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Author Topic: Can the government hijack Bitcoin?  (Read 464 times)
Oasisman
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April 19, 2021, 12:18:37 PM
 #81

The OP wasn't so clear with his questions, I hope he'll get back here and clarity his question.
Hijack by common definitions is to take over the control forcefully.
Well, government cannot do that as Bitcoin and blockchain technology has no central authority. The least they can do is to regulate crypto through local exchange.
There has been an attempt to this from several local governments, but it didn't turn so well.

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April 19, 2021, 02:08:28 PM
 #82

Yes they can do it. In fact, there are several countries where the governments have asked their citizens not to mine bitcoins and not even trade in cryptocurrencies, but the governments are plotting solar plants to mine btc because they think that btc can be good for their country's economy. Isn't that a clear hijack?
But even if some governments undertake bitcoin mining on such a large scale and restrict the mining of citizens in their own country, that is still not enough to prove that they can usurp bitcoin too easily, it just proves that they have an advantage when making transactions with bitcoin in the future. And you should know that the rules for bitcoin are just theories that are not too binding, it is almost impossible to prevent people from participating in bitcoin with current access to software, Bitcoin has too many victories and remains free in front of the government

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April 19, 2021, 03:29:33 PM
 #83

It doesn't actually matter if they can or they cannot, what matters is the fact that they will not benefit if they would do so and they may benefit from it if they wouldn't get theirselves involved on it. There are a lot of possibilities that this would happen and for the longest run of bitcoin, we never seen it occur and maybe the reason behind that is because they are secretly storing up some of the country's money on it as they watch it go high and they would sooner collect of the benefits they got which may become detrimental for bitcoin. Even with that threat, we shoud still have faith on bitcoin, it will surely be able to make it through with the help of huge organizations that are currently supporting or planning on supporting it.
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April 19, 2021, 03:46:37 PM
 #84

Bitcoin is known as to be the biggest cryptocurrency. in some countries it can be used to purchase goods and services and some see cryptocurrency as a threat.

if Bitcoin comes to be number one currency in the world today, can it  be hijack by the government?


Bitcoin can not and will never be hijacked by government or its policies because the more they make policies to hinder the growth of crypto is the more relevant they make bitcoin to be,because it becomes scare for its users and those who have it treasure it and even inflate the price and exchange rate in peer to peer thereby making more money from it

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