Topic: Why bitcoin is not supported in some countries? - page 45. (Read 98470 times)

Right. What countries did not accept Bitcoin do not know the concept of cryptocurrency. Some people thought Bitcoin is only the digital currency, but they do not know the concept of digital currency and cryptocurrency are difference by the nature - centralized and decentralized.

Many country are now believing and supporting bitcoin because they see it's potential that can help so many people in their problem in financial and can lead people to their better life. But there have some countries that not supported bitcoin because they see it as a treat in their economy and they think bitcoin is use in scum to get their peoples money. They don't support bitcoin because they don't know much what is bitcoin and their central bank are against to it.

There is a risk that it could be used to fund crime or illicit terrorist activity — another reason is that it can be a route to circumvent capital controls .  ICOs were a threat to the financial markets’ stability. that is reason which some country ban bitcoin

because bitcoin is  not supported by some bank in the world, and also bitcoin is also illegal because it is not supported by major bank banks in the world....

Every country has their own rules and regulations, and it depends what the government thinks on cryptocurrencies. Indonesia banned Bitcoin and other cryptocurrencies because of 3 factors. The 3 main factors are there are reports that Bitcoin and other altcoins are used to fund terrorism in their country, the second one is it shows that there are reports that dirty money has been traded in exchange for Bitcoin and the last one are they cannot control anonymous trader, buyer or user of Bitcoin to pay taxes.

yeah you are right they are afraid because they think that if they allow it in their country .then it will effect their economy.for the sakeprotectionism of their national currency, to building a new currency in bitcoin’s image. The list, in general, is not much above ten, but that is subject to change, as many countries have not made an official decision for or against bitcoin. Some are banned by the country’s Central Banking system, some are banned by the nation’s government, and in many countries the Central Bank and national government act as one and the same

We discussed this issue in different topics the summery is that some countries are not able to support crypto, there economic is not ready for this.

There are some countries that currently do not accept bitcoins. Perhaps the reason is that using bitcoin is too risky because of frequent fluctuations, bitcoin is also feared will be abused by residents of the country. But I think it's too naive to resist bitcoin, because in my opinion bitcoin brings more profit than loss.

I think bitcoin is not supported in some countries because it is not as popular among its citizens and because the popularity is not as much, there are not enough platforms that support transactions using bitcoins or altcoins.  Governments do not see the point of making it a norm in countries like mine because we only have but a fraction of people here who is into bitcoins.  It is because of this that our transactions are very limited to just tradinng and investing.  We have one wallet here or app which lets us convert bitcoins first into cash before we can use to purchase items like prepaid cards or to pay for utilities like water and electricity.  In my country, they are not banning the use of bitcoins but they are not exactly supporting or promoting. it as well so my thought centers around thinking that we have such an old school government that is a bit rigid with technological and financial advancements like cryptocurrencies that's why a change like this is not encouraged at all.

There are some governments that do not accept bitcoin because their government is concerned that it will have a negative impact on the economy and does not allow Bitcoin because of the complex tracing system that any illegal transaction entails. can happen and Bitcoin is something that is competing with government money. I think, right now, the only country officially accepting it as a legal form of payment is Japan.

  Because many country they think that bitcoin is a scam.they didnt even investegate if that is true.They just judge it.But there country accept bitcoin there government start to put some taxes on bitcoin.We all know bitvoin have a big help in a growing economy...

Bitcoin is not supported due to many reasons because it can cause online frauds. The government won't be able to recieve any taxes related to it. It is also considered as gambling so many countries are imposing bann on bitcoins.

I think the government can not receive taxes to transaction and not supported because the anonymously give easy money to people who want huge salary and the economy is a good impact from it.

Because its government frightened that it will have negative impact on economy but being optimist Bitcoin have positive impact on economy and good indicator for economy.Government do not allow Bitcoin because its complicated tracing system of transaction that any illegal transaction can happen but if government support it can be minimized and play good role for economy.

Most countries don't support it because, for them, Bitcoin is something that is competing with their own government-issued fiat money. And any money that is being invested into Bitcoin is money that is not getting invested in government bonds or that country's stock market. Which government would want that? Additionally, it's hard to track and hard to tax. Most countries would want to completely ban it, but can't do so because it would mean violating individual rights. So all they're going for now is adding more regulations and warning potential investors about the price volatility,

There are countries that have special tax benefits for buying and selling Bitcoin. Countries like Germany, Denmark, Belarus, and Slovenia all have tax exemptions depending on the amounts being traded and for how long the amounts have been owned.

In China, it is illegal for any bank or company to be trading Bitcoins but it is legal for individuals to trade among themselves. Many countries in South America have completely banned it. These are usually countries where the government wants to control all monetary transactions very tightly. One of the countries is Venezuela. Equador has banned the use of Bitcoin and all other cryptocurrencies with a vote in their parliament. They are working on their own national crypto money and don't want Bitcoin competing with it.
I think, right now, the only country that is officially accepting it as a legitimate form of payment is Japan.

It is not supported to other country, because some people are using it for illegal, like what I read on the internet and also see here of the opinion of other users that it Bitcoin use for crimes, terrorism, moreover I think it affects it's country, in economic problem such as unbalance finances, because of increasing of bitcoin, Bitcoin is getting popular which other people use to buy illegal drugs like what I told earlier some people are use it for crimes which is not right.

Bitcoin is not supported or worse illegalized in some countries due to an ubderlying cause. It is very hard to impossible to tax it along with its users, therefore the government does not profit to it. And the fear of the national currency being obsolete because of the ubiquity of use of the said digital currency is also a reason that they have been thinking of.

May be because the goverment has no profitt to bitcoin no tax and even the bank against bitcoin. and the goverment not incourage the people to be member they say bicoin has no asurance in investment. and bank becaome weak because instead the people invest in bank they invest in bitcoin. so the people devided some invest in bitcoin and the other invest bitcoin and other invest both. but i heard that there is bank if they know that you money come from bitcoin they will demanded to withdraw or close.in the bank.

In their official statement, the National Bank of Ukraine said that the status of cryptocurrencies, including bitcoin, is not determined on a global level. In different countries, it is perceived as a cryptocurrency, or non-material good, or money surrogate. They also don't recommend Ukrainians to buy Bitcoin for long-term investment purposes. Because the legal status is not regulated, exchanges are not clear, and volatility is too high. However, they are researching the topic of creating e-Hryvnia - a digital national currency built on blockchain technology.

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