Topic: Bitcoin is difficult to accept in countries - page 9. (Read 2324 times)

Also in the Philippines discuss against bitcoin that they warn all filipino about bitcoin because they think that the investment of bitcoin can also like a gambling where they can lose their money.

They didn't know all about bitcoin but some of stores out there can use bitcoin, it's legal but they promoting it.

There are some company who favor of bitcoin on the Philippines that's why they create a wallet for the cryptocurrency user.

For me, it depends on the country. Yes, I admit that most states don't fully accept bitcoin as a currency, but there some countries that totally accept it. But here in my country bitcoin is accepted, but not fully authorize of all stores and establishments. But the good news is the vast companies, schools, and other facilities are now allowing/agreeing cryptos as payment. I am hoping that the government creates a department that will study the possibility of making these cryptos fully legal.

The bitcoin itself and the technology behind it was already great and have a lot of potential use in many countries but still bitcoin is not trusted by the government afraid of someone could potentially hack it or owns it, But overall in many countries the bitcoin was already starting to be established also already use in any transactions. In a way, they could see the potential of bitcoin becoming the future like for example having a fast transaction and also a cashless transaction would be great. The also downside was the government doesn't trust bitcoin because it could be used in illegal transactions and potentially could be a hack.

During those 5 years in Bitcoin, it's really hard for us to adopt Bitcoin, it's hard to accept it as most of the countries thinking that Bitcoin was a big scam, so people are afraid to invest in it as well as it is not that famous compare now, but, nowadays, Bitcoin is somehow known in most countries and thinking to regulate it.

Decentralization and taxation law. It is the main concern of most countries that find it hard to accept bitcoin. It will bypass the fund circulation inside the government and it might affect the allocation of economic resources. More consideration required for them before they finally are able to accept bitcoin. More things to look for before it happens.

The basic reasons why some countries find it difficult to accept the use of bitcoin are;
a lot of the officials in some of these countries don't really understand how the entire system of bitcoin runs and they are not willing to research and learn about Bitcoin.
Another reason is that they have no ability to control the rate at which bitcoin might be used in the country. In every country, its government always wanna control the inflow of currency in the country. The acceptance of Bitcoin will eliminate their ability to control the inflow of money in the country since the bitcoin ecosystem does not permit a central body to control the circulation of bitcoin. These are the basic reasons behind the difficulty for countries to accept Bitcoin.

Bitcoin would be really hard for some countries to accept, because of the reason that bitcoin is anonymous and they don't know on how it is regulating in the world market but the past announcement of the Chinese president Xi help the bitcoin to be in a good way or situation and I guess it will also be an help to bitcoin to accept it in other countries because as China one of the best economy around in the world accepts blockchain in which result to pump up the bitcoin was a good idea. Maybe someday the countries will accept bitcoin and it's anonymously.

For some countries they can't accept it easily as they have no control over it, they want to mandate and imposed tax first before they will say to people that it is legal, but as of the moment, they can't accept it because they think that Bitcoin will be a hindrance in stock market as people choose to invest in Bitcoin than in the stock market.

in my opinion some countries hate bitcoin because they feel it's not profitable even very detrimental to the country, when its citizens invest bitcoin, bank revenue might decrease, especially bitcoin is not taxed, so that the government does not benefit anything, while blockchain technology can be utilized by the government to benefit, because the government can control the blockhain technology they make, but they don't have control over bitcoin.

The Blockchain technology has been widely accepted by every country and companies because of it's transparency, security and lots of other things. The reason why these same countries are not thrilled about bitcoin which came out of blockchain is that it is decentralized and with countries and governments it's all about control and centralization and since they cant control bitcoins, they just ban and make their own crypto like Venezuela did and what China may end up doing.

if you can say it is very easy then there should be many who have accepted bitcoin as one of the legal payments in all countries because I think there are still some countries that still have not accepted bitcoin as a legal payment and there are still many very complicated legality issues .

I do not see anything terrible here, except the rejection of everything new and fear of change.

this is what I think. most of the principles of bitcoin are contrary to government. Until now there has been no best solution for bitcoin to be used officially in the financial system or transactions in a country. so in my opinion bitcoin will continue to run alone, with or without government support. but I also can't predict if one day bitcoin will be officially accepted for transactions in all countries.

Bitcoin is indeed difficult to be adopted within mainstream economy if we look from an orthodox outlook! Governments with progressive mindset are adopting it, Japan and Germany are two prime examples! Examples of orthodox government, consider India, China, Bangladesh and so on!

Pseudo anonymity of bitcoin is indeed a major bottleneck as seen by many countries but that can be regulated if needed! Which can drastically bring down the risk of money laundering and illegal activities. Again, it all depends on the leader of the country.

Blockchain is a different matter altogether! Countries with negative outlook towards cryptos have also spoken highly about blockchain! So it has already been separated because they are not even correlated! What I believe is that, bitcoin will remain a controversial topic for few more years to come while blockchain will be seen used widely in various areas of governance and administration!

It's not that easy to accept digital world especially in some poor countries that don't have much access in the internet or that their citizens don't even know how to access computers and still have zero knowledge over the internet. So, it won't be that much easy to accept and adopt. In time it will happen little by little.

There is no question that the blockchain technology (the underlying foundation of Bitcoin) is getting more popular as many countries are looking into its many good benefits and innovations and how they can use those innovative features to bring in more economic activities and enhancement of competitiveness to different industries. China is leading the way on this aspect, as well as Japan, Germany, Russia and lately the USA. Blockchain technology done and applied right can be a big game-changer in different aspects of living in different countries. We should be watching out for more developments on this arena. Since the blockchain technology is an open-source, anybody can use it according to his perceived needs and situations.

Just some weeks ago, the USA SEC rejected the Exchange Traded Fund (ETF) proposal and application of Bitwise on the same grounds used in many same rejections in the past. Now, there is another ETF application but there is no chance it can be approved this time. However, it must be noted that there is no official ban in USA for Bitcoin and people can easily and freely acquire the said digital asset.

Bitcoin is controversial (but intertwined connected to the blockchain technology) all because BTC is acting as money and a store of value (as compared to the real gold) and certainly when we are talking about money the control should be in the hands of the central banks and its regulators but in Bitcoin it is the opposite.

Will there be a time when the blockchain technology can be more accepted and used widely compared to Bitcoin? Yes, that can be possible but I am also sure that Bitcoin is here to stay and will slowly claim its rightful place in the international arena we just have to be patient about it.





 

It's really hard for bitcoin to be accepted in most countries because it's decentralized. No matter how much other country praise blockchain, they are still being reluctant to bitcoin. They'll rather create their own than to accept bitcoin. But I'm not generalising all countries since there are some who sees the positive in bitcoin. We need more time for acceptance...

Bitcoin will always be controversial no matter what, but the thing is, no country can stop or have control over it. Although some countries are putting a hammer ban, there are also nations on the opposite side of the spectrum who see benefits and welcome it with open arms, i.e. Japan or Australia or Germany.

As for the technology, it has already taking the world by storm. They are even talking about blockchain 2.0 already, which means that it has already evolved and many industries have been implementing it.

Countries are avoiding Bitcoin at this point because it isn't that big in scale. Therefore, considering it right now won't make much a difference. Whereas Blockchain is a technology which has potential to disrupt many sectors and hence, is hugely discussed topic around the world. Moreover, Bitcoin hasn't been that successful when it comes to payments and it is decentralized as well. Because of which not many countries with complex monetary policies will prefer it.

And you've said it all. No government would want to run a nation without "being in charge" especially when it comes to the country's finances. I guess some countries are trying to devise ways that they can adopt this technology and still be in charge of the circulation of crypto. But till then a country like New Zealand chose to apply the normal tax policies to any crypto payment instead of saying no to cryptocurrency.