Bitcoin vs the government

[Abiky]

Even though it's true that governments and central authorities find Bitcoin to be a threat to the financial control that they used to have over their citizens because as more people start getting interested in Bitcoin and start using it, they start losing full control over the finances and financial activities of people since they might not be using banks and other financial institutions that have been around for centuries and they can't digest that very easily.

However, I don't think that there will be any mass protests or anything if governments simply start banning the usage of Bitcoin within their countries, people will try and use it behind the scenes without letting anyone know so that they don't have to face any legal consequences but they will barely raise their voice for it.

Only if they're lucky. In a country where something is "illegal" you must exercise extreme caution to avoid getting caught. Not everyone is brave enough to do this, especially if the country has an autoritarian regime (eg: North Korea and Russia). Fortunately, this won't affect Bitcoin due to the way it was designed. If a country rejects Bitcoin, others will support it with open arms.

In the worse case scenario, we can run nodes and miners in space (the Moon, maybe?) to help preserve the BTC blockchain for generations. To take down Bitcoin for good, the whole Internet must be shut down. And we all know that's virtually impossible to achieve. Who knows if oppressive governments will change their mind about Bitcoin in the future? If you can't beat it, join it.

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[coinremitter]

It's evident that the rise of Bitcoin has sent shockwaves through government institutions around the world. Bitcoin's decentralization and financial freedom are challenging the traditional control governments have held over currency. People now value their financial privacy more than ever, thanks to cryptocurrencies like Bitcoin.

Governments may be trying to find ways to manage Bitcoin's influence, but the truth is, Bitcoin is here to stay. Attempts to ban it will likely result in public backlash. What's clear is that the power and control over finances are shifting back to the people, which is a positive development.

Bitcoin's resilience is remarkable. Despite efforts to undermine it, it continues to rebound. It's a reminder that the cryptocurrency community, including platforms like https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks , is committed to its success. Governments should recognize that they may have already lost in the battle for control over financial freedom.

[Altryist]

Only if they're lucky. In a country where something is "illegal" you must exercise extreme caution to avoid getting caught. Not everyone is brave enough to do this, especially if the country has an autoritarian regime (eg: North Korea and Russia). Fortunately, this won't affect Bitcoin due to the way it was designed. If a country rejects Bitcoin, others will support it with open arms.

In the worse case scenario, we can run nodes and miners in space (the Moon, maybe?) to help preserve the BTC blockchain for generations. To take down Bitcoin for good, the whole Internet must be shut down. And we all know that's virtually impossible to achieve. Who knows if oppressive governments will change their mind about Bitcoin in the future? If you can't beat it, join it.

Now it is difficult to imagine our life without the Internet, and for the entire planet to be left without the Internet, some kind of global cataclysm must occur, but in this case, many of our usual things may change, so this scenario should be considered last.

I think that the adoption of Bitcoin at some point may become widespread, when it is accepted by world powers such as the USA, Great Britain, then others may follow them and this can all happen in a very short time. As always, there will be some countries that will not accept Bitcoin, as there are exceptions to every rule.

[laurenB7742]

In the worse case scenario, we can run nodes and miners in space (the Moon, maybe?) to help preserve the BTC blockchain for generations. To take down Bitcoin for good, the whole Internet must be shut down. And we all know that's virtually impossible to achieve. Who knows if oppressive governments will change their mind about Bitcoin in the future? If you can't beat it, join it.

Running bitcoin nodes on the moon? Are you kidding? Bitcoin is simple because it is decentralized and governments cannot control it, it is not an evil thing that will endanger or destroy humanity so there is no reason for all governments to find how to destroy it. It is just a financial instrument and there will be countries that ban it but there will be countries that accept it, so we don't need to stress too much about keeping it alive. What I think is that as long as our need for it remains, nothing can kill bitcoin.

[HONDACD125]

I think, The government would not accept bitcoin officially coz they don’t control over the bitcoin payment system or bitcoin pay system. Some government accepted bitcoin for only using online system for investment and trading and maximum countries people are usually using bitcoin illegally.

Even if a government were to officially accept Bitcoin, it would try to bring it into a strong legal framework. Well, in my opinion, if the government accepts Bitcoin legally, this situation can also benefit their people and the government can also collect a good amount of revenue from tax.I think the biggest problem for governments will be people putting more of their capital into Bitcoin, because often governments are run by their banking sector.

If the banking sector faces problems, it can create problems for governments as well .Of course, in most countries people use Bitcoin illegally, because when citizens of any country do not have the facility to invest Bitcoin legally, they try to buy Bitcoin illegally. Everyone who knows about Bitcoin must want to make their long-term investment in Bitcoin.

[tread93]

If the US Federal Reserve was smart they would buy up as much bitcoin as they could, I'm sure they have. Does anyone actually know how much the US Goverment holds in BTC compared to other countries?

[Forever101]

Let's not deceive ourselves, the government knows very well that they can not stop it entirely since all the world government can not agree on this term, however, they are playing smart with us, most of this guys are buying bitcoins in the secret as they create FUD in the Crypto space so that they can have more of bitcoins on their wallet. It is high time we pay by less attention to the trick.
Thanks to the country that has already accepted bitcoins as a legal tender, we hope to see more countries follow suit as the wickedness to keep the world in poverty is getting rid off

[ingiltere]

Let's not deceive ourselves, the government knows very well that they can not stop it entirely since all the world government can not agree on this term, however, they are playing smart with us, most of this guys are buying bitcoins in the secret as they create FUD in the Crypto space so that they can have more of bitcoins on their wallet.

Not every government is the same. Some view the situation moderately, while others are very strictly against it. I agree with what OP said. Governments are not our problem. Each state may have a different perspective, they may not know it, but we know that they cannot stop Bitcoin. When I invest in Bitcoin, I don't think about whether the government will ban it. Because even if they try to ban Bitcoin, I know that this ban would have no meaning in practice. Government officials are generally not knowledgeable enough about such special issues. They think they can control everything, but the reality is very different.

[Abiky]

Running bitcoin nodes on the moon? Are you kidding? Bitcoin is simple because it is decentralized and governments cannot control it, it is not an evil thing that will endanger or destroy humanity so there is no reason for all governments to find how to destroy it. It is just a financial instrument and there will be countries that ban it but there will be countries that accept it, so we don't need to stress too much about keeping it alive. What I think is that as long as our need for it remains, nothing can kill bitcoin.

Sure. Why not? If things go south, we can launch nodes in space for complete peace of mind. That's the beauty of decentralization and open source. If Bitcoin was centralized, this wouldn't had been possible. I seriously doubt all of the world's governments will "ban" Bitcoin, since they will be missing a huge taxation opportunity. Some will reject it while others will embrace it. The more nodes and miners backing the Blockchain, the better.

The network is constantly growing, so don't count on Bitcoin going anywhere soon. Governments will have no choice but to join the revolution. Who knows if BTC lives alongside Fiat for generations?

[Tony116]

Running bitcoin nodes on the moon? Are you kidding? Bitcoin is simple because it is decentralized and governments cannot control it, it is not an evil thing that will endanger or destroy humanity so there is no reason for all governments to find how to destroy it. It is just a financial instrument and there will be countries that ban it but there will be countries that accept it, so we don't need to stress too much about keeping it alive. What I think is that as long as our need for it remains, nothing can kill bitcoin.

Sure. Why not? If things go south, we can launch nodes in space for complete peace of mind. That's the beauty of decentralization and open source. If Bitcoin was centralized, this wouldn't had been possible. I seriously doubt all of the world's governments will "ban" Bitcoin, since they will be missing a huge taxation opportunity. Some will reject it while others will embrace it. The more nodes and miners backing the Blockchain, the better.

The network is constantly growing, so don't count on Bitcoin going anywhere soon. Governments will have no choice but to join the revolution. Who knows if BTC lives alongside Fiat for generations?

This is an extremely interesting and bold idea, but where will we get the energy and internet to be able to sustain bitcoin mining on the moon? This idea may be more feasible in the future when we conquer the moon. But with current technological developments, I don't think we can do that. Not to mention it takes a lot of money to do it, and who will stand up to do it if they don't get any benefits?

I also believe that governments will not ban bitcoin because they have seen the huge tax revenue that will be collected from us. They will soon join us, making bitcoin legal but with a lot of regulations attached.

[tjtonmoy]

The thing is, every coin has two sides. That being said, there will always be people supporting Bitcoin and there will also be people hating Bitcoin. And Bitcoin is not the perfect solution how much you try to make it. The way you use traditional money/cash money, you can't do that with Bitcoin. You need a smart device, you'll need internet connection, and you will need the knowledge how to use it. Not everyone in this world knows how to use smartphone yet. Some people don't even know that internet exists.

It is true that the government wants to take control of every civilian. But those who know about Bitcoin will move towards Bitcoin and those who have no idea about it or aren't able to use it will stick to the traditional transactions. In a sense you can't actually beat the government. And as a citizen you will have to stick to the traditional method if the government has any rules against using Bitcoin. So why make it complicated? If you can use both then take advantage of both of them. And if it's the time for Bitcoin to shine, it will shine. Meanwhile enjoy what you have.

[Blitzboy]

I think, The government would not accept bitcoin officially coz they don’t control over the bitcoin payment system or bitcoin pay system. Some government accepted bitcoin for only using online system for investment and trading and maximum countries people are usually using bitcoin illegally.

Even if a government were to officially accept Bitcoin, it would try to bring it into a strong legal framework. Well, in my opinion, if the government accepts Bitcoin legally, this situation can also benefit their people and the government can also collect a good amount of revenue from tax.I think the biggest problem for governments will be people putting more of their capital into Bitcoin, because often governments are run by their banking sector.

If the banking sector faces problems, it can create problems for governments as well .Of course, in most countries people use Bitcoin illegally, because when citizens of any country do not have the facility to invest Bitcoin legally, they try to buy Bitcoin illegally. Everyone who knows about Bitcoin must want to make their long-term investment in Bitcoin.

I think, The government would not accept bitcoin officially coz they don’t control over the bitcoin payment system or bitcoin pay system. Some government accepted bitcoin for only using online system for investment and trading and maximum countries people are usually using bitcoin illegally.

Even if a government were to officially accept Bitcoin, it would try to bring it into a strong legal framework. Well, in my opinion, if the government accepts Bitcoin legally, this situation can also benefit their people and the government can also collect a good amount of revenue from tax.I think the biggest problem for governments will be people putting more of their capital into Bitcoin, because often governments are run by their banking sector.

If the banking sector faces problems, it can create problems for governments as well .Of course, in most countries people use Bitcoin illegally, because when citizens of any country do not have the facility to invest Bitcoin legally, they try to buy Bitcoin illegally. Everyone who knows about Bitcoin must want to make their long-term investment in Bitcoin.

I cant... The idea that governments are still dancing around Bitcoin after all these years and potential? Extremely frustrating. You nailed it. The benefits to governments are obvious. Taxes and revenue are ready to be used. So whats the problem? Fear of the unknown? Or reluctance? Its overwhelming.

The financial story is just too repetitious. Governments and banking are intertwined. Banks may be frightened, but cant governments see past that? People do find criminal ways when there are no legal ones. Its obvious and happening, and governments should pay heed. Everyone's interested in Bitcoin. Governments must adopt quickly!

[n0ne]

The thing is, every coin has two sides. That being said, there will always be people supporting Bitcoin and there will also be people hating Bitcoin. And Bitcoin is not the perfect solution how much you try to make it. The way you use traditional money/cash money, you can't do that with Bitcoin. You need a smart device, you'll need internet connection, and you will need the knowledge how to use it. Not everyone in this world knows how to use smartphone yet. Some people don't even know that internet exists.

It is true that the government wants to take control of every civilian. But those who know about Bitcoin will move towards Bitcoin and those who have no idea about it or aren't able to use it will stick to the traditional transactions. In a sense you can't actually beat the government. And as a citizen you will have to stick to the traditional method if the government has any rules against using Bitcoin. So why make it complicated? If you can use both then take advantage of both of them. And if it's the time for Bitcoin to shine, it will shine. Meanwhile enjoy what you have.

As two sides we can say pros and cons. Something that we see as good for the common people used to be bad for the government. This means government wants control over the people, whereas bitcoin gives the freedom. As things go advanced, automatically government try the technological way of having control over the citizens. When government wasn't able to have control, it always tries to portray bad image for bitcoin and starts working on an alternate. This is what happening with majority of the governments that doesn't understand the real purpose of bitcoin and wants CBDC.

[serveria.com]

Government and their fear for Bitcoin!

Bitcoin as a decentralized digital currency that operate without a financial system or without being controlled by the government is really creating panick and fear in most government officials.

The government just want to be in charge of everything, from monitoring your transaction to knowing how much people are worth financially, but Bitcoin is becoming too powerful for them too handle, which to me is understandable, but to them it's a ugly reality.

Financial power and control is returning back to the people, which is a welcome development.

The sweet reality is that Bitcoin is here too stay, if they ban Bitcoin the mass will rise up against them, so they are just looking for a way to contain the influence of Bitcoin and discredit it.
 To me Bitcoin is one of the best thing that has ever happened to finance because everyone loves privacy.

One thing I love about Bitcoin is that when the haters voice grows louder and the value drop base on their policies, just to attack it, Bitcoin still fight it way back up,

Please the government need to know this, they have already lost.
All the bitcoineers cheers

Bitcoin is an alternative for a "cashless society" with total governmental control of your money, spending, taxes etc. Governments and banks are afraid of bitcoinization, because, as you have correctly mentioned, Bitcoin is not centralized and therefore can't be controlled, confiscated, frozen etc.

[hasitha lakshan]

If you think digital assets is unnecessary , you're wrong assets changing one to one .

In history it was rock later metals , gold , now it's just paper soon it will be digitalize and be ready for it .

BTC IS NEXT DIAMOND

[tjtonmoy]

As two sides we can say pros and cons. Something that we see as good for the common people used to be bad for the government. This means government wants control over the people, whereas bitcoin gives the freedom. As things go advanced, automatically government try the technological way of having control over the citizens. When government wasn't able to have control, it always tries to portray bad image for bitcoin and starts working on an alternate. This is what happening with majority of the governments that doesn't understand the real purpose of bitcoin and wants CBDC.

In a recent discussion I have talked about why CBDC is needed and also not needed. It's necessary evil and also a double-edged blade. Depending on how people see it this could become the thing that will prove that Bitcoin is the real deal and nothing can compare to it. Imagine people learning about how the government is manipulating them with their own creation. When they realize it they will try to find a way to get out of it. And that will be the time when Bitcoin will shine. Because no matter how much you try to keep Bitcoin down, it'll always come back up.
But as I said before, there will always be people who will have no issue about their privacy getting violated or being controlled by the government. The war continues? Or there will be a possible way for both Bitcoin and Fiat money to exist simultaneously? I think the litter option is more logical and those who wants the freedom will have it and those who don't want it they can stay slave to the government.

[Blitzboy]

As two sides we can say pros and cons. Something that we see as good for the common people used to be bad for the government. This means government wants control over the people, whereas bitcoin gives the freedom. As things go advanced, automatically government try the technological way of having control over the citizens. When government wasn't able to have control, it always tries to portray bad image for bitcoin and starts working on an alternate. This is what happening with majority of the governments that doesn't understand the real purpose of bitcoin and wants CBDC.

In a recent discussion I have talked about why CBDC is needed and also not needed. It's necessary evil and also a double-edged blade. Depending on how people see it this could become the thing that will prove that Bitcoin is the real deal and nothing can compare to it. Imagine people learning about how the government is manipulating them with their own creation. When they realize it they will try to find a way to get out of it. And that will be the time when Bitcoin will shine. Because no matter how much you try to keep Bitcoin down, it'll always come back up.
But as I said before, there will always be people who will have no issue about their privacy getting violated or being controlled by the government. The war continues? Or there will be a possible way for both Bitcoin and Fiat money to exist simultaneously? I think the litter option is more logical and those who wants the freedom will have it and those who don't want it they can stay slave to the government.

Isnt it interesting how you point out financial duality? CBDC's pros and cons remind us of technology, governance, and personal freedoms' continual tug and pull. But isnt innovation about this? Pushing limits, pushing standards, and making us reassess topics. CBDCs can speed transactions, save costs, and increase transparency. However, they may challenge individual liberties and government authority.

Can decentralised cryptocurrencies like Bitcoin and centralised fiat currencies coexist? Both coexisting may be possible. Both have advantages and meet various requirements and tastes. Your remark about people choosing freedom or security is correct. Perhaps in the future, people can easily switch between the two domains based on their immediate and long-term demands.

[tjtonmoy]

Can decentralised cryptocurrencies like Bitcoin and centralised fiat currencies coexist? Both coexisting may be possible. Both have advantages and meet various requirements and tastes. Your remark about people choosing freedom or security is correct. Perhaps in the future, people can easily switch between the two domains based on their immediate and long-term demands.

It will be possible and it needs to be done. Traditional Fiat currency has been here for a long time. Compared to that, Bitcoin is still new. So Bitcoin overtaking traditional Fiat currency doesn't seem right. I'm not on the traditional currency's side. Actually I'm on the side of Bitcoin. But for the best of both Fiat and Bitcoin, they need to coexist. And if the government pushes people to use CBDC, people will engage into more technological currency usage. And that way when they realize that the government is trying to manipulate them they will go in search for an alternative that does not have this issue.
People will learn about Bitcoin that way. And those who already know, they know. But as I mentioned earlier, there will always be two types of people. One opposing Bitcoin and other embracing Bitcoin. And that will be the reason why they will coexist in the future.

[Aanuoluwatofunmi]

If the US Federal Reserve was smart they would buy up as much bitcoin as they could, I'm sure they have. Does anyone actually know how much the US Goverment holds in BTC compared to other countries?

Are you actually not familiar with what's going on with the media regarding the US government, maybe you should rather be referring to what they are doing with the volume of bitcoin assets seized under their disposal, but as for the government to invest in bitcoin, this is a topic for another day, though i won't be surprised to see that even part of the government officials could have bitcoin investment in their closet and not going public about it, everyone is free to hold bitcoin, why must other countries wait for US move first.

[|MINER|]

It is actually a fact that there are still many countries in our world that misunderstand Bitcoin and then legalization of it. Although I don't want to talk about any country's foreign policy, there are a large number of countries that have declared Bitcoin illegal because they cannot positively implement this system in their country. There may be various reasons behind this but if you want to invest in Bitcoin then nothing can stop you because its main purpose is to protect privacy. The thing you have to invest in the proper way.