The Authorities Are Not Smart Enough to Do This

[Gladitorcomeback]

In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin.

Authority will never want this. actually all fiat problem happened because of them.. The government persons going to rich everyday while poor people just living a normal life and there is no benefits for poor to adopt own country currency. Authority doesn't use our taxes properly in country building, devolpment and providing services which make our life easy. we are not given bright opportunity where we invest and we believe that our money will be save and we will earn like investing in btc.

high inflation rate, poor and deteriorating economic conditions, and lack of transparency in the financial systems leading to distrust in traditional financial institutions. If they can fix these shortcomings in traditional financial systems, Bitcoin will be less appealing to us. I know this is not exclusive to my country only.

all devolping country facing same issue. Due to corrupt government, bad startegy our country currency is going down day by day and we are now 3x down in one year. How we can hold our currency in bank in this situation. Inflation rate is also down. The only solution is to convert all extra fiat to Bitcoin. It not just helping us to fight against inflation but also it is great investment for the future.

For instance, the authorities in my country, through the Central Bank, placed a ban on Bitcoin transactions and ordered the banks to freeze the accounts of individuals transacting business with Bitcoin. Did this stop Bitcoin adoption and increase? No way.

But I doubt that the authorities are smart enough to do this. Please leave a comment.

Crypto dealing through bank is also banned in our country but the user is more than before and no one has stopped the use of crypto. Government cannot stop citizens to trade btc because alternative method (P2P) is available. Government can take profit by allowing users to freely trade crypto and put low tax. In this way not only citizens will be happy and use this technology properly but also government will get tax to use for country devolpment.

[1714633737]

1714633737

[1714633737]

1714633737

[1714633737]

1714633737

[Lorence.xD]

I think the authorities have been governing for a long time and they already know how to manipulate things and how literally beneficial for them to approach Bitcoin. We can notice that they would attack Bitcoin as they would have a negative reputation in the public so people would not prefer digital currencies to traditional fiat money which they can easily manipulate and control, it is literally the corruption and greed that hinders them from completely welcoming Bitcoin. I actually agree with your ideas but with Bitcoin's decentralized system, the only thing that the government could do is either ban them or approach them, but we know that it might take a long time for people to adopt BTC since it's still volatile.

[Mpamaegbu]

The two strategies, in my estimation, for dealing with Bitcoin are to fix fiat currency and, second, to promote an approach of ignoring Bitcoin rather than attacking it. In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin.

Until we begin to realize that those who buy and hodl Bitcoin aren't doing that because they think Bitcoin is solely money. Nope, I don't think they truly believe that. They think of it as an asset, a property to be treasured. Otherwise, they won't be hodling it and then be spending fiat in its place to get their stuff. So, even if fiat is fixed (according to your word), people will still seek Bitcoin as much as they look at it as an asset to be hoarded and then sold off during a bull rally.

[moneystery]

if it's about the transparency and potential of bitcoin, maybe i will agree why bitcoin is chosen by people compared to fiat currency, but if we talk about the instability of the national currency, high inflation rate, etc., i don't really agree, because in europe itself now many young people have chosen bitcoin as their investment, do you think that the euro is not stable enough?

so even if the government overcomes problems such as instability, high inflation rate, etc., people will still choose bitcoin because they think that bitcoin is a digital asset that can give them freedom and convenience in their transactions. it also has the potential to provide higher profits to its holders and that is what makes many people choose bitcoin compared to fiat.

[Japinat]

We can't expect that the authorities will come to address the problem with fiat issues because they are actually the ones who are abusing the use of fiat for their own personal interest. The fact that they're on top, then they have all the freedom and means to do everything they want, even if it will decrease the credibility of fiat. But that is not their problem anymore, but the blame is always on the citizens, and as long fiat remains the legal currency, then they can't get rid on it 100%, the reason why they are seeking some alternatives in bitcoin that fiat fail to do.

However, despite of the negative issues thrown to fiat, this become a blessing for bitcoin. Although we are not happy to see fiat deteriorating, but we all know unless fiat remains strong, then we can't find positive chances for crypto adoption to grow and become mainstream.

[Mate2237]

Authorities are aware of all these things you said but they just don't want the younger ones to progress if not there is nothing to worry about on Bitcoin. Because if the authorities support Bitcoin they will even enjoy it more than the young ones because they, the authorities have the funds to invest in Bitcoin but the young ones are struggling to invest. Bitcoin would have favoured the authorities very well.

In Nigeria even the government asked the CBN to ban crypto related services, there are some governmental personalities that are seriously involved in Bitcoin. In last week one of the governorship candidates were caught in cryptocurrency related issues. They are smart but they just don't want to do it.

[Kelvinid]

Too sad that corruption and greed have really poisoned the minds of elected officials and don't let Bitcoin become a reason for not fulfilling their wants. Which is why they implement rules and regulations against Bitcoin. They will say it is for the benefit of the community and to stop scamming but I don't that is how we stop such incidents.
They are smart enough to encounter the adoption of Bitcoin but fortunately, people are still making their way to do it. The more they impose strict rules, the more it grows --perhaps, they are winning unless they totally ban crypto in their country.

[Rruchi man]

The two strategies, in my estimation, for dealing with Bitcoin are to fix fiat currency and, second, to promote an approach of ignoring Bitcoin rather than attacking it. In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin. I say this with utmost certainty because, in my country Nigeria, one of the major reasons why we are ranked among the top 10 countries in the world with the highest rate of crypto adoption is because of the instability of our national currency, high inflation rate, poor and deteriorating economic conditions, and lack of transparency in the financial systems leading to distrust in traditional financial institutions. If they can fix these shortcomings in traditional financial systems, Bitcoin will be less appealing to us. I know this is not exclusive to my country only.

The shortcomings only affect you and me, to the corrupt officials of the government, they are unaffected, hence do not care about making the situation of things too better and out of their control.

In their unconcern to remedy the shortcomings with our fiat, they indirectly promote bitcoins.

More mistake from them was to flaunt CBDC's, because that also has brought about comparison that finally ends with people seeing bitcoins as better.

[mirakal]

It's not that the authorities aren't smart, but they're just don't want to completely fight it.

If Nigeria is known as one of country which has a really high Bitcoin adoption, it means many of Nigerians aren't really protect their privacy. The authorities can just caught or threat their citizens, however this will give a bad effect to them and it's not that important to seize someone who don't have a lot coins.

To be honest, they're actually smart as they don't fight with fiat issues. Fiat is for the government, so they don't have to go against with it. And even if they start correcting the issues, that will not work anyway as people have already discovered that bitcoin is much better than fiat. Aside that it offers to the people the freedom from the use of fiat and from the controlling government, bitcoin price has also appreciating value while fiat value continue to depreciate.

So its better to leave the issues than to fight with it. For sure, the authorities have also their set of plans and bitcoin is not threatened by it.

[komisariatku]

In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin.

I think even if the Nigerian currency turns into a strong currency it will not change people's trust in Bitcoin because Bitcoin is still considered a valuable asset. In an investment context, investing in bitcoin is more profitable than other currencies in the world.

Apart from that, this option is also very difficult for the government to implement because creating fiat financial stability with a good exchange rate is difficult. The strength of currency exchange rates depends on world politics, world trade, national security stability, etc

In the second approach, by simply ignoring Bitcoin or avoiding direct confrontation through over-regulation or restriction of its use, Bitcoin would just remain in a corner and not emerge as a significant threat to the financial systems.

I actually quite doubt whether the Nigerian government is really serious about banning Bitcoin or whether it is deliberately allowing its citizens to own Bitcoin even though the government has banned it. I am sure the government will not be able to stop bitcoin 100% because the Nigerian people are familiar and know how to hide bitcoin ownership, but if the government is serious about banning bitcoin then they can pressure the public and confiscate bitcoin ownership.

But I hope the Nigerian government can legalize bitcoin even if only as an asset. Like in my country, bitcoin is banned as a currency but legal to own as an asset and can be used in crypto trading and crypto exchanges

[serjent05]

I highly agree with Lucius on this, it is not the currency that is the problem in your country but the corrupt officials.  Every nation has an almost identical financial system but different countries have different output on their financial performance.  It is because some countries have incompetent and corrupt officials who take advantage of their authority.  The fiat currency had been in existence for many years and the system had been established together with that.  I believe fixing the system means changing the fiat system itself which I think will not be entertained by those who are in power because they will lose their authority if they follow the system Bitcoin wanted to implement.

Since Bitcoin is decentralized in nature, centralized institutions obviously will not ignore Bitcoin because it is the opposite of what it wanted to implement, centralization to have full authority on the finance system.  This centralized financial institution will surely make a move and will try to nullify the effect of Bitcoin decentralization by imposing regulations and laws that will limit the decentralized nature of Bitcoin through various centralized platforms.

[lombok]

It's not that the authorities aren't smart, but they're just don't want to completely fight it.

If Nigeria is known as one of country which has a really high Bitcoin adoption, it means many of Nigerians aren't really protect their privacy. The authorities can just caught or threat their citizens, however this will give a bad effect to them and it's not that important to seize someone who don't have a lot coins.

To be honest, they're actually smart as they don't fight with fiat issues. Fiat is for the government, so they don't have to go against with it. And even if they start correcting the issues, that will not work anyway as people have already discovered that bitcoin is much better than fiat. Aside that it offers to the people the freedom from the use of fiat and from the controlling government, bitcoin price has also appreciating value while fiat value continue to depreciate.

So its better to leave the issues than to fight with it. For sure, the authorities have also their set of plans and bitcoin is not threatened by it.

What needs to be said in bold is that Bitcoin is different from fiat except for the issue of its value being pegged to fiat. Yes, as you said, Bitcoin and fiat are on different paths at best and no matter how bad the fiat system is, it will not dampen or sink the intention to use or invest in Bitcoin. Moreover, if Bitcoin itself did not exist, then investment in sectors other than fiat would still be number one (gold, property, shares and various other investment sectors). Someone investing does not only refer to the goodness of the system, but someone will invest because of their interest in the income % of investment for the next 1 - 5 or even 10 years.

[Darker45]

For the first strategy, fiat is not a problem to be solved. It can't be remedied. You simply can't give absolute power over money to human beings. It won't work. The only solution is to replace it. If you replace the ruling people, the performance of a certain fiat may improve, but it can't stay like that forever. It's only a matter of time before downfall ensues. Power corrupts. Money corrupts. Power over money corrupts even more.

For the second strategy, it's not actually how you treat Bitcoin. However you treat Bitcoin for as long as it remains relevant due to whatever factors, it will always attract. Like if fiat is performing so poorly that people's hard work is rendered useless because of hyperinflation, whether you completely ignore Bitcoin or declare a blanket ban on it, Bitcoin will always be interesting to many.

[Zlantann]

The two strategies, in my estimation, for dealing with Bitcoin are to fix fiat currency and, second, to promote an approach of ignoring Bitcoin rather than attacking it.

The economic system of the world is complex and dynamic. The government don't know how to fix the fiat currency problems, if they had the solutions they would have solved all of them. Many politicians have lost elections because of inflation, currency loss of value, unemployment, etc, if they knew what to do, they would have done it to remain in power. In my country, they government copy economic policies from different countries without considering the peculiarity of our nation. They keep on applying different policies and it is now clear that they are confused. The economy is also dynamic because new economic problems are emerging. No country predicted the devastating effect of COVID-19 or the pressure the Ukraine-Russia war brought to the global economic space.

The government cannot also ignore Bitcoin because it is a threat to them. They want to control the financial life of everybody in the country. They want to know how much you own and how you are using the money. They also claim that it is difficult to carry out economic or financial plans because of the decentralized nature of Bitcoin. I have heard some government officials claim that allowing Bitcoin to flourish could affect the monetary policies of the government. There are also claims that cryptocurrencies are used to facilitate payment from criminal activities. Until the government can regulate the activities of cryptocurrencies through centralised platforms, I doubt if they will ever allow Bitcoin to be freely used.

[Litzki1990]

Even if your country's government bans the use of Bitcoin, I don't think people from African countries will stop using Bitcoin. There are many countries in the world where Bitcoin is banned outright but still people are using Bitcoin in different ways. Nigeria countries are generally much poorer than other countries and most of the people there do not eat, if the citizens can live well by using Bitcoin then why would the Nigerian government ban it. Your ban is appropriate when you can employ the unemployed and when the people of your country are financially well off. You cannot create employment for people through the government of the country but if people do something on their own, you are obstructing it, it is not called proper governance of the country.

[UmerIdrees]

The two strategies, in my estimation, for dealing with Bitcoin are to fix fiat currency and, second, to promote an approach of ignoring Bitcoin rather than attacking it. In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies. I bet if they can do this successfully, individuals will be less motivated to seek alternatives like investing in Bitcoin. I say this with utmost certainty because, in my country Nigeria, one of the major reasons why we are ranked among the top 10 countries in the world with the highest rate of crypto adoption is because of the instability of our national currency, high inflation rate, poor and deteriorating economic conditions, and lack of transparency in the financial systems leading to distrust in traditional financial institutions. If they can fix these shortcomings in traditional financial systems, Bitcoin will be less appealing to us. I know this is not exclusive to my country only.

Do you think the authrotihries are concerned with issues realted to fiat currencies. If they were careful, there would have been no inflation in the first place. The point is that it is these government authorities , that are responibile for all this fiat inflation. They have printed excess paper notes only to fulfill thier own needs , making them more rich and the poor people more poorer.

In the second approach, by simply ignoring Bitcoin or avoiding direct confrontation through over-regulation or restriction of its use, Bitcoin would just remain in a corner and not emerge as a significant threat to the financial systems. For instance, the authorities in my country, through the Central Bank, placed a ban on Bitcoin transactions and ordered the banks to freeze the accounts of individuals transacting business with Bitcoin. Did this stop Bitcoin adoption and increase? No way.

This approach may be sucessful in the short run where the people will be discourage to use bitcoin. Many will not use it simply because it is illegal and not everyone want to keep illegal things with them. Others who are more wise, will have to keep them hiddenly with them until the stance of the government changes regarding bitcoin and crypto currencies.

But I doubt that the authorities are smart enough to do this. Please leave a comment.

Authorities  are more smarter than we think. They are not in the favor of the common man and also they do not want that people become finicial independent or they start using currecny such as bitcoin on which the government has no control. ( the government can't print and cannot control the supply).

I do not accept much from the  government and finincial authorities to work for the beneifit for the common public. They are here to keep thier control and rule over the people.

[Sim_card]

The government is after controlling everything in their country so that they can have everyone wrapped in their arms. The rich politicians are even after the peanuts that the poor gets through taxes and this is why they will never take their minds of controlling the citizens in every aspect so that the citizens wouldn't have their own freedom which bitcoin offers. Greed and corruption has made the politicians not to see anything wrong in their actions of messing up with the fiat currency because that is where they get their power and wealth from through the manipulation of fiat currency. This makes bitcoin to be a problem to them because they see it as some kind of currency that is independent to the government. The reason why citizens will never ignore bitcoin is that they see it more of an asset than currency.

Nigeria countries are generally much poorer than other countries and most of the people there do not eat

LOL, you told you that majority of people here don't eat and how many times have you seen people dying on the street due to hunger strive. Nigeria is one of the country that is rich in natural resources but due to corruption and greed, the politicians and government are stealing our funds. Have you ever seen Nigerians protesting before due to the poverty in the country. The poorest man in Nigeria can afford one square meal per day. We are hustlers and we adapt to whatever situation or condition that we find ourselves and make a living out of it.

[Dr.Bitcoin_Strange]

The government can actually take some steps towards fulfilling what you are talking about; it's not them not being smart; it's them doing what they believe is the right thing to do. The government already knows that the rate of printed money is so high and that if they retract some of that money, it will add more value to the fiat currency, but the question is, how much have they retracted? No. IMO, Bitcoin and Fiat are not in any form of competition; even if Fiat is also fixed, like you said, people who still know about Bitcoin will continue to use it, and those who prefer Fiat will also use their fiat.

[CryptopreneurBrainboss]

But I doubt that the authorities are smart enough to do this. Please leave a comment.

The authorities in your country mightn't be smart but others are and that's why they haven't put a banned on Bitcoin yet because they know that'll only increase the adoption of the currency instead of reducing it. Third world countries are used to doing things with authority instead of being civil so it's no surprise they went through that approach but the US are doing things differently and I just hope it doesn't work because it seems they're succeeding by cracking down on services promoting Bitcoin and arguably the face of the industry but they too won't succeed.

The government doesn't see fiats as a failure yet or it needing any improvement because it's a perfect tool for control and they can print new note into existence whenever they want. Fiats is giving them too much power so the first option will never be what the government will do.The government ignoring Bitcoin won't stop the adoption of the currency either and the government knows this, they have tried that as well but it didn't work.

They ignored or I'll say underated Bitcoin power and that's why they didn't kill the currency when they had a better chance of doing so when it hasn't gained this much popularity and acceptance by the masses. The government has realized that ignoring Bitcoin won't chase it away so they're left with their last attempt of killing Bitcoin by fighting it but they won't succeed too and finally they'll be left with no option but to accept Bitcoin.

[LoyceV]

In the first strategy, all the authorities need to do is to address the issues facing traditional fiat currencies.

Allow me to respond to only this part: why would you even believe fiat currency is "traditional"? If we skip the barter economy, the gold standard is much more traditional than fiat money:

The gold standard was a commitment by participating countries to fix the prices of their domestic currencies in terms of a specified amount of gold. National money and other forms of money (bank deposits and notes) were freely converted into gold at the fixed price. England adopted a de facto gold standard in 1717 after the master of the mint, Sir Isaac Newton, overvalued the guinea in terms of silver, and formally adopted the gold standard in 1819. The United States, though formally on a bimetallic (gold and silver) standard, switched to gold de facto in 1834 and de jure in 1900 when Congress passed the Gold Standard Act. In 1834, the United States fixed the price of gold at $20.67 per ounce, where it remained until 1933. Other major countries joined the gold standard in the 1870s. The period from 1880 to 1914 is known as the classical gold standard. During that time, the majority of countries adhered (in varying degrees) to gold. It was also a period of unprecedented economic growth with relatively free trade in goods, labor, and capital.

And a bit later:

Britain stopped using the gold standard in 1931, and the U.S. followed suit in 1933, finally abandoning the remnants of the system in 1973.
~
The appeal of a gold standard is that it arrests control of the issuance of money out of the hands of imperfect human beings. With the physical quantity of gold acting as a limit to that issuance, a society can follow a simple rule to avoid the evils of inflation.

Inflation is a terrible thing, and the main reason I'm into Bitcoin. No central bank will want to give up their power over BRRR.

“Give me control of a nation’s money supply, and I care not who makes its laws.” So said Mayer Amschel Rothschild, founder of the Rothschild banking dynasty.