Why do some government ban bitcoin? - page 34.

BitcoinCommodor

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Quote from: boyptc on December 22, 2017, 06:10:51 AM

Quote from: haster100 on December 21, 2017, 10:27:58 AM

Some countries have banned bikoyun because it could affect their state income tax, and could also affect economic services.
They believe that banks no longer have the power, and this will be a change in bitcoins

They are banning it because people will boycott banking services and the banks are the ones that will push their authority and rights to be used by the people or else they will not contribute to pay higher tax. But other countries are banning bitcoin as they are only looking on it's bad side.

Some countries banned bitcoin because of many reasons. First as it s decentralized feature the citizens profitable from bitcoin haven’t give any tax to governments. They fear because they think it will crashed their economy. They fear because they think it will replace their state currency.

They fear because traditional bank system will be disappear. They fear because they think it will be used for crime purpose. Many other reason they banned bitcoin.

konfuci

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That's true, several governments have a negative approach over bitcoin based on the scams and other illegal activities taking place with bitcoin. Same time few countries have been making a long research to use it in a better way. Some has already implemented it, maybe looking the growth of the countries that have already adopted bitcoin other countries too will adopt in future to grow good in economy.

ucingucingan

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Many countries are grappling with bitcoin because they are afraid that the exchange rate of their country's currency is weakening which in the end economic crisis if bitcoin is used as a tool in their country, but I think if bitcoin is only used as an investment commodity then it will be very profitable because bitcoin is a potential commodity.

irienoodles

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They ban it because it is anonymous.
Other reasons are because they cant earn tax from it.
There are also a lot of people who dont think enough with their investments, they do think that bitcoin doesnt have safeguards that banks provide - which i think is true

Gotumoot

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Quote from: TanClan98 on September 07, 2017, 08:04:12 PM

I See topics about banning and I want to ask.

Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.

It's because some countries think that bitcoin is a scam, an unsecured investment, or they are afraid that people might quit their jobs and focus on bitcoin instead. When people quit their job and earn money through bitcoin, their income is not taxable. Which means government will get lesser income tax.

beezare

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some governments in some countries may want to protect their citizens from the harm that bitcoin will cause because the price in bitcoin is unpredictable and there is no law that can protect a person from the harm caused by bitcoin

paradeflag

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Bitcoin is already a system in itself and it is decentralized. The government, as much as possible, would want to be in control. In this case, they couldn’t. That is why they decided to ban it.

nikenv2212

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I think it's natural that if a government rejects bitcoin firmly in the country, many aspects are a consideration especially for countries with high bitcoin corruption rates can be used as a place to store assets that are difficult to detect, in addition there is no legal basis that can protect customers

mabell943

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The government make decision fair and free from any bias. I think the reason why they banned bitcoin or the cryptocurrency in their countries is there are lots of country consider cash-based system in all commercial transaction which is not applicable to the concept of bitcoin.

Trela

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The Decentralized TCP/IP Internet Protocol

Quote from: Akash1243 on December 24, 2017, 04:43:06 PM

Well some government has banned bitcoins as they think bitcoins are threat to society as government can't control bitcoins because bitcoins are decentralized and bitcoins can be used for many illegal activities.And also taxing bitcoin transactions are hard for them and banking would be affected.Bitcoins prices are way too unstable too so government discourage us to invest in them.

At current, I just know the Chinese and Korean government banned ICO in these countries. About Bitcoin, I did not hear any news as ban Bitcoin in this year, can you give me the list countries banned Bitcoin? I will be happy if know it, thanks!

Akash1243

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Well some government has banned bitcoins as they think bitcoins are threat to society as government can't control bitcoins because bitcoins are decentralized and bitcoins can be used for many illegal activities.And also taxing bitcoin transactions are hard for them and banking would be affected.Bitcoins prices are way too unstable too so government discourage us to invest in them.

ilovefeetsmell

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Quote from: TanClan98 on September 07, 2017, 08:04:12 PM

I See topics about banning and I want to ask.

Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.

Government doesn't know about bitcoin. They think bitcoin is a threat and scam. They don't want to be with that thing, bitcoin is one of the major use in cryptocurrency. It will threat the local currency of every country.

fistteam

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Some governments prohibit bitcoin because bitcoins affect the interests of the bank and the interests of the government. The government can not control the number of bitcoin users and can not tax it.

zdrmay

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Elementary. They are simply afraid. The government fear that their national currency could die of competition , they fear that they would not have a peek in our accounts and would not be able to charge service taxes accordingly. Bitcoin - decentralized, does not obey anyone, no one manages this system. Therefore, the government is displeased, furious.

Palantiri

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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.

Quendi

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I think is they can prohibit mining or regulate it so hard that everybody stops mining all together. China did this and banned mining and trading bitcoins recently that's why it is possible that bitcoins can be banned. If the government however does intervene, they will most likely stop mining operations and the bitcoins harvest will not join the circulation, reducing the supply further making it more expensive thus preventing investors to buy more because it's expensive.

Osgliliath

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Yes, every government has the power to ban bitcoin in their country. But The only way to ban bitcoin is to ban the Internet in the entire country (north Korea style). There are already countries who banned bitcoin other than china, so this is just a normal event on the cryptocurrency world. If you guys are afraid that bitcoin will die because China banned it, don't be bother by this. Bitcoin could exist without this Chinese Government, there is some countries already who trusted bitcoin and make it one of their currency, and one of them is Japan, so rest assured, bitcoin will still live and will keeping booming as always and will sooner lead to revolutionary period throughout the world industry.

magz

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World's First Chain Balancing Token (CBT)

Maybe because they feel threaten. They do not want something that they cannot control specially money. And the features of Bitcoin limits their power. With that they cannot regulate. But I think it is possible also that they have hidden agenda. They will just tell the public that they ban Bitcoin but the truth is they just want to buy on a lower price.

icoprofits

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Government ban Bitcoin only because it is their fear on bitcoin and other crypto currencies

s0beit

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Quote from: TanClan98 on September 07, 2017, 08:04:12 PM

I See topics about banning and I want to ask.

Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.

It is because they are afraid that people would quit their job and since bitcoin is decentralized, they cannot get any income tax from bitcoin income. Some people already quitted their job and started to focus on bitcoin.

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