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ife2020
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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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Kong Hey Pakboy
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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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jcpone
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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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KimmyF
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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.
wozzek23
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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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