Why government announce bitcoin is illegal? - page 4.

arthotdog

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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

Every government has their own policies and this is respectable,the hard thing in this is the people who wants tl be involved in this great innovation.they are being denied of the rights to enter cryptocurrency.hoping sooner when all the world realizes what they are missing by denying to let crypto help their economies

Nairazdenek

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a government needs a monopoly on using power, with a decentralised technology they may lose a lot of power channels, i think they are just afraid and not ready for changes that Bitcoin brings

kamilah147

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Quote from: thevlox on September 21, 2018, 04:16:43 PM

According to the government bitcoin illigal. Government could not put tax on bitcoin. So bitcoin is the illigal blay government. And bitcoin has no right to government. bitcoin has run its own rule unexpectedly.

indeed the government is difficult to set a tax in bitcoin, because the rules are not yet established, and the bitcoin cannot be monitored by the government so the government has difficulty dealing with it. moreover, the longer the user becomes more and more, so the government says that bitcoin is illegal.

Chijamz

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Quote from: thevlox on September 21, 2018, 04:16:43 PM

According to the government bitcoin illigal. Government could not put tax on bitcoin. So bitcoin is the illigal blay government. And bitcoin has no right to government. bitcoin has run its own rule unexpectedly.

not just about taxation. bitcoin will cause a total revolution in the way finance is handled, including inflation, GDP, National Budgeting and Economic growth, the truth still remains that governments do not understand how these works and as human nature goes, they decide to call of what they do not understand as illegal.

bitcoin is decentralized, it has no central authorities, and as we all know it, governments always wants to be the central authority of everything within their jurisdiction.

Anyobsss

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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

As you have said, bitcoin is really powerful and with great power comes with great responsibility. It could be used to illegal activities and fraud. Its anonymity makes it more perfect to do illegal things. I guess, we can't blame the government why it consider as a thread and make it illegal because it is a perfect thing for doing illegal activities.

thevlox

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According to the government bitcoin illigal. Government could not put tax on bitcoin. So bitcoin is the illigal blay government. And bitcoin has no right to government. bitcoin has run its own rule unexpectedly.

Himanshu111

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Quote from: necromastery on September 20, 2018, 10:57:20 AM

Quote from: vendy86 on September 20, 2018, 07:17:11 AM

there is so many country already ban bitcoin as payment include my country, and i can accept that because goverment just wanna protect their citizen. Bitcoin price too fluctuating to be a payment tools. And as long goverment dont't ban bitcoin trading, i still can accept that.

Right, the risk of loss becomes so high when making bitcoin as a payment instrument. When the price falls or even it rises, a goods buyer will feel aggrieved when the price rises after making payments and vice versa, the seller of goods will feel aggrieved when the price falls after that. That's a simple example.

The main reason why government has announced that Bitcoin is illegal is that it is decentralized which means no central bank or government has any direct control over it.Only the users have the information about the transactions through it.Bitcoin is also very volatile and its value depends upon the force of demand and supply. Bitcoin is also very risky because it can also get hacked easily.Banks will also loose their importance if Bitcoin becomes legal.

Trustor

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Because of the decentralized and anonymous nature of bitcoin it makes it difficult to trace the bitcoin exchanges and thus government declares them as illegal medium of money exchange. If made legal, it will only be a loophole in the system of a country for illegal activities. Since there is no owner of a Bitcoin it is difficult to be trusted by government.

Legendari

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I think the government is just afraid that cryptocurrencies will destroy their monopoly on banking.

pumbum

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people are not yet ready for cryptocurrency, so the state protects those who do not know how to use it

xindoa

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what countries have announce that bitcoin is illegal. in my country and neighbering countries its not illegal. they have no idea what to do with it actually. but its not illegal

doodle07

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Simply because they do not want crypto currency especially bitcoin to invade the economy and once bitcoin will be known, they will get no tax unless they will learn how to deal with it. Bitcoin might be their biggest competition when it comes to economical issues, they are also using the media to make negative news about bitcoin.

FRAGILE07

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Not all nations illegalize bitcoin. There are a few nations like Japan, Korea, and numerous other people who have deserted bitcoin. Be that as it may, in most Asian nations it is unlawful against bitcoin. For what reason do they illegalize bitcoin? Since they are worried about the possibility that that the FIAT money will never again apply to society and will be supplanted by something new, bitcoin. In the event that that happens then the money in that nation can be useless and unused. To maintain a strategic distance from that, the administration is illegalizing bitcoin. What's more, not just that, bitcoin is frequently utilized for abuse of exchanges and installments. Precedents incorporate purchasing illicit medications, providing mystery weapons and others

Ivy41

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Well, there are several reasons responsible for this. Out of the many however, I will like to pinpont one. That is the area of promoting insecurity especially in countries facing security challenges like my own;Nigeria. The Central Bank in my country believes bitcoin and some other popular cryptocurrencies can be used for the procurement of illegal arms by terrorist groups, which invariably can't be tracked cos no bank statement will come on this. Hence, it will be too dangerous if such an innovation is accepted now, as it may worsen the country's predicament.

MRY

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the government must have a reason to issue a statement that bitcoin is illegal, bitcoin is a digital currency that has a high risk even though bitcoin has been proven to help the economy and finances of its users but not everyone who uses bitcoin has good fortune, some bankrupt and lose all money due to bitcoin , and maybe that is what makes the government prohibit bitcoin because it has a high risk and can lose money

Kamote_1102

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I think the main reason is that they don't have control over Bitcoin. Imagine that all criminals and their evil schemes or transactions can be done in Bitcoin without getting caught. that would be a big problem in every Government. this is the only reason I can think of.

elisabetheva

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Many countries that do not yet have regulations and still have not set a standard rule because they might be afraid of having an impact on the existing economy if not feared would be made as an escape or money laundering from people who abuse their authority.

erichall

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Because maybe when the government looks at bitcoins, they are incapable of tracing any person or company holding responsibility for Bitcoin not only in their jurisdiction, but in the entire world. More reason why government announce Bitcoin is illegal that Bitcoin is a private currency that government can not regulate, track or control which will have effect on economy of the country.

Moreover because the government might be afraid that the currency in that country will no longer apply to society and will be replaced by something new, that is Bitcoin. If that happens then the currency in that country can be worthless and unused.

mmo_online_1981

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Because they do not have proper management plans for bitcoin and altcoin. Need more time to Crypto into everyday life!
Around 2020 will be a good time!

Mandypast

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Reason is simple, when our government looks at bitcoins, they are incapable of tracing any person or company holding responsibility for Bitcoin not only in their jurisdiction, but in the entire planet!

Legal Implication : In order to recognise any medium as authorised payment and settlement system, they should have proper licences from Reserve/Central Bank of the respective country. So that government can ensure all the preventive measures against fraud , money laundering and any antisocial activity .

When a case is filed against Bitcoin, not the people transacting bitcoins, inside the jurisdiction, governments cannot be able to perform their legal obligation to the society !

This is the first part that makes the government to take hostile approach to crypto-currency.

Governments are not able to tract payments in bitcoins as anybody with out a proper identification can open up an account and make the transaction. Even though exchanges are collecting KYC from their customers, it is possible to do transactions with out using ID card issued by Government

it becomes very much difficult for governments to audit transactions, and perform their obligations .

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