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Reasons Governments Hate Cryptocurrencies
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[QUOTE="Holicent, post: 245875, member: 76163"] [FONT=Verdana] Governments hate cryptocurrencies because of their decentralized nature, lack of control over their circulation, and their ability to eliminate the need for third-party intermediaries. The decentralized nature of cryptocurrencies means that there is no centralized authority that controls the currency or regulates its circulation. The users are responsible for managing the network and validating transactions. This eliminates the need for third-party intermediaries such as banks and other financial institutions. The lack of control over cryptocurrency circulation has made governments uncomfortable with them because they cannot track and monitor transactions as they would with fiat currencies. This makes it difficult for governments to collect taxes and fees on transactions, which is one reason why they want to regulate cryptocurrencies. Cryptocurrencies eliminate the need for third-party intermediaries such as banks by eliminating any middlemen between buyers and sellers when it comes to exchanging value between each other through an online transaction platform like Ethereum or Bitcoin (BTC). This has made governments concerned about losing out on tax revenue that could be collected from these types of exchanges if they were allowed without regulation in place first. Amidst all these, government or should I put countless politicians also use cryptocurrency to their dubious advantage, I feel some countries are not condemning it because it's bad but because so many citizens are benefiting from it.[/FONT] [/QUOTE]
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