why bitcoin is banned by the government - page 18.

burner2014

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Quote from: onrise on January 27, 2018, 10:07:10 AM

Quote from: Peterson410 on January 27, 2018, 09:35:36 AM

Bitcoin is banned by government because, government feel threaten and they don't have control over bitcoin, government feel bitcoin is illegal because it not a register company, no tax, so they feel is illegal, and banned it.

Few demerits which govt or the organized body consider is that : -

1) It can be misused easily and it can cause a national threat .
2) Black money can be easily rotated and deposited anywhere in the world through this means.
3) Its is traceable but not fully in direct control of the govt like how banks accounts are.
4) Misappropriate in the taxes can happen through this form.

It is not actually banned they are just saying it in the social media that it should not be tolerated, they are just giving restrictions about it.
And they don't want the idea in bitcoin as they kept saying that they are just manipulating the price of bitcoin and are just scamming people and in the end they will all get the funds of it.

xandra

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Base on what i had read government banned bitcoin it's because there are people using bitcoin for illegal purposes and they cannot solve it easily because of the secret information of every transactions that people made.

hshr0h3110world

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Well as for my opinion, I think it's because of the fact that bitcoin is a decentralized type of currency. Think about it, a currency or wealth inside someone's territory wherein the leader has no full control of it. Unlike the currency we have today, it is a centralized one. The government has ways on where and when to spend it. How to utilize it for their projects and stuffs as they have the assurance that the money will flow around solely at their economy. While a decentralized one and something intangible, a digital form of currency, they might doubt it on how they might be used and another thing, these currency is sure an non taxable one.

Punisherx100

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Quote from: stevano on January 21, 2018, 10:51:19 AM

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin

I think their major reason is because it was so risky given the fact that they don't regulate it. Maybe they just concern about their countrymen that's why they banned Bitcoins. There is also a possibility that it is because it has no tax and they cannot earn money from it. Hopefully it wasn't their reason.

onrise

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Quote from: Peterson410 on January 27, 2018, 09:35:36 AM

Bitcoin is banned by government because, government feel threaten and they don't have control over bitcoin, government feel bitcoin is illegal because it not a register company, no tax, so they feel is illegal, and banned it.

Few demerits which govt or the organized body consider is that : -

1) It can be misused easily and it can cause a national threat .
2) Black money can be easily rotated and deposited anywhere in the world through this means.
3) Its is traceable but not fully in direct control of the govt like how banks accounts are.
4) Misappropriate in the taxes can happen through this form.

syaripudin

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if in terms of economic improvement faced by society in a country I think bitcoin is an answer to that problem. and the question is why certain state governments are banning on bitcoins. I think the problem is about taxation because bitcoin is a virtual asset that there is no control from any party so foreign exchange may be the case that is where every bitcoin user is not tied to the tax system that should be obtained by the government. and I do not think banning the right thing to do is a system change made by the government and must be done by bitcoin users.

Peterson410

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Bitcoin is banned by government because, government feel threaten and they don't have control over bitcoin, government feel bitcoin is illegal because it not a register company, no tax, so they feel is illegal, and banned it.

Umar001

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Bitcoin is banned by government because, government feel threaten and they don't have control over bitcoin, government feel bitcoin is illegal because it not a register company, no tax, so they feel is illegal, and banned it.

sukamasoto

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My government ban bitcoin because it can be use for money laundry attempt which my government very against with them.
As long as I can still trade, I have no worries but let say if my government also legalize bitcoin like Japan and South Korean, I think bitcoin current value will reach $ 15.000 !

semutracing

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Quote from: princesspoppy on January 23, 2018, 10:40:12 PM

I think the reason why bitcoin is being banned by governments is because they feel threatened for bitcoins being decentralized. It only means that government can't control it and I think this the reason why they ban bitcoin. If people keeps investing in bitcoin, government would not be able to control these people, know their transactions, if they're doing illegal things or what.

yes, the government also does not get taxes from these bitcoin transactions, because the bitcoin value can not be affected by the policies of any government of any country, the government is also worried if bitcoin more and more investors who invest will threaten the existence of conventional money

imking

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The government prohibits Bitcoin because of there reasons. We all know that bitcoin is capability is very tremendous, and it will be complicated to know how is the person behind that codes or that name. Also, some criminals use bitcoin’s ability to do their illegal work, like selling drugs, scamming site or more. But some country accepts bitcoin because they know what will be the good effect of it.

wowbit123

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Quote from: sister1001 on January 21, 2018, 06:21:06 PM

Quote from: stevano on January 21, 2018, 10:51:19 AM

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin

They may want to ban it, but it is nearly impossible to carry on effective measures to implement that decision. In essence, they just don´t like people with too much economic freedom.

Not all government here in the world ban bitcoin. Their are country they allowed their people to used bitcoin but in a good way. Because their are people who own bitcoin but they abused to used it. So be responsible.

jaysabi

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Quote from: dynospytan on January 21, 2018, 08:58:01 PM

Quote from: stevano on January 21, 2018, 10:51:19 AM

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin

There are just some government that wants to ban bitcoin but not all the government in each country. We all know that when we earn bitcoin we dont pay taxes. That's one a good features of bitcoin, you can earn it in easy way. Now, for me, I think why government wants to ban bitcoin because as I have said earlier, it is tax free. It means instead of finding a job, a lot of people would just focus in earning bitcoins rather than look for a job and pay for the taxes of the government.

You're going to find that Bitcoin is not tax free. Most countries already have rules or laws in place that require you to pay tax on earnings in Bitcoin and capital gains on Bitcoin price appreciation. Most countries haven't banned it either. At best, most are agnostic, at worst, a few have outright banned, but they are the vast minority.

Edrian

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Quote from: stevano on January 21, 2018, 10:51:19 AM

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin

Bitcoin possessed an ability to change once counties economic system, that is why some government ban bitcoin. If people invest more in bitcoin rather than fiat their banks will lose some of its profit and it will affect the economic growth of a country, the impact is not that huge but still, it will pinch on their economic system. Bitcoin helps people but not the country itself. some countries are too strict about this, and others use an alternative way to help their economy by putting a tax on bitcoin, but of course, it was painful to some people especially to those who earn a minimum amount of bitcoin.

Coins and Hardwork

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Quote from: KingdomHearts on January 27, 2018, 03:57:08 AM

Quote from: sizzle729 on January 24, 2018, 09:57:26 AM

I think, the reason why the government banned bitcoins is because they simply cannot take control over it. Even imposing taxes and laws covering bitcoins is somewhat impossible to achieve beacause of the complexity and anonimity of the users and investors . And also, it is being targeted and used by unscrupulous individual laundering money and using it in crime tactics.

Not really, I don’t think that’s the case, I believe there is a different reason for that, and whenever they discover it, they try all they can to ban it from their country. If you say it’s because of they can’t control it, then what about gold? I thought gold is being controlled by individuals and not the government. So not being controlled is not the problem.

Then if there are more reason, I've read something that bitcoin can be also manipulated right? So if gold is also not in control of the government same as digital currency particularly bitcoin why? Is it the features of Bitcoin like the anonymity and volatility? Because it is the feature that is far from the golds.

Brunus

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To say that bitcoin is banned by the governments, is just a fake news: of course they try to understand what happens: they see that there is the possibility to move big sums of money without any control, and it's clear they don't like it.
But all they can do is to make difficult to change bitcoin in fiat money, as a real ban is actually impossible.

KingdomHearts

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Quote from: sizzle729 on January 24, 2018, 09:57:26 AM

I think, the reason why the government banned bitcoins is because they simply cannot take control over it. Even imposing taxes and laws covering bitcoins is somewhat impossible to achieve beacause of the complexity and anonimity of the users and investors . And also, it is being targeted and used by unscrupulous individual laundering money and using it in crime tactics.

Not really, I don’t think that’s the case, I believe there is a different reason for that, and whenever they discover it, they try all they can to ban it from their country. If you say it’s because of they can’t control it, then what about gold? I thought gold is being controlled by individuals and not the government. So not being controlled is not the problem.

Barcode_

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There are a few reasons why the governments might not be supporting bitcoin fully, it is much more easier for citizens to escape paying the taxes via bitcoin trading as they could always purchase bitcoin via other ways rather than using legal crypto-currencies exchanges. Secondly, bitcoin is a decentralized digital currency and this would not allow the government to gain control of it and they might see it as a threat to their country economy.

BumbleBeast27

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The govts' reasons in banning Bitcoin is actually understandable if we take corruption out of the equation since taxes are used to further develop countries.. Without funds from tax flowing, what will they use to help the country grow?

LoudA__

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Quote from: torch2121 on January 27, 2018, 12:21:22 AM

For me the reason why some government ban Bitcoin is because they have no control of it and they will not benefit from it.

I think it is one of the reason why the government ban bitcoin, the other one I think is maybe they feel threatened to what it can be done to the economy of that certain country. The government here in our country did not ban bitcoin, they regulate it and warned us what we can do and what other people can do to us, I just hope they do not ban bitcoin since it is easy now to sell bitcoin.

Topic: why bitcoin is banned by the government - page 18. (Read 2070 times)