Why bitcoin is not supported in some countries?

[Gembul]

Many countries did not support bitcoin , because in bit coin only person to person transaction via internet happen and in that way the government never earn taxes.

True, some countries are afraid to legalize bitcoin because they think  bitcoin less profitable for them. But I think if the state could legalize bitcoin and use bitcoin for official transactions like paying taxes with bitcoin it will benefit. Because a lot of people who will be using bitcoin to pay taxes online is easier than coming straight at government offices. But now some countries already have support bitcoin, and I think it will continue to spread to other countries. And in the future more countries will support bitcoin. Thank you

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[staceyoh]

I think bitcoin is not supported in
some countries because they do
not realize the many benefits of it.
And I think they are afraid that their
government will be affected if many
people will use this because it doesn't
have a tax.

[KaliLinux]

I think bitcoin is not supported in
some countries because they do
not realize the many benefits of it.
And I think they are afraid that their
government will be affected if many
people will use this because it doesn't
have a tax.

Main thing would be the government's permission to use. As shared by all, govt is not allowing to use it as it may take over its local currency. This is true as BTC value is more high than the local currency and all other currencies. No tax as well. If govt allows then, all will start using it and the value for their currency would go down which will affect their economy market to the core.

[GMPoison]

I think bitcoin is not supported in
some countries because they do
not realize the many benefits of it.
And I think they are afraid that their
government will be affected if many
people will use this because it doesn't
have a tax.

Main thing would be the government's permission to use. As shared by all, govt is not allowing to use it as it may take over its local currency. This is true as BTC value is more high than the local currency and all other currencies. No tax as well. If govt allows then, all will start using it and the value for their currency would go down which will affect their economy market to the core.

I don't think govt's could stop people from using bitcoin if they wanted to. If enough people started using it there would be outrage.

[South Park]

Governments fear bitcoin as they face huge loss in tax revenues. They also suffer loss in transaction fees due to transactions done through bitcoins. They think that illegal money is easily sent to their countries from abroad through bitcoins.

Agree! It is all about that government thinking that bitcoin well i could really say that bitcoin is used in the illegal activities because we all know that it is anonymous and it is very fast and just a minute then youll recieved the payment! It is being used in deep web to buy some drugs and other illegal activities! Thats really the reason why government will not support bitcoin

Illegal transaction and Tax evation is the main cause why most government would not like to support bitcoin and thats why they decide to ban it no matter what because of these two things and they really blocking the bitcoins adoption because they are seeing the negative side of bitcoin.

I think many reason why they are not supporting bitcoin in some countries. i am lucky that i am the place that bitcoin is not ban in my country..
And i think the other reason bitcoin is still not officially accepting in local and there is no customers protection only you or us can protect our wallet..
Unlike paypal that they are giving charge back protection if they are not receive product according to their deals..

Since bitcoin is an attempt to create a currency without a government backing it then we cannot expect to have deposit insurance, especially since there are no chargebacks in bitcoin,  that is a trade off but one I will gladly take.

[hurain]

Many countries did not support bitcoin , because in bit coin only person to person transaction via internet happen and in that way the government never earn taxes.

i think still not a single government is supporting bitcoin.they have no such statement about bitcoin from which people can consider bitcoin as legal currency, but hope that when the users of bitcoin will increase then they will accept the importance of bitcoin and hope that then they will take positive step in favour of bitcoin.

[markyminer]

Actually those countries want their personal benefit in everything and the government cannot tolerate to have a currency that gives people freedom.

but to me i think they do not have proper knowledge about bitcoin, therefore they are not using and supporting bitcoin. but now bitcoin is becoming popular even in these countries and there we can expect that very soon they will also give more support bitcoin.

[meemiinii]

I guess they dont support bitcoin since it may be use for illegal activities. And one important thing also is that they dont have yet enough knowlwdge what bitcoin really is.

[roadbits]

I guess they dont support bitcoin since it may be use for illegal activities. And one important thing also is that they dont have yet enough knowlwdge what bitcoin really is.

I think you are wrong because all countries governments to know what is the use of Bitcoin and for what purpose people are using bitcoin. That is why they are not accepting Bitcoin as a legal currency. If they don't have knowledge on bitcoin, then they can automatically accept bitcoin. Because it has more value in digital currency world.

[dothebeats]

One thing is because governments know what is bitcoin and what is the main purpose of it, which is mainly to combat fiat and to use another currency instead of using their own printed money. Some are okay with it however most governments aren't, and are looking to regulate it as much as they can.

[GMPoison]

One thing is because governments know what is bitcoin and what is the main purpose of it, which is mainly to combat fiat and to use another currency instead of using their own printed money. Some are okay with it however most governments aren't, and are looking to regulate it as much as they can.

Yeah, I think it's obvious why some countries don't want bitcoin to succeed. They know what kind of power they have when they control the money.

[virasog]

Because bitcoin is decentralized, so government has no control over it, only it's owner has. And bitcoin is anonymous, it has potential for illegal use, like scam, money laundry, drugs, and guns.

yes the government is too frightened to use bitcoin. this time bitcoin does have a fast enough rate movements. so they think that bitcoin can give chaos in a country's economic system.

I agree with you that they were frightened to use bitcoin. And one more thing bitcoin doesnt have any identity  of the sender or receiver of the money even they will not know if the man behind the account is a girl or a boy. And its being decentralized that does not make government control it which they dont want to.

[nasipadang]

maybe because in the absence of intrinsic value that is contained in bitcoin currency. That would be difficult to find a comparison indicator to determine the real value of Bitcoin.

[pinoycash]

maybe because in the absence of intrinsic value that is contained in bitcoin currency. That would be difficult to find a comparison indicator to determine the real value of Bitcoin.

There are alot of local exchanges that giving value to bitcoins so value is not an issue anyone can convert BTC - FIAT and vice versa instantly at anytime of the day. lack of information about BTC.

[noictib]

maybe because in the absence of intrinsic value that is contained in bitcoin currency. That would be difficult to find a comparison indicator to determine the real value of Bitcoin.

There are alot of local exchanges that giving value to bitcoins so value is not an issue anyone can convert BTC - FIAT and vice versa instantly at anytime of the day. lack of information about BTC.

yup , lack of information about bitcoin making it to difficult to accept it officially .
But I found anothet thing which is unpredictable that is flow of money . I am not sure how much this is a big factor , but in a statement of the country it is told by them that " it results into the flow of money if the country in another world without control and without tax .

[TastyChillySauce00]

Because bitcoin is decentralized, so government has no control over it, only it's owner has. And bitcoin is anonymous, it has potential for illegal use, like scam, money laundry, drugs, and guns.

yes the government is too frightened to use bitcoin. this time bitcoin does have a fast enough rate movements. so they think that bitcoin can give chaos in a country's economic system.

I agree with you that they were frightened to use bitcoin. And one more thing bitcoin doesnt have any identity  of the sender or receiver of the money even they will not know if the man behind the account is a girl or a boy. And its being decentralized that does not make government control it which they dont want to.

Well, being aware of whether the genders of someone who sending or receiving the bitcoin is a girl or a boy is just silly and stupid, there's no point on worrying something like that and it can't be included to few reason of why the government or people are frightened to use bitcoin, that's really unreasonable

[hawkins]

Because bitcoin is decentralized, so government has no control over it, only it's owner has. And bitcoin is anonymous, it has potential for illegal use, like scam, money laundry, drugs, and guns.

yes the government is too frightened to use bitcoin. this time bitcoin does have a fast enough rate movements. so they think that bitcoin can give chaos in a country's economic system.

I agree with you that they were frightened to use bitcoin. And one more thing bitcoin doesnt have any identity  of the sender or receiver of the money even they will not know if the man behind the account is a girl or a boy. And its being decentralized that does not make government control it which they dont want to.

Well, being aware of whether the genders of someone who sending or receiving the bitcoin is a girl or a boy is just silly and stupid, there's no point on worrying something like that and it can't be included to few reason of why the government or people are frightened to use bitcoin, that's really unreasonable

I think the government is not afraid of using bitcoin, it's just, it's probably going to make a country's loss, when the price of bitcoin down. the government may think of the negative effects that may occur in the future. because of this, the government is not using bitcoin to be in the interests of its people. yah, but the government does not prohibit to use bitcoin, so, I guess, people who have to manage their own bitcoin.

[sadiq basha]

Some countries suffer huge revenue loss got from taxes due to bitcoins. Banks also face huge loss in their revenues got from transaction charges.They fear that people would neglect their currencies entirely and start using bitcoins totally.

[Mlich]

Most countries do not support bitcoin because they do not recognize it as part of their acceptable monies hence anybody can use it freely as they see it to be of no value.

[Cryptoup]

I think the world needs more time to understand this technology and it will take a decade from now for bitcoin to reach in every part of the world. There are billions of people who don't heard of bitcoin yet and thus bitcoin is not supported in some countries because not many people use bitcoin in those countries.