Why Cryptocurrency threatens governments

[Triffin]

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

I think this is very difficult and probably will not happen. I only hear many governments around the world praising blockchain technology, besides I don't see them talking well about cryptocurrency. why? because it is one of the best money laundering tools for sharks that the government cannot control. That's why many governments ban crypto and China is also closing down a series of crypto businesses. 173 enterprises have ceased operations and the next will be more than other garbage businesses.

Is it that fiat has never been used in money laundering or any other illegal activity? These crimes have less to do with money itself and more with humans. There are people who misuse every invention and contrary to them, there are those who respect innovations and utilize in the right way. It is up to us which group we join. Bitcoin is decentralized and government fear loss of economical power by its advancement.

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[Oneandpure]

Actually one of the main reason why the government wants to ban and put a limitations between the using of cryptocurrency and blockchain technology is because they are afraid to the people who are open minded nowadays and have a knowledge on what cryptocurrency and blockchain is. The government are afraid that when the cryptocurrency accepted by the people then it would be possible a global currency in which the government cannot control the flow of the money all over the world. We already know that the government was the one who controls the money system in the country so when the crypto becomes the global currency then it would be a problem for them because they will not be able to control the money because of the reason that crypto is decentralized.

The government may be afraid of people knowing what blockchain and crypto technology is but the reason is not that they are afraid of people accepting crypto as a global currency, the reason is that they lack management in this new technology, they cannot control the volume and flow of money as you say. And this may be an opportunity for countries with the ambition to attract cash flow of other countries, economic war will again occur and it is a threat that makes the government want to handle crypto

I think the purpose of Bitcoin isn't about engaging the world in an economic war but rather to provide freedom to the users. Through Bitcoin, we were able to trade freely especially when the product is not locally available and also if it exist online. This I think is one of the ways to utilize Bitcoin. We can observe the news that major countries around the world are pondering about the idea of blockchain and accepting the fact that they can't truly control it that's why they are considering to release their own cryptocurrency backed by their central bank and even gold.

Cryptocurrency can threatens governments because many people will move their assets from bank to invest or hold only with bitcoin and altcoin, every one know how system saving money in the bank without increase to higher amount but our money will have inflation at the future although the amount still the same, by saving in bitcoin can increase their money become higher value with bitcoin have higher price.

[Shasha80]

There are many reasons why cryptocurrency threatens governments, because governments fear cryptocurrency is used for transactions
illegal such as buying weapon, using by drug dealer, money laundering, and so on. Which is actually fiat more widely used for illegal
transactions. The next reason investors in banks moving their money to invest in cryptocurrency which is more profitable if invest in
cryptocurrency. And the last reason the government is afraid of not being able to get taxes from cryptocurrency. As we know, cryptocurrency
is decentralized which can not be controlled by anyone. Therefore, the government will do various ways so that cryptocurrency cannot become
a global currency. Because if crypto becomes a global currency, the government can't control the financial world.

[JeffBrad12]

Actually one of the main reason why the government wants to ban and put a limitations between the using of cryptocurrency and blockchain technology is because they are afraid to the people who are open minded nowadays and have a knowledge on what cryptocurrency and blockchain is. The government are afraid that when the cryptocurrency accepted by the people then it would be possible a global currency in which the government cannot control the flow of the money all over the world. We already know that the government was the one who controls the money system in the country so when the crypto becomes the global currency then it would be a problem for them because they will not be able to control the money because of the reason that crypto is decentralized.

The government may be afraid of people knowing what blockchain and crypto technology is but the reason is not that they are afraid of people accepting crypto as a global currency, the reason is that they lack management in this new technology, they cannot control the volume and flow of money as you say. And this may be an opportunity for countries with the ambition to attract cash flow of other countries, economic war will again occur and it is a threat that makes the government want to handle crypto

usually country with fragile economy always afraid the people or their own citizen moving their money to somewhere else because that could be bad for their ecnonomy and bitcoin could potentially threat them. but, if the government could regulate crypto and implement taxation to it, it could be just fine because at the end of the day it's just another currency. But, the problem is, the country's currency could potentially being drived down by cryptos.

[Argoo]

So far, governments of various states have declared that cryptocurrency is not a threat to global financial stability. However, in general, cryptocurrency is alien to states and they cannot control it. Therefore, cryptocurrency is not needed by states and their governments. They can allow the decentralized cryptocurrency to go on their territory, but they will never actively support it. Now governments are trying to create their national stable coins, because they highly appreciated the blockchain technology on which decentralized cryptocurrency works. They can become a serious competitor for cryptocurrency as a means of payment.

[iamsheikhadil]

I think the most common reason why many government opposes crypto are because the political leaders who make financial policies in the country are uneducated of the technological world and don't even know or understand how the crypto industry and stuffs work and hence they are always in doubt and fear anything new or strange to them.

[Kimonoe]

Actually one of the main reason why the government wants to ban and put a limitations between the using of cryptocurrency and blockchain technology is because they are afraid to the people who are open minded nowadays and have a knowledge on what cryptocurrency and blockchain is. The government are afraid that when the cryptocurrency accepted by the people then it would be possible a global currency in which the government cannot control the flow of the money all over the world. We already know that the government was the one who controls the money system in the country so when the crypto becomes the global currency then it would be a problem for them because they will not be able to control the money because of the reason that crypto is decentralized.

The government may be afraid of people knowing what blockchain and crypto technology is but the reason is not that they are afraid of people accepting crypto as a global currency, the reason is that they lack management in this new technology, they cannot control the volume and flow of money as you say. And this may be an opportunity for countries with the ambition to attract cash flow of other countries, economic war will again occur and it is a threat that makes the government want to handle crypto

I think the purpose of Bitcoin isn't about engaging the world in an economic war but rather to provide freedom to the users. Through Bitcoin, we were able to trade freely especially when the product is not locally available and also if it exist online. This I think is one of the ways to utilize Bitcoin. We can observe the news that major countries around the world are pondering about the idea of blockchain and accepting the fact that they can't truly control it that's why they are considering to release their own cryptocurrency backed by their central bank and even gold.

Cryptocurrency can threatens governments because many people will move their assets from bank to invest or hold only with bitcoin and altcoin, every one know how system saving money in the bank without increase to higher amount but our money will have inflation at the future although the amount still the same, by saving in bitcoin can increase their money become higher value with bitcoin have higher price.

but we have to see that bitcoin fluctuations are also high, I think the government is most worried about is that bitcoin cannot be controlled, so they don't want to risk their economy if there is no adequate internal support

[luppecuppe]

Cryptocurrency offers governments an alternative power. The approval mechanism, one of the greatest features of the state, is taking away its power. It's weird. People leave some of their freedom to the state. To protect their remaining freedom. And sometimes the state becomes a very big monster. It threatens freedoms. Now there is a mathematics that threatens the existence of the state. Blockchain!

[anunnaki1202]

 I might be wrong on what i will say here but cryptocurrency has-no value without fiat currency.

 What satoshi dream was totally something else.
 BTC took a wrong direction.

 Should be no trading into fiat whatsoever .. he was thinking trading goods only with no fiat implications or to give value to BTC from fiat currencies.

 And BTC do not threatens any governments as it can be tracked when exchanged into fiat currency and vice versa
 
    

[AitorMarcos]

I might be wrong on what i will say here but cryptocurrency has-no value without fiat currency.

 What satoshi dream was totally something else.
 BTC took a wrong direction.

 Should be no trading into fiat whatsoever .. he was thinking trading goods only with no fiat implications or to give value to BTC from fiat currencies.

 And BTC do not threatens any governments as it can be tracked when exchanged into fiat currency and vice versa
 
    

With that trading feature Btc have extra value of a regular countable item.
Let me be more clear - people love to simplify and compare.
And comparing anything to USD is one of the easiest thing in the world. Moreover it gives an understanding of value of certain item (it could be a couch or btc whatever).
So BTC's feature of trading is not only a way to get wealthy, but a necessity in order to understand wtf is btc's cost.

[romero121]

What makes a government powerful, the economy they've developed. This happens through various sources, and through different law enforcement that benefits people as well as the government. This lets the entire country to obey anything and everything put forth by the ruling government broadcasting their majority. When everything happens through the decentralized means the importance of government will get affected. This is the understanding, but I believe governments won't miss their importance if they're doing right things to the people. Just on two factors such as terrorism and unable to tax the users government finds it to be a threat.

[Assface16678]

What makes a government powerful, the economy they've developed. This happens through various sources, and through different law enforcement that benefits people as well as the government. This lets the entire country to obey anything and everything put forth by the ruling government broadcasting their majority. When everything happens through the decentralized means the importance of government will get affected. This is the understanding, but I believe governments won't miss their importance if they're doing right things to the people. Just on two factors such as terrorism and unable to tax the users government finds it to be a threat.

The cryptocurrency today is one of the highest prices in the market and by this many people caught by the news came from other people that they've got a lot of money by using this currency. Even another country now are adopting the use of cryptocurrency because they saw the potential of it that can give a lot of money and improvement in their transactions if they use this, we are now heading towards to the development of the community. Cryptocurrency is a money that converts into digital currency and supported by different coins like bitcoin, ethreum and other alternative coin that can gives profit depends on the market. But in some reason, the government in the other countries does not accept the use of cryptocurrency because in many reasons like the real information or the kyc. It is better to be safe and recorded all the transaction today because there is a lot of scamming and other crime uses of wrong or other information so the government cannot identify who and where is the money came from.

[fravia]

What makes a government powerful, the economy they've developed. This happens through various sources, and through different law enforcement that benefits people as well as the government. This lets the entire country to obey anything and everything put forth by the ruling government broadcasting their majority. When everything happens through the decentralized means the importance of government will get affected. This is the understanding, but I believe governments won't miss their importance if they're doing right things to the people. Just on two factors such as terrorism and unable to tax the users government finds it to be a threat.

That is true, governments cannot lose the control of their currencies at the moment. Nowadays in the world it's a pivot point to everything else. If they lose the currency the governments themselves might extinct. That is why they're trying to create their own coins now and market it as decentralised. However, people thus far have found out that bitcoin is the only currency that is worth holding and using.

[iram3130]

The problem is with governments not having a solution for their tax issue. They have not figured out how to collect taxes from the profit which people earn through crypto, if they figure that out then I dont think there will be any problem for them.

[anunnaki1202]

The problem is that capitalism has to go..
If not we will-not survive extinction. As has been many extinctions before us.
We are a specie with amnesia forgetting things has happened before.
The whole things are repeating themselves.

In capitalist world  = [money means life and life means money] this is why we divide our-self  

Everything you see with your eyes is money.
Only thing they done for us to be free is things inside family and the air we breathe.

[bitbunnny]

The problem is with governments not having a solution for their tax issue. They have not figured out how to collect taxes from the profit which people earn through crypto, if they figure that out then I dont think there will be any problem for them.

I don't think that taxation is the biggest problem for governments. Much bigger issue is regulation. Governments are aware they have to accept cryptocurrencies somehow and introduce them into economy and financial system but the question is how. They need to take care of economic and financial stability and on the other hand they can't stop progress. So, how to find the balance, that is the question.

[Gheka]

The problem is with governments not having a solution for their tax issue. They have not figured out how to collect taxes from the profit which people earn through crypto, if they figure that out then I dont think there will be any problem for them.

I don't think that taxation is the biggest problem for governments. Much bigger issue is regulation. Governments are aware they have to accept cryptocurrencies somehow and introduce them into economy and financial system but the question is how. They need to take care of economic and financial stability and on the other hand they can't stop progress. So, how to find the balance, that is the question.

Indeed, tax is only a small problem if we compare with the regulations the government wants to apply to crypto, because cryptos always have anonymity and defense is too high, government regulations can only cover the outside, it cannot penetrate inside, doesn't really impact users, it's a big deal. As you say, even if the rules have been set, users probably don't have any pressure and are still comfortable when the government can't investigate anything, while crypto is gaining a big voice in the world, the government feels threatened when they are too passive in the mechanism of crypto

[kro55]

Crypto is another terrorist that has terrorize all governments. If crypto adoption becomes a reality then the government will be only spectator in the financial affairs of the country since they don't have any control. Still wanna know why government don’t like it?

[Wexlike]

Crypto is another terrorist that has terrorize all governments. If crypto adoption becomes a reality then the government will be only spectator in the financial affairs of the country since they don't have any control. Still wanna know why government don’t like it?

But it is a peaceful revolution this time

[anunnaki1202]

But it is a peaceful revolution this time

They never wanted a smart population is difficult to manipulate could they are planning to reduce us