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Author Topic: Why some little country don't accept bitcoin?  (Read 5023 times)
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September 02, 2017, 08:58:19 AM
 #101

Not just a small country. In the European Union, for the time being, virtual currencies are subject only to observation. Some time ago the ECB created an entire report on virtual currencies, including bitcoins. The report says that bitcoin is beginning to perform the same functions in everyday life as other currencies. Although of course virtual currencies are not subject to the same regulations throughout the EU as the euro. Because bitcoin is not subject to any central regulatory authority, the ECB has recognized it and other virtual currencies as a threat to the current financial system. Currently, he intends to look closely at the development of all virtual currencies.

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September 02, 2017, 09:05:57 AM
 #102

What difference will it even make you saying as if you have 100 btc and you can't sell all at once so you want it to get accepted everywhere. There is already a site called local bitcoins and you will surely find a buyer on it no matter in which country you reside just sell a few and buy whatever you want instead of directly giving btc to them.

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September 02, 2017, 09:18:54 AM
 #103

I think why bitcoin does not enter in a remote country because in its government may not want to stretch with other currency than bitcoin then in remote countries also many still do not know the information from technology they have so do not know what is bitcoin. so they do not want to use anything else for other currencies as a method of currency payment. afraid of fraud

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September 02, 2017, 09:42:21 AM
 #104

Majority of countries in the world didn't make an official opinion at bitcoin, The few countries that actually fully banned bitcoin and made it illegal are few and Ecuador is probably the most well-known of them.
Reasons can be multiple: To avoid opening a free market for their currency against USD indirectly, hence, can even affect the value of the currency in extreme cases, or just to avoid having other platforms to send/receive money which aren't the control of the government.

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September 02, 2017, 09:45:56 AM
 #105

in my opinion, maybe because transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment, and it'is not considered legal tender like real money dollar and etc

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September 02, 2017, 09:50:25 AM
 #106

lack of knowledge about bitcoin specially in areas that doesn't have Internet and maybe hesitant they might think it's just another scam/ponzi.

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September 02, 2017, 09:51:01 AM
 #107

It can destroy local economics due to no tax nature of cryptocurrency and also can use for illegal things like buying guns, drugs, or human organs.

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September 02, 2017, 09:53:26 AM
 #108

For me. Bitcoin should not be banned in small countries because there is no way to stop it. Instead, we should legalize Bitcoin around the world because Bitcoin is sure to replace cash in the future and can replace the world economy.

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September 02, 2017, 09:54:02 AM
 #109

Because small countries accept the policies of large countries.
When large countries of the world are legalizing the cryptocurrency
Small countries will also begin to legalize the currency.

The economy of small countries depends on the economies of large countries.

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September 02, 2017, 11:31:36 AM
 #110

I am living in a very little country and i am always asking this question for my friends without any finding answers !!
In the meantime, i think it is because their currency have no value against the bitcoin.
for example in my country 1 BTC equal to 10 000 by our currency.

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September 02, 2017, 11:38:02 AM
 #111

just confusion why some little country reject bitcoin?

It is just simple. Some little countries are not accepting bitcoin cryptocurrency usage because their technology cannot cater or not capable to operate bitcoin usage that is why they just prefer fiat to be use instead of bitcoin.  Also maybe their national government do not agree with the bitcoin legality issue to be established in their country because they think that bitcoin usage is too far from their culture of using fiat as term of payment and not yet equipped in using an advance currency in terms of bitcoin which is operated and used online.

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September 02, 2017, 01:23:54 PM
 #112

I think because the people in that country dont know how to use bitcoin and dont want to change the life of the people in that country. And also i think they dont want to have an easy ways of living through digital. Im thankful that in our country it is accepted.

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September 02, 2017, 01:41:10 PM
 #113

I think because the people in that country dont know how to use bitcoin and dont want to change the life of the people in that country. And also i think they dont want to have an easy ways of living through digital. Im thankful that in our country it is accepted.

IMO world or countries are not ready for digital era. Making payments,purchasing good,buying services etc with bitcoins requires knowledge regarding technical stuff,blockchain..That's why i think world needs to adopt this new things.

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September 02, 2017, 01:54:14 PM
 #114

Umm. I think because of its scarcity and anonymity that's one of the quality of bitcoin that some government doesn't accept it as currency. Plus no one governing the circulation of it and noone will know who will use it for payments or whatsoever thats why some little country doesn't trust it so much. In every country there must be some kind of policy that will govern this bitcoin industry.

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September 02, 2017, 02:00:08 PM
 #115

Maybe I wouldn't call that acceptance but lack of regulation. In every country you can use Bitcoins because it's virtual and connected to Internet, not some particular country. But the problem is that governments and central banks are not quite sure yet how to treat the Bitcoin and whether to fully accept it or not. And this is not just the problem of small countries.

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September 02, 2017, 02:00:49 PM
 #116

Every country has different laws some countries want to have full control over their money. I do believe it will be global allowed one day in the future. But currently, we are stuck with the old laws. Most EU countries do allow virtual currencies and they fall under stocks for taxing. So we are kinda lucky with the laws over here. I do believe the rules will change one day. But you can't ignore Bitcoin so most likely every country will end up accepting it and taxing it to their likings so they still stay in control in the end.

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September 02, 2017, 02:05:25 PM
 #117

I think because the people in that country dont know how to use bitcoin and dont want to change the life of the people in that country. And also i think they dont want to have an easy ways of living through digital. Im thankful that in our country it is accepted.

Maybe you are right and they are not familiar with bitcoins.  And maybe because it is not accepted in their country.  No one uses it or maybe they were told that it was a scam.  I am also thankful that bitcoin though it is not legal in our country, we are able to use it and enjoy its benefits.  I hope that those country will get to know bitcoins.

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September 02, 2017, 02:25:51 PM
 #118

just confusion why some little country reject bitcoin?


I think because they didn't somehow see as of now the advantages of bitcoin and how it can help the people of the country. But as I see time by time and slowly the other country that didn't accept bitcoin somehow learning and taking some research abou it and accept it. Many people nowadays are very active in earning bitcoin and using it in some transactions.

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MMysterious
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September 02, 2017, 02:30:23 PM
 #119

Maybe they lack knowledge of what bitcoin is or maybe because their level of technology does not meet the standard and can not make any transactions using bitcoin.

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sukamasoto
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September 02, 2017, 02:31:52 PM
 #120

Every country has different laws some countries want to have full control over their money. I do believe it will be global allowed one day in the future. But currently, we are stuck with the old laws. Most EU countries do allow virtual currencies and they fall under stocks for taxing. So we are kinda lucky with the laws over here. I do believe the rules will change one day. But you can't ignore Bitcoin so most likely every country will end up accepting it and taxing it to their likings so they still stay in control in the end.

Some country like develop one for example : Asian region, government still forbid bitcoin because it can be use for terrorist funding which they are against with them. But civilian still able use bitcoin without being worried getting jail but their government will not take any responsible on bitcoin problem
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