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Only the people will control Bitcoin

  • MusicMoguls Level X3
    • 7

    Write the reason you're deleting this FAQ

    Only the people will control Bitcoin

    Bitcoin is becoming more valuable and the governments of the world are trying to control it before it gets to big. Can centralization come to Bitcoin or other Crypto? The simple answer is Yes, the creator decide they want to sell the technology allowing a government entity to take over. Goverments can also take it by force if they wanted. The real question should be is this likely? Bitcoin was built for the people, to create global wealth. Selling it or allowing a government to gain control of it would go against everything it stands for. The price would also take a large fall if this would happen due to people selling off. People would most likely just start using another Cypto Currency. Recently the ECB or "European Central Bank" Expressed that Criminals can use Bitcoin and other currencies to fund illegal activity. They also mentioned tightening regulations and taking away the anonymity of crypto currency. They want to be able to verify the owner of each wallet, this will never happen. We cannot ban certain features or certain things just because criminals will use them. Criminals will use cars, should we ban them? I could name off many examples but im sure you get the point.


    The meaning of crypto currencies and not only Bitcoin is to make sure everyone can control what money they have. They also can be private about how much they have, and how much they make. The Blockchain is a public ledger, although you cannot identify the person who owns it until they cash out, This is no grounds for trying to restrict the law abiding citizens. Look at Russia they have a complete ban on Bitcoin this is not good for the people. This means they have no choice but to use centralized banks and trust that the government will not take the money for any reason. Can we trust our banks? What do you think? Should Bitcoin and other Crypto Currencies be stripped of their anonymity? Should the governments and central banks be able to control it? I am curious to know what you guys think.

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    #Bitcoin #Cryptocurrency #Decentralized #Nogovernment #Control #Ecb #Central #Bank Technology & Internet
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    Lynne

    Lynne

    Well I wasn't even aware of how anonymous it is or the fact that there is no government regulation. I'll be honest here that sounds really nice and appealing to me.

    Obviously if you cash out your Bitcoin then your activities will be monitored onwards by banks and tax authorities.

    Criminals are going to use whatever they can to do their illegal activites just like you say.
    10 years ago

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    MusicMoguls

    MusicMoguls

    Exactly Lynne we need something that cant be controlled by one person. Here in the united stated we have a democracy but other countries do not. What does this mean? This means that one person controls all of the countries money. If you have money in the bank and the government decides they need it guess what? They can remove these funds from your account and leave you broke. The worst part of all this is that they do not even have to give an explanation as to why they took your money. This is the main reason why Bitcoin was invented to give the money and the power back to the people. Yes the banks can and will track wheat your doing and they will notify the IRS. I am not saying don't pay your taxes by all means pay what you owe. But when it comes to my money i need to know that its safe and banks use to give that piece of mind, now not so much. Im glad you like the idea and the concept of crypto i have a feeling that its here to stay.
    10 years ago

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    procoder

    procoder

    Bitcoin is an anonymous service somehow, but it does not mean that you can do whatever you want with it, in the sense that you are protected and you can't be tracked, what I like from bitcoin is that you can send and receive money without revealing your real name or whatever, but keep in mind that everything that is connected to internet is logged, each transactions is stored somewhere, that's why it is recommended to use addresses only once.

    Let's say you're going to pay via a bitcoin address, your bitcoin address it's not going to show anything about you directly, but the "path" that you follow to pay via bitcoin yes.

    Talking about government, I really do not think that government can have the full control over it, I'm not saying that they can't do it, but even if they will do it new digital currencies will come up for sure.
    10 years ago

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    MusicMoguls

    MusicMoguls

    Exactly Procoder you have made my point more valid and i appreciate that. You can track down the coins by following the money. If i hacked a website and stole massive amount of coins those coins go to a wallet. Now all the police have to do is watch that wallet and trace the money. Eventually a criminal will want fiat currency and once they cash out BAM i am caught. If i send you coin and you cash out they will come after you to see where the coin came from. My point is that criminals need to run far away from Bitcoin it is not a safe haven for scams. If Bitcoin gets centralized and government controls it a new will come about like you said. This has already happened with Monero. Monero is a new digital currency concept that keeps your identity more private. Already people are saying that criminals are flocking to it like flies on crap. Anyway thanks for sharing!
    10 years ago

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    Cristian

    Cristian

    I don't know what to think about this, I generally believe people should be free and the government shouldn't regulate everything in their lives but on the other hand regulations and laws keep our societies together, you cannot function without them and we will never reach greatness without them.

    I haven't found a reason yet to make bitcoin payments, I'm being really honest here, outside investing in bitcoin and mining bitcoin, I don't see any reason to for bitcoins transactions unless you have something to hide and fair enough, its no my business as long and you don't steal other people's money or do other illegal activities.
    9 years ago

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    MusicMoguls

    MusicMoguls

    We are not talking about removing stop signs and speed limits. What we are talking about is people being able to do business in private. People having a piece of mind knowing that their money and savings are safe. My friends in Russia and Germany where lost and some financially destroyed when the government froze every ones accounts. Its much more than criminal activity, the average person who uses crypto is not a criminal. One of the main points when it comes to the benefits of transactions is the fact that the fee to accept or spend Bitcoin is %1. If i have to send a large sum of money or any sum of money its cheaper for me to send it in BTC than in the bank or Money Gram.
    9 years ago

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    Corzhens

    Corzhens

    To be honest, I don’t trust Bitcoin or any other cryptocurrency mainly because the concept and mechanics of its existence is not clear to me. Unlike the currency that is supervised and somehow controlled by the central bank, my question is who is controlling the Bitcoin? Who is controlling the value? And what happens if suddenly the Bitcoin becomes unpopular and has no value anymore?
    8 years ago

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