Why Goverment is not recommending to use digital currency such a bitcoin? - page 5.

jayco25

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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.

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.

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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 because they cant control the bitcoin so the other government are not recommending to use bitcoin and give them a warning that bitcoin is so risky. If the government of a particular country have knows about the advantages of bitcoin and how usable its is i think they will certainly recommend bitcoin.

oniracnai

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I think the rules of the government that digital currency disobey. Some tax laws or transactions. Or it can be the banks that will be affected in legalizing crypto.

Heartbreakeren

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The lack of control they have over the currency is a threat to their infrastructure. Potential manipulation and fraudulent transactions are what they are trying to avoid.

Dudeperfect

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Well, it is an open secret that governments don't want us to use decentralized currencies. The ex-finance minister of my country said that his government is working in order to eliminate the use of cryptocurrencies. As well all know that Bitcoin and other crypto coins are based on blockchain technology which relies on the principle of decentralization and that takes away power from the centralized authorities like government and transfers it to the users. Any government would not easily allow something that will take away the power and control from their hands and hence they are trying every possible way to defame Bitcoin.

maianh09

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Digital money is becoming a major focal point in the world, and it is at the heart of every debate. The reason digital money is not accepted as a currency can be the unstable nature, and the price of digital money is easily manipulated by the richer.

google98

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In general, governments think that there can be a lot of scam related to the crypto currencies. Therefore, they do not tolerate their use. Including the fact that they are decentralized and they have no influence on them.

stayeduptolate

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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.....

Bitcoin unlike other investments always undergoes very frequent flactuation like one the the valuation is very high and on the very next day the valuation is very low and thus bitcoin investment can lead to huge loses and moreover now a days bitcoin transactions are undergoing lots of illegal activities like selling drugs , explosives, money laundering etc and many governments think that if they introduce crypto currencies in their nation then they will put their national security in danger and I guess this could be the most probable reason why governments keep on discouraging people from using crypto currencies.

cunguks

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I thought the answer is simply because they think the negative is more than the positive. Or it might be difficult for the state to regulate its rules, adjusting regulations to existing government policies.

charlemagne_15

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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.....

Governments does not promote you to use digital currency like bitcoin because it is decentralized. They cannot control you and can't gain anything from it. They cannot embrace it due to maybe many people have a complain regarding the scams by using bitcoin. Also, governments can't trace any transaction in here.

teddyppap

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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.....

As far as the government does not accept any digital currency that appears and is put into use, bitcoin is likewise almost the same, and most governments do not accept it. Otherwise, because I think if the government accepts the full bitcoin deal in daily life, the government will not control other marketers such as criminals, illegal traders If using digital money transactions by paying money transfer on it, the government has no way to prove that they are illegal, if instead use digital on payment transactions If a bank transfers money, the bank will collapse n well,

geegaw

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Quote from: Dean_Jue on May 19, 2018, 07:49:55 AM

For one simple reason that they have no control over this currency and that makes it prone to hacking and government can't track it. Although government is welcoming blockchain as technology in their systems, but accepting bitcoin seems a far fetched dream.

Bitcoin really overcome the strong control of the government, and when something can not be controlled and it still grows normally, even many people support and use it extensively, many terrible consequences may occur, governments will not want to stick to that, so they will limit and never recommend anyone to use it. A very clear proof is that the government does not even recommend the use of digital currency but many people still know, resulting in the scammers took advantage of this to steal huge amounts of money from the people, causing a lot of trouble for the government

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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.....

FRom what country you from?because theres a government that accepting bitcoin as their normal currency like japan,they accept bitcoin in all the transaction they made everyday.

But more countries are banning bitcoin in different reason,most of them is for taxation while others has a doubt about the security interest ,because many of them believe that this is aource of illegal activities,but they dont see the benefits of this

gajebo

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because digital money is very fluctuating and difficult to control, then governments in every country that has not legalized crypto until now do not recommend digital money to be used as a means of transaction.

Rommel24

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well,,maybe because government are negative thoughts about the safety net of bitcoin currency,regarding for what,,what if,, bitcoin are lost or stolen? who is the responsible author or person who help you once you like to refund your bitcoin currency when it lost? maybe just like that,,,although bitcoin are extremely resistant to government regulation.

senin

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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.....

If the government of any state had a choice whether to recognize the crypto currency or not, only a few governments would recognize it. The Crypto currency provides new opportunities in the field of finance to a greater extent to people. Therefore, governments would support the blockchein technology, but not the decentralized crypto currency. The main reason for this is that governments can not fully control the cash flows of citizens if they use the crypto currency. Only because the crypto currency has been widely accepted and used by citizens, most governments are forced to recognize it as a fait accompli.

cryptoalfs76

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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.....

Will in my own opinion government of every country have different reason why they not recomended digital currency such as investment and being part of economy progress because first its not been taxable and they cannot gain profit of its while some other country they prohibited using of bitcoin because they thinks its the mainstream of all money laundering and illegal activities such as drugs and terrorist act,but if they broden there mind,they can see what is the main purpose of cryptocurrency.

Dean_Jue

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For one simple reason that they have no control over this currency and that makes it prone to hacking and government can't track it. Although government is welcoming blockchain as technology in their systems, but accepting bitcoin seems a far fetched dream.

kodtycoon

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In my country too, the government does not allow its citizens to invest in bitcoin, so far I just feel if the government still can not take firm decisions with the use of crypto. That way I'm pretty sure if a lot of big countries have received bitcoin, then the government in my country will also follow it, because so far it's still neutral.

SmokerFace

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Because government can't get any taxes from people who uses bitcoin because it is decentralized and they are afraiding to losen banks by bitcoins that's why they're making any fake news to destroy it just like in politics they make a wrong news to not ruine their plan to their local country.
Other reason if bitcoin proves that they are worth big investors that government getting a benefits will switch into bitcoin and they can't get profits anymore from taxes.

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