Why bitcoin is not supported in some countries?

[death69]

There are many reasons why countries do not want to support bitcoin. First, most of bitcoin users know how to avoid paying tax. Second, there is no way to control bitcoin and know who use bitcoin. Therefore, countries refuse to support bitcoin and some even ban bitcoin forever

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[EddyGameta]

Actually there are some countries that legalize bitcoin and there are also some countries who illegalize bitcoin
Because each country has different financial regulations and the dominant way of thinking in every country that bans bitcoin is something related to illegal activity or tax evasion or the appearance of Bitcoin can threats the financial system of a country.
Fair or not that's what we have to face because the existence of bitcoin is still not recognized by everyone in this world until now.

[bitcoinisbest]

Becuase coutries have a own companies or job i think some countries not suport is because some of workers quit their job as an employer. And we all know that bitcoin value is continious to increase. that is for my opinion.

No this is not the exact reason. Majorly its because its very difficult though not impossible to track the original sender of the coin in case of crime or btc being used for illegal activities. In that case its difficult to nab the original person and can get away. So in order to avoid such nuisance govt of their country prefer to stay away from this coin or cypto currency per say. Also their have being scams and misuse happening with this as a mode of payment so better it they ban it they staying away from it this is what govt thinks.

[Franzinatr]

Because bitcoin can kill taxes, can use for illegal things like crimes (hire hitman, buy guns, drugs, nearly extinct animals, or some weird sh*t in black market), ransoms on computer (ransomware), un-trackable transactions and easy to scam or hack the wallet if you didn't take security methods.

[speedy963]

Becuase coutries have a own companies or job i think some countries not suport is because some of workers quit their job as an employer. And we all know that bitcoin value is continious to increase. that is for my opinion.

No this is not the exact reason. Majorly its because its very difficult though not impossible to track the original sender of the coin in case of crime or btc being used for illegal activities. In that case its difficult to nab the original person and can get away. So in order to avoid such nuisance govt of their country prefer to stay away from this coin or cypto currency per say. Also their have being scams and misuse happening with this as a mode of payment so better it they ban it they staying away from it this is what govt thinks.

I think I agree with your opinion on bitcoin that has been used by scams, as for some reason some cases happens that some scammers have been traced by some notorious trackers who are paid to do the job also, but I guess it is really hard to trace the address. Maybe the government thinks that it would be way too risky if they would be gotten involved in this things that is also why they wanted to stay away from it.

[Ilegendph]

There are actualy just a few countries where Bitcoin is actualy supported in legal way. All others are just tolerating or ignoring it or it's banned. The reason is probably because there is stil dominant thinking that Bitcoin is something connected with illegal activities or tax evasion, or the attitude is that Bitcoin is threath to financial system or the simply just don't know what to do with it.

Before actually getting involved in bitcoin, my brother told me that bitcoin is used for illegal activities in deep web such as celebrity porn viewing, witchcrafty etc. But now I regret it because that time the prize of bitcoin is just about 1000 dollar and now the price of bitcoin just went up to 4000 dollar, see the difference I just miss a great oppotunity because Im scared to the hearsay and not knowing what it really is.

[josucoin]

I believe that it is by the form of government of a country, as the BTC is not centralized some countries have problems to liberate the market in its territory. But with the modernization of the market, I believe that even though a country does not like it, it will have to give up and tolerate the BTC.

[dynospytan]

Each country has their own laws and beliefs about bitcoin. I think one of the reason why other country is not supporting bitcoin is because of the people who might using the bitcoins as a fund of terrorism. One thing also is bitcoins is easy to earn therefore some people are quiting their job to focus on bitcoin.

[smauni]

I live in Bangladesh. Here also bitcoin illegal. Our government thinks that some bad people use bitcoin for money laundaring,so they don't support it. But if they do it will good for our county.

[jatin729]

According to me, Every countries has own rules and regulations for Currency.
I think these countries think that there would be currency devaluation if they legalized the bitcoins

there was news about currency devaluation in china due to bitcoin in feb 2017.

Bitcoin is devaluing China’s currency but the country won’t do much about it

[logicgate]

Because bitcoin can kill taxes, can use for illegal things like crimes (hire hitman, buy guns, drugs, nearly extinct animals, or some weird sh*t in black market), ransoms on computer (ransomware), un-trackable transactions and easy to scam or hack the wallet if you didn't take security methods.

These are some flaws of bitcoin that can also be reduced. And the main reason for countries not supporting bitcoin is taxes. Tax is something that a country rely on. Their financial asset is only taxes that they get from people of nation. And I would like to tell you another thing as well, that is banks. Banks don’t want bitcoin to survive. If bitcoin survives, their work will be finished forever and people will stop using banks because their money will always be save in shape of bitcoin.

[Alice Nuttal]

Bitcoin can be supported in any country where they do not ban it and where there’s internet. Speaking worldwide, Bitcoin mostly has an indefinite status. Because it is not covered by law. Still, there are ‘peculiar’ countries , where Bitcoin is banned. The only thing that will get things straight is time. Governments should get the idea that this is the way finances will work in a decade or more.

[Sohailul]

Friends, I also face this problem because my country not accept bitcoin. But we know bitcoin is world wide famous coin. Even many people change their life earn bitcoin. So every country should accept bitcoin. So we can easily earn bitcoin.

[nrvasquez]

Those countries fear that Bitcoin will make their economy to go down. Also several taxation problems have been their, as people prefer Bitcoin to escape taxes. Possibly when things go digitalized countries will use Bitcoin's technology to make their own digital currency.

yes. I think tax is one of the important factors that make the government disagree with bitcoin. (anonymous systems) used by blockchain make it all hard to track, so the government is afraid that there are many taxpayers who run for what they are supposed to pay.

[barbara44]

Those countries fear that Bitcoin will make their economy to go down. Also several taxation problems have been their, as people prefer Bitcoin to escape taxes. Possibly when things go digitalized countries will use Bitcoin's technology to make their own digital currency.

yes. I think tax is one of the important factors that make the government disagree with bitcoin. (anonymous systems) used by blockchain make it all hard to track, so the government is afraid that there are many taxpayers who run for what they are supposed to pay.

I think most of the countries do not believe in bitcoin because it has no physical existence and is a virtual currency.

They may the obligations about bitcoin reality and facts. But once they realize that many other countries have accepted and regularize bitcoin as their usable local and international currency then they would also implement bitcoin in their countries.

Till that time we will have to wait and see what happens in the near future.

[devrawal93]

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

As you all know, Bitcoin is not legalized in many countries and because of this it is carries very high amount of risk to allow their citizens to carry the Bitcoin transactions or you can say it is very danger to use Bitcoin mode of payment for goods and service. There are chances that country's digital banking system  may get hacked or its database can be stolen as it is not under any regulations.Therefore, before Governing the cryptocurrency, many acts would need to be updated to reflect this new way of carrying transactions and involve making unique judgement as to how it should be organized. But i hope since bitcoins value is increasing day by day,this will not take much time to be legalized all over the world.

[Turiettly]

With regard to governments, the reason is that this goes against the existing design of power in society. Regardless of this, I do not see several countries prohibiting the use of the currency, they prefer to dismiss and not give publicity. Concerning men and women in common, I feel it truly is nevertheless early times. Even though several folks have entry to the web and several sources of info, they nonetheless have not recognized the want for a forex to solve the troubles that exist in fiat forex.

[Fasdartin]

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

I think that bitcoin can't allowed in other countries because of the government bitcoin have a high possibility to make government goes down or other company goes bancrupt like the banks, if the people knew bitcoin does not collect any interest on you i know that the people who trust the bank will go after to bitcoin because they want a savings account does their money was does not reduce.

[EGOR EXACT]

I think different countries just keep watching and learning more about bitcoin and altcoins.

[Didle1938]

A nation will be in hazard if they acknowledge bitcoin. Its volatility will truly crush down a country. Thats why they just cant accept a digital currency with out a secure prize. Some shops may take the forex but not the complete country.