* 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?
Topic: Rich people causes cryptocurrency ban - page 7. (Read 1339 times)
* 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?
I see, bitcoin is still considered dangerous because of its fluctuating value, and if it is used as a means of payment it will be very risky. then anonymous bitcoin transactions are also very dangerous because they can be misused for illegal transactions. It is only natural that some countries ban crypto.
I agree with most of the replies posted so far. Rich people and the corporations don't want cryptocurrency to be banned because it gives them an opportunity to increase their wealth and to protect their wealth. On the other hand, it is the governments who have adopted a hostile stance against Bitcoin, due to the fact that they won't be able to print banknotes like crazy if cryptocurrency becomes popular. In simple words, rich people have a stance favoring cryptocurrency, while the politicians are opposed to it.
Rich people always look for an opportunity to make themselves richer than before. When this is possible with bitcoin, there is no chance of rich ones causing the ban of cryptocurrencies. Ban on cryptocurrency happens for the following causes
1. Revenue loss for banks.
2. Governments fear over cryptocurrency usage, because any form of corruption can be clearly identified when adopted mainstream.
3. Increased usage of cryptocurrencies on darkweb.
4. Misunderstanding as a quick rich scheme.
5. It is hard to tax cryptocurrency precisely.
More reasons can be found, but these seems to stand major and I don't find anything wrong with the rich ones.
1. Revenue loss for banks.
2. Governments fear over cryptocurrency usage, because any form of corruption can be clearly identified when adopted mainstream.
3. Increased usage of cryptocurrencies on darkweb.
4. Misunderstanding as a quick rich scheme.
5. It is hard to tax cryptocurrency precisely.
More reasons can be found, but these seems to stand major and I don't find anything wrong with the rich ones.
From my point of view, I believe that the government's reason behind all these is that they taught bitcoin is another device that people use for money laundering , and most particularly rich people who are in official position, because looking at the rate that different nations emphasizes on btc as even it is a crime to deal with cryptocurrency.
The fact that they would most definitely take a hit in terms of taxes getting collected alone would heavily incentivize them to enforce a ban.
Bitcoin transactions getting taxed or not becomes the point of debate there. Without tax many government services cannot be offered for free because the taxpayer's money is used to fund different government projects, development and services. Therefore fiat will be there even if bitcoin gets accepted or a system for paying taxes in bitcoin needs to be developed.The common notion is that ruling class always imposes stuff on the lower strata. This is not always correct, the educated people need to make a proper analysis before making such a statement otherwise what is the use of logic?
Still some countries will be against having bitcoin getting accepted - this will effect them and put their country's technological development 10years back, which I hope does not happen.
Would also like to remind the OP about a plot twist : the rich people already own bitcoin, more than what this forum users can amass.
The major reason why government ban cryptocurrency is because they can't control it.
* 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?
Looking around the world one will discover one or two countries that have ban bitcoin and crypto transactions this is near to being connected as the currency of the internet which is called the dark world because its transactions can not be traced to an individual sometimes.
* 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?
no its not the rich peoples fault on why cryptos are now hot in the eyes of the government because even before rich people came , the governments are already after on crypto and there was a proof to that if you search for countries that banned cryptos and when it was started . dont tell me that we dont want adoption and price increase ? rich people can supply that because they have more power than us regular individuals . there is no harm in using a crypto but idk if what is the real reason why government bans them . they are the ones that can answer these question accurately
-snip-
Mate, is quit understandable but people don't want to understand the concept, the secret behind everything while government is eradicating crypto is because their mindset is that cryptocurrency is use for fraud, so that's the major concept I understood from their reactions, and is obvious that before existence of cryptocurrency illegal altitudes has been in existence, so it's a conspiracy from leaders.Although we should also give credit to where it is due for those countries that have good governance towards bitcoin. And in fact, they have considered making good and favorable policy for it.
* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
They don't understand it. The main thing that they've heard about bitcoin is that it's used for illegal transactions, that's all they know about bitcoin transactions and they're close minded to it and won't change any impression after that.* What is the negative effects using crypto as currency?
I guess this time is the fee.* what harm does bitcoin contributes a country that can lead to ban?
Maybe the same impression about illegal transactions.* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
They don't understand it. The main thing that they've heard about bitcoin is that it's used for illegal transactions, that's all they know about bitcoin transactions and they're close minded to it and won't change any impression after that.* What is the negative effects using crypto as currency?
I guess this time is the fee.* what harm does bitcoin contributes a country that can lead to ban?
Maybe the same impression about illegal transactions. I dont believe that rich people want to ban cryptocurrency,
Read the paragraph of the text repeatedly so that you may comprehend the full gist of the content, because I did say that rich people want to ban cryptocurrency, the point is that based on rich people adventuring into cryptocurrency that should be one of the major reasons while some countries government is attacking cryptocurrency, because government is now seeing Bitcoin from my perspective as a source of shifting money or saving money without the awareness of banks, so banks is oppressing cryptocurrency with the directives of government. 
* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
The public reasons depend on the country, but the main concern of all countries restricting bitcoin usage is about weaking their national currencies and consequently the local economies.In Nigeria for an example, politicians fear that bitcoin weaks their fiat more than it already is.
Bitcoin has made the Naira almost useless, says Nigerian Senator
* What is the negative effects using crypto as currency?
Transactions which can take a long time to be completed if you don't pay expensive fees is the main negative side of bitcoin and crypto currency in general in my opinion.* what harm does bitcoin contributes a country that can lead to ban?
Nothing justifies a bitcoin ban. Bitcoin can't harm a country which is already harmed by a weak economy and corrupt public agents. It only benefits a country's citizens on their individuality, by increasing their purchasing power for real, protecting their patrimony against corrosive inflation. 
* What is the negative effects using crypto as currency?
For the Elites and people in control, the entire concept of cryptocurrency eradicates the control system that the government through the banks have on us the citizens. They are now faced and on the verge of loosing the control they have over our financial life because they can not keep track of transactions made in cryptocurrency, hence they need to fight this new innovation through bans and policies.
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?
Government is the main reason for all of these things the reason why it can be listed in some exchanges, it cannot be purchase in some exchange and many more it is because government prohibited its citizen to use it, some Americans cannot buy in some projects because they are restricted and they cannot use some exchange because it is not yet accepted that is binance has a separate domain exchange for US. 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?
Personally, I will not go with the topic of your thread saying rich people cause cryptocurrency ban. I am not seeing any correlation between the two when you are talking about rich people do you mean JP Morgan, Elon Musk, Mastercard, etc. The recent ban that happened was in Nigeria and as matter of fact, it was the people in government who supported the ban. And if I will say any factor that causes the ban will be an economic factor, not money affluence.
Some groups of rich people who came into the party late are the ones asking for the government for a temporary ban to 'license' the usage of such financial tools. If they cannot capitalize on being on the line early, they would have to control who gets the passes or not in order to save some seats for themselves. Not all rich friends have ties to the government, and those who do usually are the ones pushing or tipping their public official buddies to do something about a growing investment right even before it booms to explosion before they could even place their bets on.
Quote
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,
Can you give us a proof,that governments are banning Bitcoin because rich people are buying more BTC?
Can you mention the countries,where governments are attacking Bitcoin,because of rich people buying BTC?
If you can't provide a valid proof,then your statement is pretty bold.
The countries,where the crypto industry is under attack are Nigeria,India and maybe a few other underdeveloped countries in Asia,Africa and Latin America.Those countries aren't attacking crypto because of the rich people buying more cryptocurrencies.They are attacking the crypto industry for two reasons:
1.To avoid export of capitals outside of their jurisdiction.
2.To get more tax revenue(but the end result will be less tax revenue).
the idea is simple.
if they cant control it themselves. then they have to control who accesses it
stage one is to ban the access. then they hold the control for stage 2
stage 2 is to then allow licenced usage if particular things are met.
yep thats how the NYbitcoin licence done it. first ban. then need the licence to use.
its not about stopping people forever. its to make a wall. then make a door
you cant have a door without a wall
if they cant control it themselves. then they have to control who accesses it
stage one is to ban the access. then they hold the control for stage 2
stage 2 is to then allow licenced usage if particular things are met.
yep thats how the NYbitcoin licence done it. first ban. then need the licence to use.
its not about stopping people forever. its to make a wall. then make a door
you cant have a door without a wall
I think the opposite is actually true - the more institutional investors come to Bitcoin, the less likely it will get banned. We are witnessing not only the growth of the number of investors, but also potential lobbyists who would protect Bitcoin in parliaments around the world. It's easy to ban something that very few people care about, it's hard to do so with something popular.
Jump to: