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Author Topic: Why some little country don't accept bitcoin?  (Read 5014 times)
siddu1
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September 01, 2017, 03:11:02 AM
 #1

just confusion why some little country reject bitcoin?

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September 01, 2017, 04:12:25 AM
 #2

Mainly because there is no awareness about bitcoins and their potential,also they would think it's a scam or Ponzi scheme

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September 01, 2017, 04:31:01 AM
 #3

it simple, bitcoin is still unknown in there, that people would be think that bitcoin is just another scam business. Still, it's hard to believe you can earn digital "GOLD" with only computer processing, but yeah it's really happening.

Japan and another country who start legalize bitcoin that happening because there is so much demand of the people in there who want to use it, if little country as you said know and at least 20-30% people using it, government must be want to support bitcoin, it can help growing they country more faster
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September 01, 2017, 04:36:06 AM
 #4

just confusion why some little country reject bitcoin?

They don't need it, the government doesn't want to have a currency system competing against their current system (which maintains their control over their population), the banks have their hands deep within the pockets of the government so that they prevent Bitcoin from becoming popularized, tons of different things can be reasons for why some countries won't accept Bitcoin.

You have to realize most of them have no use for it. Bitcoin for the individual is not the same as Bitcoin for the state. It's vastly different, and you have to understand that the state does not operate in a way that mimics the actions of an individual.














 

 

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September 01, 2017, 04:42:24 AM
 #5

just confusion why some little country reject bitcoin?


Don't ever believed that bitcoin is rejected in a certain country because of lack of awareness. That's not making sense to me. What they think of those people living on that country? Totally dumb and no information outside their country?

It's because of their own current regulation about their financial system and banning bitcoin isn't like just an idea of the head. It was being discussed. Also reasons are vary per country and if you want a specific answer, try to make little research about it via any search engine platform.

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September 01, 2017, 04:43:13 AM
 #6

 I guess you already answered your question.  I am going in the terms a little country is a "developing" country in which obviously they are lacking behind in terms of technology. And again they don't reject it they just prefer other modes of payment because it is what mostly accepted in their country. Also being a technologically inclined country helps because it is one of the factors that can say if they can successfully adapt Bitcoin as a mode of payment in their country.

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September 01, 2017, 04:48:02 AM
 #7

i think that country dont know about bitcoin and if in that country make bitcoin as payment i think that country dont have any human resources that know about bitcoin, and maybe they reject bitcoin because bitcoin has many scam site and ponzi scam and make that country cant bigger than other country

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September 01, 2017, 04:48:39 AM
 #8

Most probably bacause its not yet popular in their country.  If most of the people know about bitcoin and use it almost daily in their lives,  there's no reason for their government to reject it.  When people lacks information about it, it always lead to skepticism specially when there a lot of scam and illegal activities happening in the web.

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September 01, 2017, 04:50:29 AM
 #9

Mainly because there is no awareness about bitcoins and their potential,also they would think it's a scam or Ponzi scheme

Not just because of Ponzi schemes but governments don't know how they can track these transactions to put a tax and only now some countries are trying to regulate it. If they can successfully do it then all these developing countries may follow them but it will a lot of time. Also currently Bitcoins are more used in gambling and some darknet activities which gives the wrong or bad impression to people who don't know about this technology.

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September 01, 2017, 04:50:46 AM
 #10

Small countries would not legalised or accept as many people won't have knowledge about bitcoins or will believe is some crypto currency.People would declared it as a scam or fraud as it is even better than gold currently.But bitcoins being decentralised it can't be controlled by governments so I think this could be one of the reason why countries aren't accepting or legalizing bitcoins.Even though it us decentralised many countries have legalised bitcoins and has accepted it as a mode of payment.As small countries are developing so it would take time to make rules and regulations for bitcoins.Also that many illegal activities are paid with bitcoins as transactions are hard to be track make government to legalise Bitcoin bit hard choices.

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September 01, 2017, 04:55:20 AM
 #11

It's not that some countries reject bitcoin, it's just that most countries outside powerhouse countries(USA,China,Germany) aren't really developed enough to start accepting digital currencies besides malls and other bigger landmarks. We need transaction fees to be cheap enough for 3rd world countries to adapt bitcoin. A $3-4 transaction fee is like almost a day's work of minimum wage on most 3rd world countries. Even a $0.5 transaction fee wouldn't be low enough in my opinion.

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September 01, 2017, 04:57:32 AM
 #12

they thought they are unable to control the flow of fund and/or preventing the laundering money. AFAIK only North Korea is not even able to access bitcoin due to no internet access and its dictatorship. governments wanna gain tax from bitcoin too lol.

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September 01, 2017, 04:58:01 AM
 #13

A developing country is what it is. Still developing so there are other priorities by the government and crypto-currency is not one of them. I don't believed that they are not aware, however, some pressing issues needed to address by the government like food, shelter, water and electricity.

Nevertheless, its citizens can used bitcoin for themselves like most of us here. Earning and then converting it to their fiat. But look at the developing countries in Asia, some of them are embracing bitcoin and the one that's really benefiting in not the government but their citizens themselves.

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September 01, 2017, 05:13:09 AM
 #14

just confusion why some little country reject bitcoin?

i think because they dont believe from what the bitcoin can brings or also they afraid from losing the price of there own money,if you used dollar as your money in your country i think after a few year from now the dollar is low than bitcoin in no time see the bitcoin price now the price high for 5x in just few a months but dollar stay in the current price

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September 01, 2017, 05:34:45 AM
 #15

just confusion why some little country reject bitcoin?

Maybe because they only consider the negative feedback from any scammed individuals or any scam and launder accusations  made with Bitcoin. But I think as they mature or they would see the postive side of it or even they can monitor the majority of their countrymen are using Bitcoin they would allow Bitcoin transaction in a specific time. Countries that does prohibit usage of Bitcoin will soon reallize it's loss in terms of economy as there are a lot of enthusiasts all over the world opening business opportunities online just like exchanges or any services that offers the use of Bitcoins and at the same time gives the government income tax.

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September 01, 2017, 05:43:10 AM
 #16

It's not that they 'reject' bitcoin in any way but it's more of the awareness that they have about it. Surely so, why would a country regulate something that they fully understand, let alone know that even existed? They are still bound to using/supporting USD that bitcoin wouldn't even matter to them even in the smallest way.

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September 01, 2017, 05:51:05 AM
 #17

Many countries in the world are still backward in information and communications technology.They are not aware of Bitcoin.They think it is illegal.Their idea could be to increase cyber crime using it
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September 01, 2017, 05:55:59 AM
 #18

just confusion why some little country reject bitcoin?

1. they still don't know what is bitcoin and how preciuse that. they maybe not believe with this bitcoin system and affraid to use it.

2. little country need to grow and if they use bitcoin that not many country use it and accept it they maybe affraid can't build foreign cooperation


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September 01, 2017, 06:03:38 AM
 #19

Bitcoin is still experimental and it is not in control of these governments. These governments can manipulate the value of their local currency. <printing it like toilet paper> Why would a sovereign country replace their local reserve country with something that takes the control away from them.

Bitcoin also have some limitations at the moment, when we talk about scaling. Can the technology handle massive amounts of micro transactions? The answer for now is, NO.

We need to make Bitcoin transactions much cheaper and faster, for governments to consider this option. ^smile^

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September 01, 2017, 06:06:45 AM
 #20

In our country, BTC is not yet well known nor accepted as payment for merchants. Some think it is a scam without really knowing its value and potentials. I guess some are afraid of changes and developments.

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