MOTIVE2015
Registered Member
- Jan 9, 2015
- 87
- 49
Hello BHW,
Bitcoin hit the all-time high: $2,000+ a few days ago, more and more people are interested in buying Bitcoin as an investment and using it for making payments. But where is this all heading?
1) Bitcoin is anonymous and this is one of the biggest disadvantages. A couple of years ago FBI shut down one of the biggest payment processing company: LiberityReserve for the exact same reason, being able to receive payments and send payments anonymously. Bitcoin is same.
If Government finds that more and more fraud related payments are being made through Bitcoin (Like WannaCry Virus) , the government will sooner or later step in and change the game, I don't think any government in the world will let bitcoin get away with these kinds of payments.
2) Bitcoin is highly unstable. Its prices fluctuates a lot of daily bases. Can we really trust something as safe investment and way of making payments if it's price is highly unstable?
3) Not owned by the government. Controlling money and using it for the benefit of the nation is what the government does If the government does not have full control over the money supply of the nation. Will a government even think something like that to run?
4) You can get away without paying taxes because Bitcoin can't be tracked by whom it is owned and no proper tax can be taken from it. The nation only runs on taxes, if something tries to create a problem in the tax system, the government immediately shuts it down.
5) Future computing power can create some serious problems for Bitcoin. Like quantum computers.
Government and Future Actions:
1) A few months ago the government of India officially announced that they are heading towards electronic payments and created their own official electronic system for making payments through smartphones. Maybe every country in future decides to do this if they want payments to be made without cash.
2) Companies like Mastercard and various banks will create their own methods for making transfer of money easy for normal people.
What are your thoughts?
Bitcoin hit the all-time high: $2,000+ a few days ago, more and more people are interested in buying Bitcoin as an investment and using it for making payments. But where is this all heading?
1) Bitcoin is anonymous and this is one of the biggest disadvantages. A couple of years ago FBI shut down one of the biggest payment processing company: LiberityReserve for the exact same reason, being able to receive payments and send payments anonymously. Bitcoin is same.
If Government finds that more and more fraud related payments are being made through Bitcoin (Like WannaCry Virus) , the government will sooner or later step in and change the game, I don't think any government in the world will let bitcoin get away with these kinds of payments.
2) Bitcoin is highly unstable. Its prices fluctuates a lot of daily bases. Can we really trust something as safe investment and way of making payments if it's price is highly unstable?
3) Not owned by the government. Controlling money and using it for the benefit of the nation is what the government does If the government does not have full control over the money supply of the nation. Will a government even think something like that to run?
4) You can get away without paying taxes because Bitcoin can't be tracked by whom it is owned and no proper tax can be taken from it. The nation only runs on taxes, if something tries to create a problem in the tax system, the government immediately shuts it down.
5) Future computing power can create some serious problems for Bitcoin. Like quantum computers.
Government and Future Actions:
1) A few months ago the government of India officially announced that they are heading towards electronic payments and created their own official electronic system for making payments through smartphones. Maybe every country in future decides to do this if they want payments to be made without cash.
2) Companies like Mastercard and various banks will create their own methods for making transfer of money easy for normal people.
What are your thoughts?
