why some country banned bitcoin? - page 37.

Kupid002

sr. member

Activity: 1036

Merit: 329

Quote from: Lalafell on November 10, 2017, 11:26:39 AM

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

One of the reason why they banned bitcoin is they can't controlled it because it is decentralized where no one can controlled or manage. In addition to that, we all know that bitcoin is a tax free so that if all people in one country used bitcoin no one will pay for tax and its a big problem in government so that I think they banned it.

On the other even its tax free the way we buy are needs we pay tax on that way but your right some government will never let some transaction or currency like this to exist on their country that are not paying tax and i think that they are trying to protect their country why they do that banning.

DPrillio

full member

Activity: 693

Merit: 100

Quote from: Bitcoinislifer09 on November 10, 2017, 09:00:34 AM

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Some country banned bitcoin because they say that bitcoin is very dangerous.They say also that the terrorist use bitcoin to attack their country and to have more information about their country.So they banned the bitcoin in their country because they think that it is not safe.

I don't fully believe that bitcoin can be used by terrorist to attack one's country. I think the reasonable reason why some government banned bitcoin is that they are afraid that crime will rise due to bitcoin, because we all know that bitcoin is an virtual money with a decentralized system, therefore all transaction made by bitcoin is anonymous, the government have no trace of all the transaction. Illegal activities that would happen is like money laundering, tax evasion and illegal money transaction will rise.

Zabercoin

copper member

Activity: 126

Merit: 10

Perhaps because bitcoin can affect the exchange rate in the country, it can not be controlled and it is decentralized.

bane1990

copper member

Activity: 63

Merit: 0

perhaps they are too dumb about inflation, or they are not ready for the coming of the digital age

dianepot

member

Activity: 392

Merit: 10

maybe they dont know how to demand taxes with it .. making its own cryptocurrency as well is another thing.

Lalafell

sr. member

Activity: 812

Merit: 250

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

One of the reason why they banned bitcoin is they can't controlled it because it is decentralized where no one can controlled or manage. In addition to that, we all know that bitcoin is a tax free so that if all people in one country used bitcoin no one will pay for tax and its a big problem in government so that I think they banned it.

cryptomato

full member

Activity: 180

Merit: 100

Quote from: Bitcoinislifer09 on November 10, 2017, 09:00:34 AM

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Some country banned bitcoin because they say that bitcoin is very dangerous.They say also that the terrorist use bitcoin to attack their country and to have more information about their country.So they banned the bitcoin in their country because they think that it is not safe.

I am not sure about it. I am sure that black side of usage of bitcoins (terror, drug traffic etc.) would have its effects but for governments I don't think it was major reason. I believe main reason was that they were not able to put tax for it.

DIMKAZDS

hero member

Activity: 704

Merit: 500

Quote from: Bitcoinislifer09 on November 10, 2017, 09:00:34 AM

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Some country banned bitcoin because they say that bitcoin is very dangerous.They say also that the terrorist use bitcoin to attack their country and to have more information about their country.So they banned the bitcoin in their country because they think that it is not safe.

I think that one of the reasons why bitcoin is being banned in some countries is that it is not being controlled by any government or any central bank that is it is decentralized and no one can trace it.Bitcoin wallet is used for the purpose of receiving and giving payments in bitcoin.Only the donor or receiver have the information of the payment.So government cannot trace it.So this can be used in transferring the black money by the criminals or politicians.Operating bitcoin also requires internet accessibility which is not possible for every person as internet is not available in every corner.

LigwagGanern

member

Activity: 307

Merit: 10

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Some country banned bitcoin because they knew that bitcoin is TAX FREE. If they accept bitcoin in their counter, where did they get they funds ? or money ? For their projects, activity, etc. Government needs money, money from the tax, tax from the people's salary. They know that they can't get money from bitcoin, so that they will not accept it in they place/country. Maybe if bitcoin will have a tax they will accept it as crypto currency.

LogitechMouse

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

One reason I think is because the government cannot control of it because bitcoin has been decentralized from the start and because of that, they can't collect taxes from it unlike fiat money that is centralized. I think one reason too is they are scared that bitcoin will be using in the illegal activities in their country and they can't track it.

Bitcoinislifer09

full member

Activity: 257

Merit: 101

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Some country banned bitcoin because they say that bitcoin is very dangerous.They say also that the terrorist use bitcoin to attack their country and to have more information about their country.So they banned the bitcoin in their country because they think that it is not safe.

squallw

full member

Activity: 504

Merit: 122

The government like to control all people and everything, they force everybody to declare all of things that you buy, sell, profit, etc. But when you use Bitcoin, it is all annonymous, they cant know exactly what you doing, how much you profited, traded, sold or bought.
They fear that bitcoin can make them loose the control and broke all banks in near future.

So some countrys and bankers tries to destroy the bitcoin before Bitcoin destroy them.
Anyway i don't think that a country can really BAN Bitcoin if there is an unlimited internet to use.

AngeIDoII

newbie

Activity: 3

Merit: 0

some country ban bitcoins as they think that they are employed by something is illegal or they may got a wrong understanding of bitcoins that it is something like the underground community maybe that's the reason it's banned in certain nations .

Bitcoinnumberone

member

Activity: 364

Merit: 10

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

other countries has already banned bitcoin and any other digital cryptocurrencies. For example is China, they have TOTALLY shut down bitcoin. Many known person have said that bitcoin is a fraud. China's reason for banning it is because it is against their law. This activity is characterized as unauthorized fund raising which is a criminal offense in China. I guess China's central bank want to get back their power but they conceal it by saying it was just for risk management. Bitcoin is not controlled by China's central bank and they dont trust it so I think these are the reasons why they remove it.

Altas

full member

Activity: 366

Merit: 100

Quote from: Aaroenz0r on November 10, 2017, 05:06:22 AM

Easy to answer. Anything you can't control, you have to ban it. If not, It will threaten your currency economy.

That's true, with such a thinking in mind governments of some countries have banned bitcoin as well other digital currencies. I think such a situation will change in a similar to Russia in the past. Initially it banned the bitcoin and soon after that it took it back. Hope such situations will take place more in the future.

CuriousGeorge

sr. member

Activity: 1498

Merit: 251

KUWA.ai

Quote from: azhariejaya on November 10, 2017, 04:35:21 AM

I think maybe the reason bitcoin is banned in some country because anonymity in bitcoin transaction is vulnerable to misuse, maybe for example to financing terrorist or cyber crime, for illegal drug transaction, for money laundering etc.
that's just my opinion Cheesy

I don't know how much time I've said this thing to many people who still don't get the actual concept of bitcoin but well, here we go, bitcoin is pseudo-anonymous which mean not truly anonymous.
It can be traced by using blockchain explorer and such tool, the address owner can be identified once it's known to public and every address movement will be recorded in the blockchain.

BitBayMarkets

newbie

Activity: 32

Merit: 0

Because like china people are creating a lot of scamcoins there and the country needed to do something about it so they banned bitcoin from there but people still tried through vpn servers and other kind of things to still be able to earn bitcoin.

doblok

full member

Activity: 285

Merit: 100

It could be because the country does not want its currency replaced by bitcoin, while bitcoin will make it easier in terms of adding state assets but if the country understands the benefits of bitcoin and also because of the lack of government support.

Aaroenz0r

full member

Activity: 504

Merit: 100

Option Blitz

Easy to answer. Anything you can't control, you have to ban it. If not, It will threaten your currency economy.

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: warwar on November 10, 2017, 04:25:46 AM

Quote from: Zemomtum on November 10, 2017, 03:35:31 AM

Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

It is because governments cannot tax crypto currency and they cannot get income tax from it. A lot of people are earning a lot through crypto currency, their government are missing a lot of taxes because of it. Some people gave up their jobs just to focus on crypto currency and trading. Their government see it as a threath.

They will tax it in the future though that is one of the small reason the other is really they find that bitcoin is only using in deepweb sort of they say that all of bitcoin is intended only for deepweb transactions though it is not because there are lot of people getting money using bitcoin and we are one of it. I think they should investigate more if they ban bitcoin.

That is what they only know about bitcoin, they just know that bitcoin is being used in different illegal transactions so they just think that bitcoin is a bad influence for the people to use it as a form of payment. I agree that they should investigate more about bitcoin so they can find out interesting things and so bitcoin can show that it is not just about the illegal things because it can be used also in legal and profitable way.

Topic: why some country banned bitcoin? - page 37. (Read 10262 times)