why do governments don't make BTC illegal worldwide ?

[goinmerry]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

Threats for banking system? Actually that kind of thinking just spread in this forum but in reality or general, majority of banks doesn't look it that way. How come it can be a threat if people itself will decide whether they will be used cryptos or banks. And besides it's more of advantage if people will used both.

And government nightmare? For how come? It's just that government priority is to ensure safety of the money because no doubt that bitcoin is more convenient when it used illegally. And if bitcoin will become globally adopted we need government here. People nowadays that just became a bitcoin enthusiast is thinking too much honestly.

[hatshepsut93]

First of all, banning Bitcoin is something that democratic countries can't do openly. It would create social unrest.
Bitcoin is groundbreaking new technology and not something evil or harmful - putting Bitcoin on the same level as drugs is idiotic.
Instead of being banned I imagine that bitcoin will be embraced and heavily regulated to eliminate any kind of 'illegal activity'.

First, a lot of people haven't even heard about Bitcoin. Out of those who have heard, most won't care. It won't cause a major uproar and people won't go protesting on the streets in any significant amounts. Governments of democratic countries can further reduce opposition, by telling their people that Bitcoin is money for criminals and terrorists. But I see a number of reasons why it haven't happened.

Bitcoin is not a threat yet. It can't process enough transactions to compete with banks, it hasn't reached mass adoption.

Bitcoin is traceable. It's much more convenient to trace its transaction, rather than something like Monero (which is not perfect too).

Governments can also benefit from Bitcoin.

[vinc3]

First and foremost governments worldwide have different perspectives or views toward any issues, in this aspect the bitcoin-- if and only we only have government that we belong to a single unified country that would be not impossible. Bitcoin is a form of CURRENCY that can be used to pay for things, properties or services, if they categorically say that then we could also push to say that other currency could be illegal-- just like Dollar or Yen for that matter. it doesn't mean that if something is different its already illegal, people or government need to study it first to take advantage of the situation. Tax can be impose, if they regulate it.

[bitcoinexplorer]

There are some conspiracy theories that NSA was behind creation of bitcoin....so lets see

[freebutcaged]

When people are investing on something without any physical real world support and uncertain market and future, other people accept it as a currency

Who could stop them from risking their investments? I think you should rethink about Bitcoin or any decentralized cryptocurrency, they all have no

Certain future. Satoshi did something that no earthly force could destroy it or reverse it's effects.

[qwertyup23]

First and foremost governments worldwide have different perspectives or views toward any issues, in this aspect the bitcoin-- if and only we only have government that we belong to a single unified country that would be not impossible. Bitcoin is a form of CURRENCY that can be used to pay for things, properties or services, if they categorically say that then we could also push to say that other currency could be illegal-- just like Dollar or Yen for that matter. it doesn't mean that if something is different its already illegal, people or government need to study it first to take advantage of the situation. Tax can be impose, if they regulate it.

Exactly. Bitcoin's nature being decentralized makes it very difficult to regulate and the identity of the trader is anonymous, making it the perfect transaction medium under the dark web for illegal trading, buying, or selling of drugs and other stuff. Like you said, bitcoin right now is being treated as another currency since it holds a huge amount of monetary value and the government needs to impose tax in order to gain profit from it. Lastly, here in my country the BSP (central bank) sees bitcoin as property and not money, therefore it is not subject to legal tender.

[RayvenPierre]

Personally, I thing that the biggest reason why governments doesn't make bitcoin illegal is there really isn't anything that is getting violated here. And I think countries still don't see it as something like a threat because not many people know about bitcoin.

[changeproject]

Money laundering.  Silk Road.

[lionheart89]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

governments can ban whatever they want. but cant enforce it. any government can declare cryptocurrency illegal but will have no affect since they cannot control it due to the decentralized nature.

[ilovefeetsmell]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

That is why government and some bank institutions against in Bitcoin. Bitcoin is a bad threat to them because they will not get any benefit from it. Many people are patronized the bitcoin instead to dump it. Your bitcoin will double after a year and this is why I love bitcoin so much.

Because they do not have the power to do so. Each government has their own sovereignty and jurisdiction and imposing an ILLEGAL label to Bitcoin worldwide is impossible unless all government in the world make the same move. However, some country/government acknowledges the worth of Bitcoin so it will be difficult to make Bitcoin to be illegal on a worldwide scale. Regardless of the threat Bitcoin gives to banking system, they just can't touch Bitcoin.

It is hard for them to crash down the value of bitcoin and to make disappear in the currency world. Bitcoin surge digitally with its own ability, advantages and price. 

[Blamsud]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

governments can ban whatever they want. but cant enforce it. any government can declare cryptocurrency illegal but will have no affect since they cannot control it due to the decentralized nature.

Governments may weighing the possible advantages and disadvantages of implementing it on their country. It will depend on once economic status, and how they can have access on it.

[passivebesiege]

Threats for banking system? Actually that kind of thinking just spread in this forum but in reality or general, majority of banks doesn't look it that way. How come it can be a threat if people itself will decide whether they will be used cryptos or banks. And besides it's more of advantage if people will used both.

And government nightmare? For how come? It's just that government priority is to ensure safety of the money because no doubt that bitcoin is more convenient when it used illegally. And if bitcoin will become globally adopted we need government here. People nowadays that just became a bitcoin enthusiast is thinking too much honestly.

Banks can even benefit from this blockchain technology and some banks even study this and even laying some framework to utilize this new technology. Well, theres a saying that if you can't beat them, join them. ALso, there are billionaires that are already secretly investing in cryptocurrency.

Even a government declare bitcoin as illegal, still they can not control the used and proliferation of bitcoin.Even now, bitcoin is a viable option and becoming popular day by day.

[Razick]

Aside from the fact that your title makes literally no sense, I think I understand what you are asking and will give it my best shot.

See, most governments are not concerned with Bitcoin for the time being. It is simply too small. It may not seem like it to you, particularly if it is important to you or you, but in the grand scheme of things it is a drop in the ocean.

With that said, this will most likely change within the next 20 years... it will continue growing exponentially and massive amounts of people will use it.

[bbcolex]

As of now crypto currency not that mainstream in other country and ordinary people who are not that tech savvy who don't really have any idea what bitcoins and alt coins are. If majority of the population will know and start buying in cryptos and  more merchant adopting it , then we should expect some strict law about crypto currency, YES; We earn some ample of money from trading , hoarding , buying cryptos but whales are the one benefiting really from this pump and dump. But when majority of people will get involve and people will value more cryptos than FIAT it will be a Red Alarm for government since we don't pay taxes and we can carry BITCOINS and ALTCOINS without them how much we have. GOVERNMENT AND POLITICIANS ARE GREEDY and Want to control everything and wan't Power to everything! They don't want to see people carrying bitcoins richer than their government

[marky89]

I think it's a threat.
I wonder what would happen if in the future the barrel of oil starts to be priced in Satoshies instead of $.
I think a legal "war" is coming, very soon

We are already heading towards a world where the petrodollar is less relevant. This year, Shanghai is launching crude oil futures markets (prices in CNY).

The issue here is that governments don't have identical interests. The only party that benefits from the petrodollar is the United States. In many ways, much of the world would benefit from a reserve currency system not dominated by the USA.

The US government would have loved to have killed off BTC. But they were smart enough to realize that was impossible.

[Kaller]

Why should they? There is nothing that should be illegal about Bitcoin. Just because it is used on the dark Web doesn't mean it should be illegal. Fiat is also used to purchase illegal things every day.

[geac.xraekhurcoe]

Governments cannot enforce it, most countries where it is banned, it is used anyway. To ban or regulate something you need some form of centralization, some spot to go to take action but ultimately there is none. Even Exchanges started the P2P way and is now moving away from centralization. Them you forgot a simple fact that 99% of money laundering in the world are done by politics in the Government and possibly it was created by them so to ban is basically a shot in the foot. Corruption is worldwide widespread and they finally can spend all the money they got world wide without being charged of corruption !

[erickkyut]

Why would they make it illegal? Just because it is decentralized? Just because you can you it even without proper identification? Just because the criminals and terrorists are also using it? What about cash? It can also be used in crimes and terrorism. Don't put all the blame on Bitcoin. It is a hope for most of the people specially for the poor.

[cramcram21]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

I think it's because the government already realized that they could also take advantage of bitcoin. It's not impossible that even the government itself is using bitcoin. The only reason why bitcoin is a threat to banks which would make the government consider bitcoin illegal is that bitcoin is decentralized. There is no way that the government and banks could limit it.

[Spinbackup]

If we compare the total capitalization of crypto currencies and the GDP of the wealthiest countries, we can see that this amount of money is not so big. So, I think the governments don't spend a lot of attention to BTC and other currencies for now, but I think it's a question of time when different state financial agencies will decide to push and make the crypto market much more regulated and transparent.