In my own opinion, I don't think the rich people are likely to be the reason behind these cryptocurrency bans in some countries. It's just that the government can't control cryptocurrency transactions (with the exception of government regulated exchanges and wallets) as there is no third party involved no matter how much money we send.
Most banks are anti-crypto, because they can't control the funds of their customers. However, some banks are embracing crypto in open arms like Unionbank of the Philippines, coz' they know how to join the ride rather than being against it.
As if the government really wants control, sadly it's impossible for them to do that. Even if they have banned crypto, they can't stop us from doing transactions in non-custodial wallets, P2P, etc. But they can regulate of course. Just my opinion.
Topic: Rich people causes cryptocurrency ban - page 2. (Read 1268 times)
I don't think that the rich can hijack cryptocurrencies now or in the future. Cryptocurrencies will never be special for a certain group of people. There is no way that only the rich will own all of the Bitcoins in the circulation. Every kind of people will always be able to buy whatever amount of Bitcoin they would like. Therefore, I don't think that 21 million is a small amount.
More and more wealthy people holding cryptocurrencies are not good for the government. These rich people have made money in their own country to buy overseas cryptocurrencies. This will allow the funds to flow overseas, which is not for the country. It is beneficial, and the purchase of cryptocurrency by the rich will make ordinary people think that it is a very reliable investment and exacerbate the outflow of funds, so the government and the country do not want to see such a situation!
The first thing I want to say is that I’m tying from phone otherwise I would have quoted properly 😅
The ruling class wants to ban bitcoin because it doesn’t like the idea of their power being changed or challenged.
I don’t think there are any negative effects of using crypto but there are regulation issues if you want it as a world currency.
The harm bitcoin does is to classic banking systems and taxes of the government.
The ruling class wants to ban bitcoin because it doesn’t like the idea of their power being changed or challenged.
I don’t think there are any negative effects of using crypto but there are regulation issues if you want it as a world currency.
The harm bitcoin does is to classic banking systems and taxes of the government.
Across the world.
* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?
It could become a threat to a country since BTC could be used illegally due to its nature of the transaction which is unknown for the government and they cannot track all the transactions done using the blockchain technology. From what I know, that's one of the reasons why other countries banned BTC. Also, it uses peer-to-peer technology so the government won't be able to control and regulate due to independent transactions.
A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.
It is true that these people make things easier for Bitcoin adoption. But I also agree that governments which aim to ban BTC are doing a big mistake. They will have no benefit from this situation. And I don't also think that they will be able to prevent people from using BTC anyway. Because it is a decentralized crypto in the end. How would they detect Bitcoin users and prevent them?
A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.
We can't blame rich people for buying and purchasing more Bitcoin because they aim to gain a bigger profit out of their huge capital and that's how work investment work for them. I think it is the government who has a problem. They are targeting cryptocurrency because they see it as a treat and they only want to benefit from it. If they only know how it would be beneficial for the economy and the users, they will surely regret banning it.
A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.
Rich people who buy Bitcoin is a normal thing because they think how to benefit themselves, but if the government in a country does not accept Bitcoin and legalize it. It is a complex thing because almost all countries are currently implementing a capitalist economic system, so anything must be controlled and centralized. On this basis, the government can easily control the inflation that occurs. This is opposed by the concept of Bitcoin, so it will be understandable because of the fundamental difference in government thinking because money as a transaction tool shows the sovereignty of the nation.
I seen that cryptocurrency want to be highjacked by rich people, looking around countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.
From what I have learnt their main reasons that they ban Bitcoin is because of money laundering and also because they believe it is being used in sponsoring terrorism. I don’t believe that the government can completely ban Bitcoin, although there are some areas they can tackle, just like the mining companies, but banning Bitcoin and stopping people from making use of it wouldn’t be that easy because of peer to peer exchanges which are so many these days.Across the world.
I think it’s even best if the government allows the use of Bitcoin and not ban it, because that means that a lot of people will be using centralized exchanges, and these centralized exchanges can help the government in keeping an eye on all these transactions.
I don't give a chance for the reason being rich people. And banning Bitcoin also has no benefit for governments. Regulation comes into play here. If they regulate Bitcoin, they will be able to impose a tax on it. And they will be in profit also.
The reason behind wanting to ban Bitcoin could be its totally different system than fiat and trying to prevent people from using it. It is decentralized in the end. And they will want people to use their digital currency (which they will develop in time) more than Bitcoin or any other cryptocurrencies.
The reason behind wanting to ban Bitcoin could be its totally different system than fiat and trying to prevent people from using it. It is decentralized in the end. And they will want people to use their digital currency (which they will develop in time) more than Bitcoin or any other cryptocurrencies.
A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.
I seen that cryptocurrency want to be highjacked by rich people, looking around countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.
* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?
Just by considering the fact that cryptocurrency are decentralized currency, we can already claim that the government wouldn't tolerate the use and legalization of it. Indeed, rich people are the one that has the capability to make crypto gain attention from the government as they continuously keep on investing on it. Aside from the fact that crypto is gaining much attention right now, another reason could be because of the illegal transaction being made with the use of it. Each transaction can be made anonymous which entertains illegal dealers to use it as a mode of payment which can be detrimental for the country. I can't see any threat posed by bitcoin which may cause it to get banned, only if people would start choosing crypto over fiat cause the government wouldn't be making any money out of us anymore. Across the world.
* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?
the government in each country is one of the main factors regarding the ban or approval of bitcoin.
Mostly, not all governments are lenient and liberal to allow different modes of transactions like that. You have to blame the normal human nature for this.Rich people can though influence the government and they are doing it with a pro-bitcoin sentiment, this much I have seen in many countries where bitcoin or its usage is a grey area. This is only an anecdotal evidence that these rich families are also accumulating bitcoin and they are bullish on it.
Take this as a good or bad sign, new money into the market is a good thing for the short term. Remember that the bigger bag holders also get to manipulate the market for short periods too. Even then there are people who will help correct the movement.
First of all, they will not use another currency especially crypto currency as mean of payment that legal in their country. Because, they will think that the utilzation of their money fiat will be divided in two, and may seem disrespectful of the money fiat that they have made through a lot of processing.
Other than that, using money fiat is more easy than using crypto currency. When using crypto currency you have to find a merchant that accept crypto currency as mean of payment. Also, the fee transaction is already high as well especially for bitcoin. Comparing to money fiat they only spend the money that they need without fee transaction.
Other than that, using money fiat is more easy than using crypto currency. When using crypto currency you have to find a merchant that accept crypto currency as mean of payment. Also, the fee transaction is already high as well especially for bitcoin. Comparing to money fiat they only spend the money that they need without fee transaction.
Is it the wealthy who are the problem, or the government, which refuses to acknowledge cryptocurrency, deeming it a threat to the economy? So I doubt that the wealthy are behind this because it's another way for them to make money; they have a big head start and can make a lot of money. The government, on the other hand, needs wealthy people to pay taxes on a regular basis because they are wealthy, have a lot of money, or own a company.
I'm not generally one to feed the conspiracy theories but the government, in general, in most places in the world, is put in place as a system and structure by and for the elites -- the wealthy, the powerful, the privileged, less so for and by the people.
I disagree that blaming the wealthy alone is the problem, since most of us subscribe and empower the structures propping up the elite anyway, knowingly or unknowingly.
But they are certainly at fault for setting the world on its current path. Bitcoin is a divergence from that path.
The rich people understand crypto but not the government that is why they come in here, put their money at risk, and boom. The Government is just milking us (can't deny that) by collecting our taxes. They come to oppose rich people to go into crypto, coz they know that they can no longer ask them to pay huge taxes if they were already there.
This makes the government hated Bitcoin and they find a way to stop it, banning, and arresting people who use Bitcoin. They blame Bitcoin as the reason for increasing illegalities which I believe it was not. Because what they want is to stop people using this and come back to fiat where are in control with.
This makes the government hated Bitcoin and they find a way to stop it, banning, and arresting people who use Bitcoin. They blame Bitcoin as the reason for increasing illegalities which I believe it was not. Because what they want is to stop people using this and come back to fiat where are in control with.
When there's opportunities, rich people will always be there. Knowing that with enough money it will be easy for them
to take part and take the shot to make some good profits.
Quote
In the otherside, government always seek for money, they won't allow anyone to be freely earned without having cut
out from taxes, the very reason why cryptocurrencies are being strict to the point of banning it.
Governments can deterministically and in the long-term have a ban on the use of cryptocurrencies. This will cripple their economy and after the pandemic, a slow moving economy is the last thing they want. Plus, with more organisations likely entering the crypto space governments will have a very difficult time putting in place such a drastic measure. out from taxes, the very reason why cryptocurrencies are being strict to the point of banning it.
It's obvious that crypto does more good to a country there is actually little or no negative effect, it's just so bad that bank and government sees crypto as a treat, banks are afraid of crypto taking away their customers because crypto services seems to be more preferred and even save users some stress there get from banks services while government dislikes crypto because there can't get full control of it and also find It difficult on laying taxes on crypto users not only that most rich people in government are just too jealous when there see the young ones making it big from crypto, their crave to be superior makes them hates crypto because it can't make anybody rich within a certain period of time.
Any one can say anything base on what you understand and what you saw in your domain because right my research concerning all these also pointing at political leaders who is trying to condemned the images of cryptocurrency especially bitcoin, so Rich people is really our problems we have into cryptocurrency, so no point for argument because it has become obvious people that so called rich people are against cryptocurrency.
It is not surprising that the rich are against cryptocurrency. They are more comfortable with other assets such as stocks and real estate, because they can manipulate these sectors through insider trading and other methods. But with a decentralized asset such as Bitcoin, this is not possible. The billionaires (apart from a very few) have missed the boat with Bitcoin investment and that explains their hatred towards this innovation.
If I may ask what is the major reason while some countries ruling class ban bitcoin transaction?
they can't track it properly, so they can't put taxes on it.
What is the negative effects using crypto as currency?
no rollback, once it leaving your wallet, it's gone, unless you have an agreement with the recipient.
volatility is not a problem anymore because we have stablecoin now.
what harm does bitcoin contributes a country that can lead to ban?
money laundering activity, massive illegal activity that involves bitcoin, etc.
(bitcoin mining power consumption issue soon).
they can't track it properly, so they can't put taxes on it.
What is the negative effects using crypto as currency?
no rollback, once it leaving your wallet, it's gone, unless you have an agreement with the recipient.
volatility is not a problem anymore because we have stablecoin now.
what harm does bitcoin contributes a country that can lead to ban?
money laundering activity, massive illegal activity that involves bitcoin, etc.
(bitcoin mining power consumption issue soon).
I seen that cryptocurrency want to be highjacked by rich people, looking around countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.
* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?
Rich people are not the main cause of bitcoin ban, I think there are other factors that cause bitcoin ban. nowadays if we think rich people are also using bitcoin and get profit from bitcoin, so this is just an issue that is not fundamental. the government in each country is one of the main factors regarding the ban or approval of bitcoin. Across the world.
* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?
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