Bitcoin is like a democracy that no government can control

[arzuo]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government,
because the current control of the money of any country is the real power of the state and the government knows it very well if it is recognized, a great revolution in the money power of the people will happen.
So while most of the government has power, it buys and saves it secretly and when it loses power, it uses it silently but does not recognize it.

So I think the Bitcoin money and savings system is a reflection of democracy.

[mirakal]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government,

These countries already recognize bitcoin, they recognize it as property, ^{(so it's wrong to assume they will not recognized)}

• United States
• Australia
• United Kingdom
• Canada

[CTO114]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government,
because the current control of the money of any country is the real power of the state and the government knows it very well if it is recognized, a great revolution in the money power of the people will happen.
So while most of the government has power, it buys and saves it secretly and when it loses power, it uses it silently but does not recognize it.

So I think the Bitcoin money and savings system is a reflection of democracy.

My idea about this is that there's a very visible irony here. Governments may resist Bitcoins decentralization, they still recognize its value as a key and rising financial asset.

What we're seeing from Bitcoin is that it gives people more. Not just being a key reserve or just for transactions, it gives people an alternative to systems controlled by central authorities.

Governments can regulate exchanges and restrict assets, but controlling Bitcoin itself is a different challenge!

[Fiatless]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government,
because the current control of the money of any country is the real power of the state and the government knows it very well if it is recognized, a great revolution in the money power of the people will happen.

The word "recognize" is not clear in your post. Do you mean recognizing it as legal tender or currency? Bitcoin is globally recognized as money, but only two countries have recognized it as legal tender. Both of them have rescinded the laws that made Bitcoin legal tender for different reasons.

So while most of the government has power, it buys and saves it secretly and when it loses power, it uses it silently but does not recognize it.

Some of the countries that are hodling Bitcoin are doing it for profit since the price will always appreciate. Your position that the government is buying and saving Bitcoin for power might not be true, since most big economies are not accumulating Bitcoin.  Most of the countries that own Bitcoin didn't buy it; it was mainly seized from individuals and businesses.

So I think the Bitcoin money and savings system is a reflection of democracy.

One main feature of democracy is decentralization of power. You are right that the Bitcoin financial system reflects democratic principles.

[Ruttoshi]

These countries already recognize bitcoin, they recognize it as property, ^{(so it's wrong to assume they will not recognized)}

• United States
• Australia
• United Kingdom
• Canada

You forgot El Salvador that adopted bitcoin as a legal tender on the 7th of September, 2021 to the 30th of January, 2025. That didn't stop Nayib Bukele from teaching students in El Salvador bitcoin and encouraged them to use it.

I believe that many more countries also recognize bitcoin which is why in some places in the world you can pay for hotel and eat in their restaurant with bitcoin. A country mustn't make bitcoin a legal tender before it's been recognized as a currency. You can read this thread

[ABCbits]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government

Some government do recognize Bitcoin. But IMO not for more important part, such as Bitcoin as currency or payment option or using Bitcoin more privately.

So I think the Bitcoin money and savings system is a reflection of democracy.

Not really. Some aspect of democracy such as one person one vote aren't exist on Bitcoin network.

[coinrifft]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government,
because the current control of the money of any country is the real power of the state and the government knows it very well if it is recognized, a great revolution in the money power of the people will happen.

That was the beginning mindset of some government early on. That's why there are governments that don't recognized Bitcoin at all or what we call countries that are pro-Bitcoin like El Salvador who made it a legal tender.

But I don't think that Satoshi created Bitcoin to challenge the control of the government. No, it was just a p2p, but it has evolved a lot that it became an asset and been traded and many of us are making money out of it. So it's a win-win for us and for the government as now even the banking systems and institutions are recognizing Bitcoin as a financial instrument.

[YellowSwap]

Ok, many people are probably not going to like my answer on this, OP you are very right but at the same time....

Bitcoin is for the people, right? Governments are for what? For the people, if Government can control the people then it's already over, this is why they are now bringing Banks and Bitcoin loan together.

Bitcoin was created to be decentralised, for the people and if this same people say no to decentralisation what's left? The government don't need to control Bitcoin, they perfectly understand this.

What they needs to get their hands on is people, you and I and sorry to say, so far it's working because if we are to start asking around right now you will see that the majority of people who are into Bitcoin are also into Banks and their centralisation method of controling.

[Marvelockg]

So while most of the government has power, it buys and saves it secretly and when it loses power, it uses it silently but does not recognize it.

So I think the Bitcoin money and savings system is a reflection of democracy.

If government use bitcoin as a means through which they steal public funds and hide it in bitcoin without the people knowing so when they must have leaved the position of authority they can spend it, it only means that they are the abusers of the decentralized nature that bitcoin possesses.

Both from an individual usage and the government usage, bitcoin should not be used for the wrong cause. some government and nationality are anti bitcoin because of these possibility and if they become the people that are not going into same thing are supposed to fight against, they become worse of than what they describe as the weakness in bitcoin. the main issue the government has with bitcoin is that they want to regulate it and bitcoin in it nature is not meant to be regulated in the manner the government is trying to do.

[Karl_3000]

You can say it is a reflection of decentralization, it has nothing to do with democracy if you check what the meaning of democracy is. It is good if you know that we are not in a democratic world, only few countries like UK is fear. Almost all countries government are similar to autocratic system of government but in another design.

But bitcoin means freedom of your money and no need to have it with another party or central authority.

[knowngunman]

So I think the Bitcoin money and savings system is a reflection of democracy.

I'm trying to understand how democracy fit in this discussion but I can't grab it yet. The democracy I know is a form of government that recognises rule of law and freedom of speech. Bitcoin is a decentralized asset that doesn't need government permission so whether government recognises it or not, it existence does not depend on any system of government. Democracy even make it more harder for bitcoin because people don't have financial freedom.

My idea about this is that there's a very visible irony here. Governments may resist Bitcoins decentralization, they still recognize its value as a key and rising financial asset.

What we're seeing from Bitcoin is that it gives people more. Not just being a key reserve or just for transactions, it gives people an alternative to systems controlled by central authorities.

Governments can regulate exchanges and restrict assets, but controlling Bitcoin itself is a different challenge!

Government is well aware that bitcoin is a key financial asset. They can't ignore that fact but holding it as a reserve is their usual strategy and they do that with any assets that have future potential.

[Sunshine1525]

So I think the Bitcoin money and savings system is a reflection of democracy.

I'm trying to understand how democracy fit in this discussion but I can't grab it yet. The democracy I know is a form of government that recognises rule of law and freedom of speech. Bitcoin is a decentralized asset that doesn't need government permission so whether government recognises it or not, it existence does not depend on any system of government. Democracy even make it more harder for bitcoin because people don't have financial freedom.

Bitcoin shouldn't be related with democray cause even if the law is equally applicable to everyone in democracy, the people still vote in a president that could change the constitution in favour of his government but Bitcoin has no government to control it, not even Satoshi can rewrite of change Bitcoin's protocol.

Although just like democracy that needs a collective effort of the people to vote in a government to rule, Bitcoin needs miners, huge numbers of nodes for rules to be carried out through concensus and not one president to carry out a final decree, which is why it might have attributes of democracy through concensus of miners and nodes but no central authority like the presidency to control it or "rewrite it's protocol".

[Hypnosis00]

Forget about democracy OP when we talk about Bitcoin, as it is completely different. You'd better be thankful that it was not controlled by someone else. Otherwise, you won't be able to see its price today. Everyone has the freedom to own Bitcoin. And much more have controlled what they want for them. Some countries buy Bitcoin for a reason, and that is probably for future development.

Government is well aware that bitcoin is a key financial asset. They can't ignore that fact but holding it as a reserve is their usual strategy and they do that with any assets that have future potential.

While the other countries and leaders see its potential. Very unfortunate that our government leaders remain blind and hopeless. Well, not to wonder, for a government governs by corrupt officials.

[stadus]

You forgot El Salvador that adopted bitcoin as a legal tender on the 7th of September, 2021 to the 30th of January, 2025. That didn't stop Nayib Bukele from teaching students in El Salvador bitcoin and encouraged them to use it.

They still consider bitcoin as legal tender though its no longer mandatory that its accepted everywhere.

I believe that many more countries also recognize bitcoin which is why in some places in the world you can pay for hotel and eat in their restaurant with bitcoin. A country mustn't make bitcoin a legal tender before it's been recognized as a currency. You can read this thread

If its not illegal then its recognized, maybe not the way we expect it but to grow this big (based on value) we can already see that its widely recognized.. Big companies hold bitcoin, we can think that they trust the government regulations on this otherwise they would not risk billions investing in bitcoin.

[BlackBoss_]

If its not illegal then its recognized, maybe not the way we expect it but to grow this big (based on value) we can already see that its widely recognized.. Big companies hold bitcoin, we can think that they trust the government regulations on this otherwise they would not risk billions investing in bitcoin.

Since a first Bitcoin Spot ETF application in 2013 till 2024 when Bitcoin Spot ETFs were approved in the USA, and some months later began to operate until now, Bitcoin has very long history with ETFs, and so far we can say Bitcoin Spot ETFs gained success, so Bitcoin got more support for its adoption and value growth too.

Many companies, institutions applied for Bitcoin Spot ETFs but only after Grayscale won a lawsuit against SEC, BlackRock felt like they will have very high rate of approval for their Bitcoin Spot ETF application, they decided to apply that one. Big companies are like BlackRock, they don't want to take too much risk and if they join Bitcoin market after about 14 or 15 years without participation, they actually had big reasons to do that. Nothing bigger is their belief that governments and regulations have changed to accept Bitcoin, legally.

[Japinat]

But bitcoin means freedom of your money and no need to have it with another party or central authority.

The only freedom we can say is guaranteed is that we don't need a 3rd party, other than that its already complicated, complicated in a sense that the government has made it hard for us to transact using our own bitcoin, imagine having to pay taxes if we spend it when the price is higher than what we purchased it for, so that alone is quite a hindrance to using it for daily transactions, of course aside from the fees and transaction speed which cannot compete with some centralized wallets( non crypto).

[The Cryptovator]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government,

So I think the Bitcoin money and savings system is a reflection of democracy.

What doesn’t mean recognised in your post? You know, even El Salvador accepts Bitcoin as legal tender, and some other countries have approved Bitcoin ETFs that allow retail investors to invest in Bitcoin? Isn’t that a recognition? You can replace 'recognise' with 'control'.

The government or anyone won’t control Bitcoin. Because it’s decentralised, democracy is the source of centralised power. People apply votes to select centralised governments. On the other hand, sometimes we have been hearing about vote manipulation, where Bitcoin can’t be manipulated. You can’t compare Bitcoin with democracy.

[Dr.Bitcoin_Strange]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government,

These countries already recognize bitcoin, they recognize it as property, ^{(so it's wrong to assume they will not recognized)}

• United States
• Australia
• United Kingdom
• Canada

In another way round, I think what OP actually mean is that the government won't recognise Bitcoin as a legal tender and as a currency that will replace the Fiat currency. Based on what he said, the government can use Bitcoin for reserve purpose, use it to make transactions, allow citizens to own it, but they won't consider it a replacement for Fiat, I believe that's what OP actually meant.

Since that's what I see as the case here, @OP,  the government won't consider Bitcoin as a replacement of Fiat and perhaps Bitcoin was not designed to replace Fiat, it is designed for you and I and not for the government to approve it as a universal fiat that everyone must use, if that even becomes the situation, then the government still becomes largely in control of your money just as with Fiat meanwhile that was not the purpose of Bitcoin.

[Sobz]

Bitcoin shouldn't be related with democray cause even if the law is equally applicable to everyone in democracy, the people still vote in a president that could change the constitution in favour of his government but Bitcoin has no government to control it, not even Satoshi can rewrite of change Bitcoin's protocol.

Although just like democracy that needs a collective effort of the people to vote in a government to rule, Bitcoin needs miners, huge numbers of nodes for rules to be carried out through concensus and not one president to carry out a final decree, which is why it might have attributes of democracy through concensus of miners and nodes but no central authority like the presidency to control it or "rewrite it's protocol".

The same thing i think. People manipulate manipulate democracy and i wonder why op thinks it is the same with bitcoin.  It is only people who are in power that benefit from democracy and the common people dont really feel the impact of democracy,  this is to tell you it is just meant for one particular set of people.  Nobody controls bitcoin, and all bitcoiners are the same and no one is more a bitcoiner than the other this is why their is nothing that can be used to compare with bitcoin. Looking at democracy in every aspect i dont see how it is related to Bitcoin.

[Franklyn-wood]

The governments of the world will use Bitcoin for their benefit, they can keep it as a reserve, they can make transactions but they will not recognize it because if they recognize it, the people will consolidate financial power and challenge the power against the government,
because the current control of the money of any country is the real power of the state and the government knows it very well if it is recognized, a great revolution in the money power of the people will happen.

That was the beginning mindset of some government early on. That's why there are governments that don't recognized Bitcoin at all or what we call countries that are pro-Bitcoin like El Salvador who made it a legal tender.

But I don't think that Satoshi created Bitcoin to challenge the control of the government. No, it was just a p2p, but it has evolved a lot that it became an asset and been traded and many of us are making money out of it. So it's a win-win for us and for the government as now even the banking systems and institutions are recognizing Bitcoin as a financial instrument.

Bitcoin has relieved a lot of countries and people as well. The countries that refuse accepting it could be afraid of losing control of the fiat which is way far from the purpose of introducing Bitcoin. I was also seeing Bitcoin like it has nothing to benefits me in anything from afar, not untill I gave it closes attention before I started understanding that, it have lots of opportunities to offer me.
How great will it be it every country who have placed ban on  Bitcoin should uplift it and give it a trial, before concluding on what they think about Bitcoin and also permit there citizens to participate.