Topic: why do governments don't make BTC illegal worldwide ? - page 40. (Read 8116 times)

For me government don't make bake bitcoin illegal worldwide because other part of the government is using it in their illegal work. Those that set it illegal are just scared that their wrong doings will be revealed once their people know about Bitcoin.

Bitcoin Bank needs a lot of Bitcoin
The price of Bitcoin will also fluctuate, resulting in great changes in its trading.
These are the factors that need to be considered. The government I think may set up an exchange to monitor the cryptocurrency.

This is illegal in many countries. But many countries make it legal. They love Bitcoin. Their country started as a legal currency. So we think that soon Bitcoin is going to be introduced as the legal currency of other countries. Bitcoin has a bright future. It will not be destroyed.

As the market capitalization of the cryptocurrency market shoots up, through price movements and a surge in new tokens, regulators around the world are stepping up the debate on oversight into the use and trading of digital assets. This affects all cryptocurrencies, but especially bitcoin, given its market leadership and integration into the global startup ecosystem.

Till date the growth on the world has taken place when something advanced happens around making the system function in an effective manner. Already few countries have adopted bitcoin and started to benefit out of the same. Following this more countries will adopt it to experience the good in it which looks to be the major reason why governments don't make bitcoin illegal.

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.

My opinion is that bitcoin is not banned all over the world, because all officials themselves are the holders and investors of this currency.

Governments don't make Bitcoin illegal worldwide because they don't consider Bitcoin as a threat to the bank and to the economy of a country. They know that Bitcoin is such a help to everyone.

Not all governments are against bitcoin. There are countries that approves bitcoin but have certain regulations of using it. They think of the good side of bitcoin that can help their country economy grow. The other government against bitcoin because they only see that bitcoin is a threat because of their politicians that have connections or even owner of a bank and any other companies that bitcoin can affect them, because of bitcoins characteristics, and also bitcoin cannot be manipulated thats why they're against on it.

very precisely what you convey because the negative side of bitcoin maybe the government is still considering making bitcoin be legal Another reason maybe bitcoin is still not known by ordinary people

Yes, just because of this. Most governments need people who can't live without them, who can't live without banks. And when something provides this opportunity they want to ban it.

perhaps the government is still afraid to accept bitcoin to be illegal, because bitcoin prices are so fluctuating that prices can go up or down very quickly. the government does not want to be responsible for public losses.

Because government they want to control bitcoin but we all bitcoin is decentralized and no one can control.

You are correct bitcoin can influence the bank's framework. However, the issue is even the administrations make the bitcoin illicit around the world. They would not have the capacity to close it completely for a reason of decentralizing ability of it. With the assistance of the innovation on this age. The administration doesn’t have control over all digital currency. Some nation they enable some organization to build up an organization of cryptocurrency in because they are paying wage assessment to the administration so that they can work well.

Governments probably cannot shut it down through "technical" means, i.e. hacking the system, thus crashing the value or preventing it from working. (Juergen Nieveler discusses this in his answer.) Thus, if I were a government that saw Bitcoin as a threat, I would try a three-pronged attack:

(1) Attack, using anti–money laundering laws, etc., the entities that allow Bitcoin to interface with the "real" (non-Bitcoin) world. That is, USD–Bitcoin exchanges, people who have a real-world address to ship things from, stuff like that. You may not be able to attack the part of the Bitcoin system that lives entirely in the Internet, but you can cut off any appendages that reach into meatspace (to use a term that I really don't like). In his answer, Stephen Gornick points out that this is already occurring.

(2) Try to destabilize the value of Bitcoin. So perhaps buying a bunch of Bitcoin over time, and then selling them all at once, causing market crashes. Or buying and hoarding Bitcoins. Free from all the laws designed to prevent market instability in the real world, a powerful, rich, hostile government could probably do quite a bit of damage to the Bitcoin *economy*, even if they can't actually touch the technical foundation of the cryptocurrency itself.

(3) Finally, attack the *image* of Bitcoin. Publicize the hell out of its uses for hard drugs, child pornography, assassination markets, etc. Fabricate a case if you have to. Get it embedded in the average person's mind that Bitcoin = Currency for Criminals.

So maybe they can't technically eliminate Bitcoin, but they can probably force it to be a currency that in polite company marks you as a criminal, that swings wildly in value, and that can't easily be converted into any real-world products. Which is as good as dead.

I think we're already seeing examples of (1) and (3), and (2) is probably feasible, even if there's no hard evidence of it occurring yet.

As someone else stated, most governments didn't pay much attention to it, and know it's too late for them to do anything about it.


In a similar fashion, if governments knew how important to society the internet was going to be, they would have gotten involved a lot sooner. It's easy to think of government as wise and all-knowing, but in many cases, the wheels of government grind slowly, and the bureaucracy simply isn't set up to move swiftly when something like crypto suddenly goes mainstream.

Governments can ban Bitcoin, but the ban cannot be very effective. So, typically, they use other means to discourage Bitcoin ownership and trading.

But more to the point, what is the reason for these efforts to discourage use? Are the reasons and goals practical and legitimate?

Does Bitcoin present a threat to sovereignty, control of the domestic money supply, borrowing, inflation, foreign exchange or fiduciary institutions? Yes and No…

Gradually, lawmakers in some countries are beginning to perceive Bitcoin as more of an opportunity than a threat. There may be no need to dissuade citizens from adopting Bitcoin, even if the populace saves or spends it as actual stored-value cash and not just as a payment instrument.

I think there is no point of making Bitcoin an illegal across the world by any Government. This will not be in favor of either of us. Bitcoin can't replace Fiat so why do they need to ban them.

as long as the identification technology that is applied is the initial level. with the current technological way KYC can easily be forged and have about indetification. bitcoin is intended to be a conventional reserve cryptocurrency.

The answer is not possible because it could lead to the problem in the country, for the case of trivial alone could cost the state, let alone with digital currency may be a little complicated to set up to the Constitution in it.