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Author Topic: Governments cannot control Bitcoin  (Read 628 times)
marks1976
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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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