Topic: Why do some government ban bitcoin? - page 62. (Read 12625 times)
There might be possibility that bitcoin can be use for increase corruption inside the country or can used in cyber criminal activities for eg. ransomware wanna cry asked for bitcoin. Also maybe country people use bitcoin to convert black money into white money.
Well. Actually, Bitcoin was introduced mainly to overcome three issues
1) Tax
2) Speed of transactions
3) Anonymity
In this perspective, it is obvious to expect that government hates bitcoin.
1) Tax
2) Speed of transactions
3) Anonymity
In this perspective, it is obvious to expect that government hates bitcoin.
i think because government can't control bitcoin so they try to stop bitcoin by banning bitcoin.
Maybe government will make a law for bitcoin in the future.
Maybe government will make a law for bitcoin in the future.
I think some countries ban bitcoin because of 1) unfamiliarity, 2) decentralize, that the government wont be able to control it or even put tax on it, 3) due to its ability to hide a transaction that citizen might take advantage of using it for illegal purposes and may lead to high criminality in their country 4) and lastly those countries maybe are threatened of bitcoin, that it may come a time that their currency be eliminated and will be ruled by bitcoin.
Governments have different reasons why they are banning bitcoin on their country. Here are my thoughts.
Nepal banned using bitcoin and even declared it illegal to own one because they say it is hard to monitor the coin and can be used on illegal transaction. Which may be true at some point but Nepal is already one of the most corrupt country, are they seeing Bitcoin as a competition?
China banned the trade of Bitcoin outside their country. If Chinese can still trade from each other within their country with the coin that means it is not illegal. This step that their government did is very strategic, China has a lot of mining farm how many Bitcoin can they mine each day plus the coin that they had before the ban and if this coin can only be traded within their country for several years what percentage of the circulating supply will be on their possession.
And because of this ban Bitcoin price will go high they were able to control the number of coins available to other nationalities. And when the price is high they will remove that ban and release their coin. How big will they earn from it? f they really don't support the coin they should ban manufacturing the Asic miners on their country.
Nepal banned using bitcoin and even declared it illegal to own one because they say it is hard to monitor the coin and can be used on illegal transaction. Which may be true at some point but Nepal is already one of the most corrupt country, are they seeing Bitcoin as a competition?
China banned the trade of Bitcoin outside their country. If Chinese can still trade from each other within their country with the coin that means it is not illegal. This step that their government did is very strategic, China has a lot of mining farm how many Bitcoin can they mine each day plus the coin that they had before the ban and if this coin can only be traded within their country for several years what percentage of the circulating supply will be on their possession.
And because of this ban Bitcoin price will go high they were able to control the number of coins available to other nationalities. And when the price is high they will remove that ban and release their coin. How big will they earn from it? f they really don't support the coin they should ban manufacturing the Asic miners on their country.
This are my thoughts, if ever there are countries who wanted to create a law in order to ban the use of bitcoin and other cryptocurrencies then this could be their reasons:
1.Trading with the use of bitcoin or other cryptocurrencies cannot be traced by the government, therefore this transactions cannot be taxed then denying the government of income.
2. Bitcoin can be used in money laundering.
3. Even though bitcoin was not initially created for illegal activities, but nowadays we cannot deny the fact that it is indeed used in such activity. Giving the wrongdoers a better way of concealing such transactions.
4. They may consider bitcoin as a threat to their own currency, if there are less number of people using fiat then its purpose wasn't being used to the fullest.
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These are my thoughts...
yes i agree with you that those were the possible reasons why some government ban bitcoin since it is decentralized they can't control it and can't earn from it because there's no tax. 1.Trading with the use of bitcoin or other cryptocurrencies cannot be traced by the government, therefore this transactions cannot be taxed then denying the government of income.
2. Bitcoin can be used in money laundering.
3. Even though bitcoin was not initially created for illegal activities, but nowadays we cannot deny the fact that it is indeed used in such activity. Giving the wrongdoers a better way of concealing such transactions.
4. They may consider bitcoin as a threat to their own currency, if there are less number of people using fiat then its purpose wasn't being used to the fullest.
.
These are my thoughts...
Some government ban bitcoin because of their concern to the security of people's investments. They don't find it safe to invest. They also find bitcoin as a competition on their national currency. And was also concerned of using bitcoin in money laundering, terrorists financing potential,cyber crimes financing potential, alongside illegal drug traffic.
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.
No bitcoin isn't at all bad, it is free from corruption, no one can forge it and is also transparent.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.
Other countries simply see bitcoin as a currency that is used to buy drugs on darknet and thus want to ban it.
No bitcoin can't be used to locate us as our IP address isn't shared with the world, and when we do a transaction, the IP address shown in it is the IP of the relay node and not our original IP, so there is no worry using it.
Some government ban bitcoin because of their concern to the security of people's investments. They don't find it safe to invest. They also find bitcoin as a competition on their national currency. And was also concerned of using bitcoin in money laundering, terrorists financing potential,cyber crimes financing potential, alongside illegal drug traffic.
because bankers cant control of this and some bitcoin users are use this for there illegal activity because bitcoin is untraceable so that some country goverment ban this cryptocurrency....
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.
Because they think bitcoin and other cryptocurrency and ICO's will just scam the people of their country. They are just protecting their economy and people of their country. That's why they want to regulate bitcoin and other crypto currency as they will have some rules and regulation on how they want this currency to run on their contry.
Because of what technology bitcoin or digital currency is using it is widely used in crimes and money laundering..
That is the main reason why government didn't legalize and also the price is unstable and the way how they can track and to implement taxes on any transaction it will made..
That is the main reason why government didn't legalize and also the price is unstable and the way how they can track and to implement taxes on any transaction it will made..
Because bitcoin is a cryptocurrency and as of the moment the government doesn't have any control on this.
They cannot taxed it so it doesn't actually generate money for the government. Users have all the access on their bitcoins that's why I think the government feel threatened about it.
They cannot taxed it so it doesn't actually generate money for the government. Users have all the access on their bitcoins that's why I think the government feel threatened about it.
GOV fear about everything they can't control, let's face it, Bitcoin is very hard to control, you can't put TAX on it, and like some users say it's used for money laundering, criminal activity and terrorist support, not to mention buy illegal thing on darknet. I personally think this is not completely true, BTC is not anonymous currency, all transaction's are saved in Blockchain so definitely other crypto is far better and more anonymous/secure than BTC for criminals.
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.
probably because the value of the bitcoin currency is very high in that country and does not close the possibility of inflation from the economy of the country but my country is still running bitcoin although not yet inaugurated by the local government 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.
Lack of knowledge on bitcoin makes the government ban cryptocurrencies. It is one of the reasons why they, the government ban cryptocurrency. Second is the government thinks that people are so engage in investing, trading in cryptocurrencies that they forgot to invest on their own. What I meant was in their own country. They cannot touch bitcoin or cryptocurrencies as it is having a decentralized organization and that's what makes people patronizing cryptocurrencies.
I think governemnt may have good study about bitcon but the fact is that they are sill not feeling the need to legalize bitcoin, i am sure that in future they will surley feel the need and then they will overview their cecision and hopefully will then turn bitcon as legal currency, but it will take some mroe time when the users of bitcoin increase a little more. then they will also compel their govenment to turn bitcoin as legal currency. Because they are afraid that they will lose power over money eventually
It could be something like. Basically they can't make from digital currency because they don't have controlled on it. And we all know that tax doesn't imposed to any bitcoin holders that's why they are afraid of losing tax from thousands of bitcoin holders. If happens that they can generate taxes from digital currency, of course they lift it from banning.
Lack of knowledge on bitcoin makes the government ban cryptocurrencies. It is one of the reasons why they, the government ban cryptocurrency. Second is the government thinks that people are so engage in investing, trading in cryptocurrencies that they forgot to invest on their own. What I meant was in their own country. They cannot touch bitcoin or cryptocurrencies as it is having a decentralized organization and that's what makes people patronizing cryptocurrencies.
I think there are several reasons: the use of bitcoin is considered potentially criminal because of the possibility of using it for money laundering, terrorist financing, also non-payment of taxes in bitcoin operations...
I do not think that it is the main reason. because there are so many other ways for criminal to use. bitcoin is very new and there are very chances for that. to me i think that the main reason can be that bitcoin is anonymous and is decentralize currency, but in future they have to realize the importance of bitcoin and will surely turn bit con as legal currency again.
i think they are concern how will people use bitcoin
bitcoin is not good nor bad, not right or wrong it depends on how people will use bitcoin
perhaps not all people is thinking to use bitcoin as medium of exchange and for capital appreciation
the government is really worried about how will people abuse its good features to gain their personal interests
bitcoin is not good nor bad, not right or wrong it depends on how people will use bitcoin
perhaps not all people is thinking to use bitcoin as medium of exchange and for capital appreciation
the government is really worried about how will people abuse its good features to gain their personal interests
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