Why bitcoin is not supported in some countries?

[kenkoy]

Bitcoin has great potentials. Decentralized. Anonymous. Banks are afraid of Bitcoin due to the fact that the latter may overcome them in the future. Business is Business. So anyone who might be a threat to your business is an enemy. Bitcoin has gaining an increased popularity among investors on a global scale.

[BlockHazard]

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 still too young, Bitcoin still has a very high volatility. And why are many countries still unable to accept bitcoin / legal? because the rules and insights on bitcoin itself are still lacking in the country. it takes time to accept new things.

[phuongthao97]

My country previously did not support bitcoin for fear of bad performance
but now supports bitcoin. People will use more bitcoin.

[Falgorn]

Bitcoin is not yet supported by some countries because, on the one hand, they are waiting because they have not yet decided on their position with respect to the crypto currency, so innovative and ambiguous, on the other hand, countries such as China see a threat to their economy in crypto currency because of the impossibility control over the flow of money and the difficulty of taxing profits from its activities.

[pucunghul]

according to my knowledge, many of the countries are thinking about the effects of bitcoin risks, it is the consideration of some countries that prohibit its circulation. in terms of properties that are not easy to set, and come to crime.

[millgates]

according to my knowledge, many of the countries are thinking about the effects of bitcoin risks, it is the consideration of some countries that prohibit its circulation. in terms of properties that are not easy to set, and come to crime.

Most of people think that the anonimity of bitcoin is the most controvertial features of bitcoin because made it easy to use by outlaws for money loundering and other criminal purpose, probably the countries which not support bitcoin are because of this reason.  But I think it is just miss conception, the bitcoin transaction is transparent although there is no information link to the owner of bitcoin. Some countries fight this thing by instruct the country's cryptocurrency exchange operator to report identities of their client.

[raven7886]

i think policies in every country are not the same,  Policy makers from various countries are taking steps to provide individuals and businesses with regulation on how to integrate this new technology with the rules of the formal financial system

Bitcoin is not actually legalized in every country untill now. Yes, bitcoin is legalised in some countries and that countries are the leading users of bitcoins. But even if some countries have not legalised bitcoins, there are many bitcoins users from each country.

Bitcoin is widely spread no and each country have some uses fo bitcoins even if it is not legalised in some countries. Yes, each country has its own policies and its individual rules. Perhaps tht is the reason why bitcoin is not yet used globally.

[chromosomes]

Because it depends on the leader of the country. If a certain ruler doesn't know about bitcoin, then why would he support it. Maybe some of the countries really doesn't know about bitcoin so they cannot approve it in their country. And of course, they have their own rules. We really don't know what's happening in other countries so we will just wait that every country will know about bitcoin.

[J Gambler]

according to my knowledge, many of the countries are thinking about the effects of bitcoin risks, it is the consideration of some countries that prohibit its circulation. in terms of properties that are not easy to set, and come to crime.

Yes thats right it is the problem maybe. They all believe that bitcoin is not good and it not yet good for the country thats why they think that bitcoin is not good and they prohibited the citizens to use it. They cannot see the goodness of this bitcoin and how it can help the  citizens. But someday i believe they will believe that.

[abayan]

according to my knowledge, many of the countries are thinking about the effects of bitcoin risks, it is the consideration of some countries that prohibit its circulation. in terms of properties that are not easy to set, and come to crime.

Yes thats right it is the problem maybe. They all believe that bitcoin is not good and it not yet good for the country thats why they think that bitcoin is not good and they prohibited the citizens to use it. They cannot see the goodness of this bitcoin and how it can help the  citizens. But someday i believe they will believe that.

One point is only correct, they believe its not good for the country because it will take over the use of their money the taxes and transaction will be going to less.  They actually know what is bitcoins and how this crypto can make them unlawful in money.

[Theb]

according to my knowledge, many of the countries are thinking about the effects of bitcoin risks, it is the consideration of some countries that prohibit its circulation. in terms of properties that are not easy to set, and come to crime.

Yes thats right it is the problem maybe. They all believe that bitcoin is not good and it not yet good for the country thats why they think that bitcoin is not good and they prohibited the citizens to use it. They cannot see the goodness of this bitcoin and how it can help the  citizens. But someday i believe they will believe that.

One point is only correct, they believe its not good for the country because it will take over the use of their money the taxes and transaction will be going to less.  They actually know what is bitcoins and how this crypto can make them unlawful in money.

No country is scared of Bitcoin taking over their own Fiat Currency, because even if Bitcoin is the most used money in their country it will still be the same at their end as one way or another the government will benefit from the usage of Bitcoin. I also have read articles that their response of the prominence of Bitcoin in some countries like the Philippines have issued some warnings on their citizens about being scammed by people who are asking for Bitcoin payment, which is totally different from the issue about banning Bitcoin in their country.

[arlinxoha]

Yes your words are correct. Bitcoin is not supported in some countries. Bitcoin is not supported in this country where I live. The government has asked not to use everyone and has also declared the jail. Actually there are laws of all countries. And they think that Bitcoin is looting money through other countries. So many governments of this country do not support it.

[dieselmeister]

because they can't get tax from who use bitcoin in business. if all people use bitcoin for their business gov will dont have money anymore

[BaraxLo]

I think the country has different rules, so every country also does not necessarily approve of bitcoin for circulation, it must also follow the rules set by leaders in the countries.

Of course every country has its own economic system and own rules and regulation policies. Government of every country supports bitcoins in different ways under certain rules so it is not possible that each country supports bitcoins. Bitcoins have to fulfil certain criteria for them, if they fulfil that then country will support it otherwise not.

[happyme1818]

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 supported by other countries because others use it in illegal activities like money laundering, illegal drugs etc. One more reason  is it is decentralized which means they have no control for it.

[PizzaBTC]

A lot of of the purpose as to why some nations don't assist bitcoin is mainly simply because the Federal government fears that they will drop the manage in excess of the cash supply as well as of the financial system. They management every person in the region by manage the income source. and bitcoin tries to crack this handle of the point out.

Yes you are 100 % right that there are several places where people even don’t know about internet and other modern technologies , so they needs awareness campaigns as well proved them other facilities to make their connection with the new world and they get benefited from bit coin.

[mikchail]

Bitcoin is not supported by goverment in numerous nations around the world since they want to management the cash and Bitcoin can not be controled because it is decentralized. I do not believe that numerous nations around the world ban Bitcoins and some individuals use it even if it is banned in their nation. You just require world wide web relationship, so it can be employed practically everywhere.

[TheBTCAlex]

It is just governments and their viewpoints of bitcoin. BTC has had been used for various illegal stuff in the past, and so some governments think that is a huge reason to worry about illegal activity, that could rise due to bitcoin.
This bad reputation has led to governments trying to legalize bitcoin, but they understand that can't really happen fully due to its decentralized nature, and thus they decided on punishment as a way to keep people away from it, thinking that this lessens the chance of illegal activity using BTC.

Also, taxes can't be imposed on BTC, and governments do really want to profit from banks, so they do this to ensure people use only banks as a way of money storing.
There may be many more reasons behind this, varying from country to country, but these are pretty common ones, I believe.

[Dannaey]

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

Because for them it is illegal. Countries like Bangladesh , Bolivia, Ecuador and Kyrgyztan are not accepting Bitcoin. In my opinion, they do not want Bitcoin because of its decentralized characteristics and being anonymous. It is very alarming to government that they cannot control the monetary system in their country. And also when they cannot track it. Because it may use it in purchasing illegal activities or use it in money laundering.

[pragna]

Actually it may have different cause. As it is new in market they do not know well about it or they do not know how to handle it for the people of their country. It may be think that it will create problem for all. It's may their government policy when they accept BTC in their country.