Topic: Why bitcoin is not supported in some countries? - page 21. (Read 98470 times)
First of all, you are not doing anything wrong while you are my name you are just solving some mathematical problems that help the network to generate new Bitcoins and the main issue with the government on Bitcoins is that they do not like Bitcoin. The government has been rules about everything which imports and exports from the country should pay some amount of tax which Bitcoin does not obey so that's why some countries do not support Bitcoin till now or any other altcoin but in the future, they are going to realize it so keep holding your coins.
Most countries fear that bitcoin would be mainly used for illegal products like drugs and for money laundering.They think that bitcoin usage would reduce their currency usage.They fear of losing their revenues which they get from taxes.In bangladesh,if anyone found using bitcoins, they would be jailed.But whatever measures taken, bitcoin cannot be fully banned since its not possible to ban internet.
Because the government of the countries does not know what Bitcoin is, and does not understand this completely, and therefore they consider it a threat.
Governments are afraid that Bitcoin will destroy their economy, so few of them decided to ban BTC. But the real reason is that they have no control on BTC.
The problem the governments in some countries have with Bitcoin is that it is decentralized. Since decentralized currency allows the parties involved in the transaction to remain anonymous, there is always a chance that government will intervene in this world to get some hidden information. Due to the inherent decentralized trait of this currency, governments do not have control over this currency because it is decentralized (which may spell terror for governments resulting in regulation)
As in my country there is no prohibition of using bitcoin, because for my country bitcoin can help people who do not have their main income. While the bitcoin itself for easy way with onlein is very safe to use. So in my country there is no prohibition of using bitcoin.
Depending on country but some countries are thinking that it will destroy there own economy. Even if they do not support Bitcoin now people would still use it in some way, because nothing can stop people to keep using bitcoin.
In my opinion, Bitcoin is not supported in some countries because they don't know how bitcoin works and what are the great features of bitcoin or maybe those countries are not focused on adoption new currency and they are more focus on enhancing their national economy. There is a lot of perspective to look on.
Yes, I agree with you mate. There are many reasons why bitcoin is not supported in some other countries. For me, the adoptation and how to regulate bitcoin by their governments is the main reason. They think its a threat for their economy since no laws or regulations applied to it. And also they found a possibility that it can be use in any illegal activities because the transactions are hidden.
I think because they protect their currency so that other country don't support bitcoin. There are many reasons why did not support because maybe it may cause people to financial harm. And they need to protect their currency. They afraid of many risk that's why they not support bitcoin. They not supported because more people wants to use bitcoin and the government afraid, because bitcoin have many benefits among all currencies.
actually some countries that prohibit bitcoin, are not prohibiting bitcoin itself let alone for investment, but the ban is to use bitcoin as payment because in a country there is also their own currency. and there are still many rules of the country that must be in tepati so that a country can be conducive. but hopefully later bitcoin into one currency that is recognized in all countries in the world
If we consider concept, architecture or behavior, there is no any illegality in bitcoin. However some people are using bitcoins for some illegal transactions because nu-traceability. Therefore each country has their own policy to address those issues.
Probably the government is afraid that it will not be able to manage the bulk of people
I think the economic conditions of each country are different, and this also affects the value of the currency.
And I mention most countries that resist bitcoin are developing countries. They are still prone to deflation in their currencies. and bitcoin if left to them, will experience a monetary crisis because Bitcoin prices are very high.
And I mention most countries that resist bitcoin are developing countries. They are still prone to deflation in their currencies. and bitcoin if left to them, will experience a monetary crisis because Bitcoin prices are very high.
There's many reason why bitcoin is not supporting in some country. One of the big reason is its banning. For someone countries its illegal and UN famous coin. Government are against it because its a tax free and they're afraid people start using it and not pay tax to the.
A lot of governments still do not understand bitcoins. They are trying to find a way to regulate and control it but it's not an easy task so for now, they just kick against it.
Maybe it affect to the value of their money or stock market
On top of that, government banks can never get any penny from any transactions made in the blockchain since cryptocurrencies are decentralized. So crypto people are having big profit and tax-free.
I think they don't support bitcoin because they thought it was a scam or illegal.
We all know that there are some media who makes fake news for bitcoins to destroy its reputation.
Also they afraid to crypto currencies.
We all know that there are some media who makes fake news for bitcoins to destroy its reputation.
Also they afraid to crypto currencies.
Maybe they see the dangers of it. The presence of bitcoins may threaten state banks. Until now there have been many people preferring to use bitcoin to trade rather than to direct the banks to perform. If the paper money is replaced by bitcoin, then perhaps the employees who work at the bank will lose their jobs.
Because Bitcoin is a cryptocurrency, it has the characteristics of anonymity and decentralization. Therefore, Bitcoin is difficult to control. If the national economy is not controlled, the country will easily receive influence. Therefore, the national government does not dare to accept Bitcoin.
We we really can tell what their personal and economic views on bitcoin, there maybe some factors they consider threatening if they accept, adapt it and use it on their own place, perhaps maybe in time they will soon realize that there is good benefit it brings in their country maybe for now they're still examining it when the right time come they will accept it too.
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