Post
Topic
Board Politics and society (Naija)
Re: Government regulations are clogs to Bitcoin total decentralization
by
Spaceman1000$
on 21/12/2024, 17:07:07 UTC
Bitcoin was created by Satoshi Nakamoto, to be a decentralized digital currency in the hands of people, so that they will have total control over the Bitcoin that they hold. Bitcoin gives it's holders freedom and privacy of transactions, so that third parties like Banks and governments cannot interfere. But the decentralization of Bitcoin has been a big concern for many governments around the world.

When Donald Trump, was campaigning for the presidency, he took a friendly stance towards Bitcoin, probably to get votes, now that he has won the election, many people are hoping that the US will have favorable Bitcoin regulations. Today Bitcoin has gone beyond p2p transactions between two parties, people needs to carry out transactions through third parties like centralized exchanges, also facilitate crypto transactions through Banks. This is the major area where government interferences comes in, they want to regulate cryptocurrency transactions by all means.

Although I can't blame governments on their stance to regulate cryptocurrency, mainly because of money laundering. We however can't say that Bitcoin is totally decentralized if governments that are centralized have so much influence in some parts of it's transactions.
Even with the interference from the government, people still have private ownership of their Bitcoin, is natural that the government would want to fight a situation that allows you to control your finances, but that has already been addressed Ab initio from creation Bitcoin as it's very much decentralised. Satoshi Nakamoto knew a day will come where Government would want to crackdown on bitcoin owners, so it was wife enough for him to have brought up the decentralised system.

Donald Trump did not just take a friendly stance on bitcoin because of seeking for votes, he is a businessman of great repute that understands opportunity and where to invest and yield profit and he has seen that Bitcoin has that potential hence the support for the bitcoin community.