Fiat currency (centralized system)

[Mr.suevie]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

[Solosanz]

So you're come from Nigeria, well there's someone create a new thread about this before [1] and there's a recent news about a hope for your country, since they're consider to unban Bitcoin [2]. As a citizens, no one can do anything to convince the government, but since your fiat currency is start to suffer due to high inflation. I believe they will know they can't use their fiat currency to store a value.

[1] https://bitcointalk.org/index.php?topic=5426093.0
[2] https://bitcointalk.org/index.php?topic=5430921.0

[mk4]

Most governments(especially from bigger established countries) unfortunately likely wouldn't want to adopt it — obviously because they can control bitcoin/crypto only to a certain extent. Smaller countries on the other hand(e.g. Venezuela) have more incentive to adopt bitcoin/crypto as some sort of hail Mary bet that it would work well for them in the long-term.

[Upgrade00]

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k.

Firstly, the policy has been reviewed some few days back raising the limits for all channels of withdrawals as well as reducing the interest payable if one goes above the stipulated amount.
https://nairametrics.com/2022/12/21/cbn-revises-weekly-cash-withdrawal-limits-to-n500-000-n5-million-for-individuals-corporates/

This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

Well, yes. Bitcoin as an alternative is meant to serve as a way of avoiding the fiat trap. Although Bitcoin is still llikited in utility depending on what part of the world you're in.

[yudi09]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

The government has its own views in carrying out every decision that will and is being carried out with the same goal of progress. There are countries that don't want to adopt Bitcoin for one reason or another. There are countries that have and are implementing this such as El Salvador.
We are not able to convince countries that they are willing to adopt Bitcoin. One of the most possible things for us to do is to provide socialization to people about Bitcoin with a note not to be recommended.

Please follow the discussion of two topics related to this on the link that has been listed by solosanz so that it is aligned with what you want as you wrote in.this topic.

[1] https://bitcointalk.org/index.php?topic=5426093.0
[2] https://bitcointalk.org/index.php?topic=5430921.0

[Outhue]

Most governments(especially from bigger established countries) unfortunately likely wouldn't want to adopt it — obviously because they can control bitcoin/crypto only to a certain extent. Smaller countries on the other hand(e.g. Venezuela) have more incentive to adopt bitcoin/crypto as some sort of hail Mary bet that it would work well for them in the long-term.

The Government are people like us, even if they claim they won't be buying Bitcoin that's for their job sake but at the back we can never tell who is buying, to be honest Bitcoin is very tempting and for a government worker there is enough money to use for investment.

My point is they are pretending to hate Bitcoin because they can't control it but that doesn't stop them from investing behind the curtain.

[Minecache]

Most governments(especially from bigger established countries) unfortunately likely wouldn't want to adopt it — obviously because they can control bitcoin/crypto only to a certain extent. Smaller countries on the other hand(e.g. Venezuela) have more incentive to adopt bitcoin/crypto as some sort of hail Mary bet that it would work well for them in the long-term.

The Government are people like us, even if they claim they won't be buying Bitcoin that's for their job sake but at the back we can never tell who is buying, to be honest Bitcoin is very tempting and for a government worker there is enough money to use for investment.

My point is they are pretending to hate Bitcoin because they can't control it but that doesn't stop them from investing behind the curtain.

In the same way, news about banks spreads bad news about bitcoin and advises people not to invest or use it. But I really don't believe what they say or what the media is spreading. I have the same thoughts as you, governments, banks, and people who are stigmatizing bitcoin every day are quietly accumulating more bitcoins than we can imagine. We need to remember one thing, business or investment has the ultimate goal of profit, as long as there is profit, those statements can change at any time.

[maikrothaman]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

Fiat money is essentially a Ponzi scheme at a national/global level. People who received the money invested it in a variety of assets, including cash, real estate, investments, businesses, and savings accounts. The liquidity required by governments to support their currencies is never there. Bitcoin offers you only one thing. That offer is 1 bitcoin = 1 bitcoin.

[Maidak]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

Fiat money is essentially a Ponzi scheme at a national/global level. People who received the money invested it in a variety of assets, including cash, real estate, investments, businesses, and savings accounts. The liquidity required by governments to support their currencies is never there. Bitcoin offers you only one thing. That offer is 1 bitcoin = 1 bitcoin.

Although fiat has a lot of problems, I don't think it's a Ponzi scheme, you don't have to smear it and exaggerate the divinity of bitcoin. If fiat is a Ponzi, then everything in the world is a scam because fiat has been used everywhere in the world for centuries. I assure you, you and your family are also using fiat and depend on it daily, without fiat you wouldn't be able to survive. Bitcoin is also priced in fiat, the story of 1 bitcoin = 1 bitcoin is just a belief to comfort people should believe in bitcoin. That is not a claim that bitcoin will replace fiat as the world currency.

[NotATether]

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k.

That's equivalent to a little less than $50 daily / $250 weekly.

My goodness, how do you guys cope with stuff like this? Hopefully, this does not affect bank-to-bank transfers as well. For instance, a service or public building could charge you $100 for something, and suddenly you can't use your bank account to pay for it, would be really awful.

[maikrothaman]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

Fiat money is essentially a Ponzi scheme at a national/global level. People who received the money invested it in a variety of assets, including cash, real estate, investments, businesses, and savings accounts. The liquidity required by governments to support their currencies is never there. Bitcoin offers you only one thing. That offer is 1 bitcoin = 1 bitcoin.

Although fiat has a lot of problems, I don't think it's a Ponzi scheme, you don't have to smear it and exaggerate the divinity of bitcoin. If fiat is a Ponzi, then everything in the world is a scam because fiat has been used everywhere in the world for centuries. I assure you, you and your family are also using fiat and depend on it daily, without fiat you wouldn't be able to survive. Bitcoin is also priced in fiat, the story of 1 bitcoin = 1 bitcoin is just a belief to comfort people should believe in bitcoin. That is not a claim that bitcoin will replace fiat as the world currency.

When I use the term "ponzi," I mean when people own more money than they are backed by. The US dollar liquidity is, I suppose, backed by a minuscule percentage, perhaps as high as 5%.

[Die_empty]

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k.

That's equivalent to a little less than $50 daily / $250 weekly.

My goodness, how do you guys cope with stuff like this? Hopefully, this does not affect bank-to-bank transfers as well. For instance, a service or public building could charge you $100 for something, and suddenly you can't use your bank account to pay for it, would be really awful.

The government have recently reviewed the policy and individuals can withdrawal up to N500,000 and N5 million for organization. The Nigerian economy is mainly dominated by cash fiat transactions. It is not strange to see people in banks withdrawing Millions of Naira from the bank and putting them in big bags. This government policy affects only physical cash withdrawals. Other transactions option like bank transfers are open to Nigerians. Individual account holders can do transfers to the tune of N25 million and companies can transfer as much as N250million. The government wants to promote its cashless policy so it is encourage its citizens to use other payments channels beside cash transactions.

[jrrsparkles]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

So you're saying government has to adopt decentralized monetary system because they are opposing it?  Doesn't really make any sense though!

Governments may never allow their citizens to have complete freedom over their monetary usage unless the users bring a revolution and force them to change. Yes we need to change the hands who are controlling the power and need strong reasons to make it happen.

[gantez]

This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

What Nigeria government is doing is not about bitcoin but about what they want for their country to reduce physical money in circulation because they thinking it is the reason they are having devaluation. Bitcoin is far from the regulation in Nigeria, it is separate . They trying that people started to have cashless system and to use the CBDC if that can help the fiat and economy.

[tjtonmoy]

In order to prevent situations like this, everyone on this community has been saying this till today. We need the legalization of BTC. While using traditional currency, you own that, but you have no control over it on how to spend it. Or the government can take it away from you. In my county, there's a written statement on every note. "চাহিবা মাত্র দিতে বাধ্য থাকিবে" - Translate to "You are obliged to give it back whenever asked". That's how all this fiat works.
We need BTC not fiat. We want BTC not fiat.

[vv181]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

The so-called governments as you have said, are very unlikely to implement a favourable regulation toward cryptocurrency, as it which the opposite of wholly controlling funds.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

As firstly stated, we can't expect the government to increase bitcoin adoption in one country on its own premise, an exception is where it is accepted as legal tender like El Salvador, so, unless the adoption is widely accepted in everyday living, I think in our circumstances, the fiat financial system will keep being a hands-on choice for many people.

[serjent05]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

I think Bitcoin is created to give us an alternative option if we feel tired of the centralized fiat currency.  I do not think that Bitcoin has the power to liberate us 100% from the grasp of the centralization authority.  After all, we are still under the government's grasp no matter how hard we deny it.  The government will adopt Bitcoin but it will not use Bitcoin as a national currency to deprive them of its power.  They adopt Bitcoin to take advantage of its technology and the community for profit purposes only.

[Fortify]

Although am a newbie in the forum but i having a lot since i got here and i think cryptocurrency needs to be adopted by many of the so called government and their egos of controlling citizens funds through fiat system.

Few weeks back my country government decided to pass a bill that set everyone withdrawals limit to 20 thousand naira daily and weekly withdrawal at 100k. This news caused serious agitation through out the country as the limit set for the withdrawal is really inconvenient with citizens. This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

It sounds like the government of your country is particularly incompetent if they have gotten to the point of imposing capital controls on currency and it's easy to see why a lot of trust can be lost. However the reality of the situation is that cryptocurrency in it's present form is incapable of performing all the transactions that happen in the world in a timely manner, especially in comparison to existing payment networks like Paypal or credit / debit cards. I hope in future the transparency of cryptocurrency and the decentralization it is based on is capable of meeting that demand - while being impervious to things like the 51% attack, but we're still at step one of that process until people figure it out.

[Merit.s]

Government will prefer using their fiat currency which can be properly monitored by them,they are in charge and most act like that,in other for the citizens not have the right to go against their polices. With btc adoption by governments, the government will benefit less and might not be able to control the country's economy properly as banks will have less customers. If you go against the government or the government have issues with you,your account can be freezed up. The government enjoys more benefits in using fiat than crypto this is why they are refusing btc adoption.

[Hydrogen]

This made think,  all this and more maybe was the reason why bitcoin was created to liberate we all from such Fiat control financial system.

I wonder how common this ideolgy has spread throughout today's world?

These types of ideas, used to be fringe ideology. Limited to a small subset demographic of society who pursued financial independence. It may be only recently that people have had their eyes opened to alternatives. The 2008 economic crisis served as a trigger event for the rise of this methodology. The global pandemic of 2020 and other crisis, could further accelerate the adoption of alternate views on economics and finance.

The irony of the topic is we have seen leaders in government like David Walker warn about these types of crisis since 2009.

Campaign for fiscal responsibility

Walker has compared the present-day United States to the Roman Empire in its decline, saying the U.S. government is on a "burning platform" of unsustainable policies and practices with fiscal deficits, expensive overcommitments to government provided health care, swelling Medicare and Social Security costs, the enormous expense of a prospective universal health care system, and overseas military commitments threatening a crisis if action is not taken soon.

https://en.wikipedia.org/wiki/David_M._Walker_(U.S._Comptroller_General)#Campaign_for_fiscal_responsibility

When David Walker did a nationwide tour on these topics back in 2009, I thought people would pay attention, wake up and the worst of it would be averted. However it seems that things did not go that way.