why bitcoin is banned by the government

[Btcnaivie]

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

The governments can’t ban something they can’t control, if they would like to destroy it, they would have to erase every node in the network which is nearly impossible - All the computers which contain the blockchain history need to be put offline. Governments all around the world don’t think the same way, even if they manage to make bitcoin illegal in a country, not everyone will follow because Blockchain is a revolutionary system which a lot of open-minded leaders are starting to embrace it.

What governments can do is regulate the use of cryptocurrency by making exchanges provide information about everyone who bought or sold those coins through their service. - KYC - Know your customer. A worst case scenario is that governments regulate the shit of the crypto that make their use uprofitable. - But don’t you worry people will always find ways to bend the rules.

[djkyno]

The governemnts ban Bitcoin and crypto currencies because they dont like that their citizens deal with decentralized currencies, and since the governments can't control Bitcoin and other digital currencies, they try to ban them and to spread fake news about them, in order to discourage their people from using crypto. But they cant really ban crypto currencies because it is accessible to everyone having Net connexion, almost.

[valentine401]

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

There are more people today who are interested on trading in the market more than working on the corporate world and because of that, government are afraid if there's no one left to work on the corporate world.

[maculeth]

because bitcoin is prone to illegal transactions, since transactions using bitcoins are very easy and safe, covering the whole world, small fees and also don't have to go through local banks to make transactions. so people can be free to do any transaction.

[Naughty Princess]

The reason is simple. Many governments are not  aimed at improving the welfare of their citizens and therefore prohibit bitcoin. Or they are afraid for their national currencies, that they can not withstand competition with bitcoin.

Sometimes the reason is because the people itself who use bitcoin for illegal purposes. We must not abuse the freedom that it gives us. Bitcoin is helping country for the economic growth and also for the welfare of the people. We must not do something that will give reason for the government to ban. Use bitcoin and investing in good way to earning and live comfortably.

[zero9119]

Some countries believe that the BTC is a place where risks, where bad guys, terrorists are gathered. But this is wrong, any kind of money is the hidden place of the bad guys not just bitcoin. But look at their benefits, make a decision. I think BTC is the best market for us to invest in, which is the most sustainable market.

[charlemagne_15]

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

In my opinion, governments banned bitcoin maybe because of they are afraid of its possible positive impacts to the people that may affects the economy of a country. In addition, the security of bitcoin is maybe a reason why they don't acknowledge it. We know that we aren't sure if bitcoin is really secure to the dangers. It also doesn't have a formal basis and the beginning or developer of it is unknown.

[DRVX]

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

Many state authorities and banks are not interested in Bitcoin. Normally if I want to send money to someone across the world a bank would need to verify that transaction and it could take days but with Bitcoin it is vastly faster because no bank or other institutions is involved.

[GTRr35]

Government don't have any control or access about bit coin and I think also that government is afraid about what are the impact of Bitcoin in the economy like they may not control the population and the number of person that earn a lot of money thru Bitcoin and government is not gain any taxes from bitcoin, and they not have the control about the system of Bitcoin and it's security features.

[syamster]

The reason is simple. Many governments are not  aimed at improving the welfare of their citizens and therefore prohibit bitcoin. Or they are afraid for their national currencies, that they can not withstand competition with bitcoin.

Yes they know about the power of bitcoin, they have noticed the increasing interest of people for bitcoin, to me it is not possible to lose profit and my interest for bitcoin so I can feel that other people are also dreaming the same, I know bitcoin has very high potential to increase in price, but we will have to keep patience soon same as Japan and South Korea our government will know how good bitcoin is for the economy of the country, so they will accept the presence of bitcoin with open heart and open arm.

[jatin729]

Banning bitcoin is just really bad step taken by govt. i think govt. has feared by crypto currency. Government want control over the currency but they can't take control because of decentralization system. that's why government see bitcoin as an option for defaulters' who want to convert black money into white.

[breathlessz]

Banning bitcoin is just really bad step taken by govt. i think govt. has feared by crypto currency. Government want control over the currency but they can't take control because of decentralization system. that's why government see bitcoin as an option for defaulters' who want to convert black money into white.

right. because of government can not control bitcoin then they have not legalized it. but in my country only for transactions that are prohibited. and i think government is still looking for a solution to that, because they know , they can not deny technological progress

[zhuiyongliang8]

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

Bitcoin is a natural enemy of the government. In addition to speculators, the faithful are mostly liberals and anarchists.

The recognition of paper money is that national credit is endorsed on paper money. Once the government has the right to print money, it can make money out of thin air. For example, the government owes a lot of money to the people. Simply, print money. What are the consequences of these massive amounts of money being printed on the market? The money is worthless, it's devalued. The most striking feature is the rise in prices.

Bitcoin prevents governments from abusing their power to manipulate money.

[Btcnaivie]

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

Bitcoin and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.Banks generally charge fees for doing anything with money, even just holding on to it. That's because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly.But as the financial crisis of 2008 proved, banks are not above abusing trust to line their own pockets.

The key to its success is something called the blockchain. The blockchain is a means of solving the double-spending problem: which is that because the currency is digital it is open to being copied and spent more than once - something banks stop with physical currency. However, the blockchain acts as a digital ledger, whereby every single transaction (called a block) is securely linked together using cryptography and encryption. It's verifiable, available to everyone who owns Bitcoin and is immune to fraud and hacking - unlike centralised banks. It enables one digital wallet (that can be stored on a phone) to directly connect with another securely and process a transaction.As such, it removes the need for any kind of traditional bank or regulator.

[hachimon]

I think the government is afraid of something that can not be controlled. A decentralized bitcoine can not be monopolized by anyone. they are afraid of bitcoin growing rapidly in their country and defeating their currency. An anonymous bitcoin is also not preferred by the government because it is vulnerable to crime.

[Edsemen]

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

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.

Exactly like that, but to think not at all. As long as bitcoin runs the through the community softly and warming it won't be banned . But if bitcoin will used as diversion for some illegal movements then it Will be band by the government.

[pharaon]

Let's start with the fact that bitcoin is not always forbidden! Many countries are still undecided and take a neutral position at the expense of the crypto currency. There are also countries that recognize bitcoin as a means of payment. So there is nothing surprising in the fact that some countries prohibit it, due to the fact that in the future, crypto-currencies can adversely affect the economy.

[JerryJam]

The government is not profitable bitcoin and the people who use it. The government is afraid of losing control over people. Afraid that people will gain financial independence. After all, not everyone uses cryptocurrency for peaceful purposes. The fight against corruption and organized crime should be its main objective.

[hwarico]

i think the money laundry and terrorist gangs are the main reason for banning Crybtos

[MFahad]

The government is not profitable bitcoin and the people who use it. The government is afraid of losing control over people. Afraid that people will gain financial independence. After all, not everyone uses cryptocurrency for peaceful purposes. The fight against corruption and organized crime should be its main objective.

Exactly, bitcoin is not profitable for government even it is harmful for government especially for banks. Because when people start to invest their money into crypto currency then banks have loss becasue of lack money, and banks and government both are same. So if banks are not happy with crypto currencies then definitely government take a step and government has a power to ban it.