Why bitcoin is not supported in some countries? - page 92.

oktana

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Quote from: Theb on August 19, 2017, 01:30:03 AM

Quote from: Bittoshi on August 18, 2017, 12:58:58 AM

The governments of some countries fear to lose control of their own currency (where they can control inflation, cash flow and print the money). If their people start to use Bitcoin, which has no inflation, no one wants their Fiat money anymore. That's probably why they do not support or even forbid the use of alternative currencies like Bitcoin.

Actually the country's goverment won't lose control of their own currency they can still control the supply of it as Bitcoin has no effect on it whatsoever. And what is up with you guys looking at inflation a bad thing? For people who knows the basics of Macro Economics inflation rate of a country is actually good for both the country and their economy. There are inflation rates that signifies growth and bad inflation that signifies a bad economy.

You have to learn from what the Chinese government is doing to all the bitcoin exchange markets in that country, the application of kyc and some strict rules they do because china suffers from significant inflation due to the serious exchange rate of btc/cny, if this is not arranged then bitcoin can replace cny in a short time and this will surely destroy the economic sovereignty in china.

Theb

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Quote from: Bittoshi on August 18, 2017, 12:58:58 AM

The governments of some countries fear to lose control of their own currency (where they can control inflation, cash flow and print the money). If their people start to use Bitcoin, which has no inflation, no one wants their Fiat money anymore. That's probably why they do not support or even forbid the use of alternative currencies like Bitcoin.

Actually the country's goverment won't lose control of their own currency they can still control the supply of it as Bitcoin has no effect on it whatsoever. And what is up with you guys looking at inflation a bad thing? For people who knows the basics of Macro Economics inflation rate of a country is actually good for both the country and their economy. There are inflation rates that signifies growth and bad inflation that signifies a bad economy.

erickkyut

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Bitcoin is not supported in other country because the government does not approve of it. They don't want to adapt Bitcoin because it is decentralized and have no control over it. But I think in the near future, if they see that lots of countries are starting to adapt and accept Bitcoin, some of them will follow it and will do the same.

Bittoshi

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The governments of some countries fear to lose control of their own currency (where they can control inflation, cash flow and print the money). If their people start to use Bitcoin, which has no inflation, no one wants their Fiat money anymore. That's probably why they do not support or even forbid the use of alternative currencies like Bitcoin.

andthereyou

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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 that there were two main reason why they did not want bitcoin.

1. Tax evasion- the government will have a big problem when less money going to the treasury. espcially the corrupt officials, the less money going to treaury the less money they can get illegally.

The corrupt government officials can take advantage as well.
They can store the dirty money in bitcoin wallets without being traced. Because some countries had a law that all government official must declared their wealth to the public.

2. Money laundering- criminals will take advantage and store their money in bitcoin wallets so government could not trace it. Unlike if the Criminals stored their money in the banks.

cakra

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Each country has its own policies. The rules set must have been through careful consideration from their point of view. We should be able to respect each other.

Kirachan95

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I don't think "some", It must be "almost" cause the government can't control the payment and the person who made it that why a lot of people is taking adventages of that problem to do money laundering. Beside when people use bitcoin they don't have to pay the tax, It'll be a big loss for government Cheesy

Goler

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a lot of factors why bitcoin is not supported in some countries of which every country has its own laws, perhaps those countries fear will affect the stability of the currency there is in the country.

Hamstead

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Quote from: libert19 on August 17, 2017, 11:01:54 PM

Bitcoin is anonymous, doesn't matter if government supports it or not.

They don't support bitcoin because they don't have interest on that and they know also about capabilities of their people. Bitcoin is an online transaction so therefore needs also a stable internet connection and thats a big problem in the poor countries who have limited on that. Even if the government wanted to be but a big possibilities that the large group of communities won't recognized it.

ankit10

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Quote from: libert19 on August 17, 2017, 11:01:54 PM

Bitcoin is anonymous, doesn't matter if government supports it or not.

It' Matters, you can't cross border without permission of your government. You can't buy product's without permission of government (government body pass the product) , You can't use your currency notes if it was ban to use, It's same with Bitcoin you can't use it without permission of government,may you use but you have to high fee for your bitcoin( Jail)

libert19

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Bitcoin is anonymous, doesn't matter if government supports it or not.

GreatOrchid

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Well it depends a lot, most countries dont support it because a lot of cyber-criminals use their to commet their crime, for example if they card something, they steal someone's money (paypal or something else) they will instantly convert it to bitcoins so that could make their untraceable. And a lot of countries also does not support bitcoin because they think that it is a good way to support terrorism.
also, i think most goverments bans bitcoins because they know it has pottential to be more powerful than banks.

DU18

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As we know bitcoin is untraceable so many criminal use bitcoin for hiding himself.So therefore, they get help from bitcoin.They do kidnapping, money Laundering etc.So,government bannned bitcoin.Our government banned bitcoin for money laundering.

Shamie1002

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I think that Bitcoin today is already expensive, some don't want to risk because most probably, people have the fear of the unknown. I they are new to bitcoin they will not adopt it instantly. If you are talking about why government is not into bitcoin is that it is internet based and decentralized in which banks are not involved to make profits themselves. They can not control it generally.

Images21

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Different countries have different rules and levels of openness to new stuff especially one that involves the monetary and banking systems. I think the primary reason why countries are hard on accepting bitcoin has something to do with its features such as decentralization and anonymity.

Giraffle

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Some governments just object anything that threatens their current system they have central authority over. So they will ban bitcoin.

rjbtc2017

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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

Take a look on their laws and why are they banning it. Some of the countries banned it because of the possibility that bitcoin might be use on illegal transactions, some other countries believed that bitcoin used to support terrorists, with this kind of reasons, it is acceptable and reasonable that they are banning bitcoin because of this.

coynedterm

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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

Here personally I can't say anything myself but i can tell you about this thing thst i get knowledged from multiple articles that i readed from the internet source .
In the nieghbourhood of my country a country is Bangladesh where in the very starting when bitcoin started to gain popularity , decalres that bitcoin is a way of making scam and that scammer can't be caught and alsi many other illegal activities will happen easily and without any other factors discussion about it they declared that any person who will be found that he has any connection with the cryptocurrency will go in the prison for the one year atleast , so i think the main reason is that in thise countries no one people at higher level who can explain also the advantages of the bitcoin use and other cryptocurrency use , so they banned it directly without thinking anything .
Here in the my country even the government two times tried to ban but many people in in the rich category explained well about the profit of the bitcoin , so now government is making analysis that how to control .
Now in the current time after the legalisation of bitcoin in Japan like big economical powered country the bitcoin can't ban in another country now .

Dainye_dyep

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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.

True, I cannot even imagine that youll be consider as criminal even though you just dreaming of something is unsual and thats being successful and stepping up away from your original place, in some contry bitcoin was banned in certain reason, maybe because theyre not open in the possibility that bitcoin may help every individuals to earn and it may help their economy as well, and through bitcoin may be a way so that people could pay their expenditures through this.

JCO05

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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

Maybe , it is because that those countries are not yet awared on Bitcoin and its advantages together withs the benefits that Bitcoin has. If more countries will make it legal, the remaining countries will also too. And if it will be legal to most of the countries, more countries will support Bitcoin which means, the demand will increase also with its price.

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