Why Goverment is not recommending to use digital currency such a bitcoin? - page 4.

sangungaji

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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.....

Because the government cannot controll bitcoin over, That the reason why government is not recomending to use digital currency such a bitcoin.

tegarp90

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Quote from: MakLampir on May 25, 2018, 08:51:58 AM

probably because the digital money is not in shape, and not everyone can use it so the government forbids bitcoin. I think that is the most acceptable reason.

It's not because everyone can use it, the government afraid if all people start using digital currency such as bitcoin, rich people can hide their assets in digital currency to avoiding country tax which is the biggest income for a country.
So, the government banned it before it happen.

MahalQu2612

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I think the reason why the government discourages the use of Bitcoin because Bitcoin its out of their reach and they cannot control it. The government is playing safe around Bitcoin. The use of digital currency such as Bitcoin is still developing and I'm sure that the government is trying to make something work for us to use Bitcoin. Bitcoin being bitcoin, its perks being decentralized is also a double-edge sword for the government because people can also use digital currency under the radar to conduct illegal transactions.

Deepa Singh

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It is the pretty obvious thing that the Government will lose its control over Fiats.

german1080

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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

Traslavin

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Quote from: jayco25 on May 21, 2018, 08:05:24 PM

Quote from: unamis76 on October 13, 2017, 07:32:05 PM

I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?

It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.

This is the great answer for that question. Bitcoin is one of the main competitor of FIAT. I think its obviously government and bank are against bitcoin and other digital currencies. The problem is they cannot stop people using crypto currencies and possible that FIAT and Crypto will become optional to the people.

#Support Vanig

One of the main reason that government never give a chance for a bitcoin or even for a digital currency to become legally applied in their respective countries is because of it's being decentralised that they couldn't even control it. I heard a news that some countries didn't wanted crypto it's because this could brought a cyber crime and so many more but I guess it's just an alibi's to their true reasons.

greeklogos

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Just think about what from the government live. Tax system feeds the government and due to bitcoin is not recognized yet as profit, so it can't be taxable, so an individual simply gets all money. Since you post your thread it passed around a half of the year and during that time some of governments already worked on the point of crypto income taxation and from this year some governments already included this point into their taxation system.

MakLampir

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probably because the digital money is not in shape, and not everyone can use it so the government forbids bitcoin. I think that is the most acceptable reason.

kabelpeggek

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Of course the government dont recommend it, because there are no advantage if the citizen used the digital currencies, the government cant taxed the person and then the government cant trace the transaction, and it can disrupt the economic balance, so the government never recommend it and try to regulate it

Babylon

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Because government couldn’t control it,
Bitcoin is decentrize and they couldn’t gain something from it.
It would also stop some people to trust banks or use banks.

mkhadazz

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I think the government forbids bitcoin because my government sees it seems to be scared because if bitcoin is used for bad and negative payment methods such as used for terrorist funds and theft or money laundering.

Bitcoinismylife12345

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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.....

It is too obvious why government don't want bitcoin. They don't want it to overpower the fiat currency because they can't control any type of cryptocurrency, it is decentralized and anonymous. It is the best for the status of the government that we are not using bitcoins.

bigdude

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Bitcoin and many other cryptocurrency are anonymous coins. How Government can recommend people to use all such things like that? They need something to control to protects their economy

thesmallgod

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the government is discouraging people from ecurrency like bitcoin because they think its unsafe for their citizens to use. they feel cryptocurrency generally lack the features of been considered as a currency. crypto trading to them remain unregulated and traders are risking of losing their hard earn money do to this. also because of it anonymity make it difficult to trace scammers and money launders. cryptocurrency have been use to fuel scam project startup and pyramid scheme which remain unsafe for people and remain threat to live if unforseen circumstances happen.

Hotrod_88

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Quote from: unamis76 on October 13, 2017, 07:32:05 PM

I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?

It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.

Yeah, i think so too and i also think that government has this fear if they were legalized or recommend the digital currency what will be the future of it? like they have this thought that, will it be worth it? and will it be a negative or a positive impact in the economy.

nightxglow

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My country's government also said the same thing. They don't want us to use cryptocurrency as payment method since they think it's illegal and not safe. We can't really track the transaction using cryptocurrency, which may lead to many scams. And thus, they don't want to be responsible to all the scams so they prefer us not to use crypto currency rather than having problems in the future.
What's even more sad, they even make regulation to ban transaction using cryptocurrency. Maybe they think that crypto is a threat as well for our own currency and also for the bank in the future or long term.

KingScorpio

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Quote from: unamis76 on October 13, 2017, 07:32:05 PM

I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?

It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.

the governmental core wants needy money earning cattle, not decentral capitalists that make their own money.

CarnagexD

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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.....

Government is actually the relation between the one who is being governed and the governing body, so this is a mater of power and control. Since, one of the primary property of bitcoin is being decentralized and unanimous, perhaps they are afraid that if this technology progress, it would take away their complete control to their economic and financial system. I guess, if they will study the technology, they will find out that bitcoin is not a threat to economic progress.

TheGOLDskull

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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.....

Currency is something which needs to be stable during a transaction of goods are done between entities.
Bitcoin could be a digital asset than a currency, like gold, and act like a store of value

keanne_isaac

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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.....

Exactly because crypto currency is not recognized by any government as legal currency it only creates value because people who use and patronized it agreed through crypto trading. there is no official acceptance for any government this can be used as currency and with its volatility in price government are discouraging people to use it.

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