Why bitcoin is not supported in some countries? - page 69.

Oliver A

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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

Most of the countries believe that Bitcoins is used in illegal operations, such as money laundering, and promised to crack down on the instrument. And they strongly state that it could be used to fund crime or illicit terrorist activity. I think these are the major reason why the government is unpleasant.

Baronggot

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There are reasons why bitcoin is not supported in some countries due to the fact that bitcoin can affect their economy growth. Since crypto currencies like Bitcoin is decentralize and its anonymity, so the government can not intervene and trace any transaction of it which may cause to money laundering. On top of that, bitcoin may be used in illegal activities and would lure ransomware attackers to make bitcoin as their means of exploiting money from their victims since the transaction made on the blockchain is very anonymous in nature.

btccointalk

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They don't support maybe because it is risky.Every country has its own rule and policies.

camsss

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Bitcoin is not supported in some countries because some of them think that it is just a waste of time. Some of them think that it is illegal and nonsense. But they really do not know the true essence of it.

378budiman

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Actually each country has its own policy If we talk about the ban as far as I know no country really prohibits bitcoin, at least there is no official and if anything then its relationship with the banking system itself.

Glorypaasa

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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

Not country but goverments because some goverments hate this bitcoin they said that bitcoin is like a fraud to all so thata why goverments illegalize the bitcoin in their countrt or maybe goverments scared about bitcoin can replace bank. Cheesy

ghost07

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Because they dont know what bitcoin is they think bitcoin is just a shitcoin. But then again in the future when they know how good bitcoin is.

missyqt29

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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

Poorer countries doesn't have enough technological capacity and support cryptocurrency. While other countries banned it because it threatens the rate of cybercriminality increase. The always problem to cases like this is the people who use it and not the system.

wledgewil

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It may be due to the government orders by issuing government rules to the bankers even to block the customer accounts who make bitcoin transactions, it happened.
However we can see bitcoin is not supported by banks, bank ATMs and many a shops where bitcoin is not accepted but i am sure slowly it will spread across and huge transactions with take place.

trauchot

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Bitcoins legalize only those countries which makes profit from it and as a result of this they raise economy on this. Other countries which have banned or want to prohibit bitcoins and in general all possible cryptocurrencies due to the fact that they can aggravate economy and those amounts of dirty money that are transferred through bitcoins some governments dont want see, since it is impossible to trace from where transfer was from and where it was made and whether this money was clean or not.

zhelis74

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Quote from: meliodas on November 20, 2017, 07:14:04 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

I think some countries do not support it yet, because they haven't learned what is bitcoin all about and what could be the positive and negative effects in their respective countries. I can't blame them, change is a really difficult thing to implement. I think that if bitcoin could capture their trust then they could implement it.

Bitcoin is a decentralized system, designed to be no third party involve and so the government is blind for all the transaction and therefore they cannot collect any tax out of it. Another reason is that as being decentralized system the bitcoin is transacted anonymously and they believe for that reason that it can be the root of all illegal activities which involve money.

Sean25pogi

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For me, the reason why bitcoin is not supported in some countries that because there some country are have own policy and law that need to be followed by one another. And they're fear to used bitcoin as a digital currency because there's a time that their money currency can change into bitcoin and possible their economy will be go down through it, so they ignore it to use as a currency money to avoid confrontation between Citizens and Government.

yen10

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Maybe because they still not realize its potential. Also, some countries are afraid that it might be used in illegal activities like money laundering. They might also afraid that it will replace fiat cash. But I think sooner or later, if more and more countries will support and legalize it, others might also consider it.

chip1994

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HEX: Longer pays better

Quote from: wallstone on November 20, 2017, 08:04:06 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

I absolutely agree to that, bitcoin is still not supported in some countries and I think they have many reason why they still not supported it. In addition, I think one of the reason is the tax because bitcoin is a tax free then we all know it is decentralized so that they do not controled it.

Yeah, just only about the tax problem is enough to make the government don't want to accept Bitcoin, they need tax to have profits and this is the only benefit for them when they become the government. Beside that, with the nature of cryptocurrency as Bitcoin, it's really bad for society because this currency will help the criminal solve the problem about payment method anonymous.

kucritt

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maybe the government dont want to make inflation in their country because government can't handle the money circulation in blockchain network. and maybe they will restrict about nrew era of digital currencies int theier country

aimata27

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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.

Well it's only because some governments in some countries here are only protecting their own national currency and they are also concerned about some money laundering activities.

Eraldo Coil

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One of the reasons why bitcoin is not supported in other countries is because they believe that it is a virtual currency and not a real currency. And another reason is people are getting money in bitcoin and they do not get taxed.

gabbiee

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Quote from: klebsiella on November 20, 2017, 08:13:52 AM

Because there are still issues regarding bitcoin such as it will compete with the countries national currency and the security it poses for potential investors. Also, its anonymity. Bitcoin transactions may be recorded but the names of buyers and sellers are never revealed only their wallet's ID. It keeps their transactions private, it lets them buy and sell without tracing it and so it can becomes a tool for crimes like online buying drugs and other illicit activities.

For some government they consider it as a threat to the economy, safety, laws, etc. They can't control bitcoin which is bad for their economy because of the taxes we don't pay when using bitcoin. I also agree that it is because of being anonymous while making different transactions they consider it as a threat.

Koransuek

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I think that every country has a law on this. so it is only natural that a country forbids this.

klebsiella

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Because there are still issues regarding bitcoin such as it will compete with the countries national currency and the security it poses for potential investors. Also, its anonymity. Bitcoin transactions may be recorded but the names of buyers and sellers are never revealed only their wallet's ID. It keeps their transactions private, it lets them buy and sell without tracing it and so it can becomes a tool for crimes like online buying drugs and other illicit activities.

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