Why bitcoin is not supported in some countries?

[majeed]

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 thought it must be the Banks who fear that the future of the Bank will be destroyed by Bitcoin,
but whatever they do Bitcoin will continue to grow and the demand will continue to grow..

The government is the one who fears bitcoin. You need to know that banks are likely to be controlled by the government and therefore, if government does not like bitcoin, so do bank. Government needs to collect tax and control everything, that is why they do not like bitcoin

[quarkyplum]

The government is worried about using bitcoin to beat the legal currency. they think their security issue. it'a money laundering.
Actually they can not handle it properly.
But i think next few month or year latter bitcoin will explosion as world.

You maybe have a point on this thing mate, of course most of the government in each country they want to get a benefit first before approving something to their territory places. Since bitcoin was decentralized this maybe the reason why bitcoin is not welcome to their country.

Sometimes, if the government accept something will affect their benefit, they also do not want to accept it. Example the government still can taxes the Bitcoin user are exchanger, miner ... but why do they not accept it soon? Because it can helps Bitcoin replaces FIAT in society.

[Fatanut]

The government is worried about using bitcoin to beat the legal currency. they think their security issue. it'a money laundering.
Actually they can not handle it properly.
But i think next few month or year latter bitcoin will explosion as world.

You maybe have a point on this thing mate, of course most of the government in each country they want to get a benefit first before approving something to their territory places. Since bitcoin was decentralized this maybe the reason why bitcoin is not welcome to their country.

Sometimes, if the government accept something will affect their benefit, they also do not want to accept it. Example the government still can taxes the Bitcoin user are exchanger, miner ... but why do they not accept it soon? Because it can helps Bitcoin replaces FIAT in society.

I'm quite sure that the government can only put a tax on exchangers that are owned by them or those that have a partnership with them. Having exchangers forced to pay tax will cause the rise of another little era on the Internet where literally everything is totally anonymous. Like an anonymous exchange site where you can buy/sell without having to put account details (like etherdelta) and online wallets that just send out money to you anonymously. One of the huge reasons why we are here is because we don't want the government having all the power even including the ones that should belong to the community itself.

Bitcoin might replace fiat at some point but it will not be in our life time. There are videos in Youtube where they try to pay in stores using bitcoin and all they get is rejected. Funny because it's too early to do that and then some say that because the stores aren't accepting bitcoin, then it's not legit. It's not that people or countries don't support bitcoin. It's just we lack users and we haven't gone mainstream just yet.

[stayeduptolate]

Although bitcoin is a  good thing and announces as legal in many countries, but their is might be some bad reason for which some countries ban bitcoin. Bitcoin provide a online transition of currency without any involvement of third party like banks which creates a threat of antisocial activities like kidnapping, bomb blasting, child pronography. Anti money laundering is might be another issue. Sometime bitcoin put direct or indirect effects on the fiat money of the country which could be one of the reason of banning bitcoin.

[tinytrader]

We have a tendency , we are greedy. I have seen that many people invest in stock market without actual knowledge. In my place majority people are farmers. They sold their cows and lands to buy some useless shares and ultimately lost everything.  That is why many countries do not allow currencies other than local currency. In most countries BTC is almost unknown. People knows little about it in some places. . BTC is still a risky investment. If a lot of people invest in BTC, majority people may lose their investment

[evgeniyosda]

That's normal, whenever a thing has a worth, it can be utilised as a resource whether or not to do very good or undesirable. Media just sensationalize things and exaggerate according to what could capture the consideration of their viewer.I do not see any explanation why bitcoin should be supported by the govt, allowing the use of it in the region is enough.

[Dod Ong]

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 bitcoin is not supported in some countries because they don't want to became lazy the citizens in their country. Why some countriese banned bitcoin? Because they don't want to became the citizens lazy. If you have a account in bitcoin you can earned money by posting so the other countries didn't support the bitcoin or crypto.

[Frost149.6]

Each country has its own rules as far as currency is concerned. Some of the countrymen has a less knowledge about Bitcoin and therefore Bitcoin is not supported in the respective countries.
Each country has its own policy about currency. The existence of Bitcoin is still not recognized in some countries.

[Chachacoin17]

Each country has its own rules as far as currency is concerned. Some of the countrymen has a less knowledge about Bitcoin and therefore Bitcoin is not supported in the respective countries.
Each country has its own policy about currency. The existence of Bitcoin is still not recognized in some countries.

Yes, agree. I .think most of those countries are Communist.  They want full control of their people. Bitcoon being decentralized and uncontrollable,  and so they get rid of it. Bicoi has no tax and therefore the government can't benefit from it. It is also hard to trace when someone do illegal transactions.

[Black Angel]

Currently most countries do not support bitcoin because it assumes that bitcoin threats from a well-established financial system. this is because bitcoin is decentralized so it can not be controlled by the government.

[Colt81]

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 countries like China are the communists countries that ban bitcoin and other crypto currency because they all fear of something they cannot fear. They are paranoid that bitcoin will be so powerful that it can directly affect their economic and financial status. They also don't like its anonymity in its transactions because they cannot monitor if there are any illegal transactions happening.

[Open4lies]

Each country has its own rules as far as currency is concerned. Some of the countrymen has a less knowledge about Bitcoin and therefore Bitcoin is not supported in the respective countries.
Each country has its own policy about currency. The existence of Bitcoin is still not recognized in some countries.

Yes, agree. I .think most of those countries are Communist.  They want full control of their people. Bitcoon being decentralized and uncontrollable,  and so they get rid of it. Bicoi has no tax and therefore the government can't benefit from it. It is also hard to trace when someone do illegal transactions.

Hey mate, I think you should not blame the state mode of any country, every country owns a policy and the way to manage the cryptocurrency world. If they do not want to use it, they will ban it, or reverse, they will accept it like the Japanese government accepted Bitcoin.

[xBitHodler]

It is quite simple. Some authorities are afraid of losing control of their financial system. It's possible that they will try to ban Bitcoin and introduce their own cryptocurrencies based on Blockchain technology. Unfortunately, they don't understand that being open source and decentralisation is very important and that's why Bitcoin succeeded.

[ASHLIUSZ]

Every country government doesn't have the same thinking about bitcoin. Though it has got the chances of providing a better economic growth as well an technology advancement governments avoid it simply because of decentralized functioning and majority of the government thinks it an asset for illegal transactions. This needs to change, only then more countries accept bitcoin.

[brickafterbrickwalldpt]

Depends on how you define "not supported". If you mean banned, then so far as to my knowledge only one country has banned bitcoin, Nepal. Whenever that ban extends to other cryptocurrencies, I don't remember, but it probably does. If by not supported we're just talking about paying with it for stuff and services in the country, then it's probably because bitcoin may be still alien to alot of countries, or they just don't see it as something significant enough to justifiy permitting it to be used for transactions in their country. There's also the banks, who have a strong influence on this sort of stuff.

[mware]

It’s difficult to regulate Bitcoin when no standardized set of regulations across countries even though the bitcoin are being used across territories to pay for goods and services. besides, quite a lot of criminals use bitcoin because of untraceable financial transactions like money laundering, tax evasion and other illegal

[BlockMedx]

Central banks do not enjoy competition for their monopoly on currency.  It's where they derive most of their power.

[Hatuferu]

Central banks do not enjoy competition for their monopoly on currency.  It's where they derive most of their power.

They want to have a sole control but they cannot control bitcoin so I can say it has become a threat to them.
People will use bitcoin even if they will ban it because as long as there is internet everything is possible online for a person who are satisfied with the decentralized system.

[Mame]

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

[webdevmastery]

Central banks do not enjoy competition for their monopoly on currency.  It's where they derive most of their power.

They want to have a sole control but they cannot control bitcoin so I can say it has become a threat to them.
People will use bitcoin even if they will ban it because as long as there is internet everything is possible online for a person who are satisfied with the decentralized system.

It was a threat in the way that bitcoins can be used for buying drugs online and it was very hard for N.B.I. to trace the transaction so the only way to avoid this illegal transactions is to ban bitcoins from circulating the country.