Do a lot of western governments like bitcoin and dislike banks?

[BitHodler]

as for banks, the problem has always been with the corruption of them. they seem to be doing whatever they want and get away with it too with bailouts like after they ruined the global economy in 2008.

It really does seem like governments don't care about this, because banks messing up gives them reason to fine them with mega sums, and the banks themselves seem fine with it as well.

Overall, the profits they managed to gain by breaking the law has always been much higher than the fines they end up paying. It's nothing more than collateral damage for banks, which is the worst part here.

The very fact that governments know this, but still don't raise their fines to match the profit margins of the banks they fine says enough. As long as this doesn't change banks will continue ripping people off.

[StarofBTC]

This is not so simple. Some governments maybe don't like banks very much but they are still depending on them because that is how economy is functioning. Western governments mainly support progress and Bitcoin is that category. They also realize that cryptocurrencies have become inevitable part of society and they should accept it or at least not ban it. But they will never replace fiat with Bitcoin or any other cryptocurrency, that is the truth.

So to speak, governments have been tolerating them. I think governments don't like banks very much because of how they don't have complete control or authority among them. In retrospect, they are able to circumvent the government's clutches in some ways. Also, the government has no choice but to rely on banks.

With regards to regulating crypto, I believe that governments have no choice but to tolerate them as well since they cannot eliminate its presence in the country. Some have chosen to completely ban it to avoid complications of regulating or compliance but others have chosen to impose their own regulations for bitcoin so that they may have some control over its adoption.

That is for the countries who are not corrupt and has transparency to the fullest in their system but for most government who does not operate a transparent system, they are the bank themselves which makes the government the problem of the financial institutions and that is why they are fighting against the crypto currency system because the fiat system pay them more.

We have a lot of government that dislike the crypto system, like in my country, the government are the central bank themselves and they quite kick against the adoption of this so called crypto but it is just a matter of time before they have no choice than to prefer it to the banking system.

[jackg]

Which country is this? I remember in 2014/2015 my central bank wanted to make a cryptocurrency which is kinda funny to look back on because the generally haven't done much other than cancel the idea.

Also we were mainly discussing western governments so that's what prions would be referring to. Non-western governments have taken a diverse approach to cryptos.

[darewaller]

I don't think the government has big issue with the technology, but you should know that the central bank controls the government and they will do all what the central banks tell them to do. Bitcoin is one of the biggest threat to the financial system of today making it a big threat to central banks and other financial institutions that have been extorting our money and making us poor just for them to remain in power and control over us. I know they won't want to accept it, but I can assure them that it's not a choice but a must.

[guoyu78]

Well, when it comes to crypto currency and the western world, we will say it is a 50:50 thing and in has much as some prominent leaders there are serious fighting the adoption of cryto currency, many of the big time investors into the crypto market are still from there.

For fiat, it has been in existence for a very long term which is dated back centuries and it would, so as long as technology awareness is concerned, general acceptance and illiteracy in most part of the world, it might be difficult for crypto currency to put an end to FIAT, it can only be an optional one.

[Harlot]

A lot countries have suffered from over printing their currency too much Venezuela is the most recent country to to be victims of their own currency. The thing is fiat currency is backed by their country's economy with all countries have debt to each other printing more money won't be a solution as hyperinflation will just be there problem. So if they want to make their local fiat currency more valuable all they have to do is to pat off their debt aa well as improve their economy.it may look crazy but the world markets are also the ones valuing our money and the same principle for supply and demand is applicable.

[omonuyak]

I don't think western governments like bitcoin much as the like bank.  If they like bitcoin they could have adopted it since.  I think bitcoin is been like by individuals and programmers and that is why it is very difficult to get it into mainstream financial institutions.

[jackg]

I don't think western governments like bitcoin much as the like bank.  If they like bitcoin they could have adopted it since.  I think bitcoin is been like by individuals and programmers and that is why it is very difficult to get it into mainstream financial institutions.

Quite a few international banks recognise their ledgers via blockchain technology in order to send money representing assets to each other so it can't be said that banks hate bitcoin they just don't want other people to use it.

Although the ones who want to escape the banks clutches and the ones who want to program with it or see it as an innovative thing. If you don't understand how it works at its fundamental level when you buy in to bitcoin (sure its what we do with cash) but when people do it with bitcoin it does show what they're trying to escape... Especially in countries with hyperinflation as mentioned above.

[shield132]

I've been questioning this for a while and most economists say that fiat is a scam or a lie as the central banks are selling people a promise we will pay them back.

It seems to me as if fiat came in when it was needed to help solve the issues of carrying heavy gold for big transactions but now we have bitcoin there seems to be no other real use for it once bitcoin gets adopted by the masses (or other cryptocurrency).

It feels like fiat was made by the government without them knowing the risk as to what it would potentially lead to in the central banks artificially inflating it so much.

I was watching a video recently of the roman empire currency where they used to clip coins and melt down the clippings in order to inflate the currency - exactly what has been done since fiat hasn't been backed by anything of real value bitcoin is the same but its limited.

You say fiat isn't backed by anything of real value. For you Gold is this value, am I right? But has gold been backed by something? No, then how has it value? It's psycological factor, we measure everything by one unique thing so to my mind it doesn't matter if we use gold coins or paper notes. But the worst thing here is banking system, not actually fiat, the way bank systems are managed. Solution of bitcoin is that we can't create more than 21 million while governments can print as much paper as they want and cause inflation, they won't be able to do it with bitcoin.

[jackg]

You say fiat isn't backed by anything of real value. For you Gold is this value, am I right? But has gold been backed by something? No, then how has it value? It's psycological factor, we measure everything by one unique thing so to my mind it doesn't matter if we use gold coins or paper notes. But the worst thing here is banking system, not actually fiat, the way bank systems are managed. Solution of bitcoin is that we can't create more than 21 million while governments can print as much paper as they want and cause inflation, they won't be able to do it with bitcoin.

There's a finite amount of physical gold you can hold. I'd actually retract that and say caesium is a great store of value because it costs about $100 per gram to buy and a similar amount to extract.

[UNOE]

Our government in Croatia probably did not even know what is Bitcoin, they are pretty negative about this promising technology, and mostly did not care about blockchain and Bitcoin. I think that they have totally wrong approach.

[bitgolden]

Our government in Croatia probably did not even know what is Bitcoin, they are pretty negative about this promising technology, and mostly did not care about blockchain and Bitcoin. I think that they have totally wrong approach.

Sooner or Later, they will get to know about Bitcoin either by social media or through massive usage of it by their citizens which they will definitely investigate and understand what it is.

Most government naturally will be slow in taking decision that will affect the citizen so that they will not be blamed for any misfortune that befalls citizen through crypto in case there is any but this fear is because they don’t have the full knowledge of the whole system but I believe as they get exposed to it, they will see the benefit to them and your government.

[ASHLIUSZ]

Our government in Croatia probably did not even know what is Bitcoin, they are pretty negative about this promising technology, and mostly did not care about blockchain and Bitcoin. I think that they have totally wrong approach.

Same as Croatia more countries around the world oppose bitcoin without knowing better about the technology and the need for the cryptocurrency. Slowly the ban gets lifted from the countries helping with the increasing adoption and use in the global market.

[buwaytress]

Not sure there's really a correlation between economy and the attitude towards Bitcoin when it comes to official government stances, but there's certainly a lot less trust in the banking institution even from the state, particularly after the recent practical bankruptcies of significant economies in the past 10 years.

We've had those scenes in Greece where people couldn't withdraw their life savings and the state blackmailed by the EU. The same in Iceland only 11 years ago all three private big banks in the small nation defaulted. It still was the biggest economic collapse in recent memory in the West.

But it's important to note that alternatives usually don't involve something as drastic as Bitcoin. Iceland, for example, is still somewhat anti-Bitcoin.

[FanEagle]

Our government in Croatia probably did not even know what is Bitcoin, they are pretty negative about this promising technology, and mostly did not care about blockchain and Bitcoin. I think that they have totally wrong approach.

Same as Croatia more countries around the world oppose bitcoin without knowing better about the technology and the need for the cryptocurrency. Slowly the ban gets lifted from the countries helping with the increasing adoption and use in the global market.

Adoption by citizens will gradually be the proof to governments that they have no choice than to adopt it too if they don’t want the banking institution generally to become useless.

Most individuals and merchants are now seriously introducing the use of crypto currencies as payment, some are gradually introducing the crypto debit card services for the withdrawing of cryptocurrencies, all these will eventually push the government into it too since it is a system they cannot control even when they tend to ban it.