Topic: Why do some government ban bitcoin? - page 37. (Read 12625 times)
They see the bitcoin as a threat to their fiat money. Without the fiat money, the tax collection will be reduced since using bitcoin doesn't apply tax unless converted to fiat and buy something that only offers fiat as payment.
Some governments banned bitcoins because they clearly don't understand the concept of bitcoin and what is bitcoin for that matter. Some people only think of bitcoin as the currency used by the criminals for criminal, as media used to say it which is completely the opposite. Bitcoin is just like paper money e.g. USD, people can use it for good or bad, it is completely up to them.
I think some people ban bitcoin because they don't even know what is the good effect on it to the society and to those people who are unemployed, or maybe because bitcoin has a bad effect on their economy.
The possible reasons for a country to make a law in order to prohibit the use of Bitcoin and other cryptocurrency are:
First, Bitcoin has history being engage with illegal deeds and transactions.
Second, transactions made by the use of Bitcoin and other cryptocurrency can’t be traced by the government. Consequently this transactions can’t be taxed by the government, leaving a big impact unto the income of government.
Third, given the fact that Bitcoin and other cryptocurrency are independent from the government, offenders tend to use these to perform illegal actions.
Fourth, the government view Bitcoin and other cryptocurrency as threats to the their local currency. If the number of people who are using flat or physical money that are legalize by the government are being lessen then it wasn’t being use to it’s utmost purpose.
Lastly, Bitcoin and other cryptocurrency can be used in money laundering.
First, Bitcoin has history being engage with illegal deeds and transactions.
Second, transactions made by the use of Bitcoin and other cryptocurrency can’t be traced by the government. Consequently this transactions can’t be taxed by the government, leaving a big impact unto the income of government.
Third, given the fact that Bitcoin and other cryptocurrency are independent from the government, offenders tend to use these to perform illegal actions.
Fourth, the government view Bitcoin and other cryptocurrency as threats to the their local currency. If the number of people who are using flat or physical money that are legalize by the government are being lessen then it wasn’t being use to it’s utmost purpose.
Lastly, Bitcoin and other cryptocurrency can be used in money laundering.
Every government try to strong its own currency at the international market but bitcoin can be a threat for them due this reason many country ban bitcoin. Like this many other reason are also present like bitcoin is a Decentralized currency that doesn't come under any government term and conditions and doesn't pay any tax to the government due to this its affects an country economic. Although bitcoin has good side but it can be also use for many criminal activities like kidnapping, murdering, child pronography and it is also used for anti money laundering. Due to above those reason bitcoin is ban in some countries like china Bangladesh, Ecuador etc.
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.
I think that this terrible moment of the prohibition of the bitcoins by the states has already passed. Now they understand that this is a way to earn money and become a leader among other countries thanks to the technologies of crypto currency. 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.
For me, Government ban bitcoin because this is the root of evil, Bitcoin is a medium to create illegal activities since it is decentralized. People who do crimes by bitcoining is very hard to find because people are remain anonymous in this type of transaction.
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.
The reason why some of the governments are banning bitcoin is because they are protecting their financial institutions. I know that they are aware that most of the cryptocurrencies are threat in many financial institutions. 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.
Well , I'm so new here but why would any goverment want to ban bitcoin ? If you ask me , I think they are all gathering coins.
Bitcoin is not yet legal to all the country. Some government ban bitcoins.bitcoin is not bad at all.they think there are some instancs where bitcoin is being used for some illegal transactions. Bitcoin is that it's heavily used laundering and crimes this why they ban it.not really bitcoin being uncontrollable by banks and the government. They think it being used in illegal activities.
What ever it may be if prefer something to criminal or illigal activities and it couse the destruction of the welfare of the country make force on government to barn those things from their country. This is happening in the case of bitcoin also.
I think the reason why there are countries that ban bitcoin because, the country wants to take advantage in bitcoin (tax)
but because bitcoin stands on its own, it does not depend on any bank so the government forbids it
but it will not inhibit bitcoin to continue growing later, and in the future
but because bitcoin stands on its own, it does not depend on any bank so the government forbids it
but it will not inhibit bitcoin to continue growing later, and in the future
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.
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.
Bitcoin will never be bad in fact it helps many people to make their lives easier like payment of monthly bills e.g. water, electricity, telephone, etc. without any hassle and no charges.
In some country, they don't allow Bitcoin because it is very risky and not yet regulated. Government must implement rules and regulations for the security of Bitcoin traders.
Lastly, Bitcoin was created for destruction but for helping out many people, aside for payments but also for investing money to Bitcoin and other Cryptocurrencies to earn additional income. So, don't be afraid to invest and look at the brighter side of it.
The government is banning bitcoins for the safety of their country. They are avoiding illegal transactions and because of bitcoins there will be hidden transactions all over the internet that are being made.
why? and when it ban by government
Maybe the other government ban bitcoin in their country because they think that the bitcoin is illegal and it can be use in a crime like scamming, ponzi scheme and fake investment so they banned it but they didn't see the effect of bitcoin that there's a lot of people who are becoming successful in their life because of help of bitcoin
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.
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.
Bitcoin will never be bad in fact it helps many people to make their lives easier like payment of monthly bills e.g. water, electricity, telephone, etc. without any hassle and no charges.
In some country, they don't allow Bitcoin because it is very risky and not yet regulated. Government must implement rules and regulations for the security of Bitcoin traders.
Lastly, Bitcoin was created for destruction but for helping out many people, aside for payments but also for investing money to Bitcoin and other Cryptocurrencies to earn additional income. So, don't be afraid to invest and look at the brighter side of it.
Bitcoins are most impressing in this world now, but like always more of the countries banned these because they want to control it and bitcoins couldn’t allow this.
the government in our country considers bitcoin as a rival, they fear the presence of bitcoin will wipe out the bank. Because as we know bitcoin is not tied to the bank.
And bitcoin transactions do not require banks, so the bank is afraid of not being able to attract taxes as in the transaction of money in general.
And bitcoin transactions do not require banks, so the bank is afraid of not being able to attract taxes as in the transaction of money in general.
I think bitcoin won't bring taxes to the government, so it doesn't seem to be good for the government, and of course the government will ban bitcoin.
When the Chinese government imposed restrictions and some bans on the crypto currency in September, it motivated its actions by saying that it sees a threat to its economy in the crypto currency, because the money supply can pass uncontrollably from the country through the crypto currency.
In countries with an authoritarian form of government, they are simply afraid to lose universal control over the flow of money and actions with the crypto currency of their citizens, since the movement of the crypto currency is relatively anonymous.
In countries with an authoritarian form of government, they are simply afraid to lose universal control over the flow of money and actions with the crypto currency of their citizens, since the movement of the crypto currency is relatively anonymous.
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