Bitcoin Forum

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 and cryptocurrency can handle all daily payments without using any third party software or without any regulation or monitoring. That is the real reason why many government is banning use of crypto or its trading in many countries right now. Cryptocurrency can replace whole traditional financial system and trust over crypto is growing worldwide, its revolution that can't be stopped by such bans.

I believe cryptocurrency wouldn't seriously harm their bank systems, what to afraid when most of their income came with natural resources anyway, still legalizing them means allowing millions of fund to move away their land without a single trace and this is especially good for companies that do shady businesses such as avoiding taxes, it just make things easier for them. Cryptocurrency also indirectly promoted scams that using the bitcoin name to cheat their public using scheme which are too common now. It's pretty expected to see cryptocurrency being rejected as their qualities are simply doesn't suit well with centralized government.

When you have the monopole of something, and other people come with better ideas, more secure, less expensive, you'll do whatever you can to kick them back from where they come from.
That's what happening with banks and governments. They try to keep the way it's working right now, but some of them are clever and enter the boat before it leaves, like some banks with Dash or other crypto for banks...

Some countries just China  ;D They prohibit every normal thing)

If seriously, they don't have the understanding of how to use and control BTC. Its normal first reaction. But they need to adjust its own system to the rapid growth of new technologies.

a lot of reason why most of country prohibit the bitcoin and others cryptocurrency
one of many reason is because bitcoin can't controlled by government, central bank, local institutions and many more

Most of the countries are not legalized in Bitcoin and cryptocurrency. Government is decide to accepting cryptocurrency. But this digital currency is not possible to processing in many of the countries. I think Arabic countries are not stop to market. Some spam news are published in many of them. Most of the Arabic country competitors are invest in this coin. So Bitcoin is not stop in Arabic countries. But this is affected in banks and government profit.

Any country that believe and founded on the rule of law and openess will not prohibit bitcoin rather it will embrace it. Bitcoin can help many Government all over the world to curb corruption and excesses

Not only arabic countries but many developing or under developed countries have banned cryptocurrency trading because they can't regulate bitcoin because lack of enough infrastructure in their country.

Also they can't monitor bitcoin transaction so they can't stop money laundering which is the biggest threat for all these under developed and developed country because it will totally destroy their national economy.

Many countries are banning bitcoin because they are afraid from his high growth as no investment can match its growth and it is now first choice of people for long term.

Because of those countries already controlled by the bankers. We are realizing the fact that the bitcoin against the centralized system of the bankers itself. Just like US as the country with a lot of the bankers always try to prevent the crypto. Since the crypto based on the decentralized system and they are all thinking that can disrupt their economic structure.

It's natural that many countries think so, because there are so many reasons why crypto was banned in some countries. one of the reason, may be because it was difficult to organize and monitor the movement of digital currency, also can be because the tax for the country is difficult to detect.

Of course every country or government that prohibits bitcoin shopping has their own reasons.
The biggest reason is that the Bitcoin exchange is used for informal and money laundering purposes.

As long as people demand to invest in Bitcoin, governments will have to solve and regulate these bans.

they are scared that they might lose there unfair monetary system. All the wealthy people must hate crypto too in case it takes over from the fiat they cling on to so preciously.  Well too bad for them, crypto is unstoppable like a snowball gaining momentum. Fiat's time has passed.

They just want to control it, but they can't so then they decide to ban it. LOL They just want to make money out of it like getting tax of it, they will never have control over it so some countries will try to block it. Which countries have a block or ban? I heard that Bitcoin was never allowed in China? But there was a stock exchange there?

I can't say exactly why, but there is a fact that BTC and crypto at all spread much better in those countries which try to prohibit crypto ;)

This does not form true in many countries which are based on rules and regulations and have the constitution in place. Many countries are still left undecided about the cytpo currency in what form if they need to legalize it how can they do it and control it. Else they are left with a ban option if they go in a negative way.

They are all wasting their time the earlier  their banking system adopts Blockchain the better for them all. Blockchain is the future of all financial transactions be it governmental or corporate organisations.

Countries see they are slowly losing grip on the situation with the growing value of btc. They will do what they have to to protect their fiat currency.

Exactly! There are some countries in the world who actually think of bitcoin as the economic disaster for their paper money. The thing is it is just a matter of time. Things will be changed and that too in a significant manner in the next few years.

I am very much hopeful that bitcoin will be able to change the minds of such people and the governments will take positive steps in order to declare this bitcoin as legal currency.

Because BTC threaten the fiat currency issues by the state or the country. Think about that, it was no different if some one try to print a new money and everyone to use it instead the state's fiat. It will cause inflate and collapse of the economics of that country or state.

They say that some people use cryptocurrency in shady transactions and terrorism.

From your statement alone it seems pretty evident that you do not fully understand geography, geopolitics and therefore should be very careful with the statements you make. You say Arabic countries (I guess you mean Middle East nations) but the biggest one of them all, Saudi Arabia, is extremely Bitcoin friendly. Dubai is trying to be one of the international hubs for blockchain, crypto, and therefore Bitcoin.

You have to understand the caution and suspicion for new tech that the banks and finance ministries are still trying to understand. Well, even here on this forum 99% of us are trying very hard to understand Bitcoin!

Many countries are banning bitcoin because they are afraid from his high growth as no investment can match its growth and it is now first choice of people for long term.

Cryptocurrency is prohibited in many countries as it is the mechanism that can easily ruin the bank system. If people use altcoins and BTC to pay for services, they do not pay taxes. Who will like it? However, each country has its own bans of crypto.

https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/

Because cryptocurrency like BTC is a killing poison for the banks,cryptocurrency was made for decentralization of currency to give us free will and to reversing what fiat currency is doing to the world.

Some other countries probihited btc,because they thinks it is competition of there traditional business and they thinks bitcoins can ruin there  local  business while the government cannot take income tax in bitcoin because it not regulated, unlike in the traditional business that government can control the market  price value,this is the reason why they did not allowed bitcoin to work  in there country.

Because banks believed that crypto will poison them,eventually people wont care about banks and will put their money to cyptos thats why other countries banned it.

Because, crypto currency is not required by the state, state banks become unnecessary, it is not profitable therefore some countries are against)

I think they are afraid of their assets, Bitcoin is something new, something that they don't understand and maybe dangerous for traditional business.

it's fear basically, all these governments are afraid that BTC will take over and no one will trade their useless FIAT printed money. It kinda makes sense for regulators to be afraid with it, because they use money to basically adjust the economy, they can print more money and bring more cash to circulation to adjust inflation/deflation, and with Bitcoin they don't have these kind of options, because Bitcoin is decentralized and generally can't be adjusted (the supply is limited). There is a good chance that governments will issue their own cryptocurrencies, but adopting BTC is something that we will never happen, maybe they will legalize it but it will never replace the government issued money (most likely it will just change form, it will become digital money/crypto coin - but still controlled by the government).

Because ,There are risks that can harm the state.
In terms of the use, bitcoin could be used to ilegal operations, such as :
Money laundering,
to fund crime or illicit terrorist activity,
Other reason is that it can be a route to circumvent capital controls and tax.

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.

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.

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.

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.

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.

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.

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 ;)

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?

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.

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.

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

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.

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.

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.

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

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.  

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.

There are various reasons for countries to ban bitcoin. Countries that may not be able to control the economy in crypto. If prices go down there is certainly a big economic upheaval in the country

Countries which prohibits cryptos are silly enough not to understand that prohibition of something makes it more in demand than if it would be allowed. Ofcourse people want to use the tools like crypto which couldn't be taken away by banks, governments or someone else. It's natural! I suppose that sooner or later any governments will be forced to allow BTC.

I also think governments doesn't really think about bank. I believe main reason why governments want to ban cryptocurrencies is all about tax as it is all governments' favorite meal to eat which they cannot do it as they want with bitcoin.

Some countries prohibit the turnover of Bitcoin due to the fact that they do not fully understand how it works. They are not sure whether it will damage their bank system. And if it will - they do not know how to stabilize it again. The leaders of some countries don`t know how the legalization of the crypto currency will affect their local economy, how this will affect the level of unemployment and crime.

Cryptocurrency will kill and maim their banks... And it will probably affect their collection of governmental charges like taxes, etc....
They can't support what seems to be a threat to them

From experience it is better for them not to act at all, because from experience the people of the nation will now tend to pay premium for BTC and will drive the adoption up the more

Governments ban partly because they are scared and see crypto as a genuine threat, and partly because as the market grows they need to put regulation in place. So some bans are temporary until the legislation is ready.

But all the FUD from banks is pure fear.

Yeah,as you said bitcoin growth will stop their revenue such as taxes because no tax can be made on bitcoin,there are some other reasons maybe it can make their country with full of illegal activities because bitcoin transactions are anonymous.So some government decide to ban bitcoin in their country.

Bitcoin prohibition in any country is totally handled by this country government sweet will.Many government don't like this and they are not sincere about this forum.Moreover, actually they don't know properly about this forum. For those reason,some countries are prohibited Btc.

The prohibitions will be lifted soon as futures market have come in.
China would try to still prohibit it as BTC futures may act as equaliser against synthetic manifulation of the currencies by chinese banks.

Because they are no regulated, and countries economies rely on tax payments, yet how could you monitor a financial instrument that is completely decentralized and untrackable. Its all about the money and taxes.

Eventually you will see Bitcoin become regulated, they are already on there way to it with KYC at all major US exchanges. For the normal person this means nothing but to tax dodgers it will be a great shock when they get a tax bill.

Crypto-currency is just like an intangible thing that is created to transform tangible money into digital and some countries are thinking it will affect their local sovereign money and their economy will be affected.
But strong countries doesn't build any boundaries from the future monetary for economy because they're seeing good advantage in using it instead of using central monetary like dollars and euro for trading and international funding.

This Bitcoin and Crypto-Currency toleration must be stopped by regulating the upcoming ICOs that must be suppose to carry the standards to avoid failure and confusions to market and to ensure investors that they invested the good ICO and crypto-currency that will give them good profit in the future.

China is the biggest influence of Crypto-Currency although the country is banning any cyrpto-currency exchange but the fact is there are so many Chinese businessmen that are currently making business with Crypto-Currencies that they actually operating in other countries that has been seeking permits in Japan and Russia for the few countries that are not making boundaries and boarders away from digital currency or assets.

I think and in my opinion, some countries prohibit bitcoin because the government do not have the control to it and they cannot tract every transaction of every investor to deduct the taxes from their profit or investment.

Bitcoin is prohibited in very few countries. Some countries where bitcoin was banned once has taken away the ban experiencing the goodness. Now more countries have made plans of regulating bitcoin to avoid misuse of the technology. Furthermore expect more adoption to take place in the further years.

Controlling the economy is the big threat of bitcoin in any country, with how bitcoin works it will be an easy access to bypass taxes and if that will continue then it can break government system, if more people will use this system then the country will suffer, I think proper knowledge and better understanding is really needed to ensure the stability of any system that will be introduce.

True that, I think the same way. The government just can't control a cryptocurrency so they're banning it to hold the situation in their hands. However I don't believe that may lead to anything that a losses of the government. It's better if the government would allow cryptocurrency or find a consensus.

Many countries are afraid of unstable bitcoin prices and do not want to recognize it as currency. They also want to control all the money of their citizens, and with crypto-currencies it will be very difficult to do it.