What Can Be Done To Make Government Legalize Bitcoin

[ahmedbrown]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.
So, let hear your views on what can be done to make our government realised the important of Bitcoin and Blockchain Technology.

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[fiulpro]

The major and the mosr crucial reason because of which many countries are stepping back in legitimizing or legalizing bitcoin transaction, and even talks about banning it is the fact that their is no institutional or authoritive backing behind bitcoin. What if something tremendously wrong happens in the bitcoin world and citizens lose huge amount of funds, who is responsible? Whom shall we complain? Is there any backing or authority against which we can protest? Or atleast ask help with?

This anonimity of bitcoin is making is risky for governments to openly allow its citizens to vest their income into it. Its not only about decentralized thing and that government is doing this because its not being able to control bitcoin, its not like that. Even if bitcoin was, being equally popular as now, backed by some private company, the governments wouldnt have any problem with it.

So the matter of fact is that we at ground level cannot do much except for bring about more and more trust over bitcoin in the market, and may be by seeing huge user base and trust, government might consider legitimising  bitcoin transactions.

[Camorra Dev]

The bitcoin as a crypto currency is still very young and has not been noticed by all countries so it just need some time until it gets legalized by the country.

[mk4]

The bitcoin as a crypto currency is still very young and has not been noticed by all countries so it just need some time until it gets legalized by the country.

Bitcoin is NOT guaranteed to be legalized. I'm pretty sure the government wouldn't want a form of currency that would be difficult for them to tax, especially if a lot of people aren't willing to pay for their taxes.

[virendarnagpal]

Any single man can not force any Government to legalize bitcoin.  With the passage of time;when more and more people will come to the fold of bitcoin and will start using bitcoin for their payments; then majority of people will raise the demand to make the bitcoin legal currency.
May be then the Governments accept their demand and legalize it.
Also it is possible that Governments issue their own crypto digital currency having certain regulations and controls of Governments then the possibility to legalize the Bitcoin will be very low.

[talkbitcoin]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

true but also it is not news that majority of countries have already adopted bitcoin one way or another. either as a currency or a commodity or something else. but they have adopted and legalized bitcoin.
even in countries that the news spreads FUD about such as China they have legalized bitcoin already.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.

i disagree. bitcoin doesn't have to do either of these two things!
the banking system is a useful system that despite what people say, they are still cheerfully using it and they will continue using it even if bitcoin were to become huge.
and as for money laundering i have to say as long as there are much easier and more efficient ways of doing it, only idiots will use bitcoin for that purpose.

[mobnepal]

In most of the developed countries you need to make transaction through banking system so use of cash is quite rare, in those places government can easily legalize bitcoin. In countries where bitcoin is legal, government allows local bitcoin exchange or trading platform to provide exchange service directly linked with bank and also has taxation on crypto income. You can't just cashout your bitcoin without giving your identity so even if you will try to avoid taxes you can't and also if you are involved with money laundering you can't exchange bitcoin without showing your source of income if its pretty large.

Legalizing bitcoin in underdeveloped or developing country with huge corruption and poor economy is very hard and challenging so government will simply ban the use of bitcoin.

[peter0425]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

Yes, specially this year. There are a lot of countries finally deciding in opposing not just bitcoin but crypto in general. Once reason that we have heard from those is that they are afraid of crypto currency that might disrupt their economy. But so far we haven't seen any negative effect. On the contrary, countries like Venezuela and Zimbabwe are getting into crypto in order to survived the current economic turmoils in the country.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.
So, let hear your views on what can be done to make our government realised the important of Bitcoin and Blockchain Technology.

Again, it will not bring any collapse on the banking system. What the banking system doesn't like is that they are totally eliminated, meaning their profits will be somewhat reduced. But the irony is that banking system are adopting blockchain technology, the same technology that powers bitcoin.


Let Japan be the yardstick to measure what's the effect of legalizing bitcoin. So far we haven't seen any impact on them as far as their banking system and financial stability.

[avikz]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.
So, let hear your views on what can be done to make our government realised the important of Bitcoin and Blockchain Technology.

We can't do anything particularly unless our respective governments ask our opinion just like Australia did. SO when it comes to policy making, our concerns mean a little for them. The policy makers usually listen to the strong lobbies and banking industry is a very strong lobby in every government. It's not a new news that banking industry sees bitcoin as a big threat to their business and that is pretty evident.

For an example, you can refer to the recent news circulating in the market about a comparison between Binance's profit and Dutchese bank's profit in Q1, 2018. A century old organization made a profit of 149 million where an year old company made a profit of 200 million with just 300 manpower. That shows the span of banking industry is slowly decreasing and the gap will be widened further if they can't evolve with time and new technology. So Banks are trying to cut this problem from the root.

But it's good to see that some governments are making cryptos legal but it requires more time. Crypto is just 10 years old and it requires a lot more debate to be accepted as a mainstream currency. But if you ask what we can do, just hold your cryptos and show your love for it. Nothing much is in our hand. We all live in a ballot-box democracy and nothing else. Sad but true!  

[Jonsnowstark]

The only way for a government to legalize bitcoin is giving them control over it. If bitcoin becomes centralized that would make it fasyer for most countries to accept it. Well, im not losing hope over these countries who do not accept bitcoin. Im pretty sure they have seen the technology bitcoin brings and they are studying how to incorporate it in their country. Also, some government just wantvto regulate bitcoin so that could really work.

[sirkings0003]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.
So, let hear your views on what can be done to make our government realised the important of Bitcoin and Blockchain Technology.

For me, this kind of breakthrough challenge is common in all fields of life. Bitcoin molestation in different countries is partly as a result of the vices associated with the secrecy behind cryptocurrency transactional operations, and because of distruption of the current banking system.

[kumar jabodah]

I think if media only support bitcoins will definitely change the look of people here. Many now because the media is linked bitcoins scams, HYIPs, and many others that are not really the fault bitcoins.

It's just like I watched bitcoins used to repay their investment which eventually became a scam. And of course the side is in bitcoins because it's the payment used.

[target]

What can be done would be stranger than what bitcoin enthusiast can probably think  I think there must be adoption of banks and that banks are going to be using blockchain or the XRP which most of us are disgusted with. When XRP are going to be adopted, only then the government will recognize that currencies like BTC and etc and reliable.

[sirkings0003]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.
So, let hear your views on what can be done to make our government realised the important of Bitcoin and Blockchain Technology.

We have to be positively persistent in our support for cryptocurrency generally. Create favorable environment maybe by policies that will discourage fraudsters and sinister related deals and at the same time encourage new investors in crypto.

[Cofee.BLUE]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.
So, let hear your views on what can be done to make our government realised the important of Bitcoin and Blockchain Technology.

There are many possible reason why most of the country are not yet already legalizing bitcoin. It could because they can't really control it and maybe many establishments are going down because of it's newest technology that it can offer to people or maybe they has a biggest reasons and purpose of illegalizing it. I think the things that we can do for now as a truly supporter and believer to btc is by encouraging others to fully adapt and patronizing this system therefore if the government will see the better and good impact that btc can give maybe they will decided to finally embracing, adapting and legalizing it.

[gunhell16]

For me, nothing to do just wait and let them sink what bitcoin and other cryptos can change the world.
we must not push them and we wait till they can accept it.
for now they are just letting the chance because of those elites,. soon they will realize this is for the whole world.

[nick_nick]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.
So, let hear your views on what can be done to make our government realised the important of Bitcoin and Blockchain Technology.

The only way governments can legalize bitcoin is to make sure they can exercise full control over bitcoin transactions. For now, governments of some economies believe bitcoin is a medium for instigating varied nefarious activities; which makes it difficult to gain acceptance. I think it can therefore be centralized when governments fully understand the importance of bitcoin and blockchain technology.

[PsylockReborn]

Is no longer news that various countries of the world are not in support of Bitcoin either as a means of payments or for trading purpose. This are been a challenges most Bitcoin users are facing throughout the countries of the world inexception of few countries.

I have begin to see it that maybe they are thinking that adoptions of Bitcoin might bring a partial collapse of the banking system and also a means of curbing money laundering.
So, let hear your views on what can be done to make our government realised the important of Bitcoin and Blockchain Technology.

Sooner or later cryptocurrency will be legalized worldwide. We are moving forward with technology and cryptocurrency specially bitcoin as the first one is the most promising innovation together with the blockchain technology that the society or even government will acknowledge and adopt to it. Some people that is in the government doesn't have lots of information or knowledge about the advantages of those innovations. Instead of focusing on the negative side of bitcoin, why not think or try to look at the bright side of it? Bitcoin and blockchain has still lot to offer in the future and I do believe that it will be used worldwide few years from now.

The major and the mosr crucial reason because of which many countries are stepping back in legitimizing or legalizing bitcoin transaction, and even talks about banning it is the fact that their is no institutional or authoritive backing behind bitcoin. What if something tremendously wrong happens in the bitcoin world and citizens lose huge amount of funds, who is responsible? Whom shall we complain? Is there any backing or authority against which we can protest? Or atleast ask help with?

This anonimity of bitcoin is making is risky for governments to openly allow its citizens to vest their income into it. Its not only about decentralized thing and that government is doing this because its not being able to control bitcoin, its not like that. Even if bitcoin was, being equally popular as now, backed by some private company, the governments wouldnt have any problem with it.

So the matter of fact is that we at ground level cannot do much except for bring about more and more trust over bitcoin in the market, and may be by seeing huge user base and trust, government might consider legitimising  bitcoin transactions.

Bitcoin is pseudo anonymous so the government shouldn't worry about bitcoin being used in illegal transactions since it can be traced. That is why most of the exchanges nowadays are requiring us to do KYC cos that's what the government want for them to regulate taxes and execute proper laws to those people who are trying to use bitcoin in illegal means.

maybe many establishments are going down because of it's newest technology that it can offer to people

If you're referring to banks and other companies catering modes of payment online I don't agree with you that they'll gonna go down since bitcoin as we all know has higher fees and sometimes the transactions are too slow to confirm. They'll just coexist cos they offer different fees and laws depending on what country you are.

[czhen]

a handful of powers is more effective than a basket of truths perhaps this is the correct saying word to describe the current state.
if the government wishes people can not do anything.
but suppose if the government were aware and willing to adopt Cryptocurrency clearly then this would be a big advantage.

[pedropendukot]

Some countries had been trying to adopt the technology,and most of these countries are open for the massive adoption for example japan is fully legalized the use of cryptocurrencies,you can shop ,buy anything using bitcoin as most of these small merchants has cryptocurrency payment options.I doubt bitcoin will ever be fully implemented to most of the countries but most of those countries will surely going to be late for the technology few years from now.