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Author Topic: Bitcoin and Cryptocurrency are considered illegal?  (Read 1283 times)
Cloud27
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November 15, 2017, 04:07:38 AM
 #21

In your country, you can still take advantage of day trading the bitcoin and show the profit to your parents to convince them, but show them after you converted it your local fiat currency. You can show them articles coming from a country that is not critical to bitcoin like Japan. Singapore and other European countries. Anyway, using bitcoin as payment is not a good idea for the reason that the price of bitcoin in the market is moving upward.

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November 15, 2017, 04:08:43 AM
 #22

Sorry about that, I'm from Vietnam.
As I look at wiki via your link, I've found that Bitcoin payment in Vietnam haven't been banned yet. But there is an announcement for 2018 said that will.

exactly, the wiki may not be updated or it may even be wrong about some things.
also when the government talks about bans, they rarely are talking about banning bitcoin. i suggest paying more attention to the details of the news to figure out what is it exactly they are banning.
for example in many countries they have  so far banned ICOs and investing in them. they have also banned a couple of exchanges in different countries, and closed some shady bitcoin businesses. some of them have also banned banks and big financial firms from investing in bitcoin.
* none of these meant banning bitcoin itself. *

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November 15, 2017, 04:16:18 AM
 #23

Some country had considered it illegal but a lot of country still legal and all of the news to banned bitcoin in Vietnam is still news that not yet happened, so it is still legal to used bitcoin and there are so many misunderstanding about bitcoin, bitcoin is not the one that makes more criminal things to happened, maybe you need to wait until 2018 to see whether your government going to make it legal or not, if it's legal then you nees to explained the usage and the advantage for using bitcoin
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November 15, 2017, 04:29:30 AM
 #24

How come this is possible when bitcoin and cryptocurrency rule the world with the safest transactions.
Anyway the legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them.

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November 15, 2017, 04:38:51 AM
 #25

ofcourse not all of them are legal not because they use in illegal transaction or using as pay in deepweb buying some illegal stuffs. Because has a great community and in my country bitcoin is legal and i pay the taxes.

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November 15, 2017, 04:59:46 AM
 #26

your parents do not yet understand about bitcoin, try to explain them back to them with detail, or you practice right away.
which is a non-legal or illegal issue, since bitcoin mining does not include violations. but the offense is to make bitcoin as a means of transaction, and even then there is no firm rule or about the punishment.
so the bitcoin is just waiting to be legalized by the world. and that's enough.

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November 15, 2017, 05:29:49 AM
 #27

Countries qround the world have different views about cryptocurrency. Countries like USA, Denmark, Sweden, The Nederland's, Finland , Canada, UK, Australia,Japan have permitted bitcoin to function in their region. These countries have given legal status to bitcoin, means you can trade or invest in bitcoins. Some of these countries are thinking of introducing their own cryptocurrency. Merchants from these countries are coming forward and accepting bitcoins as medium of exchange. However countries like Thailand, Vietnam, Russia, Iceland, China, Bangladesh, India are thoughtful about bitcoin and its working. Some countries which earlier accepted bitcoins are now opposing  it due to security reasons, they want bitcoin to get regulated by some authority.
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November 15, 2017, 05:37:05 AM
 #28

Many countries nowaday still dont want to legalize bitcoin because it has disadvantages, and can not be controlled by any governments, so the governments ban bitcoin to protect themselves and to make laws to forbid bitcoin to be popularize in society, but this trend wont last for long, many countries are accepting bitcoin.

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November 15, 2017, 05:37:28 AM
 #29

ofcourse not all of them are legal not because they use in illegal transaction or using as pay in deepweb buying some illegal stuffs. Because has a great community and in my country bitcoin is legal and i pay the taxes.

Bitcoin and other cryptocurrencies are relatively legal, which primarily depends on the country that you preside on. Generally, bitcoin mining should be taxed since it has been categorized as "other income" which falls under the tax code (depends on your country's laws). Like you said, some countries prohibit the utilization of bitcoin due to its decentralized nature making transactions anonymous. Personally, the opportunities and benefits that bitcoin provide to the users supersede the negative implications of it when you consider it on a economic perspective. Hopefully one day, the government would think of ways on how to eradicate the stigma in order to convince people more.

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November 15, 2017, 05:55:05 AM
 #30

This simply shows that your government has no knowledge about bitcoin transactions and use. It is a digital currency just like a prepaid load on paymaya, credit card and other medium to buy stuff in the internet, there is no system to co transact with that is why it is not yet widely accepted by other countries especially third world countries. They dont have the control of bitcoin thats why they say it is illegal but actually it is legal.

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November 15, 2017, 05:58:33 AM
 #31

It depend on the country where you live because some countries are supporting both the Bitcoin And altcoin. The  countries are warning people not to invest ICO because they not regulated under the rules and regulations of the specific country.

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November 15, 2017, 06:05:19 AM
 #32

This simply shows that your government has no knowledge about bitcoin transactions and use. It is a digital currency just like a prepaid load on paymaya, credit card and other medium to buy stuff in the internet, there is no system to co transact with that is why it is not yet widely accepted by other countries especially third world countries. They dont have the control of bitcoin thats why they say it is illegal but actually it is legal.
The government, I'm pretty sure have made some kinds of observation and they come with that conclusion after going through so many discussion. But, actually, some country do ban bitcoin, but not its existence or in form of saving as investment, but more of a spending in a country which don't officially recognize that kind of cryptocurrencies.

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November 15, 2017, 06:10:28 AM
 #33

This simply shows that your government has no knowledge about bitcoin transactions and use. It is a digital currency just like a prepaid load on paymaya, credit card and other medium to buy stuff in the internet, there is no system to co transact with that is why it is not yet widely accepted by other countries especially third world countries. They dont have the control of bitcoin thats why they say it is illegal but actually it is legal.
The government, I'm pretty sure have made some kinds of observation and they come with that conclusion after going through so many discussion. But, actually, some country do ban bitcoin, but not its existence or in form of saving as investment, but more of a spending in a country which don't officially recognize that kind of cryptocurrencies.


I agree, no one bans bitcoin directly, but all countries try to control the crypto-currencies somehow.

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November 15, 2017, 06:10:32 AM
 #34

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!

some of older people is open their mind about new technology while the other is not and you can not push them to learn bitcoin. but i think you can explain to them about bitcoin that you already knew so you can easily to give explanation to them without they confusing to learn bitcoin. maybe you can give some example of bitcoin like trading, the investment of bitcoin or else so your parents can start to learn by themselves and you can tell them more about bitcoin.

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November 15, 2017, 06:19:46 AM
 #35

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!
It is not. We need to know the difference of being illegal and legal. Being NOT legal doen't mean that it is already illegal, not always. Being illegal means it is prohibited and that is different for not being officially legal. I hope you are getting my point. But if not, check those countries where Bitcoin is already used as a currency. It simply proves that using bitcoin is not prohibited to all of the countries.

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November 15, 2017, 06:23:52 AM
 #36

Hi everyone, I've join the bitcoin world for 1 year and earn a little income from this wonderful place. But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that. In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose. What do you think, how can I explain to my parents? some article would be great. Thank you all!

I understand your predicament. The thing is that Bitcoin is very much misunderstood and rightly so because this is supposed to be something that will disrupt the normal flow of things especially in the finance and banking world. The best thing for you to do is learn to shut your mouth and don't tell anyone about your Bitcoin involvement as no government (I assume) will ever police you everyday and examine all the things you are involved with. Bitcoin is not yet on the level of terrorism or kidnapping that the government would really scrutinize you with.

Bitcoin is poised to grow especially next year when the dust of the latest attacks from BCH would already be settled plus 2018 can be the most exciting year for cryptocurrency as new ways and means for growth will be opened like the proposed futures contracts by CME and other big finance institutions can be participating in the BTC market. Just hold to your Bitcoin and you can have the last laugh as you would be headed to the ATM withdrawing your profits.

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November 15, 2017, 06:29:12 AM
 #37


sometimes the best thing is silence. difficult if someone we explain can not accept with their logic. so the best way is to be silent, technology can not be separated from human life, I think slowly all will be involved in time.

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November 15, 2017, 07:04:16 AM
 #38

Bitcoin can not be illegal.Bitcoin is a digital coin, so everyone think it is illegal. If it was illegal, then Bitcoin could not become so popular. Those who think that Bitcoin is illegal, they do not know how to earn Bitcoin. So they think Bitcoin is illegal. But actually Bitcoin is not illegal.

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November 15, 2017, 07:16:58 AM
 #39

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!

i dont want that case to happen in my country since i rely earning money in bitcoin. For me, there are advantages and disadvantages that can also affect our society even though its decentralized. Having so much ICO and earning million dollars of funds by the presence of decentralized can really affect the economics of the country so some countries ban bitcoin or other cryptocurrency.

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November 15, 2017, 07:18:24 AM
 #40

Yes,bitcoin and cryptocurrencies are helpful to make digital transactions.bitcoin is virtual currency.and people may think it is fake currency and this is not handling by the government.people afraid with decentralize feature.more number of countries legalized the bitcoins.
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