REASONS OF ILLEGALIZING BITCOIN - page 5.

entrepmind23

sr. member

Activity: 644

Merit: 261

Quote from: Meandros555 on March 23, 2018, 07:05:52 AM

The biggest thieves and scammers are Banks and governments. Technology moved fast and now they're trying to catch up.. best way for them to make money and keep hold of power is to illegalise till they figure out what to do.. unfortunately they have no concerns whatsoever about criminal activity..

They are afraid to lose their control that's why they combine forces to ban cryptocurrency. The reasons mentioned by OP may be one of the reasons why some countries ban crypto but I believe that behind those reasons, this is their major reason - if they will not ban crypto and more people use it then they cannot monitor anymore the movement of money in which case they would lose control and have less power. We can see that the bankers are more often than not catalyst of spreading fear, uncertainty and doubt because they don't want people to think that using cryptocurrency has some advantages over using fiat money.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: Palmerson on March 23, 2018, 08:43:40 AM

You're right, but banks can't exist without our money. We all help them in this. Each of us was pleased with the opportunity to abandon the services of banks and gladly continues to use Fiat.

Banks in the last years don't really want our money anymore with how easy it is for them to obtain money. It's not for nothing that the interest rates on our savings accounts are almost zero.

It has gone even so far, that banks have started to charge negative interest rates, which is almost funny, but a very sad and sickening development. Banks can borrow money for free in the time we're living in.

They then loan it out to businesses and regular people, and that that major difference in interest flows directly into their pockets. It's almost free profit if you think about it. Our capital has almost become redundant.

burner2014

hero member

Activity: 952

Merit: 515

Quote from: senne on March 23, 2018, 12:25:22 PM

Quote from: Meandros555 on March 23, 2018, 07:05:52 AM

The biggest thieves and scammers are Banks and governments. Technology moved fast and now they're trying to catch up.. best way for them to make money and keep hold of power is to illegalise till they figure out what to do.. unfortunately they have no concerns whatsoever about criminal activity..

But now they are realizing its potential that they can't simply declare it as illegal as under the table people will continue its use and try to make profit. Even if countries ban its usage there are still number of ways to access bitcoin and government also knows this thing. I think they should start come out with solutions rather than imposing a ban on new technology.

There are certain rules that some governments think bitcoin is violating, some don't care, some don't want bitcoin at all as they don't want their countrymen to manipulate as they were thinking that there are big whales just awaiting for the price to get high so they can sold their coins.

senne

hero member

Activity: 1078

Merit: 507

Quote from: Meandros555 on March 23, 2018, 07:05:52 AM

The biggest thieves and scammers are Banks and governments. Technology moved fast and now they're trying to catch up.. best way for them to make money and keep hold of power is to illegalise till they figure out what to do.. unfortunately they have no concerns whatsoever about criminal activity..

But now they are realizing its potential that they can't simply declare it as illegal as under the table people will continue its use and try to make profit. Even if countries ban its usage there are still number of ways to access bitcoin and government also knows this thing. I think they should start come out with solutions rather than imposing a ban on new technology.

makolz26

sr. member

Activity: 714

Merit: 254

Quote from: doonik on March 23, 2018, 10:17:30 AM

The "legality" status of bitcoin only depends upon the mindset of the people and the government who is going to accept it . If government takes it as a threat to their fiat , it is never going to be termed as one of the official currency . There are outcomes of everything both positive and negative and with bitcoin i think there is a way to deal with every type of negative outcomes if it is handled with intelligence.

For some countries, it my illegal yet because they cannot yet accept the vision and the reason of cryptocurrency and that is to help promote the country and the world to become cashless and for it to help the world in having a worldwide innovation and that is thru the use of blockchain.

doonik

full member

Activity: 140

Merit: 100

The "legality" status of bitcoin only depends upon the mindset of the people and the government who is going to accept it . If government takes it as a threat to their fiat , it is never going to be termed as one of the official currency . There are outcomes of everything both positive and negative and with bitcoin i think there is a way to deal with every type of negative outcomes if it is handled with intelligence.

Palmerson

sr. member

Activity: 434

Merit: 255

Live cams shows pimped with cryptocurrency

Quote from: Meandros555 on March 23, 2018, 07:05:52 AM

The biggest thieves and scammers are Banks and governments. Technology moved fast and now they're trying to catch up.. best way for them to make money and keep hold of power is to illegalise till they figure out what to do.. unfortunately they have no concerns whatsoever about criminal activity..

You're right, but banks can't exist without our money. We all help them in this. Each of us was pleased with the opportunity to abandon the services of banks and gladly continues to use Fiat. Developers, miners and users cannot agree among themselves to create conditions for the use of bitcoins as a currency. The life of bitcoin is in our hands but we are irresponsible about this gift.

RileyM

newbie

Activity: 36

Merit: 0

Quote from: lili song on March 22, 2018, 08:59:01 PM

Is depend of that country, some country legalized bitcoin and illegalizing bitcoin. But in country legalized bitcoin, I sure bitcoin more grow faster in that country, they do transactions with bitcoin, more investors believe especially in that country. Some country not legalized bitcoin yet, because the government afraid and can't control bitcoin. So that reasons the government banned and illegal bitcoin for their country.
My hope in the future more country can accept and legalized bitcoin !

yep, maybe some countries don't feel confident in their own national currency...

Meandros555

newbie

Activity: 85

Merit: 0

The biggest thieves and scammers are Banks and governments. Technology moved fast and now they're trying to catch up.. best way for them to make money and keep hold of power is to illegalise till they figure out what to do.. unfortunately they have no concerns whatsoever about criminal activity..

Tigorss

member

Activity: 308

Merit: 10

avoiding the existence of criminal actions in the field of technology, and the most important conventional currency vigilance replaced by electronic currency, because if it happens, the value of convention currency or the value of the country's currency will drop dramatically and cause the market to decline rapidly, loss will not be infinite

lili song

hero member

Activity: 980

Merit: 509

Is depend of that country, some country legalized bitcoin and illegalizing bitcoin. But in country legalized bitcoin, I sure bitcoin more grow faster in that country, they do transactions with bitcoin, more investors believe especially in that country. Some country not legalized bitcoin yet, because the government afraid and can't control bitcoin. So that reasons the government banned and illegal bitcoin for their country.
My hope in the future more country can accept and legalized bitcoin !

BTCeminjas

member

Activity: 322

Merit: 23

OP's is right on the conclusion above, the main reason is paying taxes to the government but they failed to do that because of decentralized coins ever. But there are some countries that bitcoin is legal and also some do not declare that cryptocurrencies having a payment of taxes so it is not legal and also not illegal. Being neutral countries in bitcoin or other cryptocurrencies is good to hear then enjoy the moment while they are quite in prohibited law.

SixOfFive

sr. member

Activity: 630

Merit: 257

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

You got a good conclusion out of all same shitty posts having same content inside.
Govt. do not understand how to tax Bitcoin and other anonymous cryptocurrencies. It is difficult for them to control it but if made illegal it can become a popular source of wealth hiding or money laundering.
Banks want to adobt blockchain tech. but want to avoid cryptocurrency as tech. behind it can help them to their system easy and cost effective.
Scammers often collect huge amt. of money from crowd for project development in form of ICO's and then run away. It is a good side if such crowd funding would be regulated in interest of investors.

Allincode

newbie

Activity: 29

Merit: 0

If it brings money and power take it if it is the threat to money and power that we already have kill it.
Simple as that. People are moving factor in the world, but collateral too. Only chosen ones are important.

Virtual miner

sr. member

Activity: 728

Merit: 275

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

Yes of course these are the only 3 main or broad heads to categorize the illegallity of Bitcoin.. taxes of course the main reason and banks in every country seems to have a problem with the Crypto systems. When it comes to scammers, it is undoubtedly one of the main reasons for non legalization!!

Lampaster

sr. member

Activity: 406

Merit: 255

Quote from: hacekd on March 22, 2018, 05:17:03 AM

each country has its own policy on bitcoin, some are legalized and some are forbidding bitcoin from entering their own country, the reason some countries that legalize bitcoins enter their country are usually national financial crises, because banks and ATMs have run out of cash to be reissued. Another factor is the wide-eyed and unorganized Indian population seeking to withdraw cash to fund its day-to-day operational costs and other needs, thus causing the demonization not to go as expected.

If Indians invest a lot of money in bitcoin, it will lead to a deflation of the rupee. Sterilization of a large mass of cash should lead to a shortage of money. It's the law of Economics. Did you notice that? There are always those who want to buy and sell bitcoins. This compensates for the amount of money in the economy. But banks may experience a lack of money in deposits. Maybe this is the reason for the prohibitions of bitcoin in India?

hacekd

member

Activity: 294

Merit: 12

each country has its own policy on bitcoin, some are legalized and some are forbidding bitcoin from entering their own country, the reason some countries that legalize bitcoins enter their country are usually national financial crises, because banks and ATMs have run out of cash to be reissued. Another factor is the wide-eyed and unorganized Indian population seeking to withdraw cash to fund its day-to-day operational costs and other needs, thus causing the demonization not to go as expected.

Rajamuda

sr. member

Activity: 924

Merit: 255

And anyhow from the characteristics of bitcoin itself, it still raises concerns for the country, as well as its existence which only exist in cyberspace. This can make the country lack/difficult to protect a various activities that are done related to bitcoin/crypto. Well.. in this world certainly not only good people who live, there are still evil people who abuse these advantages for a more negative purposes.

bhadz

hero member

Activity: 2520

Merit: 568

Payment Gateway Allows Recurring Payments

That might be the reasons why countries are banning bitcoin and making it illegal. But you must not forget that the major reason why bitcoin is categorized by some countries as an illegal currency because it is/can be used for illegal activities, funding terrorist not only scamming but you can also categorized it with "scamming" and as well as money laundering. Overall your list is the summary of the reasons why still there are some that doesn't fully trust bitcoin, they are only looking at one-side.

ntbajala

newbie

Activity: 5

Merit: 0

Most of the countries have their own explanation why they tagged bitcoin as illegal.Simply they want to save their country from economical crisis,if the bitcoin got popular then the fiat use will reduce so it means taxes for the governments are also reduce.

Topic: REASONS OF ILLEGALIZING BITCOIN - page 5. (Read 761 times)