why bitcoin is banned by the government - page 4.

DRVX

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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

Many state authorities and banks are not interested in Bitcoin. Normally if I want to send money to someone across the world a bank would need to verify that transaction and it could take days but with Bitcoin it is vastly faster because no bank or other institutions is involved.

charlemagne_15

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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

In my opinion, governments banned bitcoin maybe because of they are afraid of its possible positive impacts to the people that may affects the economy of a country. In addition, the security of bitcoin is maybe a reason why they don't acknowledge it. We know that we aren't sure if bitcoin is really secure to the dangers. It also doesn't have a formal basis and the beginning or developer of it is unknown.

zero9119

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Some countries believe that the BTC is a place where risks, where bad guys, terrorists are gathered. But this is wrong, any kind of money is the hidden place of the bad guys not just bitcoin. But look at their benefits, make a decision. I think BTC is the best market for us to invest in, which is the most sustainable market.

Naughty Princess

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Quote from: Infern0 on April 16, 2018, 07:46:16 AM

The reason is simple. Many governments are not aimed at improving the welfare of their citizens and therefore prohibit bitcoin. Or they are afraid for their national currencies, that they can not withstand competition with bitcoin.

Sometimes the reason is because the people itself who use bitcoin for illegal purposes. We must not abuse the freedom that it gives us. Bitcoin is helping country for the economic growth and also for the welfare of the people. We must not do something that will give reason for the government to ban. Use bitcoin and investing in good way to earning and live comfortably.

maculeth

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because bitcoin is prone to illegal transactions, since transactions using bitcoins are very easy and safe, covering the whole world, small fees and also don't have to go through local banks to make transactions. so people can be free to do any transaction.

valentine401

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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

There are more people today who are interested on trading in the market more than working on the corporate world and because of that, government are afraid if there's no one left to work on the corporate world.

djkyno

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The governemnts ban Bitcoin and crypto currencies because they dont like that their citizens deal with decentralized currencies, and since the governments can't control Bitcoin and other digital currencies, they try to ban them and to spread fake news about them, in order to discourage their people from using crypto. But they cant really ban crypto currencies because it is accessible to everyone having Net connexion, almost.

Btcnaivie

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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

The governments can’t ban something they can’t control, if they would like to destroy it, they would have to erase every node in the network which is nearly impossible - All the computers which contain the blockchain history need to be put offline. Governments all around the world don’t think the same way, even if they manage to make bitcoin illegal in a country, not everyone will follow because Blockchain is a revolutionary system which a lot of open-minded leaders are starting to embrace it.

What governments can do is regulate the use of cryptocurrency by making exchanges provide information about everyone who bought or sold those coins through their service. - KYC - Know your customer. A worst case scenario is that governments regulate the shit of the crypto that make their use uprofitable. - But don’t you worry people will always find ways to bend the rules.

MNtrio

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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 they started to banned bitcoin because unlike the rice of a mall or in a market that its stable.And in bitcoin how they manage it if the value is not consistent but its so high.

RedzoneASE

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TRONscratch.com

Well, I guess it is simple. For example, they can't gain from it while it can affect their countries economy. Second, is to prevent thier people being scam from any side of cryptomarket.

Nyeyzel

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I think other country ban bitcoin because their government doesn’t have control over bitcoin. The anonymity and decentralized bitcoin have. The government thinks that bitcoin can be used in corruption and drugs. Banks can lose their money because people are investing in bitcoin and not in their bank. But on the good side, bitcoin can help their people in the financial status.

Infern0

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The reason is simple. Many governments are not aimed at improving the welfare of their citizens and therefore prohibit bitcoin. Or they are afraid for their national currencies, that they can not withstand competition with bitcoin.

herminio

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Transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment and its very difficult to collect taxes that's why some country's are not allowed their citizens to use bitcoin.

Quantler

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Blockchain driven investment management - Quantler

Quote from: s.mahmood on April 16, 2018, 07:11:49 AM

Governments of many countries ban botcoin because they don't get any tex or they don't understand what is bitcoin technology and how it work.

Depends on the country. Btw, if I put my money on a Hong Kong based bank account (which has a banking secrecy) the tax authorities will not know it either. That being said, even though many governments might not understand bitcoin technology, they do understand how something of value needs to be taxed. Regardless of how it works.

s.mahmood

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Governments of many countries ban botcoin because they don't get any tex or they don't understand what is bitcoin technology and how it work.

sheldonnnn

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Governments are afraid of Bitcoin. Bitcoin claims that “It 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 and the fact that Bitcoin users don’t need the existing banking systemis the primary reasons governments are afraid of the cryptocurrency.

Mastsetad

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Quote from: xbl1008 on April 13, 2018, 02:29:05 PM

Now they have banned it for the reason that they still don't know it and they want some time to fully understand it. How can you regulate a thing you don't understand and government have the power to cease it use for the people to be not involve in its potential risk though it might give you rewards but to the government its still unknown so they will not support it as of now.

My opinion is different than yours because I think that volatility is not good for the success if bitcoin. Many people afraid to invest in bitcoin because they have the fear that if the price falls they will lose all their investment. So they avoid investing in bitcoin. Besides volatility stability is more good for bitcoin.

enwi

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there are some governments of a country that prohibit bitcoin because they consider bitcoin dangerous because it has a fluctuating price and can be used for crime and the government can not control the use of bitcoin

MoonWhale

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It's very simple. They are afraid of losing control of the financial flow. I do not see other reasons , the rest "is attracted to the ears"

iqlimasyadiqa

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Quote from: sri11 on April 14, 2018, 07:20:56 AM

why bitcoin is banned by the government. may be many reasons the government forbids it, bitcoin is not commonly controlled by the government, has a very high risk, making terrorist financing, and bitcoin can be used as money laundering. maybe that's the reason why the government forbids bitcoin

The most logical reason issued by the government is that the government fears if Bitcoin can not be controlled so that it will disrupt the economic situation in the country. We admit that the price fluctuations Bitcoin is very worrying because the price Can easily move up and down. The government is still looking for good formulations and it seems they have started to open up to crypto.

Although in the past many countries are trying to banned against crypto but ultimately countries like Japan open themselves to crypto. We must imitate japan because japan can successfully apply the crypto well. This is a move to realize a much better future, in which the era of a digital currency can be recognized and applied in a variety of important sectors.

Topic: why bitcoin is banned by the government - page 4. (Read 2070 times)