Governments cannot control Bitcoin

[Positive]

Not all countries see the advent of blockchain technology and cryptocurrencies as a threat and the need for control. While not recognizing cryptocurrencies as legal tender, they see a potential in the technology behind it and are developing a cryptocurrency-friendly regulatory regime as a means to attract investment in technology companies.

You are right. Many countries are standing aloof currently as per crypto while only a few are crypto-friendly. Now that many tech giants are developing their own blockchain solution, it's expected that government will soon start to patronize these products once they reach production stage. But generally, governments wouldn't want a parallel economy and that explains why come countries frown against cryptocurrency.

Every government's understand that Blockchain and Bitcoin have an incredible potentials because the IMF boss have advised them about it but the chance for communism countries to support cryptocurrency will always be 5% cause they will see Bitcoin as a threat to their culture.
With that been said, the words the government can not control Bitcoin may change the community doesn't use Bitcoin more as an asset now that private companies and institutions are pumping Millions/Billions of dollars to accumulate Bitcoin and we know that the highest accumulator has the chance to manipulate the market.

[Carbitcoin]

Not all countries see the advent of blockchain technology and cryptocurrencies as a threat and the need for control. While not recognizing cryptocurrencies as legal tender, they see a potential in the technology behind it and are developing a cryptocurrency-friendly regulatory regime as a means to attract investment in technology companies.

You are right. Many countries are standing aloof currently as per crypto while only a few are crypto-friendly. Now that many tech giants are developing their own blockchain solution, it's expected that government will soon start to patronize these products once they reach production stage. But generally, governments wouldn't want a parallel economy and that explains why come countries frown against cryptocurrency.

Every government's understand that Blockchain and Bitcoin have an incredible potentials because the IMF boss have advised them about it but the chance for communism countries to support cryptocurrency will always be 5% cause they will see Bitcoin as a threat to their culture.
With that been said, the words the government can not control Bitcoin may change the community doesn't use Bitcoin more as an asset now that private companies and institutions are pumping Millions/Billions of dollars to accumulate Bitcoin and we know that the highest accumulator has the chance to manipulate the market.

There will still be some control. But I don’t know which is better when the cryptocurrency market is controlled by big Whales and companies that own large amounts of Bitcoin, or when the government uses its leverage over the financial sector. A simple cryptocurrency user is held hostage, since they are not allowed to fully safely and independently use the earned fiat funds, and on the other hand, a decentralized cryptocurrency will not give independence because of whales.

[syedrasool2011]

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 to day i see news Pakistan will legal crytpo.

[Carbitcoin]

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 to day i see news Pakistan will legal crytpo.

It is very profitable for the countries of Asia and South America to switch to cryptocurrency, so I believe the government will very quickly make changes to the legislation. I believe that it is the cryptocurrency that can give great chances for circumventing all kinds of sanctions that apply to some countries, and which are forced to use the dollar.

[Blue_sea]

There is no way by which you can control bitcoin. But if we use it positively then we can get more advantages form it but the problem is that everybody will not be honest. This the main fact. Due to this problem bitcoin would not be permitted.

[Nostoman]

Yes you are right. I heard governments are thinking of taxing bitcoin, but there is no law yet to back that shite idea.

Since Bitcoin cannot be controlled by the government of any country. The number of users is increasing day by day. So governments are planning to tax Bitcoin. I don't know if it will be successful in the future. However, there may be a law behind the matter. If the government of every country or the government of developed countries thinks like this, it will be possible all over the world.

[lepbagong]

There is no way by which you can control bitcoin. But if we use it positively then we can get more advantages form it but the problem is that everybody will not be honest. This the main fact. Due to this problem bitcoin would not be permitted.

Obviously, you cannot control the system for bitcoin, but in terms of regulations you can make the rules so that they don't deviate because nobody wants to break the rules. Even though it is very difficult, with this protection there is at least a fear of breaking these rules.

maybe the government is afraid because it will be used as money laundering from the proceeds of selling narcotics and corruption, but by legalizing it and making clear rules, it is certain that not just anyone wants to do it, at least it will be made kyc to exchange for fiat and vice versa.
precisely the prohibition will have a negative impact and will people look for loopholes to do not comply with the rules.

[ranaprime]

Recently it is occur in peoples mind that government can control bitcoin? Actually I don't think government can ever control decentralized cryptos. They will find ways to control it but every time they try to, they will always fail to achieve it. Maybe transactions can be traced by tracing exchangers used by users, from here they can put regulations and taxes if they wanted, but controlling and taking over cryptos or ban person uses bitcoin, they can't do that unless they totally ban transactions with connections to cryptos in some countries or all over the world which is possible if they will try hard. But It is not possible to completely control bitcoin.

[Pheonyx]

The farthest the governments can go is to impose regulations on Bitcoin transactions especially on the exchange sites.

Agree. In this alone government can exert its power and nothing more. For sure the corrupt government officials are trying to find some ways to work bitcoin on their hands for personal gain. The official who are volunteering themselves for idiocy.

[Riya143]

I don't know what the government of each country thinks. Bitcoin may not be approved in all countries. However, I have recently heard that the government of every country is supposed to collect taxes from Bitcoin. But I think the clock is already playing a role in the economy. But even if taxes are levied in the future, each country's economy will flow more widely. However, no country's government can specifically control Bitcoin.

[Rafiq]

Bitcoin is a cryptocurrency and decentralized digital currency. Being decentralized, it cannot be controlled by any government or authority. But if the government legitimizes the transaction and converts it into the Fiat currency through the banking system, I think it would be better for the state. In this case, the government must take alternative measures to prevent money laundering.

[smart_oa]

No, they can not but it is possible to implement some law and regulation. I think this is also necessary. You can see a recent scam and hacking activity. Like 0USD hack kucoin hack. If we failed to punish those criminals then other will be encouraged to do that again.

[Infinite]

As what it said bitcoin is decentralized and no centralized system can control the brilliant manner which we can see in bitcoin. Yet it could still possible that somehow centralized can make a way for personal gain.

[tervel]

Governments cannot control Bitcoin but the banks? Banks contain a lot of power and are more than able to influence politics. Since Bitcoin is a direct threat to their profit, you can be sure that they will lobby to keep the cryptocurrency illegal. And as you can see, they still have decision-making power in some countries, which is why the cryptocurrency is illegal.

[Sahilmetraniya]

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. To understand this fear, it is important to know a little bit about governments and conventional currencies.