Do you agree, Bitcoin is a warning to the government?

[Thosynho]

For Bitcoin users, of course you already know the advantages of Bitcoin, including: It cannot be faked, can act as a global currency, as an investment and hedge against inflation because its limited amount is only 21 million BTC. Bitcoin is a democratic and decentralized alternative money. So the presence of Bitcoin in all countries is a warning to the government of any country not to print and issue unlimited fiat money, thus causing high inflation. The government should not be too confident about their local fiat money. which is the only store of value or medium of exchange, which the people trust. So, do you agree, if the presence of Bitcoin is a warning to the government?

Not only Bitcoin but some other crypto currencies is a pointer that the world could do better without fiat money and can replace fiat in as much it's generally acceptable as a means of exchange and for transaction.

 

[Lyrrex]

Sure you are very right because the government needs to understand that bitcoin is becoming a widely used currency and is being patronised by investors either for commodities trading of a website payments so like you have said the government has to put in less dependence on the Fiat currencies so às to prevent them from can printing too much and also make the Bitcoin as a mode of general payments.

 

[Sammyesx]

If you mean bitcoin will replace the normal money used for transactions, then government for now don't have anything to worry about, because the volatility of Crypto currency will not be good for daily commercial activities.

 

[LaylaG]

I do not even understand you does it mean that bitcoins is trying to overtake the government or does it mean that bitcoins is trying to tell the government that physical cash should not be used as a normal mode of transaction ? Please explain better I do not understand.

 

[Eodine]

When we talk about Fiat money, Bitcoin has made the governments look foolish it has created room to fix the lapses of the other government Fiat money so I agree when you say that Bitcoin is a warning to the government

 

[Abbas ali]

Bitcoin claims that “It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.”1 That lack of central authority is the primary reason governments are afraid of the cryptocurrency

 

[Trojan8]

I won't like to use the word warning per se. No matter how decentralized cryptocurrencies are if the Government actually see them as a risk they can't survive. I do agree that crypto are against what money stands for to government. In my opinion, they could stand side by side as a means of legal tender instead of being in opposing sides.

 

[Mawome]

It's actually a warning to them, but they can't help it, cos there is nothing they can do about it, it's out of control Bitcoin is everywhere in the world, most countries are using it, and enjoying it especially those who invested on it when the price was very low, now they are enjoying it.

 

[Akinwale701]

For Bitcoin users, of course you already know the advantages of Bitcoin, including: It cannot be faked, can act as a global currency, as an investment and hedge against inflation because its limited amount is only 21 million BTC. Bitcoin is a democratic and decentralized alternative money. So the presence of Bitcoin in all countries is a warning to the government of any country not to print and issue unlimited fiat money, thus causing high inflation. The government should not be too confident about their local fiat money. which is the only store of value or medium of exchange, which the people trust. So, do you agree, if the presence of Bitcoin is a warning to the government?

It is very sardonically hilarious to realize that the government publicly denying the acceptance of Cryptocurrency as fiat are also the ones who have a lot of bitcoin in their wallet due to the funds they have embezzled in the past. They are pretending like bitcoin is bad whereas they also have it.

 

[abubakar3141]

Yas i am agree because Bitcoin says that "it is the first decentralized peer-to-peer payment network powered by its users with no central authority or intermediaries."1 The primary reason why governments are afraid of the blockchain is the absence of central authority.

 

[Greatguy1]

For Bitcoin users, of course you already know the advantages of Bitcoin, including: It cannot be faked, can act as a global currency, as an investment and hedge against inflation because its limited amount is only 21 million BTC. Bitcoin is a democratic and decentralized alternative money. So the presence of Bitcoin in all countries is a warning to the government of any country not to print and issue unlimited fiat money, thus causing high inflation. The government should not be too confident about their local fiat money. which is the only store of value or medium of exchange, which the people trust. So, do you agree, if the presence of Bitcoin is a warning to the government?

The presence of Bitcon is threatening as it is unregulated, unplanned and untraceable money flowing into the economy. Any serious business will not allow it not to talk of governments.

 

[Bkoks]

Yes , bitcoin is a warning to the government. Not only the government, investors also foreign ones . Seriously warning them .hope they listen . that is why nigeria banned it , they are afraid it might take over everything . It's a warning to the government

Post automatically merged: Feb 6, 2021

Yes , bitcoin is a warning to the government. Not only the government, investors also foreign ones . Seriously warning them .hope they listen . that is why nigeria banned it , they are afraid it might take over everything . It's a warning to the government

 

[Chibson]

This may definitely be right, the dangers of cryptocurrency has made the Nigerian government to ban trading of cryptocurrencies in the country. The ban came as a shock to many of us to make a living. Cryptocurrencies is definitely a warning to the government because of its decentralized nature.

 

[Achawaskey]

I think it is true because most government knew that the presence of bitcoin will really have side effect on their flat currency, so they taking measures to prevent that, while some countries try to regulate it. This is the the Central Bank of Nigeria just issue a circular banning cryptocurrency holders.

 

[Kelvin7656]

A call for governmental introduction of a distinctive anti-money laundering regulations and data recoverability regulations is therefore eminent, considering the technological advancement in the use of crypto currencies. The ability to uncloak masked transactions in the crypto-world is vital to reducing the associated legal risks, ensuring accountability and eliminating frauds. As earlier observed some countries have taken notable steps in expanding their laws on money laundering, counterterrorism, and organized crime to include crypto currency markets, thereby requiring banks and other financial institutions to conduct all necessary due diligence requirements imposed under such laws.

 

[GIFTMICHAEL]

It is a warning to the government especially to the local currency. Money is anything generally acceptable as a medium of exchange. Now that there is another alternative means of exchange it is going to affect the economy of this smaller countries.

 

[Anymore]

Ever since the beginning, crypto currencies, especially bitcoin has shown signs of threat to the banking system of the world, as it only encourage virtual banking system, crypto wallets are managed in ways that has not been done by the physical banking system. so, i would say yes, it is a big threat to the government, because they do not get to control people's funds

 

[Bookwormlux]

Bitcoin is just what it is. It doesn't pose a threat to any government not serves as a warning. One only needs to make sure you are using it for wrong reasons that would get the law enforcement agencies coming for you.

 

[Setho]

It is hard to admit it but bitcoin has a long way to go to reach full adoption but it not being centralised and it making a drop in overseas inflows is certainly a headache for the government and they would find a way around it most surely.

 

[Good-Person]

Many governements have unfairly banned Bitcoin and other cryptocurrencies because they believed that people might be able to earn a good amount of money and avoid paying taxes on cryptocurrencies. They also erroneously believed that cryptocurrency is somewhat a threat to their economy. All of these beliefs are flawed, according to me. I believe that crypto might benefit a country's economic system.