Will the government accept it?

[proTECH77]

No, because bitcoin is a decentralized currency which is not control by the president of the country. Bitcoin is different from fiat money which the government will just request for a huge amount of money from the central bank to make them available in the country for the government to use to grow the economy of the country. Government cannot control bitcoin currency because they don't have a good idea on bitcoin which really surprised many other currency that devalue during the pandemic. Many citizens rate bitcoin as the most stable during the lockdown that caused so many cryptocurrencies decrease in the process.

[#dhabitamartha]

in 2020 banks are still there and can still be used for loans and can still be used for digital transactions and payments so I am sure if banks are still in use and banks are still needed for a long time, in my opinion bitcoin makes it easier for us to transact money or payments but nowadays there are even bitcoin hackers and it's hard for us to track them down and bring the matter to court so it's still going strong and always related. this is mutually influential

[fortunecrypto]

  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. That's not going to happen and they are not going to make that happen, the banking system is a big cash cow of the government on all their projects, it's their extension, you kill the bank you paralyze the government.

2. There's no point in time that they stopped collecting taxes to people, even in ancient they always impose

3. We are in modern times they have the means, the people, and the technology to track people's money whoever is holding them

[Digitalbitcoin]

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?

First of all who is government? And the answer is a Group of elected peoples.

If people want crypto then the government cannot do anything.

Even cannot ban it, because they don't produce it, supply it, or even control price volatility.

So better way the government has to make policies to create a framework for taxation with cryptocurrency and explore blockchain technology for more businesses.

[Cryptoreflector_666]

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?

As long as the cryptocurrency is not taxed (I do not mean a tax on transfers between wallets, but a tax on cashing out), the government will not be able to legalize it in any way, no matter how much we would like it. Of course, the world is very unpredictable and everything can happen abruptly at one moment, and it will seem to us quite logical and expected action, but so far, in the presence of the laws that we have now, as well as with all the corruption of the financial system, we will not be able to transfer cryptocurrency to the sector of official use at the household level.

[West0813]

Banking sector is one of the biggest tax payer of a country. And it gives a lot of job. So I think no government will abolish banks. As long as there is money involve there will be corruption everywhere.

[bounceback]

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?

Begin for this happening when many people will move to digital currency as transaction payment is the reason why government not accept bitcoin and altcoin as legal payment currency right now, they try how to keep people stay on bank as transaction and saving money without publish with bitcoin and altcoin become most safety for saving assets and no one know with how much money and bitcoin we have, with the bank government will know how much money we save in the bank but is not happen for currency, if you have million USD and save in your wallet not any one know you are rich.

[uneng]

In an organized society there is not way to live without a *third party* regulating and controlling everything, that is the centralized government. We could use bitcoin or any other crypto currency, but it doesn't mean we get rid of middlemen, as the government would be still enforcing rules towards us and our money.
A life like the one you mentioned thousands of years ago isn't possible anymore. On that time I believe we could live freely without middlemen, but now it's different. The modern society is fully centralized and although technology is very helpful and makes our lives easier, it also makes possible for governments to control us with more efficiency.

Governments don't have to accept anything. We as citizens must do what they want and without complainments, because they are at the control, not us.
It means banks aren't going to disappear, neither taxes are and your funds will be still on the track, being closely watched by the big brother.

[oprahwindfury]

Banking sector will not be abolished. The uses can be less or decreased as people are using crypto and various online payment method to store or use those like they in bank. But It will not be abolished because Crypto like bitcoin  is a decentralized currency so the government cannot trace and collect taxes.

[imstillthebest]

300 years ago and we have now banks and maybe it takes another 300 years again ( not 20 or 30 ) for all people to start using crypto and banks will be no more  .

 to your other 3 question .

 number 1 is no , governments dont like banks to go because they can benefit on it but im not saying that they cant get benefit on btc but banks are different . there is a special bond between banks and governments .

number 2 is , like i said earlier govts can benefit from btc in a way that they can still collect tax . i dont exactly know the process but it was discussed here before  .

 number 3 is , corruption will still be there depending on the government officials

[@Juma1435*]

The world is moving forwards to digitalization. Peoples have been using digital currency without a banking system even they aren't familiar with cryptocurrency. For example, there is much mobile banking where you don't need to carry paper money, and you can use that digital currency everywhere the same as paper money. I think we aren't too far when peoples will use cryptocurrency for daily needs. It would be or wouldn't be Bitcoin, government would create their own cryptocurrency backed by fiat. I don't know if we will live up to that time, but as a part of global mobilizations, the digital currency would role the world.

It is now understood that the world is moving towards digitalisation because we are now using everything in the world of digitalisation as we are now using Visa cards to take money from one country to another country through that Visa card we are now enjoying crypto in almost all countries.  We can use coins, now we can take classes, we can shop online and we do the digitization that is so important in our lives, so I think helping each other will make our world much more digital.

[Smartprofit]

Governments are currently discussing the idea of ​​introducing CBDC (central bank currency). CBDC will allow not only to efficiently collect taxes, but also to control all cash flows in the country.

IT companies want to create their own currency too.  Facebook plans to implement the Libra project as early as 2021.

https://www.ft.com/content/cfe4ca11-139a-4d4e-8a65-b3be3a0166be

Bitcoin will have to compete with both CBDC and the stablecoins of large corporations.

[Rexler]

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

The government to accept crypto?, nah not yet,I don't think they will ever accept it, since it is a decentralized currency since they can't track or have control over it, they will never allow their citizens to freely use crypto in their country.

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

Corruption has always been there, even before cryptocurrency was introduced, scammers have been using the fiat for a long time to commit several money laundering and theft, just that since transactions done on cryptocurrency can not be tracked, alot of scammers will see it as a safe heaven to hide their stolen funds.

[Argoo]

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?

Of course, states will never abandon the banking system.  In fact, state-owned banks are part of the state.  They ensure the circulation of the national currency and help serve the country's economy.  For the states, there is still no alternative to national money and the banking system.  It is unlikely that states will use a decentralized cryptocurrency.  They intend to issue their national digitalized central bank currencies for now.  The cryptocurrency can move in parallel with them.

[sayaya17]

 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.Government of a country never wants its banking sector to be abolished. Even Banks have implemented the Digitalization Tren on their systems.
   Several banks have been doing digital banking services for their customers since 2018.

   Even some central banks in the world will make their own electronic money, this is likely to happen early before it goes altogether the bank.
2.Of course, there is a way for the government to implement taxes. To support banks towards digital banking, usually, some interested parties will coordinate with the
   Director-General of Population and Civil Records of the Ministry of Home Affairs.

3.The reason is, the technology is transparent. With the advantages of transparency, every transaction can be accessed publicly, this makes Blockchain potential in the
   prevention of corruption.

[molsewid]

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?

This is one of the sources of income for the government. Why would they want it to abolish? The possibility that the government will ban bitcoin is much possible than abolishing the bank sector.

They will implement too many regulations to collect taxes from the people.

It depends on the government officials if they increase their corruption because we all know there's a lot of money involved in crypto-currency. Hence, their chances of increasing their corruption are very high.

[NelfiNovita]

I believe that the big problem of bitcoin that make many governements and people ignore bitcoin is it instable price and also the fact that many people arround the world consider bitcoin as kind of investment more than a payment methode

yes you are right, many countries do not accept bitcoin because the price is unstable so that it can harm the people who hold it when the price drops.  Besides that, the delivery process is very long, so it is not good if it is used as a legal means of payment at this time.

[jaberwock]

Come to imagine living in a world where there is no bank and what you have is Bitcoin or whatever digital currency you have to store the same way you’re storing Bitcoin, do you think it’s going to be easy? Like all your money and everything you have stored in just your mobile phone or computer or hardware or whatever you have decided to use in storing your wealth? Don’t you think it’s kind of risky?

For me, there should be banks and also there should be cryptocurrency, we store a part of our wealth in banks and then store the rest in cryptocurrency, that’s perfect for me, I can’t be relying on one.

[CoinPeer]

Come to imagine living in a world where there is no bank and what you have is Bitcoin or whatever digital currency you have to store the same way you’re storing Bitcoin, do you think it’s going to be easy? Like all your money and everything you have stored in just your mobile phone or computer or hardware or whatever you have decided to use in storing your wealth? Don’t you think it’s kind of risky?

For me, there should be banks and also there should be cryptocurrency, we store a part of our wealth in banks and then store the rest in cryptocurrency, that’s perfect for me, I can’t be relying on one.

I agree with you.  Of course there are some risks here.  But I was saying that at one time we were not so modern.  We did not know what money was.  But today we know the use of money or currency.  We have become much more modern than before.
 Isn't that so?

 Before there was no banking system but now there is.  I mean, will the banking system remain the same or will it improve in the future? Will we keep paper money in the bank in the future?  Or will paper money disappear from the world one day?
 Can't we think of alternatives without paper money?

 Now people are able to do the necessary work using credit cards.  Can't this process be further improved?
 If so, how?

[Casdinyard]

For me, there should be banks and also there should be cryptocurrency, we store a part of our wealth in banks and then store the rest in cryptocurrency, that’s perfect for me, I can’t be relying on one.

Indeed. Third party institutions won't exist for no reason and those reasons probably includes benefit to the people. To how I see other replies being against on the concept of Banking, is biased. Banking promotes security over one's wealth including benefits of convenience. Just think of it, storing your salary into something which involves risk of losing money because of volatility, if we would base in the characteristics of crypto. Convenience won't cover the aspect involving risk of loss, right? And if the price of cryptos would be stable at some point, will it still be admired if other digital currencies are still offering the same benefit? Let's accept the fact that people are now into cryptos not because of transaction advantages but profitable concerns.