Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Domithra on June 11, 2018, 07:29:49 AM
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Although governments wish to gain full autonomy over the transactions of Bitcoin, the Blockchain technology does not allow a central or one full body to own such a power. Governments can only come to terms with Bitcoin if major private institutions and companies which contribute much to the stability of the economy of a country begin to trade or accept Bitcoin as a medium of exchange. For instance, if Amazon adopts Bitcoin as a medium of exchange, most governments will embrace the ideology of Bitcoin.
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Well i beg to differ on this topic and with the point that you have raised. Governments can't be influenced by major stakeholders to accept bitcoin as a payment mode for transactions. The government has enough capacity to have done check up and have realized legalizing bitcoin would not be appropriate even though so many people within the country engage in it probably the president himself. but the situation over here is that bitcoin is very volatile and the rate at which its price fluctuates its insane. How would the government explain itself when after legalizing bitcoin it sells it to the nation at say $1700 only to wake up the next day and see bitcoin sinking below $1500. The government is very much aware of this and that is why they can not legalize it publicly but trust me they are the whales in the crypto communities.
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Well i beg to differ on this topic and with the point that you have raised. Governments can't be influenced by major stakeholders to accept bitcoin as a payment mode for transactions. The government has enough capacity to have done check up and have realized legalizing bitcoin would not be appropriate even though so many people within the country engage in it probably the president himself. but the situation over here is that bitcoin is very volatile and the rate at which its price fluctuates its insane. How would the government explain itself when after legalizing bitcoin it sells it to the nation at say $1700 only to wake up the next day and see bitcoin sinking below $1500. The government is very much aware of this and that is why they can not legalize it publicly but trust me they are the whales in the crypto communities.
You have a clear point, in fact I have learnt a thing from your contribution. But I support the claim that major stake holder of the economy can influence the government's actions.
Imagine a big institution like MicrosoftWarren Buffet's brokers conpany accept Bitcoin and move tons of funds form the economy to invest into Bitcoin; how will the economy function form that time?
I believe if such paradigm shifts takes effect some governments will follow suit.