Why Cryptocurrency threatens governments

[Tonnakyray_21]

Governments do not like cryptocurrencies because it is not controlled by the Central bank.

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[Sawadekub]

First of all, the problem is that crypto currencies is difficult to control. Therefore, governments now, in my opinion, are delaying the rapid growth in the popularity of crypto currencies. They want to prepare the necessary base for their control. The question of taxation also remains open. Once these problems are solved by them, the cryptocurrency will be accepted. In my opinion.

[PlusOne88]

Cryptocurrency like bitcoin can easily be transferred or passed on to anybody anonymously and given this idea and in connection, it could be that any amount of money can be sent anywhere and be replaced anywhere through exchanges. This makes money more mobile and if it happens that your bitcoin gets hacked any amount transferred can be considered a loss to the economy and therefore could create economic problems especially if transfer is allowed easily, that is why any! government is really trying to limit or even ban it.

[stayeduptolate]

Over the years cryptocurrency  has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

Well the crypto system of payments takes the control of money from government that is centralized to the people which is decentralized economy, simply supply and demand and as crypto are rare in supply then it means that their price will keep on increasing in the future and also the fiat currencies are going down in value yearly due to inflation whereas in Crypto or lets say bitcoin the value increases each year as the amount of bitcoins minted every 4 years decreases to half so this makes the price go up.

[xiaoY]

The anonymity of cryptocurrencies makes it impossible for the government to track the whereabouts of funds. When people use Bitcoin in large numbers, the government will lose high taxes. But this is not immutable. In the future, the government will work with cryptocurrencies because cryptocurrencies cannot be blocked.

[jeromix]

There is no relevance with threat of cryptocurrency to the governments because the system is establish for the good. But, people nowadays are taking advantage on cryptocurrency which results to negative impact of the system. Some has been abusing its existence and that is why many are now don't like the system. However, the government can change the way people will look at the system especially if it will be regulated like stock market exchange now that has gone and accepted by all countries.

[trauchot]

Governments are not yet ready to start cooperating with cryptocurrency quite seriously, because cruptocurrrency technologies need to be fully studied and it may take years or even more, so I think that governments are now testing all possibilities of cryptocurrencies and when they completely will solve all the problems that they may face then they will make a decision, because the most important problem for governments is anonymity, they fear it the most.

[serizawa]

I think the government forbids crypto because prices are very volatile, the government is afraid that if its citizens use crypto it will cause huge losses to crypto users

[Seeker#9]

It may depend on a kind of government or country because some wealthy countries welcomes the existence and use of cryptocurrencies by their citizens. They never considered the virtual coins as threat to their national currency or economy but some governments might be cautious on legalizing cryptocurrencies because of its volatility and risk. In the third world countries, majority of them are not prepared for this kind of currency and most of their leaders and economic managers may feel threatened by the popularity of cryptocurrencies.

[yusupjatigumilar]

not only does the government get threats but everyone can also be threatened, if this crypto currency is misused for acts that violate the law and harm other people, the government will find it very difficult to find the sender and recipient of a number of crypto currencies because they are transparent but anonymous the government will find it difficult to control it

[skish85]

Regarding cryptocurrency in global terms, this is an absolute exaggeration. They are still at the planning and dissemination stage. Governments are against cryptocurrencies because they are practically uncontrollable and there are a lot of scams in this sphere, which are unfortunately difficult to find and punish.

[phelbaby]

Decentralization is one important factor,this make it difficult for government to monitor the money movement and taxing of investors and if the Government cannot get hold of all these they find it illegal.

[darklus123]

There are a lot of good reason why government bodies were so threatened by crypto's adoption.

Main good point would be the tax evasion.(it is the government's source of life.

Crypto is highly used in the blackmarket. It can allow terrorist to purchase weapons without being identified.

Its a pure thread towards their own currency such USD.

It is highly involved in scamming

It's uncontrollable.

[conected]

not only does the government get threats but everyone can also be threatened, if this crypto currency is misused for acts that violate the law and harm other people, the government will find it very difficult to find the sender and recipient of a number of crypto currencies because they are transparent but anonymous the government will find it difficult to control it

- I think crypto does not really threaten the government because people still do not trust and use crypto, and with such a low number of users, crypto can not affect the government but in return, it is probably threatening to the people when so many people have become victims of the project scam. The government was very tired to deal with complaints about crypto, but after all, we can see that the government is not afraid of crypto, if crypto really threatens the government, the government will soon remove it from our lives but until now, crypto still does not have the capacity to become a threat

[ionman93]

same as paypal visa, that why will effected

[turkandjaydee]

not only does the government get threats but everyone can also be threatened, if this crypto currency is misused for acts that violate the law and harm other people, the government will find it very difficult to find the sender and recipient of a number of crypto currencies because they are transparent but anonymous the government will find it difficult to control it

- I think crypto does not really threaten the government because people still do not trust and use crypto, and with such a low number of users, crypto can not affect the government but in return, it is probably threatening to the people when so many people have become victims of the project scam. The government was very tired to deal with complaints about crypto, but after all, we can see that the government is not afraid of crypto, if crypto really threatens the government, the government will soon remove it from our lives but until now, crypto still does not have the capacity to become a threat

Yepp, when the governments ban cryptocurrency, then we cant do anything about that.
I think the only way is to let crypto be regulated and safer but not arbitrarily.

[Akpuv]

Over the years cryptocurrency  has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

Each time we claim that the government doesn't like cryptocurrency simply because it threatens them, we should know that we are not referring to just a single individual. The government is made up by several entities, which composed of different persons. Now, some of this individuals may support and embrace cryptocurrency, while some may not. So, it is simply a contentious issue to say government hates bitcoin or cryptocurrencies.

[demonz666]

in my opinion because the government is afraid that cryptocurrency can defeat their banking system. people prefer to invest in crypto than investment in bank deposits. and also when crypto is growing, maybe people prefer to transfer money using crypto rather than through a bank. and the government dislikes cryptocurrency because crypto cannot be controlled decentralized.
for this reason most governments reject crypto. and the government's attractive way to receive cyrpto is possible by taxing crypto holders.

[Sama517]

The government are just threatened with the fact that once cryptocurrency becomes mainstream, the revenues they generate through banking transactions will be all gone. They want to continue feasting on us.

[Stac]

  Cryptocurrency is the digital decentralized currency  connected with block chain technology  proves to be trust worthy and gives security to the users .Even though the block chain is  public to all users .  cryptocurrency transaction is a peer to peer  and no double spending is occurred or any manipulation  can be affected in Bitcoin transactions . Normally the bank transaction  is with a third party influence  and so they charge a fees for the transaction through banks .There is no need of threatening the government since people trust  in fiat currency rather than cryptocurrency .  banks charges a fees for money transaction as service charge so as to give secure to their currencies .  In Cryptocurrency , double spending is solved by the help of block chain technology .There is no need for the government to be threatened  about cryptocurrency because it can help the government in times of crisis and  develop their economy .Developed countries have already accepted Bitcoin .