why some countries are prohibit BTC... - page 2.

wisdommember

member

Activity: 107

Merit: 10

Quote from: warunacrypto on November 22, 2017, 08:56:00 AM

speciall some arabic countries are stop to market with crypto currency that people thinking BTC are damaging there bank system...you can give your opinion with me...i would like to know lot of senior members what there thinking about this

countries want to regulate bitcoin because currently they are not able to take big advantage from it. like tax. the fraud is that governments wants his share from everything. they are greedy. thats the reason why decentralization is important.

Yamifoud

hero member

Activity: 2828

Merit: 518

Quote from: warunacrypto on November 22, 2017, 08:56:00 AM

speciall some arabic countries are stop to market with crypto currency that people thinking BTC are damaging there bank system...you can give your opinion with me...i would like to know lot of senior members what there thinking about this

Bitcoin transactions system is different from banks, so their is no reason that bitcoin can be a problem to banking system. The only thing is that, we usually used banks to transfer our money from blockchain to fiat currency with the aid of banks who are only accepted this. Because not all banks are adapting the system of blockchain technology. And banks have nothing to worry about this because their is need to change their system, of what they have practice since before-they just continue using it.

wklt2002

member

Activity: 126

Merit: 10

They are afraid of the cryptocurrencies because they can't control them and aren't ready for it yet

reflector

sr. member

Activity: 826

Merit: 263

Quote from: CrowdFunder on December 08, 2017, 04:13:32 AM

Quote from: warunacrypto on November 22, 2017, 08:56:00 AM

speciall some arabic countries are stop to market with crypto currency that people thinking BTC are damaging there bank system...you can give your opinion with me...i would like to know lot of senior members what there thinking about this

I don't think governments are really afraid it will affect banking, more like they are afraid it will affect their ability to collect taxes and control the economy. Regardless of the reason though I don't think bitcoin really competes with traditional banks or fiat currency because they serve different purposes.

You are perfect among the all replies here. We found the some countries banned bitcoins and some banned ICO alone for the people's security. I too really appreciate the ban of ICO since they were trapped in scam ICO steal the money from the investors and ran away.
But banning bitcoin is some fishy right. I do thought that and check about it finally understood that all the financial institution will faced the issue that they will not get the bitcoin to reached to the laymen. China is one of the shit among them. Still Japan takes the bitcoin in hand and working on it to make money.

CrowdFunder

sr. member

Activity: 364

Merit: 250

Quote from: warunacrypto on November 22, 2017, 08:56:00 AM

speciall some arabic countries are stop to market with crypto currency that people thinking BTC are damaging there bank system...you can give your opinion with me...i would like to know lot of senior members what there thinking about this

I don't think governments are really afraid it will affect banking, more like they are afraid it will affect their ability to collect taxes and control the economy. Regardless of the reason though I don't think bitcoin really competes with traditional banks or fiat currency because they serve different purposes.

Beparanf

hero member

Activity: 2856

Merit: 783

Reward: 10M Shen (Approx. 5000 BNB) Bounty

Quote from: Tryam93 on December 08, 2017, 04:05:47 AM

Because they are not yet ready for a crypto currency. And to refuse crypto currency is not a country, the government is afraid that they will not be able to control it

They say they are for the benefits of the investor, since they might get it to the point of having nothing in in return or turn into scams in ICO,since btc is the pioneer crypto and leading,they think it will be hard to implementan anonymous and decentralized coins.

Tryam93

full member

Activity: 532

Merit: 109

Because they are not yet ready for a crypto currency. And to refuse crypto currency is not a country, the government is afraid that they will not be able to control it

lvincent

full member

Activity: 294

Merit: 102

Well i think some countries are scared bitcoin really has a great potential, maybe the government in those countries are just scared cause they saw what bitcoin can really do, for exampe: one of the reason bitcoin created is to eliminate third parties in one transaction imagine how much is gonna lose to them if that happen.

nakauten

member

Activity: 210

Merit: 10

Because cryptocurrencies will kill their banks and centralized fiat currency,using btc/cryptos will prevent them to get taxes from people.

rurubot

member

Activity: 171

Merit: 10

Their governments can't get profits from it. They don't know whom they should ask for tax due to its decentralization. That is one of the reasons why they prohibit btc.

CaptainKid

sr. member

Activity: 756

Merit: 250

It's a strange question, because there are a lot of news, opinions and articles on this subject, including this one. Each country reacts to bitcoin in its own way, so nothing surprising.

Jokerunner

newbie

Activity: 7

Merit: 0

And If all the state of the world close all the exchanges of the planet the BITCOIN value will go to zero?
According to you it could happen?

Marvell1

legendary

Activity: 2408

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Cryptocurrencies are a very serious threat for an any government and bank system. But there is a funny moment about the prohibition of cryptos... They are spread much better in countries where they are prohibited Wink

nogoodcoin

sr. member

Activity: 370

Merit: 250

Bitcoin has a decentralized structure, and what these states are most afraid of and least liked. That's why banks and states do not like Bitcoin.

crypto_bit

full member

Activity: 168

Merit: 104

Quote from: alarsincoin on December 01, 2017, 01:49:37 PM

Some countries prohibit bitcoin because they fear that the crypto currency will replace the national currency. This will cause great damage to the economy of the country. People will not pay taxes and social inequality will worsen

I'm sure most of the countries officials perceive cryptocurrencies as bubble and total bullshit. If somebody tolds you about Dogecoin what would you think? xD
Distributed ledger technology which is more and more often used by companies are the other thing and it's possible governments are under regulation pressure arising from private companies sector. Private sector wants regulations because they want to use crypto and other blockchain related stuff without legal fear. So governments say ok... but we don't understand all this stuff. You ban what you don't understand.

alarsincoin

member

Activity: 448

Merit: 10

Join FlipNpik Telegram : t.me/flipnpikico

Some countries prohibit bitcoin because they fear that the crypto currency will replace the national currency. This will cause great damage to the economy of the country. People will not pay taxes and social inequality will worsen

Raist

full member

Activity: 490

Merit: 102

If you have BTC on the territory of your country instead of your fiat you will immediately lose the control of tax income and lose the political power as a consequence.
It does not deny that fact that today's monetary fiat system is a huge condom pretending to be an airship.

St4yInTh3D4rk

sr. member

Activity: 686

Merit: 264

"STAY IN THE DARK"

Quote from: warunacrypto on November 22, 2017, 08:56:00 AM

speciall some arabic countries are stop to market with crypto currency that people thinking BTC are damaging there bank system...you can give your opinion with me...i would like to know lot of senior members what there thinking about this

Yeah some of the countries are started to fear that bitcoin will make problem in country's economy because we knows that no taxes can be made on bitcoins so people who investing on crypto currency no need to pay any taxes for their country so decided to stop the crypto currency in their country.
But this is not only the reason for banning bitcoins the main reason is that bitcoin can be used for illegal activities so they think that their country will be filled with crimes if they allow crypto currency.

Satish147

full member

Activity: 420

Merit: 100

Harmony for One and All

Because some of the countries are getting fear

Bitcoin can replace their central bank backed Fiat currencies like USD, INR, EURO, YEN

Recently, China banned crypto exchanges and ICOs

But Japan is in forefront of Crypto market.

NPG331525

member

Activity: 114

Merit: 10

Cryptocurrency is such a revolution. In every revolution, the big one will afraid of what will happen to them. Banning is a reaction of their fear.

Topic: why some countries are prohibit BTC... - page 2. (Read 903 times)