Why bitcoin is not supported in some countries? - page 34.

hangar18

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Quote from: roshanface123 on February 26, 2018, 01:36:18 PM

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. The whole thing is still pretty unclear to me

No one can't say an exact reason for it. But I think one of the main reason is....,
Banks are the pillars of the countries financial stability. They afraid bitcoin will affect the banking sector of their countries.Another one is high use of cryptos for criminal and illegal activities.

You are right about the government scare the growth of cryptocurrency can be affect the country's banking sector. However, for the government, cryptocurrency is also a great tool to corruption. No one knows the source income of them when they use cryptocurrency to corrupt. Roll Eyes

roshanface123

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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. The whole thing is still pretty unclear to me

No one can't say an exact reason for it. But I think one of the main reason is....,
Banks are the pillars of the countries financial stability. They afraid bitcoin will affect the banking sector of their countries.Another one is high use of cryptos for criminal and illegal activities.

ovcijisir

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Quote from: geula4x on February 26, 2018, 12:41:33 PM

I think some countries' financial regulators are afraid of losing control.
They see so many people investing in BitCoin.
maybe they don't fully understand the technology behind it.

In any case, seeing so much money being poured into something virtual, that they don't control,
and can burst any moment - I think that just scares them.
They are afraid people will put all there life saving into this digital currency and someday just go bankrupt.

Yes, the bitcoin and cryptocurrencies are parallel monetary system that legal organisations can't control (for now). They want control of that funds too, and they will probably find way to regulate this area.

maxim196897

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In fact, each country has its own policy, maybe governments fear there will be a lot of money wiping or commonly known as money laundering. fair or not this is what we have to face because so far the existence of bitcoin has not yet been recognized.

BitcoinPaw

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Those countries don't like that citizens don't pay taxes and making money by doing nothing for their country. The can't control them so banning bitcoins.

geula4x

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I think some countries' financial regulators are afraid of losing control.
They see so many people investing in BitCoin.
maybe they don't fully understand the technology behind it.

In any case, seeing so much money being poured into something virtual, that they don't control,
and can burst any moment - I think that just scares them.
They are afraid people will put all there life saving into this digital currency and someday just go bankrupt.

BILGPS

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Bitcoin is the crypto currency so it has no physically existence in my opinion the countries would discourage this currency because of this reason and it may be legal in the near future So for us to hold this currency instead of cash out and other uses it is good to buy some of the bitcoin now because may in the march the prices were high and only the rich people will be able to buy at that time So for me i have to hold my coins for the future and bitcoin is the modern era currency and we can become very successful in the future .

shellomomma

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Some countries dont support it because its a threat to banks and investing with btc is very risky thats why government is only protecting its people.

dilaanQT

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Maybe because bitcoin is too risky. The government wouldn't allowed the harmful thing to its people. That's why they don't choose to support bitcoin to avoid negativeness.

waitforme

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Bitcoin not supported in some countries because of the risks it presents, especially the money laundering of criminals. This allows many criminals to transfer their money to anywhere in the world and governments cannot control it or fight it.

ZirconiumX

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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.

ohkkstaaahp

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Quote from: bajing on December 20, 2016, 09:29:37 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

Actually each country have their own policy maybe the government are concerned will many wiping the money or commonly known as money laundering. fair or not that's what we have to face because until now the existence of bitcoin is still not recognized.

In some countries, Bitcoin is considered a forbidden and the governments in those countries do not accept any Bitcoin participant in any form because they are worried that there will be severe economic changes in their country. In fact, many people disagree with the laws of government and still participate in Bitcoin so far there are so many people rich in Bitcoin.

XEOP$

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Bitcoin is completely inconsistent with any notion of country. The last has borders while bitcoin is not bordered at all.

danzo11

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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

I think some of the countries have their respective reasons to not support the bitcoin, for example like the country I live in. My country reasoned bitcoin prone money laundering, the funding of terrosim, and keeping the value of the currency of the country. As in the Dutch equate the bitcoin in history with the tulips became a currency as well. but the strength of the technology difficult to in weirs.

Zrs

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Yes. My country also banned bitcoin.In fact the government give punishment for any kind of crypto-transaction.I think government afraid bitcoin as bitcoin is decentralized and it is not in their hand as well.In addition, bitcoin throws challenges to the traditional banking system.

bakiak78

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because people are going to choose bitcoin from real work why living in a nice sit down community will earn a lot of money and these countries are worried that Bitcoin will make their economy go down. Also some taxation issues have become theirs, because people prefer Bitcoin to avoid taxes.

fcf1081

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There are I think many reason behind it, also there are some factor contributing banning bitcoin in some countries, they can't still accept and adapt to its new system that's why it's risky, also it's decentralized what will happen they accept and implement it what will happen to their bank, to paper money..you see there are pros and cons for these...for them.

matthewtherry

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Countries tend to be afraid of bitcoin and they talk bad about it. I guess it is because bitcoin is untraceable and they don't like it

Obito

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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

Yeah that's right,there is some country that doesn't support bitcoin and i don't know there reason why is it they are neglecting the chances that there economy may be will rise up and grow more when bitcoin comes in there country.

blackbutterfly

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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

I really dont know what is the reasons why that other country dont like bitcoin but for me the important is that my country here in Phil.like bitcoin.bitcoin is for the people that dont have permanent job or to those who are under graduetes like me thats why I really thank a lot bitcoin comes into my life.For me,dont problem what the other countries think about bitcoin.We must really thanks that here in our country bitcoin was already open for all....

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