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Author Topic: Governments cannot control Bitcoin  (Read 629 times)
Sulman326
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July 22, 2020, 08:28:21 PM
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 #1

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
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July 22, 2020, 08:30:52 PM
 #2

Yes, I agree that the only thing a government can do is to regulate Bitcoin.Because crypto is designed as decentralized.Thus,  a government cannot take full control in it.Through regulations, the government can also benefit from crypto through taxes and regulating ICO would minimize scam incidents.
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July 22, 2020, 08:32:49 PM
 #3

The government cannot control bitcoin because of the decentralized nature of bitcoin.Other than that, bitcoin has a very high level of security, because it's hard to track by anyone.
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July 22, 2020, 08:39:17 PM
 #4

yes that is true, for this reason so many countries or governments do not legalize Bitcoin.The government is afraid it cannot control the growth of the bitcoin rate, transaction history and so on.So the government does not know the ownership of bitcoin for every citizen.The government is afraid of currency invasion in the country because many people are moving to Bitcoin, the government is also afraid that Bitcoin will be used as a money laundering tool for corruptors.
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July 22, 2020, 08:50:37 PM
 #5

Ofcourse the blockchain technology and cryptocurrencyare designed as a decentralized financial platform and  fro this reason no one person can have control over it not even  the Government . The only thing they can succeed in doing is to regulate the crypto market and not control it.

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July 22, 2020, 09:20:05 PM
 #6

The government cannot control bitcoin because of the decentralized nature of bitcoin.Other than that, bitcoin has a very high level of security, because it's hard to track by anyone.
I am afraid to say you are wrong if you think BTC cannot be track. Transactions are stored publicly and permanent on the blockchain, which means any one can see how and when a transaction is done into and out of any Address.

I agree that btc cannot be controlled but imposing a regulation might be hindrance to its growth. The fear, uncertainty and doubt will scare investors. Many will want to cash out.
I can still remember vividly on 11 of June 2019, when Donald Trump tweeted that he his not a fan of BTC. The aftermath was not good for the entire market.

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July 22, 2020, 09:24:36 PM
 #7

It's crystal clear that governments can't control Bitcoin but their actions will always have either positive or negative effect on Bitcoin price. Regulations mentioned by OP is not entirely bad, it's a welcome development provided it fosters BTC going mainstream. The major issue is governments placing ban on BTC, which usually makes it more complex for real world acceptability. Funny enough some government officials might have a chunk load of BTC, the more you look the less you see.

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July 22, 2020, 09:45:53 PM
 #8

Yup that is the beauty of decentralized blockchain networks but still i think governments are successfully interfering in many parts of the world in the name of regulation and taxation so i hope this industry will not be detracked from its original concept in coming years.

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July 22, 2020, 11:34:52 PM
 #9

Decentralization is the word here, that is, Bitcoin is totally decentralized unlike other coins and because of that, no one can control it not even the government. But yet because they can't control it, they will only come up with strategies to restrict it but what they will need to understand is that, the crypto space has grown massively and people have developed a lot of trust for Bitcoin, it means that, no matter the regulation or whatever, people will continue using it because they are sure their funds is secured with them and can't be frozen. Lastly, the government actions can always have a telling effect (most times, might be negative) on the price of Bitcoin but not capable enough to totally restrict its growth.

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July 22, 2020, 11:51:19 PM
 #10

Well yeah, Bitcoin is decentralized, cannot be controlled directly by the government. The government cannot control it beause it is also used and also run by all people around the world. The government can only make certain regulations to legalize or not legalize Bitcoin in their country. It is only about the ways under the rule and regulation in the country. But, if it is the big country that has big influence in BTC, will it influence the market price? probably, it may influence the market price. But, it doesn't mean that it will control BTC.
The government may not be able to control the BTC because they have no big power to control the involvement worldwide. But, they can have certain regulations to the people involved to the BTC through the legalization, but it may be limited only in their country.

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July 22, 2020, 11:53:21 PM
 #11

It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction.

More important than control of transactions is that there is no weak point. There is no way to shut bitcoin down.

As long as there are a couple of full nodes running and mining, the network will be working.  No government can shut it down.

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July 22, 2020, 11:59:07 PM
 #12

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
The government cannot control a decentralized global network but they can control all the exchanges that are dealing all these decentralized coins  Wink. The only position government will be taking is to regulate all the exchanges and if you are using those exchanges then you are bound to follow the rules and the government can control your flow of funds as they are able to monitor your transactions.

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July 22, 2020, 11:59:53 PM
 #13

It's true that bitcoin can't be controlled by governments but the control can be exercised on various other aspects of the crypto economy. Exchanges are an important one.
Governments could try to attack BTC by finding ways to make it harder to use. For example not permitting business transactions, not recognizing it as property etc. But this would only attract interest to countries that haven't banned it and accelerate the processes to build autonomous and decentralized ways to trade crypto. Many of which are already in development and growing.

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July 23, 2020, 12:11:18 AM
 #14

Bitcoin is decentralized and that's there are countries that can't accept it due to that reason. And if a government accepts bitcoin, that's even favorable for bitcoin enthusiasts like us. We want the government to realize how powerful bitcoin is and they shouldn't just ignore it.
They can adopt it and accept that there are benefits which could be helpful to the economy and not only to the individuals that will use it or make use of it as an investment.



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July 23, 2020, 12:22:43 AM
 #15

The thing it was decentralized, it is hard to be controlled or manipulate, but i really think that there is no government to control the bitcoin price since it has its own fluctuation and market movements. Maybe the developer has something to do with it's fluctuation, only my guess. Just like its increasing and decreasing acrivity are inevitable.

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July 23, 2020, 01:21:25 AM
 #16

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
That's why we call that exchange site is the main gateway that can be used to control the activities that happened on the crypto. No exchange no party and then you know this better.
If a coin can't be traded and then it will not get demand and this will make such coin will die.


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July 23, 2020, 04:11:44 AM
 #17

The government cannot control bitcoin because of the decentralized nature of bitcoin.Other than that, bitcoin has a very high level of security, because it's hard to track by anyone.
You forget an important thing when bitcoin is still pegged with the centralized exchange site and it's very rare to see there was a dex that accepted bitcoin too.

In my opinion the government has a lot of ways in order to control the crypto include bitcoin dude.

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July 23, 2020, 05:17:35 AM
 #18

It's true that bitcoin can't be controlled by governments but the control can be exercised on various other aspects of the crypto economy. Exchanges are an important one.
Governments could try to attack BTC by finding ways to make it harder to use. For example not permitting business transactions, not recognizing it as property etc. But this would only attract interest to countries that haven't banned it and accelerate the processes to build autonomous and decentralized ways to trade crypto. Many of which are already in development and growing.
This is true! The governments don't need to control BTC, they just need to control other factors that directly affect BTC. Because of BTC decentralization, I feel like the governments don't really want to permit BTC as a method of payment. I think most nations will do their best to keep their fiat money exists, that's the way they can control their economy and their country.

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July 23, 2020, 05:29:50 AM
 #19

Did you think that when someone owns most of Bitcoin amount then Bitcoin becomes centralized and they can control it?

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July 23, 2020, 05:36:14 AM
 #20

In Russia, the government recently allowed the use of cryptocurrency in transactions between persons, but prohibited its use as a means of official exchange for organizations, because it is impossible to control such money flows, which could be fraudulent.

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July 23, 2020, 05:42:40 AM
 #21

government imposing regulation is still really cumbersome not to mention if the government are rather blind to technology. although regulation always has its own advantage and disadvantage in many of countries that are not really open to innovation the regulation usually put the pressure on us crypto users. although, it's not that big of a problem in developed country which people and the regulation maker are more educated.

 
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July 23, 2020, 06:05:16 AM
 #22

The government cannot control bitcoin because of the decentralized nature of bitcoin.Other than that, bitcoin has a very high level of security, because it's hard to track by anyone.
Quit thinking like that, bitcoin is not hard to track like you think, you send a transaction out from your Bitcoin wallet your address is leaked, you received a Bitcoin transactions from friends your address is leaked, why said hard to track? If you are into illegal funds or you are a hacker, once your address is knowns your are toast.

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July 23, 2020, 06:19:49 AM
 #23

Actually Bitcoin and cryptocurrencies are a great thread for fiat banking system as per their thinking and that's why they are trying to control the decentralized system from the very beginning but yet they did not succeed. some countries have banned the cryptocurrencies trading/investing/mining but are crypto traders are watching the crypto trends day by day and the day is not so far away when Bitcoin will be the most favourable and big payment digital currency.

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July 23, 2020, 06:28:30 AM
 #24

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

It doesn't mean government cannot control bitcoin. In some of the country, the bitcoin and cryptocurrency is legalised one. In such country the people who had invest money in bitcoin and other cryptocurrency should pay the tax for it.By regulations, the bitcoin and cryptocurrency flow in such country can be control by the government. Bitcoin and cryptocurrency was centralized in such county.

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July 23, 2020, 08:38:08 AM
 #25

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

This is the best part of bitcoin, no one can centralize the transactions and control it. But I m a bit worried about the China that control a lot of mining farms and tomorrow can decide to pull down the system

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July 23, 2020, 08:40:17 AM
 #26

They can´t control it, but they can regulate it. They can make Bitcoin illegal in the country and everyone who will use it will be arrested and went to prison. Would you then use Bitcoin? Probably not. Probably you would think about leaving the country or leaving Bitcoin,  Cry

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July 23, 2020, 08:48:47 AM
 #27

inability to have full control over cyptocurrencies is one of the issues why governement bodies are not responding positively to it. thats why some countries are issuing time to time ban, and coming with alot of negativity. there is nothing they can do about it so it has to be left to roll like this or make up their own coins of which they will still use the blockchain.

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July 23, 2020, 09:18:36 AM
 #28

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
Yes, you are right. Government can't control bitcoin because of its decentralization character and its transaction system. For this reason some country banned Bitcoin. Bitcoin is not legal in too many countries. But government action can effect positive or negative impact on Bitcoin.

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July 23, 2020, 10:40:44 AM
 #29

The problem is always in the services of the third party, and these can be controlled by the government easily, for example you need the service of the third party in order to trade Bitcoin which is exchanges, of course the government can control the exchanges in that country and force them to request verification through KYC In such a case, the government will be able to view all transactions made by any person who trades in this exchange and pursues it.
This is what governments are doing now and we see an increase in exchanges that are requesting verification by KYC.

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July 23, 2020, 11:08:10 AM
 #30

The problem is always in the services of the third party, and these can be controlled by the government easily, for example you need the service of the third party in order to trade Bitcoin which is exchanges, of course the government can control the exchanges in that country and force them to request verification through KYC In such a case, the government will be able to view all transactions made by any person who trades in this exchange and pursues it.
This is what governments are doing now and we see an increase in exchanges that are requesting verification by KYC.

Yeah that is currently the problem. By KYC the government can control who buys and sells cryptocurrencies for fiat money. So the next step to make bitcoin stronger should be some possibility to exchange large amounts of crypto for fiat anonymously

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July 23, 2020, 01:28:22 PM
 #31

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
I think that any cryptocurrency, not only Bitcoin, can exist regardless of the government's decision. We are creating a new financial structure that will be owned by users


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July 23, 2020, 01:49:01 PM
 #32

Actually although the government can track the movement of Bitcoin between persons and the wallets by imposing KYC and other restrictions they lose their financial control.if Bitcoin becomes dominant. That's why they don't allow it.

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July 23, 2020, 02:33:49 PM
 #33

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Well it us true that different government's power has limit in controlling Bitcoin. But let's come to think of it that government has the ability to make policies that will affect digital currencies in one way or the other.  In fact regulations of governments have been fingered in the low adoption of cryptos in many countries.  For example, the anti graft agencies in my country recently were arresting anyone with crypto related stuffs on their phones or PCs. They said, they categorized them under internet fraudsters.  We need more favourable policies that will support the mass adoption of Bitcoin and altcoins.

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July 23, 2020, 03:34:11 PM
 #34

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
Obviously, Bitcoin is a decentralized platform so you think government can't control the Bitcoin. But reality government can add some regulations of Bitcoin because each country have different set of regulations in government policy so they can add some regulations on convenient manner. The current situation many exchanges ask the proof of the country so government will monitor our activity.

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July 23, 2020, 03:55:30 PM
 #35

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Obviously, Bitcoin is a decentralized platform so you think government can't control the Bitcoin.

Seems like that from it's own intention to exist, bitcoin was decentralized.

But reality government can add some regulations of Bitcoin because each country have different set of regulations in government policy so they can add some regulations on convenient manner.

It's the power of the government, if they see that there's a need of implementing rules then law will be there to accompany the ruling.

The current situation many exchanges ask the proof of the country so government will monitor our activity.

Government seek for any illegalities as there are chances that money laundering and illegal transactions can happen using bitcoin.

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July 23, 2020, 04:11:16 PM
 #36

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

The task of the government is controling, where they make regulations / rules about transactions which regulated according to each applicable regulation in which not all countries have adopted their use en massal.

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July 23, 2020, 05:08:45 PM
 #37

or they can make their own currency, and of course this will not have much effect on bitcoin and other cryptocurrency because they already have their own market.
maybe the government can only make rules where the currency is traded, such as taxes or the like, and I think it will also be difficult.

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July 23, 2020, 06:13:51 PM
 #38

decentralization is one of the main advantages of cryptocurrency. there is no government which can stop bitcoin and cryptocurrencies, no matter how hard they try to do it

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July 23, 2020, 07:18:46 PM
 #39

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
What I think about this regulations from the government towards Bitcoin is, they may be adopting other cryptocurrency and abandoning the said Bitcoin. According to some recent news from US, they won't allow what is not in their control to be adopted. In the future, the government will heavily clamp down on this decentralized coin. They will start from the cryptocurrency exchanges which will be devastating in my opinion.

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July 23, 2020, 09:02:13 PM
 #40

You are absolutely right and it's what made Blockchain unique but how I wish as you said only having control on exchanges regarding regulation. If this regulation could come in crypto it will be very nice because many exchanges has exited scam and many investors had been hurt so would be good to regulate exchanges.

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July 23, 2020, 09:12:17 PM
 #41

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

When you say control, it means to have a stronger influence over something.
In respect to bitcoin, government does have control, this is why whenever the news isn't favorable between crypto currency and bakkt or Indian government news and right to use crypto currency in India, prices of bitcoin and related Indian tokens plummets and panic respectively

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July 23, 2020, 09:19:18 PM
 #42

decentralization is one of the main advantages of cryptocurrency. there is no government which can stop bitcoin and cryptocurrencies, no matter how hard they try to do it

This is a stand alone advantage of bitcoin over any currency particularly fiat government can only advice its citizens against investment in bitcoin but don't have any influence on it, bitcoin a massive revolution in monetary policies in term of anonymous financial independency I am very sure with time bitcoin will dominance over the so-called fiat is under the control of the government.

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July 23, 2020, 09:32:11 PM
Last edit: July 30, 2020, 07:47:54 PM by StephenJH
 #43

decentralization is one of the main advantages of cryptocurrency. there is no government which can stop bitcoin and cryptocurrencies, no matter how hard they try to do it

That is definitely right, governments cannot control BTC, it is the main advantage of cryptocurrency and no doubt people want to be part of this world cause of this reason. But l think the government would control it, that is why they don't want to see that people are depending. They always want people to depend on them. But it is impossible in crypto space, however, the government can make BTC legal or illegal in country.

You are absolutely right and it's what made Blockchain unique but how I wish as you said only having control on exchanges regarding regulation. If this regulation could come in crypto it will be very nice because many exchanges has exited scam and many investors had been hurt so would be good to regulate exchanges.
There are two faces of regulation and we can not tell which side will be beneficial for the crypto traders. The scam exchanges will do their job under a decentralization idea but without the regulation, it will be easier to keep competition among the top DEXs. China has lifted the crypto ban and Russia has followed this decision afterward.

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July 23, 2020, 09:44:45 PM
 #44

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
All these things fall both in favor and against btc because it being away from govt control or regulation simply means that masses will have a hard time trusting it but i think with time govts around the world are declaring it a legal thing and some are taxing the crypto gains while some have declared it tax free. I hope all countries will come up with clear and pro crypto policies only then we can realize the dream of mass adoption.

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July 23, 2020, 10:39:19 PM
 #45

You are absolutely right and it's what made Blockchain unique but how I wish as you said only having control on exchanges regarding regulation. If this regulation could come in crypto it will be very nice because many exchanges has exited scam and many investors had been hurt so would be good to regulate exchanges.
There was no guarantee the regulation will be very effective to be implemented into the crypto. There will be a lot of limitation for the users too. You were using the decentralized system and that means it's not 100% needed at all.


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July 23, 2020, 10:44:59 PM
 #46

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
All these things fall both in favor and against btc because it being away from govt control or regulation simply means that masses will have a hard time trusting it but i think with time govts around the world are declaring it a legal thing and some are taxing the crypto gains while some have declared it tax free. I hope all countries will come up with clear and pro crypto policies only then we can realize the dream of mass adoption.
The issue of mass adoption has been lingering for quite some time now. Governmnets are not ready to support what they cannot control. Rather, they support more what they have the poser to maneuver. Some of them want it, but core out publicly to declare it's importance, relevance and prospect on most especially the economy and the people they govern, they are afraid of what others would say.

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July 24, 2020, 01:27:42 AM
 #47

for developed countries the government should be able to support the existence of this modern technology, Bitcoin is a new breakthrough to meet the needs of alternative transaction tools that should be developed throughout the world, although the government's role cannot control Bitcoin at least there is support to be able to introduce Bitcoin to the layers of society as digital currencies which is quite popular in most countries that already accept Bitcoin
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July 24, 2020, 01:39:43 AM
 #48

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
The same way that they can't either control their people as well as of what they do with their money.

Will not asking for their to help tracking our transaction coz in the first place, we already have a record in the blockchain. If they are willing to support crypto, definitely they won't find anything negative to dispute crypto in the market and in the eye of the community. They are pushing some negative about crypto and that soo much it affects the trust of the people around.

If they are imposing taxes, there is nothing wrong with that but it wasn't good to see that they controlling the entire market and manipulate the price. 

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July 24, 2020, 01:45:42 AM
 #49

You may be banned from paying in bitcoin and you simply will not be able to spend your bitcoins anywhere, or it will be illegal.
That was happening a few years ago when so many countries have already declared to ban bitcoin and crypto but with the goes of time everything have already changed right now and you must see the fact more countries legalize bitcoin. The only way to control crypto through the exchange site.


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July 24, 2020, 02:56:45 AM
 #50

You may be banned from paying in bitcoin and you simply will not be able to spend your bitcoins anywhere, or it will be illegal.
That was happening a few years ago when so many countries have already declared to ban bitcoin and crypto but with the goes of time everything have already changed right now and you must see the fact more countries legalize bitcoin. The only way to control crypto through the exchange site.
Now the governments of many major countries are thinking differently about the crypto market and surely one day we can live with Bitcoin because this coin will definitely be used for payment soon. However, it is still too early to do this because many countries see crypto as a threat and will find ways to prevent people from participating, so this will be a big obstacle.

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July 24, 2020, 03:08:49 AM
 #51

No one can control bitcoin, even the governments, because of its decentralization. It is not regulated as electronic money according to their law, which is why it is not allowed to store your bitcoin and other cryptocurrencies in banks. I think it might be why governments in other countries banned bitcoin besides bitcoin being used in illegal activities.

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July 24, 2020, 03:10:38 AM
 #52

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

None  of the government in the entire world has no capability to control bitcoin. But they have the capability to adopt the system of Bitcoin.
Just like what the other bigger companies did. Where they accepted it as mode of payment to their own business in terms of online payment options something like that.
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July 24, 2020, 09:12:54 AM
 #53

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
Bitcoin wasn’t created with an intention of being just another virtual currency, it was created with an objective of decentralizing the payment systems and to eliminate the interference of the third party institutions. That means neither can bitcoin be controlled by a single party and nor can it be controlled by the government. Bitcoin is controlled by all the bitcoin holders around the globe.

The most that any of the government can do is ban the trade of BTC against fiat currencies or set rules and regulations for the crypto exchanges. They can never stop or track the bitcoin transactions that take place on a daily basis. So far no government was successful on regulating crypto related activities hence I believe we do not need to get unnecessary panic on this.

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July 24, 2020, 09:46:41 AM
 #54

You may be banned from paying in bitcoin and you simply will not be able to spend your bitcoins anywhere, or it will be illegal.
That's happening in 2014 when the country started to ban crypto and bitcoin. This time everything has already changed based on the trend. Bitcoin is started to be accepted by more and more governments.
Bitcoin can't be controlled directly and it needs 3rd party to do that like exchange site.


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July 24, 2020, 04:34:02 PM
 #55

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
Actually why the government needs to control Bitcoin, "Money laundering". The government doesn't need control exchange, by bank transaction the government can do it that's how several countries were banned. From 2009 why Bitcoin is being popular for its decentralization, the same idea followed Monero gold. Still the government can't control it, but Bitcoin transaction history has been left in the server for a short time.

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July 24, 2020, 05:59:53 PM
 #56

The government cannot control bitcoin because of the decentralized nature of bitcoin.Other than that, bitcoin has a very high level of security, because it's hard to track by anyone.
Sure, bitcoin offers high security, but still if I were you, I wouldn’t rely on bitcoin if I wanted to do some miscellaneous transactions or something. There are many coins out there like monero, PIVX and zcash which offer higher level of security and privacy to its users than bitcoin.

Bitcoin still offers a high security the reason being:
1. Run-of-the-mill encryption.
2. Transactions are public but the sender and the receiver stay anonymous.
3. Bitcoin is decentralized and runs on the node system. So, there is nothing to worry unless a person holds 51% of the total nodes across the world which is impossible.

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July 27, 2020, 03:43:57 PM
 #57

Yes, I agree that the only thing a government can do is to regulate Bitcoin.Because crypto is designed as decentralized.Thus,  a government cannot take full control in it.Through regulations, the government can also benefit from crypto through taxes and regulating ICO would minimize scam incidents.
Even if bitcoin or cryptocurrencies in general are regulated, still scams, frauds, money laundering and other illegal activities will take place. There’s no way to stop that as the whole system is decentralized. Although, by regulating ICOs are by making them register under a specified law section many scams and frauds can be avoided.

Implementing fixed set of rules to the exchanges will surely help the government keep some kind of track on the moving money between fiat currencies and crypto assets and also help charge taxes and limit the people from trying to launder their money through these digital assets.
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July 27, 2020, 04:33:16 PM
 #58

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
Bitcoin does not need government, Bitcoin is free, Bitcoin is decentralized, meaning decentralization is not centralized, I prefer if Bitcoin becomes a government threat, because it will be increasingly adopted by all people

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July 27, 2020, 05:40:04 PM
 #59

One of the main reason some government have not endorsed the total usage of blockchains assets e.g bitcoin is that they don't not have the power to control it.  There are some regulations some countries would want to make so as to sustain their own financial institutions either for their own personal gains or for the citizens but they won't be able to achieve that regulations just mainly because they are decentralized .
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July 27, 2020, 06:17:08 PM
 #60

One of the main reason some government have not endorsed the total usage of blockchains assets e.g bitcoin is that they don't not have the power to control it.  There are some regulations some countries would want to make so as to sustain their own financial institutions either for their own personal gains or for the citizens but they won't be able to achieve that regulations just mainly because they are decentralized .
they do not approve it because Bitcoin is a serious danger to money that is used inside the countries. if bitcoin will become legal, then many people will stop using fiat money and this is not interesting to any government at all

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July 28, 2020, 06:22:05 AM
 #61

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Yes, you are right. BTC is totally decentralized and government can't track btc but they can track centralized exchanges where we trade btc. Blockchain or btc made because people were fed up on centralized bank which controlled by government. But if you trade btc on centralized exchange then i can say nothing is changed very much. That's why many crypto genius think DEX will rule in the future.

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July 28, 2020, 06:43:14 AM
 #62

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
So far this is the only coin known to be decentralized other than that project all are centralized. The only thing that controls the bitcoin is the market and whales. They can manipulate it on their way. For altcoins, I dont think they have the criteria to be decentralized, so even defi has been controlled by such team or management. How come they can say its fully decentralized? Nonsense idea.
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July 28, 2020, 06:48:15 AM
 #63

I agree that governments still cannot control Bitcoin and most likely will not be able to control it for a long time, but I am sure that governments are already working on this and are trying to come up with something, because governments always need additional income.

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July 28, 2020, 06:57:04 AM
 #64

That's why people love bitcoin because of decentralization. Financial freedom, anonymity, decentralization, and not to mention the boundless potential of it as a future currency and the opportunities it had provided to people. However, with this attribute comes with a risk, such as market volatility, people using crypto to scam people, and also the accessibility of crypto to the public and even some merchants. We are still far from mass adaptation, I believe there are still a lot of possibilities and changes that may come that which will also improve the current system we have in fiat/crypto, but all over crypto is one of the best innovation that brought us financial freedom.


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July 28, 2020, 07:12:35 AM
 #65

I agree that governments still cannot control Bitcoin and most likely will not be able to control it for a long time, but I am sure that governments are already working on this and are trying to come up with something, because governments always need additional income.

They can't control it now, and they will not be able to control Bitcoin in the future. It's what decentralization means, there are no central authorities. It's one of the reasons why we love Bitcoin, and I believe this will be one of the main reasons for Bitcoin's progress. We all need additional income, and some of us are lucky for being involved with cryptocurrencies.



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August 20, 2020, 05:38:41 AM
 #66

No government can control them on Bitcoin. It is not cash that will run through conventional means. I think if the government wants, it is possible to bring them under control over different exchanges. The government can benefit from this.

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August 20, 2020, 07:20:45 AM
 #67

Yes, I totally agree with you. The government cannot control bitcoin like it controls finance in their respective countries.

They can only limit regulations on exchangers in their country, such as taxes, KYC and others.

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August 20, 2020, 09:17:39 AM
 #68

Yes, I totally agree with you. The government cannot control bitcoin like it controls finance in their respective countries.

They can only limit regulations on exchangers in their country, such as taxes, KYC and others.
The government can only make laws for exchangers because they want to collect taxes from there, but they can't collect taxes from Bitcoin users, Because Bitcoin is anonymous, it is not known who owns it.

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August 20, 2020, 09:20:22 AM
 #69

If you buy something large in any case, you will have to pay tax, you will not pay bitcoin directly, and you will not be able to hide a large purchase.

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August 20, 2020, 09:36:37 AM
 #70

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

All they can do is try, but we never know these authorities will always find a way to get their way, they threaten ban, regulation and strict laws because this is what government wants full regulation and control but as long as the central figure and the community adhere to decentralization they will hard time implementing this.



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August 20, 2020, 11:29:34 AM
 #71

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

All they can do is try, but we never know these authorities will always find a way to get their way, they threaten ban, regulation and strict laws because this is what government wants full regulation and control but as long as the central figure and the community adhere to decentralization they will hard time implementing this.

but it will be hard, because from the beginning it was the purpose of decentralization, or at least they might implement regulations in their respective countries such as applying taxes then trying to make their own version of the currency and so far many people use it in my country, they are copying the concept but stay centered.

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August 20, 2020, 01:03:26 PM
 #72

It is true that full transactions can only be carried out on the blockchain network, which is why the government does not fully support crypto, but crypto has started to be recognized and supported by various groups.It is only a matter of time until the government turns around and supports it, or remains adamant about rejecting it.

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August 20, 2020, 01:30:52 PM
 #73

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

That is actually what makes Bitcoin and other Blockchain Technology integrated Cryptocurrencies great. Being uncontrollable by the government and having its own growth development is the best for Bitcoin. Imagine Bitcoin having some unfair regulations about it, it will surely gain more value (or decrease) because of the fact that some things gets more value even though its being labeled badly. They just need to fully understand what are the capabilities of Bitcoin and the whole Blockchain technology.

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August 20, 2020, 01:58:17 PM
 #74

yes bitcoin is not like paper money which can be controlled and controlled by the government,
Obviously the government cannot do that with Bitcoin, because Bitcoin with a centralized system cannot be controlled, only exchanges can be controlled and are taxed when converted back into banknotes.

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August 20, 2020, 02:14:21 PM
 #75

that is the main advantage of bitcoin, it cannot be controlled by anyone, especially the government.  only the bitcoin users can control the movement of bitcoin.  and it is hoped that bitcoin can replace money that is deliberately regulated and diminishes in value even though its circulation is restricted.
But it could also become a double edged sword though I know that the people that already has an experience with crypto usually are comfortable with all the advantages and disadvantages it brings when using crypto.
I personally prefer it decentralized just like this so that our money not gonna get frozen out of the blue even we never do something illegal. for example like exchange where the froze money just for. "review"


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August 20, 2020, 02:35:07 PM
 #76

It is true that full transactions can only be carried out on the blockchain network, which is why the government does not fully support crypto, but crypto has started to be recognized and supported by various groups.It is only a matter of time until the government turns around and supports it, or remains adamant about rejecting it.
Governments don't have the power to control bitcoin and this is the reason why most of the governments are against bitcoin adoption. But seeing how people reacts positively on bitcoin might give way for bitcoin to be legally adopted in some countries which are slowly supporting bitcoin and promote its blockchain technology.




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August 20, 2020, 02:56:36 PM
 #77

Lucky our government legalized bitcoin so we can able utilize it without wories, unlike other governments out there that just bans crypto for bullshit reasons like tax evasion, meanwhile they waste tax payers money on bullshit.

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August 20, 2020, 02:56:48 PM
 #78

that is the main advantage of bitcoin, it cannot be controlled by anyone, especially the government.  only the bitcoin users can control the movement of bitcoin.  and it is hoped that bitcoin can replace money that is deliberately regulated and diminishes in value even though its circulation is restricted.
If you are saying the possibility to control bitcoin directly with its chain and it will never possible but the government has the right to control the exchange site that has already used by bitcoin and the whole of crypto to get money from the investors and traders or even users.

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August 20, 2020, 04:14:20 PM
 #79

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
Governments can stop the acceptance of cryptos, they can stop the conversion of fiat into cryptos and vice versa and lot more things they can do even if it is decentralized but they can't do anything to stop a bitcoin transaction but literally no one will use it if it doesn't have any value.

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August 20, 2020, 04:27:50 PM
 #80

We can´t say this claim because this never happened globally. We witnessed that it is possible in countries with the totalitarian regime - China, but in the end, they changed their attitude because they realized how much taxes they are loosing.

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August 20, 2020, 04:52:52 PM
 #81

The government cannot control bitcoin because of the decentralized nature of bitcoin.Other than that, bitcoin has a very high level of security, because it's hard to track by anyone.
The government can't control bitcoin is right, bitcoin has a very high level of security is also right, but if you say it is hard to tracked by anyone this is wrong because One of many advantages of bitcoin is we can see and track all the transactions in the blockchain, it's mean transparent that's why a lot of people love it.

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August 20, 2020, 05:10:43 PM
 #82

I agree with you, government would find it extremely difficult to control bitcoin since its transferred without any central body and the value is determined purely by the forces of demand and supply. I don't even see any government contesting with Bitcoin, because its way more than any country in particular. It's way larger than an single government and that makes it untouchable.
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August 20, 2020, 05:32:01 PM
 #83

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
right. The crypto market is for us like paradise, but for governments it is a disaster. Governments are always looking for ways to stop money launderers and illegal activity, but to the crypto market it looks like they're giving up. they just put out laws to minimize the criminal profile and could do nothing more. That is also why governments never let their people use bitcoin in payments.


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August 20, 2020, 05:48:44 PM
 #84

that's for sure, because bitcoin is very difficult to control even by world governments, because the market demand for bitcoin investment is uncertain, so investing in cryptocurrency is high risk if we don't know the market movements, because when bitcoin price goes up or nothing can hold it

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August 20, 2020, 08:13:05 PM
 #85

As you say, governments cannot control bitcoin, and they cannot control this market. That's why many countries have tried to ban cryptocurrency because they can't control it, they fear it will cause Fiat to crash.
No, the government can control the usage of bitcoin through heavy/strict regulation. Yeah, it is going to be quite difficult for them, but trust me, almost every countries are catching up! A decade before, almost no casino, exchange or any crypto currency related service asked for identification. But, now almost most of the services requires users through go through the KYC process.
And they aren't afraid because it is going to "crash fiat". They are scared people might use it to evade taxes and launder money easily.

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August 20, 2020, 08:19:08 PM
 #86

I don't see the need why government should want to control bitcoin when it has its national currency to deal with. The government could only desire track the earnings from bitcoin and ensure that her citizens remite the right amount as tax. I know some countries like the United States is towing along the path to checkmate the citizens cryptocurrency earnings.
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August 20, 2020, 11:49:11 PM
 #87

Government cannot control bitcoin beause it is decentralized, there is no way to control cypto. I believe that it is really hard to control blackchain. Maybe government will adopt blackchain technology soon for it had really a great help or maybe it can contribute to make payment system more simple.

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August 21, 2020, 12:22:07 AM
 #88

Government cannot control bitcoin beause it is decentralized, there is no way to control cypto. I believe that it is really hard to control blackchain. Maybe government will adopt blackchain technology soon for it had really a great help or maybe it can contribute to make payment system more simple.
There is a reason why the government wants to take control over crypto, aside from trying to help in regards to scamming and illegalities, they are also after the taxes that every holder may have to pay. But, it was very unfortunate that they can't make it and live the market still fully decentralize. It doesn't mean that we don't need the government but only we ask is their support, not banning crypto because we decline their intent to control us. If they can appreciate how useful is Bitcoin, huge adoption might take place and so they are.

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August 21, 2020, 12:35:18 AM
 #89

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Regulations is the closest they can do because they will have to spend a lot of money and a lot of manpower if they try to control Bitcoin transactions or if they will try to ban people will always find a way use transact and store their Bitcoin in fact they can benefit if they allow it and then just charge taxes on services and products associated with Cryptocurrency.



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August 21, 2020, 12:56:15 AM
 #90

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
bitcoin is free in the market. the government will not be able to control bitcoin, because bitcoin is not a product of a country and is approved by many countries. even if it makes rules about bitcoin, the government cannot implement it according to the rules it must still be in a reasonable stage.
bitcoin is present in the world for the trading system, and it is entering the free market. anyone can trade and use it

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August 21, 2020, 01:42:56 AM
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The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
It is true, blockchain technology is currently prioritizing decentralization so that no one has the authority to rule and every user has the same position and is convinced of the fluctuating value of bitcoin or cryptocurrency. Moreover, bitcoin was originally created for such a purpose where every user has the same rights without any third party influencing the rules of the transaction (P2P network). There is the little fact that we can adopt the concept of blockchain technology by having central authority over transactions, and still have data security and transparency.

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August 21, 2020, 02:06:27 AM
 #92

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
It is true, blockchain technology is currently prioritizing decentralization so that no one has the authority to rule and every user has the same position and is convinced of the fluctuating value of bitcoin or cryptocurrency. Moreover, bitcoin was originally created for such a purpose where every user has the same rights without any third party influencing the rules of the transaction (P2P network). There is the little fact that we can adopt the concept of blockchain technology by having central authority over transactions, and still have data security and transparency.
Blockchain is already a secured feature of bitcoin having transparency through it and I think if government will going to watch over every transactions then that might do as well but we have also to embrace high transaction fee to be deducted and the purpose of p2p transaction will be defeated in eradicating third party in a transactions. Well, whatever government will do if ever they will meddle in cryptocurrency as long as there will be a balance with cryptocurrency and its use then it is going to be alright with me as long as those scammers also abusing bitcoin will be caught and put to jail.

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August 21, 2020, 02:51:26 AM
 #93

Yes, our governments can't control the bitcoin but they can make it illegal in our countries so that we can't use it no more.
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August 21, 2020, 03:28:46 AM
 #94

Yes, our governments can't control the bitcoin but they can make it illegal in our countries so that we can't use it no more.

In the major media, they often do not recognize the existence of this market and often advise people to stay away from it when possible because the risks of participating are great. My country used to be like that, but now things are much different because my national government has realized the potential and surely in the future there will be many good policies for the participants.

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August 21, 2020, 04:45:51 AM
 #95

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.
Without any doubts I totally agree to what you said that any government around the world so far doesn't have any control in bitcoin knowing that it is a decentralized system. But Maybe after some time it can change if all the government will accept how bitcoin really work especially for each economy.

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August 21, 2020, 05:32:29 AM
 #96

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

After ten years of trying governments cannot impose their will to Bitcoin community, some countries are still Cryptocurrency on their citizen but it's a futile effort and will not last, by regulating the exchange they can still make money and they have to realize that fiat and Cryptocurrency can co-exist without harming one another.

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Squezzi55
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August 21, 2020, 05:39:35 AM
 #97

Bitcoin is fully decentralized and I like the idea that Nakamoto is unknown to this day because if he is well known there will surely be some past threat on the guy's life, I'm glad Bitcoin stood on its own and fought all the wars.

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August 21, 2020, 09:10:12 PM
 #98

Yes, our governments can't control the bitcoin but they can make it illegal in our countries so that we can't use it no more.
We made the government to ourselves. We gave the full power government to do with us whatever is the best for us. The government can't survive without ourselves, without control we can't survive. Without tax, the government wouldn't support Bitcoin and it's secure transaction process. Do you believe the USA and China don't use Bitcoin this time?

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August 21, 2020, 09:43:07 PM
 #99

Yes, our governments can't control the bitcoin but they can make it illegal in our countries so that we can't use it no more.
We made the government to ourselves. We gave the full power government to do with us whatever is the best for us. The government can't survive without ourselves, without control we can't survive. Without tax, the government wouldn't support Bitcoin and it's secure transaction process. Do you believe the USA and China don't use Bitcoin this time?

US does not have her own cryptocurrency, but China does. China actually created hers, because it has no control over major cryptocurrencies and they thought of ways to mitigate that and the only means to create their own digital currency, which is official
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August 21, 2020, 09:48:15 PM
 #100

Bitcoin is kind of private commodity or entity which no government can control fully. But by imposing regulations, transactions can be controlled to avoid money laundering activities. Each government wants to have tax collected by such means, so by regulating they may get benefits out of it.

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joinfree
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August 21, 2020, 09:53:00 PM
 #101

Not at all mate @OP. There is no way they can control bitcoin unless maybe they rather break the anonymity that comes with Bitcoin transactions. for instance, they can rather enforce cryptocurrency exchanges to make sure that all users undergo strict KYC process in order to trade their cryptocurrencies with fiat currencies.
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August 21, 2020, 11:43:18 PM
 #102

Yes, our governments can't control the bitcoin but they can make it illegal in our countries so that we can't use it no more.
We made the government to ourselves. We gave the full power government to do with us whatever is the best for us. The government can't survive without ourselves, without control we can't survive. Without tax, the government wouldn't support Bitcoin and it's secure transaction process. Do you believe the USA and China don't use Bitcoin this time?

US does not have her own cryptocurrency, but China does. China actually created hers, because it has no control over major cryptocurrencies and they thought of ways to mitigate that and the only means to create their own digital currency, which is official
US never stated that if they were willing to issue their own crypto adn china is not even creating a crypto but they were releasing the digital yuan that used the different mechanism.
It looks like you have need watched the latest news again.

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August 21, 2020, 11:58:58 PM
 #103

The governments can't control Bitcoin because it is decentralized. It wasn't made in favour of a centralized system where one person or authority can have full power and control over its transaction. The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Your first line of thought or statement is the perfect answer why government can't control Bitcoin; decentralization is the main reason which has lead to the high trust found in Bitcoin. But as for other altcoins, or maybe a good number of them, they can be easily controlled because even the team cares for themselves first. Also, although there many altcoins which claims to be decentralized, however it is important to know that only few are actually decentralized or somewhat decentralized, while others are just hiding under the claims of decentralization just to exist and keep working.

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