why do governments don't make BTC illegal worldwide ? - page 32.

Leo Barnes

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Quote from: lentzaj on August 29, 2017, 01:37:34 PM

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

Because of some country believe in bitcoin and cryptocurrency some of them still study on how to regulate the digital currency.

bungsoh

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Should not bitcoin be considered a nightmare. but bitcoin is a challenge for Banks and related agencies to learn more about it. If an agency (including a Bank) claims to be great, sophisticated, of high quality, it should not be difficult to learn the other bitcoins and cryptocurrencies. If bitcoin is bad then there will be no world class Investors who will invest in bitcoin. But the reality is the opposite.

iMark

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Quote from: umbara ardian on June 14, 2018, 03:31:41 AM

this may be because bitcoin is too horrible and unstable, bitcoin prices are always moving up and down to make bitcoin does not make the government legalize bitcoin in the worldwide, indeed technology owned bitcoin very sophisticated and very strong but bitcoin prices will never stable, maybe that's what making the government reluctant to legalize bitcoin.

I think the government does not care about the fluctuations of bitcoin, they forbid because they get the threat of bitcoin, imagine their income from tax may decrease when bitcoin is popular and used by many people, many people hide their wealth and income, so it's natural if the government forbids it

DisWhale

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Improve your mode of payment with crypto

Most of the allegations governments hold against Bitcoin is that Bitcoin is used to fund terrorism and also involved in money laundering. These are all due to the anonymity issues attached with Bitcoin. Most governments are likely or ready to work or accept itcoin if its users are ready to give their true identity for verification purposes through KYC.

appleyard

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Quote from: lentzaj on August 29, 2017, 01:37:34 PM

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

Yest this is the main objective of the bitcoin project to eliminate the thir person in the transaction and to build an easy way of payment a p2p transactions in fast and easy way of sharing funds ang making payments. And you are right there is no way they can avoid the money laundering using bitcoin payments.

Anarchist

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They can't because it will be useless unless people use an exchange an transfer out fiat to their bank account. They can't hijack your computer to watch if by any chance you have a crypto wallet. Yet people can always use an alternative. It's like a fight that will never end.

joliepaul

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Because the government wants to control all the money that is put into bitcoin,There are only a few contries where the government fears bitcoin could be a danger when people use it to bring money out of the country.

RoftheN

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The governments mostly don't interfere in something unless it is too big of a problem to them, as they already have bigger issues in their hand. Also it takes a long time for the governments to come to a conclusion. Plus the governments know that even if they banned it they wont be able to stop Bitcoin as it is decentralized.

umbara ardian

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this may be because bitcoin is too horrible and unstable, bitcoin prices are always moving up and down to make bitcoin does not make the government legalize bitcoin in the worldwide, indeed technology owned bitcoin very sophisticated and very strong but bitcoin prices will never stable, maybe that's what making the government reluctant to legalize bitcoin.

charlenedave

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Quote from: egberthill on June 13, 2018, 02:49:40 AM

Because Bitcoin is not a major concern for them. They will not banned bitcoin in theor country because they see bitcoin is a very advantagable thing and not negative thing.

I agree about it. Bitcoin is not a major concern by the government; and that is the reason why government do not make bitcoin illegal worldwide. Also, bitcoin is helping other people.

rudox

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Government found themselves in a tight situation because Blockchain runs in the internet and it is difficult for the government to destroy internet because her own business also runs in the internet. The best they can do is regulations and officially ban bitcoin in their business and transactions.

julielyn

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Quote from: lentzaj on August 29, 2017, 01:37:34 PM

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

Yes government scared of bitcoin because there are many wrong news about bitcoin they said bitcoin is scum more people invest in bitcoin their money are gone thats why the government hate bitcoin too much because of the wrong news they did not know its not true bitcoin is not a scum it is legal bitcoin is a digital crypto currency.

Viendong6158

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It's true that transactions used Bitcoin requires no third parties like banks, and this may drive banks to the verge of shutdown. But instead of banning it, some governments see its potential and benefits for their economy.

jayarbillones

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for me many governments and banks have changed their attitude towards Bitcoin.If one country ban you will go to the country who accept Bitcoin so you cant control it.Actually, if taxation will be the topic, government are gaining profit from Bitcoin indirectly. Companies like Coins.Ph are paying taxes to the government by still it is from Bitcoins.

egberthill

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Because Bitcoin is not a major concern for them. They will not banned bitcoin in theor country because they see bitcoin is a very advantagable thing and not negative thing.

charlemagne_15

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Quote from: lentzaj on August 29, 2017, 01:37:34 PM

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

In my opinion, I think governments now have a slightly hesitation in banning bitcoin because of its popularity, many people now are into bitcoin and when they prohibited the usage of it many citizens of their will lose money. In addition, maybe they are studying it in order to add taxes in using bitcoin and planning what will be the effects of it to them. Lastly, eventhough governments label bitcoin illegal it does not mean that it will completely be gone. People will keep inveting something like this and continue to support it.

jefrihunter

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i think that bitcoin can challenge the value transfer of traditional fiat system but on the other hand, if the government is deciding to ban such digital currencies then it would boost the shadow usage of it and those who are using Bitcoins for legal activities would not use it in that case but those who are using Bitcoins for illegal use, would keep using Bitcoins under cover and I fear that the percentage will increase drastically if there is any wrong move by the government and Many government show their negative attitude towards Bitcoin and ban it in their respective countries and this is some reason behind this. Bitcoin decentralised nature is the one of the main reason behind this

franantp

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well i think the problem is that even if governments do make Bitcoin illegal world wide, they would not be able to shut it down completely. After all, Bitcoin works individually of the banks and thus the government. This means that governments have no real control over Bitcoin. Sure they can make it illegal, but it doesn’t stop people from using it other than the fact that it is illegal. Unless the citizen is an extreme patriotism and has extremely good morals, he/she would still use Bitcoin and All the governments are helpless.They know very well that bitcoin would be a direct threat to their taxing revenues and they could not trace all the bitcoin transactions

Rozita

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If they make using bitcoin illegal, there will be still many people trading bitcoin. In that time, people will try more to hide their identity and that's the worse case than what is happening now. Now most of the people trade especially with fiat are known.

KuyaBreezy

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Basically, Governments operate on different policies, each of them have different laws ad regulations regarding Bitcoins and therefore they cannot make a common judgement or pass common laws regarding BTC. Besides , most governments consider Bitcoins a threat to their economies making them more reluctant to legalize BTC

Topic: why do governments don't make BTC illegal worldwide ? - page 32. (Read 8116 times)