Why Goverment is not recommending to use digital currency such a bitcoin? - page 3.

muhammedb

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Quote from: Terry05 on October 13, 2017, 07:28:36 PM

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....

I think the governments are yet to see the true behind bitcoin, that is why they don't recommend it been used.
So I think it right for us as the bitcoin investors or ambassador to make them understand so setting fate they don't still understand about cryptocurrency as a whole not just bitcoin.

Angna27

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Government has its own reason not to recommend people to use digital currency, and even invest in it because for them it seems unsure and you cannot hold it nor control it and besides who would invest in their bank if all these investor and people no longer be their client and also for their best interest.

yakafi

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Quote from: Terry05 on October 13, 2017, 07:28:36 PM

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....

The reason why government is not recomending tonuse digital currency sucu a bitcoin, because the government has own currency, and the goverment cannot control bitcoin.

Roadarks02

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Quote from: muneeb.zain on May 25, 2018, 02:46:47 PM

As it is obvious that no one preffor the other one thing on its own thing.Same is with bitcoin.As bitcoin is a decentralized currency and have use only dollar to buy and sell if people of any country use bitcoin for buying anything the currency of that country will obviously become devalue and this can majorly effect the economy of that country.As the bank and other system of the country will be shutted.

For Bitcoin is not controlled by the government that's why they opposed the idea of using Bitcoin. Also it is risky that's why the government will not agree to it. Bitcoins stability and its limited supply is also one of the reason.

Sirait

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Quote from: Terry05 on October 13, 2017, 07:28:36 PM

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....

refers to the rules set by the world government that the currency or the means of payment must have a physical form whereas we know that Bitcoin does not have it, so as long as Bitcoin does not have a physical form, then Bitcoin will not be the right currency or payment instrument they think... CMIIW Grin

muneeb.zain

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As it is obvious that no one preffor the other one thing on its own thing.Same is with bitcoin.As bitcoin is a decentralized currency and have use only dollar to buy and sell if people of any country use bitcoin for buying anything the currency of that country will obviously become devalue and this can majorly effect the economy of that country.As the bank and other system of the country will be shutted.

Gigotto

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we all known that bitcoin is not controlled by anyone, and we equally know that the government like to control it subject in all ways. so, when they see anything that will make them lose control or makes them not to control their subjects in all their financial activities [like bitcoin], they get angry and try to put all their effort in order to stop it.

martirosyan666

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The States have not yet made a final decision on the activities of cryptocurrencies, and therefore try to suspend its activities by bans and other obstacles.

crypto_nd

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Less troubles

Why won't they be afraid, using the open ledger system how will they hide money, with this everyone will be able to see how they transact with money.

Where will their corruption money come from if virtually everyone is watching...

dupee419

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The governments have fears that we'd be able to earn in bitcoin, because of that governments have no power against Bitcoin and the cryptocurrency, it is also that governments discourages us to use is because that we'll be benefiting from it and the government wouldn't be getting anything from it since they have no power against it.

nanasei

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Government is afraid that bitcoin can take over national currency with regard to how one can benefit with holding it as currency. Aside that,the criminality use by bitcoin cannot be controllable by government.

eashikde

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Firstly, it is not legal and through it it is possible to conduct large transactions without tax. Secondly, they do not cooperate, respectively, from the state, you will not get any support in case of problems with the crypto currency.

jakoylantern

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For me, there is some reason why the government is not recommending to use digital currency such a bitcoin because they don’t know it and they can’t put a tax on it. Government sectors can’t control bitcoin it because bitcoin is designed to work without a single administrator or central banks and bitcoin are decentralized. Other reasons are bitcoin can transact your money in anonymously way, and they can’t define who you are and who is your transaction partner, that’s the way some criminals grab the advantage of bitcoin to do their evil work. Maybe the last reason why the government is not recommending bitcoin because they have their own currency that you can use, and they want to say that it is much efficient and much legal.

potatocorner

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Quote from: ?? on ??

because, the government wants to control it all. Bitcoins are difficult to control

This is accurate. We may have known that bitcoin is not controlled by anyone and it is a system no one and nothing can overpower. bitcoin is far beyond the control of government, and of course they do not want that under their authority. They cannot rrgulate it and do what they want with it.

aitrading

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Because BTC will decrease the government power. BTC is the best alternative now.

artichandra

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The reason the government does not recommend bitcoin because bitcoin is hard to control and we can not guess the bitcoin for the future. So I'm sure the government will not take the risk that will be in front of it later.

Sithara007

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Quote from: joebrook on May 25, 2018, 09:55:00 AM

Quote from: german1080 on May 25, 2018, 09:04:59 AM

The main reason why governments discourage the use of cryptocurrencies is that they feel threatened to lose control of money, because bitcoin is a decentralized currency

Not all the governments are discouraging the use of bitcoins in the specific countries, Countries like the USA have legalized the crypto currency in their country and are making money from it through regulations.

Most of the developed nations such as Germany, Japan and Switzerland have made crypto-currency legal. The problem mainly exists in the authoritarian third world nations such as China, India and Indonesia.

kalph22

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Your local Government wants to control you and your money, if you invest your money into Bitcoin they will no longer have any knowledge or control onto your money and it will be their loss. Other country thinks for their country's security, maybe they found out in their country that Bitcoin can be used illegally by people that do drugs trafficking or any sort of illegal activity's that Bitcoin can be applied with.

pasti kaya

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because the government considers it bitcoin to have unclear underlying and in terms of consumer protection is still very low.
In addition, this digital currency can be misused as a means of money laundering and terrorism. As far as I know but for me bitcoin is fine.

joebrook

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Quote from: german1080 on May 25, 2018, 09:04:59 AM

The main reason why governments discourage the use of cryptocurrencies is that they feel threatened to lose control of money, because bitcoin is a decentralized currency

Not all the governments are discouraging the use of bitcoins in the specific countries, Countries like the USA have legalized the crypto currency in their country and are making money from it through regulations.

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