why bitcoin is banned by the government

[jinxing]

Digital money is not a currency. It often happens that digital money is used for crime and fraud. And the government is wary of this digital money, because of wrong uses as a money laundering or terrorist financing, even used for illicit trade. That's because the government forbids digital money. But not a few low society today Assisted with bitcoin

[CherRic]

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

Simply because government cannot control bitcoin and cannot generate income through it. Even the taxation system, governments cannot put tax on bitcoin because no one owns it. Also, because of its nature as cryptocurrency, people would prefer using coins or tokens in rewarding people for certain jobs or works. The fiat currency cannot be circulated online and fewer and fewer people are using their cash in online transactions.

[Jeepney_koh]

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

Governments banned bitcoin for many simple reasons.
1. They cannot control bitcoin.
2. They cannot put tax and get tax into bitcoin.
3. Their banks are lossing money because of the investors in bitcoin.
4. Bitcoin is decentralized, owns by no one.

[BTCsuccessor]

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

I think about lack of knowledge about bitcoin on how to deal and what is the benefits on having this and I think there are many banks keep on giving bad news about bitcoin and the government are believing what they say.

[Deathgamer]

The governmnet are afraid of bitcoin because it has no tax and they also say that it is being use criminals in there illegal transaction and they cant track it since bitcoin is anonymous and also the banks are afraid too since it is more profitable compare to them that is my many people withdraw there money and invest in bitcoin instead.

[_noname_]

Simply there are various due to which some or one government have ban bitcoin like china and i think government have ban bitcoin because bitcoin is decentralized and can't be control by any one and no government can put tax on bitcoin and can get taxes from users of bitcoin while also more investors are now coming here and investing in bitcoin due to which various trades on which taxes are receiving by government are losing their customers.

[IvyAguas]

Government has no control on Bitcoin, because transaction using bitcoin is not easy to tract that is why the government cannot impose tax on bitcoin. Government is concern about taxation

[nikko14]

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

Some country banned bitcoin, it is because they can't collect the taxes and bitcoin is decentralized.And it is sometimes used for illegal transactions. And bitcoins can be treat of banks.

[won99]

The state ban bitcoin because some reason and they have opinion to ban bitcoin. Sometimes, their wisdom give our many profits and we must always respect them because we are good people

[di.ako.toh]

In my opinion, some countries banned bitcoin by their government because their government are not yet well informed on how crpytocurrency works in the society. Also, maybe they are worried about its security in the part of the users, and its time i think for them to learn and have the awareness regarding this matter.

[Rufsilf]

Bitcoin is banned by the government because they think that bitcoin will not bring any good thing to their country and because of that it creates a lot of FUD to the cryptocurrency community and that is why other government banned bitcoin also. I hope that the fear of the government will disappear so there will be no banning.

[StarofBTC]

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

Actually the government did not ban bitcoins intentionally but due to some of the major disadvantages of bitcoins it is been kept banned which is not at all good for us. Actually there are a number of ways which keeps bitcoins as banned and some of the major reasons for it might be the use of bitcoins in illegal activities which are been carried on deep web like buying/selling of drugs/weapons/etc.

It should be treated as a major drawback about bitcoins and should be stopped as soon as possible. Stopping it will surely lead us to have a better future with bitcoins.

[guoyu78]

Countries who ban bitcoin are threatened bybthe existence of it. They are threatened that it can have a negative impact on their economic status that people would use it more than their currency. In effect it can minimize the people who use bank in their transaction. And the exchanges of their currency won't be that booming.

Actually yes, some governments have that kind of feeling and i guess it is correct by the side of them as bitcoins are a major reason behind money laundering and also it gives some major drawbacks.

Actually in my region perhaps the government is too trying to ban bitcoins as bitcoins are being a major way behind the money exchange globally without any legal papers. It actually draws the money from one nation to the another which indeed makes the economy of the country go more deeper inside. It is not that good thing and i think legalizing bitcoins will be the best action for it.

[W4terhouse]

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

Governments banned bitcoin for many simple reasons.
1. They cannot control bitcoin.
2. They cannot put tax and get tax into bitcoin.
3. Their banks are lossing money because of the investors in bitcoin.
4. Bitcoin is decentralized, owns by no one.

I think you´re right. It is the mix between the Control and Money that they won´t get from the transfers. For reason they will tell it is because of terrorism and crime, also money laundry, but in fact i think it is for the control they don´t have and the money they can´t tax.

[pinoypersian]

bitcoin was banned by OTHER government cause they dont know what bitcoin really is. they dont know that bitcoin can help their economies and many ways. it can reduce the numbers of unemployed citizen. like here in the Philippines. im so glad that bitcoin are legal here. no worries we can do bitcoin anywhere.

[barbara44]

Bitcoin banned by the government because the decentralized nature of the cryptocurrency makes it hard to control by the government. Some of the concerns also are they will hard a time to control the criminal activities and tax evasions. They believe that the unregulated markets could also pose major financial risks to the economy

All of the points that you mentioned are approximately correct but due to the nature of bitcoins being decentralized it makes them hard to adapt the qualities and also it is truly being used in various illegal activities like criminal activities and tax evasion.

The only solution for it is that the government should soon legalize bitcoins which will make them more effective and efficient to earn and to store our money. Bitcoins will soon be legalized i guess and the day they are legalized will be the biggest day for bitcoins to make a huge success ahead

[maximk98]

Both blockchain and bitcoin have been invented to get rid of any control. Bitcoin is an anonimous payment network that does not offer even a possibility for some regulation by officials. Thereby it undermines government's influence and power.

[vv181]

Government always hate anything about anonymity and privacy, they see a real threat from cryptocurrencies, so they regulate it to prevent tax evasion and money laundering. Well, its bad but its just how the way its work. The government sees a decentralized system is a threat so they regulate it and make it at least 'centralized'.

[G2z_Riya]

Bitcoin is a part of the innovation and the success is not able to sustain due to several peer pressure that has been getting rise around. Particularly governments fear that bitcoin and other virtual currencies will lead to downfall in the economy. This is the reason for such a ban getting initiated on different countries.

[BaraxLo]

It is simple as 2+2. They do not want bitcoin to overtake their entire power scheme in there, why do you think that there are lot of countries doing so? because they are afraid of that their entire corruption chain could end because of this, of course.

Actually bitcoins are completely decentralized and it makes them go more opposite then the government. Government will always support their centralized currencies as they are comfortable to use for them and also the government of each appropriate nation can apply taxes on the centralized currencies.

It is really hard for the government to accept bitcoins completely and that makes the future of bitcoins go more dark and describable. Hope soon something good happens with bitcoins and bitcoins can again start giving us good profits legally with banning of all illegal activities carried out by the government.