Why the disagreement between the Government, Bank and Bitcoin?

[Flexystar]

The quarrel is due to the fact Bitcoin came out of cryptography method that had existed way before bitcoin was actually launched on the blockchain and government or financial institutes were incapable to invent it all by themselves. Now bitcoin stands as one of the greatest investment in entire world. I mean it quickly picked up attention of developers around the world, gave rise to enormous marketplace that was just dream before 2009. I am pretty sure government is surprised to see newborn tech like this disrupting their own money land. There it is, that is the point when government and financial institute came together to fight against bitcoin but with failure.

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[hannahB4]

With the Electricity and the Internet, you mentioned I don't think the government or bank has something to lose rather than benefit from its existence. On the other hand, the bank knows with more people investing in bitcoin their sales and profit from investment will drop, people who buy shares, bonds, and stock who withdraw their funds and invest in bitcoin will have an effect negatively on them. In my country, the excuse government gave concerning Bitcoin then was that it was a scam and fraudulent means for youth.

[BIT-BENDER]

Like you said electricity can and the government found a way the electricity can work for them by placing a bill on it, and also the internet came and same thing the government found a way to control it, this should tell you that the government aren't against development either technology or other wise what they are really against is what they can not control.

Crypto-currency is some thing the government has tried to control by all means but it seem not to be working and even though they have some grip on the centralized system of Crypto-currency such as some exchange regardless this can not give them complete control.

[umbara ardian]

The fastest way for people to get to know someone or something is to be a part of a drama. This is also how bitcoin gets all the attention when it comes to its conflict with governments and banks. When there is disagreement and it is difficult to control, the pressure on bitcoin will be greater. Since then, people will gradually notice this conflict, and eventually someone will become interested and learn more about their benefits. However, no matter how the government tries to suppress it, bitcoin will continue to grow strongly and will make other objects dependent on and accept the use of bitcoin.

[Agbe]

The last paragraph of your thread made me laugh.  Let me start from the beginning of the thread. Government is working for the interest of the Bank because the bank is own by a Capitalist who is a businessman and the government must act according the request of the bank. Now the Bank sees bitcoin as a treat to it existence, because if the government adopt bitcoin without the notice of the bank, it will affect the interest of the bank and the bank is using the government as a super hero to do and undo. And the bank is thinking that the people will use bitcoin more than the back. Remember it is now that bitcoin has not been accepted globally making the exchange to be popular once government adopt bitcoin as a legal tender in any country the the exchange platforms will not be known like that again because everyone will be using p2p and banks are afraid of that. And that is why they banks are lobbying the government not to adopt bitcoin in their regions. It is a very simple ideology. Banks are the main opponent of bitcoin and not even the government. Banks are using the government to cover up.

[hatshepsut93]

It's a bit of misconception that banks are anti-Bitcoin. Many of them do business with exchanges and profit from all the transactions fees that come when people deposit or withdraw from exchange. Some banks prohibit crypto-related transactions, but not necessarily because they are afraid of crypto, they likely afraid of responsibility that might come if some of those transactions are linked to crime and black markets.

As for governments, in general they don't want Bitcoin to be used instead of fiat, it's harder to trace, harder to tax. But only a few governments in the world actually banned mining or trading.

[serjent05]

Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so? I mean, Electricity came, the government and the bank accepted it and placed an electricity bill, the internet came they both accepted it and the Government works with ISPs to take bills from data subscriptions. Bitcoin came they took advantage of centralized exchanges, yet they're not satisfied. I've read multiple bad reasons placed on bitcoin volatility, fraud, etc, and don't see it tangible because every innovation has its risks and importance.

Bitcoin truly is not tangible because it is intangible.  A digital or virtual currency has no physical form that can be touched or felt.  Government cannot consider Bitcoin as money because of the issue of being a store of value since the government believes that Bitcoin is too volatile to be considered one.

On the contrary, why do Bitcoiners quarrel with them? knowing that they, Government and Bank, got no strong evidence to tarnish the image of Bitcoin completely. I think the quarrel will make Bitcoin very famous to the extent that both opponents will have no other option than to submit to Bitcoin.

Bitcoiners do not quarrel with the government and banks.  They are just citing the obvious on how these two institutions exploit people and how the government wants to control the cash flow of its constituents.  if Bitcoiners quarrel with the two institutions, you could have seen Bitcoiners making an aggressive rally and assaulting these two institutions, but we never see that happen, do we?

[Accardo]

if Bitcoiners quarrel with the two institutions, you could have seen Bitcoiners making an aggressive rally and assaulting these two institutions, but we never see that happen, do we?

You took it way too far from what I meant. The quarrel happens online and bitcoiners also take it to the streets to point projectors with bitcoin logo on banks and top governmental offices. Such thing happened in Frankfurt. Whereas on the internet it's been multiple arguments and posts from bitcoiners that shade on banks and their activities. Nobody is expecting a rally, as the banks are not taking it to the streets too, it's all an online dispute. For instance, if the JP Morgan CEO makes a bad comment on bitcoin, you'd see lots of negative responses from bitcoiners towards the CEO's point of view. That's the kind of quarrel I meant on my post, thanks.

[_BlackStar]

Bitcoiners are against anyone voicing a different opinion based on facts. For example Elon Musk says bitcoin mining is not eco-friendly so he's canceling adoption, but that's something that's not true - so it's only natural that some people would fight him with the truth at hand.

We can take other examples like government says bitcoin is just tool to help terrorists and money laundering, but when you know that it is wrong with facts - then you might fight it with truth. Governments and their minions will try to put lots of restrictions on bitcoin so that user interest and trust in it diminishes, but anyway I think the end goal is because they can't control bitcoin.

[Ebede]

That was then when bitcoin was firstly established government was against bitcoin but it was not generally like across the country it is different country government that is was against the development of Bitcoin burner the stress and the frustration of Bitcoin by government has reduced so I believe that we cannot say that god bank and the government is against bitcoin again like before

[Rengga Jati]

Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so?  

This used to happen in my country, Government is against Bitcoin. However, after several years passed and finally Bitcoin was officially legalized in my country, especially now, they are actually very welcome to Bitcoin. yes, since they get quite significant income from taxes or whatever it is from crypto for the country. However, the next problem is that the government only legalizes Bitcoin as a digital commodity asset, not as money or a legal means of payment. So, Bitcoin is not used here either as a means of payment for various reasons. One of them is price volatility which might harm some parties (their reasons). Or the government and banks will not be able to control and manage Bitcoin because of its decentralized nature. This is the point, because the government and also banks are not able to control it, so they may still be seriously considering using it.

[Lamkuthang]

And it's no secret, business competition, of course. Perhaps, they are overwhelmed now that BTC growth is inevitable. Banks also require users to deposit and BTC as well. But if you look at current developments, it's up to the issue of skepticism or not from the government or other financial institutions, I note that the current circulation of money is mostly crypto and banks are just bridges to be able to store funds to be able to buy coins and tokens on trading platforms and terminals to withdraw fiat ..

[wxa7115]

Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so? I mean, Electricity came, the government and the bank accepted it and placed an electricity bill, the internet came they both accepted it and the Government works with ISPs to take bills from data subscriptions. Bitcoin came they took advantage of centralized exchanges, yet they're not satisfied. I've read multiple bad reasons placed on bitcoin volatility, fraud, etc, and don't see it tangible because every innovation has its risks and importance.

On the contrary, why do Bitcoiners quarrel with them? knowing that they, Government and Bank, got no strong evidence to tarnish the image of Bitcoin completely. I think the quarrel will make Bitcoin very famous to the extent that both opponents will have no other option than to submit to Bitcoin.

It should be awfully obvious why this is the case, in the case of the examples you bring forward the internet and the electric companies were just new industries that were born and that the government had no problems supporting as the wealth they would generate will benefit them in the form of taxes and jobs for their citizens.

But bitcoin is different, bitcoin is a direct competitor to some of the functions of the government and banks, as bitcoin competes against fiat currencies directly and as a store of value, and neither of those two parties appreciate any competition on their fields.

[kro55]

Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so?  

This used to happen in my country, Government is against Bitcoin. However, after several years passed and finally Bitcoin was officially legalized in my country, especially now, they are actually very welcome to Bitcoin. yes, since they get quite significant income from taxes or whatever it is from crypto for the country. However, the next problem is that the government only legalizes Bitcoin as a digital commodity asset, not as money or a legal means of payment. So, Bitcoin is not used here either as a means of payment for various reasons. One of them is price volatility which might harm some parties (their reasons). Or the government and banks will not be able to control and manage Bitcoin because of its decentralized nature. This is the point, because the government and also banks are not able to control it, so they may still be seriously considering using it.

Not only your country but most other countries have legalized bitcoin and cryptocurrencies as commodities or property. But I don't think they're afraid of bitcoin, they've seen its tax potential and don't want to ignore it. Second, I think there is no reason for them to accept bitcoin as a currency, whether centralized or decentralized. Because they're doing well with the fiat they've created, only people like us have a problem with fiat and need to replace it. But with them, they are content with what they have.

[Sebas.tian]

Among the last three terms on my topic, each has representatives, and they've been having disagreements; the Government and banks against Bitcoin. With no tangible reason why it's so? I mean, Electricity came, the government and the bank accepted it and placed an electricity bill, the internet came they both accepted it and the Government works with ISPs to take bills from data subscriptions. Bitcoin came they took advantage of centralized exchanges, yet they're not satisfied. I've read multiple bad reasons placed on bitcoin volatility, fraud, etc, and don't see it tangible because every innovation has its risks and importance.

On the contrary, why do Bitcoiners quarrel with them? knowing that they, Government and Bank, got no strong evidence to tarnish the image of Bitcoin completely. I think the quarrel will make Bitcoin very famous to the extent that both opponents will have no other option than to submit to Bitcoin.

I think, with time government will accept Bitcoin to allow their economy grow faster like other countries that accepted it some years ago to create more jobs opportunity to their youths to grow financially in the country. The reason why bank and government are against Bitcoin, that is making them to spread bad news about Bitcoin is because they don't want to lose their selfish interest, because that is where they are getting their sources of income from. But one day, government and bank will definitely submit to Bitcoin for the people to know that Bitcoin is very important to humanity and every government need to make it legal for the betterment of their country.

[valeneu]

Bitcoin is decentralized and has no control from a central bank or government agency, which somewhat reduces the ability of governments to intervene in the economy.

[retreat]

The reason is simple, the government does not want Bitcoin to grow and shift their financial products and become a payment option that will be used by the wider community. The government has strong reasons to be able to prohibit the adoption of crypto, as in my country the government here uses a law that prohibits the use of Bitcoin and Altcoins as a substitute for currency, this violation will be subject to criminal penalties and fines. That's why most Bitcoiners often have disagreements with the government because they really don't want Bitcoin to get bigger and be adopted by many people and these Bitcoiners want that Bitcoin can be used freely globally..

[TheUltraElite]

Government finds it difficult to control and sees the potential money laundering problem in Bitcoin.
Banks see it as an alternative to their monopoly and are threatened about their future existence although banks have a lot more functions that Bitcoin does not have like lending/depositing to start with.

Banks have started blockchain as a technology for their application and services but not bitcoin explicitly. Of course my take on this is that both will co-exist and eventually people will learn to use banks for its niche uses that Bitcoin cannot provide and use bitcoin for payments parallely. I am skeptical about DeFi and its uses and have observed that the buzz has reduced a lot in the recent year. How much they will complement bitcoin remains for the future.

[crypticj]

The whole point of Bitcoin is to avoid the banking system and take control of your own money without the government and banks.

That way banks are losing money and the government is losing control over us and our money. Bitcoin is making it harder for government to tax us, so it's another huge reason why they hate crypto.

They cannot allow money that they can't control to exist, that's why they are trying to fight crypto.

[bluebit25]

Regarding Bitcoin players arguing with each other, this can have many different causes. Some participants may have different views on the development of Bitcoin or their investments may be affected by its price movements. Also, like any other community, the Bitcoin community also has different interest groups and viewpoints, which can lead to conflicts and arguments.

There are various reasons why governments and banks are against Bitcoin.  Financial control, Bitcoin is a decentralized cryptocurrency that is not controlled by any government or financial institution. This could reduce the financial control of governments and traditional banks. Anti-money laundering and illicit activity, due to Bitcoin's decentralized nature, it can be used to carry out illegal activities or launder money more easily than traditional financial means. This raises concerns for governments and banks in regulating the use of currency. Lack of active efforts on regulatory compliance and user protection, due to lack of legal standardization, security, and user protection, Bitcoin may make participants vulnerable to fraud or loss their money. This causes concern and negatives the image of Bitcoin in the eyes of governments and banks.