Re: What will happen if Bitcoin gets official permission from the government...???
Bitcoin is an independent Cryptocurrency that no other third party takes advantage of transactions from two sides. This is a peer to peer transaction conducted by sellers and buyers only. Cryptocurrency transactions do not need to be identified or verified by the recipient of the funds when the funds are sent, that is what makes many people choose to use bitcoin.
Does the government mix in managing transactions for each user?
If the government mixes in managing transactions, will they take advantage of every transaction
What is your opinion.?
Does the government mix in managing transactions for each user?
If the government mixes in managing transactions, will they take advantage of every transaction
What is your opinion.?
Bitcoin's network simply can't be controlled by governments due to its decentralised nature.
If bitcoin is officially recognised by the government, then it is only on a legal sense. For example, they may recognise bitcoin as a currency, which may have potential tax implications. Another term for this process would be legalisation.
However, it does not mean all of a sudden that bitcoin transactions will be able to be controlled and verified by governments after this process of legalisation. Because whatever recognition bitcoin gets from the government is only applicable for the government/taxation agencies, and has no effect on the network itself.
Totally right.
I think that is great news if Bitcoin gets official permission from particular government because it means that the existence of Bitcoin is having a legal sense. It is officially recognized as currency as real fiat. Obviously, it can be used for means of payments such purchasing and selling things in the physical shops.
However, the legalization of Bitcoin will not influence to its value, means that government can not control Bitcoin transaction as manual financial or money services such Banks.