital/crypto currency?
They won't and can not kill bitcoin but they can make bitcoin less effectively or do something to control it. They ban ICO, exchanger, trading,... |
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Kusnechik
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April 10, 2018, 12:43:28 PM |
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If desired, the government can develop its economy with the legalization of bitcoins, and miss this chance and stay in the outsiders.
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jayveerastrullo
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April 10, 2018, 12:52:35 PM |
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Yes government can kill bitcoin with enough evidence that it harms their citizens. Like here in the Philippines, bitcoin might be banned and it is because of the people who uses as scam to gain or to outweigh other citizens.
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bbs98
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April 10, 2018, 01:06:25 PM |
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this might happen and make a lot of competition, and there will be more resistance from the government if they already have their own digital money, but I am sure Bitcoin will become more popular because of the competition.
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bitbunnny
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WOLF.BET - Provably Fair Crypto Casino
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April 10, 2018, 01:10:59 PM |
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I don't think that any government will kill Bitcoin and that isn't even the intention.
Regulation attempts don't have the goal to destroy Bitcoin or other cryptocurrencies but to define some rules and policies that could actualy help Bitcoin to grow.
So all this governmental actions in many countries are often seen in the wrong lite and often exaggerated in their intentions.
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Creepings
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April 10, 2018, 01:12:19 PM |
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The latest news is that the US government is look closely at Bitcoin. A number of governments such as Russia and China are also planning to issue their own digital currencies. They clearly see a financial threat from Bitcoin.
What do you think? Can governments kill Bitcoin and replace it with their own digital/crypto currency?
They won't and can not kill bitcoin but they can make bitcoin less effectively or do something to control it. They ban ICO, exchanger, trading,... Control is not the word but keep on being used by the people in a country making Bitcoin less in demand and having a and dump at that state. If Bitcoin is continuously dropping, it is expected that people will either take advantage of it or leave Bitcoin alone. |
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chickenfried12
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April 10, 2018, 01:14:17 PM |
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Yes, I think you are right, according to the increasingly worsening situation, this news comes to us and the Crypto money world is very badly banned. Bitcoin banned the good blocking of the states every bitcoin trade will hurt the community whatever it is that it will hurt the community.
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brainryan
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April 10, 2018, 01:19:11 PM |
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What do you think? Can governments kill Bitcoin and replace it with their own digital/crypto currency?
So far, we have seen the actions taken by the bans, the bitcoin restrictions imposed from Korea, China have their purpose. It seems that the great success of bitcoin, eth and the crypto market are gaining interest from governments by substantial revenue streams. Their initial plan could be to motivate and enable their domestic coin to grow. At least for me it is ICX and NEO tend to grow and more and more investors are interested. |
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Liternyy
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April 10, 2018, 01:19:41 PM |
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Simultaneous ban by many governments Probability (next 5 years): medium to low Effect: instant loss of relevance States can not destroy bitcoin because of its decentralized arrangement, but can control and limit its use in its jurisdiction. For example, you can close bank accounts of crypto companies, and in general create a business related to crypto currency. At the same time, if such a ban is adopted only in some countries, its effect will be limited - the business will simply go into more friendly jurisdictions. This is exactly what happened when last year the Chinese government banned the country's crypto-exchange exchanges. It is likely that other governments will follow in the footsteps of Beijing, but in my opinion, a global ban is impossible (imagine the achievement of such a consensus in the UN). In addition, bitcoin is already legal in Japan. Nevertheless, if the United States, the EU, the United Kingdom and China introduce a joint ban, it will be very dangerous. However, it is more likely that they will regulate the crypto-currency market in order to protect individual investors and collect taxes.
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Mr.grin
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April 10, 2018, 01:21:45 PM |
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I do not think so. bitcoin will always remain in use, but it may have a bad effect on bitcoin, as the price decreases, and the quality will be bad. I think if that happens, only anonymous investors will remain.
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Aleth
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April 10, 2018, 01:23:48 PM |
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The government may limit the development of Bitcoin, but believe that the government cannot stop Bitcoin. The development of Bitcoin itself is not controlled by any organization.
I agree with this, Bitcoin cannot be controlled by a Government as long as there is a big demands and enough supply Bitcoin will go on and continue to rule in digital currency. |
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xlcus
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April 10, 2018, 01:29:58 PM |
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Governments can NEVER kill btc.
Even if Government are the one who is responsible in all the happenings in our society and in our community and can remove any sort of illegality and illegitimate transactions, connections and other works and actions that big people does, but Bitcoin is not among them.
Bitcoin is decentralized!
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money_amount
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April 10, 2018, 01:34:00 PM |
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Bitcoin runs on the blockchain platform. This is a great security technology application. So I think instead of killing it, why not develop it? And even if the government does kill, I think it will not be destroyed.
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Btcepoy11
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April 10, 2018, 01:40:00 PM |
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Government connot kill bitcoin, however they can stop there countrymen to use bitcoin. Example of that was the country of China, the government of China totally banned the uses of bitcoin.
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thenameisjay
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April 10, 2018, 01:43:19 PM |
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The latest news is that the US government is look closely at Bitcoin. A number of governments such as Russia and China are also planning to issue their own digital currencies. They clearly see a financial threat from Bitcoin.
What do you think? Can governments kill Bitcoin and replace it with their own digital/crypto currency?
I think they can't kill bitcoins but most likely, they can ban bitcoins. They'll probably ban it and replace it with their own currency so as to remove competition and possible financial instability in the country. They can also ban exchanges to prevent bitcoin movement in the country. |
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fanBit101
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April 10, 2018, 04:16:35 PM |
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I think they can restrict and pinch the bitcoin and crypto market. However, that will not prevent bitcoin from working and evolving. It is difficult to control whether users or investors can transfer money or pay for goods. I totally do not expect that to happen with bitcoin and cryptographic markets.
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domerosan10
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April 10, 2018, 04:27:50 PM |
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That might happen, because bitcoin can be a threat to each country and can change the currency in every country. But bitcoin is still a developmental stage so now it can not happen.
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siddu67
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April 10, 2018, 04:58:02 PM |
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yes government can kill bitcoin but not alone.if government wants to kill bitcoin then first of all government has to made aware general people.next they have to banned bitcoin in their own country.at last they have to made a strict law against bitcoin.thus government can be able to kill bitcoin.but i don't think that it will be implemented in a short time.
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