Why Cryptocurrency threatens governments

[celestinamoore]

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?

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[hugeblack]

The government is trying to make everything under its control, the banks control all the money, and the government controls that banks.
Blocking or restricting is a feature of anything new, new things need time to accept.
The Internet has been a tool for freedom before, but now there are a lot of restrictions on its use, and this will happen to cryptocurrencies.
I do not know why people tend to be controlled? But this is a present trait.

[SyGambler]

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?

simply bitcoin enables people to control their money the way they want , some people in first world countries may not realize how important is that but I will try to give an example
for example I live in Syria and I guess you already heard about it from the news , there are many Syrians who migrated to USA in the past and now they have citizenship but now USA prevents dealing with Syria at all
so imagine if you are a Syrian who has an uncle or relative in USA and that relative isn't being able to help you at all with money simply because USA prevents that and they count all the transactions as a way to help terrorism ( as they call it   )

so in Syria even the popular banking and wallets services aren't available thanks to USA : Visa , Master , Paypal , Neteller , Skrill ...etc
bitcoin created a way for people to send and receive money easily here without caring about the US ban and other banking related problems

in short words people who live in a first world country may look to bitcoin as just a way to make more money , but if you move to a 3rd world country you would know how important blockchain is and of course thats one of the reasons that governments hate bitcoin  

[celestinamoore]

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?

simply bitcoin enables people to control their money the way they want , some people in first world countries may not realize how important is that but I will try to give an example
for example I live in Syria and I guess you already heard about it from the news , there are many Syrians who migrated to USA in the past and now they have citizenship but now USA prevents dealing with Syria at all
so imagine if you are a Syrian who has an uncle or relative in USA and that relative isn't even to help you at all with money simply because USA prevents that and they count all the transactions as a way to help terrorism ( as they call it  )

so in Syria even the popular banking and wallets services aren't available thanks to USA : Visa , Master , Paypal , Neteller , Skrill ...etc
bitcoin created a way for people to send and receive money easily here without caring about the US ban and other banking related problems

in short people who live in a first world country may look to bitcoin as just a way to make more money , but if you move to a 3rd world country you would know how importance blockchain is and of course thats one of the reasons that governments hate bitcoin 

I fully understand your point, first world countried may take it for granted but for us it's a way of financial freedom and yet our governmental body is trying by all means to limit it's existence. It's really sad

[celestinamoore]

The government is trying to make everything under its control, the banks control all the money, and the government controls that banks.
Blocking or restricting is a feature of anything new, new things need time to accept.
The Internet has been a tool for freedom before, but now there are a lot of restrictions on its use, and this will happen to cryptocurrencies.
I do not know why people tend to be controlled? But this is a present trait.

And for how long will they control absolutely everything. We are suppose to be living in democracy era but what do we get, restrictions from freedom

[HeRetiK]

[...]

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.

[...]

Most governments barely understand the workings of the internet (otherwise we'd have less silly and / or damaging regulations), let alone the workings of cryptocurrencies. As such I'd still ascribe most of the restrictiveness to incompetence and ignorance as far as new technologies are concerned.

Or at least that's the best case scenario. I'm sure there are some that very well understand the implication of cryptocurrencies. Those for the most part will likely fear loss of control.

[terencio]

Fiat currency its a currency that a government has a control while crypto can not be manipulate and can not be created out of thin air.  If people adopt a crypto currency then the fiat currency price will plummet. Its one of the reason why government impose a stricter rules in cryptocurrency.

[celestinamoore]

[...]

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.

[...]

Most governments barely understand the workings of the internet (otherwise we'd have less silly and / or damaging regulations), let alone the workings of cryptocurrencies. As such I'd still ascribe most of the restrictiveness to incompetence and ignorance as far as new technologies are concerned.

Or at least that's the best case scenario. I'm sure there are some that very well understand the implication of cryptocurrencies. Those for the most part will likely fear loss of control.

But why fear it if you could create balance or merge the technology in a way that even the country as a whole could benefit from the evolving technology, don't you think so?😂

[livingfree]

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.

Politics can be a reason but that's not the major thing why they are banning and puts caution for the usage of cryptocurrencies. They are one sided on this criteria that they only see crypto's as a gateway for illegal trades which do really happens until now.

They are close minded to this thing and reacting that they only should be the one that the people must believed to. And as their part of the economy, they are also trying to protect the banking industry which gives a big portion for the country's money through taxation. It's still new and they are still in the process of learning it but time will come, they'll embrace it.

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

Regulation and one declaration from a big and trusted source/agency.

[tomahawk9]

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.

Cryptocurrencies aren't threatening the govt, they're threatening the banking system as a whole. Nowadays, people are opening their eyes and have started to take their money out of system to put it in a decentralized system like Bitcoin where they can be their own bank. Obviously, this means that the govt will start to lose control over people's money, that's why they're doing everything they can to force people to stay within the boundaries of the financial system.

what do you think will make governmental bodies to finally accept crypto?

Adoption. I think once cryptocurrencies like Bitcoin go full mainstream and people start accepting them as payment worldwide, the govt around the world will have no choice but to embrace cryptocurrencies as the general public will be using it for pretty much anything.

[yusupjatigumilar]

the government worries that if the crypto currency enters the economy of a country, the government will not be able to control it and can damage the exchange rate of the country's currency, and the transaction cannot be monitored whether it is for good activities or actions that violate the law and harm the country or someone

[LeGaulois]

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?

Few misconceptions:
The "eyes of the community" already hope to see cryptocurrencies as a global currency, but it isn't what matters. What matter are the people who aren't using it, and people who don't know what are digital currencies?

There aren't so many countries "limiting" or "banning" its use. And most governments are in fact worried to see cryptos used for illegal activities (which is wrong to be afraid of, if you look how fiat currencies are used to do exactly what they're worried to see.)

" force the traditional banks to reduce their ridiculous interests rate". So the rate is already low but you want it to be reduced again? The low rate goes with low risk, you can get from a bank a 5% interest rate but it goes with higher risks. The investment is always related to risks, you can't get a 10% p.a. without any risk. Otherwise, everyone would be investing each penny they can collect.

Politicians are no longer politicians, they are service providers to the financial world, and they can no longer get rid of them. When politics will really want to get rid of banks, they will consider digital currencies more seriously

[Kiwek]

The main reason that governments are stupid is because they are too afraid if the crypto spreads in the community, and on the other hand we can justify that many people abuse crypto for the black market, such as arms sales and others, but I believe in the future it will be better and more familiar to the government, I really don't like it when they control crypto completely.

[HeRetiK]

[...]

But why fear it if you could create balance or merge the technology in a way that even the country as a whole could benefit from the evolving technology, don't you think so?😂

For one cryptocurrencies threaten the governments' monopoly on money. Having a monopoly, especially over something as essential as money, grants one power. No one likes losing power.

Second, the current status quo of the monetary system works very well for the people on top. So obviously one is hesitant about changing the status quo.

Naturally both assumptions contain their fair share of paranoia, which may or may not be warranted. So far only few governments actively battle cryptocurrencies or try to smother its market. However there seems to be a correlation between a government's urge to control the economy and money supply and the extend of their crypto regulation which leads me to the conclusion that the assumptions above at least in part reflect reality.

[bonammeo]

Electronic money not subject to tax. Politicians say that would entail tax evasion from businesses, which would cost the state budget.

[supermine]

Crypto currencies are decentralized which means no one is controlling but governments want the currency system under their control so they are trying to limit the usage of crypto currencies in their country but it can't be done forever since people try to move their market capitals into the crypto currencies which reduces the tax for any government so they need to regulate the crypto currencies which can yield them the taxes rather than completely banning it.

[UchihaRukawa]

In my opinion, it is because, of the banks. Banks has been a long time partner of our government, the government looks after the bank and the bank looks after the government, now, cryptocurrency which does not need the use of banks or any other third parties are coming, and the banks are threatened that they will lose their jobs, so the government as well feels pressured by this circumstance, but there are still lots to discuss when it comes to the government and cryptocurrency.

[pitiflin]

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?

The government is doing all this because they don't have any other options. People are just using crypto for all the bad means and get away with doing shit. Governments were forced to do a quick research on crypto, especially bitcoin when they came across crimes and illegal activities being done with the use of bitcoin as the means of currency.

The US congress have admitted that they are scared of bitcoin and that it might take over USD one day,but that's a whole different story. Because what the US congress thinks won't really matter, for they are old fucks who don't know shit.

Governments might accept crypto but they won't use crypto or blockchain towards its potential but for stupid ideas.

[Ozero]

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?

At all times, money that went to the territory of the state, were and are the basis of its economy. If some citizens earn a lot of money on crypto-currency without much effort, this does not mean that the state needs the crypto currency. The state should all recheck and predict the long-term consequences before deciding to legalize a virtual currency that does not belong to anyone, not provided with anything, with great volatility and unthinkable for national money at a price that the state can not control. Therefore, the state as a whole does not need a crypto currency. And if legalized crypto currency will threaten the economy of the country, there is no doubt that the state will limit or even prohibit the use of decentralized crypto currency.

[Nnedaddy1]

I think its because some people even politicians have devised a means of carrying out criminal activities using bitcoin.