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Topic: Why bitcoin is not supported in some countries? - page 126. (Read 98473 times)

hero member
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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
Some countries fear bitcoin that it would be used for illegal activities and they would not be able to control it.Just like china and russia tried to ban bitcoin at first,they too are discussing on the possible ways to ban bitcoin but sure they would drop their plans as china and russia did.What they could do is that only they could regulate bitcoin.Banning bitcoin is impossible since banning internet is impossible.
hero member
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It is because they don't want people to avoid the centralization the government. And if ever they will realize that there is something like this, the people will badly get interested into it and will start to have some thinking to stop being manipulated by the government. And that's why they are faking news about bitcoin, like for being illegal.
sr. member
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There are actualy just a few countries where Bitcoin is actualy supported in legal way. All others are just tolerating or ignoring it or it's banned. The reason is probably because there is stil dominant thinking that Bitcoin is something connected with illegal activities or tax evasion, or the attitude is that Bitcoin is threath to financial system or the simply just don't know what to do with it.
Bitcoin is a crypto-currency that transaction is powered by internet. Even most of the country has internet or web some country do not take action to legalize bitcoin on some reason. One is because of its transaction identity matter where transaction is not open on other people except the one  who will do that transaction. And in fact if the government have the power to manipulate bitcoin corruption may lead resulting on a too much power and money.
member
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The main reasons why some countries doesn't want to legalize bitcoin is because of it's volatile price in the market.
And it's anonymous feature that you cant track where the payments came from or a person's source of income.



Yes, many are afraid that in a few years he may disappear and do not want to bother. And they want to keep track of all operations.
legendary
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Maybe because they've been thinking about  that bitcoin was a threat to their country, or it can be that they are totally blinded into the edge of bitcoin, something like that. Or lastly, poor of knowledge in bitcoin.

In most cases governments know very well what Bitcoin is capable of, and let that exactly be their main motive for forcing through ridiculous policies in order to slow down Bitcoin's adoption. I am quite sure that we haven't seen the real face of the governments yet. If Bitcoin continues to grow larger, which I believe will be the case, then at some point current regulations will be a joke compared to the things governments will come up with. Poor knowledge of Bitcoin is something that certain (lower level) politicians are suffering from.
sr. member
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The main reasons why some countries doesn't want to legalize bitcoin is because of it's volatile price in the market.
And it's anonymous feature that you cant track where the payments came from or a person's source of income.

hero member
Activity: 1022
Merit: 500
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
Maybe because they've been thinking about  that bitcoin was a threat to their country, or it can be that they are totally blinded into the edge of bitcoin, something like that. Or lastly, poor of knowledge in bitcoin.
hero member
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The leaders of the country (the countries where bitcoin is considered banned or illegal) have probably didn't understand the possibility of it. Maybe they heard a bad rumor that it's for illegal stuff but it really depends on how you are going to use bitcoin. They are scared that their people can be scammed or something like that.

It is not just about that. It is their currency that could be threaten if the people see it could be the future. No paper money means nothing for them to steal. Corruption, that is all the reason they are preventing it.
Problem is the people dont even know it yet and they are doing methods to let it stay that way. People not having knowledge to what is beyond their country's black side.  Grin

Yeah they fear if the Bitcoin can be used as a valid means of payment.
One of their reasons is Bitcoin used as Money laundry. But I beleive if
someday they will be aware of and will use the Bitcoin as the official money.
hero member
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I think as long as you have internet connection you can use bitcoin anywhere. You know the government will never legalize bitcoin but that does not mean btcoin is not support in all countries
yes you are right that bitcoin is an online currency and it depend on internet, those countries where there is internet connection so that countries are able to use bitcoin and where there is no internet access so they could not join bitcoin forum and simply could not use bitcoin .

Yes, if you have internet, you can access your bitcoin wallet. Every country can access the internet and I don't think that there are places in the world without internet, unless there are no people living there. There are just some countries that censor some sites or track some people whenever they surf the internet. I don't know why, but I think I will be really bored if I will live in that kind of place.
sr. member
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I think as long as you have internet connection you can use bitcoin anywhere. You know the government will never legalize bitcoin but that does not mean btcoin is not support in all countries
yes you are right that bitcoin is an online currency and it depend on internet, those countries where there is internet connection so that countries are able to use bitcoin and where there is no internet access so they could not join bitcoin forum and simply could not use bitcoin .
sr. member
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We all know north korea we know that bitcoin is banned in that country it's just because of the government is controlling the currency but bitcoin is anonymous and cannot be control by a certain country so what they do is banned it many country do not banned bitcoin in there country but it is not there main currency they are using they are just using there physical money and maybe only some people just use bitcoin.
sr. member
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I think as long as you have internet connection you can use bitcoin anywhere. You know the government will never legalize bitcoin but that does not mean btcoin is not support in all countries
legendary
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I would think Bitcoin wouldn't be accepted in any country based on the simple fact that a country wouldn't want to be giving up control over all the money that is using within their economy, this is the reason that governments impose stringent regulations on Bitcoin all the time in an effort to curb the usage of it on a real scale. At the moment we're a small niche community and I think we haven't been able to break out into the mainstream because the government doesn't want us to.

It's simple, they want control and if Bitcoin was used by people they'd be losing this control in which they love.

maybe some country looks bitcoin like criminal , scam , MLM etc so goverment prohibit it

Nope, they know it's not a scam. They want to be running the show, not a decentralized group of people using an online digital currency.
Just make the bitcoin as an alternative for your country and there's not going to be a problem, As for now, bitcoin have recognised in the U.S.A as digital property and in japan as legal tender. If the users of bitcoin in your country is just minority and not even a quarter of the total population, bitcoin can't control the whole economy and ruin the country, just my 2 cent.
legendary
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Many countries are still cautious to include bitcoins to their financial system. Bitcoin is a digital currency that is easy to experience the price movement in an extream. This is the risk that the government wants to avoid.

The reputation of the Bitcoin is not that good in third world countries, they think it is used only for gambling or money laundering or other illegal activities. That's why the government hate it and another major factor is that Bitcoin is decentralized and governments don't like what they cannot control.
sr. member
Activity: 546
Merit: 257
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

They have issues about bitcoin, because other people use it in bad ways, like buying illegal drugs online, illegal firearms, and so on. Other people might also using it to supports terrorisr need, since bitcoin users are anonymous, some people have the guts to use it this way. But other countries banned it because they see bitcoin as a threat to them, though it is not.



The truth is, they did not banned bitcoin because of these reasons, bitcoin is a digital currency and it can be used anonymously,  though not perfectly anonymous, saying that, it has a good trait to be used in these kind of activity, but bitcoin is to be used bu the free will of the people and the government can't stop them from doing so, but I am not saying that doing it is a good thing, I am explaining it that it can't be controlled. They have many reasons to ban bitcoin, for example, Thailand that care for their currency, Korea that is censored to some parts of the internet, there are also some countries that though that it might spark a currency war to them that is why theybare avoiding these digital currency.
sr. member
Activity: 1638
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Maybe the reasons why some countries not supported bitcoin because of less paying taxes, economy will might slow. Anyway, government has some rules to follow thats why they will not giving their support into bitcoin.

Yes, bitcoin has less taxes than a normal currency, but saying that it may slow the economy down? That is wrong. Bitcoin helps the economy of a country because it adds more currency in the currency circulation, it means, ore money in the circulation and the GMP of the country is increasing. If you can't understand, think of it like this.

You live in thailand but there are no good jobs there because what you want is in Saudi Arabia, so you go there and work there. The money that you earn there are your children's tuitions, so you send them.back to Thailand, the money that you sent is added in the circulation increasing the GMP, helping the economy stand up.

There are more reason why other countries do not support bitcoin, nit because of it's anonymity and can be used illegally. They have a lot of reasons, related to the government, they treasure their currency that they don't let other currency mix in, the censorship of the internet and some misunderstandings about these digital currency.
hero member
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Maybe the reasons why some countries not supported bitcoin because of less paying taxes, economy will might slow. Anyway, government has some rules to follow thats why they will not giving their support into bitcoin.
sr. member
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I hope one day every country accept bitcoin and other altcoin as legal procedure as Japan accepted bitcoin, before accepting bitcoin government have to do many different research and put some rules and regulations to use that, because it can easily USD by terrorist or illegal activities
hero member
Activity: 2814
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The leaders of the country (the countries where bitcoin is considered banned or illegal) have probably didn't understand the possibility of it. Maybe they heard a bad rumor that it's for illegal stuff but it really depends on how you are going to use bitcoin. They are scared that their people can be scammed or something like that.

It is not just about that. It is their currency that could be threaten if the people see it could be the future. No paper money means nothing for them to steal. Corruption, that is all the reason they are preventing it.
Problem is the people dont even know it yet and they are doing methods to let it stay that way. People not having knowledge to what is beyond their country's black side.  Grin

If they ban bitcoins that means they do not have the means to mitigate its risk, bitcoin offers the growth of a country as transactions will
be easy which will result to growth in the economy when more business will be establish. It is not only bitcoin that is use in illegal activities,
fiat are used rampantly.
legendary
Activity: 3318
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The leaders of the country (the countries where bitcoin is considered banned or illegal) have probably didn't understand the possibility of it. Maybe they heard a bad rumor that it's for illegal stuff but it really depends on how you are going to use bitcoin. They are scared that their people can be scammed or something like that.

It is not just about that. It is their currency that could be threaten if the people see it could be the future. No paper money means nothing for them to steal. Corruption, that is all the reason they are preventing it.
Problem is the people dont even know it yet and they are doing methods to let it stay that way. People not having knowledge to what is beyond their country's black side.  Grin
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