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Author Topic: Governments cannot control Bitcoin  (Read 601 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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X-ray
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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
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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
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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
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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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