General use of bitcoin as a legal currency - page 8.

entrepmind23

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

There are countries that are oppose to the idea of decentralization which is what the cryptocurrency is because they don't want to lose control. If you observed, the government is the one who has the right to set the prices of any product and any financial transactions should be taken into account so that government will be able to take their share of the profits through taxes. With cryptocurrency, they would not be able to monitor all the transactions because although there is transparency of the funds, the people behind those addresses are anonymous so it would be hard to pinpoint who is who.

There is also the risk of using the cryptocurrency as a mode of payment in illegal activities because bitcoin become more famous due to the silk road incident and those who are against it is using that reason why they don't want to get involved with crypto. That is just one side of crypto but it is already evolving and more companies are using it as mode of payment legally but still it would be the prerogative of the government then if they want to recognize crypto as legal or not.

Oasisman

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Quote from: Basmic on March 01, 2018, 08:47:22 AM

Quote from: VelascoMark20 on March 01, 2018, 06:59:13 AM

I think it's because not all country can control the bitcoin society. In bitcoin there are scammers and people who can manipulate the digital world in there hands. Countries that are lack of intelligence in the internet can't control those people who can take advantage in bitcoin. In this lack of intelligence, government may not be able to track these people.

Do you really think that the state cares about the financial condition of its citizens? Lol. Modern governments are themselves major fraud. They Rob the whole country all the time. These scales are much larger than the actions of amator fraudsters.

Exactly! Governments are the biggest robbers in most of the countries. This is also the reason why there are rebels who against the Government, because they knew some bad businesses going on around which majority of the normal people do not know. Bitcoin is like a way of rebellion, rebellion against the Governments financial regulations, because people are sick of being deprived by their financial freedom.

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Governments are afraid of losing control of citizens ' incomes. This is the main reason.

This is the brief answer for the OP's question.

galaxing

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the government is still learning first, because the government is still afraid they can not control bitcoin.
I hope the government will legalize bitcoin, so all the scammers die.

andreijoaquin

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

I think the main reason why many countries does not in favor of legalizing bitcoin is because of the fact that they will lose control over fiat the moment bitcoin will be adopt, since it is decentralized no one can even control it which governments doesn't want to happen in their economy.

MCVXYZ

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

First of all there are goverments where bitcoin and other cryptocurrencies are not considered as a currency,in many countries its considered as a units of account and they think that bitcoin is not a legal tender,So your question's answer is that there is no common institutional behaviour and special norms from legislative body,which is natural because its so hard to accept something which is not observed absolutely,but in my personal opinion there will be everything fine from the theoritical point of view, because goverments will understand that blockchain technology is a very useful for their social goals.

DerekGT

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They started to accept it. It is not an easy job for them. If you want to make a good job and maintain the system in your country you need regulations. And regulating cryptocurrency is not at all. And we have other factors like rich corrupted people that don't want to share their power with no one.

Baoo

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Actually, Many countries are afraid of problems that may be realized after the recognition of Bitcoin. As well, in a way of logic, I don't think that the governments do not want to benefit of digital currencies (especially Bitcoin) Because there are many economic problems spread in many countries (particularly the poorest one in Africa and Asia).

In addition to that, the countries cannot control the transactions because it is digital, that's why they refuse it. Furthermore, I think in the near future, there will be a solution to these problems and then the mojority of countries will recognize Bitcoin and other digital currencies as a legal coins.

Basmic

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Quote from: VelascoMark20 on March 01, 2018, 06:59:13 AM

I think it's because not all country can control the bitcoin society. In bitcoin there are scammers and people who can manipulate the digital world in there hands. Countries that are lack of intelligence in the internet can't control those people who can take advantage in bitcoin. In this lack of intelligence, government may not be able to track these people.

Do you really think that the state cares about the financial condition of its citizens? Lol. Modern governments are themselves major fraud. They Rob the whole country all the time. These scales are much larger than the actions of amator fraudsters. Governments are afraid of losing control of citizens ' incomes. This is the main reason.

VelascoMark20

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I think it's because not all country can control the bitcoin society. In bitcoin there are scammers and people who can manipulate the digital world in there hands. Countries that are lack of intelligence in the internet can't control those people who can take advantage in bitcoin. In this lack of intelligence, government may not be able to track these people.

matuson

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Money is needed not only to buy goods. You have a primitive notion of money. Fiat is part of the economy. With their help, banks lend to enterprises and develop the real sector of the economy. How to do this with bitcoins? Governments and bankers will do all they can to stop the advance of cryptocurrencies.

sunsilk

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

It's because its popularity isn't yet broad but we are going there for now its not that popular in some countries.

But for progressive countries and even third world countries who recognize bitcoin, they can accept it as a legal currency and/or an investment.

And for countries that banned it, they are scared of the use of bitcoin as it promotes, decentralization and anonymity.

silent2

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I think they are frightened by its cost, they are simply afraid of change, and of course they do not want everyone to become rich, nobody will manage!

semobo

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Every country has their own fiat currency and the virtual currencies are very new and totally against them it can cause the death for the fiat currencies in some years so the governments will be out of revenue since the cryotocurrency transaction are non traceable so they can't implement perfect tax system for like fiat money so many governments don't want to accept it as a legal tender.

qwertyup23

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

You need to understand that there are a lot of implications when adapting bitcoin as a general currency in the country. Below are some of my opinions on why countries cannot fully adapt a digitalised system of payment:

Due to economic discrepancies between developed and developing countries, adapting a digitalised form of currency may be prejudicial to developing countries as their technological advancement is behind as compared to developed countries;
Cryptocurrencies in general is prohibited by some of the top countries. Using this as an alternate currency would conflict laws and may potentially create disaster;
Cryptocurrencies' nature are on the internet; having a stable internet connection is mandatory which I believe some countries are behind;
Due to its volatile and decentralised nature, it would be very difficult to set a standard in the price of products as compared to fiat; and
Transactions involving cryptocurrencies are relatively slow. This means that acquiring products/services would take time as compared when transacting fiat.

It is without a doubt, however, that bitcoin is indeed considered one of the revolutionary innovations created as of date. Having to transact digitally around the world while providing anonymity is truly remarkable but we have to consider some factors before we adapt into it. I believe that in the inevitable future when countries are able to embrace this system, bitcoin would be the gateway towards this idealism form of transaction.

Theb

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It mainly depend on their own interpretation or understanding of their laws. Some countries think that Bitcoin or other crytpcurrencies are in violation of their law as it is totally avoiding the use of their own fiat currency. Some countries like India and Indonesia only allow Bitcoin to be traded and mined but it can never be allowed as a mode of payment. But the good thing about the law is it can be amended in order for the government and its people to adjust if they see the benefit of Bitcoin in other countries' economy then we might see a change in their laws.

tweetbit

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Just think about it, we as citizens of a sovereign country we want our own identity, we are proud of it. In cryptocurrency the government like the idea but the fact that they can’t own it, is a big deal for all of us. That’s why most of the time they’re debating on it not because it is bad economically but because of profits sharing. They want to have they’re own to monopolies the money or crypto.

lili song

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Because some country have a regulation differently, some government still afraid they can't control the bitcoin and some people can use bitcoin for illegal transactions. As we know bitcoin transaction is anonymous, so that some government concern also about that. But I hope some day in the future, some country can accept bitcoin and legalized by government. So if more country accept bitcoin, I believe bitcoin will grow more faster.

samcrypto

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

Because its too risky to use for and some people can't afford to use this, why? Simply because not all people know how to use technology and not all here in my place have a signal to surf online. What I mean is, fiat money are still convenient to use for, and government still need to study more about cryptocurrency so they can protect its people from being scammed.

xuan87

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For government Bitcoin can be see as threat, because all the transaction is hidden and the volatility of the price causing Bitcoin as a dangerous investment, plus there are many scamming ICO, the government just need more time to learn about it, it doesn't imply that Bitcoin is not accepted

thrylos

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Quote from: phdilanuom on February 11, 2018, 11:25:04 PM

I've heard many of my companions say the bitcoin is the greatest invention in the decade.. But I wonder why every country don't accept this as a legal currency in their general transactions?

This is the normal response from the government for bitcoin is threat to the economy of a country. This will cause every bank into a big crash moment, because once that bitcoin becomes legal it will atract more investors because the possibility that the price of bitcoin will rise uncontrollably and if this will happen surely government bank will lost the big shares of investors. The present condition is a proof to this, majority of countries don't support bitcoin but it the price is rising so how much more if government will back up it.

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