Government vs Bitcoin

[bayu7adi]

The blockchain technology poses a threat to government sovereignty in its role as the regulator of a nation. Bitcoin's decentralized nature, one of its defining features, leads some governments to perceive it as beyond their control, potentially carrying adverse consequences for their citizens, although this remains speculative.

Governments can still empower their own controlled currencies, allowing them the flexibility to implement various adjustments within their local currencies.

While we view Bitcoin as a viable alternative from a public perspective, the government's standpoint may differ. That's why some governments opt to restrict or prohibit Bitcoin.

[retreat]

Bitcoin's innovation in securing transactions, making them faster, and anonymous, is what worries governments, because they fear that their products, namely fiat and banking, will be abandoned by people and make Bitcoin adoption even higher. With more and more people using Bitcoin, it means that the government cannot track the transactions of its citizens and if fewer people use their product it will hurt their economy. That's why in several countries the adoption of Bitcoin is prohibited because it has the potential to disrupt the circulation of fiat and banking in their country.

[yudi09]

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

IMO, repeatedly said that Bitcoin cannot be controlled by anyone but anyone can suggest anything to Bitcoin because the design that is designed is public and Bitcoin is an open source.
The government does not misunderstand Bitcoin innovations. In fact, most of them are very familiar with the Bitcoin system. Most of them decided not to use bitcoin because they could not control it.

The main issue lies there so that they, especially the government, who do not want their profit to be seized by the aging of the Bitcoin system issued rules that were considered to be able to limit people involved with bitcoin.

Does not cover everything, even most countries accept Bitcoin innovations even though they do not legalize them.

[Minor Miner]

Bitcoin's innovation in securing transactions, making them faster, and anonymous, is what worries governments, because they fear that their products, namely fiat and banking, will be abandoned by people and make Bitcoin adoption even higher. With more and more people using Bitcoin, it means that the government cannot track the transactions of its citizens and if fewer people use their product it will hurt their economy. That's why in several countries the adoption of Bitcoin is prohibited because it has the potential to disrupt the circulation of fiat and banking in their country.

As well as disrupting the circulation of fiat, widespread use of bitcoin will make it difficult for governments to collect taxes from their citizens. It can be said that the popularity of bitcoin will cause many difficulties for the centralized system that the government has set up to control us.
The number of countries banning bitcoin is decreasing, which shows they have failed to stop bitcoin's growth. In my opinion, like it or not, they will soon accept bitcoin because people still use it regardless of the government's efforts to prevent it.

[Gallar]

Governments frequently misunderstand bitcoin innovation.

In my personal opinion, it is not that the government does not understand or has a wrong perception of the innovation in bitcoin. But more precisely, the government may just be wary of something new or foreign. Besides that, the government, I'm sure they know the potential of bitcoin. But the problem is, the government doesn't want to admit this.

This impression arises from the disproportionate bans and regulations they enact.

Regarding restrictions or regulations made by the government. Maybe this is caused by the government's fear of bitcoin. So that's what may have led to regulations or restrictions being put in place for bitcoin and its investors.

This means that with the disproportionate government regulations regarding bitcoin, this can actually be a sign that bitcoin is indeed a very high-quality asset and does not deserve to be criticized or eradicated (banned).
Because as I said above, the government definitely knows and understands the potential of bitcoin. Because if they didn't understand the potential of bitcoin, I don't think they would bother making rules that corner bitcoin. However, because the government is aware of the potential of bitcoin, but does not want to recognize bitcoin and is afraid of its potential. So this rule was made.

Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

If you cover this, bitcoin actually has disadvantages and advantages. But this is in the bitcoin investment room itself, which is certain all investors must agree with all the results that can be obtained in their investment or trading in bitcoin. So it can be concluded, for investors bitcoin can be very profitable, but it does not rule out the possibility that bitcoin can also be detrimental to investors.
But this is something normal. Because this is the realm of investment and trade.

But for the government or people who don't invest in bitcoin, bitcoin is absolutely not detrimental.

[SmartCharpa]

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

I don't believe that any government misunderstood bitcoin; in fact, I believe that most governments understand bitcoin and how it works better than you do. The problem is that governments can't control it. For example, in my country, there have been times when governments have issued regulations prohibiting further use of nvestment in bitcoin, even though they are aware that these regulations are unworkable. Governments want to find a way to profit from anything that becomes popular, and bitcoin is no exception.
and if you look among them, you'll see that they make investments as well as this type of guidelines. Bitcoin already runs the globe, and I have no doubt that it will do so in the future, no matter how hard they attempt to outlaw it.

[bluebit25]

Sometimes it's just an excuse for the government to expose its power, most of the FUDs that I've heard about Bitcoin are just a one-sided view from a personal point of view, money laundering, crime Crime, clean energy,... have never been convincing enough to say that bitcoin is harmful. Moreover, more and more people are admitting that the useful feature that people get when learning about and using bitcoin so it is bullshit with unverified information about bitcoin, but it is are still in the information data system, so recognizing and understanding them takes time. I think it won't be long before we see wider acceptance of bitcoin in the near future.

[Outhue]

Bitcoin hasn't harmed the government, but the innovation that is in bitcoin makes most governments afraid. Governments are afraid because they can't control bitcoin, of course that has made some of them ban it. But I am grateful that my country's government has not banned bitcoin completely, I mean bitcoin can be traded even though it is not allowed to use it as legal tender.

The policies taken by the government towards bitcoin are sometimes detrimental. Governments tend to say something negative about bitcoin, but they're basically just lying and pretending not to know. Bitcoin is just like any other currency, it can be misused for whatever reason. But that's not a good reason to ban a currency.

Bitcoin was banned in my country and later the ban was lifted but I don't trust them because while the ban was ongoing the government ordered all banks to block every bank accounts that have once traded with crypto and Bitcoin one way or the other, later many Bank accounts got frozen, I guess it's better to secretively trade Bitcoin, if you are already using your Bank account for crypto trades you could be in trouble in future.

Government consists of smart people that's why I don't believe they lack understanding about Bitcoin, they understand Bitcoin perfectly and they are in fear of what Bitcoin could be in the future, they want the world's attention on something else, not Bitcoin.

They are also pissed that they can't control Bitcoin, this is an innovation that should have been created by the government themselves, I believe that's what's in their mind, instead a random unknown person created Bitcoin.

[karabiber]

I know why governments of different countries always accept Bitcoin negatively. The positive aspects of Bitcoin never come before the government systems of different countries. Most of the governments of the countries are far from accepting Bitcoin and they are always promoting Bitcoin negatively. There are enough reasons for such negative propaganda about Bitcoin as if people deposit their money through Bitcoin without depositing money in banks then they will not be able to control the money of their country and the amount of money that their people deposit in Bitcoin from their country is from their country. It will go out basically you can't control the money that's why the government of most of the countries are always negative about Bitcoin.

And that's quite logical because there are so many negative things that are very dangerous for the country if they legalize Bitcoin, like a crime network that can't be controlled if the government legalizes bitcoin, that's actually reasons that can be accepted but there are also some positive things that can't be defeat the negative so that it is never seen but the government should have the authority and rules to be able to remove the positive things and try to see the positive things if they legalize Bitcoin, that's a lot and even now the country of El Salvador has legalized Bitcoin because they can take advantage of the positive things and advantages of using Bitcoin.
But I see that for now, many state governments tend to do nothing, not prohibit and also not legalize, meaning that we can carry out any transaction without any protection and regulation from the state.

I oppose the idea of governments banning Bitcoin and i think that developing and underdeveloped countries in particular should be firmly committed to Bitcoin. Banning Bitcoin, which is seen as a danger by governments is not a logical move at a time when Bitcoin adoption is growing rapidly around the world. Especially from inflationary countries, Bitcoin investments are increasing and investments in Bitcoin are continuing from a large number of countries.

I think it is difficult for governments to ban Bitcoin in the face of rapidly increasing Bitcoin investments. I can say that the attempts of countries such as Russia, China and Switzerland to ban Bitcoin will not pose a threat to Bitcoin. Already after China's ban, Chinese citizens continue to invest in Bitcoin from bitcoin exchanges abroad. The ban did not have any impact for China. It seems inevitable that Bitcoin, which is limited in number in the face of unrequited state coins, will continue to gain value.

[Negotiation]

As bitcoin cannot be controlled by a decentralized government it also works against bitcoin's network pseudonymity meaning that users are identified only by their addresses on the network. It is difficult to trace the origin of a transaction or the identity of a person or organization behind the address. That's why most people prefer bitcoin the government thinks that if everyone moves to bitcoin fiat will be stagnant but fiat and the banking system will never be stagnant. Bitcoin usage is more popular online crypto prices are inherently volatile due to their lack of intrinsic economic value, as they are exclusively tied to fluctuations in their demand. The government can increase the economic development of the country through bitcoin.

[Sim_card]

Governments knows the potential of bitcoin better than anyone because they will have experts in the government, and this is why they are against bitcoin. Bitcoin is decentralized and this makes it difficult for them to control. This has given the government headache to see how they can control bitcoin,which makes them come up with a regulation policy on exchanges and traders. Still bitcoin is beyond their limit and that is why some countries put a ban on it. We have also seen countries that have uplift the ban on bitcoin because they want to also benefit from it through taxes. Bitcoin came to open peoples eyes for them to see that they can keep their funds themselves and can also carry out a transaction without a third party. Financial freedom is what the government hates.

[kryptqnick]

While a lot of people (by my calculations, it's around 40% of the world's population, but that also depends on the criteria we take into account) are affected by Bitcoin restrictions, it isn't because a lot of governments choose to impose harsh restrictions. It's a handful of countries, really, but they include some of the most populated ones. There's also an overlap between countries that banned or heavily restricted Bitcoin and countries that tend to be authoritarian rather than democratic. Thus, it seems to me that those governments that restrict Bitcoin tend to restrict other freedoms as well, so it's merely a natural continuation. But, thankfully, many countries aren't like that and are either neutral or trying to create a space for legal use of Bitcoin.

[LittleBitFunny]

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

I don't believe that any government misunderstood bitcoin; in fact, I believe that most governments understand bitcoin and how it works better than you do. The problem is that governments can't control it. For example, in my country, there have been times when governments have issued regulations prohibiting further use of nvestment in bitcoin, even though they are aware that these regulations are unworkable. Governments want to find a way to profit from anything that becomes popular, and bitcoin is no exception.
and if you look among them, you'll see that they make investments as well as this type of guidelines. Bitcoin already runs the globe, and I have no doubt that it will do so in the future, no matter how hard they attempt to outlaw it.

The government is the head of a country, they are the ones who have controlled us for thousands of years, so it would be naive to assume they have bitcoin ignorance. The government is smart and they are doing what is in their best interest and banning bitcoin is in their interest too.

Regarding the acceptance of bitcoin, I believe that all governments will soon accept it because they gradually realize the benefit of accepting it, which is being able to collect huge taxes from us. And of course, we will be able to use bitcoin but there will be limitations, we will never be free to use bitcoin as we want, we need to comply with the law. That is why many governments have accepted bitcoin as an asset, not a currency.

[YUriy1991]

I think one of them has to give way to encourage growth and have innovation of course be prioritized. Of course in this case BTC reasons are relevant because in the future BTC will have great benefits for everyone who holds it meaning that good communication will result in better understanding, which will result in reasonable regulations

Yes. right now a lot of people are not sure if Bitcoin is even legal in some countries now and there is also a lot of negative pressure around the malicious transactions that can be done using Bitcoin and ledgers. Now Bankers chuckle a generation of nerds just got an MBA in economics the hard way.

[Wend]

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

Frankly, the decentralized nature of bitcoin puts governments at a disadvantage, and that's what they don't like about bitcoin. Decentralization is only good and beneficial for us who don't want to be monitored and controlled by the government, while the government is the one trying to control us all. So you don't have to wonder why the government doesn't like bitcoin and tries to get rid of it.

By the way, as everyone has said, you are pretty naive to think that the government has no deep knowledge of bitcoin. They did thousands of research before deciding against bitcoin, they know even more about bitcoin than any of us, IMO.

[icalical]

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

I think it;s quite the opposite, Government really understand the innovation that Bitcoin brings to the economic system, and they also know that those innovations will bring down all the things that they have been built for decades, which is a total control over currency and how those currency affect the economic system. Thats why the goverment keep delaying Bitcoin, so they can find the way to mitigate the risk of losing the control overy their economic.

[GeorgeJohn]

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

Bitcoin have nothing to do with government, and it was then when many countries doesn't like existence of Bitcoin because they thought that Bitcoin is a kind of currency that will be use for corruption in the aspect of money laundering, this is the area or aspect i think that many countries looks at in Bitcoin and start acting strange and dislike the existence of bitcoins, bitcoin is a decentralized currency in which nobody can regulates it even the government, the objectives of Bitcoin from my perspective is to stand as a currency of it own and not to be centralized currency but a decentralized currency, some countries lift ban in Bitcoin sometimes ago but I don't know those things is still in existence.

[Blitzboy]

Knowing why they're worried is crucial. Bitcoin disrupts everything about traditional banking. Its a revolution, not just money.

Centralization and regulation underpin traditional financial institutions. Bitcoin is decentralized and p2p. Money without government regulation is unpopular. Some rules are made to prevent misuse, but others are made because people dont comprehend or fear the unknown.

Not right or wrong, but evolving views. You're right, yet governments and institutions are facing massive upheaval.

[Helena Yu]

The fact is most of countries are accept Bitcoin as an investment, so it's not really government is hate against Bitcoin.

Only few countries are ban Bitcoin, of course they're don't want to get involved in Bitcoin and not interested to learn it. But some countries are know if many people are interested with Bitcoin and they're use this to take advantage by taxing Bitcoin.

[G_Besar]

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.
Although occasionally the bitcoin regulations appear unreasonable, I posit that bitcoin is not as detrimental as suggested. Please correct me if I am wrong.

I don't think all governments are wrong in understanding the innovation of Bitcoin now, although in general there are still many governments who don't understand the innovation of Bitcoin. But in fact, I also think that the government already knows how much innovation there is in Bitcoin, even though most governments are still afraid to make special regulations for Bitcoin because they still really want to maintain the state regulations they have previously agreed to.

Actually, the rules in Bitcoin make a lot of sense even though you say they don't make sense, but I don't think so because when a rule aims to make things easier and no one is harmed, it should be reasonable enough for everyone to understand. But if this is related to the government in all countries, of course there must be another special study because each country has its own rules for accepting all innovations and also for making any new regulations that might be contrary to the basic rules that have long existed within the country.