Government vs Bitcoin

[Rockstarguy]

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.

It's not that government doesn't know the importance of bitcoin, they only lauch attacks because they are afraid of allowing what will take financial power away from them, such that they won't be able to perform their secret enterprise, but the truth is that some individuals from these same governments will be wise enough to secretly admires and invest in bitcoin while joining in the attack on public because they don't want others to know about their secret, the conclusion now is that no matter how the attack may be, it will not be successful on a decentralized digital network of bitcoin, till government get tired, they won't achieve any attack aimed at bitcoin.

For sure the government will definitely attack bitcoin when they have no power to control it, this is how the government has always been. They know if people get to know Bitcoin very well and accept it for long-term savings it is going to affect the banking system which people might decide not to put their money in bank any more, I think this is the treat the government are facing from bitcoin that is why it very difficult for the government to fully accept bitcoin.

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[TravelMug]

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.

Governments of many countries are talking about Bitcoin, but many of them do not know what the purpose of Bitcoin is? Some governments are only bringing up its negative aspects but they do not reveal the positive aspects that they have. The fact is that they cannot control it, so it is better to keep the public as far away from it as possible with various restrictions.

On the contrary they know what bitcoin is, or any crypto for that matter, that's why they decided to have their own back crypto Central bank digital currencies (CBDCs).

People are not indifferent in this age anymore. They know that even if the government bans it,  the high-ranking officials of the government understand its benefits, they will not want to stay away from it. Bitcoin is a means of transaction and should not be considered only as a tool for money laundering. We urge the government to adopt appropriate policies to embrace Bitcoin on its merits rather than as a competitor.

You have to take for example US, some of the most powerful men, like the politicians are into it. Even their political system is divided, the other one supported it, while on the other side, they are totally against it. This is how disrupted bitcoin though, but for us average joe, it's just a tool for financial freedom. But government doesn't want their population to have that kind of freedom.

[Lanatsa]

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.

It's not that government doesn't know the importance of bitcoin, they only lauch attacks because they are afraid of allowing what will take financial power away from them, such that they won't be able to perform their secret enterprise, but the truth is that some individuals from these same governments will be wise enough to secretly admires and invest in bitcoin while joining in the attack on public because they don't want others to know about their secret, the conclusion now is that no matter how the attack may be, it will not be successful on a decentralized digital network of bitcoin, till government get tired, they won't achieve any attack aimed at bitcoin.

For sure the government will definitely attack bitcoin when they have no power to control it, this is how the government has always been. They know if people get to know Bitcoin very well and accept it for long-term savings it is going to affect the banking system which people might decide not to put their money in bank any more, I think this is the treat the government are facing from bitcoin that is why it very difficult for the government to fully accept bitcoin.

Not only having the full control over their citizens money but also they do mind off about these things;

1. Taxation
2. Money laundering
3. Anonymity

This is why they would really be hating up Bitcoin because of this and cant really be fully adopted or accepted or simply regulated. Although there are some places in the world where
they do really recognize Bitcoins potential and overall of it. Just like on what El Salvador had done on which this is the first place who had made Bitcoin as their legal tender
although fiat do really still that preferred mostly of their citizens but at least they did really make a historical move that everybody thought that it was really that impossible
but it do shows out that it could be done.

Its better not to make yourself that minding that much on how government would really be making out such involvement or on trying out to surpress Bitcoin but instead
it would be wise that you should be caring on how you would really be taking up some advantage via accumulation of it.

[rachael9385]

Op, maybe you are the one who is totally wrong about it all, the government have good informations about Bitcoin, if you can think very well, the government is not just one body, it is totally run by a group of people, like special advisers and all the rest, so you can't tell me that the government doesn't have good knowledge about Bitcoin.
One of the major reasons why the government do not want Bitcoin is because they are totally scared of what Bitcoin can do in society. If they allow Bitcoin at all,  people won't be passing through difficult processes to change their currency if they travel out to some of these countries, and if the government allows Bitcoin, I am not sure that people are going to be paying some of their monthly fees because they won't be doing hard jobs but little jobs that can profit them well with their investment also.

[kawetsriyanto]

Governments frequently misunderstand bitcoin innovation.
This impression arises from the disproportionate bans and regulations they enact.

I'm sure the governments quite understand about Bitcoin. They know that Bitcoin has the advantage for people. But since it doesn't bring an advantage for the governments, they seems like in the opposite position. They will accept Bitcoin when people want to pay taxes for Bitcoin transactions, it happens in some countries in the world. The governments also want to control the development of the business related to Bitcoin industry. So, they know the potential advantage for the government in the future. I assume governments will try to increase the taxes gradually when Bitcoin becomes more popular in the next few years.

Well, it is not about the governments have lack understanding about Bitcoin, dude. It is about the advantage and disadvantage of Bitcoin for the governments. 

IMO

[lalabotax]

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.

Actually they really understand of Bitcoin, really understand. that's why they are worried about how powerful Bitcoin will be if they can't control it. People in government are mostly smart people, of course they can easily understand what Bitcoin and cryptocurrency are like, what are the negative and positive impacts. They also understand how many people's lives have become better after using or related to Bitcoin. And they also understand that transactions with Bitcoin globally will be easier to do. Because they understand this, they make regulations that are at least able to limit the activities of their citizens towards Bitcoin and other cryptocurrencies, at least they limit it in terms of means of exchange or as money for transactions. because after all the government is unable to control Bitcoin.

[Onyeeze]

Government is trying to suppress bitcoin and Bitcoin is trying to change the policy of government in centralizing agenda, so government is fighting Bitcoin why bitcoin have target of making their currency to have dominance over centralized centralized agend by using decentralized method to fight government, but from what bitcoin is doing and the way bitcoin price is going and the awareness of Bitcoin it seen that Bitcoin might become a world currency because the plans of government started when bitcoin was valueless bitcoin still have agenda.

[goldkingcoiner]

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.

The only kind of bans that the government feel like they can enforce on Bitcoin, are directed towards third party businessmen of the Bitcoin community. That's why they target CEX's (Centralized Exchanges). With a long enough stick, you do not need the carrot. Or in their case, they do not have a carrot. In other words the bans are so harsh and unfair because the government realizes that normal regulations do not work with a decentralized money that anyone can obtain in more than 1 way.

Bitcoin is the new age money and the government is still trying to struggle with leaving the old-age money behind. Mainly because they can print an infinite amount of fiat, whenever they want. And that is not possible with Bitcoin.

[serjent05]

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.

The only kind of bans that the government feel like they can enforce on Bitcoin, are directed towards third party businessmen of the Bitcoin community. That's why they target CEX's (Centralized Exchanges). With a long enough stick, you do not need the carrot. Or in their case, they do not have a carrot. In other words the bans are so harsh and unfair because the government realizes that normal regulations do not work with a decentralized money that anyone can obtain in more than 1 way.

True that, the government has no control on the system of Bitcoin network.  The government can only apply pressure to the ecosystem of Bitcoin where it is functioning.  All the government can do is put censorship on the services of the centralized company that is integrating Bitcoin or set regulations and rulings over these kinds of institutions in order to at least have information and if possible control on the services of these third-party centralized companies.

[romero121]

Governments find it good, but they're afraid of losing control over the financial system. This is the thing happening with every country that had imposed ban over the usage of bitcoin. Few countries have gone beyond this arresting people, if they were caught holding or involved in cryptocurrency related transactions.

The government loves the technology and are well aware of the goodness it can provide. A proof for the same is the introduction of CBDC into the country's financial system. They've well understood the need of people and trying to give the best support and keep people within their limits and not letting them to use cryptocurrency as they're completely decentralised. The world is moving towards decentralisation and financial system is the base.

[jeraldskie11]

Previously, the government was terrified of Bitcoin since it was difficult to control. They discovered that criminals could use this as an opportunity to continue their undesirable behavior. And we've heard in the past that Wikileaks was utilizing Bitcoin since the government prohibited them from using credit cards. I'm not sure what the real reason behind that.

And now that we are in the modern day, governments are increasingly realizing that they cannot control Bitcoin and that Bitcoin does not wish to harm them. Although criminals can utilize Bitcoin, we must believe on the fact that Bitcoin was designed to protect large investors from criminals who are only looking for a victim to hold for ransom.

[Bitcoin_people]

Bitcoin can never cause harm, and neither has the government. However, they did not give Bitcoin government approval as Bitcoin is not controlled by the government of any country. However, in the country where I live, Bitcoin is completely illegal and trading in Bitcoin is considered a crime and punishable by law. Still many people in my country use bitcoin illegally and they do business with bitcoin. But the government takes the principles of Bitcoin in various illegal and criminal ways, because of which the government of my country is still not able to legalize Bitcoin, rather they think negatively about Bitcoin. If the government legalizes Bitcoin, it will never harm the country, but it will gain economically, not positively, but because of this, they are still afraid to legalize Bitcoin. The governments of these countries believe that people using bitcoins will commit various crimes, and engage in various money laundering and criminal activities, thus still outlawing this virtual currency. But I believe if Bitcoin is not illegalized by the government of a country but legalized by that country's tender then surely they will benefit economically and never cause a loss.

[Smack That Ace]

Bitcoin can never cause harm, and neither has the government. However, they did not give Bitcoin government approval as Bitcoin is not controlled by the government of any country. However, in the country where I live, Bitcoin is completely illegal and trading in Bitcoin is considered a crime and punishable by law. Still many people in my country use bitcoin illegally and they do business with bitcoin. But the government takes the principles of Bitcoin in various illegal and criminal ways, because of which the government of my country is still not able to legalize Bitcoin, rather they think negatively about Bitcoin. If the government legalizes Bitcoin, it will never harm the country, but it will gain economically, not positively, but because of this, they are still afraid to legalize Bitcoin. The governments of these countries believe that people using bitcoins will commit various crimes, and engage in various money laundering and criminal activities, thus still outlawing this virtual currency. But I believe if Bitcoin is not illegalized by the government of a country but legalized by that country's tender then surely they will benefit economically and never cause a loss.

The government's problem with bitcoin is that bitcoin does not benefit them, bitcoin benefits the people, not the government. How will they regulate you and tax you if you use bitcoin to store your assets? You will completely give up fiat money and banking if bitcoin is recognized as a legal tender and from there the government will not get any benefit, the government will soon collapse. Those are huge problems if we are in a position of government. The government needs to come up with more solutions before they accept bitcoin, IMO.

[justdimin]

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

Prohibitions and rules made that have an unreasonable impression will not prevent users from using Bitcoin

I think it could prevent "some" people from using it. I mean when it is made illegal that would be hard to use it, and that's why it is getting this much trouble and I believe that it is going to be a tough thing to get it accepted. I understand that it may not look that easy for the time being but that is the important thing one way or another.

I believe that the best thing to do would be to make it legal so that everyone would use it. That is the way to approach this and that would allow the governments to make their citizens like bitcoin in the end. I get that it may not be simple to just legalize it, but they can do their research and find how they can do it, and then even tax it if they want more money.

[Silberman]

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 you are the one that is misunderstanding the governments, even if they spread lies to the public you can be sure they have a huge number of experts which have explained to the politicians in power what bitcoin is about and the possible repercussions of leaving bitcoin to expand unhindered, this is why they are trying to regulate it as much as they can in order for bitcoin to no longer fulfill the original idea of Satoshi, however if bitcoin is still around by the time the current system collapses you can be sure that even if the regulations were incredibly harsh people will choose to take the risk and adopt bitcoin anyway.

[Patrol69]

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.

It's not that government doesn't know the importance of bitcoin, they only lauch attacks because they are afraid of allowing what will take financial power away from them, such that they won't be able to perform their secret enterprise, but the truth is that some individuals from these same governments will be wise enough to secretly admires and invest in bitcoin while joining in the attack on public because they don't want others to know about their secret, the conclusion now is that no matter how the attack may be, it will not be successful on a decentralized digital network of bitcoin, till government get tired, they won't achieve any attack aimed at bitcoin.

For sure the government will definitely attack bitcoin when they have no power to control it, this is how the government has always been. They know if people get to know Bitcoin very well and accept it for long-term savings it is going to affect the banking system which people might decide not to put their money in bank any more, I think this is the treat the government are facing from bitcoin that is why it very difficult for the government to fully accept bitcoin.

If a country's government accepts Bitcoin, it will be very difficult for that country's government to control their economic situation. When people get to know about bitcoin well, people will save their money in bitcoin instead of keeping money in banks, which will lead to the possibility of bank bankruptcy and the reserve fund of government banks will decrease due to which the economic condition of a country can be seriously threatened. By thinking about these things, the governments of different countries always make negative campaigns about Bitcoin in front of the people. Countries where Bitcoin is banned outright have a significant number of people hooked on Bitcoin, meaning that once hooked, they can never switch back.

[bayu7adi]

If a country's government accepts Bitcoin, it will be very difficult for that country's government to control their economic situation. When people get to know about bitcoin well, people will save their money in bitcoin instead of keeping money in banks, which will lead to the possibility of bank bankruptcy and the reserve fund of government banks will decrease due to which the economic condition of a country can be seriously threatened. By thinking about these things, the governments of different countries always make negative campaigns about Bitcoin in front of the people. Countries where Bitcoin is banned outright have a significant number of people hooked on Bitcoin, meaning that once hooked, they can never switch back.

However, there are also some countries with different rational reasons, such as not wanting to risk their citizens' wealth on assets with high volatility levels. Bitcoin experiences extreme price fluctuations and could potentially impoverish someone who is just getting acquainted with the cryptocurrency world.

Apart from the risk of bankruptcy, governments also aim for the currency in circulation to be controlled by the authorities. Perhaps their intentions are good, aiming to maintain economic stability. But what the government and banks do behind the scenes remains unknown.

[DanWalker]

If a country's government accepts Bitcoin, it will be very difficult for that country's government to control their economic situation. When people get to know about bitcoin well, people will save their money in bitcoin instead of keeping money in banks, which will lead to the possibility of bank bankruptcy and the reserve fund of government banks will decrease due to which the economic condition of a country can be seriously threatened. By thinking about these things, the governments of different countries always make negative campaigns about Bitcoin in front of the people. Countries where Bitcoin is banned outright have a significant number of people hooked on Bitcoin, meaning that once hooked, they can never switch back.

However, there are also some countries with different rational reasons, such as not wanting to risk their citizens' wealth on assets with high volatility levels. Bitcoin experiences extreme price fluctuations and could potentially impoverish someone who is just getting acquainted with the cryptocurrency world.

Apart from the risk of bankruptcy, governments also aim for the currency in circulation to be controlled by the authorities. Perhaps their intentions are good, aiming to maintain economic stability. But what the government and banks do behind the scenes remains unknown.

Is the government worried that high volatility will harm people? I don't think that's a good reason. I don't believe they would care about their people to such a level of devotion, it's just one of many reasons people stay away from government bitcoin. I completely agree with what Patrol69 said, if bitcoin is accepted, fiat and banks will surely lose their appeal and their power will be easily shaken. That's the first thing they care about when it comes to bitcoin.

Many people say that accepting bitcoin as a currency will improve the economy but I don't think so, due to the volatility of bitcoin it will destroy the economy even faster, this I am on the political side of government. As long as bitcoin remains highly volatile, it will be difficult to become a currency.

[Magic-Money]

Government are fighting what them don't know about, which Bitcoin can't stop by government as long internet exist, instead Bitcoin is even happen government rather when it comes to financial sector, very soon government we officially accept Bitcoin as a means of payment in the country, like wise some other countries have been accepted Bitcoin.

[AGogi2003]

The government understands bitcoin more than you do. They have also known the potentials of bitcoin. They have known how fast bitcoin will grow if given free hands. They also know that their strongest weapon  (centralization) is threatened by the existence of bitcoin. This is the main reason the government does not give bitcoin free hands to operate since they are unable to control it.

If the government has not found a proven and a reliable way to monitor and tax everyone using bitcoin, they can not be at peace with bitcoin.

I suspect that not all governments understand Bitcoin; those who understand Bitcoin and its benefits are those who accept Bitcoin as a means of payment; those who do not accept Bitcoin as a means of payment are those who do not have the right to control it in any way. I am confident that the countries that have not accepted Bitcoin as a means of payment will do so once they understand the value of it and how it will help many people in the economy; I am also aware that some of our leaders are investing money in Bitcoin. I believe in Bitcoin and believe it will take over the globe one day and is the best investment.