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Author Topic: why bitcoin is banned by the government  (Read 1737 times)
stevano
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January 21, 2018, 03:51:19 PM
 #1

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh
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January 21, 2018, 10:34:13 PM
Merited by lucianus_luciferus (1)
 #2

Quick attempt @ summary:

#1 Wealthiest demographics wield the most powerful political influence.

#2 Wealthiest demographics generally do not want young, hungry, upstarts starting a business in their garage which turns out to be the next apple or google.

#3 Small businesses have the potential to upset the status quo and could dethrone giants in banking, finance and other sectors. This implies those living on the top of the mountain could make some effort to maintain their reign while preventing others from climbing up the mountain after them.

#4 To some extent its in the wealthiest demographics self interest to maintain thire status quo, which implies keeping things like bitcoin which have potential to overthrow banking cartels, in check.


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January 21, 2018, 11:21:06 PM
 #3

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh

They may want to ban it, but it is nearly impossible to carry on effective measures to implement that decision. In essence, they just don´t like people with too much economic freedom.

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January 21, 2018, 11:32:53 PM
 #4

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh

Bitcoin may be a threat for a country, government has no full control over it and the only way they could do is to regulate it. Bitcoin might be use for illegal transaction, through this people may do anything they want anonymously with intervention of anyone even the Government. Bitcoin has decentralized feature and government has nothing to do with it.
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January 21, 2018, 11:38:22 PM
 #5

I think for some other country they are banned it because of the anonymity and decentralized use of bitcoin no owner so if someone having issue in bitcoin no one could report into the police to investigate ..
Honestly here in my country bitcoin is legal and we are using bitcoin here normally but only few stores are accepting bitcoin,. ,
To other country they are ban it because they don't want hackers to use bitcoin and withdraw into money because they can't track the bitcoin there are tools that you can mixing your bitcoin and you are safe..


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January 21, 2018, 11:49:41 PM
 #6

Bankers are afraid that bitcoin will take over the whole investment platform that their investors are availing to them. And to take an action they are complaining to the government and as a body that maintains the balance to their entire economy they won't allow something that they can't control to catch the revenue that they are getting. So while it's early, they are taking short notice and also resulting to ban bitcoin if they can see it as a threat to the economy, and another reason is it's used by terrorist or money launderers though its another story.
#1 Wealthiest demographics wield the most powerful political influence.
Yeah more of this.

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January 22, 2018, 12:46:52 AM
 #7

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh

Think of it from the point of view of government officials. Bitcoin is scary because it's anonymous. They don't know what the bitcoin users are paying for. This means that if they legalize it in their country, it's possible that they've legalized a currency that can be used for drug trades, terrorism, weapons, etc.

This is dangerous because the government is not supposed to scare the citizens. Besides those reasons, I don't think there's a strong enough reason to ban bitcoin.

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January 22, 2018, 12:55:33 AM
 #8

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh

Think of it from the point of view of government officials. Bitcoin is scary because it's anonymous. They don't know what the bitcoin users are paying for. This means that if they legalize it in their country, it's possible that they've legalized a currency that can be used for drug trades, terrorism, weapons, etc.

This is dangerous because the government is not supposed to scare the citizens. Besides those reasons, I don't think there's a strong enough reason to ban bitcoin.

They ban also because they want to protect citizens from the most risky assets comparing to the regulated stocks market. Most government is not even understand the technology behind bitcoin good enough to regulate and they ban what they can't control.

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January 22, 2018, 01:28:33 AM
 #9

Think of it from the point of view of government officials. Bitcoin is scary because it's anonymous. They don't know what the bitcoin users are paying for. This means that if they legalize it in their country, it's possible that they've legalized a currency that can be used for drug trades, terrorism, weapons, etc. This is dangerous because the government is not supposed to scare the citizens. Besides those reasons, I don't think there's a strong enough reason to ban bitcoin.
Actually it depends on each country. There are countries who want and can take advantage of Bitcoin and cryptocurrency so they legalize and manage Bitcoin. There is also a very concerned country that oversees the various activities of cryptocurrency within the country so that no fraud, fraud, and crime is done with easy to use cryptocurrency. However, on the other hand there are also countries that do not want to take advantage of Bitcoin and cryptocurrency because they feel disappointed first with cryptocurrency. They think cryptocurrency can not be used by the government and do not use taxes.

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January 22, 2018, 01:33:23 AM
 #10

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh

Think of it from the point of view of government officials. Bitcoin is scary because it's anonymous. They don't know what the bitcoin users are paying for. This means that if they legalize it in their country, it's possible that they've legalized a currency that can be used for drug trades, terrorism, weapons, etc.

This is dangerous because the government is not supposed to scare the citizens. Besides those reasons, I don't think there's a strong enough reason to ban bitcoin.

They ban also because they want to protect citizens from the most risky assets comparing to the regulated stocks market. Most government is not even understand the technology behind bitcoin good enough to regulate and they ban what they can't control.

I don't really think they care that much about protecting citizens from markets. They probably do care about the taxes, though. Less money flowing into the government makes it very hard to actually move through with internal improvements. It doesn't really matter if the government understands the technology. If they believe that blockchain/bitcoin is bad for the country as a whole, they'll ban it. If they see promise in it, they'll accept it. I'm just saying that I understand why governments would be iffy with the idea.

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January 22, 2018, 01:47:50 AM
 #11

I don't really think why they banned but here is my opinion.
Government banned bitcoin in other country because bitcoin could cause some problem like their economy, reduce of employment rate and also bitcoin could use in bad side. If they abuse bitcoin on their country government will be alarmed and thats why they banned it.

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January 22, 2018, 01:58:01 AM
 #12

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh

There are just some government that wants to ban bitcoin but not all the government in each country. We all know that when we earn bitcoin we dont pay taxes. That's one a good features of bitcoin, you can earn it in easy way. Now, for me, I think why government wants to ban bitcoin because as I have said earlier, it is tax free. It means instead of finding a job, a lot of people would just focus in earning bitcoins rather than look for a job and pay for the taxes of the government.
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January 22, 2018, 02:44:53 AM
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As bitcoin is giving the advantage of boosting one's economy, it also an undeniable disadvantage of making bitcoin a medium to evade taxes, fund organized crime/syndicate, fund terrorism and other unlawful activities that pushed these governments to ban bitcoin.

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January 22, 2018, 03:55:31 AM
 #14

our government reason is corruption, money laundry, also drugs. i dont know why only bitcoin get banned..

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January 22, 2018, 04:02:25 AM
 #15

I don' think they can fully banned it. It is the future money. They would make their own national cryptocurrency Smiley
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January 22, 2018, 04:03:37 AM
 #16

As bitcoin is giving the advantage of boosting one's economy, it also an undeniable disadvantage of making bitcoin a medium to evade taxes, fund organized crime/syndicate, fund terrorism and other unlawful activities that pushed these governments to ban bitcoin.

That is what they say, but intelligence agencies are smart enough to get all these criminals even if they are using Bitcoins for illegal activities. What these governments want it's all the rest of innocent and honest people paying for the criminals, it's not fair. Few guys use Bitcoins for illegal purposes, so a whole nation can't use it... I think it's more about influence and power than to stop criminals as they say...

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January 22, 2018, 04:19:45 AM
 #17

I agree with most of the posts, It might be used for illegal transactions, Taxes could also be evaded, but one thing I have just read about on the internet was the concerns of its stability according to the US Federal Reserve because it was not backed up by the Central Bank asset and it doesn't have institutional support considering that bitcoin is run privately with its very large scale payment system. Well they have their point also.
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January 22, 2018, 04:20:58 AM
 #18

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh
It is easy, there are some countries who do not allow bitcoin in there, just like China, they want to have everything under their control, even the communications, they are 100% centralized, and why do you think that they will allow Bitcoins and cryptos in there? Of course not.

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January 22, 2018, 04:52:13 AM
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is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin Huh

Think of it from the point of view of government officials. Bitcoin is scary because it's anonymous. They don't know what the bitcoin users are paying for. This means that if they legalize it in their country, it's possible that they've legalized a currency that can be used for drug trades, terrorism, weapons, etc.

This is dangerous because the government is not supposed to scare the citizens. Besides those reasons, I don't think there's a strong enough reason to ban bitcoin.

This is definitely one of the main reasons why governments are trying their best to not allow to Bitcoin reign over their country. Legalizing Bitcoin in a certain area allows dark transactions which can put the citizens and the whole country at risk. For someone to legalize Bitcoin in a country that prioritizes the safety of their citizens just goes to show how you can turn away from the rules you established for protection if it was put into such use. If Bitcoin on the other hand is not only used for some illegal transaction then I think it's about the diversity of it which makes it hard to manage. The fact that they have no control over this platform due to its complexity can be very frustrating as they cannot keep track of each transaction efficiently. What player514 said is true, we should try being in the shoes of government officials to understand their motives which I know is for the best of their country.
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January 22, 2018, 04:54:25 AM
 #20

Most of the countries not yet banned bitcoins or crypto currencies they are just trying to regulate the usage of bitcoins by implementing the necessary taxes so which can be beneficial for governments too.But many people keep saying China banned bitcoin,Korea Banned bitcoin like that but this is not true they just banned ICOs and Exchanges on their countries but still anyone can use bitcoin to bitcoin trasnaction because it was decentralized and no one can take control over us.So most of the countries not banned bitcoin they are just banned from paticipating on ICOs.

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