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Author Topic: Why some little country don't accept bitcoin?  (Read 5014 times)
YuginKadoya
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September 01, 2017, 06:19:29 AM
 #21

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^

But if we make bitcoin transaction cheaper then the miners would surely not allow it, but considering a cheaper transaction would surely make many countries adopt bitcoin, and it is a shame for smaller countries to not keep up in the trend of bitcoin, I think that country should evolved first before they can surely adopt from bitcoin evolution and innovation, and bitcoin is not the one who will make adjustments with these countries.


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September 01, 2017, 06:19:55 AM
 #22

IMHO, they either don't know what Bitcoin is or how it really works, or know it and don't ever like to use it and might also not need it, every country has its own conservative systems in place.
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September 01, 2017, 06:44:03 AM
 #23

In my point of view i think some little countries are afraid of their illegal use like money laundering etc., it is also true that small countries are not much aware of bitcoin and other crypto-currencies and they don't take it seriously. They need a little more time to understand the importance of this future money.



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September 01, 2017, 06:55:33 AM
 #24

It is basically because no government will want any other currency to take over the official countries currency. Even people will trust their own currency rather then an online crypto currency. And Bitcoin as a currency is not a good option as the prices fluctuate alot and it would affect the regular transactions of people

   
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September 01, 2017, 07:03:46 AM
 #25

if it seems to me that a small country is better off not using a bitcoin digital currency. because it will be for small people who do not understand bitcoin. bitcoin is also an unstable currency.

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September 01, 2017, 07:04:02 AM
 #26

just confusion why some little country reject bitcoin?

It could be that country is never heard of bitcoin, or not familiar with bitcoin. Or maybe they really want to use bitcoin to their place due to there not open unto it.

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September 01, 2017, 07:22:29 AM
 #27

In some countries officially reject and prohibit the circulation and bitcoin transactions in their countries. The banking of a particular country considers bitcoin not a legitimate means of payment. Such provision is not without reason, since crypto money is anonymously folded, the government assumes that anonymous identity will vulnerable to fraud. They (the government) anticipate crime taking advantage of bitcoin industry.

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September 01, 2017, 07:31:59 AM
 #28

There are several reasons, but for me here are some:

1. Decentralized - since bitcoin is decentralized they cannot control it or produce more

2. Lack of Technology - maybe this country does not need for cryptocurrency to transact because their machines are still that old.

3. History - bitcoin is somehow use in illegal transactions known as the black market and government dont want their people involve in this kind of activities

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September 01, 2017, 07:36:26 AM
 #29

All of the first reason is no awareness of bitcoin,second may be because that bitcoin is unstable.Many governments do not want to exchange their current currency system a with bitcoin as they have total control over their system and wont have that control over bitcoin maybe. Correct me if i'm wrong.

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September 01, 2017, 07:45:57 AM
 #30

Taking my country as example, the government want what they can control. The rise of Bitcoin made them go into propaganda mode, calling Bitcoin a Ponzi scheme or scam and warned people from transacting. In the meantime the smart citizens who refused to listen to such propaganda are investing/trading and making their profits. Fast forward to the present, same government is now considering of adopting Bitcoin after their demarketing propaganda.

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September 01, 2017, 07:56:24 AM
 #31

I don't remember that if there is any country which has banned Bitcoin till this date. Yes, using Bitcoin for illegal activities should be banned but that is the case for each and every currency even fiat currencies and barter exchanges.

On the other hand, recognising Bitcoin through the eyes of the law is a different topic and even large countries are still working and researching on blockchain so it will take time for the small countries to make any decision about Bitcoin or cryptocurrencies.

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September 01, 2017, 07:56:59 AM
 #32

I think it is not the size of the country,  but their technical capability in the digital world that matters. They are afraid of scammers and hackers which is mostly resides in modern countries.

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September 01, 2017, 08:53:15 AM
 #33

In my point of view i think some little countries are afraid of their illegal use like money laundering etc., it is also true that small countries are not much aware of bitcoin and other crypto-currencies and they don't take it seriously. They need a little more time to understand the importance of this future money.
those who are not accepting i think they are just under developed or developing countries.  i am also from a developing country but here a lot of people are interesting in it and doing trading from a long. i think bitcoin is much popular in developed countries of europe and this popularity effect the underrated countries as well.

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September 01, 2017, 09:08:21 AM
 #34

just confusion why some little country reject bitcoin?


It will take longer time to spread the awareness about the bitcoins among these countries. Once people of these are familiar with the concept of crypto and bitcoins then we can see these countries will start adapting the bitcoins.

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September 01, 2017, 09:13:39 AM
 #35

wow, I'm still surprised so many people are thinking it's a scam
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September 01, 2017, 09:14:00 AM
 #36

Because their government want to control their people. They don't want any type of freedom.
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September 01, 2017, 11:50:59 AM
 #37

Maybe it's because their small currency won't be used, that means more money in circulation which will means the people of that country isn't spending enough so that the money circulation is blocked. If the people of small country exchanged their money to bitcoin at once, their currency will be worthless.

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ETFbitcoin
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September 01, 2017, 12:00:32 PM
 #38

Some? Most country (or merchants in countries) don't accept bitcoin for various reason such as legality, law, people who would use bitcoin in their shop and many more. Furthermore, only some people who really understand about bitcoin.

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September 01, 2017, 12:02:16 PM
 #39

just confusion why some little country reject bitcoin?


    Bitcoin's popularity is a very big factor why it is entertained by many people world wide. Yet there are many countries that doesn't accept bitcoin as an innovation that can be used to create money. I think the reason why people doesn't accept it is that because they are small country and they can't afford going with the innovation and even the terrorist can enter on it. So they didn't use it because they want to be safe and they didn't afford it.

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September 01, 2017, 12:24:58 PM
 #40

I think that the government of this country does not yet know what benefits can be obtained if take bitcoin. They need more time to see how it all works and what benefits it brings.

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