Will the government accept it?

[Yamifoud]

I couldn't think that it permits everything and the government will change their behavior.
1. They can't stop the banking sector to continue their business because they are also contributing a lot to our economy

2. Taxes has been executed a long time ago and the fact that it was also governed by the law, everyone has been entitled to pay their taxes unless they belong to exemptions.

3. Corruption? We all know that word already. It simply we can't eliminate those devil acts as it was been practiced and passed by from generation to generation.

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[Subbir]

The government will never accept this because the tax that the government collects from the banking sector is used by the government for the betterment of the country and there are many people who earn money illegally through corruption. If the government does not lead them, their wealth will increase. Will continue to grow.

[TopT3ns]

When there is bad news like what is happening at this time I think there is no more hope for bitcoin and of course with the action of Paypal returning to stop transactions using cryptocurrency will only make the government think not to use cryptocurrency anymore.

[Dorodha]

Yes one day, Many will create huge wealth by evading the government. That is why the government has imposed this tax and the rate of increase in tax collection is much more important than revenue collection in money. This is because if the growth rate of tax collection slows down, it will have a direct impact on the government's income.

[carter34]

The government won't like to support it. If they do it can lead to people having control by themselves to do what they like. People need to be controlled and also be led to avoid different abnormal attitudes in the government. Money is one wah that government ensures that there is control.

[BALIK]

 If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?

Most likely not. I think governments are in favour of centralised banking so they wouldn't be in favour of abolishing them. I do think though that reforming and restructuring of today's banks need to happen to accommodate for the ever increasing rise in digital assets.

[serjent05]

 If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?

The government wanted to retain its authority, so no, they won't abolish the current financial system but to cope with the changing fintech, they will try hard to adopt changes without losing their control.

2.  How will the government collect taxes from the people?

As stated on the early reply, we pay taxes every time we buy goods and services.

3.  If the government can't keep track of people's legitimate money, won't corruption increase?

Depends on the moral of the people who sit in power.  I believe it doesn't matter whether they will track all the financial flow or not, if the people in the government wanted to do corrupt things, then tracking legitimate money is useless. 

[Wysi]

No, it's not possible as the government will never abolish the bank system, moreover they consider bitcoin's growth as a threat to banks that's why you will see so many restrictions laid out on bitcoin from many countries and we cannot compare bitcoin with traditional barter method as far as barter system is concerned it should be backed by any physical entity. Bitcon can be an alternative to banks but cannot replace banks.

[Quidat]

  If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

1. The answer to this one is obviously no.. Government wont really be allowing for such thing to happen. Centralization would always be preferred.
2. The only way i do saw for government to collect taxes for those who get involved to crypto is via exchangers or platforms where they can able to ask out if they wanted to.
3. Possible! This is one of the cons about anonymity but since it can be shown on a public ledger then most likely they would really hesitate on touching it out.

[adzino]

This is the reality as long as we are modern.  Think back to ancient times when people didn't know what money was.  They make transactions through products.  That is, one would replace the other's meat with vegetables.  And that was the process of their transaction.  People have changed over the course of the day.  At one time they used the leaves of the tree as a means of transaction.  Later, gold coins and silver coins were gradually introduced.  And today paper money has been created to make transactions easier.  But even 300 years ago there was no bank, and today we cannot go without a bank.  In the same way, 20 to 30 years from now, maybe the banking system will go up.  Because people don't want anyone else to know their bank account.  And people will choose digital cryptocurrency as an alternative to this bank.  Bitcoin may be his alternative.  Bitcoin is a decentralized process. This means that there is no need for a third party in this process.  There will come a time when people will no longer take the help of banks.  They will manage all the activities of daily life starting from shopping through digital cryptocurrency.

Remember, the changes didn't take place within few days. It took decades for the barter system to be abolished. Again, it took decades for people to make paper money/fiat which is backed by nothing a mainstream currency. Similarly, we can expect few more decades before crypto currencies become a mainstream monetary system.

1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

1. I doubt. The government needs a centralized system to control everything and banks are just the perfect system for them to have control of the monetary system.
2. If crypto currencies do become mainstream, it will be centralized and heavily regulated. Taxing won't be an issue.
3. How?

[sapnu]

No, it's not possible as the government will never abolish the bank system, moreover they consider bitcoin's growth as a threat to banks that's why you will see so many restrictions laid out on bitcoin from many countries and we cannot compare bitcoin with traditional barter method as far as barter system is concerned it should be backed by any physical entity. Bitcon can be an alternative to banks but cannot replace banks.

Indeed, there is still the essence of why they are not abolishing the bank system since it is the traditional way of making transactions and since bitcoin is not yet innovated well to be used worldwide, it is still not possible to replace the bank system. There are still countries that are not accepting the usage of bitcoin because of some reasons like they are thinking that it is a scam which is actually not, and just like what5 you have said, the growth of bitcoin is a threat to banks.

[hridoyb]

This is the reality as long as we are modern.  Think back to ancient times when people didn't know what money was.  They make transactions through products.  That is, one would replace the other's meat with vegetables.  And that was the process of their transaction.  People have changed over the course of the day.  At one time they used the leaves of the tree as a means of transaction.  Later, gold coins and silver coins were gradually introduced.  And today paper money has been created to make transactions easier.  But even 300 years ago there was no bank, and today we cannot go without a bank.  In the same way, 20 to 30 years from now, maybe the banking system will go up.  Because people don't want anyone else to know their bank account.  And people will choose digital cryptocurrency as an alternative to this bank.  Bitcoin may be his alternative.  Bitcoin is a decentralized process. This means that there is no need for a third party in this process.  There will come a time when people will no longer take the help of banks.  They will manage all the activities of daily life starting from shopping through digital cryptocurrency.

  If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

Bitcoin is the most violent coin in the crypto world.So anytime it price can be high like a moon or sometimes it will be down, as a result, most of the government do not take the risk for this. Government controls the banking financial system but bitcoin never Contro. Our government rejected bitcoin because they think bitcoin using for gambling,drug, corruption. And they also add money laundering cases for users.  If the government can control like  a banking system and  learn more about bitcoin hope the government can accept

[BuNga_cute]

It is impossible for the government to accept Bitcoin as a substitute for fiat,  as long as Bitcoin cannot be controlled by the government
it is impossible for Bitcoin to replace fiat. So it is likely that 20 to 30 years from now, fiat will still exist and will be impossible to replace.
Because I believe it is impossible for the government to abolish the banking sector, because the bank system benefits the government.
So what makes the most sense is Bitcoin only as a payment alternative, but not to replace fiat.

[Traderbtcc]

  If my idea proves to be correct, will the government of the country accept it?

I'm not sure this is ever going to happen, we all know right from time the government prefer a centralized system cause they can be able to monitor their citizens, so i don't think they will ever say yes to decentralization, cause they are against it and everyday they keep looking for a good reason to ban or regulate it,too bad bitcoin can never be regulated.

 1. Will the government of a country ever want their banking sector to be abolished?

I don't think it's write to abolish the banking system just because of crypto, I believe both crypto and the traditional banks can coexist and satisfy the needs of the society.

 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

Haha, the traditional system is already corrupt and the people in power (government) are the cause of it.

[cryptopediabd]

Will the government of a country ever want their banking sector to be abolished - No never


If the government can't keep track of people's legitimate money, won't corruption increase - corruption will not end unless money tracking system.

[just_Alice]

1. In most countries the major banks are usually run by the government, so it's unlikely that the govs will want the banks abolished (they'll lose both money and the ability to track money flow)

2. That depends on their attitude toward cryptocurrencies. If they see it as a currency - they won't charge any taxes, because how can you put taxes on a currency? That's nonsense. However, I doubt that'll be the case. In the US the IRS considers cryptocurrency as assets, rather than currency and I think other countries hold the same view. 

3. I think the government itself is the major source of corruption and so far they've succeeded in it even without cryptocurrencies, so it's more of a moral question: will they allow the corruption to go on, or will they finally try to do something about it. Bitcoin can be traced, we all know that, so it's only a matter of willingness.

And regarding this:

This means that there is no need for a third party in this process.

In the meaning of transactions, it's not like there's absolutely no third party, don't forget that transaction fees go to the miners, so, in a way, they're the third party.

[tabas]

Barter is the name of that ancient times trading.

1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

1. Nope, it's a heavy part of the government and they won't allow that to happen.
2. It's easy for them to collect tax as in for everything including crypto gains.
3. For individuals, they can't. But they are also hardly accepting it if most transactions are in crypto/bitcoin. That is the reason why there is regulation.

[Shasha80]

Mass adoption of bitcoin today is a major change as long as bitcoin was born until now. With so many major American companies accepting bitcoin,
it's already showing confidence in bitcoin and the existence of bitcoin is increasingly being trusted by many in the world.
It is possible that someday bitcoin will be accepted by many countries. We can only wait for that.

[Ayiranorea]

Governments will never accept the abolishing of the banking sector. One of the major revenue generator is the banking. In terms of taxation and through other forms of interest it is the one to make big money and circulate. In the early days people had the mind to share, and now the scenario is different. If you're in need you can't request a neighbour for a help or exchange of money for a short time. The same you can get money providing collateral to the bank. Same as the changes in the currency form there is change in human minds which is the first thing that need to be considered before taking about the acceptance from the government.

[yayayo]

 If my idea proves to be correct, will the government of the country accept it?
 1. Will the government of a country ever want their banking sector to be abolished?
 2.  How will the government collect taxes from the people?
 3.  If the government can't keep track of people's legitimate money, won't corruption increase?

1. Of course not the economy will collapse.
2. I really don't think they can tax people easily with that unless there would be a public info of public address and their owner.
3. Of course the corruption will increase.

I don't think as of now the government is ready to accept cryptocurrency, what I see is that the cryptocurrency or digital coins is still a threat to them maybe to the whole country if they managed to use it since it is not regulated, no central authority and anytime it is volatile.

ya.ya.yo!