Government fears Bitcoin

[blue_nexus15]

Because they are anonymous, they are not transparent when dealing. Therefore, the BTC is the most convenient source of funding for terrorist financing. They are the hiding place of money laundering criminals, so many governments fear the BTC development.

[mulukey]

The government is worried about bitcoin, but I think only the governments of those countries that have not yet developed, are not well aware of bitcoin should worry. We see developed countries like Japan, the US is developing with bitcoin. Not only are their governments very supportive of bitcoin and their future will turn bitcoin into a major trading partner. I think developing countries should imitate the developed countries to develop together.

[Selbit]

Bitcoin claims that “It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.” That lack of central authority is the primary reason governments are afraid of the cryptocurrency. To understand this fear, it is important to know a little bit about governments and conventional currencies. Fiat is a term used to describe the conventional currencies that are issued by governments. Fiat  currencies have value because governments say that they do. To an increasing number of people, that promise means nothing. After all, fiat currencies are not backed by any tangible assets. You can’t return the currency to the government in exchange for a bar of gold or silver, a can of beans, a pack of cigarettes, or any other items that might have value to you.
Another reason why government fear of Bitcoin because of issue of privacy and anonymity.

[PatronRH]

Yeah indeed governments fear bitcoin because it is out of their control. bitcoin doesn't depend on laws that goverments make or regulations that central bank do. It only depends on the demand and supply that's it is like the real definition of money just like gold.

[Joriecoinbit]

Yeah indeed governments fear bitcoin because it is out of their control. bitcoin doesn't depend on laws that goverments make or regulations that central bank do. It only depends on the demand and supply that's it is like the real definition of money just like gold.

Governments control bank system while bitcoin is decentralized in which theres no person or individual who control the system, as we compare to bank the prices always stable in just a lower rate but bitcoin we can't predict on its prices because of fluctuations and has a potential to range higher value so I think governments afraid because of potential that bitcoin has to surpass or overtake in near future.

[danielco9]

Off course they fear from Bitcoin. they can regulate the Bitcoin and they don't know anything about it. the government want to know everything and if they lose a little power they always be against the Bitcoin.

[pantheraio]

The government is afraid of bitcoin because no one can control bitcoin. And the government does not want to take risks against it but there are also governments that dare to take those risks. Like a country that already allows bitcoin in the country. The government that is afraid of bitcoin is a characteristic feature of the government that will block bitcoin in the country. I'm sure of that.

[Biasaae]

Control over the currency has many impacts, including fiscal policy, business environment and crime control by the government. So for now maybe the new government is in the stage of studying cryptocurrency technology.

[Qartersa]

Well yes, I think so. It is because in Bitcoin, they do not have full power no matter how hard they try to exert their authority. They have always wanted to have power over its people but for some reason beyond they have ever imagined, that sense of control was taken over by technology. Hence, what they just settled to do is to tax the people who earn through it. But the thing is, the latter situation pains them more since they cannot totally ascertain who among its people are profiting in Bitcoin. They do not have any mechanism to know for themselves who are engaging in any businesses with Bitcoin. Thusly, we all can suppose the government thinks they are losing in terms of Bitcoin's power.

[dalimex]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

Some developing countries may require investors in the real sector. Perhaps their concerns of cryptocurrency will attract many investors turning to digital assets.

[noelanora99]

Well, government tends to fear things that out of their control, specially if the said individual or a group that hold such a power are prone to contradict  their entitlement. When the new technology called bitcoin pop up out no where, the government tries to impose their power by using regulation or even outright imposing a ban on it. While some succeeded, there's no way for them to stop the tremendous support from people all over the world which the cause of what bitcoin are now.

[Dikpora77]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

I think the government is not fear, but to build a new system economic digital like cryptocurrency is not simple act, they know about the risk, they know about the benefit, and about cryptocurrency is. they still thinks about the regulations to protects all the users of cryptocurrency and the economy of the state if some peoples use cryptocurrency for illegal actions and so why many states still consider it.

[brickafterbrickwalldpt]

It shouldn't surprise anyone that governments don't like Bitcoin. It is because they won't be able to freeze money of their citizens, create new money to spend it on something that is (not) needed. Bitcoin gives us freedom of how we use our money and it looks like it won't die because it's decentralised. It is too late for governments to stop Bitcoin from spreading. They started to fight with it too late. Some governments are trying to take advantage of Bitcoin popularity and they apply small taxes for it so investors are very likely to invest in that countries.

[amadorj76]

Yes, I think Governments are afraid to visit the cryptocurrency itself, and that it's decentralized. Gives out there they will be able to lose control over the movement of funds and the welfare of their citizens. And, of course, they're trying to stop it.

We all know that they cannot tax bitcoin, and all governments use their tax system to make money and they have no control in bitcoin because of its decentralization. Some government might fear that their financial misused may happen to their citizens.

[GsxR150]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

The government controls the conventional currency. They control their turnover, monitor who sends and receives, collect taxes from the activity. This control may be lost if using crypto currency.

[ahmad21]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

Yes that is the only reason, what else!  Actually the decentralised nature of the bitcoin is what makes the governments think pretty much in this regard. The problem of acquiring control over such a vast system of crypto currency is not an easy task for the governments. So they better stay away from it, declaring it to be illegal or imposing the so called BAN on the crypto currencies. Also banks have an issue with the acceptance of the crypto assets. Their role in the financial system will tend to decline when the crypto assets will emerge into the scene.

[tuncaysanli395]

Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement, dictate who profits from that movement, collect taxes on it, and trace criminal activity. All of this control is lost when non-government bodies create their own currencies.

Control over currency has many downstream impacts, perhaps most notably to a nation’s fiscal policy, business environment, and efforts to control crime. While each of these topics is broad and deep enough to fill volumes, a brief overview is enough to provide insight into the general concept.

[makawa]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

I think rather than forbid maybe the government should compromise, because when prohibited transactions will be transferred to a country that legalize bitcoin, and that may be a loss for the government.

[nellakarisma]

the reason the government still has not received bitcoin. because they are afraid that their income and income for the state treasury will decrease. because it will be many of the people who will move and make transactions using existing systems in the world bitcoin .rather than using a system that has been prepared by the state of the Bank.

[Zahrowil Qolbi]

yes, I also think so. governments forbid cryptocurrency for that reason. if only the government started doing this (digital currency) maybe they are also very supportive of crypto.