Topic: why bitcoin is banned by the government - page 11. (Read 2037 times)

Governments can ban Bitcoin, but the ban cannot be very effective. So, typically, they use other means to discourage Bitcoin ownership and trading.

But more to the point, what is the reason for these efforts to discourage use? Are the reasons and goals practical and legitimate?

Does Bitcoin present a threat to sovereignty, control of the domestic money supply, borrowing, inflation, foreign exchange or fiduciary institutions? Yes and No…

Gradually, lawmakers in some countries are beginning to perceive Bitcoin as more of an opportunity than a threat. There may be no need to dissuade citizens from adopting Bitcoin, even if the populace saves or spends it as actual stored-value cash and not just as a payment instrument.

Bitcoin is not banned in my country here anyone can use btc or whatever they want.In some countries the government banned bitcoins and all i got to say , about that government is that they are losers as they have banned the citizens from using one of the best investment goal which could help them improve their financial side as per my view if a person grows up financially he himself is contributing his part of financial affluence for his own nation as well  because if you check for yourself if an investor get profits from their investment their profit will be cashed and it will be converted to cash and nobody store it as btc when they get profit as the profit can be utilized only when it is converted to cash .The ban happened as the government did not have much idea about btc and they tried to impose their rule but they cannot do anything on it as it is not something which is coming under any government and banning it does not affect the business of btc on long run.They don't realize the loss that they have by imposing a ban.

Bitcoin is shaking the authority of the states. That's why they do not like it. Money is power, let's not forget it.

Bitcoin might be use for illegal transaction. Many people might be scammed or even the government.

There is one famous etching in politics, always make your people dependent on you and they will be listening to your every stupid talk you say or very stupid action you perform because they are dependent on you.

Same thinking lies in here when these politicians are asked why they don’t allow bitcoins to be a supreme currency of their country. They are afraid of bitcoins that they will give freedom to people.

The point is a concern. still seen many negative sides that are still visible in bitcoin. From some sides of the excess, sometimes it's thought will have a negative impact to the country, although indeed helping people to earn money / as a job. However of course the people who are live not only a good people, there are will still be the people who are otherwise.. that can take advantages of bitcoin excess to do some negatively activities.

Not all government banned bitcoins.  Their are several governments only.  Because they want ban bitcoin,  most people are very abusive to used bitcoins.  They used to the bad things so the government have no choice they banned bitcoins.

For me bitcoin is banned because it can kill the economy of a country. It can make all banks close. But aside those things, bitcoin is still usefull and many people use it and benefit on it,

Because they do not like it. They are saying that bitcoin is manipulated by someone. They said that it is  a risk since it is a digital currency which is decentralized and unstable.

It's all just FUD. Banning bitcoin is like moving backwards for your country. This is just FUD being spread so other can get in on bitcoin. Governments already see the potential for cryptocurrency and are just planning on regulating them.

Some government banned bitcoin in their country because  they are afraid that their people will choose to use it rather their paper money(fiat). They are afraid that bitcoin will affect the financial stability of their country. And also they can't control and can't impose tax from bitcoin because it is decentralized. They cannot benefit from bitcoin.
And also, they are afraid that some of their people might use bitcoin to do an illegal transaction.

In my opinion, bitcoin is prohibited by the government because the government does not benefit from bitcoin, bitcoin cannot be controlled by the government and also the government is afraid bitcoin is used as a place to commit crimes such as money laundering corruption.

The reason is simple. Bitcoin has disadvantages in our society. There is bad effect to the financial institutions if all of the people will start patronizing bitcoin. Many governments say that bitcoin is a threat to banks.

the reason is diverse, ranging from criptocurrency fraud issues, to hacking. Like in south korea, a number of trading offices allegedly abusing virtual money in order to avoid taxes, for that ministry of justice south korea is preparing a draft ban on the type of criptocorrency trade

I think the governments are trying to control bitcoin that's why they have to imposed some strict regulation and taxes etc for this they have to be very curious about the paper money and those who use bitcoin or other crypto currency they can do many transaction over the internet and they will not be able to control over it So they are spreading this news in the crypto market do destroy this market. 

As I have heard there are so many possible reasons why they did banned use if bitcoins, Some countries fear it could be used for illegal activities and or terrorism. Others would like to regulate it because of fraud in bitcoin transactions.

You should aware that the bitcoin has bad side. There are also disadvantages that the bitcoins have. The reason why governments were banned the bitcoin is because they know the disadvantage of the bitcoin can create big problem in the society.

Bitcoin was conceived as a state-independent data exchange system for crypto money. And such a system is really independent of the states around the world. Bitcoin can not replenish the state treasury, only this advantage of the crypto currency already has a negative impact on the national currency.

Crypto currency becomes dangerous for many components of life. It is free, independent, does not allow the country to earn money on its citizens. But it's on the surface. What are the deep reasons why Bitcoin is so stubborn to prohibit, and many countries have already been banned. The reasons are as follows:

- Bitcoin, like other electronic currencies, can be used to launder money or to evade taxation.

- The system does not have a controlling center, so it will not work out in order to appeal or reverse the transaction in the reverse order. That's why Bitcoin was banned in many countries - under the pretext of protecting its citizens from financial fraud, which are irreversible.

- Virtual money does not have security. Also, there are no organizations that would be responsible to the holders of the crypto currency. Transactions are more speculative, and there is a risk of losing the price of Bitcoin in the future.

- Propaganda of Bitcoin is a threat to the financial system. This is one of the answers why Bitcoin was banned in Russia. Confirmative step was the entry of seven sites on the crypto currency under the ban from Roskomnadzor.

- Legally, crypto currency is not regulated and is not limited. At the same time, the process of awareness of the danger that comes from electronic coins has only just begun in many countries. At the same time, governments do not always make informed decisions.

 

Each time the decrease of bitcoin is decreasing, but every time the drop drops in a small and smaller area, many have it. An old idiom that shows this statement: "Do not cry." The PBOC has "waved a lot" many times, and it is impossible that many will give their attention. Bitcoin, by its nature, is not governable by any government, and any specific government or The attempt to limit its use of the bank can only harm itself and its people.