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Author Topic: Bitcoin banned in Ecuador  (Read 5873 times)
stripykitteh
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June 16, 2017, 02:16:39 AM
 #161

Sadly, even though the bitcoin is the best solution to financial problems currently, Ecuador officially banned bitcoin but I think this will not be much impact for the user bitcoin globally,
It might have a very little impact to Bitcoin’s price and the amount of people that are using Bitcoin though the people that use Bitcoin will want to begin building something that will allow people from anywhere in the world to get Bitcoin. People can just use their friends computer in another country to purchase Bitcoin as well.

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June 16, 2017, 02:30:16 AM
 #162

How are bitcoins banned though? Did they ban bitcoin stores?

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June 16, 2017, 02:32:25 AM
 #163

How are bitcoins banned though? Did they ban bitcoin stores?
Maybe the people that use Bitcoin in the areas that are banned have a Government that watches the Internet data like North Korea. I am pretty sure that the people using Bitcoin will find a method to avoid getting tracked down by the Government when they purchase a few Bitcoins online.

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June 16, 2017, 02:53:26 AM
 #164

This dinero electronico is bound to fail in my opinion because it Ecuadorean people fear that it is a plan of the government to eventually dedollarize their economy and they do not trust it. If they manage to unpeg from the dollar, they will then get back to increasing the digital supply to finance their deficit since they have control of the currency.  But its tragic that they dollar is perceived as a store of value because the US is also doing something similar!  That's why I like Bitcoin so much, because of the 21 million guarantee and mathematical inflation rate.
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June 16, 2017, 07:51:47 AM
 #165

if They did ban all the other cryptos (and I would be interested on how they will enforce this law, since BTC and the other cryptos have no central website or IP to ban" then it's unlikely they will now allow it since it would be competition for the coin they just made.
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June 16, 2017, 03:05:44 PM
 #166

This new cryptocurrency is completely different than the system of regular coins, being completely centralized and the trades are all recorded by the government linked with the name of the buyer and seller, hence taking away the decentralization, anonymity and taxing authorities will have access to this data, this is just a government-based bank account.

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June 20, 2017, 06:53:26 AM
 #167

This is what governments of countries that want to maintain their control and wealth over its citizens do, limit their freedoms and opportunities.
Agreed, since bitcoin was being by the Ecuador they knew that bitcoin is not a kind of regulated or centralize type, instead bitcoin was unregulated industry and decentralized too, where they had no capable to control of it. That's why they rejected it but sooner or later they will revoked it.

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June 20, 2017, 08:58:18 AM
 #168


In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.

However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?

I don't know how far Equador is successful in maintaining its own currency and banning bitcoins.But we have to see an interesting aspect that much developed countries like japan adopting bitcoins and normal countries like Equador,bangladesh banning bitcoins.Such countries may change their stand in bitcoins in future and may adopt bitcoins.
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June 20, 2017, 09:04:44 AM
 #169

I think the government will allow Bitcoin activity when it sees the export of its own money abroad.
Really. I think it's better for government of Ecuador to unban Bitcoin and to observe the movement of capital within the country Wink
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June 20, 2017, 09:13:21 AM
 #170

This dinero electronico is bound to fail in my opinion because it Ecuadorean people fear that it is a plan of the government to eventually dedollarize their economy and they do not trust it. If they manage to unpeg from the dollar, they will then get back to increasing the digital supply to finance their deficit since they have control of the currency.  But its tragic that they dollar is perceived as a store of value because the US is also doing something similar!  That's why I like Bitcoin so much, because of the 21 million guarantee and mathematical inflation rate

In fact, that's a wise policy

Whatever the Fed may be doing with the US dollar, the US still remains one of the strongest (in economic sense of the word, at least) and wealthiest countries in the world, and while it remains so, so will remain the American dollar. In other words, by using the dollar, the Ecuadorian government won't fare any worse  than the majority of other countries out there which happen to print their own currencies (in respect to the stability of their financial system, obviously)

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June 20, 2017, 09:35:00 AM
 #171

This dinero electronico is bound to fail in my opinion because it Ecuadorean people fear that it is a plan of the government to eventually dedollarize their economy and they do not trust it. If they manage to unpeg from the dollar, they will then get back to increasing the digital supply to finance their deficit since they have control of the currency.  But its tragic that they dollar is perceived as a store of value because the US is also doing something similar!  That's why I like Bitcoin so much, because of the 21 million guarantee and mathematical inflation rate

In fact, that's a wise policy

Whatever the Fed may be doing with the US dollar, the US still remains one of the strongest (in economic sense of the word, at least) and wealthiest countries in the world, and while it remain so, so will remain the American dollar. In other words, by using the dollar, the Ecuadorian government won't fare any worse  than the majority of other countries out there which happen to print their own currencies (in respect to the stability of their financial system, obviously)

Yeah, it's probably not gonig to affect them all that much compared to other governments that also keep a large reserve of united states dollars in their treasury, however if a company truly wants to make an impact, and in Ecuador's case, make a breakthrough in their status of their country, then they have to take risks. There is really nothing to lose by investing in bitcoins, gold, precious metals but everything to gain.

By banning bitcoin they are making a statement that they don't want progressive technology in their company. This is a bad sign.


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June 20, 2017, 09:52:15 AM
 #172

What is wrong with these Latin American nations? A few weeks back I read the news about Venezuelan authorities harassing the Bitcoin users there. Before that the Bitcoin users were being persecuted in Argentina. If the Latin American nations can't keep the value of their national currencies stable, then they should blame themselves. Banning Bitcoin will not do any good.


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June 20, 2017, 11:28:43 AM
 #173

What is wrong with these Latin American nations? A few weeks back I read the news about Venezuelan authorities harassing the Bitcoin users there. Before that the Bitcoin users were being persecuted in Argentina. If the Latin American nations can't keep the value of their national currencies stable, then they should blame themselves. Banning Bitcoin will not do any good.
Nothing surprising in this. Bitcoin is dangerous for any economy. I think that any talk about the premature recognition of bitcoin. Most likely bitcoin will always be currency of the offshore areas of the Internet.

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June 20, 2017, 11:37:50 AM
 #174


In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.

However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?


Sooner or later Ecuador will be also be forced to accept bitcoin into their economy. Japan and Switzerland has already adopted bitcoins while other countries have allowed the use of bitcoin in their area. With bitcoins present in an area the business industry has become lively and active. If Ecuador will not accept bitcoins then they will be left behind.
Russia is the next country which is planning to adopt bitcoin. I think many other countries will follow that experience and Ecuador will have no choice, it will just be surrounded by bitcoin adopted countries. They banned bitcoin only to give a birth their national crypto currency, which actually didn't reach such success as bitcoin did and continue to do. I am sure that sooner or later they will just have to change their position about bitcoin and other crypto.

   
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June 20, 2017, 12:11:16 PM
 #175


In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.

However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?


Sooner or later Ecuador will be also be forced to accept bitcoin into their economy. Japan and Switzerland has already adopted bitcoins while other countries have allowed the use of bitcoin in their area. With bitcoins present in an area the business industry has become lively and active. If Ecuador will not accept bitcoins then they will be left behind.
Russia is the next country which is planning to adopt bitcoin. I think many other countries will follow that experience and Ecuador will have no choice, it will just be surrounded by bitcoin adopted countries. They banned bitcoin only to give a birth their national crypto currency, which actually didn't reach such success as bitcoin did and continue to do. I am sure that sooner or later they will just have to change their position about bitcoin and other crypto.
Russia is one of the big countries that will adopt bitcoin and the next is Australia that will make bitcoin as a regular money in the month of july. Ecuador banned bitcoin because they don't see potential but just like you i think that they will change their position if they will saw some good potential in bitcoin and if the other countries already adopted bitcoin because it means a good potential for them.

Klausi
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June 20, 2017, 12:48:26 PM
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In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.

However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?


Sooner or later Ecuador will be also be forced to accept bitcoin into their economy. Japan and Switzerland has already adopted bitcoins while other countries have allowed the use of bitcoin in their area. With bitcoins present in an area the business industry has become lively and active. If Ecuador will not accept bitcoins then they will be left behind.
Russia is the next country which is planning to adopt bitcoin. I think many other countries will follow that experience and Ecuador will have no choice, it will just be surrounded by bitcoin adopted countries. They banned bitcoin only to give a birth their national crypto currency, which actually didn't reach such success as bitcoin did and continue to do. I am sure that sooner or later they will just have to change their position about bitcoin and other crypto.
Russia is one of the big countries that will adopt bitcoin and the next is Australia that will make bitcoin as a regular money in the month of july. Ecuador banned bitcoin because they don't see potential but just like you i think that they will change their position if they will saw some good potential in bitcoin and if the other countries already adopted bitcoin because it means a good potential for them.

I don't know why equador has come that decisions of not accepting bitcoin despite of it's profitability with price increase on market value capability to gain more investments. With regards to russia, they have a good economy soon by accepting btc to be their another currency linked to fiat money trading and exchanges to crypto market; which provided a lot of opportunities to all people in country. How much more if all countries in the whole world will accept and recognize bitcoin, it wouldn't be a problem to transact online specially on digital cryto currency market exchanges.

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