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Author Topic: Why bitcoins illegal ????  (Read 13533 times)
noel2123
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January 29, 2017, 02:25:50 PM

for some country they are considering bitcoin as illegal because they dont seek research about this crypto currencies. they think that its illegal because it is not yet officially introduced to their country.

Some third world countries have banned Bitcoin. Vietnam is a perfect example. They don't understand the technology behind Bitcoin, and therefore they don't know about the advantages which Bitcoin offers. 
You do not even need to be engaged in illegal activities, and if the country or the government conceived to punish for non-payment of tax, the user bitcoin is outlawed and punished. It is illegal bitcoin.

I refuse to pay tax on my Bitcoin holdings. I have checked the website of the Income Tax Department in my country, and Bitcoin is not mentioned anywhere. It is not even given whether Bitcoin must be considered as a currency, or as an investment. Therefore, I am not going to pay the tax.

This could not be illegal should be. Bitcoin is just a virtual money, why we should pay our taxes because of bitcoins. We think that bitcoin is illegal, but no, because bitcoin is a virtual money that created a money. We cannot consider bitcoin as be taxable money. Bitcoin value have a lot of difference on our paper money. Investors invest their altcoin through paper money.

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January 29, 2017, 02:44:00 PM

Some people thinks bitcoin is illegal because it is use in buying drugs and connected to black market just simple as that. So we should not follow what they are doing because that is very bad even knowing we have the freedom on how to use our coins which is wrong.

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January 29, 2017, 06:02:57 PM

The issue of illegality of bitcoin is mostly out of ignorance to some people especially in countries where government has not taken a position concerning bitcoin backed with a particular law. And the reason why people chose such position is because of not only the negative tings that bitcoin is being used for which no one can do but the fact that they cannot be traced by regulatory agencies which is one step ahead that fiat has gotten.

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January 29, 2017, 11:04:05 PM

Some people thinks bitcoin is illegal because it is use in buying drugs and connected to black market just simple as that. So we should not follow what they are doing because that is very bad even knowing we have the freedom on how to use our coins which is wrong.
That's a stupid reasoning. When someone uses a currency to buy something illegal, whose fault is that? The currency's? Grin
It's always the fault of the seller, he procured the illegal goods and offered them for sale. If something is illegal it's the role of the authorities to track the sale and confiscate the goods to take it off the market. What currency is being used is not the problem here, they could even be trading drugs for cinema tickets.

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January 30, 2017, 03:47:44 AM

That's a stupid reasoning. When someone uses a currency to buy something illegal, whose fault is that? The currency's? Grin
It's always the fault of the seller, he procured the illegal goods and offered them for sale. If something is illegal it's the role of the authorities to track the sale and confiscate the goods to take it off the market. What currency is being used is not the problem here, they could even be trading drugs for cinema tickets.

Exactly. Take the trade of illegal drugs for example. Only a very small part is conducted online. More than 90% of the drug trade is done using physical cash. But I have never heard anyone advocating to ban the physical cash, as it encourages drug trade.

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January 30, 2017, 05:21:05 AM

That's a stupid reasoning. When someone uses a currency to buy something illegal, whose fault is that? The currency's? Grin
It's always the fault of the seller, he procured the illegal goods and offered them for sale. If something is illegal it's the role of the authorities to track the sale and confiscate the goods to take it off the market. What currency is being used is not the problem here, they could even be trading drugs for cinema tickets.

Exactly. Take the trade of illegal drugs for example. Only a very small part is conducted online. More than 90% of the drug trade is done using physical cash. But I have never heard anyone advocating to ban the physical cash, as it encourages drug trade.

We should consider this kind of transaction, what if drug trades transaction will be on its virtual money. Conducting transactions online cannot determine by authorities. We think that, if bitcoin would be legal, banks and local governments cannot conduct investigation or cannot track the trades or the transaction, unless, bitcoin can make that kind of security

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shutupanubis
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January 30, 2017, 05:48:41 AM

cause government is not modernized enough to welcome this evolutionary way of exchange. Morever they can't control or regulate its flow and there is no central control system. Afterall missusing this system is much easier.
techgeeks8
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January 30, 2017, 07:25:07 AM

Nailed it!!
noel2123
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January 30, 2017, 09:32:00 AM

cause government is not modernized enough to welcome this evolutionary way of exchange. Morever they can't control or regulate its flow and there is no central control system. Afterall missusing this system is much easier.

We cannot blame local governments, we should not blame them, because they are not aware on bitcoins. We must first introduce to them what is bitcoin, and what are the positive effects of bitcoins. We can still be part of it to promote bitcoins, we seldom acknowledge the fault that we are not promoting bitcoins. If we are collaborating bitcoins, then local governments will know what are the benefits of bitcoins.

canah17
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January 30, 2017, 04:42:56 PM

why bitcoin is still illegal in many countries of world Huh Is there any solid reason behind this ??/

Its because the government doesn't really support bitcoin and for that they really don't know what bitcoin is same here in my country i earn bitcoin alot but its illegal here and i just spend my bitcoin on steam and load its very sad.. Cry i don't really think that in my country will accept bitcoin because they think that bitcoin has no value to them Cry
jovs
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January 31, 2017, 12:17:07 PM

why bitcoin is still illegal in many countries of world Huh Is there any solid reason behind this ??/

Its because the government doesn't really support bitcoin and for that they really don't know what bitcoin is same here in my country i earn bitcoin alot but its illegal here and i just spend my bitcoin on steam and load its very sad.. Cry i don't really think that in my country will accept bitcoin because they think that bitcoin has no value to them Cry
Bitcoin has a value. However, in your case, it doesn't have a value only in your country, not in gobally. Hence, you can convert it into fiat any time you want giving it a value. If you want to convert it, just sell it to other people in other country like Nigeria, so that you can be able to convert it into dollar via paypal, neteller or etc. Sooner, it'll be accepted in all countries.



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00hash01
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February 10, 2017, 12:11:54 AM

Previously, all the dark trying to withdraw money in offshore areas, but when it came to an end, the big business noticed bitcoin. I think that kind of thing on the one hand use, and on the other a very dangerous game.
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February 10, 2017, 04:48:46 AM

why bitcoin is still illegal in many countries of world Huh Is there any solid reason behind this ??/

Its because the government doesn't really support bitcoin and for that they really don't know what bitcoin is same here in my country i earn bitcoin alot but its illegal here and i just spend my bitcoin on steam and load its very sad.. Cry i don't really think that in my country will accept bitcoin because they think that bitcoin has no value to them Cry
Bitcoin has a value. However, in your case, it doesn't have a value only in your country, not in gobally. Hence, you can convert it into fiat any time you want giving it a value. If you want to convert it, just sell it to other people in other country like Nigeria, so that you can be able to convert it into dollar via paypal, neteller or etc. Sooner, it'll be accepted in all countries.
Today in some countries bitcoin legally use, and some is quietly looking at it. But there are those who have already equated with bitcoin transaction to the crime. One must be careful with these things.

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DrVaribo
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February 10, 2017, 05:09:31 AM

All the problems arise not with bitcoin users, and governments of different countries. And it is primarily on the fact that the authorities have no control over Bitcoin and its users. Therefore, no one gives consent to the legalization of bitcoin.
jonnybravo0411
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February 10, 2017, 05:31:35 AM

why bitcoin is still illegal in many countries of world Huh Is there any solid reason behind this ??/

Its because the government doesn't really support bitcoin and for that they really don't know what bitcoin is same here in my country i earn bitcoin alot but its illegal here and i just spend my bitcoin on steam and load its very sad.. Cry i don't really think that in my country will accept bitcoin because they think that bitcoin has no value to them Cry
The thing is that in bitcoin are a lot of money, and the popularity of the temptation to use bitcoin attracts more and more people and businesses. And the result is that the state loses revenue in its budget. This is the two by two.

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February 10, 2017, 05:48:34 AM

If bitcoin will begin to displace other currencies, this will not lead to good. All will try to look for ways to control the bitcoin or users will pursue under the law that already exists in some countries.
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February 10, 2017, 11:06:30 AM

cauz its threatens normal currencys
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February 10, 2017, 03:35:32 PM

If bitcoin will begin to displace other currencies, this will not lead to good. All will try to look for ways to control the bitcoin or users will pursue under the law that already exists in some countries.
Bitcoin will never be able to displace the generally accepted currency in the world. Now look at the distribution of bitcoin. It is insignificant even among people who spend a lot of time in the network.
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February 10, 2017, 04:37:44 PM

If bitcoin will begin to displace other currencies, this will not lead to good. All will try to look for ways to control the bitcoin or users will pursue under the law that already exists in some countries.
Bitcoin will never be able to displace the generally accepted currency in the world. Now look at the distribution of bitcoin. It is insignificant even among people who spend a lot of time in the network.

Never say "never". Because you don't know what holds out in the future.

Also, you can't say that the Bitcoin user-base is insignificant. We are more than one million, and growing steadily (after a brief period of stagnation). Some of the fiat currencies don't have that many users.

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February 10, 2017, 08:35:59 PM

If bitcoin will begin to displace other currencies, this will not lead to good. All will try to look for ways to control the bitcoin or users will pursue under the law that already exists in some countries.
Bitcoin will never be able to displace the generally accepted currency in the world. Now look at the distribution of bitcoin. It is insignificant even among people who spend a lot of time in the network.

Never say "never". Because you don't know what holds out in the future.

Also, you can't say that the Bitcoin user-base is insignificant. We are more than one million, and growing steadily (after a brief period of stagnation). Some of the fiat currencies don't have that many users.
To ensure that the currency had some perspective should be her turn. How much you can earn bitcoins? To change dollars into bitcoins, why? The same can be purchased without the extra exchange.
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