Why Cryptocurrency is not Legalized Despite the Many Benefits - page 4.

fullhdpixel

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Quote from: darahjuang on August 20, 2021, 01:06:10 AM

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

First of all I’d like to point out that Satoshi Nakamoto created Bitcoin for transactions online. Although this time around a lot of us are now looking at it as an investment asset. So, this is why a lot of things have changed. When you introduce Bitcoin to people they always see it as a means for them to make money and when they are not able to make that money they say that Bitcoin is a scam.

Yes, there are so many good things that we have been able to benefit from Bitcoin, but a lot of people can see that. I hardly see anyone these days talking about Bitcoin as a method of transaction, they only talk about how much they can make from it and nothing else. But I do understand that it would be hard for people to accept it in such a way because of how volatile it is.

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Quote from: sisikin on August 20, 2021, 02:34:51 AM

As a decentralized currency, Bitcoin's development is not subject to excessive government restrictions or influences, while the cryptocurrency economy is subject to peer-to-peer Internet protocol monitoring.
Cryptocurrencies have not been widely accepted by businesses and consumers, and their prices now fluctuate so much that they are not suitable as payment methods.

Those are some decent points but it does not really answer the answer of the OP, bitcoin is still seen with bad eyes by the governments and this is simply because bitcoin gives freedom back to the people, the current banking system has all kind of measures that are there with the intention of not letting you move your money freely, bitcoin works with the exact opposite idea, bitcoin lets you do whatever you want and this is not something that governments like at all.

dezoel

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The main idea is that if crypto is basically a legal tender like El Salvador but in all nations, then there will be a lot of people moving to that. It means if banks and all those horrible companies have a crash, governments can't just print more money and give it to them to make them rich again and dominate over regular people, they would have to print their own currency, and if they do that then the price of bitcoin will go up since it will devalue fiat, which results with regular people getting richer because of bitcoin ownership while companies are getting free money but one that is devalued all the other amounts they claimed to have, now a 1 trillion company is worth 800 billion even though they were given 50 billion.

Long story short, it would destroy the power dominance of wealthy over the poor, and they do not want that to happen, can't stop it neither, so they are postponing it.

watergold

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what you say is true but not completely true because crypto is now widely circulated and this means that this only goes back to the policies of each government because if we look at it legal or not this is like a pro and con, which means for the pros to legalize and for the cons it becomes illegal.
but they do have their own reasons for that, for example for banning bitcoin because it is based on the decentralized nature of bitcoin and that means it will not be easily tracked by the government when we make transactions and there are still some countries that consider bitcoin to be synonymous with terrorists, so they forbid that matter.

Ryder Kudrow

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Cryptocurrency has been legalized in some countries, and it is only banned in a few countries.
They banned cryptocurrency because decentralization cannot supervise it, and it cannot track transactions that may be used for illegal and criminal activities.
If the country legalizes cryptocurrency, they will not be able to benefit from it like fiat currency. So the government will not legalize it for its own benefit.

noorman0

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Quote from: iv4n on September 10, 2021, 02:02:10 PM

It's not hard to collect data and information... it's an open ledger, anyone can check anything, you just need internet and computer! But I guess that's the problem for many countries (if not all of them) because if they reveal everything they will fall so fast like an apple from a tree! Secrecy, keeping people in the dark, is one of the best tools for many modern governments, we don't even know what governments are doing, where and how they are spending money for a big part, they just say "national interests" and we can do anything about it!
One of the things I like about decentralization, it can be fully transparent! And I believe without full transparency we can't have a better and nicer world!

You are right in this, but the fact is that many cases of minor scam are not possible to be handled due to various factors. For example, a person from country A is scammed $20 bitcoin by a random person on the internet from country B. Of course, the value to be fought for is not worth the process because it is a transnational crime.
In the crypto space, civilians with zero skills can easily become criminals which is rare in traditional finance. And a corrupt government will not truly serve the people if it is not profitable.

iv4n

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Quote from: Beparanf on September 10, 2021, 01:23:05 PM

Quote from: noorman0 on September 10, 2021, 10:15:17 AM

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Since most of the the coins are decentralized, it will be hard for many governments and institutions to collect data and information. This will be a medium to scammers and many laundering if been pushed to legalized. It's too broad to be operated or monitored by the government knowing every problem can be blamed on them ao they just act safely when they ban or just put a note of how risky crypto is.

It's not hard to collect data and information... it's an open ledger, anyone can check anything, you just need internet and computer! But I guess that's the problem for many countries (if not all of them) because if they reveal everything they will fall so fast like an apple from a tree! Secrecy, keeping people in the dark, is one of the best tools for many modern governments, we don't even know what governments are doing, where and how they are spending money for a big part, they just say "national interests" and we can do anything about it!
One of the things I like about decentralization, it can be fully transparent! And I believe without full transparency we can't have a better and nicer world!

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Quote from: noorman0 on September 10, 2021, 10:15:17 AM

Only a few cryptocurrencies have any real benefit, arguably only a fraction of the thousands of new altcoins. The problem is that people's curiosity has no limits so they are often caught up in crime and fraud. Banning can be a solution on the grounds that it is a form of citizen protection.
Moreover, dealing with crypto crimes is more difficult than crimes involving fiat.

Since most of the the coins are decentralized, it will be hard for many governments and institutions to collect data and information. This will be a medium to scammers and many laundering if been pushed to legalized. It's too broad to be operated or monitored by the government knowing every problem can be blamed on them ao they just act safely when they ban or just put a note of how risky crypto is.

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Quote from: cafee_orange on September 09, 2021, 05:02:21 AM

what do you mean by legalized? Is it legal to replace existing fiat currency or is it legal to make transactions with Bitcoin?
for now I see there are countries that prohibit Crypto and there are also countries that allow it, there are even companies that pay incentives for their workers with Crypto. hopefully Bitcoin or other digital currency will be the payment method for the future

Bitcoin does have the potential to become a legal payment method in the future, because bitcoin technology can help make it easier for people to make transactions, but I'm not saying that bitcoin will be legalized by all governments in their country because many of them are very worried, that bitcoin can interfere national financial stability system.

- Besides worrying about the level of financial intervention as well as the management system, we should also redefine the benefits, except for personal goals, very rarely do I feel bitcoin can meet the community criteria because from a payments stance, the community chooses their country's tradition, instead of innovating with bitcoin, they choose bitcoin as just a volatile battleground, take away the legacy of those who died on the battlefield. A place to make money full of sin, greed and the government not sure it should be made public

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Quote from: noorman0 on September 10, 2021, 10:15:17 AM

Only a few cryptocurrencies have any real benefit, arguably only a fraction of the thousands of new altcoins. The problem is that people's curiosity has no limits so they are often caught up in crime and fraud. Banning can be a solution on the grounds that it is a form of citizen protection.
Moreover, dealing with crypto crimes is more difficult than crimes involving fiat.

that's one of the reasons why bitcoin and crypto can't be easily legalized in a country. That's because the handling and evaluation, which I think will be quite complicated, must be implemented by the country that enforces it. especially those that legalize transaction tools. because most countries do not prohibit ownership of crypto and bitcoin. it's just that the use of crypto and bitcoin is regulated.

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The truth about why Crypto is not legalized is because of its distruptive potentials. Crypto has ability to change the global monetary system for better. Am not saying all cryptocurrencies are good , there are some unrealistic ones that are just developed to scam investors. In addition, crypto has tendency to overtake the traditional financial system due to its unending benefits. Based on these features, it will be hard for government to legalize it . It is not strange anymore that Fiat money is full of manipulation , no stable supply and lots of flaws in fiat money .

noorman0

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Only a few cryptocurrencies have any real benefit, arguably only a fraction of the thousands of new altcoins. The problem is that people's curiosity has no limits so they are often caught up in crime and fraud. Banning can be a solution on the grounds that it is a form of citizen protection.
Moreover, dealing with crypto crimes is more difficult than crimes involving fiat.

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Quote from: cheezcarls on September 10, 2021, 08:56:03 AM

Quote from: darahjuang on August 20, 2021, 01:06:10 AM

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

Yes all except El Salvador are either not classifying Bitcoin as legal or illegal. Some are anti-Bitcoin, but others are just in the gray area where they classify Bitcoin and other cryptocurrencies as securities. Because it is decentralized, Bitcoin is prone to money laundering without any third party interference to approve or reject the transaction.

There are various reasons why the state has not legalized bitcoin, including as you have explained, besides that many say bitcoin is close to terrorist activities, and of course money laundering. on the other hand, because bitcoin cannot be controlled, it is considered less profitable for a country, but I think this is just a matter of time and the situation is not right, of course it will develop according to the situation of the times.

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Quote from: darahjuang on August 20, 2021, 01:06:10 AM

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

Yes all except El Salvador are either not classifying Bitcoin as legal or illegal. Some are anti-Bitcoin, but others are just in the gray area where they classify Bitcoin and other cryptocurrencies as securities. Because it is decentralized, Bitcoin is prone to money laundering without any third party interference to approve or reject the transaction.

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There are various reasons why cryptocurrencies are still banned in a number of countries, one of which is because cryptocurrencies are vulnerable to being used for crimes, such as Money Laundering to Terrorist Funding. For example, money laundering from corruptors or mafia and terrorist groups to carry out acts of terror here and there. In addition, Bitcoin is also vulnerable to be used for various other crimes. For example prostitution. Because, Bitcoin users are allowed to transact using disguises. The circulation of money is also not tracked by the system.

but that is only a negative side that the government always sees, even though there are quite a lot of positive things that must be seen from the crypto currency itself.

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Quote from: cafee_orange on September 09, 2021, 05:02:21 AM

what do you mean by legalized? Is it legal to replace existing fiat currency or is it legal to make transactions with Bitcoin?
for now I see there are countries that prohibit Crypto and there are also countries that allow it, there are even companies that pay incentives for their workers with Crypto. hopefully Bitcoin or other digital currency will be the payment method for the future

Bitcoin does have the potential to become a legal payment method in the future, because bitcoin technology can help make it easier for people to make transactions, but I'm not saying that bitcoin will be legalized by all governments in their country because many of them are very worried, that bitcoin can interfere national financial stability system.

yes, that's true, what we feel now with blockchain technology makes it very easy for someone to do anything, but the government is worried that if digital currency or bitcoin is legalized in that country, money laundering will occur by certain parties so that it will disrupt financial stability in his country. In fact, with technology like today, all lines will greatly facilitate the government, but will be misused by other parties.

sumant

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Cryptocurrency are definitely big payment solution to our society but legalization is government work and they will not legalize that they will not control over it because who will answer public if any fund stolen or any scam takes place. Another part I think in some country government don't understand or don't want to understand about crypto that has effect on legalization. It may takes sometimes to settle down and being a good recognized payment solution. Thank you

Tashana

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Quote from: darahjuang on August 20, 2021, 01:06:10 AM

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

It will take a period of time for Bitcoin to be legalized in the world. The views of Bitcoin in various countries cannot be unified. This is difficult to accomplish. I think it takes a certain yuan to slowly lose trust to completely overthrow the hegemonic system，In order to truly usher in the legalization of Bitcoin.

cafee_orange

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what do you mean by legalized? Is it legal to replace existing fiat currency or is it legal to make transactions with Bitcoin?
for now I see there are countries that prohibit Crypto and there are also countries that allow it, there are even companies that pay incentives for their workers with Crypto. hopefully Bitcoin or other digital currency will be the payment method for the future

Luke Briggs

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Quote from: sisikin on August 20, 2021, 02:34:51 AM

As a decentralized currency, Bitcoin's development is not subject to excessive government restrictions or influences, while the cryptocurrency economy is subject to peer-to-peer Internet protocol monitoring.
Cryptocurrencies have not been widely accepted by businesses and consumers, and their prices now fluctuate so much that they are not suitable as payment methods.

Nowadays, many company supermarkets already use Bitcoin as their remuneration and payment method.
There are many countries that banned Bitcoin at the beginning and now accept Bitcoin.
Bitcoin will be the new payment method in the future.

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