Should there be a way to register your wallet with the government?

[Mame89]

Bitcoin was developed from the start to be able to bring pseudonymity to the transaction system, eliminate third party intervention and increase privacy and security for users. Because the characteristics of Bitcoin are like that, governments don't like it, since then it will limit them from monitoring transactions carried out by individuals and reduce the use of fiat. For that reason the government wants to regulate the use of Bitcoin and launch some rules to help governments gain control over the Bitcoin network in their territory, and it will not rule out the possibility that individuals will be asked to register their wallets according to their identity - it is only a matter of time until it will happen.

Yes that's right. In fact, if we study again why Bitcoin was created from the start, we already realize that Bitcoin was created with such characteristics without the presence of a third party and of course increases privacy and security for its users. Because of its history, Bitcoin was started to be campaigned by Satoshi Nakamoto in 2008 after the 2008 economic crisis in the USA and this crisis proved that the financial system at that time was very bad and detrimental to society.

So it would feel very strange if one day we registered our wallet with the government, because this would mean losing the characteristics of Bitcoin itself. The government continues to tout bitcoin as a source of crime, one of which is money laundering. that's their only reason to be able to control bitcoin. What we need to remember is that Bitcoin is a peaceful revolution, a non-violent revolution and Bitcoin does not need banks or the military to protect it.

[Mate2237]

Privacy as for me is not a part to the bitcoin network but it is the brain behind the creation of the bitcoin network. And that is why the real decentralization came to play and because of the decentrality of bitcoin network the government can't penetrate and control over the cryptocurrency. So the only way to fight against bitcoin is to attack the semi private companies that mix bitcoin. And thT is why mixers are always attacked by the government because they believed that through mixers politicians and businessmen laundering money and sent to different wallets .

So if we register wallet with the government then we have sold our rights of controlling the coins by ourselves to the government and they will make things miserable for us. Therefore I don't advise such move any day.

[AmoreJaz]

Privacy as for me is not a part to the bitcoin network but it is the brain behind the creation of the bitcoin network. And that is why the real decentralization came to play and because of the decentrality of bitcoin network the government can't penetrate and control over the cryptocurrency. So the only way to fight against bitcoin is to attack the semi private companies that mix bitcoin. And thT is why mixers are always attacked by the government because they believed that through mixers politicians and businessmen laundering money and sent to different wallets .

So if we register wallet with the government then we have sold our rights of controlling the coins by ourselves to the government and they will make things miserable for us. Therefore I don't advise such move any day.

As this market is slowly getting regulated, crypto-related businesses such as crypto exchanges are already having financial records of their clients. That is, if the exchange is legit and licensed under the Central Bank of their jurisdiction. But outside those regulated crypto companies, crypto users still have the freedom to do what they want with their crypto holdings. Now, it is up to them if they will disclose all their crypto activities to the government by using only those regulated crypto platforms. You always have the option to keep your crypto transactions within yourself.

[oktana]

While they may be using it as an excuse to ban crypto (I honestly do not know), money laundering is actually happening around cryptocurrency quite a lot. But this doesn’t mean that I stand with the government because I think it’s more than the crimes.

On the other hand, rather than registering my wallet with the government, I’d prefer to simply use fiat because it will then kill the exact purpose why Bitcoin was created. Because from registering it, they’ll long to regulate it.

Money Laundering is not happening around with only cryptocurrencies its also happening around with other methods as well because we are having many other ways which are already in use before this crypto and now after this crypto these methods are working good and peoples are using them without any problem linking this with crypto is just governments wants to have control around this with they also want to check every thing related to this which are currently not accessible for them and crypto related peoples are using them without any problem and this is the biggest problem for them.

In many countries we are having government related peoples are doing this money laundering without any problem with FATF was also introduced, but it's having no impact as this was expected so now they are trying to have related to this with crypto.

I understand that cryptocurrency is only but a tool. What it s used for is dependent on who is using it. Money laundering has been going on even before decades before Cryptocurrency came to light. But currently, some people are using the decentralization feature of cryptocurrency to launder money because they know it don’t pass through the government so they can’t see what’s going on, and they an take it out from crypto claiming it’s crypto gains. I’m only saying that there’s actually money laundering going one around crypto.

[CODE200]

Sure, it could be a good thing to comply with your government, it didn't say there that you've got to be honest about your bitcoin ownership right? I can just register a fake one if they want, maybe even an Ethereum address only and tell them that it's the only cryptocurrency that I buy because bitcoin is so expensive then proceed not to put anything in that wallet. I don't think that it will come to a pass though, the government will see this as a massive headache for them and at the same time it's going to be a really stressful time for them and I don't think that government employees are paid enough money to do this kind of thing so they'll probably slack off. So yes, I agree that we should have a registration for our wallets because it will only be effective in a short period anyway.

[Mrbluntzy]

I don't support this kind of development, if this idea is developed, it can creates a privacy problem for every Bitcoinist. Do you know how?  If you registered your bitcoin wallet with the government and I don't and I had any P2P transaction with you, if the government inquires to know who sent # amount of Bitcoin to you on ## date, you will definitely mention my name and the government can also save my wallet for them to track it when ever they want.

@Jet Cash, sometimes, the solution to a problem creates more problem for others and this your idea will create a privacy problem for other Bitcoinist.

[Z-tight]

If you registered your bitcoin wallet with the government and I don't and I had any P2P transaction with you, if the government inquires to know who sent # amount of Bitcoin to you on ## date, you will definitely mention my name and the government can also save my wallet for them to track it when ever they want.

P2p tx's do not reveal the identity of those involved, it only reveals their wallet address, so if you make a p2p tx with someone in a p2p platform, all the person can reveal to any agency is just your wallet address. However, i agree with your point and i already said something similar in my post earlier in this topic, if something like this is implemented, then the addresses that are yet to register will be in the watchlist of the government, and their coins can be confiscated if it hits a custodial service.

[Justbillywitt]

Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them.  The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s).

Criminal activities like money laundering through Bitcoin blockchain and Bitcoin transactions are one of reasons but governments have bigger reasons which they don't publicly admit to their citizens.

As governments, they want to control their countries and citizens, they want money from tax to help their governmental operations lively. They want tax, at the end of all reasons, money is vital for governments.

I am sure they do recognize fact that citizens can hide a lot of their money through Bitcoin blockchain and altcoin blockchains too. It causes massive loss for governments in tax money flows and they will do more things to bang this market, just to eventually regain more tax money like before.

Of course I agree with you, the government are only concerned with the money they are losing from taxes, they have come to understand that if they allow bitcoin to flourish most people will turn to it and the banks will run out of businesses, and you and I know what will happen if the government losses money, they become powerless. The power has gone back to the people to control their money, and once a government finds out that it's losing out in control of the masses money, they put up a fight.

The major ways government control the affairs of a nation, is control of money, without money with you you become powerless. The government doesn't care about the masses, so it's a greedy fight they putting on, but they won't win.

[madawg]

Does the incentive weigh more than the disincentive to "register your wallet with the guberment"? Governments vary on the quality of guberment index globally so maybe there is a country out there with an actual decent government but most governments are made up of sociopaths and psychopaths and the do gooders are mainly extreme lefties who eventually go full retard commie once they gain power over the "useless eaters".

[Vaskiy]

Does the incentive weigh more than the disincentive to "register your wallet with the guberment"? Governments vary on the quality of guberment index globally so maybe there is a country out there with an actual decent government but most governments are made up of sociopaths and psychopaths and the do gooders are mainly extreme lefties who eventually go full retard commie once they gain power over the "useless eaters".

This is kind of giving the government access to our wallets. With the transparency of BlockChain, the governments were able to keep track of the transactions, and the same could be a hindrance for the user. A similar scenario happened with El Salvador providing a separate wallet named Chivo. Even a bonus of $30 in bitcoins was provided upon signup. People just signed up, used those bonuses, and moved to other decentralized wallets. 

[Fivestar4everMVP]

Privacy is just one aspect of the Bitcoin network. For me, some of the other features are more important. For example -
- Immutable public records
- Peer to peer unregulated transfers
- Security of assets
- No complex controls over payments
- No fiat ties
- International payments without 3rd party intervention.

Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them.  The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s). I believe that if we were able to register our wallets, together with the public keys associated with them, but we kept the private keys secret, then most of the declared objections would no longer be relevant. Of course this would need to be an optional registration, but taking advantage of it could help to expand the use of Bitcoin.

This (if feasible) I think it's a good idea, it definitely would help calm the agitations of the government over crypto down a bit, as I personally think and believe that this will give them some sort of sense of control, knowing well that they government love to be in control, if we can register our bitcoin wallet with them, letting that have access to the public key which grants them access to knowing our bitcoin balances, transactions and histories, both present and future, I believe this should definitely help douse their aggressive agitations against crypto - this acutally will be the benefit of doing this.

But personally, I will still prefer that everything remain as they currently are because are never satisfied, for if for the reasons I stated above, we decide to do this, trust me that in fews years time, the government will come back wanting to have full access to our wallets, to enable them to be able to freeze and unfreeze assets in our wallets, this they would want to achieve by building their own centralized wallet which they would want to force everyone to start using, they are like Oliver twist - always wanting more.

[peter0425]

This (if feasible) I think it's a good idea, it definitely would help calm the agitations of the government over crypto down a bit, as I personally think and believe that this will give them some sort of sense of control, knowing well that they government love to be in control, if we can register our bitcoin wallet with them, letting that have access to the public key which grants them access to knowing our bitcoin balances, transactions and histories, both present and future, I believe this should definitely help douse their aggressive agitations against crypto - this acutally will be the benefit of doing this.

I don’t think their aggressive agitations will decrease if we turn over control to them

If anything I think it will increase more. By seeing our transactions and knowing where we are or who are, they can create some theories that could lead to us being investigated. They might pinpoint certain crimes to us just from our transactions even if it’s not at all suspicious.

Besides the whole purpose of bitcoin is to get away from the government so giving control to them will be defeating the whole concept of bitcoin.

[DaveF]

It's funny I was just thinking about this the other day.

I have some BTC in cold storage, when BTC hits $80000 I am probably going to sell some.
I have had it for wayyyyyyy longer then a year it should be taxed as long term capital gains. Any investment more then 1 year in the US is 'long term'

But, since I will move it from cold storage to a hot wallet to an exchange it makes it means that if it does get flagged with a this is a short term gain (higher taxes) not a long term gain I have to then jump through some hoops to prove it was sitting in cold storage since 201x and the old address is still mine.

If I could have a way to prove that it is mine now it could save time and effort later.

Not hiding from the tax man, I will make a profit on it and have no issues paying what I owe in taxes. Paying more then I should because I can't prove something would piss me off.

-Dave

[Fiasem20]

The main purpose of a decentralized form of currency like Bitcoin was invented for it's user to prioritize their privacy.When we say decentralized what comes to our mind is it isn't controlled by a centralized controlling authority.Bitcoin totally has nothing to do with the government,so if there should be a way to register a digital wallet for storing Bitcoin with the government,then I see no difference between fiat and Bitcoin.Bitcoin will lose it's value once it is linked to a centralized entities like government,the elimination of an intermediary and a middleman in the Blockchain network retains the value of Bitcoin.

[amihada]

I think it's good that bit coin transactions don't involve government interference because if Bitcoin transactions are mixed with the government, of course it's not just fees in the market that have to be paid, of course additional taxes also apply, so every transaction takes a lot of deductions, without government interference, the assets are also safe and don't affect the government. .

[God bless u]

Privacy is just one aspect of the Bitcoin network. For me, some of the other features are more important. For example -
- Immutable public records
- Peer to peer unregulated transfers
- Security of assets
- No complex controls over payments
- No fiat ties
- International payments without 3rd party intervention.

Of course there are many others, such as multi-sig and conditional payments. those are just a few of the advantages as I see them.  The government keeps banging on about money laundering and crime, but I don't believe those are the issues. The real issue seems to be the fact that Bitcoin frees people from the fiat crime(s). I believe that if we were able to register our wallets, together with the public keys associated with them, but we kept the private keys secret, then most of the declared objections would no longer be relevant. Of course this would need to be an optional registration, but taking advantage of it could help to expand the use of Bitcoin.

There is a big issue of the security that blockchains are not being able to offer upto the extent that the owners are demanding. The investors are really worried while making big Investments because we hear different news of blockchains being hacked or the particular accounts are being scammed.

If governments can provide the security that people are looking for and they make themselves responsible that we can integrated in order to have a better security.

[NotATether]

There's no benefit. You'll still have to give them your ID if we were to open "wallets" like we open bank accounts. And actually we need to show IDs every time we want to withdraw money too, ignoring things like ATMs and cards and stuff. At least the exchanges and stuff only ask for them once.

A libertarian government might benefit from your sort of approach, but for the existing governments, this request is insatiable.

[Mrbluntzy]

P2p tx's do not reveal the identity of those involved, it only reveals their wallet address, so if you make a p2p tx with someone in a p2p platform, all the person can reveal to any agency is just your wallet address.

You are right about what you have said @Z-tight but what I meant was a direct flesh and blood p2p transaction. For example you (Z-tight) is from my country and you already have your wallet registered with the government and I met you in person and told you I want to sell my Bitcoin for fiat and you agreed to buy. If after the transaction, the government asked you to provide my information, am sure you can give a description about me, even if you don't know my residential address or my name but you can mark my face when you see me.

I think it's good that bit coin transactions don't involve government interference because if Bitcoin transactions are mixed with the government, of course it's not just fees in the market that have to be paid, of course additional taxes also apply, so every transaction takes a lot of deductions, without government interference, the assets are also safe and don't affect the government. .

Like I already said on my first comment above, "the solution to a problem creates more problem for others and this idea will create a privacy problem for other Bitcoinist." If this idea is implemented and taking for example, other Bitcoinist refuses to register their wallet, they can be implicated when they send Bitcoin to other members that have registered.