In my opinion, why is the government forbidding bitcoin?
1. It can not be managed, taxed, anonymous, unstable
2. Bitcoin breaks the rules of banks on issues such as fast money transfer. It is also possible for bad intentions
Topic: What is the main reason Behind Crypto Ban From Many Countries? (Read 442 times)
the government is clearly very concerned if bitcoin is received because it will have an impact on economic growth as well as the number of terrorism crimes and safeguarding the finances of a country as a legitimate payment of a country's money.
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
Fear is the main reason. Thank You
Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. That lack of central authority is the primary reason governments are afraid of the cryptocurrency. Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement, dictate who profits from that movement and collect taxes. All of this control, interest and profit is lost when non-government bodies create their own currencies, such as cryptocurrencies. Crypto gives freedom to the people.
Obviously the main reason is governments want to tax you. Second is to protect banks. Somewhere waaayyy last is an attempt to "protect" people from losing money from scams.
Don't worry, most countries will realize that banning Bitcoin is pointless. Most are even going in the opposite direction and encouraging Bitcoin. You see localities that may accept taxes in Bitcoin.
You are right on point, eventually, most government will come to accept bitcoins as a legal tender and find a way to regulate it so as to collect tax from it .It may take time but the world is tending towards a decentralized system Don't worry, most countries will realize that banning Bitcoin is pointless. Most are even going in the opposite direction and encouraging Bitcoin. You see localities that may accept taxes in Bitcoin.
In my opinion, the reason is:
- security and politics: The anonymity of a secret term means that it can be used for illegal transactions: drugs, tax evasion, weapons
- Banks and government: The overwhelming growth and the benefits of crypto trading make the importance of banks affected. Some people have bought crypto instead of depositing their money into the bank. Long term it will affect the benefits of the economy.
Virtual currency uses blockchain technology and anonymity. It is not controlled by any government.
- security and politics: The anonymity of a secret term means that it can be used for illegal transactions: drugs, tax evasion, weapons
- Banks and government: The overwhelming growth and the benefits of crypto trading make the importance of banks affected. Some people have bought crypto instead of depositing their money into the bank. Long term it will affect the benefits of the economy.
Virtual currency uses blockchain technology and anonymity. It is not controlled by any government.
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
I think the underlying reason is control.The government and its various agencies cannot exercise full authority and thus leadership without some measure of control over its citizens.Crypto-currencies sorts of disrupts this balance because of its decentralized nature.If they cannot control it, then they cannot take taxes from it nor can they restrict its use in certain activities the government considers foul play.e.g money laundry.Hence the hostile approach by some government Thank You
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
Thank You
its diverse,
currently most legit and supported reason is:
protection of reliable access of consumption capacities for specialised laborers
least legit reason is, proetcion of supply of laborers by established communal neofeudalists,
mass media has diverse ownership so the way society response has a mixture of elements
there are also many others, like terrism perceived needed statism
fear of loss of power,
i recently blogged an article about a generation of investment punks that is losing their power if the national banking cartels collapse
Because they can't tax it, they want there slice of the pie.
So they ban it until, they can come up with a way they can regulate it.
They don't like the fact that they have no control over us, they control us through money. With Bitcoin they can't
So they ban it until, they can come up with a way they can regulate it.
They don't like the fact that they have no control over us, they control us through money. With Bitcoin they can't
The main reason is some government like in my country they are unaware of the importance of btc but time will prove the importance of btc and soon they will consider it as legal form of transaction and business but as earlier mention that it will take time. These days crypto currency is becoming more and more popular in the developing countries but the third world is unaware of its importance that is why.
February 18, 2018, 03:09:00 AM
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
Because bitcoin is decentralized and anonymous, the government cannot control bitcoin. They believe that the development of bitcoin will affect their control of the national economy. The government can't benefit from bitcoin. Thank You
February 18, 2018, 02:48:16 AM
Because cryptocurrency markets are not yet legally binding, they cannot be taxed, and the tax on cryptocurrency markets is staggering.
Then ICO is not well regulated and there are too many fraudulent ICO projects.
Then ICO is not well regulated and there are too many fraudulent ICO projects.
February 17, 2018, 11:46:58 PM
Obviously the main reason is governments want to tax you. Second is to protect banks. Somewhere waaayyy last is an attempt to "protect" people from losing money from scams.
Don't worry, most countries will realize that banning Bitcoin is pointless. Most are even going in the opposite direction and encouraging Bitcoin. You see localities that may accept taxes in Bitcoin.
Don't worry, most countries will realize that banning Bitcoin is pointless. Most are even going in the opposite direction and encouraging Bitcoin. You see localities that may accept taxes in Bitcoin.
February 17, 2018, 11:38:42 PM
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
Thank You
We all know how bitcoin couldn't be manipulated by some sorts of government. That is why we tend to create our own civilisation with it. That could be the reason why they tend to stop bitcoin. It is not about the whole thing of virtual currencies but the civilisation.
February 17, 2018, 11:33:06 PM
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
Thank You
That's because each country has its own currency and crypto currency is something new that its regulation has not yet been set by the Government. I think the countries that banned bitcoin it is just fear bitcoin will overwhelm the country currency circulation and reduced revenue from taxes.
February 17, 2018, 11:05:51 PM
The government has not get benefit on bitcoin that is why they want to ban bitcoin, I think government want to put tax on bitcoin but they do not know how to implement it and this not good for the economy so they cannot control it and end up banning bitcoin. We all know some of the users of bitcoin used it for they scheme and government want to stop it.
February 17, 2018, 11:03:03 PM
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
In my opinion the government banned exchanges not because they don't like the idea of earning additional income thru bitcoin but the fact that it can hide illegal transactions without any way to trace them. Chances are bitcoin can be a way so that corrupt officials can fulfill their illegal acts which government cannot control nor prevent. I think the idea of decentralization is a big issue why bitcoin as well as other alts will find their way to become a legal tender of the world. Thank You
February 17, 2018, 10:57:12 PM
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
Thank You
There are two basic reason, it might possibly be the threat of crypto to countries economy. Coins were being used for transaction even the illegal one. It becomes threat because the rate of unwanted activities are increasing. They stop it because many people are also lossing money because of scams. Another reason would be, government is not getting any benifit from it. If thet dont get anything from it, then they wont recognize it.
February 17, 2018, 10:44:01 PM
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
Thank You
They see it as illegal. Because they can't charge it with tax. That's is the main reason why the government in.other country are banning bitcoin. All they think is how to take people's money. They think that public service will make their pockets full of money. So, if they can't charge tax bitcoin. Therefore they will just ban it so they don't need to worry about it.
February 17, 2018, 10:40:21 PM
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
Thank You
They main reason is that the government each country wanted to protect their economy and they do want to regulate and manipulate the circulation of the crypto currency in their country so that they could even imposed taxes on the earnings.
February 17, 2018, 10:36:05 PM
Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
In one word fear, they are fearful, they are going to lose control of the population, governments have done a great effort to create a society in which they have most control of the activities of it, something like bitcoin threatens that, think about it, if someone came to you and asked to hand over your house will you do it? If the answer is no, then this is the same attitude governments have against bitcoin. Thank You
Jump to: