Why bitcoin is not supported in some countries?

[jasonjm]

Same question and almost similar answers again and again, and now i feel that this page must be locked because everyone is explaining same things with different wordings.

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[supine]

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 guess they thing that bitcoin will overpower their own currency, thus affecting their economy. Also, the problem is not all people are aware of how bitcoin works and what are the advantages of it. Still, we can't force them if they want to.

[wurth]

There are countries who do not support bitcoin some of its reasons are the government cannot find benefit on it since bitcoin don't have tax,they cannot control it or they don't have proper regulations on bitcoin transaction and they have fear on the safety of the people on their country because bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion and illegal payment.Some country also feared that it will become a competition to their currency.

Almost the Bitcoin function will make the government get more loss than get benefit. Especially, Bitcoin is a currency, but it can not control by them when they using it, how do they manage the economy and payment system of country? Best, do not accept it!

[dettihegedus]

many countries on the world still dont know anything about bitcoin, the percentage of people know how to use bitcoin is very small, so it harder for bitcoin to become more popular on the world. moreover many countries banned bitcoin because they think bitcoin can not be controlled, so it is a good tool to be used by criminals.

[shahinurit]

perhaps,it depends each country has rules and laws,respectively.it is a right of every government.I guess today and tomorrow it's accept all countries.

[luigidosado]

Bitcoin involves a lot of transactions. Money transactions. Every country is trying to raise their economy specially nowadays. The government wants to involve in almost all possible money transactions and remittances for them to monitor, control and regulate. If they cannot do it will not help the economy. The government in some countries would rather suggest other form of medium for their transactions instead of bitcoin. It is also possible that because not everyone have knowledge in bitcoin making it useless to them. The government also wants to avoid the possibility that bitcoin can be used for money laundering and scams.

[CowboyKiller]

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

Bitcoin is not supported in some countries because actually each country have their own policy maybe the government are concerned will many wiping the money or commonly known as money laundering, fair or not that's what we have to face because until now the existence of bitcoin is still not recognized.

Why not? Japan is the first country accept Bitcoin as a payment method. Although other large countries do not accept it like Japan, but the government of these countries still have policies for the cryptocurrency. It does not mean they ignore the cryptocurrency.

[tenkuna]

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

Each country has its own laws and policies. Some countries believe that bitcoin is beneficial to the economy. but some other countries do not think so. They think bitcoin is a threat to state banks

[pavelv3]

Countries which does not help or assist significantly less cyptocurrency is because of to that uncontrollable and untraceable function of bitcoin. Federal government desires underneath their purview and need to occur beneath their regulatory entire body and have to be traceable.

[evgeniyosda]

maybe this is a impressive question, myself would be interested to know that, even though I understand a particular element of it. probably its legality has induced it to be some nations around the world prohibit. Bitcoin is a virtual currency, but it has fantastic worth. As a result, these countries wished to income by it, in contrast, when a nation does not want to be influenced by Bitcoin, they will ban it

[HarleyQuinn9876]

They are afraid that people on a certain country will fully switch to bitcoin and with that thing happen problem will arise regarding on implementing tax and thats the time the government will have a very big problem because most people do already have the control on their money unlike on banks which is regulated by the government.

My country has blocked payment by bitcoin. The State Bank of Vietnam asserts that bitcoin and other similar virtual currencies are not legal means of payment in my country; The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited.

[nikitano]

That is typical, each time a issue has a price, it can be utilized as a device whether to do good or bad. Media just sensationalize items and exaggerate in accordance to what could capture the focus of their viewer.I do not see any reason why bitcoin ought to be supported by the authorities, allowing the use of it in the country is adequate.

[damnek]

Bitcoin involves a lot of transactions. Money transactions. Every country is trying to raise their economy specially nowadays. The government wants to involve in almost all possible money transactions and remittances for them to monitor, control and regulate. If they cannot do it will not help the economy. The government in some countries would rather suggest other form of medium for their transactions instead of bitcoin. It is also possible that because not everyone have knowledge in bitcoin making it useless to them. The government also wants to avoid the possibility that bitcoin can be used for money laundering and scams.

The bitcoins is bolstered in each side of the world yet a portion of the nations don't bolster the bitcoins on the grounds that they don't think about the estimation of the bitcoins in the event that they come to think about the bitcoins than they will likewise entered the bitcoins joyfully in light of the fact that the bitcoins is the most secure way win cash in slightest time and minimum endeavors so on the off chance that you need to be a mogul by a wide margin than don't be moderate simply purchase the bitcoins and sit tight for quite a while to end up plainly tycoon.

[tinytrader]

Every governments officially track the all transactions , no matter it is legal or illegal money. But bitcoin is somehow not traceable (can be in small extent though yet can be considered as anonymous) As long as they can't track those transactions then most of them will surely not allow it. As of now, bitcoins are more popular in the gambling industry and porn. The reason is people wants to hide their true identity. Because of these governments are not accepting it.
IMHO, do not rely upon it

[Gheka]

They are afraid that people on a certain country will fully switch to bitcoin and with that thing happen problem will arise regarding on implementing tax and thats the time the government will have a very big problem because most people do already have the control on their money unlike on banks which is regulated by the government.

My country has blocked payment by bitcoin. The State Bank of Vietnam asserts that bitcoin and other similar virtual currencies are not legal means of payment in my country; The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited.

They prohibit the use of bitcoin as a method of payment is accurate because bitcoin can lead to social evils such as money laundering, tax evasion, that will affect the economy, not only in your country, most countries around the world also prohibit the use of Bitcoin as a payment method, the only country I see accepting bitcoin for payment is Japan. However, they just ban the use as a payment method, we can still hold and store in the wallet or use to trade and sell in other countries, that would not break the law, I believe that one day, countries around the world will accept bitcoin as a payment method

[Larva14]

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

Actually, there are some reason why they do not supported bitcoin. I think one of the reason why the do not supporred bitcoin is being decentralized and we all know that no one can control bitcoin so that I think it is the major reason why they do not support it. Lastly, we all know that it is tax free so that if all people used bitcoin some government would not collect any tax because bitcoin is a tax free.

[Yanisumin]

I guess the problem is in the development of these countries and their legislation system.
The more developed, the more restrictions.
The less developed, the less awareness

No, I think that's not it. Japan is a very developed country and yet they are accepting crypto and especially BTC as a legal way of payment. They are aware of the blockchain and they are aware of the potential of this technology in the coming years, the legislative might have a part (because of course they are the one who mainly deals with laws and regulations), but this is more than just laws and regulations. Bitcoin is a universal rule that is governed by the laws of mathematics (its code) and no one can take that away from it. Its versatility and wide range of uses requires some open mindedness, and of course acceptance that this currency is better than any (soft and hard) form of investment and reserve nowadays.
See some people who talk shit about BTC and then shut up in the end? Because they have learn the system and they can't just admit the fact that as a (politician, banker or government official), there is a technology that is existing today that can't be touched by their own rules.

[Jembut Ireng]

The main reason the state does not accept bitcoin is because bitcoin can not be controlled or decentralized, if the state has no currency control then this can be dangerous because the country's economy will be easily controlled by speculators.

[BubbIes]

Bitcoin is not supported by goverment in several nations because they want to manage the money and Bitcoin can not be controled because it is decentralized. I don't think that numerous nations ban Bitcoins and a few individuals utilize it even if it's banned in their country. You just need internet connection, so it can be used almost everywhere.

[ongels]

Bitcoin is not supported in other countries because of misconceptions and it might be a tool to make illegal transactions, such as money laundering, drug trafficking, tax evasion, and illegal payment due to its user are remains anonymous,