Why government announce bitcoin is illegal? - page 34.

jikurpa

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

in my opinion, many countries have legalized bitcoin as a valid and official currency as a legal payment instrument, if the country still has not legalized at this time it might be legalized in the future

microwave

newbie

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

I have items, merchandize or bussiness intepreniur is not registered to government thats automatically elligal thats why they called bitcoin is illegal. But for us bitcoin is really useful and quitely help to the new person user who want to built their own business using bitcoin and also this is really tested actualy.

tommisetiyawan

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Maybe the government only knows that bitcoin is used not for crime or transactions for illegal goods, examples such as drugs and others. They don't know the positive value of bitcoin, which they know is only negative.

aoihs00

sr. member

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Merit: 300

Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

In short your first statement itself tell us why it is being banned everywhere. It's being the most powerful crypto currency ever. Lolz ;-)
Well, with the increased use of bitcoin people have started to use it in wrong way. General people are using it to avoid the taxes filing by keeping the funds in bitcoin form and thus making untraceable for the tax department. While on the other hand criminals are using it to pop their weeds. That's huge loss of goverment and thus it affects national development as most of the money is wasted in the bitcoin according to government. This is my guess about it and truth about my local government. And should be the same reason for other countries too.

jcarlo

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Bitcoin in many country illegal because government dont have regulation on cryptocurrency. Cryptocurrency is 9 years old and government still learn about cryptocurrency and bitcoin. I am believe in near future, government will regulate bitcoin and cryptocurrency because many advance country already regulate cryptocurrency and allowing crypto for payment

qumeijia

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Activity: 166

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Yeah, Bitcoin is very useful and potential for us.
It is considered to be illegal because it has no an authority regulating Bitcoin. The reasons is bitcoin is decentralized system, government claim that is not secure and full of risks. And it is potentially to be hacked. Through the security reason it is banned in some countries. Hopefully, there will be regulation and policy about it.

bbcolex

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

They simply doesn't buy the idea that bitcoin can be used freely and they're scared of the fact anyone could use it from doing transaction online. I guess that's the down side of cryptos and need to be regulated to avoid such illegal activities.

EllieBasti05

jr. member

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Because, scammers use bitcon as a bait and involve a lot of money. That's why government announce it is illegal due to scammers.

94K

member

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HiveNet - Distributed Cloud Computing

Those governments announcing btc being illegal are one way or the other investing into it. They know that bct will be one the currencies to overtake the digital world and also their fiat currencies and therefore has to frown to it.

Baekhyun

newbie

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

not all countries consider it illegal, even many countries have been encouraged to legalize bitcoin. The digital age has now begun and the government is starting to compete to compete in the international economy, cryptocurrency technology can be a thing that will be popular in the future, and countries that cannot accept bitcoin will probably be left behind.

jonaire99

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There are some countries that considers bitcoin and other cryptocurrencies are not acceptable to their economies and might harm it if they allow the coins to be use by their people. They prefer a currency that can be controlled than a decentralized coin because they can easily monitor and prevent any illegal use of that centralized currency. Here in my country, the government is yet to legalize the bitcoin but they allow people to use it in any transactions.

Blessing97

jr. member

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Well with bitcoin and cryptocurrency in general comes decentralization; something that renders the government and it's respective arms somewhat powerless over the governed. Hence their concerns and efforts to ban bitcoin in whatever way possible.

Firefox07

full member

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Every government has different perspective. And my country did not release a statement that telling bitcoin is illegal. So don't tell that all country make bitcoin illegal.

Peashooter

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Some government from other countries banned bitcoin in their country because they think that its illegal. We all know that some people use bitcoin in different illegal transactions, and maybe there is more specific reason why they think its illegal.

bitfocus741

newbie

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You are not right as bitcoin is not illegal in all of the countries in the world. Bitcoin is legal in the Switzerland from the starting of this market and USA is showing huge interest for this. Many countries are gradually accepting this.

teejayrichard2

member

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Merit: 12

government have several reasons for announcing bitcoin as an illegal means of transaction, especially based on the fact that bitcoi transactions are not being regulated. also, government has no control over bitcoin and government doesnt support anything they have no control over.but i strongly believe in years to come we will see government of all nations accepting and adopting bitcoin use.

electrobit8024

newbie

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It could be the fact that it is a decentralized system and that the government feels powerless due to this fact. It could also be the reason that in the past a lot of illegal activities took place through BTC. Hence the government made it illegal.

TobMarshall

newbie

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The disadvantages crypto poses is actually threatening though. Yet, I believe with time is what they can not stop, it will eventually happen, digital currency has come to stay. The government can announce that way because that's what they seem to see it, but some other government are preparing not to allow the crypto to overtake them unknowingly, I believe that's what government are supposed to be doing, looking for means to help curb or lessen the crypto disadvantage.

supremacy10

newbie

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Because they don't really understand how it works and it is complex nature , managing private key , public key and understanding blockchain terminologies

BALIK

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🍓 BALIK Never DM First

Only communist country and authoritarian governments would even think of declaring bitcoin illegal. And the reasons are quite simple, Bitcoins undermines their control over their population and gives the people their power back. If you are a dictatorship, the last thing you want is people being able to spend their money freely!

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