Why should other countries did not accept Bitcoins? - page 5.

uneng

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Quote from: Dilladupak on August 30, 2021, 01:56:15 PM

Often I hear the main reason Bitcoin cannot be accepted by the government is because it is not controlled, and I think that makes sense.

Yes, because bitcoin's volatility many governments don't want to incentive or make it legal. They say it's too risky to use bitcoin as currency or investment. Actually that is the only government's excuse that makes some sense.

Quote from: Dilladupak on August 30, 2021, 01:56:15 PM

The government doesn't want to lose the value of taxes from people who previously reported the price of their wealth to the government, but if Bitcoin is accepted then the government can't demand someone to pay taxes because the Government can't know how much wealth the people have.

Well, bitcoin isn't totally anonymous. Businesses paying their employees in btc would have to report the data to the government and pay taxes anyway. Furthermore, employees' btc addresses would be attached to their owners as well, so nobody would be able to hide their wealths.

Quote from: Dilladupak on August 30, 2021, 01:56:15 PM

The second reason if Bitcoin is accepted will threaten the existence of Fiat in the country, because if people know how easy it is for someone to profit from Bitcoin, people will prefer Bitcoin over Fiat.

People still need to take some risks in order to profit from bitcoin, but if the government really fears fiat may become useless if bitcoin becomes accepted as legal tender, it's the proof they really don't believe fiat is a good option when another alternatives are offered to the population. That means they are aware fiat is weak, fragile and just want to forbid anything that could replace it to preserve the currently system.

Dilladupak

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Often I hear the main reason Bitcoin cannot be accepted by the government is because it is not controlled, and I think that makes sense.
The government doesn't want to lose the value of taxes from people who previously reported the price of their wealth to the government, but if Bitcoin is accepted then the government can't demand someone to pay taxes because the Government can't know how much wealth the people have.
The second reason if Bitcoin is accepted will threaten the existence of Fiat in the country, because if people know how easy it is for someone to profit from Bitcoin, people will prefer Bitcoin over Fiat.

fiulpro

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Quote from: Shamm on August 26, 2021, 09:56:22 PM

No offense for other countries 🌹

Why should other countries did not accept Bitcoins or let's says that Bitcoins are illegal to them?

Many reasons why some countries treated Bitcoins an illegal. But we all know that Bitcoins did not break the rules of the government, in fact Cryptocurrencies are very popular nowadays especially Bitcoin, many people got successful by joining Bitcoin.

In my point of view Bitcoin is not illegal unless you're trying to scam someone. Bitcoins did not steal money from the bank so what's the point we say Bitcoin is illegal?

The government is not really scared about this part but what they are scared about is their power being taken away due to the decentralized network being over popular amongst people.

Bitcoins and other cryptocurrencies are something that might cause the public to realize that corruption and manipulation is very much integrated and they might need some other investments for sure. Which does mean that bitcoins might be their best option right now but it would take away the investments that might have pooled in the network from the side of big whales in banks and stocks.

Theones

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I don't think there are governments that are willing to accept btc in its decentralised form. Governments allow usage of btc on exchanges via kyc and that's killing the original purpose of crypto. Crypto financial system is designed to break monopoly of fiat and that is unacceptable for govt.

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Quote from: Shamm on August 26, 2021, 09:56:22 PM

In my point of view Bitcoin is not illegal unless you're trying to scam someone.

Even if you scam someone with Bitcoin, Bitcoin is not illegal. Because it's not bitcoin's fault its your fault.
There are different reasons why Bitcoin is illegal in different countries. In my opinion, the most common cause is the fear of government money being stolen. There are other reasons for the huge dumping of Bitcoin, the lack of adequate technology and skilled manpower.

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Quote from: Shamm on August 26, 2021, 09:56:22 PM

No offense for other countries 🌹

Why should other countries did not accept Bitcoins or let's says that Bitcoins are illegal to them?

Many reasons why some countries treated Bitcoins an illegal. But we all know that Bitcoins did not break the rules of the government, in fact Cryptocurrencies are very popular nowadays especially Bitcoin, many people got successful by joining Bitcoin.

In my point of view Bitcoin is not illegal unless you're trying to scam someone. Bitcoins did not steal money from the bank so what's the point we say Bitcoin is illegal?

it's out of control mate and that's the reason why some of the country still don't want to accept bitcoin even despite a lot of people's and other country sees that there's a big of advantages on it compared to real fiats, and also by the way the risk when it comes to it and some other stuff that for them it's breaking the rules, is the common reason as well mate why other countries still against in it. For me i dont know what rules is that but let's accept their decision, indeed every country had different rules when it comes money and etc, so its their choice and we cannot force them.. Just be thankful that in the place where you live it's not prohibited.

ancafe

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well, some countries like India or Nigeria have banned bitcoin or crypto in their country because there are so many scams using crypto names. In addition, in other countries, bitcoin or crypto is banned because it can threaten the use of Fiat.

however, there are many reasons to get bitcoin or crypto banned from a country. if cryptocurrencies develop more than they imagined, then they sometimes make regulations that can stop the development of cryptocurrencies in their countries. Even China and India have done it several times.

Actually, the regulation that I think is quite good at the moment is that the state gives freedom of investment to its citizens, only with the caveat that crypto has a very big risk. it applies in my country.

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Quote from: Shamm on August 26, 2021, 09:56:22 PM

In my point of view Bitcoin is not illegal unless you're trying to scam someone. Bitcoins did not steal money from the bank so what's the point we say Bitcoin is illegal?

Lol
Illegal does not mean it is not accepted in its entirety and blocks BItcoin transactions in a country.

Does everything that is said to be illegal have to be stolen?
Is it illegal for all actions that are not in accordance with government regulations in a particular country to be illegal?

What's the point of being illegal and legal, but in fact, what has been legalized by the government is nothing that can solve the state's financial problems.

Aren't you often with Bitcoin Decentralization? which means that governments cannot make big profits from what they have no control over. As a result, the government is confused, because it is used to a centralized system.

Kittygalore

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Quote from: hannahB4 on August 30, 2021, 10:35:35 AM

In my Country it may be funny and absurd but whenever the government sees any means whereby youth are getting more access to funds and making it big time they tend to block every access to it.

That's because they want to make money out of it too and they don't want an independent youth, they want a submissive one that you can control, remember that government doesn't want you to learn or have any means to overthrow or undermine their power.

hannahB4

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In my Country it may be funny and absurd but whenever the government sees any means whereby youth are getting more access to funds and making it big time they tend to block every access to it.

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Quote from: Silberman on August 30, 2021, 09:40:36 AM

Quote from: Shamm on August 26, 2021, 09:56:22 PM

No offense for other countries 🌹

Why should other countries did not accept Bitcoins or let's says that Bitcoins are illegal to them?

Many reasons why some countries treated Bitcoins an illegal. But we all know that Bitcoins did not break the rules of the government, in fact Cryptocurrencies are very popular nowadays especially Bitcoin, many people got successful by joining Bitcoin.

In my point of view Bitcoin is not illegal unless you're trying to scam someone. Bitcoins did not steal money from the bank so what's the point we say Bitcoin is illegal?

Our opinions are irrelevant if the government says something is illegal then it is illegal, it is that simple, and it is easy to see why they do not like bitcoin at all, they do not like it because bitcoin is a competitor, bitcoin not only is a currency it also makes you your own banks and some of the functions of the governments can be emulated with bitcoin which means they are bound to lose power if they support it, which runs opposite with what the governments want to.

Bitcoin can do its own function independently without the presence of the government because its decentralized. And this is why the government might be threatened by bitcoin so definitely it won't be accepted simply because it can't be controlled. And since bitcoin is very transparent so the government will definitely won't love it for sure.

However, not all countries are against the adoption of bitcoin. Some are even starting to legalize it seeing it can be an asset to change the country's economy and recover from its economic crisis. The decision whether bitcoin will be accepted or not lies definitely on its country's leader so the whole thing is dependent on him.

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Quote from: blue_nexus15 on August 30, 2021, 09:35:35 AM

The government wants to understand, track, control bitcoin the way they control people's finances with fiat but they can't do that. They have tried all sorts of tricks in the past but always failed. When it comes to bitcoin and government adoption it's a small gap but a real challenge.

I am interested in your review, this is a small gap but a real challenge, many countries do not accept bitcoin, because they cannot control the income of their citizens, and they are also afraid of inflation, they cannot control and control bitcoin, so many countries are don't accept bitcoins..

Silberman

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Quote from: Shamm on August 26, 2021, 09:56:22 PM

No offense for other countries 🌹

Why should other countries did not accept Bitcoins or let's says that Bitcoins are illegal to them?

Many reasons why some countries treated Bitcoins an illegal. But we all know that Bitcoins did not break the rules of the government, in fact Cryptocurrencies are very popular nowadays especially Bitcoin, many people got successful by joining Bitcoin.

In my point of view Bitcoin is not illegal unless you're trying to scam someone. Bitcoins did not steal money from the bank so what's the point we say Bitcoin is illegal?

Our opinions are irrelevant if the government says something is illegal then it is illegal, it is that simple, and it is easy to see why they do not like bitcoin at all, they do not like it because bitcoin is a competitor, bitcoin not only is a currency it also makes you your own banks and some of the functions of the governments can be emulated with bitcoin which means they are bound to lose power if they support it, which runs opposite with what the governments want to.

blue_nexus15

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The government wants to understand, track, control bitcoin the way they control people's finances with fiat but they can't do that. They have tried all sorts of tricks in the past but always failed. When it comes to bitcoin and government adoption it's a small gap but a real challenge.

mrongos

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To our knowledge, Bitcoin has not been declared illegal in most countries. However, there are some countries (such as Argentina and Russia) that strictly prohibit foreign currency. Other countries (such as Thailand) restrict the licensing of certain currency entities such as Bitcoin exchanges. Policymakers from various countries are taking steps to provide regulations for individuals and businesses on how to integrate this new technology with the regulation of the formal financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, publishes a freelance guide on how governments deal with certain activities related to virtual currencies.

Kong Hey Pakboy

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What are you talking about? Either I can't read and comprehend English or your mixture of words aren't the best way to convey what you mean or what you want to mean. Hope that I'm right in this one in terms of understanding but I think that what you're saying is still wrong because if they don't accept bitcoin then how about their citizens that use bitcoin, what happens to them then?

Text

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Maybe some countries consider Bitcoin illegal because they think it is a big threat to their financial aspects, especially the big banking companies that may lose their worth because of it. We know that every country has its fiat currency, maybe they don't want to have the complication of how to run it at the same time because we already know that crypto is decentralized so they can't control it. Others for them Bitcoin is illegal because there are countries that prohibit gambling, especially when online and we know that cryptocurrencies are used in this matter. And another is the use of Bitcoin on the dark web as the purchase of illegal products such as drugs and others. But I hope they look more at the bright side that it can do for economic development

Leviathan.007

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There can be many reasons depending on the country and the policies. For example, some countries want to always control the people and the money they have, and the things they are interested to buy. Since bitcoin is borderless and will somehow make people be able to do anonymous transactions, the governments will try to stay against it. Also, Any country especially the evolved countries will try to make their fiat money more usable all over the world and they hate a competitor like bitcoin. However, there can be other reasons such as money laundering, and drug/gun deals too but these are just nonsense excuses they use.

Dhoe

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2. China, since January 8, 2017. Reason: will issue its own digital currency
3. Colombia, since December 31, 2016. Reason: worried about cryptocurrency scams
4. Taiwan, since November 3, 2015. Reason: bitcoin hack
5. Ecuador, since March 24, 2015. Reason: will issue own currency
6. Bangladesh, since 22 September 2014. Reason: avoid money laundering
7. Kyrgyzstan, since 4 August 2014, Vietnam, since 28 February 2014. Reason: can be used for crime and high risk for investors
10. Russia, since February 9 2014. Reason: bitcoin is used for illegal activities
11. Thailand, since July 30, 2013. Bitcoin is not a currency
12. Morocco, since November 2017
13. South Korea, since December 13, 2017. Reason: to control its finances
14. Singapore, since 29 September 2017. Reason: problems arise between financial companies
15. Nepali,16. Indonesia, ban in effect 2018. Reason: high risk of experiencing a bubble

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Quote from: Shamm on August 26, 2021, 09:56:22 PM

Why should other countries did not accept Bitcoins or let's says that Bitcoins are illegal to them?

Because they don't want to lose control over people and over printing money, people learn fast and many would swap all their fiat for Bitcoin to avoid inflation.
Governments and dictators can't control Bitcoin and they probably don't own it so they don't see any financial benefit for themselves, so they made Bitcoin illegal or put it in grey zone.

Quote from: Shamm on August 26, 2021, 09:56:22 PM

In my point of view Bitcoin is not illegal unless you're trying to scam someone. Bitcoins did not steal money from the bank so what's the point we say Bitcoin is illegal?

Crazy governments made many things illegal in past, and if you study history you would see that gold was illegal, alcohol is till illegal in some countries, and it was even illegal to walk in the same street with people that have different skin color.
Making Bitcoin illegal would mean nothing because in reality people have all the power and people pay and hire the government to work for them.
If enough people wants Bitcoin and freedom there is nothing on earth that can stop that from happening, but I guess people still want safe and secure slavery.

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