Topic: why bitcoin is banned by the government - page 8. (Read 2037 times)
Many countries are banning Bitcoin because of it's decentralized nature.As it is decentralized in nature so no government is able to track and control the transactions made thorugh Bitcoin.So people involved in the transactions are not identified.This made the transactions anonymous and tax free.So the governments are banning Bitcoin because they don't want any such currency to be in action over which they have no control.Due to the anonymity provided by Bitcoin many users are using Bitcoin in illegal dealings such as drug dealings,ammunition dealings etc. This is one another reason why Bitcoin is not supported by many countries.
In my point of view the main reason of bitcoin ban is to stop the illegal transaction of black money. As we all know that on d8th November 2016 Indian government took a major step to stop the black money but after that many people invested in crypto currencies. So Bitcoin ban may be the another step to stop the balck money and black money holders.
My country is also banned from Bitcoin transactions. The reason is that without having a formal basis and regulating authority, Bitcoin is prone to abuse of illegal transactions, money laundering, and financing of terrorism. They say that Bitcoin has the potential to cause markup. Therefore, the transaction of speculative virtual currency values.
Because the very idea of bitcoin, how it works, undermines the foundations of any state administration. Control over the issue of money is the main tool for control over society, and bitcoin and crypto-currencies give this kotnrol to the masses.
There is only one main basic reason in this filed in my opinion.
They are scaring due to preventing tax via cryptocurrency.
They are scaring due to preventing tax via cryptocurrency.
Bitcoin is banned by the government because they can't collect tax on bitcoin.And they can't control the people invest in bitcoin.
I have the belief that bitcoin has greatly helped the economy of its users and has changed its life for the better, so the government must support bitcoin. Yes, the government should also see the positive side of bitcoin users
It is banned for the reason that they take bitcoin negatively. They think bitcoin is the tool for fraudulent transactions made by many. They cannot take control of bitcoin as well. Even if it has been helping a lot of people earn big, they are still against of bitcoin. It saddened us as users. Bitcoin has already dominated in some other countries yet government is the number one who oppose to it.
I don't blame govts at all since they rely on taxes for further development of their respective countries. I just hope that a compromise will be arranged soon since Bitcoin and cyptos in general stand behind a legit technology which is corruption free and secure.
For me, I think bitcoin is a big threat to their economy because people may just earn profit without being taxed by the government becase it will not be able to monitor the proper implementation of tax on individuals earning from bitcoin because of its decentralized property.
The governments can do the reactive operations to know about how much crypto currency some person has managed to purchase and when and then the government can do the taxations of that profits. There can be a regulatory authority in the government sectors which give the security to the people on their investments in the bitcoin in return of some taxations. Now there are ways and means to implement these, but for that some government has to be a first one to do these things. 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 
I think because theyre are conservative about what will happen to economy if unemployed people chooses to work on bitcoin wages and tax were increasing now so i think also that they think that bitcoin is a gamble and scammers section untrustworthy for them .
For me, I think bitcoin is a big threat to their economy because people may just earn profit without being taxed by the government becase it will not be able to monitor the proper implementation of tax on individuals earning from bitcoin because of its decentralized property.
If for fair of its citizen being scammed or criminalized on line, we may say their trying to Ban Crypto which is impossible anyway, because it is deregulated is justifiable to some extent. But apparently and emphatically, most governments are trying to set this motion in place for self aggrandizement , where nothing in the economy can be created to supersede their monopolistic economic effect, bringing about independent sustainable economic growth of the users.
It is banned for the reason that they take bitcoin negatively. They think bitcoin is the tool for fraudulent transactions made by many. They cannot take control of bitcoin as well. Even if it has been helping a lot of people earn big, they are still against of bitcoin. It saddened us as users. Bitcoin has already dominated in some other countries yet government is the number one who oppose to it.
I don't blame govts at all since they rely on taxes for further development of their respective countries. I just hope that a compromise will be arranged soon since Bitcoin and cyptos in general stand behind a legit technology which is corruption free and secure.
It is banned for the reason that they take bitcoin negatively. They think bitcoin is the tool for fraudulent transactions made by many. They cannot take control of bitcoin as well. Even if it has been helping a lot of people earn big, they are still against of bitcoin. It saddened us as users. Bitcoin has already dominated in some other countries yet government is the number one who oppose to 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
The reason the state forbids bitcoin is that the government is afraid of bitcoin to be a threat to the economy because the government can not control and regulate the use of bitcoin, which can regulate and control bitcoin only the owner of bitcoin itself. 
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
Bitcoin is not only giving benefits to us because bitcoin can sometimes be a reason why many illegal activities are happening. The reason why some of the government are banned the bitcoins because of the disadvantages of the bitcoins.
It is banned by our government because they think that bitcoin is a big scammed , they know that it is not real investment for us .They don't know that bitcoin is very useful and it is the way for us to have a financial freedom they don't have a enjoy knowledge in bitcoin .so they make bitcoin banned
Bitcoin is not really banned (actually, is practically impossible), but in some countries you can have trouble if you try to exchange bitcoin in local currency.
So, take care. But as there is not a common decision by governments, and we are now in a global world, it's very simple to use bitcoin in spite of any ban that a local government can do.
So, take care. But as there is not a common decision by governments, and we are now in a global world, it's very simple to use bitcoin in spite of any ban that a local government can do.
government banned bitcoin because it is not controlled by them, and because it is not under their control they cannot collect taxes,license payments and other miscellaneous...
The main reason why government banned bitcoin because when we say government they are the one who will protect our country, the people living in that certain teritory. They are the one who assigned to secure the security. Aside of legal transaction in bitcoin it can also use in illegal way, were in when you process or transac something like drugs, hidden business and other it cannot be trace, so the criminal and the crime is unknown. But in a good way bitcoin really help to improve our economy.
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
Government like to ban things they can not control. That's why they prefer to ban bitcoin or other cryptocurrencies.
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