Why bitcoin is not supported in some countries? - page 88.

justdimin

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Quote from: Powerman001 on September 18, 2017, 01:02:35 AM

because certain countries do not allow the exchange of currencies that are not on the ground of certain laws for the avoidance of money laundering and other things that violate the law

Yes, bitcoin often lead to money laundering and recently we saw a incident in Russia for getting arrested due to money laundering via bitcoins. Bitcoins are now being used in many illegal ways including buying or selling drugs, money laundering, etc.

It might be the reason why bitcoins are not yet legalized globally and are not used in all countries. If bitcoins are made legal then the price for bitcoin will surely grow much. Bitcoin was introduced as a anonymous currency and it cant be tracked by any government. If this problem is solved then for sure bitcoins will be legalized globally.

Betwrong

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Quote from: sheldonnnn on September 18, 2017, 11:01:34 AM

Because all transactions are anonymous and decentralized. Thats why the government can not control it and receive taxes. It has a bad effect on the economy of the country. Also because Bitcoin is actively used in the dark web and can be connected with criminal forbidden things. This is how the government of my country argues.

I don't know what country you live in, but Bitcoin is actually illegal only in a few counties, namely: Bolivia, Ecuador, Kyrgyzstan, Bangladesh and I heard that in Venezuela people were experiencing some problems with Bitcoin mining. Most countries support Bitcoin and I think that is so because after some research they came to conclusion that Bitcoin doesn't have bad effect on the economy.

dlhezter

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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

i think country who definitely banned crypto on their own are those who didnt know the benefits of bitcoin to them, and they just got only are negative mind that bitcoin is like a fraud. and they dont want to involve on this massive fraud. but for me its not a fraud, but more secret reasons that we didnt know why they got banned this bitcoin on their country. i am lucky because this bitcoin are totally acceptable in my country and all the benefits of this bitcoin are on our hand. anytime we can buy, sell or trade whenever we want.

Theb

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Quote from: sheldonnnn on September 18, 2017, 11:01:34 AM

Because all transactions are anonymous and decentralized. Thats why the government can not control it and receive taxes. It has a bad effect on the economy of the country. Also because Bitcoin is actively used in the dark web and can be connected with criminal forbidden things. This is how the government of my country argues.

Supporting is different from making the use of Bitcoin illegal. Right now Bitcoin only has a limited support from what I recall only Japan and Korea fully support and recognize Bitcoin as a kind of currency where both of them both have their recognized exchanges. Additionally Bitcoin is considered a third party or another entity outside of the government, usually if you are asking for another country's support they are looking for something in exchange that will benefit them. Right now the thing that Bitcoin can only do is by enticing them to support it.

slate_main

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Mainly, the opposing views to Bitcoin and the alt coins is that it threatens the governance of the countries, and financial organisations, it is just trying to remain the controllers of money. This is pretty evident with the recent 'banning' of bitcoin exchanges in China, followed by the dump, then buying up of Bitcoin, thereby making lots of money. Oddly, this coincided with China's own NEO coin being released.

Hilarious.

sheldonnnn

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Because all transactions are anonymous and decentralized. Thats why the government can not control it and receive taxes. It has a bad effect on the economy of the country. Also because Bitcoin is actively used in the dark web and can be connected with criminal forbidden things. This is how the government of my country argues.

Digital_Lord

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I think some country not supported bitcoin because of its use on deep web using as a payment method on some illegal work or buy sell on deep web but I don't say that deep web are fully illegal or bad work on there I know that there is so many good work and also bitcoin little bit risky for this reason its not supported some country.

CookieGums

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The cause of bitcoin in a country is their money become non usable because there is a bitcoin so they make it illegal to avoid the cause

nightwishx

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I think this is an old unfinished problem about taxes. now the tax is important for a country to run the government, so while the problem is not finished, I think bitcoin will still be difficult to legend around the world.

cjinny

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Probably a country that forbids bitcoin is afraid, bitcoin is abused for criminals, as well as countries that forbid it definitely have no rules for digital currency. One more thing, a country that forbids bitcoin definitely does not have a supportive facility for bitcoin transactions. That's just my opinion alone, maybe someone will adding.

gesdan

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what do you mean it is not supported? maybe you want to say that why some country banned bitcoin and make all people who use bitcoin in that public is illegal, some country is not make some policy that bicoin is legal or illegal, for example my country, there is not policy that banned bitcoin or allow bitcoin, so in that phase we can use bitcoin free, and if in my country create new policy about transaction with bitcoin is an illegal i think all people that use bitcoin in my country must stop use bitcoin or they can jailed because of it, i think bitcoin in some country illegal because, bitcoin is not the official currency like USD or GBP no office / bank about bictoin that make some government dont trust in bitcoin

SultanWR

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i think policies in every country are not the same, Policy makers from various countries are taking steps to provide individuals and businesses with regulation on how to integrate this new technology with the rules of the formal financial system

kamikadze69

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I guess because in a country has a level of human resources who have not been able to use bitcoin. so if they insist on applying bitcoin in a country it will happen something that can not be overcome by the country's government.

Decalcomania

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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

Becuase goverment can't control the bitcoin maybe the goverment scared about bitcoin because if all people know this i think many employed people quit their job bevuase bitcoin have a good potential to get a sourcr of income.

Chachacoin17

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Quote from: Lanatsa on September 18, 2017, 08:06:02 AM

Quote from: Asyifiah on September 18, 2017, 08:03:02 AM

because it is difficult to control the government circulation , Decentralized.
tax-free. the government does not take taxes because the role of government does not exist.
countries can experience inflation.

Centralized things cant really control Decentralized things just like on bitcoin this is why government would really see this thing as a big problem which they cant really accept it no matter what.Some may already accept it but i do believe that most countries would really do the opposite thing which i think its just a normal reaction for them knowing that bitcoin cant really be taxed and also its anonymous on which you cant really know on whos the one who made transactions or owning a certain wallet that do have lots of funds.

Yes, very well said mate. Without taxes paying to government, they will have less fund to their country. Government need taxes to build bridges and highways, pay education, hospitalization and many more. Now with bitcoin being decentralized, they can't control it. Either you earn a million because of bitcoin, not a single tax will be given to government and they can't trace you because everyone is anonymous.
Well I guess it's quite fair to countries that are not corrupt. But to countries where corruption is very rampant, well I guess it's just being fair after all.

Lanatsa

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Quote from: Asyifiah on September 18, 2017, 08:03:02 AM

because it is difficult to control the government circulation , Decentralized.
tax-free. the government does not take taxes because the role of government does not exist.
countries can experience inflation.

Centralized things cant really control Decentralized things just like on bitcoin this is why government would really see this thing as a big problem which they cant really accept it no matter what.Some may already accept it but i do believe that most countries would really do the opposite thing which i think its just a normal reaction for them knowing that bitcoin cant really be taxed and also its anonymous on which you cant really know on whos the one who made transactions or owning a certain wallet that do have lots of funds.

Asyifiah

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because it is difficult to control the government circulation , Decentralized.
tax-free. the government does not take taxes because the role of government does not exist.
countries can experience inflation.

johnarce

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Wait. How is it even possible to ban math? Iceland surprises me especially given their attitude towards banks. I.e. Let'em fail. Grin

Powerman001

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because certain countries do not allow the exchange of currencies that are not on the ground of certain laws for the avoidance of money laundering and other things that violate the law

faithupgrade

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Quote from: saekotye07 on September 18, 2017, 12:31:28 AM

every country has a different kind of law we must accept the fact that there's a country abiding their law. whether some country not supported the bitcoin always remember that there's some country supporting bitcoin.. Wink

True, there are some laws that every country should follow. Like for instance, in currency, every country posses different laws regarding that. So, if bitcoin are not supported by other countries rest assured that there are more countries that will be able to support bitcoin.

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