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