Why bitcoin is not supported in some countries? - page 114.

andrei56

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Quote from: taxmanmt5 on May 28, 2017, 04:21:27 AM

Quote from: bryant.coleman on May 26, 2017, 01:01:18 PM

Quote from: Takuul on May 26, 2017, 12:46:45 PM

There are few countries banned BTC and don't allow their citizens to use it mostly because of the effect on the local currency in exchange for an international one (BTC), Therefore will result in their currency seeing it's actual value compared to other currencies compared to BTC.

This is a major problem in countries, where the national currency is extremely volatile, such as Venezuela and Argentina. Normally, limits are there regarding the conversion of the national currency to other foreign currencies. But in case of Bitcoin, these limits can't be enforced in most cases, due to the transnational nature of BTC.

No matter how much a government dislike bitcoins and make it harder for people to use it or convert it into fiat, still they will not succeed in it 100%. Insipite of all the bans make by the governments, people are still able to use it online . Governments can only discourage the use of bitcoins by giving lots of incentives in local currency transactions but they cant completely ban it.

In a way you are correct but governments can really slow down the adoption of bitcoin by making it illegal, while other things that have been declared illegal have become even more successful because of it, like alcohol, we must not expect the same to happen to bitcoin since bitcoin does not generate a physical need like alcohol does.

ocid

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Bitcoin is a digital currency where technological developments find the latest way that can make it easy to transact, I think the country is not not support with the existence of bitcoin but many people who do various transactions either trade transactions or illegal sale and purchase of goods so the government did not formalize this bitcoin because many misused.
But the state does not prohibit the use of bitcoin because there are many banks that work with bitcoin.

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Quote from: dwieyani on May 30, 2017, 02:57:08 AM

I hope the country can accept bitcoin because it makes my future even better, that's my hope bitcoin.

It is easy for a country to accept bitcoin because of its advantages and features, i think the countries just need to notice bitcoin and if they will notice bitcoin then they can easily study it and do a lot of research about it and after that they can easily decide if they will accept it or adopt it as a currency or not.

dwieyani

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I hope the country can accept bitcoin because it makes my future even better, that's my hope bitcoin.

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Quote from: Mpamaegbu on May 29, 2017, 08:37:43 PM

Quote from: algernonen on May 29, 2017, 05:04:36 AM

as people prefer Bitcoin to escape taxes
This would affect a country's monetary system

I really don't think so. The government can still make users of Bitcoin pay taxes if it means to do that.

I guess Bitcoin isn't supported in most countries because its workings aren't even clear and to some that even have a grasp of it still think it's risky to be included in the financial system of their countries.

Taxation is a part of the economic system. If government has plans of accepting bitcoin, sure they can make changes to the taxation system adding bitcoin to it. If it's added to the legalized monetary system sure most users will enroll themselves avoid complications and other legal issues.

Botnake

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Quote from: CheapVccSeller on May 29, 2017, 08:59:19 PM

In most countries not many people know yet what bitcoin even is. Even here in u.s not everyone knows what bitcoin is.

Because bitcoin is not really an interesting invention for everyone, there are people who does not have internet so they do not have access
on bitcoin. My estimate tells me that we will not going to attract an adoption of majority of the world's population.
Bitcoin will be popular but up to a certain extent, not to beat legal currency at least.

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Quote from: Juggy777 on December 20, 2016, 10:45:35 AM

Quote from: malekbaba on December 20, 2016, 09:22:20 AM

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

That's really weird especially the jail part, the countries I knew allows Bitcoin use, though it's not legal but there are no such restrictions. But then again each country has its own policy and rules. Maybe the citizens have been grossly missing it or the country has not understood it at all. However I feel. Really sad for this users. Hope the country changes it law.

I think that some countries do not allow use bitcoin is because bitcoin network difficulty control, so bitcoin does not fall under the jurisdiction of any one.Each country has there own laws, looking forward to that after this bitcoin grow, it will do somewhat think of them.

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In most countries not many people know yet what bitcoin even is. Even here in u.s not everyone knows what bitcoin is.

Mpamaegbu

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Quote from: algernonen on May 29, 2017, 05:04:36 AM

as people prefer Bitcoin to escape taxes
This would affect a country's monetary system

I really don't think so. The government can still make users of Bitcoin pay taxes if it means to do that.

I guess Bitcoin isn't supported in most countries because its workings aren't even clear and to some that even have a grasp of it still think it's risky to be included in the financial system of their countries.

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Quote from: Savemore on May 29, 2017, 08:28:55 AM

Quote from: malekbaba on December 20, 2016, 09:22:20 AM

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

Because many countries is not yet aware what is bitcoin, what bitcoin can do, what is the importance of the bitcoin and how the bitcoin works.

Well, that's true. Some countries still don't know what it is and what it could do for their government. It's definitely what could improve on making transactions with people and probably have particular transactions with people. It's definitely not fair that you get to jail by just believing in innovation. Little by little, more and more people are trying to learn bitcoin and would definitely use it in applications.

Savemore

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Quote from: malekbaba on December 20, 2016, 09:22:20 AM

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

Because many countries is not yet aware what is bitcoin, what bitcoin can do, what is the importance of the bitcoin and how the bitcoin works.

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Most countries didn't support it because they are scared of its perceived threat to their current monetary system, and link to illicit activities like drug dealing and money laundering.

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Some countries don't recognized bitcoin as a currency because they don't have a regulation for it. Maybe they are lack of grabbing new oppotunities to improve their financial system. They are already contented on what they have now or thinking that their economy will be ruined.

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as people prefer Bitcoin to escape taxes
This would affect a country's monetary system

PhucS

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Quote from: leminerale on May 29, 2017, 12:27:35 AM

Hi
Actually there is no clear regulation of bitcoin. No official statement from the government yet. Maybe some countries are still doubtful with the existence of bitcoin, because there is no clear regulation then the possibility of bitcoin prices rose even dropped unpredictable.
Thanks

That's just a part, not all. I think the governments probably already know about the existence of Bitcoin and they believe it but they do not want to recognize and support BItcoin in their country because they fear that BItcoin will affect the economy their sacrifice. Bitcoin is the currency of freedom, anyone can use it, just got internet, it has no head control. They fear that it will be impossible to fully control BItcoin, failing to provide clear Bitcoin regulations in their home country.

CraigWrightBTC

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Quote from: nuela on May 28, 2017, 09:35:56 PM

Perhaps their country holds the same law that its definition is not supported as well. We are talking about violations then as far as I do think that there is a state that prohibits bitcoin, at least there is no official then banking relations with one another its.

Yes until right now, there are not valid of rules about bitcoins, what's bitcoins? Is it gold or money
some countries doesn't support for bitcoins because No clear rules on bitcoins,
actually make Investment in bitcoins is very huge risk losing money because
even not all of people know what's bitcoins?

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Quote from: radamiel on May 29, 2017, 02:26:40 AM

All legislatures need to track the all exchanges whether it is legitimate or illicit cash. For whatever length of time that they can't track those exchanges then definitely the greater part of them don't permit it. Starting at now, bitcoins are more prominent in the betting business and porn since individuals needs to shroud their character. As a result of these non-traceable issues, governments are not tolerating it.

Don't worry on that because exchanges are guided with the rules created by the government, the KYC will take place when
there is a conversion from bitcoin to fiat that is going to happen, if exchanges will not follow they will face sanctions.

Xester

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Quote from: leminerale on May 29, 2017, 12:27:35 AM

Hi
Actually there is no clear regulation of bitcoin. No official statement from the government yet. Maybe some countries are still doubtful with the existence of bitcoin, because there is no clear regulation then the possibility of bitcoin prices rose even dropped unpredictable.
Thanks

Regulation on the use of bitcoin was already in motion by some countries like the Philippines. Other countries who have seen the merits of bitcoin does not adopted bitcoin yet because they have no clear regulations and policies as to how bitcoin will be used and its limit in their countries. The reason why bitcoin is not supported in some countries is because of the lack of policy as to how they will regulate it and protect their people from the volatility of this currency.

radamiel

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All legislatures need to track the all exchanges whether it is legitimate or illicit cash. For whatever length of time that they can't track those exchanges then definitely the greater part of them don't permit it. Starting at now, bitcoins are more prominent in the betting business and porn since individuals needs to shroud their character. As a result of these non-traceable issues, governments are not tolerating it.

szpalata

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Quote from: leminerale on May 29, 2017, 12:27:35 AM

Hi
Actually there is no clear regulation of bitcoin. No official statement from the government yet. Maybe some countries are still doubtful with the existence of bitcoin, because there is no clear regulation then the possibility of bitcoin prices rose even dropped unpredictable.
Thanks

I don't think it will be accepted by every government officially but it will definitely be used in every country where there is internet access without restrictions that's why Bitcoin is decentralized; it was created for this purpose and not for any government to give his approval before it works.

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