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Author Topic: Why hasn't any government stopped Bitcoin?  (Read 12302 times)
astrid.uchiha24
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February 18, 2018, 11:25:28 PM
 #281

They can't just simply stop people from trading bitcoin even if they imposed a ban in their territorial jurisdiction, the nature of people tend to look for other means even if it is illegal so regulation for me is the best solution because no matter what law they pass traders will always find a way.

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February 20, 2018, 06:45:04 AM
 #282

 
Because there's yet to be a clear cut legislation on Bitcoins no country has come up clear regulations on how to control not only Bitcoins but any other cryptocurrency, stopping Bitcoin therefore might lead to a long winding court battles, as there will have been no written laws broken when dealing. which court will the cases be even heard if there's no written laws it has violated.

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February 20, 2018, 07:13:55 AM
 #283

The peer-to-peer bitcoin topology and absence of a single administration make it impossible to be governed by any government, and can not manipulate the value of bitcoin or cause inflation by producing more bitcoin. Therefore the market movement in bitcoin is really from the amount of demand and supply in the original market without any government intervention and price regulation as is the case in conventional currencies.

In addition the bitcoin can not be closed or stopped, and can not be hacked though, since the bitcoin properties are centralized, unconcentrated and really peer 2 peer, so that every bitcoin user is the bitcoin server itself and all are automatically connected with the nodes .

Bitcoin can be generated by mining that utilizes your computer resources, this is the same as gold mining, but for bitcoin uses resources from the computers of bitcoin users.

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February 25, 2018, 02:05:44 AM
 #284

Why hasn't any government stopped bitcoin? For me maybe they dont know about bitcoin thats why.
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February 25, 2018, 03:44:12 PM
 #285

There are countries that ban bitcoin and other starts to legalize it different leaders has their different opinion when it comes to crypto. There some that are open minded and is willing to do changes and others want's to stick with tradition. Bitcoin and the rest of crypto is still very new lets give our leaders sometime to fully understand this technology.

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February 27, 2018, 12:48:27 PM
 #286

If Bitcoin will be legalized in defferent countries, it's positive impact on the economy as a whole
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February 28, 2018, 07:41:01 AM
 #287

It’s because even if they want to trace bitcoin transacrions they can’t. They can’t pin point who is behind or respinsible for the online transactions because it is decentralized.  Aside from that if ever they want to trace it, they have to trace the entire planet not only U.S. It is very difficult for the government to audit bitcoin transactions thats why they are not stopping it yet i think.
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February 28, 2018, 11:47:17 AM
 #288

Of course, now it is not possible to trace but maybe in future, they will start tracing because with the technology we have behind maybe the government will solve the resolution for making Bitcoin as legal tender. Already government wants to enforce to find a solution for Bitcoin transactions in order to legalize them.

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March 02, 2018, 08:49:07 AM
 #289

When bitcoin has become popular in the world, there are many who are against is especially banks. Most banks hate bitcoin and because banks and the government has some relation, some governments want to ban bitcoin in their country.

Although some governments hate bitcoin to be used in their country, they cannot stop it because at first they didn't created bitcoin. The government doesn't have any control in bitcoin and the only thing they can only do is to ban it in their country and that's it. Maybe they are banning bitcoin in their country because its very risky or because they don't like it.

They can't stop bitcoin. They can only ban it but as days passes by, more and more people are being involved in bitcoin.

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March 02, 2018, 11:05:21 AM
 #290

Because it is impossible to prohibit bitcoin. In the era of globalization of the Internet economy, some governments have not enough power and power to effectively combat decentralized crypto currency.

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March 02, 2018, 11:14:29 AM
 #291

However, the Chinese authorities are trying to control the Internet. State government and the blocking of popular foreign websites by Chinese Internet providers, the government is trying to restrict citizens within the controlled Internet. The means of monitoring Internet traffic are used by the government to suppress political dissent. Thus, the prohibition of bitcoin will not become a rather unexpected step of the Chinese government.

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March 02, 2018, 11:29:06 AM
 #292

There are countries that ban bitcoin and other starts to legalize it different leaders has their different opinion when it comes to crypto. There some that are open minded and is willing to do changes and others want's to stick with tradition. Bitcoin and the rest of crypto is still very new lets give our leaders sometime to fully understand this technology.

The technology behind the Bitcoin is making them convince about the Bitcoin, so governments want to make Bitcoin as the commodity rather than currency. Most of the governments are considering Bitcoin is an illegal activity but some countries are legalizing it because in order to grow their economic growth.

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March 04, 2018, 12:21:29 PM
 #293

Bitcoin has no centre to attack. There is no single organisation or person that controls Bitcoin and transactions don't go through a central clearing house there is really no way a regulator can stop people from downloading Bitcoin wallets and sending each other bitcoins. Government can only use media as a weapon.


Yes You are right the government can do any think. because there are find any think about bitcoin. bitcoin will be stop if the miner stop mining. but the are not possible. government only what happen and what will doing bitcoin. then new revelation in currency world.   
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March 05, 2018, 06:43:02 PM
 #294

There are approximately five countries in which crypto-currency is banned at the legislative level. The government bans all controlled crypto-exchange exchanges, exchangers, websites and in general everything related to the crypto currency. Therefore, the use of crypto currency becomes very difficult. In addition, criminal responsibility for operations with the crypto currency is introduced. Even with such measures, hardly anyone will want to engage in it and risk freedom. Therefore, each state has enough leverage to prohibit crypto currency not only legally, but also in practice. Therefore, all these conversations that the state is not able to prohibit the crypto currency is groundless reasoning.

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March 05, 2018, 09:42:41 PM
 #295

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.
Bitcoin is unstoppable because had in being government should have there way they wouldn't have allowed Bitcoin and crypto currency in general to remain till this time. Dispite the fact that they have tried all the try all they could but to know avail.

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March 06, 2018, 03:40:15 AM
 #296

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seem to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.
Bitcoin is unstoppable because had in being government should have there way they wouldn't have allowed Bitcoin and crypto currency in general to remain till this time. Dispite the fact that they have tried all the try all they could but to know avail.
So far government cannot stopped cryptoucrrency even the China cannot totally eliminate it in their country, for sure a lot of Chinese were still doing it. So, regardless of how the government wanting to stop bitcoin they cannot totally eliminate it especially that bitcoin is decentralized and does not control by anyone.



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March 07, 2018, 08:07:25 AM
 #297

I think Bitcoin seen as challenging their authority,so some country forbid it.but they also see the enormous potential of bitcoin

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March 07, 2018, 10:08:23 AM
 #298

Probably they do understand the benefits of bitcoin and crypto currencies. They do see crypto currencies powerful q and growth in countries where accepted! The importance of Blockchain technology is felt needed amongst the authorities. The value is the main source for everything. Economic is mainly focused by every government. As crypto currency helps grow economy growth, countries welcomes crypto currencies in their respective countries.

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March 07, 2018, 10:13:20 AM
 #299

No government can really stop bitcoin quite simply because bitcoin is inherently decentralised. Due to the fact that it does not have any legal location, any central hub etc it does not reside under any country legislation. This means that even if a country bans the coin or makes it illegal, there is no way that they can enforce such ban. The main impact of countries banning bitcoin that we have seen so far is restricting the origin of people applying for KYC whitelist from those specific countries. This is also just simply imposed by who is running the KYC themselves in order to avoid complications or issues with the local governments.

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March 07, 2018, 12:04:43 PM
 #300

At the early stages Russia ruled it as illegal, China outlawed all withdrawals and some other country also spoke against it. But now everything seems to be smoothing up at least on the government side. Surely Bitcoin must be seen as challenging their authority. Is there something I am failing to see? All it would take is a 51% attack or a new law.
The government has not stopped Bitcoin because the Government is convinced that Bitcoin has good prospects for the future. But the Government seems prestige to admit it.

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