Topic: Why do some government ban bitcoin? - page 13. (Read 1492 times)
Being decentralized digital currency is the main reason of why Government ban bitcoin. Government is The body with the power to make and/or enforce laws to control a country, land area, people or organization. However the Government wanted to regulate bitcoin, is impossible, they can't controll it, but the only thing they can do is banning the organization, group of people in a certain country. And issuing a regulation in using Bitcoin.
Governments probably cannot shut it down through "technical" means, i.e. hacking the system, thus crashing the value or preventing it from working.
Fear of exclusion from financial industry but its an idea whose time is now
the government does not want to increase the level of crime because often bitcoin is associated with negative things such as illegal transactions and money laundering. Therefore why the government forbids the use of bitcoin. But actually bitcoin is not monitored directly by the government because bitcoin is not owned by any country so the government does not control bitcoin. It's just a bank that may issue rules about bitcoin in a country.
Actually some people want to use their people for his own work in order to collect tax from them because tax is playing a very good role in revenue of any country but I don’t agree when some countries will be ban bitcoin I believe if they accept bitcoin in their countries so it can also play a very big role in their economy which can improve their economy and also it can reduced unemployment in these countries so they must accept bitcoin.
I think why some governments forbid? Perhaps because krypto money goes up and down with prices so some governments are afraid that if the government uses krypto money they worry if the state money can run out because they can not print paper money again after using krypto money.
This is because they are forming a new coin like cryptocurrency in which they are the main host in that project they are totally cut all kinds of cryptocurrency exchange and social media were most of the coin are being promoted. In that strategy we can say that it is exclusively for there country as well.
China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective 
I think some government ban it because bitcoin don't have tax. They are also afraid that someday bitcoin will change our money and there's a possibility that bitcoin can make our bank disappear. Others say that our government can't control bitcoin so that they banned it in our country.
they ban it because they wanted to issue a regulation to a certain bitcoin user
I think why some governments forbid? Perhaps because krypto money goes up and down with prices so some governments are afraid that if the government uses krypto money they worry if the state money can run out because they can not print paper money again after using krypto money.
This is because they are forming a new coin like cryptocurrency in which they are the main host in that project they are totally cut all kinds of cryptocurrency exchange and social media were most of the coin are being promoted. In that strategy we can say that it is exclusively for there country as well.
I think why some governments forbid? Perhaps because krypto money goes up and down with prices so some governments are afraid that if the government uses krypto money they worry if the state money can run out because they can not print paper money again after using krypto money.
This is because they are forming a new coin like similarly cryptocurrency in which they are the main host in that project with that they are totally cut all kinds of cryptocurrency exchange and social media were most of the coin are being promoted. In that strategy we can say that it is exclusively for there country as well.
I think why some governments forbid? Perhaps because krypto money goes up and down with prices so some governments are afraid that if the government uses krypto money they worry if the state money can run out because they can not print paper money again after using krypto money.
they can't totally ban bitcoin but they can do some things to prevent people from using it publicly for example , simply because they aren't profiting from it
so they ask exchanges to stop accepting traders from that area and maybe prevent local stores from accepting bitcoin , but in general no government can totally ban crypto
it's just like gambling where you can find some countries are totally ok with gambling while others are totally strict
Countries with underdeveloped economies have banned Bitcoin from operating in the country, and in my state, they also banned Bitcoin because they did not want people to participate in it. Many countries like India do not wish Bitcoin to affect the economy of the country, and they want to ban the Bitcoin so they ask exchanges to stop accepting traders from that area and maybe prevent local stores from accepting bitcoin , but in general no government can totally ban crypto
it's just like gambling where you can find some countries are totally ok with gambling while others are totally strict
China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective
Government ban bitcoin because they are threaten. Since bitcoin is a decentralize peer to peer network. The system doesn't require a third party in which the result would be losing its power to contol. With the presence of bitcoin, banking system will be irrelevant. It may dissolve the banking system. Lastly, tax on bitcoin (in my country) is not yet imposed by the government. If that's the case, the government benefit from bitcoin investments.
Governments cannot control bitcoins that is why they see it as a threat to the economy. Bitcoin market is a free zone to invest and earn money, and they have no access to control it. They might think that it could be used as a tool against their govenment that is why they are trying to eliminate it in their countries.
I would say that governments only ban Bitcoin out of sheer stupidity and let me elaborate on this stupid behavior in more detail.
1. Governments are in fear mode and in no way do they want to lose a grip on controlling their subjects.
2. Governments do not like change because most of the times they are corrupt. Bitcoin technology would render corrupt governments useless.
3. Banks work with Governments and they want to keep all the profits form trading and monetary issues for themselves and they don't like to share.
4. They think that most of us are stupid so if they see us all waking up, they know their time is over and they don't like that at all.
There are many other reasons why governments ban Bitcoin I would need to write a book to elaborate.
1. Governments are in fear mode and in no way do they want to lose a grip on controlling their subjects.
2. Governments do not like change because most of the times they are corrupt. Bitcoin technology would render corrupt governments useless.
3. Banks work with Governments and they want to keep all the profits form trading and monetary issues for themselves and they don't like to share.
4. They think that most of us are stupid so if they see us all waking up, they know their time is over and they don't like that at all.
There are many other reasons why governments ban Bitcoin I would need to write a book to elaborate.
China has not banned cryptocurrency. They just banned ICO and exchanges. Peer to Peer trading is still available and actually quite popular in China. I don't think there is an effective way for government to ban bitcoin anyway.
Why not effective? Its effective to make the price downfall.
You can see the price down when china ban ico although not so deep.
Imagine if more and more country ban bitcoin and what will happen?
Banning Bitcoin would be similar to banning Tor or P2P. They can't ban it. Governments would have to track each connection and have spying software everywhere.
If someone would make Bitcoin illegal, probably all other virtual currencies would have to be treated same. That means any shops vouchers, points or video games currencies would have to be illegal. Each of those is virtual and potentially worthless (not represented by material goods).
If they don't ban all virtual currencies, there'd be quickly next currency similar to Bitcoin - 1 line of code added, name changed (i.e. Bitmoney). Hey, it's completely new currency! That doesn't matter that it has same rules as Bitcoin.
Bitcoin isn't evil as P2P isn't either. That are tools. People decide how to use them.
If someone would make Bitcoin illegal, probably all other virtual currencies would have to be treated same. That means any shops vouchers, points or video games currencies would have to be illegal. Each of those is virtual and potentially worthless (not represented by material goods).
If they don't ban all virtual currencies, there'd be quickly next currency similar to Bitcoin - 1 line of code added, name changed (i.e. Bitmoney). Hey, it's completely new currency! That doesn't matter that it has same rules as Bitcoin.
Bitcoin isn't evil as P2P isn't either. That are tools. People decide how to use them.
A governmental body in any jurisdiction would be fairly limited in their options to eliminate bitcoin. They may be able to regulate and hinder the two-way convertibility with political currencies but that is more of a conversion issue rather than an attack against bitcoin transactions directly. Practical elimination of bitcoin would therefore require shutting down the telecommunications infrastructure that facilitates the peer-to-peer technology of the distributed block chain. Perversely, this action would hinder the rest of the e-commerce activity that occurs online. 
There are several circumstances in which regulation or banning could come into play, each of which has certain drawbacks from the standpoint both of consumers of Bitcoin and regulators. There are certain ventures within the Bitcoin community which involve cooperation with mainstream banking entities, something that effectively "regularizes" the currency. This, which allows both easy entry and high volume transactions, also is the easiest to regulate, since banks are forced to be compliant with a great number of regulations. In this sense, the more normalized and regularized certain aspects of the Bitcoin economy become, the more vulnerable it is to regulation.
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The other tactic is to target Bitcoin partners, all of which by necessity have some sort of address (both literal and virtual). For example, large Bitcoin users like Silk Road could be aggressively targeted by law enforcement via raids and and confiscation of servers, etc. A second tier could be Bitcoin exchanges, suspected on account of being vehicles for money laundering (these charges are what led to the demise of previous digital currency companies DigiCash and E-Gold).
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Actually banning Bitcoin is also a possibility. As noted by some Bitcoin experts, it is also possible that a nation-state could dedicate enough computing power to "break" Bitcoin. It could presumably ban Bitcoin as well, but again many things currently traded within the Bitcoin community (i.e. drugs) are also banned -- the more tricky thing is to determine what governments can actually enforce.
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The other tactic is to target Bitcoin partners, all of which by necessity have some sort of address (both literal and virtual). For example, large Bitcoin users like Silk Road could be aggressively targeted by law enforcement via raids and and confiscation of servers, etc. A second tier could be Bitcoin exchanges, suspected on account of being vehicles for money laundering (these charges are what led to the demise of previous digital currency companies DigiCash and E-Gold).
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Actually banning Bitcoin is also a possibility. As noted by some Bitcoin experts, it is also possible that a nation-state could dedicate enough computing power to "break" Bitcoin. It could presumably ban Bitcoin as well, but again many things currently traded within the Bitcoin community (i.e. drugs) are also banned -- the more tricky thing is to determine what governments can actually enforce.
China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective
They hates bitcoins because its hard to trace transaction. Many if not all criminals use bitcoin to sell drugs because they know people can't reach them. That's the reason why some government banned the use of bitcoin on their country. Another possibility is its volatile nature .People like to invest if its stable and there 0% tax applied. Government know if their people start using bitcoin they won't pay tax.
China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective
Hi there abd000! I think the problem in some country is that bitcoin can’t be controlled by their government and if there are something that can’t be controlled it could definitely be rouge and create damage to the economy. In terms of bitcoin in China, I think that is also the reason behind, and to protect it’s citizen. However, China always want to create their own, thus, bitcoin is included on those lists. But rumors said that China is preparing a good regulation about cryptocurrencies, and will then open it’s door again to crypto.
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