Why bitcoin is not supported in some countries? - page 42.

congresowoman

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Quote from: SadEmo on February 10, 2018, 12:47:50 PM

There is no law to control bitcoin nowadays thats why in some countries government don't know what to do and just baning bitcoin. It's obvious to save taxes Grin

Yes. Misinformation and also the lack of information that is why countries frequently block the transaction involving bitcoin and cryptos. But for some countries adapting this current trend, they are also laying dow rules to regulate and also protect the interest and integrity of both investors and also consumers. Imagine, if they will adapt bitcoin, they can also implement taxes. This will be a win win situation dont you think?

teodorus

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There are only just a few countries that are officially supporting BTC. Most other countries are just ignoring it, and there are a few countries that don't want it to be used at all.

Ricaking

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That is why most countries aren't going to adopt Bitcoin any time soon as a sort of complementary currency. People use bitcoins for transactions even from one country to other and due to this, banks face a huge loss in revenue which they got from transaction fees. The governments also fear that huge money would be transacted through bitcoins for illegal purposes.
they just don't want competition with their local currency. In most countries the circulation of any other currency, rather limited and usually frowned upon if it exceeds certain limits. That my opinion so why some countries not supported about bitcoin

HunterBTC

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Perhaps because in some countries Bitcoin becomes a commodity that can boost the economy in a country that has legalized Bitcoin as a means of payment, with the supervision of the state itself then Bitcoin is highly recommended in the country. That's in my opinion.

Geoll29

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The reason why some countries banned bitcoin is because there are bad people who uses bitcoin just for their own welfare. There are hackers who steal the investors money and of course they asked for the assistance of the authorities. Authorities are owned by their government so if the government meddles they will impose strict policies with bitcoin.

tresbien21

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It will be dangerous if people will legalize it . It will drop $;€;£ down and we will have a huge economy crisis

kuntet99

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yes maybe every country has a culture / characteristic of each who can not understand about bitcoin, perhaps one of which the government does not approve the existence of bitcoin in each country.

bahula33

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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

Although there are some countries that strictly prohibit foreign currency. ... Currently, Bitcoin miners may be supported exclusively by a number of small nominal transaction costs.

SadEmo

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There is no law to control bitcoin nowadays thats why in some countries government don't know what to do and just baning bitcoin. It's obvious to save taxes Grin

Hotel_Prodeo

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Quote from: maikelujang on February 10, 2018, 11:06:33 AM

Bitcoin is a decentralised currency and it is not controlled by anyone.People use bitcoins for transactions even from one country to other and due to this, banks face a huge loss in revenue which they got from transaction fees.The governments also fear that huge money would be transacted through bitcoins for illegal purposes.PBOC recently took actions to stop flow of their country money to foreign which resulted in major fall of bitcoin price.Governments fear there will be no accountability of money if bitcoin is allowed.So, some countries dont support bitcoins.But still, they are not able to control bitcoins.

This issue is what the government is afraid of bitcoin banned is a solution that the government thinks is better than receiving bitcoin, but if bitcoin marketcap has reached more than $ 25 trillion or 100x from marketcap now I'm sure the government can not resist bitcoin.

maikelujang

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Bitcoin is a decentralised currency and it is not controlled by anyone.People use bitcoins for transactions even from one country to other and due to this, banks face a huge loss in revenue which they got from transaction fees.The governments also fear that huge money would be transacted through bitcoins for illegal purposes.PBOC recently took actions to stop flow of their country money to foreign which resulted in major fall of bitcoin price.Governments fear there will be no accountability of money if bitcoin is allowed.So, some countries dont support bitcoins.But still, they are not able to control bitcoins.

chaukhchi

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Each country has its own policies in its government, it may be that the government does not want to take risks and will be a threat to them in their government because they also know that bitcoin can not be controlled and taxed. Or Bitcoin can threatening the financial system in a government.

VampKing

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As all kinds of transactions can be done with Bitcoin remaining anonymous, many countries don't support Bitcoin.All kinds of transactions means legal or illegal both. People can easily escape govt. taxes, vat etc. Illegal tasks are also can be done easily. As the user remains anonymous, you can't trace him/her.

rudox

full member

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Each government of the world is interested in control, It can be resources, monetary policy and investment policy in their various countries.Bitcoin came out decentralized d anonymous and government can not control bitcion and and thereby collect tax. So they are not in control and the bitcoin transactions and can not pay them tax.

Kisanaq

sr. member

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The thing that makes the state do not want to recognize and legalize bitcoin is bitcoin using decentralized system that makes bitcoin can not be controlled so that if it is legalized it can make people transfer transaction to bitcoin not to fiat, so tax revenue will drop.

AlexW333

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because now not everyone understands the power of bitcoin

Satish147

full member

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Harmony for One and All

Some of the countries are getting fear due to the chances of their currency can be replaced with cryptocurrencies. As I heard 44% of total bitcoins are used for illegal activities like drugs, and many others and this survey issued by the students of Business school from India.

Marco Ambrusini

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Majority of Countries don't consider it a big innovation that has the potential to make lot changes in our daily living. Some countries fear of the taxation and some fear of the controllability as this is entirely a pseudo anonymous which can be tracked to some extent.

SergeYak

newbie

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In different countries bitcoin is just a problem for government because their economy is worst and they want to get more taxes from citizens. The only one way is just ban bitcoin.

sakib.bro

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it may be the rules and regulation of their country
most of the country is thinking about bitcoin whether it could be legalized or not

Topic: Why bitcoin is not supported in some countries? - page 42. (Read 98470 times)