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Author Topic: Can government destroy Bitcoin?  (Read 1563 times)
Aying
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May 04, 2018, 06:13:28 PM
 #281

No governement or authority has enough resources or time to completely ban a decentralised for of currency that too on an internet from existing unless there is a break down of the internet itself. They can only regulate it until people are converting these crypto in fiat. Else crypto currencies are quite untraceable and can't be easily analyzed for taxing on gains. The ultimate motive of crypto is to give the decentralized form of financial landscape free from any type of regulation or manipulation. This can only be achieved if the utility of bitcoin increases and people start trusting it as a monetary system more.
If they can destroy the world for sure no more bitcoin existing right now right? That is why I really love bitcoin as it is not controlled by anyone and I am confident that no one can hack it.

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May 04, 2018, 06:42:33 PM
 #282

The government can not destroy its own bitcoin because of its decentralized nature. However, they can control and restrict their use in the territory of their jurisdiction
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May 04, 2018, 07:19:52 PM
 #283

Needless to say, the crypto currency is difficult to destroy immediately - it was created in order to withstand external pressure. However, you can block the corresponding traffic, close certain resources, and completely prohibit bitcoins. In this case, the system is really waiting for serious problems.
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May 04, 2018, 07:25:23 PM
 #284

I dont think that any gouverment of the world could every destroy a cryptocurrencies. How should this go? Cryptocurrencies are decentralized, so there no main server who you can turn off. So maybe you can go and hunt the miners in your country, but this would be a huge tast and you will be never aible to get them all. And as long as they have internet in this country and many miners and fullnotes outside, the bitcoin or any other cryptocurrencies blockchain will always running!
boris singer
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May 04, 2018, 07:26:07 PM
 #285

The government can not destroy its own bitcoin because of its decentralized nature. However, they can control and restrict their use in the territory of their jurisdiction

if all countries agree to ban bitcoin, then they can destroy it verbally, but this will not be done because it is feared will emerge crime rate higher than cyberspace. Bitcoin has a big influence on this. Everything can still happen, but the fact is that not all countries today agree to ban bitcoin, and that will not damage the whole crypto ecosystem.
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May 04, 2018, 08:40:08 PM
 #286

As recently government are banning bitcoin in some countries. Do you think can government distroy bitcoin?


In can, not literally though. It can destroy the cryptocurrency market by way of making it an illegal act or banning it that would prohibit people from using or supporting it, that in a sense, would be similar to death because that would surely affect the market and its assets so negatively that bad things will happen, most notably, the fall of the market itself. However, as I see it, a government wouldn't do that because, the thing is, they can have so many advantages from it.

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May 04, 2018, 09:30:58 PM
 #287

I think the government can destroy bitcoin, but I hope it won't. Cryptocurrency is not evil and it is not intended to destroy the world and the economy, but on the contrary, it can improve our lives. I wish our government understood this.

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Dondisimo
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May 04, 2018, 10:02:48 PM
 #288

Undoubtedly, if the government sets a clear goal to destroy bitcoin, they will be able to do so. But I believe that mostly advanced people sit in power and figure out how best to allow bitcoin to function in the world and not stount to destroy it.

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May 04, 2018, 10:27:24 PM
 #289

If all countries of the world conspired and unanimously banned bitcoin, it could destroy it. But already several States have adopted bitcoin, some have the intention to consider its adoption, so destroy bitcoin around the world will not succeed. It's stupid.
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May 04, 2018, 10:31:28 PM
 #290

As recently government are banning bitcoin in some countries. Do you think can government distroy bitcoin?

Maybe they can ban bitcoin on there country but they cannot destroy bitcoin because bitcoin is a digital currency that we can use internet. If internet will gone that is the only way to destroy bitcoin.
kache2018
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May 04, 2018, 10:36:24 PM
 #291

I think this is ironic in a sense that bitcoin is a decentralized platform where in control is limited to its users. How possible bitcoin can be intervened by the government or how true is that it has being banned in some countries?
rickyNmorty
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May 04, 2018, 10:45:55 PM
 #292

As recently government are banning bitcoin in some countries. Do you think can government distroy bitcoin?

Though it may seem like they could because they are just effortlessly banning cryptocurrencies in tgeir respective countries the  truth is they really couldn't and no country could do it to bitcoin. There is no way a local government or even a national government could subjugate bitcoin just as how no country could take advantage of bitcoin's powers for themselves. Because bitcoin is a decentralized cryptpcurrency.
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May 04, 2018, 10:50:42 PM
 #293

As recently government are banning bitcoin in some countries. Do you think can government distroy bitcoin?

For me, government cannot destroy Bitcoin because for some reasons, their power is just limited for their own states or countries so it is still impossible if the international federation will do such thing, maybe they can but it will be a real large chaos because people especially individuals do have different beliefs, perception and reasoning towards using Bitcoin so still it is impossible because if they force to push on destroying Bitcoin, they will just fail to do it because a lot more people is still into using Bitcoin and the power of the government may not be enough to prohibit Bitcoin usage added by the fact that it is decentralize.

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May 04, 2018, 10:51:57 PM
 #294

Does the government have the authority to destroy bitcoin? I do not think so. the government can only impose a ban or accept bitcoin in the country the government has no right to destroy bitcoin because the government has no role to the development of bitcoin.
walemil
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May 04, 2018, 11:11:14 PM
 #295

Government can not completely shutdown bitcoin. They can only try but they will not be successful. There will always be cryptocurrencies friendly countries and some enthusiasts will not mind focusing on these countries due to the ease of doing business.
kache2018
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May 04, 2018, 11:16:42 PM
 #296

Government's intervention for me is based from that fact that they cannot earn from them unless they are being taxed. Government has no jurisdiction with bitcoin so what they do is they are partnering with internet providers to prevent its usage and their they can stop it.
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May 04, 2018, 11:29:27 PM
Last edit: May 05, 2018, 12:23:48 AM by lukeclick
 #297

Governments controls what happens within the country's borders,  whatever they decide as laws take effect, Therefore they have the powers to decide what they feel is  good and whats not good for their countries. if  the world governments act in union an decide to make Bitcoin illegal then it will be worthless and valueless, No one wants anything valueless as it will have no purpose at all. If this happens then they will have destroyed BTC completely as it will cease to have any use,
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May 05, 2018, 02:08:39 AM
 #298

The government cannot destroy bitcoin but they can regulate it in terms of law and policy of the government. Other government banned bitcoin because they can't control it because of its decentralization of digital currency. Even the government banned bitcoin in their country, their people can still used bitcoin and earn bitcoin in other country that accepts bitcoin transactions.
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May 05, 2018, 02:50:09 AM
 #299

For me the government can banned bitcoin but they can never stop it... This is the era of Bitcoin even the government has a power to control it still they can't manipulate the desire of people to use it....  Beyond their restrictions we know that they are just only aiming for the goodness of their country...  I think they restrict it because they saw that bitcoin has its disadvantage...  But we are hoping tha beyond the disadvantage of bitcoin they will probably saw its advantage to us... We are hoping that soon government will be the one who promote Bitcoin...
Gabrieelle
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May 05, 2018, 03:03:08 AM
 #300

As recently government are banning bitcoin in some countries. Do you think can government distroy bitcoin?
These government could stop the growth of bitcoin momentarily and i have not seen any major governments taking a stance against bitcoin, some of the Asian countries have mixed response according to the region but they cannot shut the network but they can make things difficult for the users to trade smoothly.
You're right on government cannot stop bitcoin but somehow it is affecting the price of it which is really not a good thing for the users. Unless every country in the world comes together to put bitcoin down I think it will be possible but as we can see different government has different perspective about bitcoin and they also has their won decisions.
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