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Author Topic: Why bitcoins illegal ????  (Read 13533 times)
Star.Wars
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February 21, 2017, 11:14:13 AM
 #241

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

The prohibition of bitcoins by some states is a problem of those states. Bitcoin is a legal system. States illegally define everything they can not control.
But the bitcoin can not be removed from the ban.

Bitcoin can't be banned. That is the problem. It is not a physical asset, and therefore the government can't prevent its entry or exit from their jurisdiction. Also, unless the coins are converted to fiat, the authorities can't track them.

Yeah. That's why the states do not like bitcoin. Because they can not get tax from the money earned with bitcoin. Only when they are converted into cash and transferred to the bank account.

But in the future we can use bitcoin without converting it to money. Then they will not be able to follow in any way.
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February 21, 2017, 11:47:38 AM
 #242

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

The prohibition of bitcoins by some states is a problem of those states. Bitcoin is a legal system. States illegally define everything they can not control.
But the bitcoin can not be removed from the ban.

Bitcoin can't be banned. That is the problem. It is not a physical asset, and therefore the government can't prevent its entry or exit from their jurisdiction. Also, unless the coins are converted to fiat, the authorities can't track them.

Yeah. That's why the states do not like bitcoin. Because they can not get tax from the money earned with bitcoin. Only when they are converted into cash and transferred to the bank account.

But in the future we can use bitcoin without converting it to money. Then they will not be able to follow in any way.
This is just one of the reasons. Another reason is that the government does not control the number of bitcoins in circulation and cannot use the issue to manage the economy of the state. Additionally, bitcoin is a direct competitor to the dollar, and who let it? But there is good news. Until they do not consider bitcoin a currency, the taxes he no need to pay.
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February 21, 2017, 11:55:59 AM
 #243

because bitcoin might be considered a gamble, but they do not know that bitcoin is a livelihood to make money by not gambling or stealing.

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Star.Wars
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February 22, 2017, 08:15:13 AM
 #244

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

The prohibition of bitcoins by some states is a problem of those states. Bitcoin is a legal system. States illegally define everything they can not control.
But the bitcoin can not be removed from the ban.

Bitcoin can't be banned. That is the problem. It is not a physical asset, and therefore the government can't prevent its entry or exit from their jurisdiction. Also, unless the coins are converted to fiat, the authorities can't track them.

Yeah. That's why the states do not like bitcoin. Because they can not get tax from the money earned with bitcoin. Only when they are converted into cash and transferred to the bank account.

But in the future we can use bitcoin without converting it to money. Then they will not be able to follow in any way.
This is just one of the reasons. Another reason is that the government does not control the number of bitcoins in circulation and cannot use the issue to manage the economy of the state. Additionally, bitcoin is a direct competitor to the dollar, and who let it? But there is good news. Until they do not consider bitcoin a currency, the taxes he no need to pay.

But in the future I think that the states will go to a system like bitcoin. They will create a system in which Bitcoin will become centralized and controlled.
Especially the blockchain technology is being examined by the finance sector. States can do something like this because of its fast and secure nature.
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February 22, 2017, 09:09:55 AM
 #245

bitcoin not ilegal but not yet regulation
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February 22, 2017, 12:00:37 PM
 #246

Yeah. That's why the states do not like bitcoin. Because they can not get tax from the money earned with bitcoin. Only when they are converted into cash and transferred to the bank account.

But in the future we can use bitcoin without converting it to money. Then they will not be able to follow in any way.

Even if you use Bitcoins directly (for supermarket purchases, utility bills, buying gasoline.etc), it can be taxed. The government can just ask the retail chain to impose a surcharge on the Bitcoin payments. So if you are paying with BTC, there will be a 2% or 3% surcharge, and this amount will go to the government as tax.

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February 22, 2017, 12:17:40 PM
 #247

Yeah. That's why the states do not like bitcoin. Because they can not get tax from the money earned with bitcoin. Only when they are converted into cash and transferred to the bank account.

But in the future we can use bitcoin without converting it to money. Then they will not be able to follow in any way.

Even if you use Bitcoins directly (for supermarket purchases, utility bills, buying gasoline.etc), it can be taxed. The government can just ask the retail chain to impose a surcharge on the Bitcoin payments. So if you are paying with BTC, there will be a 2% or 3% surcharge, and this amount will go to the government as tax.
In any case, the 2-3% is less than to pay the taxes in full. I am sure that the government while turning a blind eye is not the use of bitcoins because the volume of use as not affect the economy. While using bitcoins is profitable only to the exchangers.
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February 22, 2017, 12:38:47 PM
 #248

Bitcoin is not illegal in countries which it is being recognized. Government's bank is making now a move to start accepting bitcoin as a currency. We know they are interested just for the tax, on the other hand they can also help this to develop for the sake of all sectors and make it successful with their connections.

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February 22, 2017, 12:55:56 PM
 #249

Bitcoin is not illegal in countries which it is being recognized. Government's bank is making now a move to start accepting bitcoin as a currency. We know they are interested just for the tax, on the other hand they can also help this to develop for the sake of all sectors and make it successful with their connections.
I disagree with you. In addition to taxes the government is able to manage the monetary policy of the state. This allows you to fight inflation and in time to withdraw from circulation the extra money. In addition, when recession can make the issue. How to do it with bitcoin? No States are not interested in bitcoin even if they would pay taxes.
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February 22, 2017, 01:19:29 PM
 #250

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

The prohibition of bitcoins by some states is a problem of those states. Bitcoin is a legal system. States illegally define everything they can not control.
But the bitcoin can not be removed from the ban.

Bitcoin can't be banned. That is the problem. It is not a physical asset, and therefore the government can't prevent its entry or exit from their jurisdiction. Also, unless the coins are converted to fiat, the authorities can't track them.

Yeah. That's why the states do not like bitcoin. Because they can not get tax from the money earned with bitcoin. Only when they are converted into cash and transferred to the bank account.

But in the future we can use bitcoin without converting it to money. Then they will not be able to follow in any way.

In the future if we can use our bitcoin without converting it to money the government will also adopt to the situation. Taxes will still be placed and taxation on cryptocurrency will also upgrade. Let us not underestimate the governments authority and resources since they are capable of many things including monitoring every transactions on your secret wallet.

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February 22, 2017, 01:30:55 PM
 #251

bitcoin not ilegal but not yet regulation
If your country recognize bitcoin it will never be illegal it will be always legal specially to those users there are countries that dont recognize bitcoin where they accused bitcoin as ditigal scam investment online but here in my country they already accept bitcoin and yet we are happy earning and saving coins.

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February 22, 2017, 01:38:40 PM
 #252

bitcoin not ilegal but not yet regulation
If your country recognize bitcoin it will never be illegal it will be always legal specially to those users there are countries that dont recognize bitcoin where they accused bitcoin as ditigal scam investment online but here in my country they already accept bitcoin and yet we are happy earning and saving coins.
Tell me what country you live in? If it is not a secret. I have not heard that anywhere in the world to officially recognize bitcoin. It seems to me that he still has no official status currency. What Bank will officially open an account in bitcoin? Only the Internet resources that are not state facilities.
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February 23, 2017, 05:54:19 AM
 #253

Even if you use Bitcoins directly (for supermarket purchases, utility bills, buying gasoline.etc), it can be taxed. The government can just ask the retail chain to impose a surcharge on the Bitcoin payments. So if you are paying with BTC, there will be a 2% or 3% surcharge, and this amount will go to the government as tax.
Interesting point dude.
Some governments and countries recognize Bitcoin but they make a regulations that they will benefit it like inputting taxes from exchanges.

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February 23, 2017, 02:40:01 PM
 #254

Even if you use Bitcoins directly (for supermarket purchases, utility bills, buying gasoline.etc), it can be taxed. The government can just ask the retail chain to impose a surcharge on the Bitcoin payments. So if you are paying with BTC, there will be a 2% or 3% surcharge, and this amount will go to the government as tax.
Interesting point dude.
Some governments and countries recognize Bitcoin but they make a regulations that they will benefit it like inputting taxes from exchanges.

In such countries, there are a variety of taxes. The exchanges have to pay corporate taxes on their profits. The users have to pay VAT on their Bitcoin purchases, and capital gains tax on their profits. The employees of the exchanges have to pay income tax on their salaries, and the company will have to pay labor tax and the social security for the employees.

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February 23, 2017, 02:42:51 PM
 #255

Even if you use Bitcoins directly (for supermarket purchases, utility bills, buying gasoline.etc), it can be taxed. The government can just ask the retail chain to impose a surcharge on the Bitcoin payments. So if you are paying with BTC, there will be a 2% or 3% surcharge, and this amount will go to the government as tax.
Interesting point dude.
Some governments and countries recognize Bitcoin but they make a regulations that they will benefit it like inputting taxes from exchanges.
that's right they are panning to put taxes with exchange so they can benefits with btc, might be much better instead of banning bitcoin we should be happy if government will place some actions to make some earnings too like taxing local exchange in our respective countries in this way adoption or recognizing bitcoin will be much possible in every nations.

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February 23, 2017, 07:22:06 PM
 #256

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

The prohibition of bitcoins by some states is a problem of those states. Bitcoin is a legal system. States illegally define everything they can not control.
But the bitcoin can not be removed from the ban.

Bitcoin can't be banned. That is the problem. It is not a physical asset, and therefore the government can't prevent its entry or exit from their jurisdiction. Also, unless the coins are converted to fiat, the authorities can't track them.

Yeah. That's why the states do not like bitcoin. Because they can not get tax from the money earned with bitcoin. Only when they are converted into cash and transferred to the bank account.

But in the future we can use bitcoin without converting it to money. Then they will not be able to follow in any way.

In the future if we can use our bitcoin without converting it to money the government will also adopt to the situation. Taxes will still be placed and taxation on cryptocurrency will also upgrade. Let us not underestimate the governments authority and resources since they are capable of many things including monitoring every transactions on your secret wallet.

They can tax when they control their bitcoin earnings. For example, a supermarket has to mention how much it sells. The arrival price of the products and the selling prices of the products are certain. He has to show his earning correctly. It has to show how much sales are done with bitcoin.
When all this information is given, he will have to pay the necessary taxes.

So someone who opens a business has to pay his tax.
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February 24, 2017, 02:17:35 AM
 #257

that's right they are panning to put taxes with exchange so they can benefits with btc, might be much better instead of banning bitcoin we should be happy if government will place some actions to make some earnings too like taxing local exchange in our respective countries in this way adoption or recognizing bitcoin will be much possible in every nations.

That depends on the government. If they think that the benefits (tax revenue, reduction of crime.etc) will be more than the drawbacks (tax evasion, dark markets.etc), then they will legalize and regulate the Bitcoins.

Malsetid
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February 24, 2017, 12:09:41 PM
 #258

that's right they are panning to put taxes with exchange so they can benefits with btc, might be much better instead of banning bitcoin we should be happy if government will place some actions to make some earnings too like taxing local exchange in our respective countries in this way adoption or recognizing bitcoin will be much possible in every nations.

That depends on the government. If they think that the benefits (tax revenue, reduction of crime.etc) will be more than the drawbacks (tax evasion, dark markets.etc), then they will legalize and regulate the Bitcoins.

Yeah i think there are already some countries in asia that's looking into and making studies on how to make bitcoin beneficial both to the government and its citizens. I've read that in the philippines, the central bank there is already finding ways to legalize bitcoin. I think we're niw in an age when digital currency would be introduced and more country would implement its use, nit just bitcoin but digital currency in general. We may have more people engaging in trading alt coins as well as investing bitcoin for long term. Btc may be illegal in some countries but as more and more people are using it, these countries may have to give in and legalize bitcoin

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February 26, 2017, 06:43:34 AM
 #259

that's right they are panning to put taxes with exchange so they can benefits with btc, might be much better instead of banning bitcoin we should be happy if government will place some actions to make some earnings too like taxing local exchange in our respective countries in this way adoption or recognizing bitcoin will be much possible in every nations.

That depends on the government. If they think that the benefits (tax revenue, reduction of crime.etc) will be more than the drawbacks (tax evasion, dark markets.etc), then they will legalize and regulate the Bitcoins.

Yeah i think there are already some countries in asia that's looking into and making studies on how to make bitcoin beneficial both to the government and its citizens. I've read that in the philippines, the central bank there is already finding ways to legalize bitcoin. I think we're niw in an age when digital currency would be introduced and more country would implement its use, nit just bitcoin but digital currency in general. We may have more people engaging in trading alt coins as well as investing bitcoin for long term. Btc may be illegal in some countries but as more and more people are using it, these countries may have to give in and legalize bitcoin
I guess if you have someone happened to legalize bitcoin, it would be a very good example for all other countries.
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February 26, 2017, 07:09:08 AM
 #260

that's right they are panning to put taxes with exchange so they can benefits with btc, might be much better instead of banning bitcoin we should be happy if government will place some actions to make some earnings too like taxing local exchange in our respective countries in this way adoption or recognizing bitcoin will be much possible in every nations.

That depends on the government. If they think that the benefits (tax revenue, reduction of crime.etc) will be more than the drawbacks (tax evasion, dark markets.etc), then they will legalize and regulate the Bitcoins.
If the question of legalization of bitcoin will be very serious, the authorities will have to find ways, and users will have to pay taxes.
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