Cryptocurrency is a Threat and BTC leads

[KiaKia]

Crypto is no more banned in Nigeria, remove that from your list as I am very certain that this isn't happening in the country anymore, I am not sure about the rest on your list but I am hundred percent sure about Nigeria.

These countries are trying to protect their citizens from something they don't understand, it's like aliens visiting the mother earth and they never meant no harm but humans sees them as threat and they start attacking them.

It's only a matter of time for people to realize that they are been protect from crypto not because it's a threat to them but because it's a way to break the chains from government control and also their money slavery system.

They claimed that crypto is a threat to national security but not casinos? There are programs for the governments that have ruined peoples lives and these governments still allow these programs to run, they also certified them, nonsense, if people are financially free how will the government wrapped their hands around their necks? They are not going to like it anyway.

[Lucius]

The EU and some government believe that cryptocurrency have no Intrinsic value and that you should be prepared to lose all your money if you buy cryptos. The head of the bank of England have taken this stance some months ago. In-fact, Bit Coin is highly restricted if not ban in Russia, China, Algeria, Bolivia, Nigeria, Bangladesh and many countries that are left wing. Whether directly or indirectly these countries have stood as Anti-Crypto.
My question is are they trying to protect their citizens or what?
Personally, I believe competition is good for the consumer but when government officials make this comment, I try to see things from their perspective and analyze them. So, what are government officials saying that they are not actually telling the people in reality.

The Bank of England has been saying this for years, as have many other central banks that are not so interesting to the media and pass under the radar - but why does that surprise you at all? Banks defend the existing financial system and it is logical that they say what they say, in addition to what some others have already mentioned, which is an attempt to protect all those naive people who invest their money in shitcoins.

Note: No Government makes a lot of money collecting only taxes. They issue bonds etc.
If there is no demand for government currency then they will go bankrupt. Do well to contribute your knowledge on this subject.

How much money is a lot to you? Data for the EU say that the EU has collected just under $4.5 billion based on taxes for 2022, and that doesn't seem like a small amount to me. Do you think that according to your thinking, the world could function normally if there were no taxes?

[DapanasFruit]

These governments that are not friendly to Bitcoin and the whole cryptocurrency industry lacks full understanding of the trend that is going to stay into the future. And sometimes you could not fully blame them because first and foremost this is something that is really new to them...or should I say unprecedented. Remember that in the past, many known personalities that were then working with the banking and financial sectors also called Bitcoin as just another scam...but many of them are now supporters of Bitcoin and even also holding some BTCs in their portfolios.

[Jegileman]

The EU and some government believe that cryptocurrency have no Intrinsic value and that you should be prepared to lose all your money if you buy cryptos. The head of the bank of England have taken this stance some months ago. In-fact, Bit Coin is highly restricted if not ban in Russia, China, Algeria, Bolivia, Nigeria, Bangladesh and many countries that are left wing. Whether directly or indirectly these countries have stood as Anti-Crypto.

Cryptocurrency is not illegal in Nigeria since the government has not issued any kind of law making it unlawful or criminalising the usage of the digital money. Nigeria has lately adopted blockchain technology and is working to regulate digital currency in the country. Nigerian policymakers are only concerned with limiting its use in the traditional banking sector due to the risks they believe it poses to traditional fiat money.

My question is are they trying to protect their citizens or what?

Personally, I believe competition is good for the consumer but when government officials make this comment, I try to see things from their perspective and analyze them. So, what are government officials saying that they are not actually telling the people in reality.

They don’t need to say more than this, their stance on the use of it has already illustrated what they meant. If they can’t regulate the use and have total control and power on this digital currency, they will keep giving excuses and more excuses on why they won’t accept this digital currency to be used in addition to the traditional fiat in use now. The reality is that bitcoin will reduce their power in the financial realm and the power of money cannot be overemphasized. This has nothing to do with protecting their citizens but rather exposing them to embrace the transitional change in the financial sector of the world which the world is already evolving to.

[jeraldskie11]

My question is are they trying to protect their citizens or what?

Bitcoin, in my opinion, was created to defend people from the government. They can't simply regulate or track down a wealthy individual who uses Bitcoin. People have lost their lives as because of money. We'll never know if any authorities were involved. Decentralization is the key to feeling free and uncontrolled by the government, as well as making individuals feel safe because they don't know who is behind that large sum of money.

[Obari]

Don't know why I'm just coming  across this post and I've always thought that my country had a very serious ban on cryptocurrency bjt further investigation showed that, they only had some restrictions on the banks involvement with cryptocurrencies in bid to protect it's citizens from the untraceable transactions made through bitcoin and if this truly is the only motive behind the motive of the government in my country then, I must say  that I support them because we've heard about alot of transactions  carried  out by this scammers and criminals online and you'll agree with me that the transactions are untraceable.

But just as alot of people have already proposed that government  is afraid of bitcoin  and cryptocurrency simply  because they might not have absolute power over it and I think there are also some facts in this talk.

[kryptqnick]

The op says that the EU believe that cryptos have no intrinsic value, but there are, unfortunately, no links in the post to back that up. I've tried searching for it myself, but did not find relevant examples coming from the EU authorities.
That being said, it's normal to believe that, as Bitcoin isn't backed up by anything else, and many people lose money when making investments.
Returning to EU, I've found out that the EU Parliament suggests treating cryptos as securities by default, which doesn't resonate with the op's claim, in my opinion.
As for reasons for restrictions, they can be different. Protection of citizens in often cited, and so is fraud prevention. But of course there can be lobbying from traditional institutions (in case of Western countries), and the desire to exercise more control over citizens (in non-democratic countries).

[Fuso.hp]

The government has several things to think about, they don't encourage people to use bitcoin because if people start using bitcoin then the use of paper money in a particular country will decrease and very few people will deposit money in the bank. People not keeping money in banks means that economic control is largely out of government's reach. As a result of depositing money in the bank, the bank lends that money in various ways and as a result of the loan, the banks receive interest at a fixed rate. But it doesn't matter whether the government approves Bitcoin or not because Bitcoin will become one of the most popular currencies at some point.

[Yamane_Keto]

Cryptocurrencies have not reached the extent of being competitive with paper money and the economies of countries. All fears come from investors losing their money due to the bankruptcy of platforms or purchasing altcoins of low value, and from here some countries are tightening regulatory restrictions.
Imposing taxes is beneficial to governments, not individuals, and regulatory cover will not benefit you except that your money will be more money in platforms after they are licensed, but in any case, withdraw your profits from exchanges as soon as they occur.

[vv181]

Uncontrollable third-party transaction mechanisms or even a currency surely twist out what governments could do to control their economy. A country is still able to control its fiscal policy, but not so much when it comes to cryptocurrency.

I do agree with your analysis. If it gains enormous and widespread adoption certainly governments would feel their sovereignty threatened. Cryptocurrency, especially Bitcoin is beyond their control, so the least they can do is to enforce the policy to limit or monitor the usage. Some countries affirm Bitcoin as a commodity, some restrict it for payment mechanisms. That is their defense mechanism, to prevent further obstruction of what cryptocurrency can do.

[Z-tight]

My question is are they trying to protect their citizens or what?

Centralized exchanges, lending and earning platforms and shitcoins have screwed up a lot of people, either through fractional reserve scam, unrealistic APY and scam coins or those that have no usefulness at all. So if the government is trying to regulate services like these and protect their citizens from them, it is worth doing. Anyway, BTC is different from all of these, it is decentralized and censorship resistant, so it gives you self custody of your funds and you would only screw up if you don't know what you are doing.

Hypothetically speaking, if every citizen in a country no longer use fiat or paper currency and they only use cryptocurrency then government can’t raise money by issue bonds and changing interest rate. What will happen is that government will go bankrupt.

This cannot happen in the first place, as long as there is a government in control, fiat money would still be in use. Take note that BTC is not going to replace fiat, and it was not created for that. It is worth mentioning that cryptocurrencies stands for both BTC and Altcoins, and too many altcoins are useless, so next time it is good to specify if you are talking about BTC or the many scam alts in the market.

[Helena Yu]

Using Bitcoin isn't make you to stay private, if you're using Bitcoin to pay everything, the government notice it and they will try to regulate Bitcoin. So if you think Bitcoin can ruin fiat and banks, I don't think it's possible since the government will take any action when they don't get a lot money.

We as an individuals might able to use Bitcoin to pay everything (as long as the seller accept it) but it a minority, not vast majority.

[bitzizzix]

Maybe the right reason why the government considers cryptocurrency a threat is because if many people use cryptocurrency or Bitcoin, then the government cannot control the movement of crypto or Bitcoin and also cannot be regulated by them.
And perhaps banks are at the forefront of rejecting cryptocurrencies, and I don't believe that governments, banks, or other parties don't understand Bitcoin and its developments, especially blockchain technology. But I am very sure, sooner or later they will use blockchain in their banking system and it is only a matter of time.

[goxcraft]

Fiat or crypto, they are all the same. The only only difference is fiat can be controlled or manipulate by the government and crypto can't be. Meaning it is decentralized. My perspective is crypto won't destroy fiat. Crypto is only a upgraded form of traditional currency system. Another thing you mentioned, crypto is harming fiat, making government go bancropt, which I think is wrong. Thousands of people uses crypto everyday. It is not only helping to provide for his family but also making the economy strong. People daily covert crypto to fiat to cash out their money and spend accordingly. And bonds are not the only way for the government to generate income. You should know that well.

Give me one country where the government went bancropt because of crypto. I don't know if there are any. If the government is corrupted, the country go bancrupt anyway. You won't have to involve fiat or crypto in this.

[Poker Player]

In-fact, Bit Coin is highly restricted if not ban in Russia, China, Algeria, Bolivia, Nigeria, Bangladesh and many countries that are left wing.

You've made such a potpourri of these countries that to consider them all left-wing is too simplistic. But well, seeing in that mix countries that still retain characteristics of communism of the twentieth century, others that would be left-wing and others that I am not clear, it is more logical for a left-wing government to put barriers to bitcoin than a right-wing one.

It is also too simplistic to lump Bitcoin and cryptocurrencies together, as you have already been told.

In the end, what happens is that governments implement regulations on Bitcoin claiming it is to protect their citizens when it is mostly to defend their interests.

[Z-tight]

Fiat or crypto, they are all the same. The only only difference is fiat can be controlled or manipulate by the government and crypto can't be. Meaning it is decentralized. My perspective is crypto won't destroy fiat. Crypto is only a upgraded form of traditional currency system.

This is not true, it is important to note that crypto refers to both Altcoins and BTC, and there are a lot of centralized altcoins that can be controlled and manipulated by their owners and the government too, these coins have a single point of failure and they are not decentralized. If you meant BTC only, then it is truly decentralized and doesn't have a single point of failure.

[goxcraft]

Fiat or crypto, they are all the same. The only only difference is fiat can be controlled or manipulate by the government and crypto can't be. Meaning it is decentralized. My perspective is crypto won't destroy fiat. Crypto is only a upgraded form of traditional currency system.

This is not true, it is important to note that crypto refers to both Altcoins and BTC, and there are a lot of centralized altcoins that can be controlled and manipulated by their owners and the government too, these coins have a single point of failure and they are not decentralized. If you meant BTC only, then it is truly decentralized and doesn't have a single point of failure.

When I said crypto, I was referring to BTC. Although altcoins are also part of crypto, they don't hold as much potential as BTC. Not saying they are totally useless; they can be useful, but only for a short period of time. It's my personal opinion. On the other hand, I consider BTC as the one true coin. That's what I meant.

[wallet4bitcoin]

I don't think it is a threat but a strong influence over the global finance. Bitcoin, being the flagship of the technology has always taken the lead in the market capitalization of the crypto space therefore its taking the lead. Its most adopted and also most secure, in terms of security.

Bitcoin has left the global financial systems asking questions and looking out for ways to even emulate but still with control measure (CBDC) but it's still not enough competition.

[el kaka22]

"Left" as in china? Russia? Bangladesh??? These are not leftist, where did you learn that dictatorships are leftist? The whole point of socialism and leftist political behavior is to give the power to people, equality, if there is a dude at the top that makes you do whatever he wants, how could you consider that equality? Just because they call themselves left, you believe them? By that logic I would say North Korea calls themselves fair and USA bad too, so we should believe what they say too? That makes no sense.

In any case, I do not think that bitcoin is banned in any of the free nations, and you could just keep on using it the way you want to use it, I am free to buy and sell and use it however I want for example and I am quite happy about it. There is no need for my government to try to save me, it is not going to end up with anything good and we should try to avoid angering our governments with bitcoin by doing anything silly with it in our nation.

[gunhell16]

In my opinion they are doing that so they can push what they really want, and their reason for saying this is to teach people that we need cbdc or it will be the only key to help us, and of course when it happens they will have control over everything that buys or uses money under cbdc.

Right now, because they can't do 100% of what they want because Bitcoin or cryptocurrency is alive and well among people all over the world, it's actually in the early age of Bitcoin or cryptocurrency right now and because of decentralization they can't control them.