Why Cryptocurrency threatens governments

[hahahafr]

The use of cryptocurrency actually put the government from monitoring the funds of individuals like they do through the banking system and also cryptocurrencies invade taxes that would have been deducted through the banking system.

[1714964282]

1714964282

[1714964282]

1714964282

[1714964282]

1714964282

[1714964282]

1714964282

[Nunoluck]

To make government accept crypto currency maybe easier than we think. We only need to show our seriousness to pay tax based on cryptocurrency that we have. All this time people are talking about avoiding to pay tax by the use of bitcoin. Maybe if we orderly pay cryptocurrency tax then government will accept bitcoin and will not pretend bitcoin as a threat.

[toast]

To make government accept crypto currency maybe easier than we think. We only need to show our seriousness to pay tax based on cryptocurrency that we have. All this time people are talking about avoiding to pay tax by the use of bitcoin. Maybe if we orderly pay cryptocurrency tax then government will accept bitcoin and will not pretend bitcoin as a threat.

in addition to other threat taxes on the government, namely the nature of anonymous bitcoin, everyone can use it without their real identity so that the frequent occurrence of crime, fraud and others that harm others taxes may be easy if the government wants to use bitcoin, but what makes it difficult is that anonymity.

[Adriano2010]

Governments can put tax on crypto and let people use crypto coins and they always should put the tax only when a profit is made, i buy 1 bitcoin for 6000$ and if i sell for 7000$ to pay a % for 1000$ profit only, and if i sell for 5000$ to not pay nothing.

[Seeker#9]

Decentralization, I think, is the main reason why some governments is not keen on welcoming bitcoin in their economy. They are using centralized method on their economy and finance to manage inflation and wild  fluctuations to their currencies. Most cryptocurrencies are difficult to manage because no one control them, their rapid or sudden price fluctuations might hurt their economy and that's what the governments fear most.

[andriarto]

Decentralization, I think, is the main reason why some governments is not keen on welcoming bitcoin in their economy. They are using centralized method on their economy and finance to manage inflation and wild  fluctuations to their currencies. Most cryptocurrencies are difficult to manage because no one control them, their rapid or sudden price fluctuations might hurt their economy and that's what the governments fear most.

of course this happens because the government cannot control the decentralized system. on the other hand the government is afraid that there will be a bubble on the cryptocurrency because it has high fluctuations, which is detrimental to society

[Artemis3]

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?

No, it doesn't really threaten political power, only their ability to mess with the coin. Governments without any control of the coin used in their countries do exist, there are a few countries that use another one's fiat completely outside of their control, such as the USD or the EUR.

Of course they love being able to manipulate the fiat, "just in case", thats what they fear will lose, and probably will happen with or without their consent anyway. People will simply start accumulating deflationary crypto currencies rather than their own national inflationary fiat. Ie, people will want less fiat which will pressure the price down.

Just imagine people saw the light and decided to buy gold with their savings to get rid of their dollars and euros, then you will start to get the idea. Especially when said governments KNOW about fractional reserve banking, and how it could pop should enough critical mass learn about it. That would probably be the last economic crisis before the world finally decides to adopt Austrian economics.

[LUCKMCFLY]

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?

It's simple, control, when they lose control, everything seems bad, that's why governments are against the bitcoin and blockchain technology, the banks are the first affected, because they have nothing to control there much less establish amounts or that they manage the money.

The main reason for governments is that they can not control the technology, it can be a waste of money and energy to take over everything that has to do with blockchain, it would be like something almost impossible to take control, so some countries They have decided to get involved with technology to take the best of it and be able to apply it, some have adopted the idea of ​​creating cryptocoins based on some already developed.

The blockchain technology makes it totally impossible for processes to be corruptible, this is another reason why governments do not like it, it represents a bad path for them not being able to do their usual movements to try to steal or take advantage of situations, as they always do.

[ttcsalam]

  Most of our government has looked at modern technical issues much later. But yes, in the last decade, it has been the only one who has lost their capital. At one time, everyone has become weak towards modern Block chin technology and achieved success. The government can not do anything to interfere in any country.

[Marry Finch]

It is hardly possible to recognize that the cryptocurrency is seriously threatening governments. The government and the state as a whole have very effective levers of control over the finances of the country. Of course, the anonymity and decentralization of cryptocurrency do not like governments and, therefore, can allow the circulation of cryptocurrency on its territory, but will never actively support it. The government will only support its national currency. This is his task and it will be correct on his part.

[imstillthebest]

cryptocurrency doesnt threaten the government but the government rather are the ones that threaten cryptos because they always said bad things to it  but they shouldnt do it to cryptos because cryptos are harmless .

cryptos doesnt threaten anything but its rather helpful to the country or to the economy . as of today we are lucky that almost 80 percent of the government of any country are now suporting cryptos  . they change thier minds for the better  .

[bonker]

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?

some new thing we'll developing in this world it will definitely affects the government especially if it was economic changer then the problem will only happen for the government that's why it happens.

[Odette]

Bitcoin is not really dangerous threat and it's actually not a threat for their economy. Government want everything under their control, government can't control bitcoin due to the decentralization nature of it. Bitcoin can be a good tool to improve their citizens economy because if government legaize bitcoin then there will be many investors who invest in bitcoin and their citizens who become early adopters of bitcoin can be richer than before.

I agree with that, since cryptocurrency is much desirable than a centralized entity like government they start to feel threatened in terms of power and since Blockchain technology is effortlessly booming at this point people are starting to recognized its capabilities like experiencing a faster way of making transactions, fruitful investments and numerous feasible projects like medical insurance given by  Afri Health that focuses on providing effective and efficient medical solutions for people who is in need, and I think this is more interesting and worth our efforts than being controlled by the government.

[yoseph]

I once read an article where one renowned  islamic scholar claimed that crytocurrencies are "haram and that Muslims and Islamic countries should ban it not for any financial reasons but because it goes against the teachings of the Quran. I think in this circumstance, i'd say that it threatens an Islamic government.

[mersal]

The government has lots of problems with the acceptance of cryptocurrency because they will not been accepted it right now it will be a tortures giving things for them to make their economy to be stable the normal currency that why they still not legally accepting it.

[_Django05_]

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.

Rather than befriend Bitcoin, governments claim their actions are meant to protect the people from market manipulation. However, they’re actually attempting to kill a currency that poses a threat to government monopolies on income and printing money.

[MonaLeeTracy]

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.

the government and crypto currencies currently in my country are still prohibited in direct transactions and may threaten me not if the development of crypto currencies can be regulated and go hand in hand with the government itself

[STT]

Which country is still banning crypto now, China I think and I was always surprised it wasnt immediately banned as they ban everything that does not benefit the regime.

 This is new in the USA from news this week - https://www.digitaltrends.com/cool-tech/us-senator-wants-ban-bitcoin/

The basic idea to the ban for Bitcoin is that US dollar is used a form of power and control over other countries policies such as Iran selling oil and also Dollar is used as funding because it can be printed but it requires demand and usage from the world for that.
The idea of the ban was against capitalism basically and freedom but I can imagine if Dollar is under threat then people may start to think the solution to ban alternatives.   There is over a hundred alternatives to dollar so its not making that much sense to try and single out BTC as the problem, its not

[otong]

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

it is really what you say but I am sure that in the future the government will adopt an economic system that uses crypto currencies so that it will make the country's economy more advanced and developing

[FlightyPouch]

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

it is really what you say but I am sure that in the future the government will adopt an economic system that uses crypto currencies so that it will make the country's economy more advanced and developing

I don't think so. The government is also thinking this in advance and crypto currencies will never be a common currency but digital currency will. The government will never let a technology like the Blockchain slips aways, they will be applying it. As far as I know there are banks studying the technology in order to make a development out of it.