Will the government accept it?

[AjithBtc]

Whenever a government makes any form of decision associated with its citizens, it needs to take into consideration different circumstances. Upon the same, governments should have alternate plans ready. Governments find new techniques to benefit directly to the user, but the reality got exposed recently on a government scheme in my country.

Governments never let banks get abolished, because through them a large revenue is made. Governments most of the time create policies that benefits the corporate networks. Corruption increases when the need of people weren't fulfilled by the government.

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[GDragon]

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?

1. I don't think the government will abolished the bank because as of now, bank is the central based system of a country. More problems will come if they decided to abolished it.
2. taxes is already imposed in crypto specially to other countries. In my country, btc is kind of invisible so there are no taxes still. But if you would use btc to buy something online, then that would require taxes.
3. corruption already exist even though they can track it right now, there are other means of hiding it even in fiat. So we all are not sure if corruption will increase if we can't track people's money

[btc78]

  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?

Abolishing Banks are not necessary because Just like US who wants to use crypto actively and There are People that Will Never transfer to crypto  as those are what Fits them The Fiat.

Whenever a government makes any form of decision associated with its citizens, it needs to take into consideration different circumstances. Upon the same, governments should have alternate plans ready. Governments find new techniques to benefit directly to the user, but the reality got exposed recently on a government scheme in my country.

depend  in which country you live Because if you are living in mine?for sure You will Not Be asked about the Policy because The Politics is really Noisy and throwing words from politician to another politicians,Thats why How would they associated when it will only Make issue in social media and community.

Governments never let banks get abolished, because through them a large revenue is made. Governments most of the time create policies that benefits the corporate networks. Corruption increases when the need of people weren't fulfilled by the government.

And Banks will Still Be in need and won't leave till time comes that we are fully adopted and crypto can be use all over that world.

[Bitstar_coin]

~
 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. This is a tough question as nobody can tell what is in the future but from the look of things and how crypto is spreading fast,I think digital currency will play a vital role in shaping the way people transact and do business in the future while bank will still operates but it will be question of choice from the people.

2. Government can only collect tax if your transaction still goes through the bank and not through p2p method, if you are doing transaction through centralise exchange and have your information taken, there is no way you won't pay tax since the government can easily get hold of your info,

3. If people have free access to their funds without any control this will definitely result to corruption and oppression, the wealthy will oppress the poor and nothing would be done, decentralisation has its good side and bad side we shouldn't forget that.

[marcous]

Well, It is impossible to cut the bank system,the growing development of digital technology, online payment systems require third parties such as banks.  Logically, where can we have fiat money if there is no process through the bank.  And of course the financial industry will continue to develop following technology.  Likewise, the government may change regulations by adjusting the circumstances and minimizing the occurrence of money laundering I guess

[Imran232]

There has a lots of chance. I think government can't irregulated this technology. Because we see that lots of countries government makes a different Department for blockchain technology. By which government gives permission to the best crypto project. So i think lots of coucountry also doing this same thing. So there is a chance if government aprove this then bank will definitely make a sector for government.

[Yatsan]

1. Certainly the government of a specific country or any won't allow banks to get abolished for it have become already a part of the system built for many years and even Bitcoin is existent, there are still people who are reliant on banks so it won't be possible for the government to abolish the banks.

2. The government is always on track of people's wages and even on commodities purchases were VAT is included so there are so many ways that taxes can be collected whether you are aware of it or not. Government can only be accessible on collecting taxes with regards to crypto upon doing transaction on centralized exchanges that practically have their concern with.

3. If the government cannot keep on track with the people's legitimate money, there would be a higher chance of committing corruption for there are no certain regulation to take control of how money is being transacted or earned and because of that other related crimes may arise.

[Willitivity]

 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?

I don't think the government of any country will ever accept to abolish the banks because of cryptocurrency, cause this banks helps them to track their citizens, unlike cryptocurrency that is a decentralized currency which the transactions cannot be traced, and I don't really think the government should abolish the banks because of cryptocurrency, I believe the bank and crypto can co-exist instead of killing the bank to make a point.

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

Corruption originally started with fiat and up till now there's still corruption, yes it might add but let's face one fact corruption will always be there, no matter how hard we try to eradicate it.

[jaresmerel001]

The truth of the matter is, you can't regulate bitcoin. It doesn't matter what the government does in the end of the day. Bitcoin is likely to be accepted by the community, but not by the government. This is Bitcoin's current status.

[taufik0911]

This is what the government will do for transactions using bitcoi, namely there must be an institution that is responsible for bitcoin transactions, must use swap to fiat currency when transactions and also one more that must have transaction speed
In other words, there must be a platform such as online banking that uses internal transactions in it to create faster transactions and limit bitcoin wallet ownership plus taxation.

[Axelseseclevz]

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?

1. Government don't like a decentralized currency which the don't have full control on it, so I think bank will remain bank even cryptocurrency will continue to exist.

2. If ever government accept cryptocurrency I they they will collect tax true the help of every crypto exchange and everyone will be obliged to take KYC.

3.I think corruption is anywhere either in fiat or in digital currency as long as it it involves money. People are always do corruption just to get more money and become wealth and powerful.

[tabas]

The truth of the matter is, you can't regulate bitcoin. It doesn't matter what the government does in the end of the day. Bitcoin is likely to be accepted by the community, but not by the government. This is Bitcoin's current status.

It is important if the government will intervene or have interest in bitcoin. This give confidence for those who are new to it. Government can also be part of the community as they play a huge role.
Although it's not mainly for them but once they started to talk about it and gives people their positive thought on it, you'll see an enormous welcoming from people who doubted bitcoin.

[francois-cooper]

what about if governements just shuttered exchanges ? or if they forbid exchanges from selling bitcoin ?...

[Chris Barth]

1. The government cannot allow such. Fiat must be printed. Imagine a government without real time money(i can't even imagine this).
Question 2 and 3 are also part of the reasons why the government cannot abolish fiat. However, the violent taketh it by force.

[Rengga Jati]

I seem to believe that a government accepts and validates cryptocurrency in their country for some reason. It could be true if:

 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?

They must have the aim of legalizing it whether they are really aware of the technology, don't want to miss the chance to join the party, or even hidden goal for the further and later regulation? I think taxes are very reliable to be considered because they may also have been considering about this.

[$crypto$]

I seem to believe that a government accepts and validates cryptocurrency in their country for some reason. It could be true if:

 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?

They must have the aim of legalizing it whether they are really aware of the technology, don't want to miss the chance to join the party, or even hidden goal for the further and later regulation? I think taxes are very reliable to be considered because they may also have been considering about this.

Maybe the government needs a process that will validate to accept cryptocurrency because what if a country legalizes cryptocurrency it must be considered because of how the blockchain technology works.

In legalizing, of course, the government must legalize it, but this does not interfere with legal currency because it is evident in reality, but still in the collection of tax fees, it must be discussed again, what if the money is stored in crypto the government must also be able to control what they control.

[mrob82]

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 like the question, but I would reword the question.  I think the real question is will the government transition cryptocurrency into their current banking system or will the government seize complete control of cryptocurrency?  The answer is either one or the other will happen.  Government will likely not want to anger the entire population, so they will adopt certain software and policy to control cryptocurrency.  Which leads directly to your second question.

2.  They already are collecting taxes and phasing certain points in, as far as the US government.  Look at the newest Paypal phenomena.  Now you can buy and sell (sorta, not our idea of selling) some cryptocurrency on Paypal.  Why would the government be so keen for Paypal to take this angle.  Biggest reason, Paypal already has taxes embedded into their system.  The current structure of Paypal forces KYC so now they have all of your information.  They can force taxes, seize assets, and do all of the fun stuff they like to do.  Paypal is massive in US, it provides the government the easiest way to track BTC purchases and sells. 

3.  See answer to question 2, lol.  They can track you no matter what.  Corruption will come and go just like anything else, there will be increases and decreases.  The real concern is what "corruption," or whatever you want to call it, will the government employ to tax, track, and seize.  My guess is it will be more of a collusion. 

[Walterhank]

Here is my opinion on the matter.
1. Governments are there to see the whole ecosystem is functioning. So, I don't think the government could such a step because there are a lot of roles the banks provide in society.
2. There is already an effective system in place so this system can be improvised upon.
3. It doesn't matter; anyone involved in corruption makes a wrong step which can arouse suspicion and then it can be dealt with.

[tbterryboy]

Hey OP, ask yourself that question: if there should be no banks anymore are you going to be able to stay without them? What’s the best way to store your money safely if not behind that vault? I don’t think you will have lots of money and still want to store it at home , like where you going to be storing, in your bedroom in the wardrobe? Or is it going to be your kitchen, or the parlor?

Bitcoin is good for storing a part of your wealth and not all. Storing all your assets by yourself is some kind of risks, and you shouldn’t be doing that, it’s best to store in the banks, although they do so many wrongs.

[Reatim]

Hey OP, ask yourself that question: if there should be no banks anymore are you going to be able to stay without them? What’s the best way to store your money safely if not behind that vault? I don’t think you will have lots of money and still want to store it at home , like where you going to be storing, in your bedroom in the wardrobe? Or is it going to be your kitchen, or the parlor?


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Maybe He was just curious about the sentiments of every people here as The Question is Indeed truly,those are rightful question and we a Bitcoin and altcoin Holder must admit.
But at the same time you ask Him the right question,Let banks have their client and Bitcoin has their Investors.

Bitcoin is good for storing a part of your wealth and not all. Storing all your assets by yourself is some kind of risks, and you shouldn’t be doing that, it’s best to store in the banks, although they do so many wrongs.

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This is Good point because almost every newbie are trying comparing Bitcoin to Fiat and Even Looking for disappearance of the said Paper wallet.

Storing Crypto while Having bank accounts and funds is what i think the best way in staying Neutral towards the issue,Because Bitcoin is nit created for vanishing of Paper wallet instead both will Help the world in Financial aspect.