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Author Topic: Governments cannot control Bitcoin  (Read 629 times)
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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August 21, 2020, 11:59:41 PM
 #104

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.

This is actually the main reason why some governments are still banning the use of bitcoin because they don't know how to get ahold of it. Some are treating this as a competitor of their traditional method like the banking transactions. But since they can't fully control the usage of it, it is better to just regulate the use of crypto rather than totally banning all crypto activities. In that way, they can implement regulations on local businesses dealing with crypto such as local exchanges or remittances.

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August 22, 2020, 12:50:48 AM
 #105

Government cannot lay their hands on Bitcoin for now and the only thing they can do is to impose regulation upon exchanges. They can put charges on it and by then this will have an impact upon our trade because this might change the transaction fees a little bit.
Government can't control Bitcoin indeed, but there's a chance that they might pull of something that could able for them control Bitcoin eventually.

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August 22, 2020, 01:37:03 AM
 #106

Government cannot lay their hands on Bitcoin for now and the only thing they can do is to impose regulation upon exchanges. They can put charges on it and by then this will have an impact upon our trade because this might change the transaction fees a little bit.
Government can't control Bitcoin indeed, but there's a chance that they might pull of something that could able for them control Bitcoin eventually.
Indeed regulation on exchanges are what they can do if the government really wants to somehow get their share for every transaction. Since bitcoin is decentralized they dont have control over it, the reason why some of us prefer to keep our assets on btc instead of bank. However they can set btc or crypto illegal on their country if they want to eliminate the uses of crypto and its not favour to us.

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August 22, 2020, 06:31:54 AM
 #107

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.
Bitcoin is truly decentralized but you must know there was a critical point that makes bitcoin will be less decentralized caused by bitcoin was fully pegged with the exchange site and any coin that claimed to be fully decentralized is not truly decentralized at all.

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August 22, 2020, 07:38:39 AM
 #108

This is the major reason that every single person love it as it is fully in control of a single person and no government or bank interrupt into your wallet and your assets are in full privacy and safety.

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August 22, 2020, 08:07:52 AM
 #109

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.

Thats one of the advantages of bitcoin. Bitcoin after all became popular to create untraceable transactions. It was used frequently in the dark web to create transactions that the government wont be able to track.




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August 22, 2020, 12:36:07 PM
 #110

Well, all cryptocurrency coins should be like that, decentralized currency.
But some cryptocurrency are centralized because they are created by one organization and can't be mined by anyone unlike bitcoin.
I think mineable coin is more decentralized than unmineable coin because anyone (promote decentralization) can get the coin by mine it.

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August 22, 2020, 01:06:22 PM
 #111

Well, all cryptocurrency coins should be like that, decentralized currency.
But some cryptocurrency are centralized because they are created by one organization and can't be mined by anyone unlike bitcoin.
I think mineable coin is more decentralized than unmineable coin because anyone (promote decentralization) can get the coin by mine it.
If you talk about other cryptocurrencies, it will not be potentially controlled by the government, but when you talk about bitcoin, the government will never be able to control or control bitcoin because bitcoin only has movements depending on the owner itself.
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August 22, 2020, 02:01:32 PM
 #112

bitcoin and other cryptocurrencies cannot be controlled by a particular government, only local exchanges can be controlled by the government, with a decentralized Bitcoin system making it difficult for the government to get involved in bitcoin, and that's the advantage of Bitcoin. Cool

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Jackl87
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August 22, 2020, 02:09:40 PM
 #113

It's true that governments can't control Bitcoin and cryptocurrencies in general. That is also the reason, why they tried to stop the growth of it by making fun of it or even making it illegal in certain countries.
But i feel like this behaviour has stopped in the last two year or so. Governments noticed that they can't stop crypto and they made some regulations for it.
Most federal banks would still be happy though if crypto wouldn't exist i guess.
Princejebs
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August 22, 2020, 02:10:00 PM
 #114

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.

You are totally having a misconception about bitcoin and government ruling against it.
It's true that government cannot bitcoin but don't be carried away by most of the things influencers speak on YouTube and and other channels.
Bitcoin is regulated and every transaction you do on blockchain can be track. More over, that's why KYC was implemented for anti money laundering, only government and regulated bodies can implement that.

What do you think will happen to bitcoin when united nations began to tackle bitcoin, definitely it will plunge a day without further growth because of its volatility.

gwapoinside2
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August 22, 2020, 03:44:06 PM
 #115

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.

Totally agree with you. Despite the regulations of the government of many countries, they cannot control the way people transact their cryptos. The decentralized nature of many cryptos make it hard for government to control them. Instead, they impose regulations to aid people in transacting their crypto assets.

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August 22, 2020, 03:49:10 PM
 #116

It's true that governments can't control Bitcoin and cryptocurrencies in general. That is also the reason, why they tried to stop the growth of it by making fun of it or even making it illegal in certain countries.
But i feel like this behaviour has stopped in the last two year or so. Governments noticed that they can't stop crypto and they made some regulations for it.
Most federal banks would still be happy though if crypto wouldn't exist i guess.
The bank never wanted a crypto market to exist in this market and surely without a crypto market the bank will dominate this era. It can be seen that the government hates Bitcoin very much because this coin affects their economy a lot because if people use it for transactions then the bank will inevitably close soon. However, very few people are aware of this market so hopefully things will change over the next few years.


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August 22, 2020, 03:53:25 PM
 #117

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.

Totally agree with you. Despite the regulations of the government of many countries, they cannot control the way people transact their cryptos. The decentralized nature of many cryptos make it hard for government to control them. Instead, they impose regulations to aid people in transacting their crypto assets.
Yes, that is their only solution. Since they cannot control the bitcoin, they will control or implement some rules and regulations to the people who uses bitcoin. That way, they can at least show their power, they control the usage of people and makes it as their advantage over it.

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August 22, 2020, 05:59:28 PM
 #118

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.

Totally agree with you. Despite the regulations of the government of many countries, they cannot control the way people transact their cryptos. The decentralized nature of many cryptos make it hard for government to control them. Instead, they impose regulations to aid people in transacting their crypto assets.
Yes, that is their only solution. Since they cannot control the bitcoin, they will control or implement some rules and regulations to the people who uses bitcoin. That way, they can at least show their power, they control the usage of people and makes it as their advantage over it.

Since many cryptocurrency exchanges require KYC verification, they have your personal data. And, as it already became known, more and more cryptocurrency exchanges cooperate and share information about their clients with the government, especially if there are tens of thousands on clients accounts. Therefore, their strength lies precisely in this, they know exactly who owns cryptocurrencies and, in particular, bitcoins.
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August 22, 2020, 06:16:24 PM
 #119

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.
Even if the government should put regulation in place, like you have said it’s only going to be effective on exchanges, do you mean only centralized exchanges or the both types of exchanges?

Because, the way I see it the government can only be able to regulate the transactions that are taking place on centralized exchanges, decentralized exchanges are something else and I don’t believe that the government can have any kind of control over them since they are decentralized. And also when people are doing transactions peer-to-peer the government won’t be able to keep an eye on it.

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August 22, 2020, 06:44:57 PM
 #120

Well yes, they can't control Bitcoin directly because it is decentralized but rules and regulations on the other end would very much cause damage to Bitcoin.

Government have a claw implementing their rules inside their jurisdictions so even they can't control bitcoin they still have
the capabilities to limit or even stop if its needed if there's a need for them doing so.


We should treat governments carefully and hope they eventually see the benefits of Bitcoin and cryptocurrency as a whole to come to accept it.

It will happened as there are developed countries who already embracing this system, sooner or later more and more government
will acknowledge and start accepting this process currency.

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