Bitcoin is like a democracy that no government can control

[uchegod-21]

Secrety you say. Haven't you being reading the news? It's just a Google away. Search. Countries are not buying it secretly. I mean their government. Some are even publicly telling the world they are buying it. They see the potential in it in the first place. And they are buying into it. Take north Korea and Russia who uses Bitcoin to bypass any sanctions from the USA to buy things overseas. What is at play here is power. Just as you have stated. Power and control. At first we thought it was against the people. Now countries are not even left behind. That's to say some government are powerful than others. And Bitcoin can make them bypass any blockage from the other. True freedom.

Yea, governments are beginning to see the potential in bitcoin, that is why they are less strict with it. However, that does not mean that they are happy with their citizens using a currency they (being the government) cannot control.  The government still loves to be incharge and monitor the  activities of everyone. That is why, it will be difficult for the government to make bitcoin a legal tender even if bitcoin becomes a very stable currency.

[Solodoski]

I think most government recognize bitcoin, but it has not been accepted as a currency. Government accept it as an asset and a means for saving money or the nation's reserve,  not as a means of currency. I also really don't think that it will be easily accepted as a currency,  but I believe that it will remain as a good asset. Bitcoin in my opinion is more of an investment to the people and government. The government does not have control over it and I believe that it will stay like that for a very long time. I totally understand that change is constant , but in the case of bitcon it will not be easy for it to be accepted as a currency,  but I think we should just enjoy it as an asset and means of investment for now.

[Audrey Simmons]

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,

Government is authority, once they notice a threat, it is easy for them to attack it. The government cannot eliminate Bitcoin, but can set laws and regulations that will make it difficult for people to use and adopt Bitcoin. Watching Bitcoin become legally accepted as a currency in countries is what i do not think governments will consider, nobody enjoys censorship more than the government.

[lombok]

Government is authority, once they notice a threat, it is easy for them to attack it. The government cannot eliminate Bitcoin, but can set laws and regulations that will make it difficult for people to use and adopt Bitcoin. Watching Bitcoin become legally accepted as a currency in countries is what i do not think governments will consider, nobody enjoys censorship more than the government.

The state has the authority to take control over anything that poses any kind of threat to its money system. Decentralized systems are never able to be shut down, but the state can regulate them in a way that would impede the usage of digital currencies. Regulations are specifically created to make people not use other money systems.

The adoption of cryptocurrencies as money will never be accepted by those who are in power. Those in power like to have full control over money flows and prefer to completely censor their citizens' money movements. It is contradictory for those who are in power to have an autonomous system recognized officially.

[Sanitough]

I think most government recognize bitcoin, but it has not been accepted as a currency. Government accept it as an asset and a means for saving money or the nation's reserve,  not as a means of currency. I also really don't think that it will be easily accepted as a currency,  but I believe that it will remain as a good asset. Bitcoin in my opinion is more of an investment to the people and government. The government does not have control over it and I believe that it will stay like that for a very long time. I totally understand that change is constant , but in the case of bitcon it will not be easy for it to be accepted as a currency,  but I think we should just enjoy it as an asset and means of investment for now.

Most of the government will not accept it as a currency because the fact that bitcoin is decentralized, a lot of people would probably be using bitcoin over their own currency just to get rid of the government's control. And any government would never want that, that's why bitcoin until now is considered a threat to the government and its own legal tender, no wonder why are seeing strict regulations towards bitcoin. Bitcoin can be a good as an investment asset, but it will be hardly become a global currency because the government won't allow it.

[Maslate]

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,

Government is authority, once they notice a threat, it is easy for them to attack it. The government cannot eliminate Bitcoin, but can set laws and regulations that will make it difficult for people to use and adopt Bitcoin. Watching Bitcoin become legally accepted as a currency in countries is what i do not think governments will consider, nobody enjoys censorship more than the government.

Because that's what the government can only do, since they can't totally ban the existence of bitcoin, so all they have to do it to make strict regulations and limit transactions with bitcoin.

However, slowly we are still seeing some countries that legalized bitcoin as an alternative currency, but it can never replace the position of their own official currency or legal tender. And I think that's already an achievement for bitcoin. After all, bitcoin does not exist just to compete fiat, but to offer us financial freedom that any fiat cannot offer.

[Rgram]

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

They might have recognized it, defined it in terms that doesn’t really present them as secured enough for people to actually invest in and be rest assured that they wouldn’t have need for regrets in the future. It’s the game they play, the government and they do that just to reap off it and not fully view it for the secured currency that we would like to see it to be. They’ve recognized it as a property but, if we are to take this back to the white paper, then we would have to ask ourselves,

Is that what Bitcoin really is? A property and that’s it, I think not.

[Questat]

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).

Bitcoin is freedom, and as long as it remained decentralized, the government will never gain full custody over our bitcoin.

However, using it as a currency is another thing, there will always be strict regulations associated with using bitcoin. This is also one of the reasons why people just want to accumulate bitcoin for investment purposes as using it as a currency could mean very expensive, the government would benefit more than the owner itself. But we all know global adoption for bitcoin will not be possible as well if we never take part in using bitcoin as a currency, more than an asset.

[ndutndut]

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!

What you said is indeed true. Every country's view on rejecting Bitcoin in the early days was quite clear. Because Bitcoin was created by Satoshi not just as an investment asset but so that transactions wouldn't depend on banks and Bitcoin came to challenge that system. So in the early days almost every country probably wanted to fight Bitcoin because of its decentralized nature which threatened traditional monetary control.

However over time at the same time they also couldn't ignore the surge in its value as an asset. Some countries even started considering Bitcoin as part of their reserves or strategic assets, precisely because of its consistently strong performance in the global market. Bitcoin also offers an alternative that's hard for central authorities to fully control. Governments eventually come to terms with or adapt to Bitcoin and they even benefit from it because they can regulate exchanges and impose taxes, but the Bitcoin system itself operates without a single center that can be shut down.

[OcTradism]

Most of the government will not accept it as a currency because the fact that bitcoin is decentralized, a lot of people would probably be using bitcoin over their own currency just to get rid of the government's control. And any government would never want that, that's why bitcoin until now is considered a threat to the government and its own legal tender, no wonder why are seeing strict regulations towards bitcoin. Bitcoin can be a good as an investment asset, but it will be hardly become a global currency because the government won't allow it.

If you don't have too many bitcoins, are not very rich, and you are not moving to places like Dubai for fully Bitcoin life there, you will not be able to get rid of government control. In finance, you will still be forced to use some traditional methods and what you can do best is minimize it, but can not eliminate it completely.

Governments can not control Bitcoin blockchain, can not freeze bitcoins stored in non custodial wallets but they can control many things in their countries. Laws, regulations, punishments on violations, and more but with Bitcoin at least Bitcoin owners and users can have a good option to reduce control effect from governments.

[Bryan jessy]

Though some countries, the government might not fully accept the usage of Bitcoin because of it decentralized nature, but somehow this people adopt the usage of Bitcoin for their own personal use knowing how good it is, some of them even have some Bitcoin in store, most of them are into Bitcoin investment, but they might be scared of losing the authority they have towards ruling the finance to Bitcoin because of their own benefits, because they will not longer have access to control people's money no taxing, if they should consider all this it will be difficult for the government to normalize it, since the government and it's people doesn't have power over Bitcoin it is not as democratic as that.

[AprilioMP]

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

Bitcoin doesn’t require a third party. What this means is that every transaction involves only a first party and a second party. The first party sends, and the second party receives, without the need for an intermediary. Every transaction is recorded, and anyone who wants to know can view it in each block. There’s nothing that can’t be known. If the government were to implement the Bitcoin system for every transaction, it could track the flow of money circulating through those transactions, thereby achieving transparency.
Democracy, in the context of a nation-state, means freedom, and with the Bitcoin system, they can achieve it.

[ABCbits]

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

Isn't it similar to one full nodes one vote since the blockchain don't consider persons.
I understand Bitcoin doesn't work in a vote System.

One full nodes one vote? Such thing doesn't exist on Bitcoin protocol/network either. While i occasionally see software and software version as a way to measure support to certain BIP or upcoming fork, it's not solid measurement either. It can be manipulated by running multiple full nodes or even running fake full nodes while actually only run one full node (for example, https://www.reddit.com/r/bitcoinxt/comments/3iao3i/how_to_run_3000_completely_legit_full_nodes_aka/).

[free-bit.co.in]

I think most government recognize bitcoin, but it has not been accepted as a currency. Government accept it as an asset and a means for saving money or the nation's reserve,  not as a means of currency. I also really don't think that it will be easily accepted as a currency,  but I believe that it will remain as a good asset. Bitcoin in my opinion is more of an investment to the people and government. The government does not have control over it and I believe that it will stay like that for a very long time. I totally understand that change is constant , but in the case of bitcon it will not be easy for it to be accepted as a currency,  but I think we should just enjoy it as an asset and means of investment for now.

Let's face it, the odds government  accepting bitcoin as legal tender are zero. What's in it for them? Nothing. If anything, it'd just make it harder to run monetary policy and keep a handle on their own people.

Why would they give up part of their control over the national monetary system to accept an asset they can't issue themselves? It makes no sense.

Yeah,  Bitcoin is an investment  and a store of value for everyone. That won't change just because we'd love to see it accepted as  a currency, no matter how many theories we cook up to make it happen.

[ultrloa]

Bitcoin isn’t controlled by any government because it runs on a worldwide network of computers with no boss, no central bank and no single point they can shut down. Nobody can just print more Bitcoin or freeze the whole network.

Governments don’t like losing control over money. They can’t control it the same way they control traditional banks. People can send money across borders without asking permission.

They can still regulate exchanges, tax profits and punish illegal use but controlling Bitcoin itself is a different story and they hate that.

Actually people have this misconceptions about government have control on Bitcoin, but the truth is Bitcoin is decentralized and there's no single entities can control it.

But what they can control is the narrative or sentiments of people, if they just stop listening on the bluff and other actions they did which does not have any correlation with Bitcoin. Provably we won't see any of their action could affect the movement of this coin.

Government really want to be in control of everything, then what they an implement is taxation and other act to control the platforms operating in their jurisdictions.

[Ishicryptic]

I think most government recognize bitcoin, but it has not been accepted as a currency. Government accept it as an asset and a means for saving money or the nation's reserve,  not as a means of currency. I also really don't think that it will be easily accepted as a currency,  but I believe that it will remain as a good asset. Bitcoin in my opinion is more of an investment to the people and government. The government does not have control over it and I believe that it will stay like that for a very long time. I totally understand that change is constant , but in the case of bitcon it will not be easy for it to be accepted as a currency,  but I think we should just enjoy it as an asset and means of investment for now.

Governments don't have to accept Bitcoin to validate it's value so even if they don't make it their legal tender as far as it's not banned in their countries that should be enough acceptance both for them and their citizens, they can hold it as a store of value. Let us remember that Satoshi did not create Bitcoin to replace traditional centralized currencies, it was created as an alternative to fiat so by all means Bitcoin is not in competition with any traditional currencies, it is available for those who wants to hold decentralized currencies for their privacies. Today many people, institutions and governments that holds Bitcoin is not because they want to spend it as a currency rather they are holding it as an asset because of it's potentials to increase in value over long periods.

[angrybirdy]

I think most government recognize bitcoin, but it has not been accepted as a currency. Government accept it as an asset and a means for saving money or the nation's reserve,  not as a means of currency. I also really don't think that it will be easily accepted as a currency,  but I believe that it will remain as a good asset. Bitcoin in my opinion is more of an investment to the people and government. The government does not have control over it and I believe that it will stay like that for a very long time. I totally understand that change is constant , but in the case of bitcon it will not be easy for it to be accepted as a currency,  but I think we should just enjoy it as an asset and means of investment for now.

Governments don't have to accept Bitcoin to validate it's value so even if they don't make it their legal tender as far as it's not banned in their countries that should be enough acceptance both for them and their citizens, they can hold it as a store of value. Let us remember that Satoshi did not create Bitcoin to replace traditional centralized currencies, it was created as an alternative to fiat so by all means Bitcoin is not in competition with any traditional currencies, it is available for those who wants to hold decentralized currencies for their privacies. Today many people, institutions and governments that holds Bitcoin is not because they want to spend it as a currency rather they are holding it as an asset because of it's potentials to increase in value over long periods.

It is true that Bitcoin does not require legal tender status to receive any kind of recognition from the governments. In fact, as far as there is a possibility of purchasing, selling and holding the currency legally, there will always be a way in which it can become accepted even in the face of existing currencies. It had first emerged as a cash currency turned digital but now has increasingly come to be seen by many as an investment for the future.

What must be remembered here is that while Bitcoin has 'potential', it cannot necessarily be called 'certainty'. This is because the currency has low supply and low concentration which is very appealing for investors. However, owing to its volatility, it cannot provide any guarantee for future gains. Some Governments or institutions might take the currency but others might decide against it.

[TheUltraElite]

Using bitcoin or the banking system will always have a choice. People are free to choose and having bitcoin as an alternative to banks is good for the people who choose not to be controlled by the government.

Even if the governments will try to bring banks in between the picture, if you are careful enough you can avoid them. Still you are more likely to use both and I do not see anything bad about that. Because fiat has been used by so many people and it is ingrained in them like sun rises in the East and hence moving away from that is tough for them to accept mentally.

Bitcoin is more of anarchy than democracy though. The proponents were in such lines only.

[arwin100]

Using bitcoin or the banking system will always have a choice. People are free to choose and having bitcoin as an alternative to banks is good for the people who choose not to be controlled by the government.

Even if the governments will try to bring banks in between the picture, if you are careful enough you can avoid them. Still you are more likely to use both and I do not see anything bad about that. Because fiat has been used by so many people and it is ingrained in them like sun rises in the East and hence moving away from that is tough for them to accept mentally.

Bitcoin is more of anarchy than democracy though. The proponents were in such lines only.

Yeah people always have freedom to choose what they like. Also fiat already rooted and that make Bitcoin struggle to replaced it. But I don't actually see a need to replace the fiat or event the bank. Since Bitcoin is already good to exist as another good alternative choice to pick.

They can pick Bitcoin if they want freedom. If they want total convenience and fine with government regulation, then they can choose to use fiat.

But I think in future, people will end up choosing both. Because its good to have balance rather than seeing both currency competes with each other.

[Ahli38]

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.

If you’re referring to the principles associated with Bitcoin then I think Bitcoin leans more toward libertarianism than democracy. Individual freedom or even a limited role for the state that refrains from interfering with citizens’ basic rights is part of libertarianism. And from an economic perspective Bitcoin also more accurately falls under libertarianism a free-market economic system, where pricing is determined entirely by the laws of supply and demand without government intervention. So I personally believe that Bitcoin leans more toward liberalism or even libertarianism when viewed from the perspective of freedom. I don’t understand it deeply enough so I’m not sure whether to consider it closer to the principles of liberalism or libertarianism. But I think both of these interpretations are more fitting than any others.