Quote from: Abiky on March 10, 2024, 11:58:53 PM

Quote from: God bless u on March 10, 2024, 03:54:24 AM

The interest of people in using Bitcoin as a means of payment for their purchases will barely have any impact on the matter as long as the government of a country isn't ready to allow them to do that. Merchants wouldn't be able to accept Bitcoin or cryptocurrencies for their businesses if there were legal consequences to that. Such things don't exist in some parts of the world, however, in other parts, the governments and authorities are completely against Bitcoin.

The reason for that is simple, they know if they allow people to use Bitcoin for their payments and purchases, they wouldn't be able to track the finances of every individual hence they will have no control over it and they don't want that to happen.

Actually, governments can track and trace the finances of each individual. They can either analyze the Blockchain using a block explorer, or hire a surveillance/analytics company like Chainalysis to do the job. Bitcoin's transparency is the main reason why most criminals avoid it in the first place. But if you're talking about privacy coins like Monero and Grin, that's a whole different story. Things are now worse with institutional companies buying all of the BTC.

That's all true, but it's important to not lose sight of the fact of Bitcoin's original purpose, which was to evade government oversight into transactions. That it has effectively failed in its original mission doesn't change the fact that it was designed solely to do that.

Today, Bitcoin's only viable purpose remaining is being a speculation instrument and a store of large-scale value (e.g. for holdings >$10k for instance). Monera et. al. have a niche for those trying to evade their government, but this isn't a problem most people have.