• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

Why Governments Don't Trust Bitcoin

newsbtc by newsbtc
6 years ago
in Uncategorized
Reading Time: 2min read
Advertisement

Although bitcoin has slowly been gaining mainstream acceptance among the online community and businesses, it seems that most governments are opposed to the cryptocurrency. For one, the lack of a centralized body or monetary authority overseeing bitcoin exchanges and transactions is seen to be the culprit for the lack of security and the rise in hacking incidents.

In line with this, governments are also wary that the absence of any code of conduct or regulations governing the bitcoin industry could result in an unstable financial system. There are plenty of gray lines in this particular industry that even criminal activities and lawsuits take a while to resolve.

Establishing Trust in Bitcoin

Apart from that, there is no asset backing the value of bitcoin. The cryptocurrency’s value is simply determined by supply and demand, unlike fiat currencies which are based on gold or other precious metals.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Why Governments Don't Trust Bitcoin

However, some say that it is the decentralized nature of bitcoin that gives it a higher potential for more secure transactions. These are logged in a public ledger called blockchain, which keeps track of the transactions between parties.

For businesses though, the use of bitcoin in transactions offers lower costs compared to other forms of payment such as credit or debit cards. There is no need for a middleman financial institution to verify the payments, as the bitcoin can easily be converted to cash. In some countries, bitcoin ATMs have already been installed to make withdrawals from online bitcoin wallets more convenient.

To resolve this issue, governments can come up with regulations to govern the cryptocurrency sphere, although some bitcoin enthusiasts say that this can destroy the viability of the system. Bear in mind, however, that some bitcoin startups have already added some high-profile former government officials to their strategic board in order to figure out how to increase trust in bitcoin and boost its international presence.

Tags: Bitcoin adoptionbitcoin paymentsbitcoin transactionsbitcoin trustgovernment on bitcoinlegal status of bitcoinOpinion
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

uniswap airdrop lottery winner

Uniswap Airdop Value Reaches $13,000 For Those That Didn’t Sell Early

2 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Holds $50,000 on Global Corporate FOMO; What to Expect?

9 hours ago
Uniswap’s UNI Hung After Hitting Record High; Breakdown Risks Persist

Uniswap’s UNI Hung After Hitting Record High; Breakdown Risks Persist

11 hours ago
Uniswap’s UNI

Charted: Uniswap’s UNI Enters Top 10, Why It Could Soon Test $42

15 hours ago
Ethereum

TA: Ethereum Rallies Above $1,700, Why ETH Could Soon Test $1,800

17 hours ago
Bitcoin

TA: Bitcoin Turns Attractive Above $50K, Why BTC Extend Its Rally

18 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

BTCS Now Producing Revenue from all 100 Ethereum 2.0 Nodes

March 8, 2021

Router Protocol and Polygon Partners With DFyn to Launch L2 GalaxyFarm

March 8, 2021

Get the Latest Crypto News, Trends and Insights at Interactivecrypto

March 8, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.