Why bitcoin is not supported in some countries?

[fachant]

Some countries don't support Bitcoin because a decentralized network prevents government control. Lack of tax regulations and lobbying of banks also make it difficult to support cryptocurrencies.

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[Janation]

I guess those countries that doesn't want to be open minded about innovation is a country that can't foresee the future. I think Bitcoin would really unlock potential when applied everywhere. They are scared of people abusing it but it can't be abused in some cases, just how they are spent I guess.

It is not that they do not want to be open minded, they are just being cautious to what bitcoin can make in their current economy. We all know that bitcoin is so volatile so the more the people who might hold it and depends on it, goes down when the price also surge and might affect the economy of that country. Still they are just being cautious not closed-minded.

[logicgate]

For me, I think it is because bitcoin users are unknown, unless they tell themselves. And because of that, government will find it hard to let bitcoin users pay for their taxes, unless they are honest enough. Aside from honesty, I could not find ways on how to determine how much a person own crypto currencies.

Well, yes. Bitcoin users are unknown, unless they tell themselves. Bitcoins are unknown because Bitcoin is anonymous. It is anonymous because a bitcoin user can tranfer and transport a lot of money in just some clicks. It also cause Money Laundering. Bitcoin is not controlled by the government, so that, bitcoin don't pay taxes in every transactions and it is running in the world with anonymity. That's why bitcoin is not supported in some countries.

Governments can still impose taxes on crypto by their gateways. But what really bothers them are possible money laundering. Bitcoin is already popular in deep web which is of course not cool on governments. Terrorism and countries like North Korea are also possibilities why these countries will never tolerate and as much as possible will try to control this technology.

They can impose all the taxes they want, the thing that really bothers them is they cannot take your bitcoin at will, governments and banks are together in this, that is why governments are fine with banks since they can ask banks to freeze any account and they do it, but when it comes to bitcoin that is impossible and they resent bitcoin because of that.

To my opinion some countries having lack of information about the latest technology and they are afraid of bitcoin economy. They feels that the bitcoin will overruled their currency and that will lost their control over the movement of money in their country. So they ignored bitcoin in legalizing it under their government. It is true that bitcoin is party independent cryptocurrency but there are so many advantages of Bitcoin which will return a boost to the economy of a country.

[emondot]

because the use of bitcoin currency is not controlled by government or authorized financial institution. As a result, such conditions provide great opportunities for criminal activities such as money laundering and tax evasion. Lack of government control also makes bitcoin seem worthless. In addition, some financial observers consider bitcoin as illegal currency because it is not encouraged legislation lawful in the eyes of the law.

[altGear]

because it can be used to circumvent govt control and regulations...pretty simple man they want control

[Silver_Wost]

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

perhaps the country is afraid of inflation in local currency circulating in the country and may be afraid to raise funds in criminal activity, but for the moment my country has not been inaugurated because it has not so developed the world of crypto in my country

[Jmabion134]

i think they not support bitcoin on their country because some country think that it is bad to their to economy thats why they not support bitcoin or ban it

[LastRolling]

It is not supported in other country because it does not pay any taxes in the government that's why many country is againts to bitcoin.

[Clauston]

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

It is not convenient for the country to enter large amounts of money from anonymity, but they will not have to adapt, because this phenomenon is here to stay and is sweeping a country or not.

[laravuemaster]

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

The reason why bitcoins is not supported in some other country is because, Even terrorists can use it for their illegal transactions and the governments are fear of problems dealing with this untraceable transactions. Since it was a digital currency, It was really hard to trace where it is coming from and governments are just avoiding this kind of problems.

[daarul50]

The reason is that the government in my country has its own rules about the legal currency for transactions, whereas if they want to accept bitcoin then they have to change or add points to the rule and the process takes quite a long time. I really hope the government in my country can accept the bitcoin and impose a tax on the transaction so that I as a bitcoin user can contribute to the state income.

[M.L]

Some other counrtries are not supported by it's government because they think that bitcoin is risky. For them, it is illegal activities that may affects the growth of their economy. Other countries have their own rules regulations to be follow by it's netizens. The large country is afraid to accept bitcoin in their own country because they think that it is scam while other small country ar afraid because bitcoin is for money transaction.

[Jumli]

in my country also included in the list of countries that do not receive bitcoin. But in my country, the reason is that my government does not accept it and or deny it, because our government leaders are not interested in public welfare issues. I hope God gives us good government, But my people, they like all the securities currency and also they get from them.

[spring07]

I believe the reason for this is not far fetched. They basically see bitcoin as a threat and a hydraheaded demon that needs to be nipped in the bud before the virus spreads and kills their economy.

[hahay]

I believe the reason for this is not far fetched. They basically see bitcoin as a threat and a hydraheaded demon that needs to be nipped in the bud before the virus spreads and kills their economy.

Yes, but I think all their worries are wrong, if they worry about their economy will be killed because bitcoin I think is wrong. A country will be able to improve their economy because bitcoin, bitcoin has helped many people have new income from the internet and countries with high unemployment rates can be introduced to bitcoin. I'm sure the public education about bitcoin will have a positive impact on the economy of a country.

[ferumflex]

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

Countries want control money. All countries do no allow you to print currency, same with bitcoin. They do not want to lose control of the money. They want taxes. These all about greed countries)

[s31joemhar]

The government of different countries in this world has a valid and reasonable cause why they banned the company of bitcoin in their country.
The people should be consider this things since the government always protect the interest of both parties and provide neutral judgement.

[Febriana98]

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

A currency that is very volatile cannot be accepted as main currency. That is the main reason why there are countries that are not accepting bitcoin. They are afraid that people might broke when volatility strikes. Yes bitcoin is profitable especially in a long term investment and profit is bigger tham regular banking but as i said, the risk is really high to be accepted in some countries.

even the reason the government in my country why they Banned Bitcoin because Bitcoin it has no physical, a means of payment must have a real physical, if want to be called currency, this they say.

[Ronel Magracia]

 because most people on other countries consider bitcoin as scam and they think that bitcoin is all about any other illegal activities. But governments have their own reason to explain to it and should respect it

[anitaraymonds]

For now there is no country that has ban the use of Bitcoin. What actually that was banned was ICO which some countries did to protect their citizen from being scammed. Bitcoin is still being accepted for peer to peer transactions.