The power of digital money

[BVeyron]

Before the existence of bitcoin they're many other digital economic assets that is in line with government policies like crude oil, gold and much more, government where comfortable with this assets trading online, including forex but crypto currency like bitcoin that would have change lives and alienates poverty from the world, government are afraid of its cumulative value.

Bitcoin is an assets that we shouldn't lose or allow to dies off, if you check history of all money weather digital or paper bitcoin circulate faster in values and distributions. As highly respected as dollars not all countries have it but bitcoin is 14 years now, the world is aware of it. Do you think bitcoin will stay if government totally remove their hands or stand against it?

Actually both crypto and fiat face similar problems now. Fiats have become digital, while crypto can be only in digital form. The main components for them to function is
1. Stable network of data processing mainframes (mining facilities in crypto and banking networks in fiats)
2. User-friendly interface (wallets for crypto and online banking services for fiats)
3. Support (branches and ATMs in fiat and support teams in crypto)
4. Privacy (multiple cryptography and decentralisation technologies)

So all the problems come from these things, and both fiat and crypto are continuously dealing with them.

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[Dr.Bitcoin_Strange]

Do you think bitcoin will stay if government totally remove their hands or stand against it?

Unless Bitcoin crashes, which is likely not possible. Bitcoin will live on, and as long as Bitcoin lives on, the government cannot be able to totally stop Bitcoin in every part of the world. For instance, the US government can decide to stop the usability of Bitcoin by citizens in their country, but they can't enforce such a law in other countries, and if the government in those countries is not against Bitcoin, users in that country will not be affected.

So, there is likely going to be some ban in other countries, but some countries will still greatly adopt it. For those countries that might place a ban on Bitcoin, most people will still be buying and holding it through some hidden measures. So, yes, Bitcoin will still stand. This issue of government and Bitcoin is just because they can't get their hands on it being centralized like their gold and crude oil trade.

[KingsDen]

Do you think bitcoin will stay if government totally remove their hands or stand against it?

Unless Bitcoin crashes, which is likely not possible. Bitcoin will live on, and as long as Bitcoin lives on, the government cannot be able to totally stop Bitcoin in every part of the world. For instance, the US government can decide to stop the usability of Bitcoin by citizens in their country, but they can't enforce such a law in other countries, and if the government in those countries is not against Bitcoin, users in that country will not be affected.

Check your lexicon as regard to the meaning of crash in the cryptocurrency vocabulary. Bitcoin crashes and has crashed so many times, but after each crash it still takes up to bull market.
Yea, since there is no central government in the world, the governments of the world would never agree and speak with one tongue. While the government of China bans bitcoin and bitcoin related activities, the government of the US will adopt bitcoin and verse vice.
And also, government as an entity might be against bitcoin but the individual persons that make up the government might be involved in bitcoin in one way or the other. So bitcoin will last as long as its chemistry permits.

[Dr.Bitcoin_Strange]

Check your lexicon as regard to the meaning of crash in the cryptocurrency vocabulary. Bitcoin crashes and has crashed so many times, but after each crash it still takes up to bull market.
Yea, since there is no central government in the world, the governments of the world would never agree and speak with one tongue. While the government of China bans bitcoin and bitcoin related activities, the government of the US will adopt bitcoin and verse vice.
And also, government as an entity might be against bitcoin but the individual persons that make up the government might be involved in bitcoin in one way or the other. So bitcoin will last as long as its chemistry permits.

LoL, yeah, but crash. I mean, I guess you should know I am referring to dying off or an absolute crash that leads to total disaster in a way that nothing can be done to bring it back. I don't just mean the price crash, like that of 2011 (Bitcoin fall by -99%). Someone made a topic here saying it's a Bitcoin obituary, but look at Bitcoin today, still waxing strong.

But anyways, your scenario is just what I am talking about: before bitcoin can fail to exist, the whole government and rulers of every country, city, community, and village will come together and host a meeting to agree that no one should be allowed to use bitcoin in those countries or villages. If not, nothing like that will happen. Bitcoin has experienced real downtime, but it still bounces back.

[erixter]

Unless Bitcoin crashes, which is likely not possible. Bitcoin will live on, and as long as Bitcoin lives on, the government cannot be able to totally stop Bitcoin in every part of the world. For instance, the US government can decide to stop the usability of Bitcoin by citizens in their country, but they can't enforce such a law in other countries, and if the government in those countries is not against Bitcoin, users in that country will not be affected.

So, there is likely going to be some ban in other countries, but some countries will still greatly adopt it. For those countries that might place a ban on Bitcoin, most people will still be buying and holding it through some hidden measures. So, yes, Bitcoin will still stand. This issue of government and Bitcoin is just because they can't get their hands on it being centralized like their gold and crude oil trade.

This is clear as day that digital money has become increasingly popular due to its convenience, security, and lower transaction fees. It has advantages such as convenience, security, and lower transaction fees, but also risks such as cyber-attacks and fraud. It has potential to revolutionize the global economy. Regardless of fiat currency, the digital one going to more valuable and popular as an asset and for trading purpose so far. But, at the same time, being digital, there is an increasing emphasis on its business, some concerns are valid and some can be dismissed. In brief, regardless of crashing and buildup of BTC,digital currency has a value and you can not deny the importance.

[Bitcoin_people]

The power of digital money is essentially one of the advantages associated with various transactions of virtual currency. Using virtual currency a person can make financial transactions very quickly from anywhere anytime by connecting to a smartphone or internet device. This virtual currency is currently of immense importance in completing various necessary transactions including banking transactions. Using digital currency transaction system can eliminate the required system at low cost. Along with this, various bank branches use these digital transactions to reduce operational costs and these virtual currency transactions are very popular for various essential tasks. However, it must be remembered that doing virtual transactions involves risking various challenges. Along with various cyber security, cryptocurrency market has price volatility so virtual transactions should be done with that awareness.

[Z-tight]

No matter what any government does, none of them can stop Bitcoin. Crypto is here to stay and it will soon replace the old financial system.

BTC is not replacing fiat, don't wait for that to happen, BTC and fiat are both going to be used together and that's how the creator of BTC wanted it to be. BTC doesn't have to replace fiat before anyone uses it, it is even permissionless so you don't even need the permission of anybody to use it, you must accept that people would continue using fiat, but when they need a censorship resistant and permissionless currency, they will use BTC.

[panganib999]

The government won't immediately adopt the concept of Bitcoin since it grants everyone financial freedom, whereas the government is only interested in the meager revenue it can raise through taxes.
Crude oil and gold are traditional trading goods that are still in use, but the concept of Bitcoin has eliminated the notion of gold investment for young people since they now perceive it as being safer than investing in actual assets like gold.

You could argue that. but the main reason as to why these authorities aren't keen on allowing bitcoin to wander around their territories is because they can't control it. There are no ways for the government to track, detect, and apprehend people in the bitcoin network, and this is their main argument. You can also say that they don't want bitcoin to deface and dethrone their official currency due to the sheer amount of benefits it provides over fiat.

Plus you're right, not a lot of young people are that stoked about investing on gold anymore as they did in the past. I don't think it's good as gold is still one of the best investments one could make for themselves but at the same time you can't really blame them. Gold is gatekept by a lot of people, and as more people steer away from luxury like jewelries and fancy stuff, there's no surprise they'd divert their attention towards bitcoin.

[teosanru]

Before the existence of bitcoin they're many other digital economic assets that is in line with government policies like crude oil, gold and much more, government where comfortable with this assets trading online, including forex but crypto currency like bitcoin that would have change lives and alienates poverty from the world, government are afraid of its cumulative value.

Bitcoin is an assets that we shouldn't lose or allow to dies off, if you check history of all money weather digital or paper bitcoin circulate faster in values and distributions. As highly respected as dollars not all countries have it but bitcoin is 14 years now, the world is aware of it. Do you think bitcoin will stay if government totally remove their hands or stand against it?

How crude oil, Gold etc. are "digital" economic asset? These are physical assets isn't it? Bitcoin is a digital asset, even digital fiat in form of any bank account can't be considered a digital currency as per me.

[uche6215]

The power of Bitcoin is more than the power of an electric fence or device's we all use in our various houses, why? Because if Bitcoin was mistakenly sent to an unknown Bitcoin wallet you can't get it back and this is the number one issues why some people refuses to invest in Bitcoin. I have a strong feeling that if Bitcoin was been controlled by the government some of us wouldn't have held the amount of Bitcoin we have today and it will only be use In some country and not all, just like the currency of Dollar ($) not every country use the dollar currency.
The way crude oil and gold was before it's not the same way today because Bitcoin has taken over the market.

[serjent05]

No matter what any government does, none of them can stop Bitcoin. Crypto is here to stay and it will soon replace the old financial system.

BTC is not replacing fiat, don't wait for that to happen, BTC and fiat are both going to be used together and that's how the creator of BTC wanted it to be. BTC doesn't have to replace fiat before anyone uses it, it is even permissionless so you don't even need the permission of anybody to use it, you must accept that people would continue using fiat, but when they need a censorship resistant and permissionless currency, they will use BTC.

True that, I believe Bitcoin is not created to compete with fiat money but rather to avoid the use of intermediaries upon doing transactions.  I also think it is created to combat inflation, the reason why Bitcoin has limited supply, and to enable people who are unbanked to participate in the global economy, or economic inclusion and financial inclusion.

The question of whether bitcoin will continue to exist if the government completely withdraws its hands or opposes it raises several aspects to consider.
However, it is important to note that the intervention of governments or regulators can have an impact on the market and use of bitcoin. Some governments are introducing regulations regarding cryptocurrencies, such as licensing exchanges and setting rules for compliance. Such measures may affect the demand and price of bitcoin, but will not necessarily lead to its disappearance.
Ultimately, the future of bitcoin depends on a variety of factors, including its use, public perception, regulation, and technological innovation. It is important to keep track of developments and have a realistic view of the possible risks and benefits associated with bitcoin and other cryptocurrencies.

Bitcoin existence is dependent on its community.  Government regulation might have a huge impact on the adoption and market of Bitcoin but I do not think the government has the ability to stop the Bitcoin network.

[lixer]

Before the existence of bitcoin they're many other digital economic assets that is in line with government policies like crude oil, gold and much more, government where comfortable with this assets trading online, including forex but crypto currency like bitcoin that would have change lives and alienates poverty from the world, government are afraid of its cumulative value.

Bitcoin is an assets that we shouldn't lose or allow to dies off, if you check history of all money weather digital or paper bitcoin circulate faster in values and distributions. As highly respected as dollars not all countries have it but bitcoin is 14 years now, the world is aware of it. Do you think bitcoin will stay if government totally remove their hands or stand against it?

Well, at the initial beginning, peeps probably did not believe that bitcoin would be what it is today and where it is today, for many, it is still a mystery, I personally believe that even satoshi himself or herself, or their group never expect the kind of success bitcoin have achieved, it all started with a line of code on probably an old computer, and in 2009, something was burn that would completely change the way the world see and value money, bitcoin has become a force that can't be reckoned with, the government probably have deviced several means they can get hold of bitcoin, but have discovered it's impossible to ever be controlled by a single entity..

I don't think that it all started with a line of code in an old computer, no one can create something this significant and strong by just sitting on a computer and writing a few lines of code, to me, it seems that it was a vision that was thought about for a very long time and there was a lot of planning and brainstorming and creating ideas to create something that can be used as an alternative to traditional financial systems.

Whether there was a group behind the name, Satoshi, or an individual, the creation of Bitcoin was a very well-thought idea even if they didn't know if it will get the recognition it deserves, they always knew that they created something significantly great.

[serjent05]

Before the existence of bitcoin they're many other digital economic assets that is in line with government policies like crude oil, gold and much more, government where comfortable with this assets trading online, including forex but crypto currency like bitcoin that would have change lives and alienates poverty from the world, government are afraid of its cumulative value.

Bitcoin is an assets that we shouldn't lose or allow to dies off, if you check history of all money weather digital or paper bitcoin circulate faster in values and distributions. As highly respected as dollars not all countries have it but bitcoin is 14 years now, the world is aware of it. Do you think bitcoin will stay if government totally remove their hands or stand against it?

Well, at the initial beginning, peeps probably did not believe that bitcoin would be what it is today and where it is today, for many, it is still a mystery, I personally believe that even satoshi himself or herself, or their group never expect the kind of success bitcoin have achieved, it all started with a line of code on probably an old computer, and in 2009, something was burn that would completely change the way the world see and value money, bitcoin has become a force that can't be reckoned with, the government probably have deviced several means they can get hold of bitcoin, but have discovered it's impossible to ever be controlled by a single entity..

I don't think that it all started with a line of code in an old computer, no one can create something this significant and strong by just sitting on a computer and writing a few lines of code, to me, it seems that it was a vision that was thought about for a very long time and there was a lot of planning and brainstorming and creating ideas to create something that can be used as an alternative to traditional financial systems.

The creation of Bitcoin was inspired by the goal of sending transaction that does not need a third-party financial system and the creator see that by using the power of the internet they will be able to do it.  Bitcoin is carefully planned and even takes the production of gold as a reference to how it will be mined.

Whether there was a group behind the name, Satoshi, or an individual, the creation of Bitcoin was a very well-thought idea even if they didn't know if it will get the recognition it deserves, they always knew that they created something significantly great.

I agree, Bitcoin is a very well thought idea, I believe the creator of Bitcoin is not concern about the recognition but rather on how to deliver their idea of peer to peer transaction regardless of location and does not need any intermediaries.

[Iadegbola34]

The concerns of governments regarding Bitcoin's cumulative value are understandable. The volatility and potential for illicit activities associated with cryptocurrencies have raised regulatory and security concerns. Governments strive to maintain stability in their economies and protect their citizens from potential risks.