Why bitcoin is not supported in some countries? - page 84.

MS.LAWLIET

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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

Bitcoin is not supported in other countries maybe because they can't impose tax on bitcoin like income tax.the tax payers will decrease unless you're employed while earning bitcoin. Also they can't identify the users because of the privacy given by the bitcoin. Another is that they can't monitor the tradings happening in bitcoin.

gabmen

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Quote from: denny27 on October 11, 2017, 01:48:00 AM

Of course each countries has a different view on bitcoin using, for some countries that baning bitcoin.. it may have a bad view on bitcoin using and has worrying about the country's losses on the using of bitcoin also maybe using bitcoin/other crypto currencies has had a negative impact on that country .

These countries like china probably feel threatened that a crypto explosion would compromise their hold on their financial market. It can, yes, but i think they should follow suit with how japan is handling it since the bemefits of crypto far outnumbers its negative effects on regular citizens

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Of course each countries has a different view on bitcoin using, for some countries that baning bitcoin.. it may have a bad view on bitcoin using and has worrying about the country's losses on the using of bitcoin also maybe using bitcoin/other crypto currencies has had a negative impact on that country .

Cindy1983

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Beside the advantages of Bitcoin there are also some disadvantages and I think it's the main reason for this case. The transaction in Bitcoin is anonynous so it's almost impossible to find out the owner of any transaction and this case can lead to a lot of crime appear, a lot of people will take advantage of this case to commit crime like tax evasion, money laundering, drug trafficking,......

farhaan

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Its in bangladesh where six months jail is given if a person found using bitcoin.Its usually the countries like bangladesh,bolivia,equador,kyrgystan which have very small economy which were afraid of bitcoin and which think that they would not be able to regulate bitcoin.They feel that bitcoin would be used for promoting illegal products like drugs and they would have to loose tax revenues due to bitcoin.They think that they don't have adequate techniques to trace bitcoin transactions.So,they find banning bitcoin as a solution to these problems.

cybersofts

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Quote from: MadGamer on December 20, 2016, 09:29:10 AM

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.

Their countries , their laws. It really depends on your definition for not supported too . If we speak about banning then as far as I know I don't think there is a country that actually banned bitcoin , at least nothing official and If there is then Its related to the banking system with one way or another . If its about the lack of usability in ATMs , local shops then there are plenty of countries and It takes time as some countries have more priorities .

Yes, every country has their own laws and practice. So, if some country from the 3rd world struck a law for banning people from using bitcoin that is their own problem not yours. The way i see it, is the lack of good understanding of what is bitcoin and how it works. When people are lazy to go and learn about something new and listen to the media i think they will only understand the negative side of that very thing. I believe that was what happened there.

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Japan, Bahrain, Estonia, the United States, Denmark, Sweden, South Korea, the Netherlands, Finland, Canada, the United Kingdom and Australia support Bitccoin, they are developed countries, so not developed are not ready to support.

DewiKirana

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Because some countries have different policies. In my country bitcoin is not supported by the government, but it is not also prohibited but still not recognized as a legitimate transaction tool. Perhaps some countries that do not support bitcoin have their own reasons, perhaps because they protect the country's currency, have no control over bitcoin and are worried about bitcoin being misused.

rido

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this may be because it can cause the happening of the currency in the real world will die and can also bitcointalk will be mamfa'atkan by terrorists.

poisonivy77

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Quote from: mr.bitcoinerf11 on December 20, 2016, 09:40:19 AM

my country is not supporting anything like drugs/bitches
bitcoin is accepted as well in my country so

In some country they think bitcoin might seem illegal that is why they do not accept it. Its decentralization is also a factor for it to be not accepted they do not like the idea of not accepting bitcoins in some transactions

ghost424

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Maybe in those countries bitcoin is considered as illegal money. They may also lack the knowledge of cryptocurrency and does not approve on how to earn bitcoin mining and other way's to earn bitcoin. They may see bitcoin as a threat to their country because some of the user's of bitcoin tends to be richer than those who are controlling the country.

Bitcoin may also be a threat to their market so they punish those who abuse bitcoin, though i haven't heard on how somebody will abuse bitcoin use.
I guess the main reason is that they really lack knowledge about it and thought of it as illegal money which is not true. Because in our country, bitcoin is helping us students to earn money in another way and for other's it is a source of income.

pragna

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Actually it may have different cause. As it is new in market they do not know well about it or they do not know how to handle it for the people of their country. It may be think that it will create problem for all. It's may their government policy when they accept BTC in their country.

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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

Because for them it is illegal. Countries like Bangladesh , Bolivia, Ecuador and Kyrgyztan are not accepting Bitcoin. In my opinion, they do not want Bitcoin because of its decentralized characteristics and being anonymous. It is very alarming to government that they cannot control the monetary system in their country. And also when they cannot track it. Because it may use it in purchasing illegal activities or use it in money laundering.

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It is just governments and their viewpoints of bitcoin. BTC has had been used for various illegal stuff in the past, and so some governments think that is a huge reason to worry about illegal activity, that could rise due to bitcoin.
This bad reputation has led to governments trying to legalize bitcoin, but they understand that can't really happen fully due to its decentralized nature, and thus they decided on punishment as a way to keep people away from it, thinking that this lessens the chance of illegal activity using BTC.

Also, taxes can't be imposed on BTC, and governments do really want to profit from banks, so they do this to ensure people use only banks as a way of money storing.
There may be many more reasons behind this, varying from country to country, but these are pretty common ones, I believe.

mikchail

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Bitcoin is not supported by goverment in numerous nations around the world since they want to management the cash and Bitcoin can not be controled because it is decentralized. I do not believe that numerous nations around the world ban Bitcoins and some individuals use it even if it is banned in their nation. You just require world wide web relationship, so it can be employed practically everywhere.

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Quote from: Rojectime on September 16, 2017, 11:35:14 AM

A lot of of the purpose as to why some nations don't assist bitcoin is mainly simply because the Federal government fears that they will drop the manage in excess of the cash supply as well as of the financial system. They management every person in the region by manage the income source. and bitcoin tries to crack this handle of the point out.

Yes you are 100 % right that there are several places where people even don’t know about internet and other modern technologies , so they needs awareness campaigns as well proved them other facilities to make their connection with the new world and they get benefited from bit coin.

happyme1818

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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

It is not supported by other countries because others use it in illegal activities like money laundering, illegal drugs etc. One more reason is it is decentralized which means they have no control for it.

BaraxLo

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Quote from: sinta23 on September 22, 2017, 07:30:54 AM

I think the country has different rules, so every country also does not necessarily approve of bitcoin for circulation, it must also follow the rules set by leaders in the countries.

Of course every country has its own economic system and own rules and regulation policies. Government of every country supports bitcoins in different ways under certain rules so it is not possible that each country supports bitcoins. Bitcoins have to fulfil certain criteria for them, if they fulfil that then country will support it otherwise not.

dieselmeister

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because they can't get tax from who use bitcoin in business. if all people use bitcoin for their business gov will dont have money anymore

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Yes your words are correct. Bitcoin is not supported in some countries. Bitcoin is not supported in this country where I live. The government has asked not to use everyone and has also declared the jail. Actually there are laws of all countries. And they think that Bitcoin is looting money through other countries. So many governments of this country do not support it.

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