But govt decides the currency

I think cryptocurrency is a wonderful new way of thinking about money. A lot of people have been able to make quite a lot of money with these digital dollars. The thing that you have to remember is that they’ve become rich from transferring these digital dollars into the dollars that are used by their government.

Govt Decides the Currency

The government will decide what currency you’re going to use. You can only pay your taxes with the currency that the government is using right now. I pay my Canadian taxes with Canadian dollars. I cannot use anything else to pay my taxes. If I don’t pay my taxes with the currency that my government decides I’m going to use, then I will go to jail.

Govt Monopoly

The government has a monopoly over the currency. You cannot make your own money out of whatever currency you decide to use. You still have to transfer that currency into the currency used by the government. We can use Bitcoin and other cryptocurrencies to make purchases. This is not the point.

The government will decide what currency is going to be the standard. If they don’t want you to use Bitcoin, then you’re not going to use Bitcoin. When people become millionaires with Bitcoin, they still have to transfer their Bitcoin into the currency of their country so they can use their millions to purchase goods and services.

Govt and Cryptocurrencies

The government decides that they’re going to accept Bitcoin as payment for bills, then that is entirely different. That means that the government has accepted Bitcoin as a form of payment. If I make a little money in Bitcoin now, and I want to pay my taxes, I have to convert Bitcoin into Canadian dollars so I can pay my taxes.

The government will decide what cryptocurrencies I get to use to pay my bills. If they don’t want me to use cryptocurrencies for this purpose, I’m not going to use cryptocurrencies. I will have to use Canadian dollars or whatever other currency they decide I’m going to pay my bills with. You can make money with Bitcoin, but you still have to pay taxes. It’s the currency that the government uses which pays that tax bill.

I have Bitcoin

I have some cryptocurrencies. I am buying them and starting to trade them, but I still have to transfer them into Canadian dollars if I want to do anything with them. I can only use them in certain locations if that company happens to accept those cryptocurrencies.

Monetary System Failure

Our current monetary system with our fiat currencies is failing, and there is no question that this is going to continue into the future. Cryptocurrencies can be seen as a different way of using money, but we still have to use the currency that our government tells us to use.

If this monetary system collapses, the government will tell you what currency you’re going to use for goods and services once that system has collapsed. This is because they have control over the system, and you don’t. Even if you happen to hold cryptocurrencies, it is completely meaningless when the government has control. They are the ones that have the force to back up whatever they want you to do. If you don’t comply, then it’s going to go bad for you.

Widespread Adoption

The only way for cryptocurrencies to be accepted is for them to have widespread adoption across the globe. If this was to occur and this is the way people wanted to use money, then governments would probably have no choice but to go along with it.

The way it currently stands, the government still has the control, so you cannot put all of your faith into cryptocurrency when the government is the one with the tanks and force dictating to you what currency you’re going to use. The current monetary system can only change when the government decides it’s going to change.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://medium.com/illumination/i-have-faith-in-cryptocurrency-8a7be61df8a1?source=rss——-8—————–cryptocurrency