Why bitcoin is not supported in some countries? - page 79.

Colt81

sr. member

Activity: 630

Merit: 265

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

The countries like China are the communists countries that ban bitcoin and other crypto currency because they all fear of something they cannot fear. They are paranoid that bitcoin will be so powerful that it can directly affect their economic and financial status. They also don't like its anonymity in its transactions because they cannot monitor if there are any illegal transactions happening.

Black Angel

sr. member

Activity: 574

Merit: 253

Currently most countries do not support bitcoin because it assumes that bitcoin threats from a well-established financial system. this is because bitcoin is decentralized so it can not be controlled by the government.

Chachacoin17

sr. member

Activity: 672

Merit: 250

Quote from: Frost149.6 on October 30, 2017, 10:50:51 AM

Each country has its own rules as far as currency is concerned. Some of the countrymen has a less knowledge about Bitcoin and therefore Bitcoin is not supported in the respective countries.
Each country has its own policy about currency. The existence of Bitcoin is still not recognized in some countries.

Yes, agree. I .think most of those countries are Communist. They want full control of their people. Bitcoon being decentralized and uncontrollable, and so they get rid of it. Bicoi has no tax and therefore the government can't benefit from it. It is also hard to trace when someone do illegal transactions.

Frost149.6

newbie

Activity: 26

Merit: 0

Each country has its own rules as far as currency is concerned. Some of the countrymen has a less knowledge about Bitcoin and therefore Bitcoin is not supported in the respective countries.
Each country has its own policy about currency. The existence of Bitcoin is still not recognized in some countries.

Dod Ong

full member

Activity: 323

Merit: 100

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

The bitcoin is not supported in some countries because they don't want to became lazy the citizens in their country. Why some countriese banned bitcoin? Because they don't want to became the citizens lazy. If you have a account in bitcoin you can earned money by posting so the other countries didn't support the bitcoin or crypto.

evgeniyosda

newbie

Activity: 56

Merit: 0

That's normal, whenever a thing has a worth, it can be utilised as a resource whether or not to do very good or undesirable. Media just sensationalize things and exaggerate according to what could capture the consideration of their viewer.I do not see any explanation why bitcoin should be supported by the govt, allowing the use of it in the region is enough.

tinytrader

member

Activity: 136

Merit: 10

We have a tendency , we are greedy. I have seen that many people invest in stock market without actual knowledge. In my place majority people are farmers. They sold their cows and lands to buy some useless shares and ultimately lost everything. That is why many countries do not allow currencies other than local currency. In most countries BTC is almost unknown. People knows little about it in some places. . BTC is still a risky investment. If a lot of people invest in BTC, majority people may lose their investment

stayeduptolate

hero member

Activity: 980

Merit: 502

Although bitcoin is a good thing and announces as legal in many countries, but their is might be some bad reason for which some countries ban bitcoin. Bitcoin provide a online transition of currency without any involvement of third party like banks which creates a threat of antisocial activities like kidnapping, bomb blasting, child pronography. Anti money laundering is might be another issue. Sometime bitcoin put direct or indirect effects on the fiat money of the country which could be one of the reason of banning bitcoin.

Fatanut

legendary

Activity: 1008

Merit: 1060

Quote from: quarkyplum on October 28, 2017, 11:29:33 AM

Quote from: joromz1226 on October 28, 2017, 10:12:24 AM

Quote from: romeo111 on October 27, 2017, 04:05:09 PM

The government is worried about using bitcoin to beat the legal currency. they think their security issue. it'a money laundering.
Actually they can not handle it properly.
But i think next few month or year latter bitcoin will explosion as world.

You maybe have a point on this thing mate, of course most of the government in each country they want to get a benefit first before approving something to their territory places. Since bitcoin was decentralized this maybe the reason why bitcoin is not welcome to their country.

Sometimes, if the government accept something will affect their benefit, they also do not want to accept it. Example the government still can taxes the Bitcoin user are exchanger, miner ... but why do they not accept it soon? Because it can helps Bitcoin replaces FIAT in society.

I'm quite sure that the government can only put a tax on exchangers that are owned by them or those that have a partnership with them. Having exchangers forced to pay tax will cause the rise of another little era on the Internet where literally everything is totally anonymous. Like an anonymous exchange site where you can buy/sell without having to put account details (like etherdelta) and online wallets that just send out money to you anonymously. One of the huge reasons why we are here is because we don't want the government having all the power even including the ones that should belong to the community itself.

Bitcoin might replace fiat at some point but it will not be in our life time. There are videos in Youtube where they try to pay in stores using bitcoin and all they get is rejected. Funny because it's too early to do that and then some say that because the stores aren't accepting bitcoin, then it's not legit. It's not that people or countries don't support bitcoin. It's just we lack users and we haven't gone mainstream just yet.

quarkyplum

full member

Activity: 378

Merit: 100

Quote from: joromz1226 on October 28, 2017, 10:12:24 AM

Quote from: romeo111 on October 27, 2017, 04:05:09 PM

The government is worried about using bitcoin to beat the legal currency. they think their security issue. it'a money laundering.
Actually they can not handle it properly.
But i think next few month or year latter bitcoin will explosion as world.

You maybe have a point on this thing mate, of course most of the government in each country they want to get a benefit first before approving something to their territory places. Since bitcoin was decentralized this maybe the reason why bitcoin is not welcome to their country.

Sometimes, if the government accept something will affect their benefit, they also do not want to accept it. Example the government still can taxes the Bitcoin user are exchanger, miner ... but why do they not accept it soon? Because it can helps Bitcoin replaces FIAT in society.

majeed

sr. member

Activity: 526

Merit: 253

Damn

Quote from: Chrystora123 on October 28, 2017, 10:44:16 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 thought it must be the Banks who fear that the future of the Bank will be destroyed by Bitcoin,
but whatever they do Bitcoin will continue to grow and the demand will continue to grow..

The government is the one who fears bitcoin. You need to know that banks are likely to be controlled by the government and therefore, if government does not like bitcoin, so do bank. Government needs to collect tax and control everything, that is why they do not like bitcoin

Chrystora123

full member

Activity: 1414

Merit: 228

Omicron is another FUD

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 thought it must be the Banks who fear that the future of the Bank will be destroyed by Bitcoin,
but whatever they do Bitcoin will continue to grow and the demand will continue to grow..

Christian13

full member

Activity: 227

Merit: 100

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

Bitcoin and other cryptocurrencies have more freedom and sometimes use for illegal transactions. But the thing is, these governments are only paranoid of what can bitcoin do to their economy. It is large amount of money that is we are talking about here. They cannot regulate the value of bitcoin or affect it by any means of taxation or law so they just banned it.

mai_mirai

member

Activity: 120

Merit: 10

Some countries have consistent with the economic movement of the country its depends on their government laws and policy. A country is controlled by a government and I think bitcoin is something cannot be controlled by government. So I don't think government will let their people to use the currency which not controllable by government.

joromz1226

sr. member

Activity: 798

Merit: 258

Quote from: romeo111 on October 27, 2017, 04:05:09 PM

The government is worried about using bitcoin to beat the legal currency. they think their security issue. it'a money laundering.
Actually they can not handle it properly.
But i think next few month or year latter bitcoin will explosion as world.

You maybe have a point on this thing mate, of course most of the government in each country they want to get a benefit first before approving something to their territory places. Since bitcoin was decentralized this maybe the reason why bitcoin is not welcome to their country.

Aniik

newbie

Activity: 56

Merit: 0

Before some days,I have heard that Bitcoin is not supported in some country. But why? Is it risky business? Can't it bring any profit? Of all question's answer is positive about bitcoin.Because, it is a profitable and smart business. It a digital currency in the world.Govt is all for a country. Probably, govt is not know about it or govt think the economic down for it. But it is a smart business for young and all ages people

jakoylantern

full member

Activity: 560

Merit: 107

For me, bitcoin is not supported in some countries. Because some countries are avoiding the consequence that they can’t trace the user of bitcoin. Bitcoin users is so hard to trace and even knowing their identities. Some bitcoin user, use it for their illegal work and different countries has different rules and constitution to protect their land.

Cosbycoin

hero member

Activity: 980

Merit: 506

Quote from: ZaynDale on October 26, 2017, 09:36:36 AM

Bitcoin is still on the process of winning every country and everyone. That is the hardest part of marketing and for some very serious reasons and one of those is when a country is building its guidelines, regulatory or laws regarding with crypto currency research and development. China in the past few months are imposing crackdown the exchange institutions because there Operations are out of the economy.
Big Countries like China and Russia are now developing their own digital asset because Bitcoin or crypto currency is the future of the economy.

Developing a new crypto for a region is like the cash money because no other country will use it and in presence of bitcoin there is zero percent of chance to progress of new evolved crypto and the main reason behind the china ban is they want to control process but failed and regions are not accepting it because they think that maybe bitcoin will affect their national currency but bitcoin is name of progress.

Hotel_Prodeo

sr. member

Activity: 588

Merit: 253

Most countries that do not receive bitcoin because of concerns that bitcoin usage will be difficult to predict, we all know that bitcoin is decentralized, if used officially it will make speculators confuse the price of goods or services.

THAHIRHAJI

member

Activity: 112

Merit: 10

Each and every country is having their own policy for their financial system which vary from country to country according to their economic growth so it is not that much easy to accept anything new which could affect their financial systems. All countries don't want to loose their currency value if they accept bitcoin officially their currencies will crash down their value that's the reason bitcoin is not supported in some countries.

Topic: Why bitcoin is not supported in some countries? - page 79. (Read 98470 times)