Why bitcoin is not supported in some countries? - page 136.

mrayazgul

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Quote from: diegz on January 31, 2017, 02:58:12 AM

Quote from: Babayega31 on January 31, 2017, 02:38:46 AM

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

Good for you if your government is supporting bitcoin and only charge taxes on the local exchange that you have. I haven't experience that yet. All I experience is that government don't care about the existence of bitcoin and only tax the exchange so when we cash out our bitcoin to fiat as we don't have any choice, then the exchange site will be earning thru ins and outs transactions and they will be taxed thru it. That's clever I think for the government.

Govt. only need taxes whether its fiat or bitcoins

Mbah Slamet

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As I've said before that the country should be able to control the full finance used inhabitants, bitcoin is common. Everyone can use the bitcoin so that countries consider bitcoin is unlikely to use legally by the State.

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Quote from: roadbits on January 31, 2017, 05:32:01 AM

Quote from: Babayega31 on January 31, 2017, 02:38:46 AM

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

You are lucky your government is supporting bitcoin transaction. Which country do you belong to? In my country, we don't know our government is thinking about bitcoin or not. Becasue we will not see any news regarding this bitcoin in my country. But some exchange companies are making money by using this our govt negligence. I don't know when our govt will think about this bitcoin and accept it as legal currency.

Your government will seem or more likely to regulates bitcoin when some organisation which have power in your country force to or many people in your country seem to use bitcoin really often.
Though the nonexistent of the news regarding to bitcoin in your country probably because of the lack of interest to bitcoin which not bring profits to any of those media.

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Quote from: Babayega31 on January 31, 2017, 02:38:46 AM

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

You are lucky your government is supporting bitcoin transaction. Which country do you belong to? In my country, we don't know our government is thinking about bitcoin or not. Becasue we will not see any news regarding this bitcoin in my country. But some exchange companies are making money by using this our govt negligence. I don't know when our govt will think about this bitcoin and accept it as legal currency.

diegz

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Quote from: Babayega31 on January 31, 2017, 02:38:46 AM

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

Good for you if your government is supporting bitcoin and only charge taxes on the local exchange that you have. I haven't experience that yet. All I experience is that government don't care about the existence of bitcoin and only tax the exchange so when we cash out our bitcoin to fiat as we don't have any choice, then the exchange site will be earning thru ins and outs transactions and they will be taxed thru it. That's clever I think for the government.

Babayega31

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Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

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Quote from: leminerale on January 31, 2017, 12:57:05 AM

maybe because as currency bitcoin has no tax or it could be because the bitcoin system Anonym ( no identity ) or prices of bitcoin only affected by supply and demand and as not to give advantage to the country

I agree to what you say. It is hard to control the people if most of them use Bitcoin instead of Fiat. And because of the anynomity, there is no way that the government can collect tax from citizen if he/she is using Bitcoin as a currency.
However, in my country, they ban Bitcoin because they do not know and understand fully about it. They scare that Bitcoin can harm the ecosystem so they decide to forbid Bitcoin temporary

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I don't think that there is a government that supports bitcoin.
Some goverments make it harder for their people to deal with bitcoins than others do.
But the real support for bitcoin must come from the people and the industry by using it.
I think that in countries where the population is more conservative the support for bitcoin is not that strong.

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Quote from: leminerale on January 31, 2017, 12:57:05 AM

maybe because as currency bitcoin has no tax or it could be because the bitcoin system Anonym ( no identity ) or prices of bitcoin only affected by supply and demand and as not to give advantage to the country

they will see the negative side of bitcoin that is anonymity which is enemy of country's economy. Beggar it induces black money. But with bitcoin country's economy could be lifted up because it gives the user opportunity to earn money from internet that too with little effort and almost no investment. So they should understand its potential to make the country rich. And also new technology should be welcomed. Paper money are old and may be within 10 years they will only digital transaction.

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maybe because as currency bitcoin has no tax or it could be because the bitcoin system Anonym ( no identity ) or prices of bitcoin only affected by supply and demand and as not to give advantage to the country

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Quote from: Doms on January 30, 2017, 10:31:00 PM

I read an article last week regarding three Venezuelans being arrested because of bitcoin mining, illegally using electricity that is heavily subsidized by the government. I heard that electricity is relatively cheap in that country and miners surely took advantage of it. That might be another bad news for bitcoin and that could add in the decision making of governments whether to allow such a thing or not.

That's their fault. Using illegal electricity is really prohibited that's why in the first place it was called illegal lol.

It's not a bad news for bitcoin? How is that going to be bad? The persons involved are the primary characters and not bitcoin itself. Just wondered that why use illegal electricity in that country if the current price of it per kwh is already cheap. Too much greeds on profits and don't want to spend something.

Doms

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I read an article last week regarding three Venezuelans being arrested because of bitcoin mining, illegally using electricity that is heavily subsidized by the government. I heard that electricity is relatively cheap in that country and miners surely took advantage of it. That might be another bad news for bitcoin and that could add in the decision making of governments whether to allow such a thing or not.

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in my opinion, some countries is not yet already with bitcoin and blockchain technology because it need internet connection to use both and in the third country, internet connection doesn't available as in other country. but i think the bitcoin user in that country still exist and they are going to survive to use bitcoin and introduce bitcoin to other people around them.

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Quote from: nelson4lov on January 30, 2017, 06:23:44 AM

Quote from: 1Referee on January 30, 2017, 06:14:34 AM

Quote from: nelson4lov on January 30, 2017, 05:54:29 AM

Recently in my Country (Nigeria) Our Federal Govt made a move to stop the use of bitcoin by us, The citizens. This move was inspired by the fact that a lot of Ponzi schemes Owners and operators have found Bitcoin features such Easy and fast money transfer as an ideal tool to steal money. Bitcoin is feature-rich and very much ideal for every country's economy but It can also aid fraudsters. I believe That's another reason why Most countries decides against allowing the usage of bitcoin.

I wasn't aware of Nigeria having actually banned Bitcoin usage? As far as I have been hearing and reading, they published notes that are solely meant as warning to make people aware of the high risk that crypto currencies and connected projects carry with them. The warning came after MMM has stated that it would accept payments in form of Bitcoin. It's just an informative measure that is solely meant as making people aware of ponzis operating in Nigeria, where OneCoin is also one of. I can't find anything pointing towards the Nigerian government having banned the use of Bitcoin.

Yeah, They made a move doesn't necessarily mean They have stopped it already. From my point of view, If Ponzi schemes continues to utilize Bitcoin for their fraud operations, FG will do more than just warning next time.

Correct me if I am wrong but I believe that there is no effective way for a government to stop the bitcoin. I can understand if a government does not permit the use of ATM crypto machines or does not allow to exist an exchange in order anyone to buy/sell any crypto currencies or to make announcements against the bitcoin usage but if I want to use it to buy things from online stores or for trading and i will never convert it to fiat how can any government can really prevent me to hold bitcoins?

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The same way there are different levels of developments of countries so likewise the same way they cannot be the same in accepting bitcoin at the same time. Several infrastructures will need to be put in place and that infrastructures is not available in abundance to all countries in the same form. So its going to be a gradual process.

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Quote from: TastyChillySauce00 on January 30, 2017, 06:29:56 AM

Quote from: marketone on January 30, 2017, 06:27:22 AM

Still many countries don't have complete about bitcoin technology and even din't ban bitcoin in their country yet. Still they are in problem how to recognize bitcoin and how it is beneficial for them. Even they like the bitcoin technology but bitcoin is not complete depended currency.

Honestly, they're not struggling on how to recognise bitcoin but they just don't interested to bitcoin due to low users in their country and they must've known how bitcoin is beneficial for them but as I've stated, too low users and probably too risky. Bitcoin technology is indeed such an innovative thing and interesting but bitcoin must've met the requirements above to attract the government.

From my perspective, I don't assume that the government doesn't have any interest in bitcoin just because the number of its users is low, I think there are more reason behinds this. Some people say that bitcoin is up against banks which belong to the government and they just don't like that. I suppose that bitcoin does not literally bring any benefits for the government so it hasn't gained any attention.

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Bitcoin for several reason is not supported in several countries, at the same more and more countries were into plans of regulating bitcoin. One thing good is that Russia proposing the bitcoin technology for the advancement in the financial administration. Likewise falling days we can expect more countries to follow bitcoin based upon developing nations.

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There are some countries that do not know about Bitcoin. There is no reason to ban Bitcoin. Bitcoin mining, you do a certain job. You will spend electricity and time.

Over time, countries will make legal arrangements for bitcoins.

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Quote from: marketone on January 30, 2017, 06:27:22 AM

Still many countries don't have complete about bitcoin technology and even din't ban bitcoin in their country yet. Still they are in problem how to recognize bitcoin and how it is beneficial for them. Even they like the bitcoin technology but bitcoin is not complete depended currency.

Honestly, they're not struggling on how to recognise bitcoin but they just don't interested to bitcoin due to low users in their country and they must've known how bitcoin is beneficial for them but as I've stated, too low users and probably too risky. Bitcoin technology is indeed such an innovative thing and interesting but bitcoin must've met the requirements above to attract the government.

marketone

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Still many countries don't have complete about bitcoin technology and even din't ban bitcoin in their country yet. Still they are in problem how to recognize bitcoin and how it is beneficial for them. Even they like the bitcoin technology but bitcoin is not complete depended currency.

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