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Author Topic: Why does the government hate bitcoin?  (Read 2548 times)
cryptorima
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October 24, 2018, 04:35:43 PM
 #21

According to me, government not like bitcoin. Cause they can't control it. It is decentralized and that's why people can do illegal transactions very easily. That's why government need to do something good to solve this type of problems.

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October 24, 2018, 04:37:07 PM
 #22

I think the assumption of hatred of bitcoin is due to the issue of small issues that are constantly developing. initially bitcoin was expected only as an alternative but the potential of this cryptocurrency turned out to be very influential, so some groups might start a little uncomfortable with this

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October 24, 2018, 04:38:34 PM
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Bitcoin is not yet stable in its price, which is rapidly changing and governments cannot come up with an application for it.

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October 24, 2018, 11:09:09 PM
 #24

I think government hate bitcoin because there is no kegal agreement between government and bitcoin. But when we look on the other side bitcoin can help unemployed people and lessen the unemployment and reduce poverty in the country which is the number one problem in every country. On my own opinion government hate bitcoin even it is more profitable rather than any livelyhood project that they conduct is because bitcoin is a non taxable income. So they dont have any income or rebate even the people are continouslly working. I hope government will open their mind to deal something that helps people to imorove their life like in dealing with bitcoin.

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October 24, 2018, 11:17:57 PM
 #25

According to me, government not like bitcoin. Cause they can't control it. It is decentralized and that's why people can do illegal transactions very easily. That's why government need to do something good to solve this type of problems.
It is because bitcoin has its own rules and regulations. No one can control its price in the market. Bitcoin was volatile and government hate it because they know that even them they cannot manage its price. Maybe if bitcoin become legal government will like it. Government soon will find how helpful bitcoin is especially in one economy.
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October 24, 2018, 11:30:33 PM
 #26

they not hate bitcoin, they haven't role for change decentralization for implementation on economic goverment
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October 24, 2018, 11:31:27 PM
 #27

because they dont have access in the bitcoin, its not like the bank, if something happen in the bank, they can trace the problem in the bank, how about the bitcoin and cryptocurrency? they can't do that

Marshall14
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October 24, 2018, 11:32:55 PM
 #28

I think the assumption of hatred of bitcoin is due to the issue of small issues that are constantly developing. initially bitcoin was expected only as an alternative but the potential of this cryptocurrency turned out to be very influential, so some groups might start a little uncomfortable with this
The bitcoin wasn't created as an alternative to Fiat,it wasn't created by the government as a substitute to Fiat,neither was it tipped to succeed Fiat now,or even in the future

Satoshi nakatomi's creation was simple,and that is to put control in the hands of the individuals that operate on this system,a system were the price/value hinges on the supply/demand of the currency...He never created it to obliterate Fiat, how's that even possible,every single person in this forum uses banks/Fiat..

Some Government are simply cracking down on the system due to its vulnerability to fraud/scam...
While others are simply warning their citizens to trade with caution on the system,as any loss would definitely be irretrievable

I don't see anything wrong in that
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October 25, 2018, 12:29:16 AM
 #29

I think why the government hates Bitcoin and does not legalize bitcoin like in my country because the government basically wants its people not to experience fraud due to crypto, but in my opinion Bitcoin if not legalized in my country I will not complain. Because bitcoin can be accessed via the internet, it can be anywhere and anytime without anyone arranging.

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October 25, 2018, 12:58:21 AM
 #30

Many governments have expressed concern that they will undermine the market. Once the bitcoin develops, the government loses control over the domestic financial system
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October 25, 2018, 01:34:44 AM
 #31

because they dont have access in the bitcoin, its not like the bank, if something happen in the bank, they can trace the problem in the bank, how about the bitcoin and cryptocurrency? they can't do that
one of them might be as you say,
but in some countries, the reason the government hates bittcoin is because bitcoin can be a criminal place that is very difficult for the government to handle.

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October 25, 2018, 01:55:05 AM
 #32

Indeed, the government has not been able to control bitcoin exchanges so the government is less fond of the presence of btcoin. This decentralized and fluctuating nature makes it difficult for the government to regulate it, so the government does not want to take risks that occur and appear to hate.
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October 25, 2018, 03:36:25 AM
 #33

In order to understand why the government hates bitcoin we need to understand how money actually works

In the history of the United States, the US dollar has been built on the "silver standard" and the "gold standard,". This means that the value of a dollar was directly tied to the country's silver or gold reserves. This is true in case of all currencies be it the Indian Rupee or The Chinese yen. A more simplified version of understanding this would be that any money you possessed could directly be exchanged for its value in whatever material it was being backed by. This is known as a commodity currency which does not exist in the current economy.

As an example, Lets say that you own a paper currency worth $ 20. Now you can take that paper bill and exchange it for gold or any other material backing it up which had the same $ 20 value.

But in the current economy the world runs on fiat currencies whose value is derived from the government that backs it. Plain and simple, a US dollar has value as legal tender because the US government says it does. Though this system isn't perfect, it has served its purpose for many years.

The government loves fiat currency because it is centralized which means control is also centralized on the production and distribution of their respective fiat currencies via large central banks.

What this means for the banks
They can track the currency's location in bank accounts, dictate its movement, and collect taxes on every financial transaction that includes their currency. This also helps the governments to try and keep their economy healthy by adjusting the amount of money in circulation to try and stimulate Wall Street investors or avoid a financial crisis.

Now why is bitcoin made?

The basic ideology behind Bitcoin is to use a combination of public-key cryptography and peer-to-peer networking to create a virtual analogy of gold,
that is to say, a substance that is scarce and fungible. Satoshi Nakamoto devised did arrange a set of restrictions in order to ensure that bitcoin is not misued to
an extent like the fact that there can only ever be 21 Million bitcoins ever in existence and as time progresses it will become difficult to mine bitcoins.

Nakamoto in 2009 -
Quote
The root problem with conventional currency, is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the
history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves
of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts." In contrast,
everything in Nakamoto's system "is based on crypto proof rather than trust
.

But is it really that simple

It is not as simple as "The government likes to control and tax the movement of money" that makes them seem evil or greedy. The truth however is that if all currencies are decentralized, who would determines their value?
Bitcoin is only in the virtual form, how can we protect oourself from hackers or technical glitches? These questions are just some of the reasons why there is no telling what the future of cryptocurrencies holds, but it isn't wrong to say that Bitcoin and other cryptocurrencies will not be replacing government-backed fiat currencies any time soon. This however does not mean that there isn't a future where cryptocurrencies will be treated as regulated global currencies. Of course if we include the corrupt institutions, politicians then we can say the government is evil and greedy.

For bitcoin to become truly succesful it must be both a medium of exchange and a reasonably stable store of value.

 


Thank you so much. This have helped me to understand on why the government hates bitcoin.  Smiley
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October 25, 2018, 04:34:55 AM
 #34

not everything like that. someone likes someone who doesn't like it.
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October 25, 2018, 04:44:39 AM
 #35

There are so many reasons why the government hates cryptocurrencies. First is the credibility of bitcoin, others think that coins such as bitcoin and altcoin and others can't be reliable because of their volatility, they think of the stability of the price based on the article that I have read. Second is the common issues of hackers. They feel unsafe about this  but they do not know that security and safety of your wallet relies on our selves. And lastly, the possibility of underground transactions. They are afraid of it because there are cases known that other manipulators use the cryptoworld to do such illegal things.
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October 25, 2018, 06:39:10 AM
 #36

According to me, government not like bitcoin. Cause they can't control it. It is decentralized and that's why people can do illegal transactions very easily. That's why government need to do something good to solve this type of problems.

When the government pushes people to the edge what else can you expect. I have just made a post on RBI arresting the co-founder of UNOCoin because UNOCoin had set up an ATM in India. But the thing is it was not even operational. It was in the final testing phase and the ATM did not use any banking gateway. This means they did not actually violate any rules.

The RBI is bullying. This can actually boost illegal activities using bitcoin or other cryptocurrencies.
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October 25, 2018, 07:00:17 AM
 #37

It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.  If you use bitcoin, you are trusting your money to a complex system you don’t understand, people you know nothing about, and an environment where you have no legal recourse. In the traditional world of investing, this would raise enough red flags to make it a bad idea. On the other hand, the European Central Bank reports that Bitcoin is just one of over 500 digital currencies now in circulation around the world. Even it Bitcoin ultimately fails or is relegated a minor role on the world stage, one of its successors could radically alter the way the world thinks of currency.
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October 25, 2018, 07:17:15 AM
 #38

because they dont have access in the bitcoin, its not like the bank, if something happen in the bank, they can trace the problem in the bank, how about the bitcoin and cryptocurrency? they can't do that
one of them might be as you say,
but in some countries, the reason the government hates bittcoin is because bitcoin can be a criminal place that is very difficult for the government to handle.
using bitcoin as a criminal is one reason some governments hate bitcoin, but there are many other reasons why some governments cannot accept bitcoin, and I hope that other bitcoin and cryptocurrency users don't use it as a crime, so that bitcoin and  money crypto other will grow well in the future.

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October 25, 2018, 07:20:57 AM
 #39

Do not understand also about this why the government hates bitcoin may be because bitcoin is considered not good because it can plunge people because of its fluctuating nature, but bitcoin is now widely known and even more people are investing in bitcoin
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October 25, 2018, 08:07:27 AM
 #40

Government hates bitcoin because when you exchange it in a real money or i mean when you withdraw it, it has a same amount. there is no tax reduced from the money. it is exactly the same amount. that why government hate it because they can't get anything from it. i guess.

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