Government vs Bitcoin

[Josefjix]

Instead of wanting to control Bitcoin they should fully embrace it and educate many citizens towards adoption.However which do you prefer, government control or Bitcoin control? Remember that the bank represents the government and your money is monitored/controlled by them but Bitcoin eliminates third party and allows you to be your own bank, choose wisely.

I have said this many times and have also come across a Nigerian user in the forum saying the same thing, that the best way the government will literally win is to create a crypto currency based stablecoin that would serve as a bridge between Naira and crypto. It's impossible to stop Bitcoin because there is no source to destroy from.

If Nigerian government wants profits off this opportunity, a stablecoin for example like uNGN will allow government to partake in the industry, instructing every financial sector to implement the said stablecoin allowing the citizens to be able to use uNGN to purchase crypto from debit cards.

Them destroying it won't be possible, it won't work.

[Judith87403]

I have said this many times and have also come across a Nigerian user in the forum saying the same thing, that the best way the government will literally win is to create a crypto currency based stablecoin that would serve as a bridge between Naira and crypto. It's impossible to stop Bitcoin because there is no source to destroy from.

If Nigerian government wants profits off this opportunity, a stablecoin for example like uNGN will allow government to partake in the industry, instructing every financial sector to implement the said stablecoin allowing the citizens to be able to use uNGN to purchase crypto from debit cards.

Them destroying it won't be possible, it won't work.

You have a point here, because if the government are able to create a naira stable coin just as the US has the USDT as a stable coin, it will help Nigerians to convert their coin directly to that Naira stablecoin without having to convert to the USDT first before selling on p2p like most Nigerians are doing. This is really a good idea, even better than taking taxes on crypto transactions because imagine the crypto transactions that are being performed by Nigerians daily, majority are converted to USDT before exchanging with Naira through p2p merchants. The government has already lost the battle on fighting bitcoin and cryptocurrency, what they should do now is to proffer ways to also partake in it.

[Obari]

~snip~

The truth is that I don't know why I think government involvement would cost us a lot especially the safety and decentralization of the bitcoin which is one thing we cherished the most and if government fully comes into the system, they would want to indirectly take full control of of the system so things would suit them and not the general masses

Government don't want everyone of us to have freedom in our financial economy and that is why they will always appreciate using regulations through the centralized institutions through our finances, they decide for us what to do and also take action against our account indiscriminately, but until bitcoin was introduced before an end come to all this, only for those that can adopt bitcoin on their own and if you are still found with full dependence on Fiat, then know you still operate under their control regardless of anything you stand for.

Just today I was talking to a neighborhood who showed me a balance of 439k that was held in his GT Bank and the story sounding the whole think was too funny to me.
His account was blocked, he tried accessing it online but was asked to report back to the bank which he did but on getting to the bank, the bank workers called the police on him and that is what happens when the system is centralized and that's why bitcoin came to do.

--- I will post a picture of the blocked account when I get back home

[Thewatchman]

Just today I was talking to a neighborhood who showed me a balance of 439k that was held in his GT Bank and the story sounding the whole think was too funny to me.
His account was blocked, he tried accessing it online but was asked to report back to the bank which he did but on getting to the bank, the bank workers called the police on him and that is what happens when the system is centralized and that's why bitcoin came to do.

--- I will post a picture of the blocked account when I get back home

What does the person do that make the customer care called police on him, the money in the account is a stolen money? Ok it's Bitcoin or crypto related word was written with the money when it was deposited?

It is not good to just call the police on a customer just like that without knowing the wrong from the customer side of the story.

[Bright0515]

A lot of things have happened lately. If we keep talking about what the government has done to stop Bitcoin, we won't think of the future anymore. From what I have observed lately concerning Bitcoin and the government nowadays is that the the pressure from the government has reduced, as the government has known that they can't do anything to stop Bitcoin or stop people from owning it.

Just today I was talking to a neighborhood who showed me a balance of 439k that was held in his GT Bank and the story sounding the whole think was too funny to me.
His account was blocked, he tried accessing it online but was asked to report back to the bank which he did but on getting to the bank, the bank workers called the police on him and that is what happens when the system is centralized and that's why bitcoin came to do.

Funny how many people have experienced this same thing but still criticise Bitcoin. It shows that they want to be slaves to the government. They don't understand that any money that they can't control is not their own. Owning Bitcoin gives us an edge so long as you have your private key intact. But keeping your Fiat currency in the bank makes you vulnerable because you don't have control over it, anything can happen at any time and you will lose access to your Fiat currency.

[CryptopreneurBrainboss]

Instead of wanting to control Bitcoin they should fully embrace it and educate many citizens towards adoption.However which do you prefer, government control or Bitcoin control? Remember that the bank represents the government and your money is monitored/controlled by them but Bitcoin eliminates third party and allows you to be your own bank, choose wisely.

I have tried the government being in control (bank) and also tried me being in control (Bitcoin) and I must say I will choose bitcoin over the banks any day anytime. It will be very difficult for the government to give up control in regards to allow Bitcoin dominate the finance of the country because them doing so will be them giving power to the people which the government understands that anyone that controls power controls the will of a man. Bitcoin adoption is definitely going to be a thing in the future but it will take time as the government has plans to not allow this to succeed but I believe Bitcoin will prevail at the end of the day. Is just that this adoption isn't happening anytime soon but as we wait we should use that opportunity to accumulate more Bitcoin.

[Jaycoinz]

I have tried the government being in control (bank) and also tried me being in control (Bitcoin) and I must say I will choose bitcoin over the banks any day anytime. It will be very difficult for the government to give up control in regards to allow Bitcoin dominate the finance of the country because them doing so will be them giving power to the people which the government understands that anyone that controls power controls the will of a man. Bitcoin adoption is definitely going to be a thing in the future but it will take time as the government has plans to not allow this to succeed but I believe Bitcoin will prevail at the end of the day. Is just that this adoption isn't happening anytime soon but as we wait we should use that opportunity to accumulate more Bitcoin.

Everyone keeps talking about control, how about a situation where both the government and Bitcoin usage coexist, I mean it's literally happening in many countries outside our world and with the rate at which it's happening, I won't be surprised if we also adopt a system similar. The government has known for a fact that Bitcoin is something that have come to stay so it's best to actually find a way to flow with the dice as it rolls. There is a reason for this saying, "If you can't beat them, then you join them.

[Cryptoprincess101]

Instead of wanting to control Bitcoin they should fully embrace it and educate many citizens towards adoption.However which do you prefer, government control or Bitcoin control? Remember that the bank represents the government and your money is monitored/controlled by them but Bitcoin eliminates third party and allows you to be your own bank, choose wisely.

I have tried the government being in control (bank) and also tried me being in control (Bitcoin) and I must say I will choose bitcoin over the banks any day anytime. It will be very difficult for the government to give up control in regards to allow Bitcoin dominate the finance of the country because them doing so will be them giving power to the people which the government understands that anyone that controls power controls the will of a man. Bitcoin adoption is definitely going to be a thing in the future but it will take time as the government has plans to not allow this to succeed but I believe Bitcoin will prevail at the end of the day. Is just that this adoption isn't happening anytime soon but as we wait we should use that opportunity to accumulate more Bitcoin.

There is an old adage that goes like this; ''nobody that put sugar in his mouth and spit it out''. What this means is that everyone always wants a better experience and when they get the opportunity, they embrace it with their full arm. The reason for creating bitcoin is to end financial slavery and be free so of course, i will choose bitcoin over any government or third party backed financial system.
    I know that bitcoin will be difficult to outsmart the use of banking system in the country but with time, it will conquer naturally and the government will not be able to do anything because even they themselves will also benefit from this digital currency. Do you know that there are government officials who are also holding bitcoin, they might not come openly to announce it but a lot of them have bitcoins in their wallets so they will avoid anything that will make it to lose its acceptance in the country because if they do that it means that they will be affected too. Bitcoin has already outgrown the government, the least they can do is to ban it which will be an ignorant thing to do considering the economic value that bitcoin has been able to provide.

[Qhunman]

Bitcoin wasn't built to replace fiat currency, but it's hypes of people that receive some others, that bitcoin can replace a fiat currency, even till now bitcoin is yet to become a legal tender, and it's just a few nation that accepted bitcoin as a legal tender, before bitcoin will have a dominance to the extent of becoming a legal tender it will be more years coming, I want people that's hoping that bitcoin will replace a fiat currency, to feel relaxed and know that it hardly before you see a newly launched currency that will supercede a fiat currency

This is what the government are trying to avoid, Bitcoin replacing the FIAT. They will not allow such to happen because they don't have control over bitcoin but the case isn't the same with FIAT. They can manipulate the Fiat system to their own selfish interests which is one of the reasons they have been fighting harder to stop bitcoin adoption in Nigeria. Bitcoin offers freedom and privacy,however government still has a way of monitoring the crypto market but the control is what they don't have and that is what is vexing them till date. Traditional banks and the CBN will not allowed bitcoin to be a legal tender because they fear it will replaced the Fiat system which is what they are trying to prevent. But in all that they do, bitcoin will always prevail and always be better than the Fiat.

[Mayor of ogba]

Absolutely, right now most businesses still have to depend on the traditional banking system because that's where customers are making payment from, Bitcoin is becoming more expected. But we are not at the stage where it can completely replace fiat for everyday business operations is to keep accumulating Bitcoin as a long term asset while using local currency for daily expenses. As adoption and regulation continue to revolve.

Even though bitcoin hit six digits in the future it will never replace fiat because it's a digital currency and it wasn't created to replace fiat. Satoshi Nakamoto noticed some loop holes in the financial sector, which are depending and trusting a middleman to carry out a financial, not having full control of your money, so he created bitcoin in order for people to bypass all these problems associated with fiat.

[AmaGold70]

Initially, the federal government of Nigeria disliked investment in bitcoin, and this reason made them to penalize people having link to bitcoin investment, and they equally disconnected banks that are linked to crypto exchanges, and then I was affected because I was using luno exchange then, and was funding it through UBA account, but when the federal government of Nigeria brought their policies, I could neither withdraw nor fund my luno account. They also went further placing ban on P2P on Binance exchange, and all this move was geared towards disrupting investment in bitcoin, and cryptocurrency at large.
But Bitcoin is decentralized, so all the effort to stop bitcoin investing was to no avail.
Thank God for the initiation of bitcoin because we have gained freedom over our finances.

[TrialBitcoin]

Initially, the federal government of Nigeria disliked investment in bitcoin, and this reason made them to penalize people having link to bitcoin investment, and they equally disconnected banks that are linked to crypto exchanges, and then I was affected because I was using luno exchange then, and was funding it through UBA account, but when the federal government of Nigeria brought their policies, I could neither withdraw nor fund my luno account. They also went further placing ban on P2P on Binance exchange, and all this move was geared towards disrupting investment in bitcoin, and cryptocurrency at large.
But Bitcoin is decentralized, so all the effort to stop bitcoin investing was to no avail.
Thank God for the initiation of bitcoin because we have gained freedom over our finances.

I agree that Bitcoin's decentralized nature makes it difficult for any single government to stop it completely. However, government restrictions can still make it harder for people to access exchanges, move funds, and use crypto conveniently, as many Nigerians experienced during those policy changes.

The restrictions affected centralized platforms more than Bitcoin itself. Despite those challenges, the crypto ecosystem adapted through alternative services and compliant platforms. This shows that while regulations can slow adoption, they cannot eliminate a decentralized network like Bitcoin.

[gracreavix]

This goes to show that Bitcoin is decentralised and the financial system built around it is centralised because it gave people the ease to acquire Bitcoin. As you have stated how government restrictions made it harder to buy Bitcoin through P2P and other easy means. All they did was the attack businesses around Bitcoin and not necessarily the protocol itself. At the end of the day, we all found our alternatives to the growing stress of restrictions on the businesses around Bitcoin. Until recently that all died down.

[Son Of Blockchain (SOB)]

This goes to show that Bitcoin is decentralised and the financial system built around it is centralised because it gave people the ease to acquire Bitcoin. As you have stated how government restrictions made it harder to buy Bitcoin through P2P and other easy means. All they did was the attack businesses around Bitcoin and not necessarily the protocol itself. At the end of the day, we all found our alternatives to the growing stress of restrictions on the businesses around Bitcoin. Until recently that all died down.

Bitcoin won't change from it's decntralized nature, the government have tried in many occasions to be in control of the protocol but it's not possible because it's runs on thousands of nodes and shutting them requires drastic measures that involves taking away the internet which would be very difficult cause the banking system also works with the internet too so it would affect their interest.
 Some governments that understand that have figured that benefiting from the business through regulations of exchanges and taxes is more better than fighting it and failing countless times in trying to shut it down.

[Mr_Brilliant$]

This goes to show that Bitcoin is decentralised and the financial system built around it is centralised because it gave people the ease to acquire Bitcoin. As you have stated how government restrictions made it harder to buy Bitcoin through P2P and other easy means. All they did was the attack businesses around Bitcoin and not necessarily the protocol itself. At the end of the day, we all found our alternatives to the growing stress of restrictions on the businesses around Bitcoin. Until recently that all died down.

Bitcoin won't change from it's decntralized nature, the government have tried in many occasions to be in control of the protocol but it's not possible because it's runs on thousands of nodes and shutting them requires drastic measures that involves taking away the internet which would be very difficult cause the banking system also works with the internet too so it would affect their interest.
 Some governments that understand that have figured that benefiting from the business through regulations of exchanges and taxes is more better than fighting it and failing countless times in trying to shut it down.

Bitcoin will always be decentralised. Regardless of who is controlling the buy and sell. Which is the acess. People will always do want they can. And what they want is ease at everything to cut through corners just to justify their laziness. At the end of the day, people are responsible for themselves and whatever mistakes they encounter along the way.

[Don Saga]

Absolutely, right now most businesses still have to depend on the traditional banking system because that's where customers are making payment from, Bitcoin is becoming more expected. But we are not at the stage where it can completely replace fiat for everyday business operations is to keep accumulating Bitcoin as a long term asset while using local currency for daily expenses. As adoption and regulation continue to revolve.

Even though bitcoin hit six digits in the future it will never replace fiat because it's a digital currency and it wasn't created to replace fiat. Satoshi Nakamoto noticed some loop holes in the financial sector, which are depending and trusting a middleman to carry out a financial, not having full control of your money, so he created bitcoin in order for people to bypass all these problems associated with fiat.

This is something that the government has failed to identify and as such tried to combat the existence of Bitcoin in Nigeria which does not necessarily matter. Naira is our local currency used as foreign exchange and has no competition, Bitcoin has only eased the speed and means of transactions compared to fiat currency.

No matter how decentralized bitcoin is, it can never replace fiat currency. Just the same way that wallets can never replace banks, this is because they both serve a primary purpose but operate on different function, they could operate alongside each other and do not need to be evaluated based on importance or relevance.

[Chibit01]

Bitcoin will always be decentralised. Regardless of who is controlling the buy and sell. Which is the acess. People will always do want they can. And what they want is ease at everything to cut through corners just to justify their laziness. At the end of the day, people are responsible for themselves and whatever mistakes they encounter along the way.

And the buy and sell is actually not just controlled by one person or a single entity, what they can just do is to manipulate the market based on their influence and decide what to do with what's in their holdings, and it does not extend more than that. I don't know the area where some feel like bitcoin is gradually becoming less decentralized as there is no such change in the protocol.