Topic: Drama with Bitcoin suspended and approved (Read 181 times)

Drama comes cause Government wants to take profit from Bitcoin but they don't want to allow their people to hold too much Bitcoin.

When people and celebrities want to hold Bitcoin and they promoted Bitcoin to spread the name all over the world at that time Government demotivated them by saying Crypto is nothing but jocks!!

But when the market got crushed for their own making FUD, instantly they changed their tune and said "we are thinking about crypto in our Parlament and we thought cryptocurrency is a taxable asset!!"

how funny their statement is!! China/India/USA whatever country they just make the market uncertain when they need it by banning and allowing cryptocurrency randomly.

China is the one who is actively involved in this banning and unbanning of cryptocurrencies in their country and they are doing it almost every year. Even though we know that these news should not be taken into consideration, but market do dump on every such news of crypto ban.
Whales and exchanges are using this piece of news to manipulate the market.

I think you can filter any news if you know how to find the truth. Because after all the news also often affects the price in the market. It is unavoidable because we are in a global market. regarding Bitcoin will certainly be very sensitive and more towards the rejection of a pro-dollar government. Therefore, consuming news is not for us to just swallow it, but for us to find the truth and draw conclusions after everything we are looking for is fulfilled.

Whether we like or not the governments are the ones that make the rules and decide how much to enforce them, so while it is bothersome that they still take such a hard posture against bitcoin it is important to stay up to date with that information in the case it happened to affect us.

However I will say that if where I live a law was passed making bitcoin illegal I will not get rid of it and will just hold it until the day it becomes legal again, as I doubt that many countries can afford to ignore an industry which could generate a lot of taxes just when they need that money urgently due to the economic crisis the world is going through.

I am not really sure what you're saying here as English is obviously not your first language.  First of all many countries are not playing when it comes to them talking about banning cryptocurrencies/bitcoin.  Also, it most often isn't that they "want to dominate the cryptocurrency industry" but they want to protect their fiat currency.  They can't control bitcoin like they can their own fiat money.  So this isn't all just noise, this is a legitimate concern.

When it comes to dramas then government do really loves to stir up things and contradicts on whatever those things that opposes their own interest and this is where we should really blamed on.

Speaking of trading then it doesnt matter on what conditions they are in as long there would be viable options to take then this is where they do really should focus on.
It might be hard due to some regulation matters but as long it could be done on other ways then they should stick with that.

Drama as you call it feeds into the volatility of Bitcoin and can actually be useful for committed buyers over the medium term. Every time there is a whisper that bigger countries will ban it, that pushes the price down but so far it has generally trended upwards - so if you hold some spare cash and buy during those times you can easily make money. Over time the volatility of Bitcoin has actually been falling, so drama is having less effect on the price than it once did. You speak about it being trusted for trade - it definitely is used for that purpose on a small scale, but most people these days are buying into it as a speculative asset to sit and "hodl" long term, which undermines its usage as a currency.

They can not stop the growth of Bitcoin and crypto adoption. Because the main reason comes from the usefulness of blockchain technology which they can not reject for our society operations and growth in future.

If Bitcoin and crypto are built up on anything else, but not on blockchain, governments can do shitshows to stop them. Fortunately, it is not what we have with Bitcoin and cryptocurrency.

It is good for people to know the rules of the government so that they will know how to go against it. Not listening to such news may not be helpful to traders in such countries that suspends some transactions related to cryptocurrency because they may break the rules which can get their funds frozen or even get the person tortured and forced to submit their bitcoins or alt coins.

So, while bitcoin or cryptocurrency is not yet accepted by every country in the world, it's a good practice to keep your ears open to any news related to bitcoin so that you will know the next step to take or the next question to ask your follow traders. Don't just isolate yourself and think that it's just a drama sometimes things get serious even in the drama scene.

Good points by franky1

We should also remember that there is still fear surrounding Bitcoin and crypto,
some countries are fearful of letting them become mainstream ^{I use that term lightly},
particularly China which is a highly regulated country.

There shouldnt be drama though, a lot of the drama is spread by FUDsters hoping to
infleuence others.

governments are not "unable to make up their minds".. what you have to realise is that a government cannot regulate a business that operates in crypto without the government going through a certain process.

take many things, alcohol, fishing, driving. drugs

a government first needs to prohibit something. to make it illegal for people to use openly. to then be able to give licences and permits to certain people and regulate them to allow them to use it under certain conditions..

a government can just offer a licence or regulate a business or punish a business for bad practices if there is no initial prohibition to make it illegal to use openly. this is because if it remained openly usable without prohibition. then the licence/permit/regulation becomes useless and unenforceable.

research the New York 'bitlicence' as a prime example

did you know that in the 1900's anyone could take morphine or drink alcohol openly without consequence.
then they prohibited it... and then.. they permitted it under licence with certain rules of use. (age, not while driving, not exceed certain volume of consumption)

they could not have done the permitted use with certain rules without the initial prohibition

even slavery..
they had to make it illegal for a black man to be a citizen. to then prohibit black people from being free. to then set rules on what black people can and cant do in society.

even now its not open freedom. its licenced ability. humans are not "free" we have to follow laws. because we are within a countries jurisdiction

If you come from those countries where the legality of Bitcoin is in doubt, I would advice you do listen to those news. Otherwise, you could at some point be engaging in an illegal activity which could get your accounts; bank and exchange (if you use a centralized one) frozen.

If you're a hodler outside those regions but are bothered about how such news could negatively affect the price, just keep hodling.

Honestly it’s not the fault of Bitcoin or other crypto currencies but it’s the Government who is unable to make up their mind about it.  Governments are like very scared of this asset as they foresee the technological advances which should have not been existed as early as 21st. Lolz.

I mean this is what they think even though we started the launch of bombings, sending deep space research satellites a way long ago!

Why I am comparing with this? It’s simply was the time when world needed to take step forward and have that giant step for humanity and go nuts on building huge infras, code, advance the tech at hands to stay above all.

With this many governments formed and developed to high status with the money that was being invested and taxed at the time. Now, as Bitcoin is getting developed to statutory symbol of banking world; government is become little worried about it and that’s why the whole drama.

I do not believe in the dramas of those countries, which constantly talk about the approval and suspension of cryptocurrency. Gives different negative news at different times. In fact, they want to dominate the cryptocurrency industry.
It is necessary to approve the beating but it is different.
So according to them many traders follow them in panic. I think cryptocurrency should be trusted for trade. So that a trader can make a profit at some point. To trade with cryptocurrencies, it is best not to listen to this negative news. Because it is possible to get benefits if you have more patience. Post your valuable comments.