Why bitcoin is not supported in some countries?

[ghost424]

Maybe in those countries bitcoin is considered as illegal money. They may also lack the knowledge of cryptocurrency and does not approve on how to earn bitcoin mining and other way's to earn bitcoin. They may see bitcoin as a threat to their country because some of the user's of bitcoin tends to be richer than those who are controlling the country.

Bitcoin may also be a threat to their market so they punish those who abuse bitcoin, though i haven't heard on how somebody will abuse bitcoin use.
I guess the main reason is that they really lack knowledge about it and thought of it as illegal money which is not true. Because in our country, bitcoin is helping us students to earn money in another way and for other's it is a source of income.

[poisonivy77]

my country is not supporting anything like drugs/bitches
bitcoin is accepted as well in my country so

In some country they think bitcoin might seem illegal that is why they do not accept it. Its decentralization is also a factor for it to be not accepted they do not like the idea of not accepting bitcoins in some transactions

[rido]

this may be because it can cause the happening of the currency in the real world will die and can also bitcointalk will be mamfa'atkan by terrorists.

[DewiKirana]

Because some countries have different policies. In my country bitcoin is not supported by the government, but it is not also prohibited but still not recognized as a legitimate transaction tool. Perhaps some countries that do not support bitcoin have their own reasons, perhaps because they protect the country's currency, have no control over bitcoin and are worried about bitcoin being misused.

[DimaS1574]

Japan, Bahrain, Estonia, the United States, Denmark, Sweden, South Korea, the Netherlands, Finland, Canada, the United Kingdom and Australia support Bitccoin, they are  developed countries, so not developed are not ready  to support.

[cybersofts]

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 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.

Their countries , their laws.  It really depends on your definition for not supported too . If we speak about banning then as far as I know I don't think there is a country that actually banned bitcoin , at least nothing official and If there is then Its related to the banking system with one way or another . If its about the lack of usability in ATMs , local shops then there are plenty of countries and It takes time as some countries have more priorities .

Yes, every country has their own laws and practice. So, if some country from the 3rd world struck a law for banning people from using bitcoin that is their own problem not yours. The way i see it, is the lack of good understanding of what is bitcoin and how it works. When people are lazy to go and learn about something new and listen to the media i think they will only understand the negative side of that very thing. I believe that was what happened there.

[farhaan]

Its in bangladesh where six months jail is given if a person found using bitcoin.Its usually the countries like bangladesh,bolivia,equador,kyrgystan which have very small economy which were afraid of bitcoin and which think that they would not be able to regulate bitcoin.They feel that bitcoin would be used for promoting illegal products like drugs and they would have to loose tax revenues due to bitcoin.They think that they don't have adequate techniques to trace bitcoin transactions.So,they find banning bitcoin as a solution to these problems.

[Cindy1983]

Beside the advantages of Bitcoin there are also some disadvantages and I think it's the main reason for this case. The transaction in Bitcoin is anonynous so it's almost impossible to find out the owner of any transaction and this case can lead to a lot of crime appear,  a lot of people will take advantage of this case to commit crime like tax evasion, money laundering, drug trafficking,......

[denny27]

Of course each countries has a different view on bitcoin using, for some countries that baning bitcoin.. it may have a bad view on bitcoin using and has worrying about the country's losses on the using of bitcoin also maybe using bitcoin/other crypto currencies has had a negative impact on that country .

[gabmen]

Of course each countries has a different view on bitcoin using, for some countries that baning bitcoin.. it may have a bad view on bitcoin using and has worrying about the country's losses on the using of bitcoin also maybe using bitcoin/other crypto currencies has had a negative impact on that country .

These countries like china probably feel threatened that a crypto explosion would compromise their hold on their financial market. It can, yes, but i think they should follow suit with how japan is handling it since the bemefits of crypto far outnumbers its negative effects on regular citizens

[MS.LAWLIET]

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 other countries maybe because they can't impose tax on bitcoin like income tax.the tax payers will decrease unless you're employed while earning bitcoin. Also they can't identify the users because of the privacy given by the bitcoin. Another is that they can't monitor the tradings happening in bitcoin.

[diegz]

Bitcoin is not supported in other countries maybe because they can't impose tax on bitcoin like income tax.the tax payers will decrease unless you're employed while earning bitcoin.

It's not like that. The state can always order their tax department to impose tax to everything that their citizens are using and on where they are earning. Most of the time, it happens that they are not supported because the user is too few.

Also they can't identify the users because of the privacy given by the bitcoin. Another is that they can't monitor the tradings happening in bitcoin.

Stop thinking about that misconception.

Bitcoin is only anonymous in transaction (Bitcoin to bitcoin or other cryptocurrency), not when you cash it out or if you put it on exchange. You are identified and tax is gather through the exchange when you do the transaction, converting it to fiat and the exchange collect it to you.

[Genemind]

Maybe the government of some countries sees bitcoin as a threat to their economy. Also, I'm guessing that they haven't used it yet or they are having a hard time using it, that's why the reject the thought of using it. People usually fear what they don't understand.

[Fretcy]

Countries like UK and US have accepted and has shown a positive attitude on Bitcoin and blockchain technology but some countries have gone against digital currency may be because of the fear of banking system of those countries for instance, if all the people start using bitcoin then there is a fear for the banks that they will loose their job as bitcoin is far better than regular banks in terms of money transfer with low cost of transactions worldwide. In some countries bitcoins are banned by the government system and in some countries both banking system and government act as the same like Bangladesh and Bolivia. Countries like Ecuador has created their own digital currency so inorder to promote their currency the government has stopped people from using Bitcoins. Vietnam has stopped bitcoins because of the rise of illegal activities in money laudering and drug trafficking. Most of the countries have Banned  Bitcoin as it cannot be controlled by the central banking system and so they cannot impose tax for the users.

[proTECH77]

It could be of many reasons why bitcoin is not supported in some countries. Probably, some countries sees it as not beneficial to their economy while some sees it as a means of storing illegally acquired funds; it may even interest you that some countries do not even know what Bitcoin is all about, how much more supporting it.

[yohananaomi]

in some countries may have its own policy, because obviously every country already has its own currency for transactions with daily needs, it is not possible to add something to be recognized and accepted for the transaction without known usefulness and benefits for the country's interests. so it takes time and explanation to be recognized in a country.

[kateycoin]

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

Some countries not accept bitcoin or use bitcoin because they need to legalize the bitcoin in their country and another reason some of people abuse it they use bad thing.

[tyronecoinbit]

Because the government were afraid of using bitcoin in illegal activities. Bitcoin is anonymous so it can freely use in illegal stuffs. Also, government can't control bitcoin. So they can't put tax on it.

[Fireblade]

Japan, Bahrain, Estonia, the United States, Denmark, Sweden, South Korea, the Netherlands, Finland, Canada, the United Kingdom and Australia support Bitccoin, they are  developed countries, so not developed are not ready  to support.

There are so many other countries who are giving support to bitcoin. Although they yet do not officially do not turn bitcoin as legal currency,for example in India, Pakistan, Iran, Saudi Arabia and so many other countries where the users of bitcoin are so many.

[Darklinkz]

Lack of infrastructure in a lot of countries will make bitcoin less appealing. Some governments and businesses are against bitcoin because they prefer a more centralized world.

You got it right. Rich countries really suits bitcoin just like Japan. They are a bit more advance than the current technologies that the world have.