Topic: why bitcoin is banned by the government - page 27. (Read 2070 times)
Bitcoin banned by the government because the decentralized nature of the cryptocurrency makes it hard to control by the government. Some of the concerns also are they will hard a time to control the criminal activities and tax evasions. They believe that the unregulated markets could also pose major financial risks to the economy
It is simple as 2+2. They do not want bitcoin to overtake their entire power scheme in there, why do you think that there are lot of countries doing so? because they are afraid of that their entire corruption chain could end because of this, of course.
I think the government banned bitcoin because bitcoin has been considered destroying banks and creating chaos in the economy, the government is also worried if bitcoin makes its users get big losses at ever-changing prices.
black money is a main reason for it.black money can be legal easley by bitcoin.But I think governments can't ban it permanently.because bitcoin will be legal and it's will be the main currency in the world.
I don' think they can fully banned it. It is the future money. They would make their own national cryptocurrency 
The more government bann bitcoin, the more people use it
I think for some other country they are banned it because of the anonymity and decentralized use of bitcoin no owner so if someone having issue in bitcoin no one could report into the police to investigate ..
Some governments did not want decentralized transactions and they so that they banned it they are not open minded of what can bitcoin gave us a benefit from it.But others country did not banned it but want to study first before they implement it in our country.Its depends in the your country of they want to gave out rule by bitcoin ,In my country it was supported by central bank but they want to study it first before they make it as a payment system.
probably because bitcoin is not yet legal in a country. and, the country is also confused in calculating taxes from bitcoin. because of all bitcoin transactions over the internet. so the country is difficult to calculate the tax of someone who has bitcoin
Most of the countries not yet banned bitcoins or crypto currencies they are just trying to regulate the usage of bitcoins by implementing the necessary taxes so which can be beneficial for governments too.But many people keep saying China banned bitcoin,Korea Banned bitcoin like that but this is not true they just banned ICOs and Exchanges on their countries but still anyone can use bitcoin to bitcoin trasnaction because it was decentralized and no one can take control over us.So most of the countries not banned bitcoin they are just banned from paticipating on ICOs.
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 
Think of it from the point of view of government officials. Bitcoin is scary because it's anonymous. They don't know what the bitcoin users are paying for. This means that if they legalize it in their country, it's possible that they've legalized a currency that can be used for drug trades, terrorism, weapons, etc.
This is dangerous because the government is not supposed to scare the citizens. Besides those reasons, I don't think there's a strong enough reason to ban bitcoin.
This is definitely one of the main reasons why governments are trying their best to not allow to Bitcoin reign over their country. Legalizing Bitcoin in a certain area allows dark transactions which can put the citizens and the whole country at risk. For someone to legalize Bitcoin in a country that prioritizes the safety of their citizens just goes to show how you can turn away from the rules you established for protection if it was put into such use. If Bitcoin on the other hand is not only used for some illegal transaction then I think it's about the diversity of it which makes it hard to manage. The fact that they have no control over this platform due to its complexity can be very frustrating as they cannot keep track of each transaction efficiently. What player514 said is true, we should try being in the shoes of government officials to understand their motives which I know is for the best of their country.
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
It is easy, there are some countries who do not allow bitcoin in there, just like China, they want to have everything under their control, even the communications, they are 100% centralized, and why do you think that they will allow Bitcoins and cryptos in there? Of course not.
I agree with most of the posts, It might be used for illegal transactions, Taxes could also be evaded, but one thing I have just read about on the internet was the concerns of its stability according to the US Federal Reserve because it was not backed up by the Central Bank asset and it doesn't have institutional support considering that bitcoin is run privately with its very large scale payment system. Well they have their point also.
As bitcoin is giving the advantage of boosting one's economy, it also an undeniable disadvantage of making bitcoin a medium to evade taxes, fund organized crime/syndicate, fund terrorism and other unlawful activities that pushed these governments to ban bitcoin.
That is what they say, but intelligence agencies are smart enough to get all these criminals even if they are using Bitcoins for illegal activities. What these governments want it's all the rest of innocent and honest people paying for the criminals, it's not fair. Few guys use Bitcoins for illegal purposes, so a whole nation can't use it... I think it's more about influence and power than to stop criminals as they say...
I don' think they can fully banned it. It is the future money. They would make their own national cryptocurrency
our government reason is corruption, money laundry, also drugs. i dont know why only bitcoin get banned..
As bitcoin is giving the advantage of boosting one's economy, it also an undeniable disadvantage of making bitcoin a medium to evade taxes, fund organized crime/syndicate, fund terrorism and other unlawful activities that pushed these governments to ban bitcoin.
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
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.
I don't really think why they banned but here is my opinion.
Government banned bitcoin in other country because bitcoin could cause some problem like their economy, reduce of employment rate and also bitcoin could use in bad side. If they abuse bitcoin on their country government will be alarmed and thats why they banned it.
Government banned bitcoin in other country because bitcoin could cause some problem like their economy, reduce of employment rate and also bitcoin could use in bad side. If they abuse bitcoin on their country government will be alarmed and thats why they banned it.
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
Think of it from the point of view of government officials. Bitcoin is scary because it's anonymous. They don't know what the bitcoin users are paying for. This means that if they legalize it in their country, it's possible that they've legalized a currency that can be used for drug trades, terrorism, weapons, etc.
This is dangerous because the government is not supposed to scare the citizens. Besides those reasons, I don't think there's a strong enough reason to ban bitcoin.
They ban also because they want to protect citizens from the most risky assets comparing to the regulated stocks market. Most government is not even understand the technology behind bitcoin good enough to regulate and they ban what they can't control.
I don't really think they care that much about protecting citizens from markets. They probably do care about the taxes, though. Less money flowing into the government makes it very hard to actually move through with internal improvements. It doesn't really matter if the government understands the technology. If they believe that blockchain/bitcoin is bad for the country as a whole, they'll ban it. If they see promise in it, they'll accept it. I'm just saying that I understand why governments would be iffy with the idea.
Think of it from the point of view of government officials. Bitcoin is scary because it's anonymous. They don't know what the bitcoin users are paying for. This means that if they legalize it in their country, it's possible that they've legalized a currency that can be used for drug trades, terrorism, weapons, etc. This is dangerous because the government is not supposed to scare the citizens. Besides those reasons, I don't think there's a strong enough reason to ban bitcoin.
Actually it depends on each country. There are countries who want and can take advantage of Bitcoin and cryptocurrency so they legalize and manage Bitcoin. There is also a very concerned country that oversees the various activities of cryptocurrency within the country so that no fraud, fraud, and crime is done with easy to use cryptocurrency. However, on the other hand there are also countries that do not want to take advantage of Bitcoin and cryptocurrency because they feel disappointed first with cryptocurrency. They think cryptocurrency can not be used by the government and do not use taxes. Jump to: