Why we have slow steps about convincing governments to accept bitcoin?

[tmfp]

1) Is "convincing governments to accept bitcoin" a goal?
2) Malta didn't welcome crypto, it welcomed crypto's spinoff economic benefits for Malta.
3) When Binance implodes, the fallout will be immense.

[kryptqnick]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

I don't know, it seems really weird that pretty much the most solid exchange is based in a mysterious place. It was common knowledge that the headquarters were in Malta. It should be noted that the statement by the regulator does not deny it, it simply states that Binance is not regulated by it... I think we should wait for clarification from Binance before jumping to conclusions. As for Malta being crypto-friendly, this opinion has been undermined a couple of times before. Not everything is good there, see, for instance, this article.
As for the question that names the thread, I believe that only through small steps any progress can be achieved when it comes to governments because they are naturally cautious.

[dongosquad]

Actually, sooner or later it is relative, especially for a new innovation that is very contrary to the existing system, many pros and cons, so that it requires adoption and adjustments long enough to actually prove effective in solving current problems. It's a kind of evolution, it can't be instant, it takes a long process, and a decade is still relatively short. So we just wait.

[kaya11]

Why do wee need to convince the government to accept Bitcoin when in fact it is centralized and the concept of Bitcoin is decentralization. In a country where there is freedom and the legalities to utilize BTC, well I guess that is enough for us. It is for the people, the mass, and not the one at the top so instead of the government we convince the people below, in a democratic government the people holds the power. As long as I can freely use bitcoin in every transaction that I wanted to, then I am sticking with that.

[BlackFor3st]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

We are not rushing everything especially if crypto currencies are not that suitable yet for adaption like the disadvantages of crypto currencies where every government is being aware of.

Crypto currencies needs an electricity to operate, how about those who have no electricity? This is only one of the hurdles that crypto currencies should solve first in order to be fully accepted by every governments. But don't worry, our generation is keep on evolving so time will surely come that digital currencies will fully replace fiat and we don't need to hurry about it. We need to be patience and wait for the right time because once the time will come that we can solve this hurdles then not only bitcoin will become fully accepted but also the other potential currencies.

[joeperry]

Generally, I do not think that the government would be convinced to take some progress into the acceptance of Bitcoin. Primarily, the lack of democratic authority is the major reason why governments distrust the cryptocurrency. The government would prefer to stick with flat money as it is the conventional currency globally and they have major authority in controlling its flow and circulation. Now, friends, do not be impatient because this is a long process just like the acceptance of any other invention presented in the world. We have come a long way and we should continuously pursue it in our own ways to pique the interest of the majority.

[mr_kenshy]

I think that the governments of most developed countries will soon accept bitcoin too. There simply will be no other choice, and that’s logical. If we want to use bitcoin (more and more people use it, or at least know about it), then the government will have to take some measures.

[Latviand]

Decentralization issues, market price instability and the likes. Bitcoin, as a digital currency, still has issues in the eyes of governments despite of the fact that it is being used already to some countries. But we cannot blame them because as time goes by, more people would see the benefit of blockchain technology. Its popularity is slowly spreading right now which is a good sign of progress.

I think that the governments of most developed countries will soon accept bitcoin too. There simply will be no other choice, and that’s logical. If we want to use bitcoin (more and more people use it, or at least know about it), then the government will have to take some measures.

there will always be achoice. Keep in mind that it is not only Bitcoin that is a digital currency. There are already digital currencies aside from cryptos that are being widely used by many people.

This is not just a political related issue but more about money IMO. There is no such related issue before and I think crypto projects are welcome in Malta and quite it looks different by now. This regulatory board may have to chase something for crypto owners and giving no option for them to follow the rules or have money under the table to play. Maybe I was wrong but in the current situation, I think they are looking it to happen since knowing that crypto is a growing market and these people would like to get some share also.

What I think here is the government is trying to buy careful about making haste to accept in totality with bitcoin. They feel the right to protect the citizen and this is why it looks like it is difficult to convince the government. Before we have a genuine legal backing from government, it will take more time.

Those countries who are not yet adapting blockchain technology are still having measures. One main thing I think is market price stability because using bitcoin perhaps, would engage an individual to investment, risk will then arise since its market price changes from time to time.

[Chrystora123]

Why do wee need to convince the government to accept Bitcoin when in fact it is centralized and the concept of Bitcoin is decentralization.

I agree with you, Bitcoin does not need recognition from the government because it is decentralized.  so don't expect too much that Bitcoin will be accepted and recognized by all the governments of countries around the world.. according to what I see, changes in the price of Bitcoin, 90% are influenced by "Pump" & "Dump" that happening in the market. cmiiw

[figmentofmyass]

3) When Binance implodes, the fallout will be immense.

do you foresee that happening soon or something? warning signs?

the interesting thing to ponder is that binance.com is crypto-only. there are 2 situations that come to mind re a government takedown:

-the BTC-E case. the fiat money was supposedly frozen and seized, but their cryptocurrency wallets were untouched. they were able to partially refund users that way, and spin up a new exchange---WEX.nz.
-the 1broker case. 1broker was also crypto-only. they reached an agreement with the USA government and were able to process full refunds to users.

so maybe the fallout from something like that wouldn't be so bad. you might be referring to insolvency or exit scamming though, which is obviously different.

[tmfp]

3) When Binance implodes, the fallout will be immense.

snip

so maybe the fallout from something like that wouldn't be so bad. you might be referring to insolvency or exit scamming though, which is obviously different.

I see what I perceive as red flags forming around Binance's ecosystem but, fear not, no Scam Accusation on the way just yet.
It has something of Enron about it.

[Baoo]

Actually, the governments are afraid for recognising or accepting  bitcoin as a legal currency due to Blockchain's technology is so secure so they can't even control the transactions, that is main reason in my opinion, remember that every government prefers using their power on all the people, and it ca. be through a high value of taxes and other multiple ways of expoilation. In addition to that, we feel uncomfortable for using FIAT.

[Harlot]

I'm just surprised that the Maltese government is only saying it now when Binance is actually operating for years now. It just makes me wonder if this is some kind of washing of hands by the government since now the European governing bodies are implementing strict sanctions with their AML procedures. Aside from that why they haven't apprehend them in the past? They are literally visibly operating under their noses and they haven't done anything about it? With their billion dollar operation and a known CEO at least they somehow did some investigation in the past.

[Utoy101]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

I've always had this believe that hardly any national will fully back and encourage the activities of any cryptocurrency based project. With the corruption level rising across every nation especially the Africa, the full adoption of cryptocurrency will only trigger more fund looting that will leave no traces.

I just hope very soon,  governments and large scale organizations will see the better side of blockchain as a disruptive giant tech and implement it's potentials in providing real-life solutions. maybe that way, more Usecases will be rolled up for cryptocurrency rather than the speculative digital assets for taking off profits being perceived about it

[Docnaster]

In my opinion I think that because cryptocurrency typically comes hand in hand with autonomy is very difficult to convince the government how they're going to make a profit out of it.

Plus, having the authorities involved means that some money must get lost along the way to at leat pay for the salary, in part for those who will be overlooking things, and the infrastructure needed for surveillance in general.

Also, it is difficult to make these people think that this is the new way, when the new way is not being inclusive of their usual high-invested involvement.

[Artemis3]

Generational gap. Most politicians are old, and think they know all there is to know, new fanged things won't matter to them. Until they get slowly replaced, by people from the generation that DO know Bitcoin, will then slowly gain acceptance.

In fact this is the same problem with many bankers and old fashioned billionaires. Regardless of government acceptance, Bitcoin will work just fine, and people will still use it. For some people it has to be come evident that it is unstoppable, but until they finally realize that, they will still try to oppose it.

You are telling governments to accept a type of money they can no longer manipulate. This is like telling taxi drivers to accept autonomous cars. The young people will happily embrace it while the old drivers start dwindling down until the profession is no more.

Do you remember when photography had to be developed in special shops, dark rooms, etc? Whatever happened to that business? Kodak, Polaroid, etc? (skip the brand being resold and reused by modern companies).

As with many things in technology, something came that made the previous thing obsolete, and a transitional period occurs until the legacy thing is no more.

[1Referee]

I'm just surprised that the Maltese governmen is only saying it now when Binance is actually opersting fir years now. It just makes me wonder if this is some kind of washing of hands by the government since now the European governing bodies are implementing strict sanctions with their AML procedures.

It could also be that they just didn't give a single shit about the crypto space until now. People always seem to come up with the most ridiculous conspiracy theories, but in most cases, things aren't like that at all.

In the end, people should be doing research before using an exchange. Binance's core business model is to operate outside the regulatory field, because that's where most of their profits come from. This is how they became the world's largest exchange by volume and userbase. I don't recall them having done anything else from their .com platform.

Time will tell how their US platform will perform, but I doubt it will challenge Coinbase or Bitstamp in any way.

[Psalms23]

I think cryptocurrency will eventually have its time because in the following generations, those people who are in charge in the regulation and higher ups in the government will be the new generation when time comes. If only problems like stability of value and a lot of fraudulent actions could be taken care of, Im sure it will be a good start for bitcoin and other coins.

[Swordsoffreedom]

I'm just surprised that the Maltese governmen is only saying it now when Binance is actually opersting fir years now. It just makes me wonder if this is some kind of washing of hands by the government since now the European governing bodies are implementing strict sanctions with their AML procedures.

It could also be that they just didn't give a single shit about the crypto space until now. People always seem to come up with the most ridiculous conspiracy theories, but in most cases, things aren't like that at all.
In the end, people should be doing research before using an exchange. Binance's core business model is to operate outside the regulatory field, because that's where most of their profits come from. This is how they became the world's largest exchange by volume and userbase. I don't recall them having done anything else from their .com platform.
Time will tell how their US platform will perform, but I doubt it will challenge Coinbase or Bitstamp in any way.

We, the bitcoin users should take the prominent steps about making the government aware of this bitcoin system. This is the era of social media, which, perhaps is the most dominant media of this time. So, social medias should be used to make the government aware of the advantages of bitcoin.

[CaVO32]

I'm just surprised that the Maltese governmen is only saying it now when Binance is actually opersting fir years now. It just makes me wonder if this is some kind of washing of hands by the government since now the European governing bodies are implementing strict sanctions with their AML procedures.

It could also be that they just didn't give a single shit about the crypto space until now. People always seem to come up with the most ridiculous conspiracy theories, but in most cases, things aren't like that at all.
In the end, people should be doing research before using an exchange. Binance's core business model is to operate outside the regulatory field, because that's where most of their profits come from. This is how they became the world's largest exchange by volume and userbase. I don't recall them having done anything else from their .com platform.
Time will tell how their US platform will perform, but I doubt it will challenge Coinbase or Bitstamp in any way.

We, the bitcoin users should take the prominent steps about making the government aware of this bitcoin system. This is the era of social media, which, perhaps is the most dominant media of this time. So, social medias should be used to make the government aware of the advantages of bitcoins.

I think, the governments are already aware about crypto and blockchain. for all we know, they have their own staffs digging this kind of work. crypto industry is already amassing billions of dollars and the numbers are showing in major crypto websites, so i don't think the governments need a lecture on that. they are also aware that there are giant companies integrating blockchain technology within their operations so it is very hard not to notice what is happening in crypto space. i guess, the hard part is from the government's end, how they can have the full control of having crypto in regulation?