Emulating the decentralised infrastructure

[Pablo-wood]

Many objections have been made towards the adoption of Bitcoin as a generally acceptable legal tender except for countries like El Salvador which happens to be the first ever country to accept bitcoin as legal tender in June 2021. Estonia is another strong contender for top countries where crypto and Bitcoin is regarded as legal tender.

One big limitation that might accompany the adoption of Bitcoin as legal tender for most countries still dragging their foot towards this adoption is the issue of tax regulations , inadequate consumer protection, Financial institution reluctance, I will also add concerns to the environment.

If we must emulate this decentralised infrastructure in our everyday experience except for the concern of taxation and consumer protection I have the notion that every other limitations can be discarded and treated as irrelevant.

Take the financial institution for example this set centralised entity has done more harm lately than good to the wellbeing of their consumers right. And because this act is been fueled by most country leadership the citizens just have no guts to complain but rather endure and tolerate this excesses.

In my humble opinion decentralisation will do our world more good especially now the centralised system of government is having lapses and loopholes

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[Churchillvv]

Perhaps I do not understand your point clearly, so I would ask this; how do we emulate this decentralization? Is it by having a decentralized government? Which obviously can't work or you could put it to me clearly so I can understand, I'm open to learning!.

One big limitation that might accompany the adoption of Bitcoin as legal tender for most countries still dragging their foot towards this adoption is the issue of tax regulations , inadequate consumer protection, Financial institution reluctance, I will also add concerns to the environment.

This are obviously not limitations to Bitcoin adoption but a prominent excuses from the governments to justify their ridiculous decisions to attack Bitcoin directly or indirectly.

If we must emulate this decentralised infrastructure in our everyday experience except for the concern of taxation and consumer protection I have the notion that every other limitations can be discarded and treated as irrelevant.

There are obviously irrelevant even the taxation and consumer protections.

Take the financial institution for example this set centralised entity has done more harm lately than good to the wellbeing of their consumers right. And because this act is been fueled by most country leadership the citizens just have no guts to complain but rather endure and tolerate this excesses.

In the process of being a Bitcoin enthusiast it's not proper to look at the downsides of the traditional banking system. It also has a lot of goods so we must put in consideration both the positive and negative aspect of the centralized financial institutions. In a big fan of privacy and freedom but at some point I have to acknowledge the good works they have contributed to the world.

In my humble opinion decentralisation will do our world more good especially now the centralised system of government is having lapses and loopholes

Decentralization would do more good in financial sectors but we cannot say we need a decentralized government it's obviously not a thing rather we need a more philosophical leader who can see from both side of the social lens.

[franky1]

countries are trying to emulate it.. but with CBDC

they prefer to call it 'distributed ledger technology' rather then decentralised
because they only want their regulated commercial bank partners to be part of the payment/fullnode system where citizens have to use a lite wallet of certain commercial banks to make payments to other citizens. where the commercial banks become the full nodes and reserves (block) validator and retainer of block history/txpusher

[Husires]

Both systems have advantages and disadvantages.

Some of the disadvantages of decentralized systems or Bitcoin are the volume of transactions, as the greater the number of users, the greater the number of transactions and higher fees. Bitcoin will not be an alternative to central systems, and the philosophy of Bitcoin is not an alternative to central systems, but rather it is another option for payments alongside the banking system.

[Dr.Bitcoin_Strange]

The government doesn't want a decentralized system; they want everything to be centralized and transparent to enable them to control and manage the system in a way that favors them. If the reason why a country will kick against Bitcoin is because of the fear of inadequate consumer protection, then let citizens be given the privilege and mandated to learn properly about Bitcoin before they invest their assets in it. It is better that way than to ban Bitcoin because of some simple reasons that can be managed. Although it's clear that since the government cannot fully have control over Bitcoin, like they do with legal bank notes, it's therefore impossible for them to allow it because they also believe it will compete with bank notes and also not give them the right tax regulation control. 

Although we don't need Bitcoin as a legal tender in the whole world before the technology can continue to flourish, Already, Bitcoin is always on the right track, no matter the challenges it faces, and this will continue, no matter the ban on Bitcoin in other countries. 

[btc78]

I think it’s a bit of a contradicting concepts. The government implementing bitcoin or cryptocurrencies at large might not happen if it meant its nature of being decentralized will be preserved. Personally, decentralization is one of the things we all should value as these days it is so easy to violate one’s privacy but the government sees this as something suspicious. I do see where the government is coming from but to us, normal citizens, decentralization is an important concept of bitcoin that I feel like should be maintained.

[Natsuu]

Yep. Getting countries on board with Bitcoin as legal tender has some roadblocks like sorting out taxes, making sure consumers are protected and dealing with the environmental impact. Even though decentralization sounds great, we need to figure out how to tax it properly, protect users from scams and address the energy consumption in mining. Transitioning away from the usual banks is cool but it shouldn't mess up the basics of financial stability and security for everyone. So while Bitcoin's got potential we've got to navigate these hurdles to make it work for everyone

[Die_empty]

Many objections have been made towards the adoption of Bitcoin as a generally acceptable legal tender except for countries like El Salvador which happens to be the first ever country to accept bitcoin as legal tender in June 2021. Estonia is another strong contender for top countries where crypto and Bitcoin is regarded as legal tender.

We have heard many news of diverse countries that wants to be friendlier to Bitcoin. The news of Argentina making laws that make crypto a means of payment is still fresh in my memory. I know Estonia is crypto-friendly but have not read any news about their move to make Bitcoin a legal tender. However, it would be great to have Estonia onboard the Bitcoin ecosystem.

One big limitation that might accompany the adoption of Bitcoin as legal tender for most countries still dragging their foot towards this adoption is the issue of tax regulations , inadequate consumer protection, Financial institution reluctance, I will also add concerns to the environment.

Taxing a decentralized system is a big problem because it might be difficult to gather financial institutions from these platforms. So I accept the fact that taxes might be one of the reasons for government opposition. Inadequate consumer protection might not be a problem if the government promote Bitcoin education which will enable citizens understand the system. Knowledge of how the crypto industry works will reduce scams and other challenges. There are other environmental pollutants than Bitcoin and miners have started embracing green energy.

In my humble opinion decentralisation will do our world more good especially now the centralised system of government have lapses and loopholes

Decentralization promotes financial freedom and privacy but many powerful people and organizations are benefiting from centralization. Which means there will always be attacks on decentralized platforms.