REASONS OF ILLEGALIZING BITCOIN - page 2.

marcuslong

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Quote from: t2yax on April 18, 2018, 07:36:40 AM

Quote from: Basmic on April 18, 2018, 05:49:03 AM

Quote from: Karmakid on April 16, 2018, 03:22:38 PM

Quote from: goaldigger on March 20, 2018, 08:12:56 PM

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

This is true, the reason why government and other countries are threatened by cryptocurrency is because of scammers, they are putting investors at risk, and over millions of dollars are lost by people because of scam. Another thing is that, people's income on cryptocurrency investment and trading are not yet covered by tax law in some countries. That is why some countries are starting to either ban or regulate cryptocurrency investment.

You can invest your savings in a Bank that goes bankrupt. This, too, can be regarded as fraud. What does the government say about this? Maybe they'll ban Fiat or maybe they'll ban banks? No. It won't happen. Governments are looking for a reason to ban cryptocurrencies because they can not fully control this asset.

As we see, bitcoin are becoming more and more popular each and every day. Legalizing bitcoin will affect our own earnings. There is always a reason why bitcoin is not yet legal. We know why legalizing is so difficult, reasons are the safety and security of our bitcoins. There’s a lot of bitcoin scammers and hackers that bitcoin can lead to have a lot of legal rules and rights

Even though the legalities of bitcoin hampered by these reason, the proper regulations could help the bitcoin economy rise even better. Despite of those scammers behind whose degrading the reputations of bitcoin, I don't think it will affect the legalization of bitcoin. As long as there will be proper education for people there would be no possible scams to happen hiding in the name of bitcoin. I've heard lately that people being scammed is through middleman who facilitate bitcoin investments, then why were those people trusted someone to handle their funds and yet having an account for direct trading site of each country can be done personally. So that makes it clear and generally we as people should be vigilant, and as an independent body we can help digital currency to be legalize around the world.

Kevinbind

newbie

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Main reason of doing that - fear that bitcoin will eliminate current financial relations and create a new ecosystem. It won't serve interests of many powerful people and will give them a push to claim bitcoin illegal

t2yax

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Arianee:Smart-link Connecting Owners,Assets,Brands

Quote from: Basmic on April 18, 2018, 05:49:03 AM

Quote from: Karmakid on April 16, 2018, 03:22:38 PM

Quote from: goaldigger on March 20, 2018, 08:12:56 PM

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

This is true, the reason why government and other countries are threatened by cryptocurrency is because of scammers, they are putting investors at risk, and over millions of dollars are lost by people because of scam. Another thing is that, people's income on cryptocurrency investment and trading are not yet covered by tax law in some countries. That is why some countries are starting to either ban or regulate cryptocurrency investment.

You can invest your savings in a Bank that goes bankrupt. This, too, can be regarded as fraud. What does the government say about this? Maybe they'll ban Fiat or maybe they'll ban banks? No. It won't happen. Governments are looking for a reason to ban cryptocurrencies because they can not fully control this asset.

As we see, bitcoin are becoming more and more popular each and every day. Legalizing bitcoin will affect our own earnings. There is always a reason why bitcoin is not yet legal. We know why legalizing is so difficult, reasons are the safety and security of our bitcoins. There’s a lot of bitcoin scammers and hackers that bitcoin can lead to have a lot of legal rules and rights

Basmic

sr. member

Activity: 406

Merit: 256

Quote from: Karmakid on April 16, 2018, 03:22:38 PM

Quote from: goaldigger on March 20, 2018, 08:12:56 PM

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

This is true, the reason why government and other countries are threatened by cryptocurrency is because of scammers, they are putting investors at risk, and over millions of dollars are lost by people because of scam. Another thing is that, people's income on cryptocurrency investment and trading are not yet covered by tax law in some countries. That is why some countries are starting to either ban or regulate cryptocurrency investment.

You can invest your savings in a Bank that goes bankrupt. This, too, can be regarded as fraud. What does the government say about this? Maybe they'll ban Fiat or maybe they'll ban banks? No. It won't happen. Governments are looking for a reason to ban cryptocurrencies because they can not fully control this asset.

Greenkarki

member

Activity: 420

Merit: 19

Quote from: goaldigger on March 20, 2018, 08:12:56 PM

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

I don't think the above reason would cause illegalizing. This is a business. Let banks and crypto show their market move in the market instead of banks forcing the authorities ban bitcoin and other crypto currencies. This seems a coward move. As everything became online now, scams are normal as like in normal paper world thieves being around. So lets take everything in a positive node and move about with right decision to grow the respected countries economy with crypto's adaption.

burner2014

hero member

Activity: 952

Merit: 515

Quote from: Karmakid on April 16, 2018, 03:22:38 PM

Quote from: goaldigger on March 20, 2018, 08:12:56 PM

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

This is true, the reason why government and other countries are threatened by cryptocurrency is because of scammers, they are putting investors at risk, and over millions of dollars are lost by people because of scam. Another thing is that, people's income on cryptocurrency investment and trading are not yet covered by tax law in some countries. That is why some countries are starting to either ban or regulate cryptocurrency investment.

Although there is already a law regulation to protect people still we cannot eliminate scammers, just do your part to be a good citizen, if we caught someone we should be able to report it to the authority don't just keep silence, we are all anonymous here in forum so it is really hard for us to see scammers here let us just be very careful.

Karmakid

sr. member

Activity: 742

Merit: 397

Quote from: goaldigger on March 20, 2018, 08:12:56 PM

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

This is true, the reason why government and other countries are threatened by cryptocurrency is because of scammers, they are putting investors at risk, and over millions of dollars are lost by people because of scam. Another thing is that, people's income on cryptocurrency investment and trading are not yet covered by tax law in some countries. That is why some countries are starting to either ban or regulate cryptocurrency investment.

Hannahanto

full member

Activity: 826

Merit: 111

Quote from: imsotiredofmoviereboots on April 16, 2018, 02:33:51 AM

In short, those countries don't have the ability to control it. The blockchain technology also needs deep understanding instead of blaming it's problems that isn't caused by the technology itself but it's the people that made those problems.

There are so many reasons for illegalizing bitcoin. Because it enters in to the country it will affect local currency and people are use only bitcoin they forget to use local money. Another main reason is tax problem, for bitcoin money there is no tax. So the country would face economically bad situation. Banks are facing lot of problems due to bitcoin. Because people don't go for banks to invest. Invest in bitcoin will give more profits than bank.

imsotiredofmoviereboots

full member

Activity: 476

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In short, those countries don't have the ability to control it. The blockchain technology also needs deep understanding instead of blaming it's problems that isn't caused by the technology itself but it's the people that made those problems.

BitHodler

legendary

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Merit: 1179

Quote from: richminded on April 15, 2018, 06:29:36 PM

Well, they still failed to do that and in the end they just made a regulations that makes it more harder for investors to escape the government. Now better to follow the regulations than to be banned for good.

Professional investors don't mind regulations, and thus don't mind to operate under strict rules. I would say that regulations are the main reason these investors are flowing slowly but surely into this market.

Institutions are tied to very strict rules which largely still prevents them from entering this market right now, which is mainly due to how the governments fail to swiftly implement and update their current regulatory framework.

Regulations should have been set years ago already, and not just recently because this market has once again done what naysayers didn't expect to happen. Underestimating crypto is a stupid thing and they pay the price for it.

richminded

sr. member

Activity: 798

Merit: 268

Quote from: makolz26 on April 14, 2018, 12:51:08 AM

Quote from: t2yax on April 13, 2018, 07:47:45 PM

There's a lot of reasons why bitcoin is not legal. We use to make all things in legal, but in bitcoin, I think, it is not yet legal. For some purpose, this kind of situation, bitcoin is not yet popular for other people. We see a lot of illegal usage of bitcoin. There's always a way where bitcoin is not yet done for all the security and safety. For me, we should not yet legalize bitcoin, because, it is not yet complete or not yet safe for other people who does not have knowledge in bitcoin.

In every country, they have different reasons that they are considering why they come up with the illegality of bitcoin in their country. For me, one of the reason for that they don't want their people to be a victim of investment scheme, or the ICO scam as there are lot there who were already victim and they can't find yet solution to resolve that.

Government wants to control this thing and I think the only reason is that, they can't make money if bitcoin continues. Well, they still failed to do that and in the end they just made a regulations that makes it more harder for investors to escape the government. Now better to follow the regulations than to be banned for good.

Oilacris

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Quote from: mornabo on April 14, 2018, 08:35:46 PM

Quote from: makolz26 on April 14, 2018, 12:51:08 AM

Quote from: t2yax on April 13, 2018, 07:47:45 PM

There's a lot of reasons why bitcoin is not legal. We use to make all things in legal, but in bitcoin, I think, it is not yet legal. For some purpose, this kind of situation, bitcoin is not yet popular for other people. We see a lot of illegal usage of bitcoin. There's always a way where bitcoin is not yet done for all the security and safety. For me, we should not yet legalize bitcoin, because, it is not yet complete or not yet safe for other people who does not have knowledge in bitcoin.

In every country, they have different reasons that they are considering why they come up with the illegality of bitcoin in their country. For me, one of the reason for that they don't want their people to be a victim of investment scheme, or the ICO scam as there are lot there who were already victim and they can't find yet solution to resolve that.

Yeah there are still many problems in bitcoin about scams, fraud, hacking and so forth. governments see bitcoin not from anonymous side only but there are many things that might harm the state and also their society. but fraud and hacking can be avoided by giving them the knowledge to secure their wallets properly. but the government seems still scared with bitcoin?

Those things being mentioned are the common things which do arise around bitcoins existence because into its decentralized feature those things cant really be avoided yet people do have different mentality which they can done things illegally which will really oppose regulation and traditional laws in each country. Government would really still be scared yet they can able to control bitcoin directly, they might able to handle it indirectly but not on full scale.

BTCeminjas

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Quote from: sindikat on April 15, 2018, 11:21:57 AM

Quote from: t2yax on April 13, 2018, 07:47:45 PM

There's a lot of reasons why bitcoin is not legal. We use to make all things in legal, but in bitcoin, I think, it is not yet legal. For some purpose, this kind of situation, bitcoin is not yet popular for other people. We see a lot of illegal usage of bitcoin. There's always a way where bitcoin is not yet done for all the security and safety. For me, we should not yet legalize bitcoin, because, it is not yet complete or not yet safe for other people who does not have knowledge in bitcoin.

I support you in not having to legalize bitcoin. But the reason is not that people do not have knowledge about cryptocurrency and they need to be protected. The reason is that it is necessary to protect cryptocurrencies from the influence of the state. Manual control can be taken for Fiat but for bitcoin it's deadly.

There are many changes if bitcoin legalize, firstly a big effect on price bitcoin in the market and also government may take advantage of what bitcoins are. Legalization is good we have to do whatever we want in bitcoin, but that's the problem we can't control those people having bad interest in bitcoin due to illegalization they can do what they want.

sindikat

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Quote from: t2yax on April 13, 2018, 07:47:45 PM

There's a lot of reasons why bitcoin is not legal. We use to make all things in legal, but in bitcoin, I think, it is not yet legal. For some purpose, this kind of situation, bitcoin is not yet popular for other people. We see a lot of illegal usage of bitcoin. There's always a way where bitcoin is not yet done for all the security and safety. For me, we should not yet legalize bitcoin, because, it is not yet complete or not yet safe for other people who does not have knowledge in bitcoin.

I support you in not having to legalize bitcoin. But the reason is not that people do not have knowledge about cryptocurrency and they need to be protected. The reason is that it is necessary to protect cryptocurrencies from the influence of the state. Manual control can be taken for Fiat but for bitcoin it's deadly.

mornabo

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Quote from: makolz26 on April 14, 2018, 12:51:08 AM

Quote from: t2yax on April 13, 2018, 07:47:45 PM

There's a lot of reasons why bitcoin is not legal. We use to make all things in legal, but in bitcoin, I think, it is not yet legal. For some purpose, this kind of situation, bitcoin is not yet popular for other people. We see a lot of illegal usage of bitcoin. There's always a way where bitcoin is not yet done for all the security and safety. For me, we should not yet legalize bitcoin, because, it is not yet complete or not yet safe for other people who does not have knowledge in bitcoin.

In every country, they have different reasons that they are considering why they come up with the illegality of bitcoin in their country. For me, one of the reason for that they don't want their people to be a victim of investment scheme, or the ICO scam as there are lot there who were already victim and they can't find yet solution to resolve that.

Yeah there are still many problems in bitcoin about scams, fraud, hacking and so forth. governments see bitcoin not from anonymous side only but there are many things that might harm the state and also their society. but fraud and hacking can be avoided by giving them the knowledge to secure their wallets properly. but the government seems still scared with bitcoin?

makolz26

sr. member

Activity: 714

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Quote from: t2yax on April 13, 2018, 07:47:45 PM

There's a lot of reasons why bitcoin is not legal. We use to make all things in legal, but in bitcoin, I think, it is not yet legal. For some purpose, this kind of situation, bitcoin is not yet popular for other people. We see a lot of illegal usage of bitcoin. There's always a way where bitcoin is not yet done for all the security and safety. For me, we should not yet legalize bitcoin, because, it is not yet complete or not yet safe for other people who does not have knowledge in bitcoin.

In every country, they have different reasons that they are considering why they come up with the illegality of bitcoin in their country. For me, one of the reason for that they don't want their people to be a victim of investment scheme, or the ICO scam as there are lot there who were already victim and they can't find yet solution to resolve that.

t2yax

sr. member

Activity: 462

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Arianee:Smart-link Connecting Owners,Assets,Brands

There's a lot of reasons why bitcoin is not legal. We use to make all things in legal, but in bitcoin, I think, it is not yet legal. For some purpose, this kind of situation, bitcoin is not yet popular for other people. We see a lot of illegal usage of bitcoin. There's always a way where bitcoin is not yet done for all the security and safety. For me, we should not yet legalize bitcoin, because, it is not yet complete or not yet safe for other people who does not have knowledge in bitcoin.

chaoscoinz

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☆Gaget-Pack☆

Quote from: goaldigger on March 20, 2018, 08:12:56 PM

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

It could also be the fact that the project started off as an open sourced code and decentralized public ledger. The fact that it broke traditional boundaries within the way we as a society, and collective operate, may well be the reason many countries ban it.
Not everyone lives within a Capitalist country.
Bitcoin itself is just a medium, but the platform is built upon what some members of parliament would likely consider as an anarchist movement. I don't think everyone see's Bitcoin as just simple innovation put in motion, but a threat to the way society works.
Some will consider the bright side, and embrace it with open arms, others will detest and reject it, cutting it's citizens off from benefiting from it. Rome wasn't built within a day. So to, crypto will take time to become adopted. It will take a collectively agreed upon stance, to bring about a mass adoption.
Just my two cents!

Edraket31

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Quote from: warrior333 on April 13, 2018, 05:07:51 AM

Quote from: Kambal2000 on April 13, 2018, 01:25:26 AM

Quote from: PinkFox on April 13, 2018, 12:19:14 AM

As a cryptocurrency weight gains a significant amount, it would start to compete with the amount of regulated traditional money and this would reduce the effectiveness of government monetary policy. The rise in the value of bitcoins in this case would lead to deflation in the real market and the virtual currency causing devolving of real currencies.

There are lot of scams out there and a lot of people are victimized by those different kind of scams, so some countries are avoiding it before it is too late, but some countries are studying it first before they will gonna open bitcoin in the public again.

It is always the responsibility of the individual not to become a victim of fraud. It is wrong to shift responsibility to the government. But I am sure that the state cannot assume such responsibility. All the talk that the government forbids the use of cryptocurrencies to protect its citizens is a lie. Governments do not have a pragmatic interest in pursuing their goals and in ensuring the safety of their citizens.

Yeah we all have the right to investigate to a certain company or even if it was referred by a friend and relatives we are still the one who will make decision, so it is barely our fault if we did not make our part and that is to investigate or to ask some people about it.

warrior333

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Quote from: Kambal2000 on April 13, 2018, 01:25:26 AM

Quote from: PinkFox on April 13, 2018, 12:19:14 AM

As a cryptocurrency weight gains a significant amount, it would start to compete with the amount of regulated traditional money and this would reduce the effectiveness of government monetary policy. The rise in the value of bitcoins in this case would lead to deflation in the real market and the virtual currency causing devolving of real currencies.

There are lot of scams out there and a lot of people are victimized by those different kind of scams, so some countries are avoiding it before it is too late, but some countries are studying it first before they will gonna open bitcoin in the public again.

It is always the responsibility of the individual not to become a victim of fraud. It is wrong to shift responsibility to the government. But I am sure that the state cannot assume such responsibility. All the talk that the government forbids the use of cryptocurrencies to protect its citizens is a lie. Governments do not have a pragmatic interest in pursuing their goals and in ensuring the safety of their citizens.

Topic: REASONS OF ILLEGALIZING BITCOIN - page 2. (Read 767 times)