Will governments try to kill bitcoin?

[Shigobad2020]

Maybe. Bitcoin might be the idea that eventually brings an end to the global bank and government monopoly on money. Some governments might see that as a threat to their power. Others might embrace Bitcoin and its potential for economy.

 

[Veetos12]

The government of my country has at different times issued warning statements against transacting in virtual currencies such as bitcoin, trons, ETH etc. Series of warning was given against any transactions in virtual currencies, by circulating a statement to all banks in the country of the risk of dealing in virtual currencies on the ground that the currency is unregulated, largely untraceable and susceptible to abuse by criminals. I think government may still look into it if it is well established to be traceable in the future.

 

[Shigobad2020]

Thanks for the wonderful reply,

 

[Henrywrites]

Maybe. Bitcoin might be the idea that eventually brings an end to the global bank and government monopoly on money. Some governments might see that as a threat to their power. Others might embrace Bitcoin and its potential for economy.

There is no reason that will make government of any country feel threatened by the use of Bitcoin. I mean here in my country, even banks are getting involved in making use of Bitcoin to process certain payments. So, it is here to stay and not going off any time soon.

 

[Ojonuyo]

I will say it all depends on the type government in Power. Although most government think and believe crypto currency most especially Bitcoin ethereum, litecoin, altcoin and ripple are illegal transaction. There are still some few government who still support crypto currency and it growth.

 

[ansahweh]

bitcoin is an enemy of the bank, as bitcoin popularity increases , banks are endangered via their costumers won’t leave bulk of their money in banks no more instead they’ll convert it to crypto where the currency tends to appreciate.

 

[Patrik]

i don't see any reason for them to do that, even governments that banned it in their countries stated logical reasons and valid reasons, bitcoin is just a currency and digital money, no risk at all

 

[Deleted member 6735]

Right now I feel that the government is afraid of cryptocurrency because they have no power to make more or to change the concept of it. It's definitely inevitable that the world is adopting this new technology and soon will be used similar to USD and other currencies.

 

[kayode10]

Government does not have any power to kill bitcoins or any other cryptocurrency because it is not within their power to do so. Hausa all the title policy are decentralized which means that they are not controlled by any force of the world except the law of supply and demand. play some government at making attempts to control the supply and demand of Bitcoin in order to favour their own economy but he has not been easy for them because of the decentralization of a currency.

 

[Chibson]

I don't think that will be possible for at least the next 10 years. Bitcoin and other cryptocurrencies are just digital currencies and many people are adapting to it.cryptocurrency offers a faster way of payment and receiving payments worldwide.

 

[Ayokex]

Crypto currency especially bitcoin has gone beyond what any government of the world can kill or discontinue. Directly or indirectly, every government is performing either active or passive transactions with these digital currencies. One can imagine how bitcoin suddenly flew and rose to triple it's value, this is a clear indication that the power behind it is bigger than a single entity to bring down.

 

[LaylaG]

I don't think the government is trying to kill bitcoins although bitcoins is challenging the economical purpose of the world but even if the government is trying to do so they will not succeed because cryptocurrency is not a physical currency they can arrest.

 

[Shivay]

Maybe. Bitcoin might be the idea that eventually brings an end to the global bank and government monopoly on money. Some governments might see that as a threat to their power. Others might embrace Bitcoin and its potential for economy.

Yeah , we don't know , what government thinks about bitcoin, if they do not like the online decentralised crypto system then they will definitely try not to become as a main payment mode of method , but still Joe biden and Narendra Modi are concerned about it , so i think Cryptocurrency will soon be adopted officially.

 

[Shahzad Ahmad]

In my country, bitcoin cryptocurrency is banned as almost kill . If we talk to other countries, government should not kill bitcoin because many people have million times investment in this business, so government not kill it because of millions loss of those people that have many investment in it.

 

[Yanizie]

They will not, instead they will regulate what bitcoin is doing within decentralized space. Because of the elicit works and scams are easier to run on decentralize space, they will guarantee the maximum possible security of the cryptocurrency and other businesses within the space.

 

[Briangsam]

I don't see the need why the government should be threatened by the rise in fame of cryptocurrency though. But in my country, they issued warnings against virtual currencies at different intervals. So maybe they don't understand how it works and anything they don't understand, they criminalise.

 

[Alexandoy]

I have 13 years experience of working in a commercial bank. Bitcoin and other crypto currency are not real currency but just commodities which is sold because there are buyers. When the buyers vanish the sellers will not have business anymore. As a commodity that is the condition that the Bitcoin and crypto currency is undergoing now. I don't see any concern of the government on the Bitcoin for now regardless of the amount of trading because it is a commodity and part of the economy.

 

[tuna89]

If the btc are used for fraudulent activities, there are ways the government can curb this, they also need to support the btc by integrating them into the central banks and foreign exchange, every btc user must be made to connect his btc details to his bank details so that all transactions can be tracked thereby ensuring financial transparency.

 

[Ralphjoe]

My country's government don't take Bitcoin seriously infact they constantly warns us on the dangers of investing in Bitcoin as it's very untraceable and highly susceptible to criminal activities. For a government like mine it will take alot to convince them to buy into the idea of Bitcoin.

 

[Oliver 20]

Its is profoundly impossible Bitcoin will bite the dust. In the event that legislatures truly needed to take out Bitcoin, they would have to subvert Bitcoin's monetary motivating force. They would have to improve and change their current financial arrangements. In any case, they can't and they won't.