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Author Topic: why should governments allow bitcoin to continue grow?  (Read 3061 times)
inanilujimi
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October 09, 2017, 05:15:05 AM
 #21

Actually the government doesn't do anything about growing of bitcoin and they don't allow it to grow since if all people are going to use the bitcoin or other cryptocurrencies the government will grow slower since most of people are not going to pay taxes because if you work in cryptocurrency your are anonymous and also bitcoin can be used to hide illegal works such as money laundering and also maybe bitcoin can be use to buy drugs, and illegal weapons.

This is incredibly incorrect.

First, cryptocurrency isn't really anonymous, particularly if someone is working in the industry.

Second, governments can still assess taxes if you don't pay them. Governments are able to know what lifestyle you live and compare that to the income you would need to support the lifestyle. If your reported income isn't the same as that which supports your lifestyle the tax agencies will accuse you of not reporting all of your income.
The very moment that you exchanged your btc to fiat will make the government have their ways to implement taxes I'm sure they allow crypto to continue because they seeing that their people are earning from it and the more their people get wealthier the more they will spend it inside their jurisdictions I hope more government look at this way so we will enjoy crypto currencies.
That's the rules of being a citizen of a country from the start guys, deal with it or leave the country. the taxes is such a vital income for almost all the countries in this world and thus the citizens were forced since then to pay the taxes.
After that, the citizens also have the benefit of using the facility that government give to the citizens, the only reason why country need income is to always improve the facility and making sure about the life quality of its citizens right?
Yes you are right.
Because the progress of each country is seen from the income of that country.
one of the state's income is with its citizens paying bitcoin taxes supported by the government because the taxes can build the country.


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Miles123
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October 09, 2017, 05:19:43 AM
 #22

Governments should allow bitcoin to continue to grow because this coin can really help of everyone's financial problem. They can't control bitcoin because many people in a different country are using it. Bitcoin can help everyone to support them in their daily needs and you can earn here a lot of money. And I hope that government wouldn't stop this bitcoin.

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October 09, 2017, 05:26:37 AM
 #23

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
Yes thats my question too. The mere fact that they cant get any info from where is the money coming from who because of its privacy. I think in bitcoin you can do illegal business transactions coz the owner of the money cant be tracesable. The government cant dig any info. Although we are sure that bitcoin is legit but i dont know the actions of government regarding this.

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October 09, 2017, 05:38:39 AM
 #24

Bitcoin and Crypto currencies bring a lot of new innovation and we know new innovation bring new job opportunities. These new jobs generate more disposable income for people and they spend that money. When they spend that money, the economy are stimulated and they get tax income from that.

Lower unemployment help some governments, because these people are not reliant on social help from the governments. People can pay for their own medical aid and daily needs.

It also stimulates the tourist industry, and this brings new capital into their country. ^smile^

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October 09, 2017, 06:02:11 AM
 #25

No government likes a parallel economy. Bitcoin/ Blockchain/ Alts have the potential to create this parallel economy because of the possibility to hide transactions. If they ban it, it will create this parallel economy creating sort of untraceable black money.
On the other hand, if they legalize it, they can earn taxes from the borderless businesses that bitcoin/blockchain/alts promise.

Immakillya
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October 09, 2017, 06:05:16 AM
 #26

Bitcoin helps a lot of people especially those who don't have a job. The government will gonna get benefits from it because it will lower the unemployment rate. The only problem is they can't regulate bitcoin because users of bitcoin are continue to grow and grow. It can be used also for crimes like money laundering and other illegal activities because it can't be easily trace by the government. But governments are finding a way to regulate people and bitcoin. They imposed the KYC/AML policy that aims to prevent money launderers from doing money laundering activities.

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October 09, 2017, 06:29:36 AM
 #27

If the government allows bitcoin to growing then it will give a good effect because bitcoin has a good future it means it could be a jobs for many unemployment problems, could also be one of the state's income because if bitcoin becomes legal then people have to pay taxes for bitcoin that they have and income tax from the profit of bitcoin

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October 09, 2017, 07:17:29 AM
 #28

Actually,most of the governments do not welcome bitcoin as they know that bitcoin would free people from their control.But they have no other choice left than allowing bitcoin.Only thing,they could do is legalize or regulate it to have control over it.Its the only way to get income by taxing bitcoin earnings.

Instead of taking stand against bitcoin,most of the countries have decided to regulate it by insisting the bitcoin exchanges to strictly follow the KYC to avoid money laundering.

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denny27
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October 09, 2017, 07:58:11 AM
 #29

The most governments indeed it's still let bitcoin continue to growing, including in the country I live. I think maybe the government is still in the processing of considering or preparing a decision on the using of bitcoin, and keep monitoring whether the using of bitcoin can harm the country or not, will be risky or not for the country. Well in the country where I live there is still no decision on the view on the using of bitcoin (still looks neutral), the government is still allowing to using of bitcoin until there are people who do a mining to earn a big profit was still let it only and not forbiden it. As long as it can continue to reduce poverty and helping the financial problems for the community and not harm to the country maybe that could be the reason of it.
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October 09, 2017, 08:08:05 AM
 #30

Because it's a revolutionary technology. It's a model for both anonymity and transparency. Any pioneering technology should be given the time and space to evolve.
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October 09, 2017, 08:14:17 AM
 #31

Maybe the right answer is why not? After all if they let Bitcoin grow they will instantly feel the benefit from it. Everything goes around in this world one way or another the government of any country will find a way to benefit the use of Bitcoin by the masses. The only thing they can do which they will still allow the usage of Bitcoin is of course explain the Bitcoin is not a way to avoid taxes and that by itself is still taxable, because applying unnecessary taxes to it is not a good way to show support for Bitcoin.

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October 09, 2017, 08:27:57 AM
 #32

Bitcoin helps us to promote our bussiness,our economy etc that's why governments should allow bitcoin to continue grow. I also say that it will be the future digital currency.

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October 09, 2017, 08:31:48 AM
 #33

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
Dude you should know that bitcoin is not being controlled by the government. There isn't an interference on the government part on bitcoin. I don't know if bitcoin catches the governments attention because of its growth and the amount of people who are in line with this kind of currency.

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ashfer
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October 09, 2017, 08:37:47 AM
 #34

If the government allow bitcoins to continue growing it can help improve the economic condition of the country and when the financial situation of the people change there will even be economic growth and it can even sort out some of the unemployment issues prevailing in the country and in other sense it helping the nation remove unemployment issues the only thing is that the number of users in bitcoins is growing day by day and nobody has to reveal the real names and there no such rules whether they should pay tax for using it so it also helping them save their cash that was going as taxes but when they cash out and spend the money the government get its tax from what they transfer and spend
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October 09, 2017, 08:39:58 AM
 #35

Maybe the right answer is why not? After all if they let Bitcoin grow they will instantly feel the benefit from it. Everything goes around in this world one way or another the government of any country will find a way to benefit the use of Bitcoin by the masses. The only thing they can do which they will still allow the usage of Bitcoin is of course explain the Bitcoin is not a way to avoid taxes and that by itself is still taxable, because applying unnecessary taxes to it is not a good way to show support for Bitcoin.

And the one that will get the full benefit is their community. Look at China, their community thrives when they are still bitcoin friendly. But when they decided to ban ICO, closed their exchanges, the Chinese bitcoin community suffers. If they want to put tax on people then they should regulated in some how. And if bitcoin will grow, their country will grow as well. It should be give and take attitude for the government. And if they are really pro people, then they should allow it. That's why I consider anti bitcoin country as not pro people and its really sad that they can't see the advantage of allowing bitcoin to naturally grow.

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October 09, 2017, 09:25:57 AM
 #36

for me government should allow bitcoin to grow because people are getting benifits from it, I thinks what they need to do is to improve it instead, cooperate with its developers in order yo regulate it much better. We should bot stop on things that can help alot of people

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October 09, 2017, 10:05:45 AM
 #37

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using

First of stop spamming the forum with you signature just to increase your post count - it is very evident because these idiotic questions only leads to people spamming the topic with more useless posts.

If you would have done some research on bitcoin before jumping into earning money with signature campaigns you would have been able to get the answer to your question easily. Bitcoin is not controlled by any central organisation. Governments cannot do anything to control it even if they want to. All they can do is to regulate the coins in circulation. Even then it is tough to do and generally governments outright ban bitcoin or simply dont care to poke their nose in it.

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October 09, 2017, 10:09:40 AM
 #38

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
Other goverment hates bitcoin but other love the bitcoin the reason is becuase the bitcoin is modern and it gives a help to all people like me to use this as a extra income to buy anything so in short bitcoin is so much profitable for all people.

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October 09, 2017, 10:12:22 AM
 #39

hi there
I wonder why should governments allow bitcoin to continue growing?
after all, they want to have control over the money that we are using
because government knows what the advantages of it . if you look at the chart of money comparison, the bitcoin has a high fungible,high consumable, portability durable highly divisible secure easily transactable scarce decentralized and its being programmable. the only dis advantage of bitcoin it is only on the government issue, so it's up on the country if their banned it or not.now we see the advantages of the bitcoin among the all so i think it is the reason why some governments allowed it to grow the bitcoin

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October 09, 2017, 10:15:57 AM
 #40

Actually bitcoin is not controlled by our government but when the government allows bitcoin to engage in each country, the real thing comes. Bitcoin will boost up because it will not only help the economy of the country but also those persons who engage in bitcoin right away .

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